December 22, 2017

ENDING THE OCCUPATION...14 YEARS LATE:

Iraq once again controls own economy, free of UN sanctions (Adnan Abu Zeed December 22, 2017, Al Monitor)

The United Nations Security Council (UNSC) has agreed to lift sanctions imposed on Iraq when the country invaded Kuwait 27 years ago. [...]

Iraq has long suffered the consequences of the sanctions, which were enforced militarily any time Iraq posed a threat to international peace. The country was economically cut off from the world, and its sea, air, land and communications links were severed. Its diplomatic relations with other states were cut, and it lost control of its financial resources and oil exports, which were placed under UN supervision under the oil for food program. A significant proportion of its revenues were used to pay states harmed by its Kuwait invasion.

"Iraq paid reparations to the states that were environmentally and economically harmed by the war, including Israel and Jordan," but its reparations stalled in 2014 because of the fall in oil prices, according to legal expert Tareq Harb. "The government's deal with Kuwait to pay the remainder of reparations in the form of gas exported via Basra prompted Kuwait to report to the UN that Iraq was fulfilling its obligations, resulting in a resolution in Iraq's favor." [...]

Iraqi parliament member Jassem Mohammad Jaafar, who is close to Abadi, gave Al-Monitor more details on the deal. "Before the sanctions were lifted, Iraq was not even able to open foreign bank accounts in the name of the government, and its economic and financial contracts and commercial activities were conducted through intermediaries in order to avoid lawsuits. That cost the Iraqi treasury enormously," he said.

"From now on, Iraq can manage the legal and technical aspects of its financial resources itself -- along with everything relating to deposits and foreign real estate holdings -- and dispose of its own affairs," he said. "Other countries will no longer hesitate to invest in Iraq, and foreign firms will be encouraged, as Iraq is an oil-rich country and also has major gas reserves and swathes of agricultural land that could be very profitable."


Liberated peoples can not morally be held liable for the odious debt of their prior regimes.

Posted by at December 22, 2017 7:35 PM

  

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