Zebari: Iraq has taken necessary arrangements for post DFI protection

[VTGuy84]

State of the Security Council arrangements after the Development Fund for Iraq includes money damages

Said Iraqi Foreign Minister Hoshyar Zebari said his government has taken the necessary arrangements to move to the mechanism after the Development Fund for Iraq, which expires by the supervision of the United Nations this month.

Zebari told the Security Council in a letter circulated yesterday that Baghdad has taken all the necessary arrangements, which include the allocation of five percent of oil revenues to the Compensation Fund.

And the right Zebari speech, which sent him to Gabon, which holds the council presidency this month, a report containing the measures and decisions taken by Baghdad to move “full and effective” mechanism after the Development Fund for Iraq, which would allow Iraq to fulfill its obligations under Security Council resolutions relevant.

The UN Security Council decided last December in its resolution No. 1956 to stop work arrangements depositing of proceeds from sales of oil and natural gas, the Iraqi Development Fund for Iraq and called on Baghdad to finish the move “full and effective implementation” of the mechanism after the Fund, including the arrangements for the monitors financial outside and continue to pay the proportion of five percent to the victims of the Iraqi invasion of Kuwait in 1990.

Zebari said that an alternative to the expense of the Development Fund for Iraq, it will open a new account on behalf of the Government of Iraq of running the Iraqi Central Bank with the Federal Reserve Board (Fed) to accept the conversion of all financial assets owned by the Development Fund for Iraq is in addition to any other assets belonging to the Iraqi government .

He added that the new mechanism will ensure also that Iraq will be able to continue to fulfill its obligations under UN resolutions.

He noted that other arrangements be resolved include the Committee of Financial Experts replace the Iraqi Council of the International Advisory and Monitoring Board, starting from early next month.

He said that Iraq will continue to be in serious attempts to settle its external debt in accordance with the Paris Club agreement which was signed in November 2004.

Link: http://wp.me/pZC7o-8DM

[Dalite]

Oil and Naturas Gas revenue will now be deposited into 2 accounts at the Federal Reserve bank of NYC.

95% into the account that receives the DFI funds on June 30, and 5% into the account that maintains funds for reparations to Kuwait.

I believe this is what it boils down to...

[drox]

Oil and Naturas Gas revenue will now be deposited into 2 accounts at the Federal Reserve bank of NYC.

95% into the account that receives the DFI funds on June 30, and 5% into the account that maintains funds for reparations to Kuwait.

I believe this is what it boils down to...

Thanks Dalite... I think we will finally get to see exactly what is held in the DFI once and for all. Scooter and I have tried to figure it out based on the 2010 Audit. He and I differ on what is in there...but I think we would both admit that it is confusing. Scooter believes that there is around $165 billion (roughly) and I think there is only $7.5 billion. The T-bill investment is very confusing. Off the cuff... it states like $85 billion invested in T-bills with a payout of $89 billion. The audit shows the profit from the T-bills as the balance plus a couple misc billion. So the question is... was the t-bill investment showing a bought and sold price OR does it reflect a revolving investment that constantly replenishes itself. If the latter is true... then why is it not reflected in the audit final cash balance. We need a CPA to figure this one out.

My question for you is how does your 2 deposit theory protect Iraqi assets from creditors? I would have thought that the UN would want to retain some leverage over Iraq with their current political system nightmare. I thought they would have just extended the DFI for another 6 months. What are your thoughts? Thanks.

[Dalite]

Drox, I can only extrapolate from the press releases stating the protection would be continued by the UST, after DFI expires. Knowing the nature of the EO that maintains this shelter, we know it continues solely on the desire of the president.

The articles announced the origination of the two accounts a few months back. Various articles referenced the posturing by Saleh and the CBI to assure the funds maintained protection. the 5% for reparations was published. The 95% in the othe account is an extrapolation.

This still doesn't address the plunder that comes under the control of EO 13315, encapsulated in EO13303.

I have no idea of the actual contents or amounts. I see this as a carrot on the end of the stick that allows 16 to 20 thousand solders to stay behind to occupy the 9 best armed consulates in the ME, but just a theory.

If they transition to CH VIII, the ability to capitalize their assets will give debt power to render these 2 accounts beyond the concern they have now.

BTW, I have strong feelings the "missing" billions was used to pay off warlords and allow reconstruction to start, as well as the associated corruption attached to any progress made.

Scooter has my email addresses and contact info. Maybe we can do a Skype conference call sometime off forum. I use this IPad during the day rather than the computers upstairs, and it limits most replies to a less than thorough response.

I could probably recreate links to past press releases that connect some of these dots.

In the end, I can only guess, fueled by translations of articles that may be agenda laden...

[quadraph0nic]

Some interesting points to mull over. I appreciate the discussion dalite and drox.

[Scooter]

Dalite and Drox,

Two of my favorites seeking the truth -- can I play too? ha ha.

Below is an image taken recently from PriceWatterhouse Coopers recent audit of the DFI Fund. Drox, you are correct in that their cash equivalents as of December 31, 2010 was just over the $7.5 Billion and the invested monies in the treasury bills has not reached maturation so we don't know how quickly those yields can be monetized into liquid funds -- I hope I said that correctly. Secondly, the frozen assets has been a hard one to track, particularly since the only real information comes from congressional hearings from back in 2002 and 2003. Nevertheless, here's some information to pontificate and I'll reach out to Dalite with an email later this afternoon to setup a call -- just have some appointments right now.

Have a great afternoon and best regards,

Scooter

Thanks Dalite... I think we will finally get to see exactly what is held in the DFI once and for all. Scooter and I have tried to figure it out based on the 2010 Audit. He and I differ on what is in there...but I think we would both admit that it is confusing. Scooter believes that there is around $165 billion (roughly) and I think there is only $7.5 billion. The T-bill investment is very confusing. Off the cuff... it states like $85 billion invested in T-bills with a payout of $89 billion. The audit shows the profit from the T-bills as the balance plus a couple misc billion. So the question is... was the t-bill investment showing a bought and sold price OR does it reflect a revolving investment that constantly replenishes itself. If the latter is true... then why is it not reflected in the audit final cash balance. We need a CPA to figure this one out.

My question for you is how does your 2 deposit theory protect Iraqi assets from creditors? I would have thought that the UN would want to retain some leverage over Iraq with their current political system nightmare. I thought they would have just extended the DFI for another 6 months. What are your thoughts? Thanks.

[VTGuy84]

Thanks Scooter!