Money held abroad 'in danger'

MPs call for recovery of Iraqi funds

GMT 18:13 2012 Friday ,17 February

Arab Today, arab today MPs call for recovery of Iraqi funds

Iraqi Parliament
Baghdad - Arabstoday

Iraqi Parliament MP Hussein al-Miribi, a member of the Iraqi Parliament's Economic Commission, called on the Finance Ministry to release information on debts incurred by the Iraqi government to foreign governments and companies. He wants the figures revealed before the Parliament votes a new budget. "Paying these debts is not a difficult matter, if we know that they do not exceed 600 million dollars," he indicated.
Al-Miribi expressed concern, however, that Iraqi funds abroad could be lost if the debts are not repaid soon. "Iraqi funds were protected by the Iraqi Development Fund which was approved by the UN Security Council, then protected by the Americans, which are expected to terminate next May, thus these funds will be in danger," he elaborated. He suggested allocated part of the 2012 budget to paying off these debts.
Finance Committee member Najiba Najib expressed similar urgency regarding the recovery of foreign debt owed to Iraq, saying, "The Ministry of Finance will have an active role in managing the recovery of Iraqi funds, and will employ all their efforts and their potential in it, while supervised by the Finance Committee representative on the project." She stressed the urgency of this effort, adding, "The Iraqi funds abroad are at risk due to delays in recovery and finding suitable a way to protect them." She indicated that a reward would be given to those who assist in repatriating Iraqi money abroad, some of which was hidden by the regime of Saddam Hussein.

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