CBI: $ 400 million to Egypt threatens the Paris Club agreement 26/05/2011 13:15

CBI: $ 400 million to Egypt threatens the Paris Club agreement
26/05/2011 13:15

Baghdad, 26 May (Rn) - The Central Bank of Iraq that calls for $ 400 million in Egypt, Iraq, wages for workers insist threaten the Paris Convention.

The adviser said the Central Bank of Iraq the appearance of Mohammed Saleh told the Kurdish news agency (Rn) announced today that "The central bank is worried that the breach of the Paris Convention, which established a program arbitrator to pay trade creditors after the Egyptian government's demand to pay $ 400 million in wages for Egyptian workers in Iraq in the Eighties of the last century."

He explained that "the difference now is that Iraq sees it as receivables are of the view of the Egyptian side as a debt which is causing significant economic problems for the Iraq policy to get rid of debts."

He added that "the central bank promised to the Egyptian delegation visiting Iraq is a fair solution for both sides, so Do not waste where the rights of Egyptian workers and negligible problems of Iraq in a commercial creditors."

He noted that "Iraq was working to end this file with Egypt or any commercial creditor in accordance with the legal and organizational systems that do not affect the economic policy of Iraq."

The Central Bank of Iraq to the Committee to Protect Iraqi government money continues to work despite the United States vowed to protect.

He said the Iraqi Central Bank that the U.S. decision on the protection of Iraqi funds, particularly oil revenues deposited with the Federal Bank to block the path of trade creditors who are trying to fraud in Iraq.

On 6 March the last of the Iraqi Central Bank confirmed that Iraq follow the high political level in the payment of the debt it has not faced the economic legal problems.

And the Iraqi Central Bank announced on 23 February that Iraq had paid the debt of three thousand and 500 creditor commercial value of 2.7 billion dollars as a means to protect his money from the manipulation of foreign trading companies.

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 fake companies that it claims credit for Iraq.

The Ministry of Finance of Iraq, the first of January last that the Commission on technical government took over the development of mechanisms to protect Iraqi funds in foreign banks after the decision of the UN Security Council in mid-November of last year who spent the lifting of protection for Iraqi money end of June / June.

The UN Security Council voted unanimously in 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 next.

The former Iraqi president Saddam Hussein ordered the invasion of Kuwait in 1990, with the effect that imposed sanctions on Iraq 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.

And allowed the United Nations in 1995 for Iraq to sell oil in return for food, called "oil-for lunch."

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