Over $30 billion in commitments made at UN-chaired Iraq Compact meeting

In support of the International Compact on Iraq, a five-year plan for peace and development in the war-torn country co-launched today by United Nations Secretary-General Ban Ki-moon, world leaders assembled in Sharm el-Sheik, Egypt have pledged their partnership with the Iraqi Government, with over $30 billion in specific financial commitments announced so far.

The 74 delegations unanimously adopted a resolution reaffirming their shared commitment to a secure and stable Iraq and emphasizing the need for improved governance, anti-corruption measures, equal protection for all Iraqis and an institutional framework based on the rule of law.

Secretary-General Ban, in a press conference following the adoption of the resolution, said he was pleased that a number of countries have already made concrete commitments, estimated at over $30 billion. “This includes commitments of debt relief on the Paris Club terms, from Bulgaria, China, Saudi Arabia and Greece. It also includes financial commitments from the United Kingdom, Australia, Spain, China, Denmark and Korea, and other key participants,” he said.

“Today’s meeting demonstrated that there is broad support for the people and Government of Iraq in overcoming current challenges.” Mr. Ban said. “This is not an easy task, and we will face numerous obstacles.”

He pledged the world body’s full support. “The United Nations stands ready to assist the Government of Iraq in the implementation of the Compact.”

Under the Compact, the Government will work to meet basic needs, protect the rights of all citizens and ensure the optimal use of the country’s resources for the common good and the country’s international partners are committed to providing financial, technical and political support.