IRAQ BREAKING NEWS: JULY 12, 2010 UN AGENDA

[zantac]

The UN has published their schedule for tomorrow.

In addition, they published that last important document: The revised and completed second quarterly report that Iraq was required to report on July first.

THIS IS GOOD. THIS IS COLD CHILLS GOOD.

BREAKING NEWS: JULY 12, 2010 UN AGENDA:

Journal of the United Nations

Programme of meetings and agenda

Saturday, 10 July 2010

Official meetings

Monday, 12 July 2010

Security Council

10 a.m...........6356th meeting ................Security Council Chamber GA-TSC-01

1. Adoption of the agenda

2. The situation concerning Iraq

Second report of the Secretary-General pursuant to paragraph 3 of resolution 1905 (2009) (S/2010/359)

Note verbale dated 18 June 2010 from the Permanent Representative of Iraq to the United Nations addressed to the President of the Security Council (S/2010/365)

Morning1.........6357th meeting (closed).............Security Council Chamber GA-TSC-01

1. Adoption of the agenda

2. The situation concerning Iraq

Second report of the Secretary-General pursuant to paragraph 3 of resolution 1905 (2009) (S/2010/359)

THIS HAS ALREADY BEEN OUT FOR OVER A WEEK--THE SECRETARY GENERAL'S SECOND QUARTERLY REPORT

Note verbale dated 18 June 2010 from the Permanent Representative of Iraq to the United Nations addressed to the President of the Security Council (S/2010/365) THIS IS THE REVISED QUARTERLY REPORT THAT IRAN SUBMITTED JULY 1ST

United Nations S/2010/365

Security Council Distr.: General

8 July 2010

Original: English

Note verbale dated 18 June 2010 from the Permanent Mission of

Iraq to the United Nations addressed to the President of the

Security Council

The Permanent Mission of the Republic of Iraq to the United Nations has the

honour to transmit herewith a letter from H.E. Hoshyar Zebari, Minister for Foreign

Affairs of the Republic of Iraq (see annex), together with the quarterly report

regarding the action plan and timeline for the transition to successor arrangements

for the Development Fund for Iraq, in accordance with Security Council resolution

1905 (2009) (see enclosure). It would be highly appreciated if the present letter and

its annex could be circulated to the members of the Security Council and issued as a

document of the Security Council.

Annex to the note verbale dated 18 June 2010 from the Permanent

Mission of Iraq to the United Nations addressed to the President of

the Security Council

Baghdad, 18 June 2010

In accordance with Security Council resolution 1905 (2009), paragraph 5,

which requests the Government of Iraq to report to the Security Council on a

quarterly basis and to provide an action plan and timeline for the transition from the

Development Fund for Iraq, I have the honour to transmit herewith the second

quarterly report of the Government of Iraq (see enclosure). The report provides an

assessment of progress against the action plan and oversight improvements.

I should be grateful if you would have the present letter and its enclosure

circulated to the members of the Security Council as soon as possible.

(Signed) Hoshyar Zebari

Minister for Foreign Affairs of the Republic of Iraq

THIS IS THE ANNEX TO THE 2ND QUARTERLY REPORT IRAQ PROVIDED ON JUNE 15TH.

Enclosure

Second quarterly report of the Government of Iraq

Pursuant to paragraph 5 of Security Council resolution 1905 (2009) and further

to the letter from the Minister for Foreign Affairs of Iraq dated 18 March 2010 and

its annex, the first quarterly report contained in document S/2010/308, and in the

light of the observations of the United Nations Secretary-General contained in

document S/2010/166, pursuant to paragraph 3 of resolution 1905 (2009), the

Government of Iraq would like to state the following:

1. The completed parts of the plan and timetable for the transition to successor

arrangements for the Development Fund for Iraq

In its first report the Government of Iraq stated that it would continue with the

same mechanism as currently used for depositing revenues from oil export sales into

a main account opened with the Federal Reserve Bank of New York (FRBNY) and

held by the Central Bank of Iraq (CBI). A separate sub-account will also be opened

with the same bank, into which 5 per cent in compensation (or any lower percentage

that may be agreed upon later) from the revenues from oil export sales will be

transferred automatically. In accordance with the timetable of the plan:

CBI got the approval of FRBNY regarding the CBI accounts to be opened with

it through a letter from the president of FRBNY (attachment 1) THIS WOULD NOT COPY sent to the Governor

of CBI on 19 May 2010. As for the completion of the efforts of the Government of

Iraq to determine the available protection for CBI reserves and the Government’s

fund, to the jurisdiction of the States with which Iraq was planning to open

accounts, and the contacts made by the Iraqi authorities either with FRBNY or other

banks, the protection provided is not up to the immunities provided by a Security

Council resolution under Chapter VII of the Charter of the United Nations. The

Government of Iraq will continue its efforts to take the appropriate decision after

further contacts with the relevant authorities. The Government of Iraq can determine

its position in this regard in its next quarterly report, in the light of contacts with the

banks and the agreements reached in regard to the claims inherited from the

previous regime.

TWO THINGS: #1) YESTERDAY LLH POSTED AN ARTICLE WHICH SAID THAT THE UN HAD AGREED TO PROTECT THEIR MONEY UNTIL DEC, 31, 2011. THIS DOES NOT MEAN THEY CAN’T RI, NOR DOES IT MEAN THAT CHAPTER 7 CAN’T BE LIFTED. . THIS IS ASKING FOR PROTECTION OF THEIR MONEY FROM CREDITORS. YESTERDAY THE UN GAVE THEM THIS PROTECTION….IT WAS ALL PART OF THE ONGOING PROCESS..--THE NY FED SAID THEY MUSDT HAVE THIS OFFICIAL PROMISE. THE UN CAN GIVE THEM THE RELEASE FROM CH 7 AS ZEBARI WILL ASK FOR TOMORROW. EVERYONE KNOWS THAT IRAQ I POLITICIANS ARE CROOKED. THEY MAY GET OUT OF CH 7 ON PAPER, BUT THE USA AND THE UN ARE STILL CALLING THE SHOTS. THIS IS ESSENTIAL.

Agreement was reached with the international audit firm Pricewaterhouse

Coopers (PWC) to audit the Development Fund for Iraq for the year 2010. This firm

was selected through competitive bidding in which three offers from international

audit firms were received. The contract will be signed soon with the Government of

Iraq. As indicated on the website of the Committee of Financial Experts (www.cofeiq.

net), the same procedure will be followed next year as well.

2. The status of the debts and the programme of the Government, including the

bilateral agreements with countries outside the Paris Club

Bilateral agreements with countries outside the Paris Club. In the first

quarterly report it was pointed out that Iraq had succeeded in resolving the debt

issues with 55 States outside the Paris Club. There has been no significant progress

in this respect with the remaining 13 States, as Iraq is still waiting for their

responses and they have neither set a date for signing the agreements nor positively

responded to the draft bilateral agreements transmitted to them.

The Government of Iraq is following up on the contacts with those countries in

order to reach a settlement acceptable for both parties. In this context, the Minister

of Finance of Iraq transmitted confirmation letters on 18 May 2010 to his

counterparts in each of the Republics of Turkey, Pakistan, Poland and Brazil

suggesting to send official delegations from the Ministry of Finance together with

its international financial adviser to those countries during June and July 2010 to

discuss details of debt settlement in accordance with Paris Club provisions. The

Government of Iraq is awaiting those States’ reply to the proposal of the Minister of

Finance. The Security Council will be kept updated with the results. It should be

noted that the claims of some of the members of the Gulf Cooperation Council

constitute the largest proportion of those debts. Despite the continuous efforts of the

Government of Iraq and decisions of the Arab Summits, the latest held in Sirte,

Libyan Arab Jamahiriya, on 28 March 2010, to deal with these debts, Iraq has not so

far received the desired response and an intervention from brotherly and friendly

States may be helpful to expedite settlement of these debts or the signing of such

agreements.

The commercial creditors. The Government of Iraq commented in its first

quarterly report on this subject and on the programme adopted for the settlement of

their claims. On that basis, three British companies agreed recently to enter into

negotiations to sell their entire debts in cash for 10.25 per cent of the original debt

and the negotiations are expected to be completed soon. These companies are:

1. Mass Property and Investment Ltd.

2. Universal Plant & Machinery Ltd.

3. Millars Projects Ltd.

But the concern of the Government of Iraq on this subject is that there is a

possibility that a number of commercial creditors did not submit their claims and,

therefore, that the Government did not know how many claimants there are in this

category. While the Government of Iraq emphasizes its commitment to resolving all

the debts and claims inherited from the previous regime and continues to address

them until they are offset, it looks to the international community to continue to

provide assistance in this regard and, in particular, advice on how to identify

commercial creditors who did not register their claims.

The remainder of the United Nations oil-for-food programme. With reference

to paragraphs 20 and 21 of the Secretary-General’s report (S/2010/166), the

Government of Iraq would like to point out that the letters of credit which the

United Nations requested to be settled of the oil-for-food programme amounted to

65 as of 30 April 2010. Due to the importance for the Government of Iraq of

addressing this issue, the ministerial committee formed under a Council of

Ministers’ order in 2010, chaired by the Deputy Prime Minister for Economic

Affairs and the relevant parties, was authorized to take decisions about these letters

of credit. The committee has completed consideration of all outstanding letters of

credit and decided to pay out 26 of them. As for the rest of them, the committee has

not found documented receipt of goods related to those letters of credit. Therefore,

these companies do not deserve to receive those amounts.

Other claims inherited from the previous regime. The competent Iraqi

authorities have drafted a legal agreement on a package deal to be concluded

between the Government of Iraq and the Government of the concerned State. This Agreement is currently before the Iraqi legal authorities for approval, and then the

Government of Iraq will be able to address this issue and close it completely.

3. Assessment of the progress made in strengthening financial and administrative

control of the current Development Fund for Iraq

(a) Forty-one ministries have completed their structural charts, and some of

them have been referred to the Council of Ministers for approval. As for laws, two

laws that relate to the Ministry of Immigration and Displacement and the Ministry

of Planning and Development Cooperation were adopted in the period between our

first and second quarterly reports after being published in the official gazette, in

addition to what was stated in our previous report.

( The Ministry of Finance has a valid job description and work is going on

to develop it.

© After the issuance of the law on the Federal Board of the Civil Service,

the committee formed within the Council of Ministers still interviews persons of

proven competence and ability to fill positions and administrate the newly

established body that is charged with the task of selecting and developing the

administrative staff in Iraq.

(d) The Ministry of Finance has gathered together and unified the financial

instructions and it will have them distributed to all State ministries and entities for

implementation during the next month.

(e) The completion of the comprehensive oil metering and calibration system:

the Ministry of Oil submitted a report on the status of the system as at 31 May 2010

(attachment 2). THIS WOULD'VE PRINTED BUT IT WOULD'VE NOT FORMATTED RIGHTThe delay in establishing some of these meters compared with the

approved plan was the result of some administrative procedures relating to imports

and post-contracting financing, and the Ministry is trying to overcome these

obstacles. In order to highlight the very transparent orientation of the oil industry,

Iraq has joined the Extractive Industries Transparency Initiative (see attachment 3,

which contains comments from international entities and refers to the positive

procedures taken by the Ministry of Oil in this regard).

(f) A high-level committee was formed in order to follow up on Iraqi funds

abroad, and is trying to recover them through legal procedures, including resort to

the Security Council Committee established pursuant to resolution 1518 (2003), and

establishing a relevant database. This Committee was able to obtain a court order to

recover 300 million dollars in Switzerland and 25 million euros in France, in

addition to recovering other fixed assets.

(g) Completion of the final financial statement of the State for 2008: the

final financial statement of the State is under way and is expected to be discussed by

the Financial Audit Board during July 2010.

(h) Follow-up and clearance of the observations for 2007 and 2008 of the

external auditor for the Development Fund for Iraq: through continuous meetings

with the heads of audit teams of the Board of Supreme Audit working in the

concerned entities, and their representatives, a significant number of these

observations were cleared and the causes for the remaining observations made by

the international audit firm not being settled were identified. The status of clearance

of those observations is the following:

S/2010/365

6 10-44131

THEY GIVE DETAILS ABOUT OUTSTANDING DEBTS HERE

It is to be noted that the details of the still valid observations are being

followed up and will be cleared after the issuance of the present report, but the

nature of most of those observations requires structural reform for their clearance

combined with their being addressed at the legal and administrative levels, asmentioned above

THE NEXT DOCUMENT WON’T COPY. IT’S ATTACHMENT ONE: COPY OF THE NY FED’S LETTER TO IRAQ SAYING THEY AGREE TO MANAGE THE DFI MONEY FOR ANOTHER YEAR: IMO THIS IS GOOD—NOT BAD

i THINK THE NEXT ATTACHMENT IS THE METERING SYSTEM AND THE NEXT DOCUMENT WON’T COPY—IT’S A SUMMARY OF AN IRAQ BUSINESS CONFERENCE IN DUBAI IN J NE OR JULY

THE NEXT IS A BIG WRITE UP ABOUT IRAQ BEIN ACCEPTED AS AN EITI COMPANY WHICH DEALS WITH TRANSPARENCY IN THE OIL PRODUCING INDUSTRY

TO READ: GO TO UN MAIN PAGE. CLICK ON DOCUMENTS ON THE RIGHT SIDE/COLUMNS OF STUFF . THERE WILL BE A PLACE TO PUT A NUMBER. PUT IN S/2010/365.

WHOO HOO !!!!!!!!!!!!!!!!!!!!!!!!!!!!

THIS IS THE ARTICLE LLH POSTED YESTERDAY

http://translate.googleusercontent.c..._55DjaZYzq_Bxw

Last updated - Sunday July 11, 2010

Iraq : Ban Ki-moon recommends to keep the Development Fund for Iraq, the U.S. central bank

Praised the commitment of Baghdad, schedules and choose an independent auditor

BAGHDAD - A follow-up to the morning

UN Secretary General Ban Ki-moon said the Development Fund for Iraq will remain in the Fed (U.S. central bank) in New York beyond the end of this year. Moon said in the second quarterly report for the current year to the Security Council will also be the same mechanism and arrangements currently in place in the management of the Fund, including the allocation of five percent of oil revenues to the Compensation Fund.

He said: "The government of Iraq has received assurances from the Federal Reserve in New York to continue the current mechanism of the Development Fund for Iraq beyond December 31, 2010." The UN Security Council in the transfer of resolution 1483 issued in May of 2003 the authority to manage expenditures from the proceeds of Iraqi oil to the United Nations Development Fund for Iraq and set up (the Council of the International Advisory and Monitoring) to monitor his work. And extended by Security Council resolution No. 1905 issued in December 2009 the arrangements for the depositing of proceeds into the Development Fund for Iraq and asked Baghdad arrangements to ensure "effective transformation in a timely manner" to the mechanism of failure of the Development Fund for Iraq by December 31 next.

The Council also requested Ban Ki-moon to report every three months on the progress made by Iraq in the preparation of such arrangements and decided to re-examine the terms of Resolution 1483 at the request of the Iraqi government by the middle of this year, since, by next January will end the work of the International Advisory and Monitoring . praised Ban Ki-moon down Baghdad in the selection of an auditor of an independent international monitoring body that fails to the Development Fund for Iraq, in cooperation with the Committee of Financial Experts of Iraq, praising in his report that was issued yesterday to efforts by Iraq to conduct the new arrangements and encouraged Iraq to continue to fulfill established timetables spelled out by the Foreign Minister Hoshyar Zebari, in a letter to the Security Council earlier this year in relation to the body that will succeed the Development Fund for Iraq.

In contrast, UN Secretary-General Kofi Annan expressed concern over the presence of some delays in activating the overall system for measuring the oil in Iraq due to "issues of a particular government." He noted the Secretary General of the United Nations to the International Advisory and Monitoring will continue to highlight issues of concern in relation to weak restrictions on oil extraction and expenditure of ministries, adding that the work of audit field has not yet been completed due to delays caused by the recent bombings that targeted a number from the ministries in Iraq.

With regard to the oil for food program, said Ban Ki-moon: that regardless of the method that the Security Council chooses to stop work by the completion of all outstanding issues should be subject to control by the Government of Iraq. It is scheduled to hold a UN Security Council on Monday a special session to discuss the issue of the Development Fund for Iraq, after Baghdad's decision to keep the fund under a different name. He told Iraq's Ambassador to the United Nations, Hamid al-Bayati of the Security Council last week that Baghdad has decided to maintain the Development Fund for Iraq in the Treasury U.S. federal with The existence of immunity of the United Nations Fund, which protect against creditors or debt, which was to expire on December 31 next.

[Chape]

Well Done Zantac,

This seems to be very informative, no complaints about this report.

Now I can at least sleep peacefully tonight. I thank You for your effort in trying to keep us all in DV up to date and alert.

Cheers,

The UN has published their schedule for tomorrow.

In addition, they published that last important document: The revised and completed second quarterly report that Iraq was required to report on July first.

THIS IS GOOD. THIS IS COLD CHILLS GOOD.

BREAKING NEWS: JULY 12, 2010 UN AGENDA:

Journal of the United Nations

Programme of meetings and agenda

Saturday, 10 July 2010

Official meetings

Monday, 12 July 2010

Security Council

10 a.m...........6356th meeting ................Security Council Chamber GA-TSC-01

1. Adoption of the agenda

2. The situation concerning Iraq

Second report of the Secretary-General pursuant to paragraph 3 of resolution 1905 (2009) (S/2010/359)

Note verbale dated 18 June 2010 from the Permanent Representative of Iraq to the United Nations addressed to the President of the Security Council (S/2010/365)

Morning1.........6357th meeting (closed).............Security Council Chamber GA-TSC-01

1. Adoption of the agenda

2. The situation concerning Iraq

Second report of the Secretary-General pursuant to paragraph 3 of resolution 1905 (2009) (S/2010/359)

THIS HAS ALREADY BEEN OUT FOR OVER A WEEK--THE SECRETARY GENERAL'S SECOND QUARTERLY REPORT

Note verbale dated 18 June 2010 from the Permanent Representative of Iraq to the United Nations addressed to the President of the Security Council (S/2010/365) THIS IS THE REVISED QUARTERLY REPORT THAT IRAN SUBMITTED JULY 1ST

United Nations S/2010/365

Security Council Distr.: General

8 July 2010

Original: English

Note verbale dated 18 June 2010 from the Permanent Mission of

Iraq to the United Nations addressed to the President of the

Security Council

The Permanent Mission of the Republic of Iraq to the United Nations has the

honour to transmit herewith a letter from H.E. Hoshyar Zebari, Minister for Foreign

Affairs of the Republic of Iraq (see annex), together with the quarterly report

regarding the action plan and timeline for the transition to successor arrangements

for the Development Fund for Iraq, in accordance with Security Council resolution

1905 (2009) (see enclosure). It would be highly appreciated if the present letter and

its annex could be circulated to the members of the Security Council and issued as a

document of the Security Council.

Annex to the note verbale dated 18 June 2010 from the Permanent

Mission of Iraq to the United Nations addressed to the President of

the Security Council

Baghdad, 18 June 2010

In accordance with Security Council resolution 1905 (2009), paragraph 5,

which requests the Government of Iraq to report to the Security Council on a

quarterly basis and to provide an action plan and timeline for the transition from the

Development Fund for Iraq, I have the honour to transmit herewith the second

quarterly report of the Government of Iraq (see enclosure). The report provides an

assessment of progress against the action plan and oversight improvements.

I should be grateful if you would have the present letter and its enclosure

circulated to the members of the Security Council as soon as possible.

(Signed) Hoshyar Zebari

Minister for Foreign Affairs of the Republic of Iraq

THIS IS THE ANNEX TO THE 2ND QUARTERLY REPORT IRAQ PROVIDED ON JUNE 15TH.

Enclosure

Second quarterly report of the Government of Iraq

Pursuant to paragraph 5 of Security Council resolution 1905 (2009) and further

to the letter from the Minister for Foreign Affairs of Iraq dated 18 March 2010 and

its annex, the first quarterly report contained in document S/2010/308, and in the

light of the observations of the United Nations Secretary-General contained in

document S/2010/166, pursuant to paragraph 3 of resolution 1905 (2009), the

Government of Iraq would like to state the following:

1. The completed parts of the plan and timetable for the transition to successor

arrangements for the Development Fund for Iraq

In its first report the Government of Iraq stated that it would continue with the

same mechanism as currently used for depositing revenues from oil export sales into

a main account opened with the Federal Reserve Bank of New York (FRBNY) and

held by the Central Bank of Iraq (CBI). A separate sub-account will also be opened

with the same bank, into which 5 per cent in compensation (or any lower percentage

that may be agreed upon later) from the revenues from oil export sales will be

transferred automatically. In accordance with the timetable of the plan:

CBI got the approval of FRBNY regarding the CBI accounts to be opened with

it through a letter from the president of FRBNY (attachment 1) THIS WOULD NOT COPY sent to the Governor

of CBI on 19 May 2010. As for the completion of the efforts of the Government of

Iraq to determine the available protection for CBI reserves and the Government’s

fund, to the jurisdiction of the States with which Iraq was planning to open

accounts, and the contacts made by the Iraqi authorities either with FRBNY or other

banks, the protection provided is not up to the immunities provided by a Security

Council resolution under Chapter VII of the Charter of the United Nations. The

Government of Iraq will continue its efforts to take the appropriate decision after

further contacts with the relevant authorities. The Government of Iraq can determine

its position in this regard in its next quarterly report, in the light of contacts with the

banks and the agreements reached in regard to the claims inherited from the

previous regime.

TWO THINGS: #1) YESTERDAY LLH POSTED AN ARTICLE WHICH SAID THAT THE UN HAD AGREED TO PROTECT THEIR MONEY UNTIL DEC, 31, 2011. THIS DOES NOT MEAN THEY CAN’T RI, NOR DOES IT MEAN THAT CHAPTER 7 CAN’T BE LIFTED. . THIS IS ASKING FOR PROTECTION OF THEIR MONEY FROM CREDITORS. YESTERDAY THE UN GAVE THEM THIS PROTECTION….IT WAS ALL PART OF THE ONGOING PROCESS..--THE NY FED SAID THEY MUSDT HAVE THIS OFFICIAL PROMISE. THE UN CAN GIVE THEM THE RELEASE FROM CH 7 AS ZEBARI WILL ASK FOR TOMORROW. EVERYONE KNOWS THAT IRAQ I POLITICIANS ARE CROOKED. THEY MAY GET OUT OF CH 7 ON PAPER, BUT THE USA AND THE UN ARE STILL CALLING THE SHOTS. THIS IS ESSENTIAL.

Agreement was reached with the international audit firm Pricewaterhouse

Coopers (PWC) to audit the Development Fund for Iraq for the year 2010. This firm

was selected through competitive bidding in which three offers from international

audit firms were received. The contract will be signed soon with the Government of

Iraq. As indicated on the website of the Committee of Financial Experts (www.cofeiq.

net), the same procedure will be followed next year as well.

2. The status of the debts and the programme of the Government, including the

bilateral agreements with countries outside the Paris Club

Bilateral agreements with countries outside the Paris Club. In the first

quarterly report it was pointed out that Iraq had succeeded in resolving the debt

issues with 55 States outside the Paris Club. There has been no significant progress

in this respect with the remaining 13 States, as Iraq is still waiting for their

responses and they have neither set a date for signing the agreements nor positively

responded to the draft bilateral agreements transmitted to them.

The Government of Iraq is following up on the contacts with those countries in

order to reach a settlement acceptable for both parties. In this context, the Minister

of Finance of Iraq transmitted confirmation letters on 18 May 2010 to his

counterparts in each of the Republics of Turkey, Pakistan, Poland and Brazil

suggesting to send official delegations from the Ministry of Finance together with

its international financial adviser to those countries during June and July 2010 to

discuss details of debt settlement in accordance with Paris Club provisions. The

Government of Iraq is awaiting those States’ reply to the proposal of the Minister of

Finance. The Security Council will be kept updated with the results. It should be

noted that the claims of some of the members of the Gulf Cooperation Council

constitute the largest proportion of those debts. Despite the continuous efforts of the

Government of Iraq and decisions of the Arab Summits, the latest held in Sirte,

Libyan Arab Jamahiriya, on 28 March 2010, to deal with these debts, Iraq has not so

far received the desired response and an intervention from brotherly and friendly

States may be helpful to expedite settlement of these debts or the signing of such

agreements.

The commercial creditors. The Government of Iraq commented in its first

quarterly report on this subject and on the programme adopted for the settlement of

their claims. On that basis, three British companies agreed recently to enter into

negotiations to sell their entire debts in cash for 10.25 per cent of the original debt

and the negotiations are expected to be completed soon. These companies are:

1. Mass Property and Investment Ltd.

2. Universal Plant & Machinery Ltd.

3. Millars Projects Ltd.

But the concern of the Government of Iraq on this subject is that there is a

possibility that a number of commercial creditors did not submit their claims and,

therefore, that the Government did not know how many claimants there are in this

category. While the Government of Iraq emphasizes its commitment to resolving all

the debts and claims inherited from the previous regime and continues to address

them until they are offset, it looks to the international community to continue to

provide assistance in this regard and, in particular, advice on how to identify

commercial creditors who did not register their claims.

The remainder of the United Nations oil-for-food programme. With reference

to paragraphs 20 and 21 of the Secretary-General’s report (S/2010/166), the

Government of Iraq would like to point out that the letters of credit which the

United Nations requested to be settled of the oil-for-food programme amounted to

65 as of 30 April 2010. Due to the importance for the Government of Iraq of

addressing this issue, the ministerial committee formed under a Council of

Ministers’ order in 2010, chaired by the Deputy Prime Minister for Economic

Affairs and the relevant parties, was authorized to take decisions about these letters

of credit. The committee has completed consideration of all outstanding letters of

credit and decided to pay out 26 of them. As for the rest of them, the committee has

not found documented receipt of goods related to those letters of credit. Therefore,

these companies do not deserve to receive those amounts.

Other claims inherited from the previous regime. The competent Iraqi

authorities have drafted a legal agreement on a package deal to be concluded

between the Government of Iraq and the Government of the concerned State. This Agreement is currently before the Iraqi legal authorities for approval, and then the

Government of Iraq will be able to address this issue and close it completely.

3. Assessment of the progress made in strengthening financial and administrative

control of the current Development Fund for Iraq

(a) Forty-one ministries have completed their structural charts, and some of

them have been referred to the Council of Ministers for approval. As for laws, two

laws that relate to the Ministry of Immigration and Displacement and the Ministry

of Planning and Development Cooperation were adopted in the period between our

first and second quarterly reports after being published in the official gazette, in

addition to what was stated in our previous report.

( The Ministry of Finance has a valid job description and work is going on

to develop it.

© After the issuance of the law on the Federal Board of the Civil Service,

the committee formed within the Council of Ministers still interviews persons of

proven competence and ability to fill positions and administrate the newly

established body that is charged with the task of selecting and developing the

administrative staff in Iraq.

(d) The Ministry of Finance has gathered together and unified the financial

instructions and it will have them distributed to all State ministries and entities for

implementation during the next month.

(e) The completion of the comprehensive oil metering and calibration system:

the Ministry of Oil submitted a report on the status of the system as at 31 May 2010

(attachment 2). THIS WOULD'VE PRINTED BUT IT WOULD'VE NOT FORMATTED RIGHTThe delay in establishing some of these meters compared with the

approved plan was the result of some administrative procedures relating to imports

and post-contracting financing, and the Ministry is trying to overcome these

obstacles. In order to highlight the very transparent orientation of the oil industry,

Iraq has joined the Extractive Industries Transparency Initiative (see attachment 3,

which contains comments from international entities and refers to the positive

procedures taken by the Ministry of Oil in this regard).

(f) A high-level committee was formed in order to follow up on Iraqi funds

abroad, and is trying to recover them through legal procedures, including resort to

the Security Council Committee established pursuant to resolution 1518 (2003), and

establishing a relevant database. This Committee was able to obtain a court order to

recover 300 million dollars in Switzerland and 25 million euros in France, in

addition to recovering other fixed assets.

(g) Completion of the final financial statement of the State for 2008: the

final financial statement of the State is under way and is expected to be discussed by

the Financial Audit Board during July 2010.

(h) Follow-up and clearance of the observations for 2007 and 2008 of the

external auditor for the Development Fund for Iraq: through continuous meetings

with the heads of audit teams of the Board of Supreme Audit working in the

concerned entities, and their representatives, a significant number of these

observations were cleared and the causes for the remaining observations made by

the international audit firm not being settled were identified. The status of clearance

of those observations is the following:

S/2010/365

6 10-44131

THEY GIVE DETAILS ABOUT OUTSTANDING DEBTS HERE

It is to be noted that the details of the still valid observations are being

followed up and will be cleared after the issuance of the present report, but the

nature of most of those observations requires structural reform for their clearance

combined with their being addressed at the legal and administrative levels, asmentioned above

THE NEXT DOCUMENT WON’T COPY. IT’S ATTACHMENT ONE: COPY OF THE NY FED’S LETTER TO IRAQ SAYING THEY AGREE TO MANAGE THE DFI MONEY FOR ANOTHER YEAR: IMO THIS IS GOOD—NOT BAD

i THINK THE NEXT ATTACHMENT IS THE METERING SYSTEM AND THE NEXT DOCUMENT WON’T COPY—IT’S A SUMMARY OF AN IRAQ BUSINESS CONFERENCE IN DUBAI IN J NE OR JULY

THE NEXT IS A BIG WRITE UP ABOUT IRAQ BEIN ACCEPTED AS AN EITI COMPANY WHICH DEALS WITH TRANSPARENCY IN THE OIL PRODUCING INDUSTRY

TO READ: GO TO UN MAIN PAGE. CLICK ON DOCUMENTS ON THE RIGHT SIDE/COLUMNS OF STUFF . THERE WILL BE A PLACE TO PUT A NUMBER. PUT IN S/2010/365.

WHOO HOO !!!!!!!!!!!!!!!!!!!!!!!!!!!!

THIS IS THE ARTICLE LLH POSTED YESTERDAY

http://translate.googleusercontent.c..._55DjaZYzq_Bxw

Last updated - Sunday July 11, 2010

Iraq : Ban Ki-moon recommends to keep the Development Fund for Iraq, the U.S. central bank

Praised the commitment of Baghdad, schedules and choose an independent auditor

BAGHDAD - A follow-up to the morning

UN Secretary General Ban Ki-moon said the Development Fund for Iraq will remain in the Fed (U.S. central bank) in New York beyond the end of this year. Moon said in the second quarterly report for the current year to the Security Council will also be the same mechanism and arrangements currently in place in the management of the Fund, including the allocation of five percent of oil revenues to the Compensation Fund.

He said: "The government of Iraq has received assurances from the Federal Reserve in New York to continue the current mechanism of the Development Fund for Iraq beyond December 31, 2010." The UN Security Council in the transfer of resolution 1483 issued in May of 2003 the authority to manage expenditures from the proceeds of Iraqi oil to the United Nations Development Fund for Iraq and set up (the Council of the International Advisory and Monitoring) to monitor his work. And extended by Security Council resolution No. 1905 issued in December 2009 the arrangements for the depositing of proceeds into the Development Fund for Iraq and asked Baghdad arrangements to ensure "effective transformation in a timely manner" to the mechanism of failure of the Development Fund for Iraq by December 31 next.

The Council also requested Ban Ki-moon to report every three months on the progress made by Iraq in the preparation of such arrangements and decided to re-examine the terms of Resolution 1483 at the request of the Iraqi government by the middle of this year, since, by next January will end the work of the International Advisory and Monitoring . praised Ban Ki-moon down Baghdad in the selection of an auditor of an independent international monitoring body that fails to the Development Fund for Iraq, in cooperation with the Committee of Financial Experts of Iraq, praising in his report that was issued yesterday to efforts by Iraq to conduct the new arrangements and encouraged Iraq to continue to fulfill established timetables spelled out by the Foreign Minister Hoshyar Zebari, in a letter to the Security Council earlier this year in relation to the body that will succeed the Development Fund for Iraq.

In contrast, UN Secretary-General Kofi Annan expressed concern over the presence of some delays in activating the overall system for measuring the oil in Iraq due to "issues of a particular government." He noted the Secretary General of the United Nations to the International Advisory and Monitoring will continue to highlight issues of concern in relation to weak restrictions on oil extraction and expenditure of ministries, adding that the work of audit field has not yet been completed due to delays caused by the recent bombings that targeted a number from the ministries in Iraq.

With regard to the oil for food program, said Ban Ki-moon: that regardless of the method that the Security Council chooses to stop work by the completion of all outstanding issues should be subject to control by the Government of Iraq. It is scheduled to hold a UN Security Council on Monday a special session to discuss the issue of the Development Fund for Iraq, after Baghdad's decision to keep the fund under a different name. He told Iraq's Ambassador to the United Nations, Hamid al-Bayati of the Security Council last week that Baghdad has decided to maintain the Development Fund for Iraq in the Treasury U.S. federal with The existence of immunity of the United Nations Fund, which protect against creditors or debt, which was to expire on December 31 next.

[automag]

Excellent work Zantac and thanks for your effort sir!!!!!!!!!!!

Edited July 11, 2010 by automag

[hfdmedic]

Thnx Zantac

[powerpager]

I Know Thats Right , Zantac !!

[inmemoryofrob]

IMHO, doesn't this look like they will remain with the IQD at status quo until after December, 2010? No Bashing me! Just a question....

[breatheasy]

Holy smack!! Thanks Zantac - this is great - I knew Zebari going over there was potentially huge, this tells us just how huge. Now I'm almost positive that the "1 step forward, 3 steps back, shuffle to the side, run round & round in circles like a chicken with their head cut off" presence in the headlines the last few days is mostly exquisite & purposely placed smoke & mirrors. Thanks again, Zantac - great job!

[denbo420]

HOLY SMOKE BATMAN, ANOTHER STEP CLOSER MAYBE?

THANKS ZANTAC!

[GrahamB]

IMHO, doesn't this look like they will remain with the IQD at status quo until after December, 2010? No Bashing me! Just a question....

An interesting observation here! My reading of it is that December next is Dec 2011. But I don't think that necessarily limits the RV question!

[inmemoryofrob]

An interesting observation here! My reading of it is that December next is Dec 2011. But I don't think that necessarily limits the RV question!

I saw that...But then there is this:

"The government of Iraq has received assurances from the Federal Reserve in New York to continue the current mechanism of the Development Fund for Iraq beyond December 31, 2010."

Read more:

So does that mean, oh I'm too tired to guess. Fill in the Blank.... That means__________________.

See my confusion. Where is Scooter or Woody? I like their Cliff Notes! lol

[Danneedsrvnow]

IMHO, doesn't this look like they will remain with the IQD at status quo until after December, 2010? No Bashing me! Just a question....

I agree.

I am curious to know what in this article is the good news?

We still have absolutely no idea when they will rv.

I am not bashing....I am just interested to know what all the excitement is about that everyone is getting from this?

[Doc31]

Thanks for the post

[inmemoryofrob]

I agree.

I am curious to know what in this article is the good news?

We still have absolutely no idea when they will rv.

I am not bashing....I am just interested to know what all the excitement is about that everyone is getting from this?

I know, me too!

I never seen you bash me! You're all good in my book! and what sasquatch do you know that would beg to differ? lol

[bigdaddydave]

Its Really just saying that if all goes well in the meeting they can come out of chapter 7 anytime from now till Dec. 2010 not 2011 lets all hope it is sooner than later and if you pick through the Paper close they are pushing for an earlyer than later RV.

Edited July 12, 2010 by bigdaddydave

[2dinar1dong]

Can someone condense and explain ?? Like the dates and what is going on...Sorry But I did not understand it at all.....I do not want to look dumb but I really did not understand it...

[bigdaddydave]

Reading this again it is saying that they are asking Iraq to build a compesation account at the federal reserve in NY and put 5% of their total revenues in it to continue to pay off creditors and debts from the former regime. If they do this they may look at releasing them from chapter 7 which is what is going to be asked of them tomarrow at the un metting. The Dec. 2011 date is not anything to do with an RV it is just saying that if they get into finacial trouble the will still be protected from creditors with out being under Chapter 7. If I am reading this wrong please let me know.

[RICK C]

He said: "The government of Iraq has received assurances from the Federal Reserve in New York to continue the current mechanism of the Development Fund for Iraq beyond December 31, 2010." The UN Security Council in the transfer of resolution 1483 issued in May of 2003 the authority to manage expenditures from the proceeds of Iraqi oil to the United Nations Development Fund for Iraq and set up (the Council of the International Advisory and Monitoring) to monitor his work. And extended by Security Council resolution No. 1905 issued in December 2009 the arrangements for the depositing of proceeds into the Development Fund for Iraq and asked Baghdad arrangements to ensure "effective transformation in a timely manner" to the mechanism of failure of the Development Fund for Iraq by December 31 next.

Read more:

by December 31 next. I believe they are saying DEC of THIS YEAR. THUS the word--- NEXT

Now coming out of CHAPTER 7 would be a real good thing. and knowing they are being WATCHED and must make reports in a given timeline is another good thing. I wish they would mention something about the Banking system and the Dinar movement.

[DTH]

Exelent post looks like the UN may be the ones In charge of Iraq's fiances

[karen]

so..do they put dinarsw or dollars in the fed reserve fund?

[RICK C]

so..do they put dinarsw or dollars in the fed reserve fund?

Since they BUY and NEVER SELL the US DOLLAR= you can bet it's OUR'S they are depositing at the fed.