Iraqi Dinar Discussion Board

[Marcelno]

21 December 2009

Security Council
SC/9827
Department of Public Information • News and Media Division • New York

6249th Meeting (AM)

The Security Council today extended until 31 December 2010 the arrangements for depositing into the Development Fund for Iraq of proceeds from oil and gas export sales. The mandate of the International Advisory and Monitoring Board intended to monitor the Development Fund was also extended.

The Development Fund for Iraq, as well as its auditing mechanism -- the International Advisory and Monitoring Board -- was referred to by resolution 1483 adopted on 22 May 2003 in the wake of the invasion of Iraq by Coalition Forces, when the Council underlined that the “Development Fund for Iraq shall be used in a transparent manner to meet the humanitarian needs of the Iraqi people, for the economic reconstruction and repair of Iraq’s infrastructure, for the continued disarmament of Iraq, and for the costs of Iraqi civilian administration, and for other purposes benefiting the people of Iraq”. (See Press Release SC/7765)

Unanimously adopting resolution 1905 (2009) and acting under Chapter VII of the United Nations Charter, the Council decided that the mechanism of the Development Fund and the International Advisory and Monitoring Board as well as other relevant provisions of resolution 1483 (2003) would be reviewed at the request of Iraq’s Government, or no later than 15 June 2010.

The Council called on the Government of Iraq to ensure the timely and effective transition to a post-Development Fund mechanism by 31 December 2010 and to put in place the necessary action plan and timeline thereto by 1 April next year. The Council further requested the Government, through the head of the Council of Financial Experts (COFE) to report quarterly to the Council on progress made.

The meeting started at 10:43 a.m. and rose at 10:45 a.m.

http://www.un.org/News/Press/docs/2009/sc9827.doc.htm