National Emergency with Respect to the Stabilization of Iraq to Continue for Full Year
The United States has completed its evaluation of Iraq's ongoing efforts to finalize the full and effective transition to a post-Development Fund for Iraq mechanism by June 30, 2011. Recognizing positive developments in this regard, including progress in resolving outstanding debts and claims arising from actions of the previous regime, and in accordance with the President’s May 17, 2011 Notice on the Continuation of the National Emergency with Respect to the Stabilization of Iraq, the President has determined to continue these arrangements for the full twelve month period ending on May 20, 2012. As a result, the prohibitions contained in Executive Order 13303 of May 22, 2003, as amended by Executive Order 13364 of November 29, 2004, on any attachment, judgment, decree, lien, execution, garnishment, or other judicial process with respect to the Development Fund for Iraq, the accounts, assets, and property held by the Central Bank of Iraq, and Iraqi petroleum-related products, which are in addition to the sovereign immunity accorded Iraq under otherwise applicable law, will remain in effect until May 20, 2012. Iraq has made significant strides in resolving its outstanding international liabilities and continues to work towards returning Iraq to the international standing it held prior to the Saddam Hussein regime.