U.S. assurances to protect Iraq's money for another year

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U.S. assurances to protect Iraq's money for another year

Ghassan Ali

04.03.2012

The Iraqi government announced it had received assurances from Washington to extend the term of protection of the United States to Iraqi funds for a year extra from the twenty-second of the month of May.

An advisor to Iraqi Prime Minister for Legal Affairs Fadhil Mohammed Jawad, said the Iraqi government formally asked its counterpart the U.S. to extend the protection of Iraqi funds for another year, adding that this extension to be issued by presidential decree, an American who would guarantee not to raise the state lawsuits against the Iraqi funds in the United States.

He Jawad said in an interview with Radio Free Iraq that the Iraqi government is trying to find definitive solutions to the problem of trade creditors who threaten to file lawsuits against Iraq in the United States and close this file completely.

However, the member of the Economic Committee in the Iraqi Council of Representatives Abdul-Hussein Abtan believes that the continuation of Iraq's dependence on the U.S. presidential immunity to protect his property proves the inability of the Iraqi government to solve this problem, calling for the need to involve Parliament in a discussion of this issue to come out by the efficient and final.

To that, the Central Bank of Iraq adviser to the appearance of Mohammed Saleh, said that Iraq is currently working to find alternative places to deposit his money outside the United States, and thus protect them from any prosecution in the case proceeded to Washington not to renew the period of presidential protection.

The revenue maximizing the sales of Iraqi oil reserves as well as the Central Bank of Iraq's money deposited in the U.S. central bank known as the "Federal Reserve".

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