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[casi] UN-led Iraq Development Fund To Meet Fri

Dec 2003 19:58 GMT DJ

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)

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