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Security Council`s new agency commences operations
United Nations, Dec 05: A new international watchdog agency created by the Security Council will start work today to ensure that the UN-led coalition is spending oil revenues in an open manner and for the benefit of the Iraqi people.
United Nations, Dec 05: A new international watchdog agency created by the Security Council will start work today to ensure that the UN-led coalition is spending oil revenues in an open manner and for the benefit of the Iraqi people.
The agency, known as the International Advisory and Monitoring Board (IAMB) comprises representatives of the Arab fund for economic and social development, the International Monetary Fund (IMF), the World Bank and the United Nations.
Its mandate calls for ensuring that funds from the Development Fund for Iraq (DFI) are used in a transparent manner to meet the humanitarian needs of the Iraqi people, for economic reconstruction and repair of Iraq's infrastructure, for continued disarmament of Iraq, to meet the cost of Iraqi civilian administration and for other purposes benefiting the people of Iraq.
It is also expected to ensure that the exports of petroleum, petroleum products and natural gas from Iraq are "consistent with prevailing international best practices."
The international law allows the US-led coalition to use oil revenues only for activities that benefit the Iraqi people and bars it from entering into long term commitments.
The board was established by a Security Council resolution adopted on May 22 but it took almost four months for an agreement to be reached on its powers because of differences between the US and the four international bodies.
It has now been decided that the board will be able to audit oil and gas exports, all disbursements and the fund's account with the Iraqi Central Bank where oil revenues would be deposited.
Bureau Report
The agency, known as the International Advisory and Monitoring Board (IAMB) comprises representatives of the Arab fund for economic and social development, the International Monetary Fund (IMF), the World Bank and the United Nations.
Its mandate calls for ensuring that funds from the Development Fund for Iraq (DFI) are used in a transparent manner to meet the humanitarian needs of the Iraqi people, for economic reconstruction and repair of Iraq's infrastructure, for continued disarmament of Iraq, to meet the cost of Iraqi civilian administration and for other purposes benefiting the people of Iraq.
It is also expected to ensure that the exports of petroleum, petroleum products and natural gas from Iraq are "consistent with prevailing international best practices."
The international law allows the US-led coalition to use oil revenues only for activities that benefit the Iraqi people and bars it from entering into long term commitments.
The board was established by a Security Council resolution adopted on May 22 but it took almost four months for an agreement to be reached on its powers because of differences between the US and the four international bodies.
It has now been decided that the board will be able to audit oil and gas exports, all disbursements and the fund's account with the Iraqi Central Bank where oil revenues would be deposited.
Bureau Report