A senior Finance Ministry official said on Wednesday that Iraq’s Foreign Minister, Hoshyar Zebari, will head a governmental committee developing mechanisms to protect Iraqi funds deposited in foreign banks after the UN Security Council resolution to withdraw its protection of those funds at the end of June.
Diya Khayyoun, the Undersecretary of the Finance Ministry, told AKnews that the committee includes the Secretariats of the Council of Ministers and the Finance Ministry.
“The Commission began its work by implementing measures that provide the necessary protection for the Iraqi funds, preserving them from manipulation in certain countries,” he explained.
The UN Security Council voted unanimously to lift of three key sanctions imposed on Iraq following the Saddam Hussein-led Kuwaiti invasion of 1990.
Alongside the lifting of sanctions, the Security Council decided to extend their protection of Iraqi funds in foreign bank accounts until June 2011.
Since the sanctions were imposed, Iraq had been listed under United Nations Chapter 7 which declares the country a threat to international peace and security.