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Iraqi Dinar Buzz Updates|Iraq News

CNH: CBI: Iraq has reduced its debt to 80% over seven years; Will be one of the least indebted countries in the world

2011-03-06 23:57:13

Central: Iraq, follow the best plans to pay its debts as financial

Baghdad, March 6 (Rn) – The Central Bank of Iraq adviser, on Sunday, that Iraq follow the high-level political economic repayment of the debt as they have not faced legal problems.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that “Iraq followed an economic policy is one of the best plans in the payment of debt and economic, as approved by the Paris Club as a political religion, economic applied well.”

And the Paris Club group is not of financial officials from 19 countries of the world’s richest countries notably the United States, Britain, Australia, Italy, Japan, the Netherlands, Germany and Ireland service provides debt cancellation on Civil and creditor countries.

The IMF had identified the names of those countries after alternative solutions have failed to change with the methods of payment of outstanding debt.

Saleh added that “Iraq is over thanks to the economic policy followed by the debt to reduce its debt to 80% in seven years, which could be described as an important achievement.”

He continued by saying that “the ratio of debt remaining at the end if Iraq continued to follow the political religion that would make Iraq one of the least indebted countries despite economic turmoil caused by the political changes in the country.”

The Central Bank of Iraq in 23 of the last month, said Iraq’s debt paid 3 thousand and five hundred creditor commercial value of 2.7 billion U.S. dollars as a means to protect the funds from external manipulation of the trading companies.

It is hoped that Iraq shall submit to the UN Security Council a detailed report in May next, looking the most important pillars of the protection of Iraqi funds.

Revealed the Iraqi Finance Ministry on the seventh of January last, the work of the Committee to Protect Iraqi funds abroad would be a secret to avoid fictitious companies which Iraq claims it was now demanding money.

The Ministry of Finance of Iraq, earlier this year that the Commission on technical government took over the development of mechanisms to protect Iraqi funds in foreign banks after the UN Security Council resolution mid-November, who spent the past to raise funds to protect the Iraqi end of June next.

The UN Security Council voted unanimously mid-January last three resolutions concerning the lifting of the embargo imposed on Iraq on the import of nuclear material for peaceful purposes, and cancel the oil for food program, also extended the immunity of and for the last phase compensation imposed under Chapter VII until the end of June June.

The former Iraqi president Saddam Hussein ordered the invasion of Kuwait in 1990.

And imposed on Iraq after its invasion of sanctions from the international community and put under Chapter VII, which makes it a country threatening world peace and security.

Included international sanctions prevented the import of chemicals and nuclear technology that could be used in a secret nuclear programs, chemical and biological weapons.

Has allowed the United Nations in 1995 for Iraq to sell oil in return for food, called “oil-for lunch.”