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

[Mr.B.]

Well people the ride is not over just yet. I can see the station and what looks like a party......

[kadianne]

sorry looked but my google said it came out 4 minutes before I posted.

[redsand]

Hey no problem!

[cisole]

News Flash.....Iraq is not a state of the union, the citizens of Iraq are not American citizens and the CBI is not under control of the federal government of the United States. Therefore, an executive order by the potus has absolutely no effect or bearing on their actions. The order merely assists Iraq in protecting their assets held HERE against lawsuits and pilfering by corrupt officials.

correct!

[kadianne]

But, I had a link....LOL

[Mstr_William]

This is fantastic news.......if at all else....we are closer than we were yesterday!

[nnnorrie]

What is the Paris club ? Also should I assume it will RV before the 11th ?

[cisole]

What is the Paris club ? Also should I assume it will RV before the 11th ?

Paris Hilton start a new club....

[Rhorse]

Good post. I respect it.

It's not some "rate and date" bit. It's just interpreting the news.

[mrsonnyr]

Boots--

The DFI funds ARE 100% FOR THE PEOPLE. Not for contractors developing oil, natural gas,etc...

As I understand it, the people are to be given land and 10,000 dinars. Obviously, not much value

UNLESS they RV. So PERHAPS your right, and we hope, they will RV to make this really make a difference

to the people. These funds and how the Iraqi's spend it, WILL CREATE JOBS, which will help restore the economy.

Your statement, "The potus' exec. order does not affect Iraq. They are not a state, they are not citizens under his majesty's rulership." ???

I believe the last 7 years of the UN protecting these funds and the new UN articles today would disagree!

The exec order certainly does, and has been, affecting those funds. The US and UN have controlled the purse strings for over 7 years

and the Iraqi people/Shabbibi have done an awesome job saving the amount of money that they have, WITHOUT being seized

by other "claimants".

I've been invested and studying this since last year...ALWAYS learning...

I follow MANY people and listen to lots of calls. Have fun learning.

Hopefully it'll RV soon enough and then we can start the learning curve on other investments!

[wavggg]

As long as the DFI still sits in a New York Bank, does not the Fed of NY have the ability to fractionalize funds/loans based on those huge Billions? They never touch it, it stays protected... yet they can be claimed as part of their reserve. maybe that is how the Fed pulled off QE2 without causing all their accountants to have heart attacks and the courts from stepping in???

I had never previously thought that maybe the DFI was used by the UST/Fed as reserve collateral all these years...

If so, then it could be shown tghat the war in Iraq has already paid for itself 100x over... However, try to get Geithner to show you the books...

Any thoughts?

Edited July 1, 2011 by wavggg

[Bobbydee]

Excellent news Pro. All we need now is confirmation that the HCL is signed off and Irag removed from chapter 7. Please let it happen. Thanks for the post. ++++++. God Bless Semper Fi

[mrsonnyr]

US (petro) dollars cannot be used to back US dollars. FOREIGN CURRENCY reserves. Therefore Iraq may use deposits of petro dollars in the US, GB, Aus., etc...as a reserve. Reserves are defined as a foreign currency or asset(treasury bonds) from a country with substantial reliability and worth. May not be exact...working off memory. Bottom line...you can't use your own currency to back your currency, especially if it belongs to someone else.

Hey boots...You could tell your fiancee that we don't think there's any "inappropriate connotation" to your screename.

I like your explanation of it! LOL GoooooooooooRV!!!

[crookedhaylo]

http://www.cnn.com/2011/WORLD/meast/07/01/iraq.oil.revenue/

[jeepguy]

we can now stop calling that money d f i -----it isn`t under the same rule of thumb anymore they can spend it any way they see fit-----hoping they do use it for good of people but most likely will loose this also just a though -----

[tjmunson]

Before you call me a dunce cap wait for my time period to run out

I'm not calling you anything. I had thought you said by June 30th. If I am wrong please inform me as to when your time runs out and accept my apologies.

Peace

[jai5]

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.

Read more: http://dinarvets.com.../#ixzz1QoqfNUyd

Not build power plants. Not feed poor people. Not build roads. Not install infrastructure......RESTORE THE COUNTRY'S ECONOMY. What is the best way to use the DFI money? I have asked this question 10 times on this site. Not one answer worth reading. Spend it on stuff that has already been included in this year's budget? NO. Increase the purchasing power of the iqd by inflating the reserves. They already have a budget surplus due to high oil prices. They don't need this money to proceed with infrastructure and so forth this year, next year or ever. Especially if they use it to increase the value(RV) of the dinar. Their surplus will increase as goes the dinar. Lopsters will say that this money goes to the people...answer...Smart Cards. Been activated yet? NO. Budgeted? YES. Why haven't they got it yet? They don't want to give them toilet paper smart cards. They are waiting for the purchasing value of the dinar to increase. This will do it. They mysteriously found almost $200 billion in their reserves yesterday. Simply amazing the total lack of discussion on that. IT WAS HUGE. As is this. The potus' exec. order does not affect Iraq. They are not a state, they are not citizens under his majesty's rulership.

well...in my opinion the best way to restore the country economy with using it to buy all the gold like China does and make it as foreign reserve to back-up their currency..then rv the currency back-up with the gold NOT usd...then they can and enable pay all the debts lump-sum in IQD not other foreign reserve....we can exchange the money maybe at rates that "guru-guru" said.

when you add with the fractional banking in it, iraq will be the richest country in the world...US can pay all the debts.. and the most important thing is we don't have wait too long to bank-in IQD.

isn't it nice solution for all people? why Shabibi can't see this? it's too weird...

Edited July 1, 2011 by jai5

[jai5]

well...in my opinion the best way to restore the country economy with using it to buy all the gold like China does and make it as foreign reserve to back-up their currency..then rv the currency back-up with the gold NOT usd...then they can and enable pay all the debts lump-sum in IQD not other foreign reserve....we can exchange the money maybe at rates that "guru-guru" said.

when you add with the fractional banking plus surplus in crude oil in it, iraq will be the richest country in the world...US can pay all the debts.. and the most important thing is we don't have wait too long to bank-in IQD.

isn't it nice solution for all people? why Shabibi can't see this? it's too weird...

[jai5]

http://www.cnn.com/2...aq.oil.revenue/

well...in my opinion the best way to restore the country economy with using it to buy all the gold like China does and make it as foreign reserve to back-up their currency..then rv the currency back-up with the gold NOT usd...then they can and enable pay all the debts lump-sum in IQD not other foreign reserve....we can exchange the money maybe at rates that "guru-guru" said.

when you add with the fractional banking plus surplus in crude oil in it, iraq will be the richest country in the world...US can pay all the debts.. and the most important thing is we don't have wait too long to bank-in IQD.

isn't it nice solution for all people? why Shabibi can't see this? it's too weird...

[YANNAVIA]

link

UNSC welcomes Iraq''s assumption of "full" autonomy over DFI proceeds

Economics 7/1/2011 9:13:00 AM

UNITED NATIONS, July 1 (KUNA) -- As the UN supervision of the Development Fund for Iraq (DFI) ended Thursday at midnight, the UN Security Council (UNSC) welcomed Iraq's establishment of a successor arrangement for the transition, and its assumption of full autonomy over the Fund's proceeds as of July 1st.

In a statement to the press hours before the expiration period, the Council President, Gabon, late Thursday said the Council members "welcomed the Government of Iraq's establishment of a successor arrangement for the transition of the Development Fund for Iraq, consistent with resolution 1956" adopted last year.

The Council decided last December in that resolution to terminate, on June 30 2011, the UN supervision of 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 to continue to pay the five percent to the victims of the Iraqi invasion of Kuwait in 1990.

"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 (IAMB) to the Government of Iraq's Committee of Financial Experts (COFE), which will exercise authority in accordance with its terms of reference approved by Iraq's Council of Ministers." the Council statement said. The Council set up the DFI 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 of Iraq, replacing the previous oil-for-food programme that allowed the former Iraqi regime, which was under UN sanctions for invading neighbouring Kuwait in 1990, to use some oil revenues for humanitarian purposes.

"The members of the Security Council reiterated their welcome of the ongoing efforts and commitment by the Government of Iraq to ensure that oil revenue is used in the interests of the Iraqi people, and to ensure that transition arrangements remain consistent with the constitution and with international best practices in respect of transparency, accountability and integrity," the statement added. The Council also "underscored the importance of Iraq's continued compliance" with relevant resolutions, namely resolution 1483 of 2003 which said "5 per cent of the proceeds "shall be deposited into the Compensation Fund established" in 1991. This requirement shall be binding on a properly constituted, internationally recognized, representative government of Iraq and any successor (government.)" Iraqi Foreign Minister Hoshyar Zebari informed the Security Council President in mid-June that his Government has taken the necessary arrangements for the post DFI, including for the five percent of oil sales to be deposited in the Geneva-based Compensation Fund.

Zebari annexed to his letter 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.

"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.

Those measures, he indicated, include arrangements for the external auditing of accounts; Deduction of the 5 per cent 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 5 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, Zebari 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. (end) sj.nfm KUNA 010913 Jul 11NNNN

[MAW33326]

duplicate post but thanks

[k98nights]

bump