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Samson » February 26th, 2022

After exiting from Chapter VII .. How much is Iraq’s frozen funds estimated?

25th February, 2022

After Iraq turned a decisive and fateful phase that lasted for years by paying compensation to Kuwait and exiting the procedures of Chapter VII, this opened the door to the movement of his frozen funds abroad whose value has not been known until now due to the policies of the former regime, including the registration of part of those the money is in the names of people, which is difficult to recover.

Specialists and economic experts confirmed that Iraq’s exit from Chapter VII will move those funds that Iraq has been demanding for years, to supplement the budget with amounts that can be invested in service projects, develop the agricultural, industrial and commercial sectors, and build a healthy economy.

Adviser to the Prime Minister, Mazhar Muhammad Salih, told the Iraqi News Agency (INA), that “there are Iraqi funds estimated at $2.7 billion pending lawsuits or judicial seizures made by commercial creditors on Iraq,” noting that “these funds are from Iraq’s foreign balances that were frozen in year 1990”.

He added that “UN Security Council Resolution No. 1483 in March 2003 demanded banks and international official bodies to release the frozen balances of Iraq and deposit them in the account of the Government of Iraq named (the Development Fund for Iraq DFI), which is open at the Federal Reserve Bank in New York, and the resolution excluded the seized or frozen funds at that time. Which belongs to Iraq and is subject to lawsuits at the time.”

While the economic expert and academic Ahmed Saddam confirmed to the Iraqi News Agency (INA), that “the issue of frozen funds and their recovery is a very difficult issue,” noting that “there are requests by the Ministry of Justice for multiple countries to retrieve that money.” Saddam expected that “the money officially registered in the name of the government will be recovered.

As for the money registered in the name of people, it is difficult to know the gender and source of this money, and it is difficult for foreign banks to disclose it.” He stressed “the need for there to be an economic policy towards how to exploit this money, especially in the field of projects that serve the Iraqi economy,” noting that “the value of this money is estimated at about one and a half billion dollars.”

He stressed that “there is no accurate statistics about this money, because in the period of the previous regime, this money was recorded in the names of companies and individuals,” noting that “there are sums of money smuggled abroad that can be estimated, according to the President of the Republic, Barham Salih, at up to 150 billion dollars annually since 2003 until today, and this indicates a major leakage of resources abroad.”

Kuwait compensation

Saddam explained that “the payment of Kuwait’s compensation amounting to 52 billion and 400 million dollars will allow more flexibility for the next budget,” explaining that “these allocated amounts can be transferred to investment and production projects, which is a new outlet for the next budget.”

While the economic expert, Basem Antoine, told the Iraqi News Agency (INA), that “there is a set of proposals regarding the amounts of Kuwait’s compensation, one of which is to go to a sovereign fund or for reconstruction or accumulate annually to form a reserve balance for Iraq, used during the deficit period.”

Regarding the frozen funds, he explained that “this money cannot be counted because it is dispersed, because the previous regime placed a lot of this money in various banks and it was discovered over time through the use of many human rights and economic companies,” explaining that “this money will be placed after its return in sovereign funds.”  

And he indicated that “there are large sums placed by the former regime in the names of people exceeding 30 to 40 people, with a value of no less than $500 million,” noting that “it is possible to benefit from and collect these funds to improve the living situation, build service projects, build infrastructure for the Iraqi people and develop the sector.” Agricultural, industrial and commercial, and reducing dependence on oil rents to build a sound economy, like the rest of the countries in the region.”

While the economic expert Salam Sumaisem told the Iraqi News Agency (INA), that “the state should follow a development approach to invest the money that was earmarked for Kuwait’s compensation in order to serve Iraq, especially since it succeeded in paying the value of the indebtedness from the resources available to us.” Sumaisem asked: “Can the 2022 budget be changed by changing these new available resources, and will the state follow development paths?”

And Foreign Minister Fouad Hussein announced that Iraq has exited from Chapter VII procedures, after paying all of its financial obligations, while stressing that Iraq is no longer required to pay any additional sums of money in the future. Hussein said in Iraq’s speech at the Security Council during the session devoted to hearing the briefing of the Chairman of the United Nations Compensation Committee, the Iraqi News Agency (INA), a copy of which received a copy, that “Iraq today is turning an important page of its history that lasted more than thirty years,” pointing to That “Iraq seeks to strengthen cooperation frameworks with the international community.” He added that “Iraq has paid the last payment in accordance with its financial obligations and paid the full amount of the due compensation,” stressing that “Iraq is no longer required to pay any additional amounts of money in the future.”

He pointed out that “the Iraqi government confirms that working with the United Nations Compensation Commission was a successful model for multilateral work,” noting that “Iraq continued to fulfill these obligations in full according to the timetables.”

He explained that “the government of Iraq considers the full fulfillment of its international obligations towards the international community and the sisterly State of Kuwait as a great development,” noting that “Iraq has sought to complete this unique model to remove Iraq from all the procedures of Chapter VII.” And he added, “Iraq looks forward to the fact that closing this file will reflect positively on its regional and international relations,” adding: “We congratulate the Iraqi people and government for ending international obligations and for Iraq’s exit from Chapter VII procedures.”

The United Nations mission in Iraq confirmed that the Security Council had terminated the mandate of the Compensation Committee. And the mission stated in a tweet on “Twitter”, followed by the Iraqi News Agency (INA), that “a historic milestone for the people of Iraq today: the United Nations Security Council ends the mandate of the Compensation Commission regarding Iraq’s compensation to Kuwait.” 

And she added, “Iraq is to be commended for its great cooperation in fulfilling its obligations and showing good neighborliness.” The UN Security Council Resolution No. (2621) stipulated that Iraq exited from Chapter VII by fulfilling all its international obligations under Chapter VII, which resulted in its exit from Chapter VII with immediate effect, and the closure of the Iraqi Compensation Committee and Fund for Kuwait at the end of this year.  LINK

Source: Dinar Recaps

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