Security Council welcomes Iraq’s assumption of oversight over development fund

30 June 2011 – The Security Council today welcomed the Iraqi Government’s assumption of full autonomy, with effect from tomorrow, over the proceeds of a development fund set up after the 2003 United States-led invasion to meet the country’s humanitarian needs, economic reconstruction and infrastructure repairs.

In a press statement, the Council welcomed the Government’s establishment of a successor arrangement for the transition of the Development Fund for Iraq, in line with the United Nations body’s resolution 1956, adopted last year.

“The members of the Security Council noted that, in this regard, oversight of the full proceeds from the Development Fund for Iraq has been transferred from the International Advisory and Monitoring Board to the Government of Iraq’s Committee of Financial Experts, which will exercise authority in accordance with its terms of reference approved by Iraq’s Council of Ministers,” according to the statement, read out by Ambassador Alfred Moungara Moussotsi of Gabon, which holds the Council’s presidency in June.

The Council reiterated its appreciation of the ongoing efforts and commitment of the Iraqi Government to ensure that oil revenues are used in the interest of the country’s people, and to ensure that transition arrangements remain consistent with the constitution and with international best practices with regard to transparency, accountability and integrity.

“The members of the Security Council underscored the importance of Iraq’s continued compliance with relevant [Security Council] resolutions,” the statement added.

The Council set up the trust fund in May 2003 so that oil and other revenues could be paid into it, to be disbursed at the discretion of the then US-led Provisional Authority for humanitarian and economic reconstruction, replacing the previous oil-for-food programme that allowed the sanctions-bound government of Saddam Hussein to use some oil revenues for the monitored purchase of humanitarian supplies.

LETTER FROM THE PRESIDENT 17 May 2011

TEXT OF A LETTER FROM THE PRESIDENT

TO THE SPEAKER OF THE HOUSE OF REPRESENTATIVES

AND THE PRESIDENT OF THE SENATE

May 17, 2011

Dear Mr. Speaker: (Dear Mr. President:)

Section 202(d) of the National Emergencies Act (50 U.S.C. 1622(d)) provides for the automatic termination of a national emergency unless, prior to the anniversary date of its declaration, the President publishes in the Federal Register and transmits to the Congress a notice stating that the emergency is to continue in effect beyond the anniversary date. In accordance with this provision, I have sent the enclosed notice to the Federal Register for publication continuing the national emergency with respect to the stabilization of Iraq. This notice states that the national emergency with respect to the stabilization of Iraq declared in Executive Order 13303 of May 22, 2003, as modified in scope and relied upon for additional steps taken in Executive Order 13315 of August 28, 2003, Executive Order 13350 of July 29, 2004, Executive Order 13364 of November 29, 2004, and Executive Order 13438 of July 17, 2007, is to continue in effect beyond May 22, 2011. Obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq continue to pose an unusual and extraordinary threat to the national security and foreign policy of the United States. Accordingly, I have determined that it is necessary to continue the national emergency with respect to this threat and maintain in force the measures taken to deal with that national emergency.

Recognizing positive developments in Iraq, the United Nations Security Council decided, in Resolution 1956 (2010), to terminate on June 30, 2011, arrangements concerning the Development Fund for Iraq established in Resolutions 1483 (2003) and 1546 (2004). The Security Council also called upon the Iraqi government to finalize the full and effective transition to a post‑Development Fund mechanism by June 30, 2011. My administration will evaluate Iraq's ongoing efforts in this regard, as well as its progress in resolving outstanding debts and claims arising from actions of the previous regime, so that I may determine whether to continue beyond June 30, 2011, the prohibitions contained in Executive Order 13303 of May 22, 2003, as amended by Executive Order 13364 of November 29, 2004,on any attachment, judgment, decree, lien, execution, garnishment, or other judicial process with respect to the Development Fund for Iraq, the accounts, assets, and property held by the Central Bank of Iraq, and Iraqi petroleum‑related products, which are in addition to the sovereign immunity accorded Iraq under otherwise applicable law.

Sincerely,

BARACK OBAMA

Investing in Iraq

U.S. official: Iraq may join WTO by end-2011

U.S. official: Iraq may join WTO by end-2011
Source: Reuters - 22/11/2009


A U.S. official said Iraq had to join the WTO by the end of 2011 if diligently sought for membership that may help reconstruction efforts through the promotion of trade and investment.

Iraq has begun the process of accession in 2004, however, has taken only initial steps required by the membership. Iraq may also receive limited benefits, given that Iran is one of its major trading partners are not a member of the Organization.
But Larry Morgan, director of international trade, trade the draft of the U.S. Agency for International Development said that some Iraqi ministries such as Ministry of Finance is keen to win membership of the organization as it would boost trade and increase the revenues of customs duties.

The draft and trade advice to the Iraqi Trade Ministry in matters relating to the WTO.

And Morgan said, "As is clear the process is very slow but they are not too far from the track .. I think that if they have made a reasonable effort expected of them will be able to join the end of 2011. This is the earliest possible date."

He pointed out that joining the WTO would increase the chances of Iraq to obtain imported goods and the introduction of standardization and quality control and pave the way for the practice of customs chaotic and less bureaucratic.

And Morgan said, "will allow the Iraqi Customs to join the developed world .. for men and women, Iraqi businessmen the country has one of the worst records in terms of time required for the import and export of goods."

He added that foreign businessmen will feel more protection before venturing into the Iraqi market and to support Iraq's efforts to develop tourism and financial services sectors.

But analysts warn that Iraq will not likely to diversify its economy to include activities other than oil - which already generates 95 percent of government revenues - and that red tape and political debate are delaying many projects on time.

Kuwait and Iraq Stand at Dawn of New Era of Peaceful Coexistence,’

Department of Public Information • News and Media Division • New York

‘ Kuwait and Iraq Stand at Dawn of New Era of Peaceful Coexistence,’

Secretary-General Says in Commemoration of Kuwait’s Independence



Following is UN Secretary-General Ban Ki-moon’s message on the twentieth anniversary of the liberation of Kuwait and fiftieth anniversary of its independence, today, 26 February, in New York:

It gives me great pleasure to greet the Government and people of Kuwait on the occasion of the fiftieth anniversary of its independence and the twentieth anniversary of the country’s liberation from the forces of Saddam Hussein.

This was an historic moment for Kuwait. It was also a notable development for the international community, as it was achieved under the mandate of Chapter VII resolutions of the United Nations Security Council — and thus serves as a symbol of how the international community, acting together in the framework of international law and collective security, can uphold the fundamental principles of the United Nations Charter.

The attack on the sovereignty of Kuwait brought untold suffering not only to its people — many of whom remain missing today — but also to the region and to the people of many other countries. Many lives were lost, both in the initial invasion and in the military action that reversed it. The repercussions were global.

Today, Kuwait and Iraq stand at the dawn of a new era of peaceful coexistence and friendly relations. I welcome the recent steps taken by the leadership of the two countries to normalize relations and resolve outstanding issues within the framework of the resolutions of the United Nations. This is a formidable challenge, but I have faith in their resolve to move in that direction and achieve full closure. The United Nations will continue to provide all necessary support.

Kuwait is an active member of the United Nations. I look forward to the contributions Kuwaitis will continue to make to our work to build a better world for all. Please accept my best wishes as you commemorate these two milestones in your country’s history.

UN.org

General Petraeus on investing in Iraq