It appears that my last post may have caused some confusion amongst a few readers and I would just like to begin by clarifying something. Dr. Sinan Shabibi is NOT under house arrest. That is not the case and it appears that I was once again, misquoted. Dr. Shabibi can not leave the country for the time being. That is all. This is not the same as house arrest. How long this order will be kept active is anyone’s guess. I have no other information on this only that I have witnessed him being served with the order. The Arabic Translation from the written order in English stated “Forced Residency”. This order was given after the meeting with the Council of Minster on June 19th. This was when Dr. Shabibi was advised not to leave the country. It is important to note that Dr. Shabibi is one of two people in the CBI that will be asked to present the Re-Denomination report to the Council of Ministries when asked in the future.
When I recently wrote that Dr. Shabibi did not attend the 2011 International Arab Banking conference in Rome, Italy I stated that because it is FACT. He was NOT there. The only thing I can tell you is to look at and review all the news articles that came out in regards to that meeting and I challenge anyone of you to find even one article quoting Dr. Shabibi from the Arab Banking Summit. Anyone saying he was there is mistaken. The confusion might stem from all the news articles prior to the Arab Banking Summit listing him as a guest speaker. However, you will discover that there is not one article quoting him at the Summit event. It is customary for him to speak at these meetings when he is an attendee. Dr. Shabibi was quoted in prior Summit meetings in 2008 and 2009.
Contrary to what a few keep saying, Iraq and Chapter Seven will most likely continue till the next review by the United Nations, in December 2011. In another twist, Kuwait’s newly planned port, will more than likely obstruct the commerce of Iraq’s only main deep water port. The Kuwait government has assured the United Nations that the new port would not violate the sovereignty of Iraq. This will continue to be an issue in the months to come as Iraq is challenged again to be released from Chapter Seven. The Iraqi port has yet to be expanded and rebuilt due to lack of funding.
There is a lot of disinformation in regards to the Erbil agreement. The word out there is that PM Maliki has to give up power and this is just not true. PM Maliki does not have to give up his power he just has to conduct Power Sharing with the al-Iraqiyah list leader Iyad Allawi. PM Maliki is against the sharing of power at this present time.
The Development Fund for Iraq
Some people appear to be confused in regards to what is happening with the DFI fund. The account which the funds are located are in the Federal Reserve Bank of New York and will remain for years to come. The fund will most likely have a name change although the name has not been revealed as of yet. 5% of the proceeds coming from the oil sales each month goes to a special account the United Nations has set up to pay for the reparations for Kuwait. Iraq still owes 25 billion dollars to Kuwait.
Contrary to what some are claiming, Dr. Sinan Shabibi has never said that he will RV the currency to meet the Iraq budget.
Another false statement made, the Iraq inflation rate is currently 7% and is rising due to increase in import prices not because they don’t have a tradable currency.
Regardless of all the disorganization and pace of a snail, Iraq continues to make progress and strides in the banking sector as well as the overall economy. I am hopeful that we will be able to speak more positively in the coming months about all the advancements and progress being made.
Thanks for reading.