Wednesday December 8, 2011The Iraqi Central Bank: file of Iraq's debts will be settled completely as soon as possible
Baghdad: Ahmad nasir
At the time, by which the council decided Iraqi prime minister during its last session to approve to form a supreme committee to check and the national and foreign private sector and international organizations, the central bank said that most of the details of the file of Iraq's debts have been settled and remain anything but very few will be resolved as soon as possible.
He said the official spokesman for the Iraqi government, Ali Al-Dabbagh, said in a statement received (the Citizen) a copy of it, that " the Council of Ministers decided to approve the recommendation of the Committee on Economic Affairs on the individuals and private companies from national and foreign and international organizations to set up a higher committee to check and the private sector, whether more than ten million dinars, or less would be out of the exchange rate and interest thereof."
Is the file of debts due owes Iraq one of the most complicated files, which faced the country post-change in 2003, with the volume of debts of state official or the beginning of Iraq for the benefit of the states more than 123 billion dollars.
Al-Dabbagh Said that " economic affairs committee recommended under foreign private sector debt to Paris Club deal in line with the Iraqi government not to differentiate between creditors and the need for being one of the applicable to everyone."
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Al-Dabbagh Said that " claims that it prove the non-which will be transmitted to the elimination of where will the Supreme Committee for the Iraqi private sector to devise a mechanism of exchange process and the necessary conditions to ensure the validity of debt and follow-up to the exchange of any other cases."
The Paris Club is an informal group of economic from 19 countries one of the richest countries in the world, which provides financial services such as debt rescheduling and debt relief, debt cancellation on the debtor countries والداءنة. The International Monetary Fund is to identify the names of those states after they have alternative solutions have failed.
The Central Bank of Iraq as the official in charge of the file of fiscal and monetary policy at a time of the former regime, currently one of resisting the debt, he said, the first deputy governor the Mohamed Saleh, that a dossier on Iraq's debts will be fully as soon as possible, after it succeeded in Iraq and in getting rid of most of its debts and left to small amounts of money are being negotiated by now.
And Saleh to (citizen), that the concerned authorities to follow up the issue of Iraq's debts represented by the Ministry of Finance and the central bank and the government of Iraq continues to follow up the matter with the creditor countries, indicating that there are three types of debts of Iraq's first representative of the Paris Club debt was nearly completed, the full effects through the many mechanisms after the reduction, such as the sale and the issuance of financial bonds in the name of Iraq, or payment by installments eight years in return for a percentage of the benefits of simple.
And he said there is the second type, non-Paris Club sovereign debt this type-in Poland, a move which will end soon, as the third type is commercial debt, Iraq paid a debt of 22 billion and a total of 25 billion, and to put an end to this kind of debt through so-called agreements or settlement, for example, there are companies requests Iraq 35 million dollars reduced by 90 percent and Iraq would be paid ten percent, and there are those who before with 8 % interest to fire 88 percent of the value of the debt.
And that Bologna is the only country in Europe did not cut off its debts so far, (850) million dollars, Iraq proposed talks with the Polish to invest in Iraq's debts in the process of reconstruction by Polish companies.
And the appearance that the number of companies which have made claims on Iraq under its debt amounted to 13 companies, most of which have been settled the matter with no remaining only a few and some of them asked the private sector, pointing out that Iraq has already succeeded in the management of this file completely.
The expert revealed that the bank's debt to close the file of that debt, most of which has been resolved, bearing in mind that such debts are debts of the original but debt resulting from the benefits of the principal amount doubled and debt is not clear or questionable in outstanding debts and non-fixed, the Ministry of Finance and the World Bank are going in the direction of debts file was extinguished more than $100 billion out of a total of 120 billion dollars.
Minister of finance advisor on the debt with Aziz, Aws Al-Khafaji, in a study on this issue that the Iraqi government inherited a heavy legacy of economic, social and destroy all infrastructure was the most influential " large debt, in particular, and of foreign affairs at the time with an estimated 130 to 140 billion dollars, set up about 500 600 percent of gross domestic product and about 700800 of its resources at that time. It was necessary to deal with this debt because the continuation of its survival will lead to the restoration of the Iraqi economy recovered as a result of this the gorge as well as not to encourage the flow of foreign capital.
Tour, US Secretary of State James Baker in different countries to gain support to reduce Iraq's debt and decisions of the conference of donor countries, which was held in Madrid in October 2003, the positive impact on the Iraq and an important step to settle the debt.
Al-Khafaji, The creditors to Iraq into four groups with the aim of the negotiations with all of the group and they (the Paris Club creditors representing 18 state debt estimated at the time between $4550 billion) and II (of creditor nations that are not members of the Paris Club with an estimated debt of more than 20 billion dollars), while the third is (the Gulf countries, creditor and both the kingdom of Saudi Arabia, Kuwait, Qatar and the United Arab Emirates. Their claims with an estimated between 3040 billion dollars) finally (commercial creditors, estimated its claims about $20 billion.
The private sector creditors on the basis "to the Paris Club agreement has held the Iraqi government represented by the Ministry of Finance and the Central Bank's negotiations with all creditors of the Commercial private sector in accordance with the" to similar treatment (Comparibilty Treatment) has been in the last period to achieve the following: debt to buy a number of private creditors, which was carrying debts of 35 million dollars equivalent to 10,25 cents to the dollar has been the purchase of some 4,456 billion dollars in the reduction of about 90 percent. 2
As for the debt of more than $35 million in credit from private creditors have been exchanged with a value of 20 percent against 100 percent of the debt and interest paid semi-annual installments over a period of eight years as " (2020) and (2028). 3
As for the rest of private creditors, which has not been settled, of about 4 percent of the total debt of the private sector, including Creditors branch of the Rafidain Bank in London subject under liquidation. Was the opening of a new draft resolution to be introduced and debts of these creditors who register their claims with the international company Ernst & jonk accounting agent of the Iraqi government, were they to the reality of Iraqi records will be purchased these debts according to the same principle, which was bought by the private sector's debts last offers, which is 10,25 cents per dollar We hope to be settled before the end of this year.
The United Arab Emirates, according to vice-governor of the Central Bank of the saleh has decided on the other hand, fire all its debts on Iraq, which is (7) billion dollars and we hope to do the rest of Gulf countries do the same.
He said the appearance that " Iraq is keen to put an end to this issue and will not hesitate in the rights to their owners on condition that the claimant provided by proof of its claim to Iraq is not stable and used by many malicious claims and fictitious, but this does not mean that we are not able to refute these claims and verify."
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