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The Protection of Iraqi Funds and Assets from claims by Foreign States and Companies

On Saturday 16th April, the Iraqi Institute for Economic Reform (IIER) held a seminar on the protection of Iraq’s funds and assets from countries and the private companies’ claim. Speaker of the seminar were experts and specialists in economic, including Prof. Dr. Mehdi al-Hafedh (former Minister of Planning);Dr. Raed Fahmi (former Minister for Science & Technology); Dr. Mudhher Muhammad Salih (Adviser to the Central Bank); Dr. Muwafaq Shikara (Office of Financial Supervision); representatives of the General Authority for Investment and the Ministry of Higher Education. The seminar was chaired by Dr. Imad Abdul Latif and attended by some media outlet.
The discussion evolved around the new perspective on the responsibility of protecting Iraq's funds and assets in the lights of the recent decision taken by the Security Council to lift the protection as of end of June 2011. The themes discussed were:

  • To find an alternative for DFI to manage Iraq funds and assets abroad, after 30 June 2011. And, safeguard and defend claims from creditors abroad, especially existing claims.

  • The compensation paid to Kuwait and the burden it has created on Iraq – more than 21 million Dollars has been already paid. The rest of the debt ($10bn), is a government debt, it should benegotiated and resolved through diplomacy and lobbying of the Kuwaiti government.

  • The management and processes of “Development fund”, what are the method used in lending and withdrawals, and the criteria for funding. It is important to have clear  and sound mechanism in place, particularly after the reports published in the media, that $40 million are missing from the DFI.


Attendees' comments and final recommendations:
    - Mr. Raid Fahmi comments, Former Minister of Ministry of Sciencse and Technology -Download-
    - Dr. Zohair Al-Hassani, Download-
    - Dr. Mofak Abbas Shkara, Supreme Audit office -Download-
    - Workshop final recommendations -Download-  


Articles about the seminar:
    - Al-Sabah Newspaper issue 2257, 2011 -Download-

A number of specialists and experts in this field have attended the workshop making recommendations and observations on this issue, which will later be communicated to the Ministerial Committee for their consideration.



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