DFI Transfers

[tamiflyer]

UNSC welcomes Iraq’s assumption of oversight over development fund

Posted: June 30, 2011 by THE CURRENCY NEWSHOUND -

30 June 2011 – The Security Council today welcomed the Iraqi Government’s assumption of full autonomy, with effect from tomorrow, over the proceeds of a development fund set up after the 2003 United States-led invasion to meet the country’s humanitarian needs, economic reconstruction and infrastructure repairs.

In a press statement, the Council welcomed the Government’s establishment of a successor arrangement for the transition of the Development Fund for Iraq, in line with the United Nations body’s resolution 1956, adopted last year.

“The members of the Security Council noted that, in this regard, oversight of the full proceeds from the Development Fund for Iraq has been transferred from the International Advisory and Monitoring Board to the Government of Iraq’s Committee of Financial Experts, which will exercise authority in accordance with its terms of reference approved by Iraq’s Council of Ministers,” according to the statement, read out by Ambassador Alfred Moungara Moussotsi of Gabon, which holds the Council’s presidency in June.

The Council reiterated its appreciation of the ongoing efforts and commitment of the Iraqi Government to ensure that oil revenues are used in the interest of the country’s people, and to ensure that transition arrangements remain consistent with the constitution and with international best practices with regard to transparency, accountability and integrity.

“The members of the Security Council underscored the importance of Iraq’s continued compliance with relevant [security Council] resolutions,” the statement added.

The Council set up the trust fund in May 2003 so that oil and other revenues could be paid into it, to be disbursed at the discretion of the then US-led Provisional Authority for humanitarian and economic reconstruction, replacing the previous oil-for-food programme that allowed the sanctions-bound government of Saddam Hussein to use some oil revenues for the monitored purchase of humanitarian supplies.

http://wp.me/pZC7o-8YH

http://another site.wordpress.com/2011/06/30/unsc-welcomes-iraq%e2%80%99s-assumption-of-oversight-over-development-fund/

[30 at 50]

Thanx..yes this is HUGE..This will add billions to the reserves...support for a strong RV....we are sooo close to being home now...thanx..

[keepmwlknfny]

Thanx..yes this is HUGE..This will add billions to the reserves...support for a strong RV....we are sooo close to being home now...thanx..

They cant just add it to the reserves....they are still being required to hold it in an account similar to how its been held in the DFI, still required to be transparent with what it is they do with the money, and still follow the constitutional guidelines with the money as well which is what I believe they mean with the oil profits belonging to the people.....and that the money has to still be used for rebuilding the economy and budgetary purposes.....not to mention from what it sounds like just "billions" really wont support a whole lot more of anything with huge money supply they have, so it wouldnt do them anygood to drop it in the reserves anyway

[Ironwolf1974]

They cant just add it to the reserves....they are still being required to hold it in an account similar to how its been held in the DFI, still required to be transparent with what it is they do with the money, and still follow the constitutional guidelines with the money as well which is what I believe they mean with the oil profits belonging to the people.....and that the money has to still be used for rebuilding the economy and budgetary purposes.....not to mention from what it sounds like just "billions" really wont support a whole lot more of anything with huge money supply they have, so it wouldnt do them anygood to drop it in the reserves anyway

Hey i like ur posts. But going to have to say that they could put this dfi money as backing to there reserves.

Also dont understand everyone throwing negs at you for your educated opinions and facts.

On mobile and cant get the + button working or would negate a few.

I agree u cant overlook what they are saying. But i can certainly have hope it will rv enough for ne to buy a car lol

[keepmwlknfny]

Hey i like ur posts. But going to have to say that they could put this dfi money as backing to there reserves.

Also dont understand everyone throwing negs at you for your educated opinions and facts.

On mobile and cant get the + button working or would negate a few.

I agree u cant overlook what they are saying. But i can certainly have hope it will rv enough for ne to buy a car lol

The money belongs to the people.....and its not like its a savings account....more like a flow through account.....its constantly changing so why would they put it in the international reserves to back the currency? International reserves dont get pulled to spend rebuilding the economy, or money to be used for allocating money for the budgets.....

Lets say they could dump it into the international reserves, if the DFI is close to 8 billion or so, it wont do much good being there.....just how I see it...

I know what your saying, seems some people just hate hearing anything that doesnt point to them being rich overnight but oh well....im not gonna just say what people wanna hear lol....there are plenty of ignorant gurus to do that for them!!

[Ironwolf1974]

The money belongs to the people.....and its not like its a savings account....more like a flow through account.....its constantly changing so why would they put it in the international reserves to back the currency? International reserves dont get pulled to spend rebuilding the economy, or money to be used for allocating money for the budgets.....

Lets say they could dump it into the international reserves, if the DFI is close to 8 billion or so, it wont do much good being there.....just how I see it...

I know what your saying, seems some people just hate hearing anything that doesnt point to them being rich overnight but oh well....im not gonna just say what people wanna hear lol....there are plenty of ignorant gurus to do that for them!!

First let me say not trying to argue with you. Justputting in my thoughts and small bit of experience both as a soldier there, a contractor in the me and so on.

If you truly believe this money is going to the people, i dunno whatto say. After working with these arabs for years. Well lets just say the people will be. Lucky to geteven 10% of this fund. Just my observations of these people in charge.

Now this is a fund and has been handled as a growing sort of trust fund for iraq, gaining interest and revenue for years. Looking at it this way means they can use the balance as backing for the econony or investments of there own. Again this is just my brain working...

Any comments good or bad welcome!

[WMeadow]

The article which is from yesterday, says (if I understand it correctly) that Iraq takes control of the fund effective tomorrow (which is now today). With today being a day off in the middle east, then maybe we could see RV next week. Maybe??

[jai5]

The money belongs to the people.....and its not like its a savings account....more like a flow through account.....its constantly changing so why would they put it in the international reserves to back the currency? International reserves dont get pulled to spend rebuilding the economy, or money to be used for allocating money for the budgets.....

Lets say they could dump it into the international reserves, if the DFI is close to 8 billion or so, it wont do much good being there.....just how I see it...

I know what your saying, seems some people just hate hearing anything that doesnt point to them being rich overnight but oh well....im not gonna just say what people wanna hear lol....there are plenty of ignorant gurus to do that for them!!

how about if IQ used DFI to buy gold like China does and make it to back-up IQD value? IQ also now have surplus in their budget due to the oil price increasing now....

[.netnodoubt]

UNSC welcomes Iraq’s assumption of oversight over development fund

Posted: June 30, 2011 by THE CURRENCY NEWSHOUND -

30 June 2011 – The Security Council today welcomed the Iraqi Government’s assumption of full autonomy, with effect from tomorrow, over the proceeds of a development fund set up after the 2003 United States-led invasion to meet the country’s humanitarian needs, economic reconstruction and infrastructure repairs.

In a press statement, the Council welcomed the Government’s establishment of a successor arrangement for the transition of the Development Fund for Iraq, in line with the United Nations body’s resolution 1956, adopted last year.

“The members of the Security Council noted that, in this regard, oversight of the full proceeds from the Development Fund for Iraq has been transferred from the International Advisory and Monitoring Board to the Government of Iraq’s Committee of Financial Experts, which will exercise authority in accordance with its terms of reference approved by Iraq’s Council of Ministers,” according to the statement, read out by Ambassador Alfred Moungara Moussotsi of Gabon, which holds the Council’s presidency in June.

The Council reiterated its appreciation of the ongoing efforts and commitment of the Iraqi Government to ensure that oil revenues are used in the interest of the country’s people, and to ensure that transition arrangements remain consistent with the constitution and with international best practices with regard to transparency, accountability and integrity.

“The members of the Security Council underscored the importance of Iraq’s continued compliance with relevant [security Council] resolutions,” the statement added.

The Council set up the trust fund in May 2003 so that oil and other revenues could be paid into it, to be disbursed at the discretion of the then US-led Provisional Authority for humanitarian and economic reconstruction, replacing the previous oil-for-food programme that allowed the sanctions-bound government of Saddam Hussein to use some oil revenues for the monitored purchase of humanitarian supplies.

http://wp.me/pZC7o-8YH

http://another site.wordpress.com/2011/06/30/unsc-welcomes-iraq%e2%80%99s-assumption-of-oversight-over-development-fund/

au·ton·o·my   /ɔˈtɒnəmi/ Show Spelled

[aw-ton-uh-mee] Show IPA

–noun, plural -mies.

1. independence or freedom, as of the will or one's actions: the autonomy of the individual.

2. the condition of being autonomous; self-government, or the right of self-government; independence: The rebels demanded autonomy from Spain.

3. a self-governing community.

thanks nice article!

[keepmwlknfny]

First let me say not trying to argue with you. Justputting in my thoughts and small bit of experience both as a soldier there, a contractor in the me and so on.

If you truly believe this money is going to the people, i dunno whatto say. After working with these arabs for years. Well lets just say the people will be. Lucky to geteven 10% of this fund. Just my observations of these people in charge.

Now this is a fund and has been handled as a growing sort of trust fund for iraq, gaining interest and revenue for years. Looking at it this way means they can use the balance as backing for the econony or investments of there own. Again this is just my brain working...

Any comments good or bad welcome!

What I mean by for the people is that the funds are profits from oil sales, the constitution states somewhere that the oil belongs to the people, so in essence so does the profits....the people of iraq, once the govt is seated fully, should start getting some of that money in their pockets (similar to kuwait) and then there is money to rebuild the economy and then whatever the govt uses for budgetary expenditures....

[caz1104]

Mr Keep, U still in ATL workin for BMW? or did u finish all your training and move somewhere else?

[keepmwlknfny]

Mr Keep, U still in ATL workin for BMW? or did u finish all your training and move somewhere else?

Yessir....still in ATL right now.....finished my training back in phoenix, which is why im here now....wish i coulda taken scoots with me lol......

[Atheist]

The money belongs to the people.....and its not like its a savings account....more like a flow through account.....its constantly changing so why would they put it in the international reserves to back the currency? International reserves dont get pulled to spend rebuilding the economy, or money to be used for allocating money for the budgets.....

Lets say they could dump it into the international reserves, if the DFI is close to 8 billion or so, it wont do much good being there.....just how I see it...

I know what your saying, seems some people just hate hearing anything that doesnt point to them being rich overnight but oh well....im not gonna just say what people wanna hear lol....there are plenty of ignorant gurus to do that for them!!

There is much more than 8 billion in the fund. We also don't mind hearing negative things but that seems to be all you type. You seem to be the guy that rains on everyone's parade.

[Ironwolf1974]

What I mean by for the people is that the funds are profits from oil sales, the constitution states somewhere that the oil belongs to the people, so in essence so does the profits....the people of iraq, once the govt is seated fully, should start getting some of that money in their pockets (similar to kuwait) and then there is money to rebuild the economy and then whatever the govt uses for budgetary expenditures....

Oh I believe and hear what your saying.

But you gotta understand Iraq is NOT kuwait. The population is not as educated, and there isnt a history of the oil being for the people.

Look at previous times, before suddam, the people were STILL broke as a joke. No one saw money from oil, the big bosses did of course.

Maliki is what this country is all about. Power, money, oil for him and an elite class. Its there history.

Now MAYBE if there is oversight somewhere this will work out for the Iraqi's, I just dont see it.

I mean 6 years there waging war against insurgents, 2 as a contractor. I just dont see the people of Iraq doing anything but revolting and going into civil war for the next 10 years plus.

These people are NOT smart, not educated. They have no idea of the wealth sitting under them, they want clean water, bread and a home.

Kinda sad but true for the average Iraqi.

[keepmwlknfny]

There is much more than 8 billion in the fund. We also don't mind hearing negative things but that seems to be all you type. You seem to be the guy that rains on everyone's parade.

It doesnt seem that way to me when looking at the numbers.....everyone says something different, but if it is used for what they say it is, its hard to believe that there is a HUGE savings in that account to the amount of 140 some billion.....

Yes I am the guy that rains on everyones parade, that is my only purpose for being here..... because I hate my life and want everyone to hate their own

Sorry for calling it like I see it.....you are more then welcome to listen to the ones who will tell you only what you want to hear all day long......

I could be wrong about how much is in there....not stating it as fact....just what makes sense..... but regardless of how much is in the DFI fund, it doesnt look like it can be just thrown into the reserves....especially after seeing what the funds are for, and because they have to set up a similar mechanism to hold an account in the same manner as the original DFI fund, and still be transparent with what they use that money for (which has been for the govt, and for rebuilding the economy)

Edited July 1, 2011 by keepmwlknfny

[caz1104]

Yessir....still in ATL right now.....finished my training back in phoenix, which is why im here now....wish i coulda taken scoots with me lol......

Without giving out names of dealers are you at the west or north side dealer in metro atl. You know me I dont BS but I think with ur inquisitive mind and the way vehicles are designed you should do real well. Most problems now require more troubleshooting and less "grease monkey" mentality. Thoughts of going back home or are you thinkin of stayin awhile in ATL? Oh yeah last nite I listened to CC with Scooter on it from monday . I really like his very humble approach,class dude. Sorry to see him leave.

[Ironwolf1974]

My question is this, at 1.6 mbd at 32 bucks a barrel thats 18 billion dollars a year that went into this fund. Thats just Oil.

Not much has come out if anything. Its been going since 2004. 7 years times 18 billion a year equals 90 billion?

Something I dunno. Alot more then 8 billion by the math.

According to the news being put out now there is over 250 billion in that fund.

[keepmwlknfny]

Without giving out names of dealers are you at the west or north side dealer in metro atl. You know me I dont BS but I think with ur inquisitive mind and the way vehicles are designed you should do real well. Most problems now require more troubleshooting and less "grease monkey" mentality. Thoughts of going back home or are you thinkin of stayin awhile in ATL? Oh yeah last nite I listened to CC with Scooter on it from monday . I really like his very humble approach,class dude. Sorry to see him leave.

Im actually south......yea I feel like a pig in the mud workin with beemers Def not like the older days where it was mostly just moving parts....and these are even more complicated then your average new car today, which is why alot of mechanics wont touch them.....some of these beemers have upwards of 100 control modules in the vehicle!!! Lot more involved now then just replacing parts!! Thinkin of goin back home...talking to one now and he is VERY interested so we shall see what happens in the next couple of months!

My question is this, at 1.6 mbd at 32 bucks a barrel thats 18 billion dollars a year that went into this fund. Thats just Oil.

Not much has come out if anything. Its been going since 2004. 7 years times 18 billion a year equals 90 billion?

Something I dunno. Alot more then 8 billion by the math.

According to the news being put out now there is over 250 billion in that fund.

And take that 90 billion and imagine what all it has been spent on since 2004....as i said the money isent stagnant....its constantly moving in and out of that account as it would seem.....kinda the opposite of just a savings account.....

I believe what your talking about is the reserves that is 250 billion.....not the DFI.....they recently stated that their reserves have reached 250 billion....

[Ironwolf1974]

Im actually south......yea I feel like a pig in the mud workin with beemers Def not like the older days where it was mostly just moving parts....and these are even more complicated then your average new car today, which is why alot of mechanics wont touch them.....some of these beemers have upwards of 100 control modules in the vehicle!!! Lot more involved now then just replacing parts!! Thinkin of goin back home...talking to one now and he is VERY interested so we shall see what happens in the next couple of months!

And take that 90 billion and imagine what all it has been spent on since 2004....as i said the money isent stagnant....its constantly moving in and out of that account as it would seem.....kinda the opposite of just a savings account.....

I believe what your talking about is the reserves that is 250 billion.....not the DFI.....they recently stated that their reserves have reached 250 billion....

Hmmm just read the CNN post about the DFI and they said the revenues in there were over 250 billion. I dunno man, CNN seems like they wouldnt lie

[DayTrader]

What I mean by for the people is that the funds are profits from oil sales, the constitution states somewhere that the oil belongs to the people, so in essence so does the profits....the people of iraq, once the govt is seated fully, should start getting some of that money in their pockets (similar to kuwait) and then there is money to rebuild the economy and then whatever the govt uses for budgetary expenditures....

Not trying to be brusque but, you speak with a lot of autority for some one that appears to be not so long in the tooth. Are your opinions backed by facts or a product of internet study university? DayTrader

[caz1104]

Keep-south huh not familar with that one. Hopefully ur livin in the north,west or in the city to really enjoy the experience. If ya got ur girl or friends this weekend there's a couple of cool spots for fireworks-1) centenial park 2)stone mtn 3)lennox Oh yeah peachtree city has decent show as well

[keepmwlknfny]

Hmmm just read the CNN post about the DFI and they said the revenues in there were over 250 billion. I dunno man, CNN seems like they wouldnt lie

I didn't see that....the cnn article I read this morning just said billions and didn't give a direct number....is the article you are speaking about that states 250 billion in the news forums?

Keep-south huh not familar with that one. Hopefully ur livin in the north,west or in the city to really enjoy the experience. If ya got ur girl or friends this weekend there's a couple of cool spots for fireworks-1) centenial park 2)stone mtn 3)lennox Oh yeah peachtree city has decent show as well

Oh yea I def live in the north! Lol.....don't care for the area down south if you know what I mean! Hahahaha

Not trying to be brusque but, you speak with a lot of autority for some one that appears to be not so long in the tooth. Are your opinions backed by facts or a product of internet study university? DayTrader

I prefer to just make things up as I go along......LOL

[keepmwlknfny]

Oh I believe and hear what your saying.

But you gotta understand Iraq is NOT kuwait. The population is not as educated, and there isnt a history of the oil being for the people.

Look at previous times, before suddam, the people were STILL broke as a joke. No one saw money from oil, the big bosses did of course.

Maliki is what this country is all about. Power, money, oil for him and an elite class. Its there history.

Now MAYBE if there is oversight somewhere this will work out for the Iraqi's, I just dont see it.

I mean 6 years there waging war against insurgents, 2 as a contractor. I just dont see the people of Iraq doing anything but revolting and going into civil war for the next 10 years plus.

These people are NOT smart, not educated. They have no idea of the wealth sitting under them, they want clean water, bread and a home.

Kinda sad but true for the average Iraqi.

Oh yea I'm well aware this is not kuwait.....this constitution came after saddam, and it does state about the oil belonging to the people so I just figure well if that's the case then something should be filtered down to the citizens, I know it won't be much but it would seem something is better then nothing wouldn't you say? Now it could very well turn out they never see a dime from the oil. Directly in their pockets, but in some way or another it is being used to benefit them, such as rebuilding the infrastructure, restoring basic needs and services and things of the sort.....that's part of the reason for setting up the dfi in the first place.....and the transparency stipulations were to make sure of that.....

I just don't believe that the dfi funds will be directly deposited into the international reserves to back the currency......

[Ironwolf1974]

I didn't see that....the cnn article I read this morning just said billions and didn't give a direct number....is the article you are speaking about that states 250 billion in the news forums?

Oh yea I def live in the north! Lol.....don't care for the area down south if you know what I mean! Hahahaha

I prefer to just make things up as I go along......LOL

My bad was the AP post that said 250 billion and yep it was reserves

[keepmwlknfny]

Keep-south huh not familar with that one. Hopefully ur livin in the north,west or in the city to really enjoy the experience. If ya got ur girl or friends this weekend there's a couple of cool spots for fireworks-1) centenial park 2)stone mtn 3)lennox Oh yeah peachtree city has decent show as well

You still live in the area?