Security Council welcomes Iraq’s assumption of oversight over development fund

[MAW33326]

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://www.un.org/apps/news/story.asp?NewsID=38907&Cr=iraq&Cr1=

[tjmunson]

Well slap my face and call me Betty!!!! WHAT IN THEE HECK IS GOING ON!?

[KANAGAROO]

Well slap my face and call me Betty!!!! WHAT IN THEE HECK IS GOING ON!?

Hi U BETTY ;-]]

All I can think of is the USA kept the funds they curently have under their control, but all new funds are handle under Iraq's control! But what do I know ?

You can call me Sue, if it helps

[tjmunson]

Hi U BETTY ;-]]

All I can think of is the USA kept the funds they curently have under their control, but all new funds are handle under Iraq's control! But what do I know ?

You can call me Sue, if it helps

Exactly. Which completely contradicts the other articles which claim the DFI has been extended until May 20th 2012.

[sonny1]

I know tj said I don't know shitt but it's appears iraq got there funds back

[jpandlef3]

Dr. Jones' Entry from 06/30/2011

[CLICK HERE TO PRINT THIS PAGE]

06/30/2011

Development Fund of Iraq (DFI) protected for one more year

Today, June 30, 2011 might have been the end of the special US protection of the DFI, the fund through which Iraq's oil revenues are collected and dispersed. But President Obama has extended this protection for another year to protect the fund from lawsuits and damage claims arising from the Saddam era.

http://www.state.gov/r/pa/prs/ps/2011/06/167387.htm

The DFI was originally set up in the UN's oil-for-food program, which was supposed to alleviate the humanitarian crisis caused by the UN sanctions imposed in 1990. Iraq could sell oil, but the revenues were placed in a special bank account administered by the US government, which had the power to decide what types of imports Iraq could purchase from abroad. Those purchases (such as food) were made by the DFI, so that the money remained inaccessible to Saddam Hussein and the Iraqi banks in general.

The DFI received its protection originally on May 22, 2003, shortly after the end of the war that brought down Saddam Hussein. It was done by Executive Order 13303, which was later revised by Executive Order 13364 on Nov. 29, 2004.

This protection is a good thing for today's Iraq; perhaps not so good for those seeking compensation for losses arising out of the Saddam regime's actions.

Executive Order 13303 was issued on May 22, 2003 by United States President George W. Bush to protect the Development Fund for Iraq for the rebuilding of Iraq from any legal attachments or liens. Further, it protects Iraqi oil products and interests and ownership by US persons (defined to include US corporations) from attachment as well. Executive Order 13303 also terminates sanctions specified in EO 12722, EO 12724, EO 13290, as it applies to the development fund. In effect, EO 13303 provides an extraordinarily broad legal shield for any and all contractors and mercenaries working in Iraq on behalf of US corporations in any oil related enterprise....

The primary effect of EO 13303 is the legal protection of US oil companies. EO 13303 is part of a broader endeavor by the Bush administration to exert control over Iraqi oil revenues.

http://en.wikipedia.org/wiki/Executive_Order_13303

Implications:

While I do not know all the implications of this, it is certain that it is positive for Iraq. It will allow Iraq to emerge from chapter vii sanctions without being immediately hit with foreign lawsuits. Tomorrow is the day that Iraq is supposed to get back its sovereignty after the time was extended from last December.

There are many conflicting reports, so it is difficult to sort out everything without being an active participant in the legal process. These high up officials simply do not explain things to the ordinary people unless they have to. But it is said that Iraq is scheduled to repay its first installment of debt to the Paris Club on July 11, 2011. It is also said that their currency must be revalued in order to make that payment feasible. I do not have enough proof to confirm this, but if it is true, then it would follow that Iraq must revalue its dinar very soon.

It does not appear that this year-long extension of National Emergency will make it impossible for Iraq to revalue its currency. In fact, it appears that the opposite is the case. This Executive Order is designed to protect Iraq's monetary resources--although it also may benefit the US government, as it will have access to the fund and may be able to use it to prop itself up. So goes the criticism in the Wikipedia article above.

http://www.gods-kingdom-ministries.org/weblog/WebPosting.cfm?LogID=2761

[horsesoldier]

...not throwing out hate or bashing-just...its always somethin' with these guys.The rollercoaster aint gonna stop just yet

[MAW33326]

Dr. Jones' Entry from 06/30/2011

[CLICK HERE TO PRINT THIS PAGE]

06/30/2011

Development Fund of Iraq (DFI) protected for one more year

Today, June 30, 2011 might have been the end of the special US protection of the DFI, the fund through which Iraq's oil revenues are collected and dispersed. But President Obama has extended this protection for another year to protect the fund from lawsuits and damage claims arising from the Saddam era.

http://www.state.gov/r/pa/prs/ps/2011/06/167387.htm

The DFI was originally set up in the UN's oil-for-food program, which was supposed to alleviate the humanitarian crisis caused by the UN sanctions imposed in 1990. Iraq could sell oil, but the revenues were placed in a special bank account administered by the US government, which had the power to decide what types of imports Iraq could purchase from abroad. Those purchases (such as food) were made by the DFI, so that the money remained inaccessible to Saddam Hussein and the Iraqi banks in general.

The DFI received its protection originally on May 22, 2003, shortly after the end of the war that brought down Saddam Hussein. It was done by Executive Order 13303, which was later revised by Executive Order 13364 on Nov. 29, 2004.

This protection is a good thing for today's Iraq; perhaps not so good for those seeking compensation for losses arising out of the Saddam regime's actions.

Executive Order 13303 was issued on May 22, 2003 by United States President George W. Bush to protect the Development Fund for Iraq for the rebuilding of Iraq from any legal attachments or liens. Further, it protects Iraqi oil products and interests and ownership by US persons (defined to include US corporations) from attachment as well. Executive Order 13303 also terminates sanctions specified in EO 12722, EO 12724, EO 13290, as it applies to the development fund. In effect, EO 13303 provides an extraordinarily broad legal shield for any and all contractors and mercenaries working in Iraq on behalf of US corporations in any oil related enterprise....

The primary effect of EO 13303 is the legal protection of US oil companies. EO 13303 is part of a broader endeavor by the Bush administration to exert control over Iraqi oil revenues.

http://en.wikipedia.org/wiki/Executive_Order_13303

Implications:

While I do not know all the implications of this, it is certain that it is positive for Iraq. It will allow Iraq to emerge from chapter vii sanctions without being immediately hit with foreign lawsuits. Tomorrow is the day that Iraq is supposed to get back its sovereignty after the time was extended from last December.

There are many conflicting reports, so it is difficult to sort out everything without being an active participant in the legal process. These high up officials simply do not explain things to the ordinary people unless they have to. But it is said that Iraq is scheduled to repay its first installment of debt to the Paris Club on July 11, 2011. It is also said that their currency must be revalued in order to make that payment feasible. I do not have enough proof to confirm this, but if it is true, then it would follow that Iraq must revalue its dinar very soon.

It does not appear that this year-long extension of National Emergency will make it impossible for Iraq to revalue its currency. In fact, it appears that the opposite is the case. This Executive Order is designed to protect Iraq's monetary resources--although it also may benefit the US government, as it will have access to the fund and may be able to use it to prop itself up. So goes the criticism in the Wikipedia article above.

http://www.gods-kingdom-ministries.org/weblog/WebPosting.cfm?LogID=2761

Duplicate post, also look at the more recent post from the UN, which way do we go George which way do we go???

[palung]

Hopefully someone hit this roller coaster e-brakes and surprise us when we are not expecting!

[zaborniake]

The DFI hasn't been extended. The protection of the funds has via the EO has. Did anyone else catch the fact that Iraq gets full autonomy tomorrow, July 1st? That means today they were still under the DFI.

[hoopdog]

No News!

[redsand]

The wording of that article is very misleading and leaves us in the dark of what is going on. Because of this, so many people are jumping ship and selling their dinar.

[tjmunson]

I know tj said I don't know shitt but it's appears iraq got there funds back

Great. Now how about the RV you said would happen? LOL

Peace

The DFI hasn't been extended. The protection of the funds has via the EO has. Did anyone else catch the fact that Iraq gets full autonomy tomorrow, July 1st? That means today they were still under the DFI.

Yup. The DFI would expire at midnight tonight. Thanks Zab

[design interrupted]

The wording of that article is very misleading and leaves us in the dark of what is going on. Because of this, so many people are jumping ship and selling their dinar.

That's exactly what they want!

The DFI hasn't been extended. The protection of the funds has via the EO has. Did anyone else catch the fact that Iraq gets full autonomy tomorrow, July 1st? That means today they were still under the DFI.

Thanks Zab! So nice to have you here.

[wshflthnkn]

WooHoo!! Iraq has Control of their Funds!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! the US is just protecting it in America from the vulchers

[AggieRV]

Yup. The DFI would expire at midnight tonight. Thanks Zab

I was thinking about this exact same fact earlier today. Thanks for clearing this up guys!

[MAW33326]

The DFI hasn't been extended. The protection of the funds has via the EO has. Did anyone else catch the fact that Iraq gets full autonomy tomorrow, July 1st? That means today they were still under the DFI.

Thats the way I would see it...

[Psych]

The DFI hasn't been extended. The protection of the funds has via the EO has. Did anyone else catch the fact that Iraq gets full autonomy tomorrow, July 1st? That means today they were still under the DFI.

Full autonomy over the DFI funds or autonomy as a nation? (chapter 7 stuff?)

[wshflthnkn]

UN welcomes Iraqi takeover of multibillion dollar oil revenue fund set up in 2003

June 30, 2011 - 20:05

The Associated Press

The U.N. Security Council is welcoming the Iraqi government's takeover of a multibillion-dollar fund established after Saddam Hussein's regime was toppled in 2003 to ensure that proceeds from the country's gas and oil sales were used to restore the country's economy.

The council adopted a resolution in December ending U.N. oversight and international management of the Development Fund for Iraq on June 30.

Council members in a statement late Thursday welcomed the Iraqi government's "assumption of full autonomy over the proceeds" of the fund and the transfer of oversight from the U.N.-authorized International Advisory and Monitoring Board to the government's Committee of Financial Experts.

http://www.macleans....ontent=w7305780

[MakeMeRich]

Thats what I was thinking with all this DFI has been extended talk this evening I didnt think so. The Presidental Order and the DFI are two different things. I remember reading an article about 2 weeks ago in which Iraq said that they would NOT be asking for an extension of the DFI.

[wshflthnkn]

MakeMERich I saw that same article and thats why I was so confused and bummed out earlier. So seeing these makes me happy.

[gregp]

No gnews is good gnews! With Gary ganew!

[proteus]

Associated Press, 06.30.11, 08:02 PM EDT

UNITED NATIONS -- The U.N. Security Council is welcoming the Iraqi government's takeover of a multi billion-dollar fund established after Saddam Hussein's regime was toppled in 2003 to ensure that proceeds from the country's gas and oil sales were used to restore the country's economy.

The council adopted a resolution in December ending U.N. oversight and international management of the Development Fund for Iraq on June 30.

Council members in a statement late Thursday welcomed the Iraqi government's "assumption of full autonomy over the proceeds" of the fund and the transfer of oversight from the U.N.-authorized International Advisory and Monitoring Board to the government's Committee of Financial Experts.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

http://www.forbes.com/feeds/ap/2011/06/30/general-un-un-iraq_8544749.html

[proteus]

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://www.un.org/apps/news/story.asp?NewsID=38907&Cr=iraq&Cr1=

[WorkerBee]

Good news. One more piece of the puzzle.