UN-created monitoring board for Iraqi development fund holds first meeting5 December – An international board entrusted by the United Nations Security Council with monitoring the United States-led management of funding and revenues in Iraq held its first meeting today, with Secretary-General Kofi Annan attending.
The International Advisory and Monitoring Board (IAMB), which includes representatives of the UN, the Arab Fund for Economic and Social Development, the International Monetary Fund and the World Bank, met at UN Headquarters in New York for private talks.
IAMB, created to audit the Development Fund for Iraq (DFI), is charged with ensuring the DFI is used in a transparent manner to meet the Iraqi population's humanitarian needs, the economic reconstruction and repair of infrastructure, the continued disarmament of Iraq, and the costs of Iraqi civilian administration. The DFI was set up earlier this year by the US-led Coalition Provisional Authority.
The Security Council also charged IAMB to make sure that export sales of Iraqi petroleum, natural gas and petroleum products are consistent with international market best practices.
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