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HEADLINE: Representative of Kuwait to the United Nations: lifting of Iraq from Chapter VII Security Council will pass without hindrance
The Permanent Representative of Kuwait to the United Nations, Mansour Ayyad Al-Otaibi said a draft resolution to lift Iraq from Chapter VII Security Council meeting at the end of the current month will pass without hindrance. "
The Agency quoted the Kuwaiti official Kuna news about Al-Otaibi said "The Kuwaiti delegation in New York with UN Security Council members on a draft resolution presented today is expected to be adopted in the 27 of this month without hindrance. ..."
Al-Otaibi said that "the United Nations Secretary General Ban Ki-moon had two connections with the leadership of Kuwait and Iraq Tuesday night expressed his happiness and congratulations on the best developments in relations between the two countries."
It appears that consent of the full United Nations assembly is required to lift sanctions against Iraq. The Kuwaiti official expects this to be no problem when they meet on June 27.
Also, there is one small correction to be made in my previous reports. The 6 agreements signed yesterday by the two governments are actually broken down into what they call 4 agreements and 2 memoranda of understanding. In other words, two issues have yet to be resolved, but they pose no threat to the peace of the region, and the Kuwaiti government is confident that the final two are being implemented properly.
Another interesting development is that the Iraqi Dinar was formerly known as the IQD, but now, without fanfare it is being officially called the IQN. I am not sure of the significance of this, but very likely it represents a new development in the currency itself that is different from the past.
Moving the country from Chapter VII to Chapter VI means, in part, that the Iraqi funds that have been frozen in Western banks since 1990 will return to the control of the Central Bank of Iraq (CBI). This is a necessary step for them to back their new currency (IQN) with those funds in order to give it an increased value.