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USA approves to extend protecting Iraqi funds
Thursday, 07 June 2012 03:27
Baghdad (AIN) -The United States of America approved to extend the legal protection program of the Iraqi funds abroad for a full year.
A statement by the Ministry of Foreign Affairs cited "The Minister Hoshyar Zebari during meeting with the American Charge d'affares Robert Beecroft, received a letter includes extending the protection and immunities of the Iraqi funds (Iraq Development Fund) till May, 2013."
"The US President Barak Obama has signed on last May, 8th an executive order concerning the national emergency in respect to the stability of Iraq, for another year, and the Iraqi funds will remain protected as far as the US laws provide a protection to the political immunities," the statement added.
The Iraqi government has announced on last April in an official statement that "It is going to submit a request to the US President demanding to extend the US legal protection of the Iraqi funds that are deposited in the US Banks."
It is worth to be mentioned that the Iraqi funds of about ($ 20 billion), which are deposited in the US Federal Bank, are protected in accordance with the US presidential resolution, from any judicial proceedings to freeze or confiscate them.
It is mentioned that "The Iraqi Development Fund" was established in 1995 when the UN Security Council decided to allow Iraq to export oil for food during the economic sanctions imposed on Iraq. /End/
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Thursday, 07 June 2012 03:27
Baghdad (AIN) -The United States of America approved to extend the legal protection program of the Iraqi funds abroad for a full year.
A statement by the Ministry of Foreign Affairs cited "The Minister Hoshyar Zebari during meeting with the American Charge d'affares Robert Beecroft, received a letter includes extending the protection and immunities of the Iraqi funds (Iraq Development Fund) till May, 2013."
"The US President Barak Obama has signed on last May, 8th an executive order concerning the national emergency in respect to the stability of Iraq, for another year, and the Iraqi funds will remain protected as far as the US laws provide a protection to the political immunities," the statement added.
The Iraqi government has announced on last April in an official statement that "It is going to submit a request to the US President demanding to extend the US legal protection of the Iraqi funds that are deposited in the US Banks."
It is worth to be mentioned that the Iraqi funds of about ($ 20 billion), which are deposited in the US Federal Bank, are protected in accordance with the US presidential resolution, from any judicial proceedings to freeze or confiscate them.
It is mentioned that "The Iraqi Development Fund" was established in 1995 when the UN Security Council decided to allow Iraq to export oil for food during the economic sanctions imposed on Iraq. /End/
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