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Dec 2003 19:58 GMT DJ http://tinyurl.com/xly6 Copyright © 2003, Dow Jones Newswires UN-Led Board Monitoring Iraq Development Fund To Meet Fri UNITED NATIONS (AP)--A new board that will monitor a U.S.- and British-controlled fund for Iraq's development will hold its first meeting on Friday, a U.N. spokesman announced. The International Advisory and Monitoring Board was authorized by a Security Council resolution adopted May 22 that lifted U.N. sanctions on Iraq and set out ways to meet the humanitarian needs of Iraqis and start rebuilding the country. Its terms of operation were agreed to on Oct. 21 after five months of tough negotiations. The board includes representatives from the Arab Fund for Economic and Social Development, the International Monetary Fund, the United Nations and the World Bank. On Wednesday, U.N. spokesman Fred Eckhard said Friday's initial meeting will take place at U.N. headquarters. The IMF will be represented by Bert Keuppens, senior adviser in the finance department; the World Bank by vice-president and controller Fayezul Choudhury; and the U.N. by assistant secretary-general and controller Jean-Pierre Halbwachs, he said. The Arab Fund will name a representative shortly, Eckhard said. The May 22 resolution established a Development Fund for Iraq, based at the central bank in Baghdad and controlled by the U.S. and Britain, to receive Iraq's oil revenue and frozen assets from the ousted regime led by Saddam Hussein for use in rebuilding the country. The October announcement said the monitoring board was established to ensure that the Development Fund is used "in a transparent manner" for Iraq's reconstruction "and that export sales of petroleum, petroleum products and natural gas from Iraq are made consistent with prevailing international market best practices." U.N. diplomats said the agreement on the board should increase international confidence in the Development Fund, which has been seeking contributions. The U.N. and the World Bank have also set up a separate trust fund for Iraq's reconstruction aimed at attracting countries unwilling to donate to the Development Fund. (END) Dow Jones Newswires December 03, 2003 14:58 ET (19:58 GMT) _______________________________________________ Sent via the discussion list of the Campaign Against Sanctions on Iraq. To unsubscribe, visit http://lists.casi.org.uk/mailman/listinfo/casi-discuss To contact the list manager, email firstname.lastname@example.org All postings are archived on CASI's website: http://www.casi.org.uk