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Monitoring board for Iraqi development fund set up, UN says

Monitoring board for Iraqi development fund set up, UN says

An international monitoring panel charged with keeping an eye on expenditures in Iraq was formally established today with the agreement of all parties on the terms of its operation, according to a joint statement released at the United Nations Headquarters in New York.

The statement, issued by the Arab Fund for Social and Economic Development, the International Monetary Fund (IMF), the World Bank and the United Nations, said their agreement meant that that the International Advisory and Monitoring Board (IAMB) had been established.

In its resolution 1483, passed last May, the Security Council noted the establishment of a Development Fund for Iraq to be held by the Central Bank of Iraq and to be audited by independent public accountants approved by IAMB. It said it looked forward to IAMB’s early meeting.

Today’s joint statement said, “The purpose of the Board is to promote the objective” of the May resolution, which says “the Development Fund for Iraq shall be used in a transparent manner to meet the humanitarian needs of the Iraqi people, for the economic reconstruction and repair of Iraq’s infrastructure, for the continued disarmament of Iraq, and for the costs of Iraqi civilian administration and for other purposes benefiting the people of Iraq.”

The statement also said that the group would ensure “that export sales of petroleum, petroleum products and natural gas from Iraq are made consistent with prevailing international market best practices.”

The directors of the four groups would each appoint a representative to the IAMB, the statement said.