Millionday News 6/2/14 Part 2
Welcome To Monday Night News Time With Millionday!
[faith1] millionday in your opinion can the reality rate be set before the ISX goes live?
millionday] yes the reality rate should be set before they go live because the largest product they have is the dinar and the price index would only make sense in trading shares with a fair market value
millionday] here we go - now this is very important as well and also the reason they give is huge huge
[millionday] Differing views of the members of the parliamentary Economic Committee on the subject of lifting the immunity from Iraqi funds deposited in the Development Fund for Iraq in Washington, While considered the Commission's decision that the timing of lifting is misplaced, he saw one of the members of the Committee that the resolution is complete for the sovereignty of Iraq and do not risk the money
[millionday] note -- the resolutions COMPLETE FOR THE SOVEREIGNTY OF IRAQ
millionday] attributed the United States U.S. reasons for its decision to lift the immunity of the Development Fund for Iraq to change the conditions that necessitated protection mode on Iraqi oil revenues imposed by UN Security Council Resolution 1483, to protect them from international claims after the fall of the year 2003.
decision of the parliamentary Economic Committee Mahma Khalil said the timing of the lifting of Immunity American inappropriate, especially that Iraq is still under Chapter VI of the UN Charter, saying in a statement the "morning" that the date of lifting the immunity is misplaced,
millionday] especially that there are lawsuits and compensation have not been resolved, noting that "the according to the strategic agreement with the United States, recent obliged to protect these funds until the exit Iraq in full of the pain of all the chapters that were imposed by the United Nations by the policies of the former regime.
millionday] NOTE -- THEY ARE SAYING THAT ALL articles of the UN were part of the lifting of immunity were reasons given in the sfa -- this is true
[millionday] added: It is the duty of the government now that prevents prosecutions for the money and that resolved the files relating to this aspect, noting that the money After the lifting of the immunity it may be exposed to the calls of a lawsuit because there are countries have debt on Iraq and the companies may be asked to debts and the government to move quickly to address this,
pointing out that the world owes to Iraq with money and many people first with the money, and called Khalil to the establishment of a new fund to put money in it, whether which are deducted from the proceeds of oil or other so as not exposed to prosecutions malicious and false baseless.
[millionday] note -- this is talking about the control of their funds and how they can legally make sense of their own debts -- and is also talking about the moving of moniesmillionday] note -- this is how this moved forward
[millionday] was the UN Security Council had committed the Iraqi government at the end of the year 2010, to develop a plan for the receipt of the oversight functions on the "Development Fund for Iraq," the United Nations for Iraq to then-cum- Treasury U.S. federal to ensure immunity by law, the U.S. presidential him and that will protect Iraq's imports of oil from seizure by creditors.
and lift the ban on Iraq's funds Foreign returning the proceeds Development Fund for Iraq to the control of the Central Bank of Iraq and it becomes possible for any state or company affected by the regime's policies dictatorial Iraq sue in U.S. courts and claim compensation claims from damage.
[millionday] note -- all countries have this risk and they have completed the files they were to complete so having it still protected by the US makes no sense
[millionday] The Iraqi government has played down the importance of the United States to raise the immunity of the Development Fund for Iraq, pointing out that the issue of immunity was lifted by agreement between the two sides.
As the Ministry of Finance confirmed in mid-May the past that it will not require renewal of American protection to Iraqi funds deposited in their banks, to assume the CBI responsible for management after coming out of Chapter VII of the Charter of the United Nations.
[millionday] Ministry of Finance of Iraq's debt before the Government recognizes the responsibility of overseeing the Fund , has been settling some of the debt with a number of countries have been extinguished by 100 percent, and other debts have been written off by 80 percent, according to the Paris Club agreement,
as Sweet 20 percent remaining installments comfortable than the budgets of Iraq starting from 2011 and continuing until the year 2028 as it hit Iraq a large part of them.
[millionday] they have been paying the 5% to Kuwait the entire time from oil proceeds and will continue to do so until it is no longer part of the agreement
cookie] I'm sorry, I missed who this report was from ?
[millionday] the Parliamentary economic committee
millionday] ok so here we go this is what has happened to the money
[millionday] Affirmed the Federal Audit Court, on Monday, that Iraqi funds are safe after the lifting of immunity by the U.S., pointing to the absence of claims thereon, as pointed out that threat, "we feared previous years" became non-scary.
He said the Chief of Staff Abdel Basset Turki said in an interview for "Alsumaria News", "The Iraqi funds abroad in a safe is not exposed to the risks of an exceptional", adding that "to this day we have not heard the demands of the introduction against Iraq."
He said that the Turkish "Maybe some of the issues raised on the money, as with the rest of the world," he said, adding that "there are legal payments to defend the legality of the claim or not."
[millionday] note -- they have not been served by anyone asking for money at this point or any law suits according to this
millionday] He stressed that the "Iraqi funds abroad, which is in more than one place is a safe rule of law," explaining that "the threat that we feared previous years became a non-scary."
Turki added that "the central bank's money safely customarily reserved in all countries of the world, and the law in some countries of the world," noting that "the Iraqi government funds managed by the Bank are safe as well."
And decided to President Barack Obama, in May 28 last year, under the powers granted to him in accordance with the Constitution and laws of the U.S., to lift the immunity granted to the Development Fund for Iraq and the private property belonging to the Iraqi government abroad.
[millionday] note -- the funds are in multiple accounts as they had announced about a month or so ago
[millionday] And is filed in the "Development Fund for Iraq" all Iraq's revenues from oil exports and withdraw the UN from this revenue ratio of 5%, the compensation awarded to Kuwait for the 1991 war with pay and the Ministry of Finance, all of Iraq's debt before the receipt of government supervision of the "Development Fund for Iraq.
The UN Security Council had committed the Iraqi government at the end of 2009 to develop a plan for receiving tasks overseeing the Development Fund for Iraq from the United Nations the end of 2010, for the Iraq after cum-Treasury U.S. federal to ensure immunity by law, the U.S. presidential him and that will protect Iraq's imports oil from custody by a lot of creditors and that this protection Sntha during the month of May of this year.
[millionday] note -- so they are under international law according to this and we have read the small amount still owed anyway and it would not ruin them to have to pay it all at once to tell you my opinion -- however just like anything else -- money surprises are never fun when they are going out instead of in
[millionday] Iraq has sought to cancel the debts arising during the reign of the former regime of Saddam Hussein, amounting to more than 120 billion dollars, which date back to some compensation because of wars waged by his neighbors and others countries and traders,
while demanding some countries and traders Iraqi government the need to pay their dues and are threatening to sue in international courts to fund Iraqi imports.
[millionday] so as we see -- the threat of being sued is not the same as we know as legal proceedings so they are not concerned as we see -- that goes for international as well -- smile
[anthonlcs] millionday I have seen a few different numbers...How much is in the DFI fund?
millionday] i will have to look -- i will get back to ya
[kenster] The countries that have issues with zzz Iraq concerning their debt . Do they hold dinar also ?
millionday] Iraq has stated that they have them in reserves by that one report so i will have to do some digging to see who what and where
[jtank] how much remaining balance ? Around $ Paris agreement is 20% of total?
millionday] i know it is 8 countries let me look brb
[millionday] External debt ($87.7 billion, of which $45 billion can be subject to debt reduction by non-Paris Club official creditors, comparable to the Paris Club agreement)
lstar877] Did Iraq sign papers to enter the WTO my mom said she read it on the internet so I double checked and WTO site said only Yemen has been accepted in the last 24 hours. Do you know anything about this or is it fiction?
[david909] MD-lstar877 question on Iraq signing papers to enter WTO. I had read council of 17 signed to forward to WTO. is that correct?
[millionday] i have read that the WTO has asked that they implement the economic reform for their active accession to the wto and have not seen anything more after that
[millionday] here we go
[millionday] . Search governor of the central bank and agency Abdel Basset Turki, the chairman of the Economy Bank for Investment and Finance and director Commissioner procedures and mechanisms that will be adopted to improve the performance of the bank and the treatment of the banking business in the light of the readings of the central bank recently. central bank said in a statement received by the Agency ( news):
[millionday] The 'Central Bank Governor agency Abdul Basit Turki Saeed and a number of bank officials met this evening, with the chairman of the Economy Bank for Investment and Finance and director Commissioner.'
the bank said that 'the meeting included search procedures and mechanisms that will be adopted to improve the performance of the bank and address banking business in the light of recent readings of the central bank and on the direct supervision of the bank to protect the safety of customers and the bank's position and economic status', noting that 'representatives of the Bank undertook the task of supervising the actual management of the bank'.