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Saturday, June 3, 2017

"There it is!" - Last Night's KTFA Thoughts, News w/ Frank26


DELTA » June 3rd, 2017


Security Council

7854th Meeting (AM)

Security Council Authorizes Continued Maintenance of Iraq Escrow Account, Unanimously Adopting Resolution 2335 (2016)

The Security Council today authorized the Secretary-General to continue to maintain the escrow account authorized by resolution 1958 (2010), and to retain the funds contained therein until 30 June 2017, at which time all remaining funds would be transferred to the Government of Iraq.

Unanimously adopting resolution 2335 (2016) under Chapter VII of the United Nations Charter, the 15-member Council also requested that the Secretary-General continue to pursue implementation of paragraph 7 and other relevant aspects of resolution 1958 (2010).

Paragraph 4 of resolution 1958 (2010) authorized the Secretary-General to ensure the retention of $20 million from the Iraq Account in the escrow account until 31 December 2016, exclusively for United Nations expenses relating to the orderly termination of the residual activities of the oil-for-food programme.

Paragraph 5 authorized the Secretary-General to ensure that up to $131 million of the Iraq Account were retained in the escrow account for the purpose of providing indemnification to the United Nations, its representatives, agents, and independent contractors for a period of six years with regard to all activities in connection with the Programme since its inception.

Michele Sison (United States), whose delegation submitted the text, said that the short-term extension brought the United Nations a step closer to closing the book on the programme and to tying up a few outstanding issues. The Government of Iraq and the United Nations had made progress in several areas, including some legal issues, she said, adding that the Government of Iraq should see today’s extension as the Council’s unwavering support for closing the file once and for all.

The Security Council also took note of a letter (document S/2016/1126) dated 29 December 2016 from the Secretary-General to the President of the Council.

The meeting began at 10:02 a.m. and ended at 10:05 a.m.


The full text of resolution 2335 (2016) reads as follows:

“The Security Council,

“Recalling its resolution 1958 (2010),

“Acting under Chapter VII of the Charter of the United Nations,

“1. Reaffirms its call in paragraph 2 of resolution 1958 (2010) for the Government of Iraq to provide without delay payments referred to therein;

“2. Authorizes the Secretary-General to continue to maintain the escrow accounts authorized in paragraphs 3, 4 and 5 of resolution 1958 (2010) and to retain the funds in those accounts until 30 June 2017, at which time all remaining funds are to be transferred to the Government of Iraq;

“3. Requests the Secretary-General to continue to pursue implementation of paragraph 7 and other relevant aspects of resolution 1958 (2010);

“4. Requests the Secretary-General to report on implementation of this resolution no later than 30 March 2017 and with a final report three months after the transfer of any remaining funds pursuant to paragraph 2 to the Government of Iraq, unless otherwise authorized by the Security Council;

“5. Decides to remain actively seized of the matter.”


30 June 2017

MINUSMA mandate ends

UNOCI mandate ends

UNAMID mandate ends

UNDOF mandate ends

Iraq escrow authorization ends

MONUSCO report due


JodysAngel » June 3rd, 2017

Well this has got to be (as Trump would say ) HUGE

Frank26 » June 3rd, 2017

Confirmed ................. Great News DELTA ...........

LilaR » June 3rd, 2017

Delta, I have a question...

Is Iraq on the same calendar as USA?

And thank you for finding that article. Lila

DELTA » June 3rd, 2017


DELTA » June 3rd, 2017




66GTO » June 3rd, 2017

If I recall it has been stated they will never be released from chapter 7 totally until they raise the value of their stinkin currency. We will see.. Have a blessed weekend Gitty Up GTO

Samson » June 3rd, 2017

Iraqi Premier Ibadi holds finance ministry

3rd June, 2018

Iraqi Premier Haidar al-Ibadi relived Minister Abdul Razzaq al-Issa from finance ministry post, upon his request.

Ibadi will undertake the finance ministry, which the Kurdish Democratic Party refrained from submitting a candidate following the demotion of Minister Hoshiar Zebari last summer.

Minister al-Issa, currently minister of Iraqi higher education, acknowledged that the "work at the finance ministry was not easy due internal Iraqi conflicts and combating corruption


Samson » June 3rd, 2017

Iraq begins tomorrow to distribute the salaries of retired civilians

03/06/2017 - 11:41

It announced Bank of Iraq, Saturday, paying the salaries of retired civilian for the month of June the current day tomorrow Sunday .

A source in the Bank of Iraq 's " economy News " , that " delayed payment of the salaries of retirees to tomorrow Sunday after that the exchange salaries of some of them from by the Bank of good and that there are problems of art in the process of exchange ."

He pointed to that " the bank will pay salaries through its branches in Baghdad and the provinces


Samson » June 3rd, 2017


June 2nd, 2017

The International Finance Corporation (IFC), a member of the World Bank Group, and its partners officially launched the first independent institute of directors in Iraq to promote principles of good corporate governance, boost transparency, and help attract more private investment.

The Kurdistani Institute of Directors (KIoD) will be providing corporate governance services in Iraq and the Middle East and North Africa Region, to help strengthen the role of independent directors and boards, and raise awareness of best corporate governance practices. The Erbil Chamber of Commerce and Trade is supporting these efforts.

The initiative is another step in IFC’s strategy to spur private sector growth in Iraq by improving smaller businesses’ management skills, business performance and competitiveness. It is also part of IFC’s aim to scale up support for fragile and conflict-affected states, where private sector investment is key to create jobs and spur growth.

“Strong corporate governance standards are vital for economic success. By building the capacity of national institutes, we are helping companies improve competitiveness and create jobs,” said Mouayed Makhlouf, IFC’s regional director for the Middle East and North Africa. “We hope this project will also open the door to more private sector investment in Iraq, and enhance the potential for long-term development.”

Companies operating in conflict-affected environments face unique corporate governance challenges. For the last several years, IFC has been working to help promote stronger corporate governance and transparency in Iraq. With IFC support, the newly established institute KIoD has already conducted its first corporate governance event, providing training for 20 entrepreneurs in Erbil.

So far, IFC has provided corporate governance services to five companies in Iraq and conducted nine specialized events, reaching about 447 participants and helping to build the capacity of 16 Iraqi trainers to deliver training through a network of specialized providers. IFC is implementing the corporate governance program in Iraq in partnership with the governments of Japan and Spain.


Samson » June 3rd, 2017

World Bank suggestions to resolve Vietnam’s bad debts

June, 02/2017 - 10:49

HÀ NộI — Experts from the World Bank have made four key recommendations to resolve Việt Nam’s problem of non-performing loans (NPLs).

The four suggestions are: modernisation of the financial sector; promotion of bank regulations and supervision; restructuring and resolution of sub-standard banks and assets; and enhancement of macro safety supervision.

The suggestions were shared at a meeting between Ceyla Pazabassiouglu, senior director of Finance and Markets Global Practice, World Bank Group, and State Bank of Việt Nam’s (SBV) representatives in Hà Nội earlier this week.

The World Bank believes that these four recommendations, which are all necessary and will support each other, will contribute towards helping resolve the issue of NPLs.

With stronger participation of the Government and the National Assembly, Việt Nam must map out efffective policies to tackle the NPL problem and restructure credit institutions, it said.

Experts said that NPL management is a complex issue that will involve many agencies and bodies such as the ministries of finance, justice, planning and investment, banks, as well as supervisory, tax and auditing bodies.

If bad debts are not fully resolved, the economy will stagnate and lending will decline. Besides, commercial banks will not operate effectively, which can lead to loss of liquidity and cause chain disruption in the banking system. The need of the hour is co-operation of the public sector linked to bad debt management and resolution.

The World Bank said it has designed a four-year technical co-operation programme to help Việt Nam resolve the issue of NPLs. Negotiations is underway with donors for the programme’s capital source.

At the meeting, SBV deputy governor Nguyễn Kim Anh said the restructuring of credit institutions and resolution of NPLs have been a priority for the Government and the SBV since the past few years.

The SBV has shared a scheme on restructuring the system of credit institutions and resolving weak credit institutions with the Political Bureau; it has been submitted to the National Assembly for a resolution on resolving NPLs (it is expected to be approved in June); and has submitted a draft law to the National Assembly on revising a number of articles in the Law on Credit Institutions, Anh said.

However, Anh said, there are still many challenges to resolving the bad debt problem, and the central bank needs to learn from other countries’ experience and calls for support and advice from international organisations, including the World Bank, to meet the target of restructuring the banking system and resolving the NPL issue in the 2016-20 period.




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