BAGHDAD, Feb.2 (AKnews) - The Iraqi federal government has assured that Washington will renew the protection of Iraqi funds held in its banks for another year if need be after protection is lifted on May 23.

Last June the White House took on the task of safeguarding the Iraqi funds after a formal request from the Iraqi government.

The Legal Adviser to the Prime Minister Fadhil Mohammed Jawad said that Iraq is processing the commercial creditors file through negotiation or through international courts or debt repayment according to Paris Club procedures.

Iraq payed the debt of 3,500 commercial creditors worth $2.7 billion (3.1 trillion IQD) as a means to protect its money from the manipulation of trading companies.

Iraq will submit a detailed report to the UN Security Council next May to discuss the most important basis to safeguard the Iraqi funds.