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With Chapter 7 Lifted, Iraq Regains Control of Its Own Economy

by RUDAW 7/7/2013
With Chapter 7 Lifted, Iraq Regains Control of Its Own Economy
According to Iraq’s energy plan, oil exports are expected to reach six million barrels per day (bpd) by 2017. AFP photo

By Goran Mustafa

ERBIL, Kurdistan Region – The lifting of Chapter 7 sanctions last month can be considered one of Iraq’s biggest achievements since the ouster of Saddam Hussein a decade ago, allowing Baghdad to regain control over its own currency, oil and economy.

Chapter 7, imposed on Iraq by the UN Security Council after Saddam’s invasion of Kuwait in 1991, froze all Iraqi assets in international banks, ordering they be used to compensate victims of the aggression. Besides placing limits on use of its wealth, the sanctions also placed limits on the Iraqi military.

One of the biggest advantages of the lifting of the sanctions is the return of all frozen assets to the Iraqi government, estimated at $82 billion, according to Central Bank data.  Its return will not only revitalize the economy, it will strengthen the value of the Iraqi dinar and increase its purchasing power.

A few hours after Chapter 7 was lifted, the value of Iraqi dinar increased against other currencies. The exchange rate of dinar is fixed against the dollar, but its value continues to rise. Saif Al-Halafi, an economic and banking expert, expects that the dinar will probably replace the dollar for investments, and that as demand for the dinar rises, so will its value.

With Chapter 7 lifted, Iraq also can independently handle its oil revenues without UN supervision.

“The lifting of Chapter 7 against Iraq will enable it to regain independence in its oil policy, and Iraq again can become an important regional and international energy player,” said economic expert, Dr. Rebwar Khinsi. Iraq plans to emerge as one of the world’s biggest oil exporters in 12 years.

According to Iraq’s energy plan, oil exports are expected to reach six million barrels per day (bpd) by 2017, elevating the federal budget to $216 billion dollars. The plan aims for exports of nine million barrels bpd by 2020, raising the budget to $324 billion dollars. In 2025, the federal budget will reach 432 million dollars, if Iraq succeeds to export 12 million barrels of oil per day.

Under George Bush’s administration the US government agreed to keep $50 billion belonging to Iraq in America, and Barack Obama’s administration continues to do the same. An estimated $7.8 billion dollars are blocked in Jordan and Lebanon, and a huge amount of capital belonging to Iraqi Airways remains frozen in Kuwait and Jordan.

The United Nations Security Council forced Iraq to compensate Kuwait for an estimated $52 billion. Following the first Gulf War, Iraq did not have an independent economic policy, with all of its income administered by Iraq’s development program and supervised by the UN. Five percent of Iraq’s annual oil revenue was allocated to compensating Kuwait.

So far, Iraq has paid $41 billion dollars to Kuwait. According to Iraqi Foreign Minister Hoosyar Zebari, Baghdad is committed to paying the rest of the remaining $11 billion in compensation to Kuwait, and expects to pay off all of its debts by 2015.

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Parliament committees reveal the benefits out of Iraq from Chapter VII






06/22/2013 12:03 AM

Praised government efforts with the start of the countdown to get rid of sanctions
BAGHDAD - morning
With the start of the countdown to the withdrawal of Iraq from Chapter VII, confirmed the parliamentary committees over the benefit of Iraq to get rid of these sanctions, expressing optimism about this important step, which promised a victory would return Iraq to its flagship on the international scene in all fields. And recommended UN Secretary-General Ban Ki-moon in his report to the Security Council, remove Iraq from the provisions of Chapter VII after Ivaúh all its international obligations. is expected to vote on the Security Council to remove Iraq from Chapter VII on June 27 after the current Iraq's commitment to the implementation of all UN resolutions, according to sources Knowledgeable for "Center Brief for the Iraqi Media Network." These recommendations are an important achievement calculated International successful foreign policies of the government.
These recommendations emphasize the UN that Iraq returned stronger than the events of 1990, which saw the occupation of the dictatorial regime of the State of Kuwait.

Economic power

Rapporteur of the Committee on the economy and investment parliamentary Mahma Khalil stressed that the exit of Iraq from Chapter VII of the UN Charter, it is poised to recover economic development in the region. Khelil said in an interview for "Center Brief for the Iraqi Media Network," that "all obstacles that face Iraq on economic issues and finance will be gone by the end of sanctions, "noting that" Iraq has all its legal obligations and financial obligations to the UN Security Council resolutions and exit from Chapter VII would enable it to regain its real economy in the region. "He expressed his deep regret for the role of passive played by some countries in an attempt to block Iraq out of Chapter VII, "adding that" Iraq is a strong return to the region, which derives its strength from its economy and its bounty, "pointing out that" Iraq will be free from all restrictions imposed on him after his release from Chapter VII. "between Khalil that" Iraq's foreign policy representative Ministry of Foreign Affairs has succeeded through the efforts made by the past years to reach the stage of removing Iraq from Chapter VII, "adding that" Chapter VII still restricts Iraq in terms of financial and economic. "and pointed out that" Iraq would emerge from Chapter VII is to restore the prestige Iraqi state, after the right of the former regime damage the prestige of Iraq. "and fulfilled Iraq with its obligations to pay 41 billion dollars to Kuwait in compensation for war Iraq and Kuwait, where pay for the Iraqi people as a result of the policy of the former regime reckless. stresses UN Secretary-General in his report of 35 submitted to the Security Council and relating to Security Council resolution 1284 of 1999, he "commends all of Iraq and Kuwait for their efforts that led to the solution of the outstanding issues between the two countries to remove Iraq from Chapter VII."

Iraqi victory

For its part, promised to the Committee on Foreign Relations parliamentary near Iraq would emerge from Chapter provisions of Chapter VII victory for the Iraqi state at the level of foreign policy. Said Rapporteur of the Committee on Foreign Relations, Adela Hammoud's "Center Brief for the Iraqi Media Network," "The exit from the provisions of Chapter VII and substances applied against Iraq, which is considered a victory for the Iraqi state at the level of foreign policy. "She Hammoud that" there are multiple files stuck belonging to the Kuwaiti side is property, and remains missing, and compensation in addition to the land and sea borders, and these files in a way to resolve and Iraq on the way out of the provisions of Chapter VII . "and managed to Iraq through the efforts of long made at different levels to reach the end of the approaching out of Chapter VII imposed on it since the nineties of the last century, where pay under the sanctions imposed on it 5 percent of the total oil revenues to Kuwait as compensation established by the United Nations under this chapter.

Message to the international community

Moreover, she saw the list are united, led by Parliament Speaker Osama Najafi said near Iraq would emerge from Chapter provisions of Chapter VII, Guide to change the look of the international community's foreign policy in Iraq. Said spokesman of the list, Dhafer al-Ani, for "Center Brief for the Iraqi Media Network," The "Iraq emerges from the provisions of Chapter VII is منجزا calculates the Iraqi state and the Iraqi negotiator, a message to the international community that the foreign policy of Iraq progressed." He Ani that "the main reason behind entering Iraq under Chapter VII is considered as a threat to international peace and security and as Iraq continues it causes after 2003, so it would have been better for lifting Chapter Since that time, this benefit may be too late. "He continued that" the international community to stand with Iraq to bypass international issues outstanding and took the role in the global system to the attributes of the potential human and economic losses. "

Oil investment

In turn, expressed the Committee on Energy parliamentary optimism about promoting investment in the oil sector after the withdrawal of Iraq from Chapter VII. Deputy Chairman of the Committee Ali Fayad's "Center Brief for the Iraqi Media Network," "The withdrawal of Iraq from Chapter VII will boost investment in the oil sector significantly and will contribute in attracting international companies to work in Iraq for the development of oil production in the coming years. "and explained that" Iraq must strengthen external relations with neighboring countries and sends a message of reassurance to international companies in all fields, especially in the oil sector. "

Consensus Iraqi - Kuwaiti

For his part, MP for the Kurdistan Alliance, Hassan Jihad said the foreign policy pursued by the government reinstated Iraq's status as an important sovereign integrated especially with the imminent withdrawal of Iraq from Chapter VII. Said Hassan Jihad for "Center Brief for the Iraqi Media Network," that "the foreign policy pursued by the government represented by the Ministry of Foreign policy was rightly able to remove Iraq from Chapter VII. "and the price of jihad efforts of the government and the Ministry of Foreign Affairs in the adoption of the diplomatic successful which brought a consensus Iraqi Kuwaiti to end Iraq's obligations with the international community," noting that "all political constraints and economic and financial lift Iraq بخروجه of Chapter VII, and thus return Iraq fully sovereign state his trust is absolutely no restrictions. "


MP Chihod: Iraq does not constitute a threat to world peace and must be removed from under Chapter VII

11/13/2012 9:34

Counting MP for the coalition of state for Relations Mohammed Chihod Act between Iraq and Kuwait that it would make an effective contribution to remove Iraq from under Chapter VII, especially after the visit of Prime Minister of Kuwait and sister return to normal relations.

Said Chihod in an interview with the (gate Iraqi) that there is great strides in this area should be to remove Iraq from Chapter VII because Iraq today does not constitute a threat to global peace and security and all the justifications survival under Chapter VII still and there is no justification for its survival.

Noting that the international community’s demands to lift oppression and injustice for Iraq and the Iraqis and the relations with Kuwait will contribute to a significant contribution to lift the injustice on Iraq through to take it out under Chapter VII.

http://bit.ly/PUdQ3Y


Washington confirms it is aiding Iraq out of Chapter VII; Resolving differences between Iraq and Kuwait

Washington: US Iraq out of Chapter VII-VI

Tuesday 30 1 2012 15: 54 GMT

The United States, confirmed Tuesday, they work out Iraq from Chapter VII of the Charter of the United Nations chapter VI, noting it has worked to resolve differences between Iraq and Kuwait.

The US Ambassador in Iraq, Stephen bikroft told the media, “NPR.org, that” the United States has worked hard behind the scenes with Iraq and Kuwait for settlement differences “, stating that” our office in United Nations working to finish the requirements of Chapter VII. “

Bikroft added that “there are reviews every six months and we hope that Chapter VII becomes chapter VI,” the United States strongly interact with the Iraqi Government in this field and are working to support them as much as possible. “

The Iraqi Foreign Ministry announced, (23 October 2012), Emir of the State of Kuwait has agreed to settle the issue of compensation to Kuwait Airways caused by edema, Iraq asserted that Kuwait informed law firms in Britain to stop all actions on airlines and property.

Iraqi-Kuwaiti relations have seen recent progress in resolving some outstanding issues, as agreed during the visit of Prime Minister Nuri al-Maliki to Kuwait on 14 March last, to end the issue of compensation for KAC and maintenance of boundary markers, as agreed foundations and common frameworks to resolve all files, within short time frames, with Foreign Minister Hoshyar Zebari, who accompanied Al-Maliki to visit that what has been agreed is substantial progress with regard to Iraq out of Chapter VII.

Kuwait has demanded since Iraq’s invasion in 1990 to pay $ 1.2 billion as compensation for seizing 17 aircraft owned by Kuwait Airways, this file to political problems between Iraq and Kuwait following the recent lawsuits against Iraqi Airways for frozen in Jordan and Britain early in 2010, which led later to take the Iraqi Council of Ministers adopted a resolution in May of the same year, filters and cancel the company and offered for sale to eligible companies, also decided to cancel all administrative profiles Associated with maintaining cadre after sale to a private company.

The Iraq since 1990 under Chapter VII of the UN Charter imposed after the invasion of Saddam Hussein’s regime State Kuwait in August of the same year, this item allows the use of force against Iraq as a threat to international security, in addition to freeze large amounts of stock in international banks to pay compensation to those affected by the invasion

http://bit.ly/Q4Cnoc



Sihail, UNAMI’s delegation discuss forming releasing Iraqi from Seventh Chapter of UN’s Charter

Baghdad Iraq on October 17, 2012.

sihail unami s delegation discuss forming releasing iraqi from seventh chapter of un s charter Sihail, UNAMIs delegation discuss forming releasing Iraqi from Seventh Chapter of UNs Charter

Baghdad (IraqiNews.com) -The First Deputy Speaker, Qusai al-Sihail, discuss with the delegation of the United Nations Assistance Mission for Iraq (UNAMI) headed by the Deputy Representative of UN’s Secretary General for the political issues, George Boston.”

A statement by Sihail’s office received by IraqiNews.com on Wednesday “Sihail received Boston on Wednesday where they discussed forming the Federal Council which is considered the second Legislative authority in Iraq.”

“The two sides have also discussed the means of releasing Iraq from Seventh Chapter of the UN’s Charter,” the statement added, pointing out “Sihail stressed the necessity of forming the Federal Council in order to complete the Legislative authority in Iraq, calling the UN to increase its efforts to help releasing Iraq from the Seventh Chapter of the UN’s Charter.”

“For his part, Boston assured that the UN increases the efforts in this issue, appreciating the role of Iraq in the international economy where it will be an important partner for many countries and for the European Union in particular,” the statement concluded.


Shihristani, Kobler discuss relieving Iraq from UN 7th Chapter

Baghdad Iraq on October 17, 2012.

shihristani kobler discuss relieving iraq from un th chapter Shihristani, Kobler discuss relieving Iraq from UN 7th Chapter

Baghdad (IraqiNews.com) -The Deputy Premier of Energy Affairs, Hussien al-Shihristani, and the Special Representative of the Secretary General for Iraq, Martin Kobler, discussed “The UN role in relieving Iraq from the 7th Chapter of the UN Charter.

A statement by the Shihristani’s media office received by IraqiNews.com cited “Shihristani met Kobler at his office in Baghdad on Wednesday where they discussed the updates of the political process in the country.”

“Both sides reviewed the role of the UNAMI in conducting the elections of Kirkuk Provincial Council,” the statement concluded.


Read more: http://www.iraqinews.com/baghdad-politics/shihristani-kobler-discuss-relieving-iraq-from-un-th-chapter/#ixzz29cnEDKwm

FM, Kobler discuss relieving Iraq from UN 7th Chapter

Baghdad Iraq on October 14, 2012.

fm kobler discuss relieving iraq from un th chapter FM, Kobler discuss relieving Iraq from UN 7th Chapter

Baghdad (IraqiNews.com) -The Minister of Foreign Affairs, Hoshyar Zebari, and the Special Representative of the Secretary General for Iraq, Martin Kobler, discussed the means of relieving Iraq from the UN 7th Chapter in addition to the mechanism of transporting the members of Mujahedeen-e-Khalq Organization to Camp Liberty in Baghdad.”

A statement by the Ministry of Foreign Affairs cited “Zebari met Kobler at the headquarter of the Ministry as they discussed the relations between Iraq and UNAMI and the issue of the MKO elements.”

“Both sides discussed the relations between Iraq and Kuwait and the means of relieving Iraq from the articles of the UN 7th Chapter,” the statement concluded.



Kuwaiti Ambassador in Baghdad with Kuwait out of Iraq from Chapter VII, and strongly

Posted: May 7, 2012 in Iraqi Dinar/Politics

2012-05-07 10:28:19

BAGHDAD (Iba) … Said the Kuwaiti ambassador in Baghdad to the insured that all outstanding issues have been agreed on paper, pointing out that the common fields are the only two fields and we will settle the issue by visiting Kuwaiti Prime Minister end of this year, stressing determine the quantities and the right of each country in these fields. And Kuwait with the withdrawal of Iraq from Chapter VII and forcefully.

The believer in a press statement the insurer that the relationship the Iraqi-Kuwaiti distinct from earlier and there are things that are not measured in the political situation, but in good faith and common interests and the neighborhood, pointing out that the intention will be reflected at this stage on the convergence of most of Iraq and Kuwait from senior leadership and joint committees. He said that among the things that were agreed upon recently is the maintenance of border pillars, indicating that the file of compensation is still under study through our sponsorship proposals to the Iraqi side, and it’s up to him to accept or modify.

And that Kuwait with the withdrawal of Iraq from Chapter VII, and strongly, but he also Still, it is in the hands of the United Nations, pointing out that Iraq and Kuwait and the status of some facilities in order to get out of this chapter or heading through agreements, treaties and memoranda of understanding, which was discussed recently.

He explained that there are items that are not, however, Iraq or Kuwait in order to end this chapter in full, but, however, the United Nations, which includes the issue of reparations and the Archive and the remains of missing persons and the maintenance of border points, which is one of the most important files, explaining that the agreement on these matters with the Iraqi side on paper and wait for execution All of them only up to the next meeting attended by Prime Minister of Kuwait to Iraq by the end of this year.

And obtain the visa for Iraqis wishing to enter Kuwait, which restricted in the recent past, Ambassador of Kuwait to the insured grants in the previous period of more than (10) thousands of Visa to Iraqi businessmen to enter Kuwait, indicating Currently there are strict procedures for granting the visa because of the occurrence of conditions of security and the security men fear the loss of Kuwaiti and some information.

And on file port Mubarak and the oil fields shared between the two countries and Iraq’s response to him, he replied believer: that the port of Mubarak will not affect in Iraq, on the ground Kuwaiti did not come out even to the land but that the channel will expand to double and deepen some weakness also will be the best navigation devices in the world in coordination with the Iraqi side and to identify the Iraqi ports, pointing out that the joint oil fields and put on the agenda the discussion it was agreed they were relatively fair Iraq and Kuwait during the quantities and the right of each country like other countries.

http://bit.ly/IROKQZ




Zebari: We agreed on a number of cooperation protocols with Kuwait and we have made progress in the way of getting out of Chapter VII
On: Sun 29/04/2012 23:52


Baghdad (news) .. said Hoshyar Zebari, the Foreign Minister that Iraq agree with the Kuwaiti side on a number of different cooperation protocols, as well as a major breakthrough in the way of withdrawal of Iraq from Chapter VII of the Charter of the United Nations.
Zebari said at a press conference at the conclusion of the meeting of the Joint Committee at the Rashid Hotel in Baghdad, on Sunday: that the talks the Iraqi-Kuwaiti dealt with all matters and the outstanding issues between the two countries, including the file port Mubarak, pointing out: that the Kuwaiti side said that the port will not affect the freedom of navigation and the interests of Iraq, revealing: signing of a protocol to regulate navigation in the Khawr Abd Allah as security for the interests of both parties navigational and commercial.

Zebari said: that the talks were very positive and signed the minutes of the joint cooperation which regulates the affairs of the Higher Ministerial Committee aims to close all outstanding issues between Iraq and Kuwait.

The Minister of Foreign Affairs: It was agreed on a number of protocols of cooperation in various fields, where they will be signed during the visit of Prime Minister of Kuwait to Baghdad in the fourth quarter of this year.

Zebari said: that the two sides discussed the issue of reparations owed by Iraq under the UN resolutions thoroughly, in order to turn the page on the past, as he put it.

The Minister of Foreign Affairs: the Iraqi and Kuwaiti sides agreed to hold the third session of the Joint Ministerial Committee in Kuwait in March of next year.

The Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khalid Al-Sabah, has stated that the outstanding issues between Kuwait and Iraq will be closed as soon as he said, adding: that the State of Kuwait is serious about closing those files.
Sheikh Sabah said in a statement brief singled out by the reporter Agency (news) said on Sunday: that the files between Kuwait and Iraq will be closed as soon as, after reaching the joint Iraqi - Alkotah, to new results.
He said Kuwaiti Foreign Minister to: Kuwait Government of Kuwait to end the serious and the closure of any file is stuck with Iraq, and to resolve all problems.
This was confirmed by Kuwaiti Foreign Minister during his meeting with Prime Minister Nuri al-Maliki, his country's readiness to resolve all issues, and said: we have come and Parvguetna team of ministers and specialists in order to make progress in all areas.
He also said Sheikh Sabah Al-Khalid Al-Sabah said the Kuwaiti delegation is supported by the great Emir of Kuwait and the Prime Minister, and that he has tendencies need to find solutions to all problems, calling to expand the horizons of economic cooperation and trade and cultural cooperation between the two countries.
It was Kuwait's foreign minister arrived in Baghdad at the head of the delegation of high-level government to head his country's delegation at the meeting of the Joint Supreme Committee, Iraq - Kuwait. / End / 33. T. U /
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