Security Council welcomes Iraq's assumption of oversight over development fund

The UN Security Council welcomed Iraqi government's assumption of full autonomy over the proceeds of the Development Fund for Iraq starting on July 1, said a press statement issued here on Thursday.

The Security Council welcomed the Iraqi government's establishment of a successor arrangement for the transition of the Development Fund for Iraq, the statement said.

The transition will be consistent with resolution 1956, which was adopted by the Council in 2010 to terminate UN supervised arrangements for the Development Fund for Iraq, going into effect on June 30, 2011.

Oversight of the full proceeds from the Development Fund for Iraq has been transferred from the International Advisory and Monitoring Board to the Government of Iraq's Committee of Financial Experts, which will exercise authority in accordance with its terms of reference approved by Iraq's Council of Ministers, Moungara explained.

The Council reiterated their welcome of the ongoing efforts and commitment by the Government of Iraq to ensure that oil revenue is used in the interests of the Iraqi people, and that "transition arrangements remain consistent with the constitution and with international best practices in respect of transparency, accountability and integrity," he said.

The Council set up the trust fund in May 2003 so that oil and other revenues could be paid into it, to be disbursed at the discretion of the then U.S.-led Provisional Authority for humanitarian and economic reconstruction, replacing the previous oil-for-food program that allowed the sanctions-bound government of Saddam Hussein to use some oil revenues for the monitored purchase of humanitarian supplies.

Editor: en_hl

English.news.cn   2011-07-01 08:03:53 FeedbackPrintRSS
UNITED NATIONS, June 30 (Xinhua)