UNSC informed of post DFI plans

[rsskelton]

http://www.kuna.net.kw/NewsAgenciesPublicSite/ArticleDetails.aspx?id=2173975&Language=en

This could be big!

UNITED NATIONS, June 14 (KUNA) -- Iraqi Foreign Minister Hoshyar Zebari informed the Security Council that his Government has taken the necessary arrangements for the post Development Fund for Iraq (DFI), whose UN supervision ends later this month, including for the five percent of oil sales to be deposited in the Compensation Fund.

Zebari annexed to a letter to Council President, Gabon, circulated on Tuesday, a report containing measures and decisions Baghdad took towards a "full and effective" transition to a post-Development Fund mechanism that will enable Iraq to fulfill its obligations under relevant Council resolutions.

The Council decided last December in resolution 1956 to terminate, on June 30 2011, the arrangements for depositing into the DFI proceeds from Iraqi oil and natural gas sales, and called on Baghdad to finalize the "full and effective" transition to a post DFI mechanism, including external auditing arrangements, and continue to pay the five percent to the victims of the Iraqi invasion of Kuwait in 1990.

"We should like to inform the Security Council that the Government of Iraq has completed the arrangements that will ensure full and effective transition to such a mechanism," Zebari wrote in his letter to Council President.

Those measures, he indicated, include arrangements for the external auditing of accounts; deduction of the five percent compensation percentage "or any other lesser percentage;" and settlement of the foreign debts of Iraq.

He explained that in replacement of the DFI account, a new account will be opened in the name of the Government of Iraq, to be held by the Central Bank of Iraq at the US Federal Reserve Bank, and transfer will be made to that new account of all the financial assets currently held in the DFI and any other Iraqi Government assets.

Concerning proceeds from export sales of oil and natural gas, he said the UN Secretariat "will be consulted with a view to finding a transparent mechanism to ensure that five per cent or any other lesser percentage is deducted and deposited to the UN Compensation Fund".

This will also ensure that Iraq will be able to continue to meet its UN obligations, he said.

As to the arrangements for the external auditing, Zibari said a request was made and proposals were received from four firms to audit the DFI successor account. They are Ernst Young; PricewaterhouseCoopers; KPMG; and Deloitte.

Among other arrangements, he said, the Iraqi Committee of Financial Experts will replace the International Advisory and Monitoring Board (IAMB) starting July 1, 2011.

He finally said that Iraq will continue its serious attempts to settle its foreign debts in accordance with the Paris Club agreement that was signed in November 2004.

KUNA learned that Iraq will send a delegation later this month to discuss with the UN Secretariat this and other issues.

In a related matter, it was announced here that Under-Secretary General for Political Affairs, Lynn Pascoe returned to New York today after a three-day visit to Iraq where he held discussions with senior Iraqi officials and leaders in Baghdad, Kirkuk and Erbil, as well as with the UN Mission for Iraq (UNAMI).

A UN spokesman said that in his discussions, including with Prime Minister Nouri Al-Maliki, Pascoe emphasized the UN readiness and willingness to continue providing all necessary assistance to help build a "stable and prosperous democracy for all Iraqis". (end) sj.bs KUNA 142351 Jun 11NNNN

[Texhad]

Thanks for the post.

Go RV!

Blessings,

Texhad

[stargazer55]

Wow! Great article! Thanks.

[cws]

http://www.kuna.net.kw/NewsAgenciesPublicSite/ArticleDetails.aspx?id=2173975&Language=en

This could be big!

seems to me this is proof that the dfi is going to be under the iraqis control and

it also seems to me that is means it wont be extended any further

[Solarcloud]

Iraq is puttin on the big boy pants. I'm so proud.

[Nana_d]

The article was posted in full earlier...

[KCT]

Thanks for the post!

[Riley]

Thanks for the post rsskelton - that's great news.....

Nana-d if it was posted earlier - I didn't see it either....

[dflake]

Just a random thought. Has anyone considered the fact that by releasing the DFI to Iraq, we are in essence giving them access to a huge amount of money. US dollars, specifically. My thought is this, if Iraq has access to xxx USD, why would they RV/RI/RD. Just a thought, or am I playing in an entirely different field than everyone else. Not asking for bashing or looking to stir up any problems, just a thought that is swimming in my head. Please, do not drown the poster.

[TQueezy]

In light of this being such great news, why do people have to constantly post "This has already been posted" in these types of uplifting threads. It's just rude... IMO...

[shiFT_yourworld]

alright that's what I'm talking about Rsskeleton. thanks for the post!

[Harley61]

Thanks for the post. More progress and that is positive and now if we can get them to get there currency to level that it is trade-able,

[idplzr]

Thanks for the post. More progress and that is positive and now if we can get them to get there currency to level that it is trade-able,

OHHHH I believe its coming.... Soooooooooon!

[txdinargirl]

Love the idea of a "stable and prosperous democracy" in Iraq. Thanks for the post!

[Nana_d]

Thanks for the post rsskelton - that's great news.....

Nana-d if it was posted earlier - I didn't see it either....

Yeah, I realized it only after I'd started reading the link rsskelton posted and it seemed so familiar. It was posted by wshflthnkn, only he had the article posted with the link...

[eatmoney]

thank you rss the days just keep gettin better! GO RV!

[TPSprayduster]

outstanding R, thanks for the post. Hopeful for an RV soon

[jeepguy]

Just a random thought. Has anyone considered the fact that by releasing the DFI to Iraq, we are in essence giving them access to a huge amount of money. US dollars, specifically. My thought is this, if Iraq has access to xxx USD, why would they RV/RI/RD. Just a thought, or am I playing in an entirely different field than everyone else. Not asking for bashing or looking to stir up any problems, just a thought that is swimming in my head. Please, do not drown the poster.

this is true d flake we are giving them lots and lots of money { but the money is iraqs own money } go too d-f-i funds .com and read it is the money that was taking away from accounts owned by ol ding d o n g sadam guy, his sons and anyone else that was involved in the take down many years ago,,it is around a few billion if i remeber right it has been sitting in the holding area drawing interest { only being used to purchase needful things for iraq people {wheat grains, building and medical supply } that is what d-f-i means so if we turn over the money they need to get the r v over with ,,or the billions of dinar will just disappear and all will have been for nothing { my own thought }

[venetia]

I didn't see the ealier post either so I'm glad you posted it as well Steve.........lots of positive news floating around......end of June's looking good.........I am cautiously optimistic and hopeful.

[The Original Spike]

Just a random thought. Has anyone considered the fact that by releasing the DFI to Iraq, we are in essence giving them access to a huge amount of money. US dollars, specifically. My thought is this, if Iraq has access to xxx USD, why would they RV/RI/RD. Just a thought, or am I playing in an entirely different field than everyone else. Not asking for bashing or looking to stir up any problems, just a thought that is swimming in my head. Please, do not drown the poster.

It's a good thing. Any US dollars not spent will be transferred over to a holdings account. No more tax payer funds being deposited from US in an on-going DFI fund. They will have to do something with their own currency soon, one would think...

Good post!

[Luigi1]

This is big news. This clears the way to RV. Iraq is now a bona fide full member of the IMF with a viable & tradable currency. Iraq is out of bankruptcy. All legal Itn'l issues resolved. USA & Iraq are in talks of most favored nation trade agreements. Obama wants to start a US-Arab Free Trade Zone. Iraq Stock exchange is off to a great start. Go RV.

[dflake]

Thank you for the civil responses, never really looked at it from that angle. Makes me feel better about this move. The Original Spike, jeepguy, thank you for sharing your thoughts.

[Don & Rocio]

Got em crossed.

[BJinMontreal]

Thanks for the post .... someday soon - hopefully !!

[goldengoose]

Good afternoon All....

Went to the KUNA site and read the news article. In my estimation, if Kuwait is publishing this news, then it must be very important to them.

Very good post 'RSSKELTON'.

If you take the culmination of information from Scooter, Sonny1, Adam Montanas chat log, and all of the verified facts recently published; then we may be just seeing this venture materialize very soon!

Hope everyone has a great day!

GG