New mechanism to guarantee protecting Iraqi moneyJanuary 19, 2010
BAGHDAD / Aswat al-Iraq: The Council of Ministers decided on Tuesday to form a ministerial committee to have a mechanism to guarantee protecting the Iraqi money after the end of the development of Iraq fund’s guardianship by the end of 2010.
“The council decided to form a committee under deputy premier, which will include also foreign, finance, planning, oil and justice ministers as well as the governor of the central bank to guarantee the protection of the Iraqi money after the end of the development of Iraq fund’s guardianship in 2010,” said the statement released by the office of Spokesman Ali al-Dabbagh received by Aswat al-Iraq news agency.
“The committee should complete its works in 30 days and to provide its recommendations to the cabinet,” it added.
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IRAQ - SECURITY COUNCIL EXTENDS DEVELOPMENT FUND FOR ONE MORE YEAR (IT'S A GOOD THING) ...
Snip~“Acting under Chapter VII of the Charter of the United Nations"
1. Decides to provide an extension, until 31 December 2010, on the arrangements established in paragraph 20 of resolution 1483 (2003) for the depositing into the Development Fund for Iraq of proceeds from export sales of petroleum, petroleum products and natural gas and the arrangements referred to in paragraph 12 of resolution 1483 (2003) and paragraph 24 of resolution 1546 (2004) for the monitoring of the Development Fund for Iraq by the International Advisory and Monitoring Board and further decides that, subject to the exception provided for in paragraph 27 of resolution 1546 (2004), the provisions of paragraph 22 of resolution 1483 (2003) shall continue to apply until that date, including with respect to funds and financial assets and economic resources described in paragraph 23 of that resolution;
"2. Decides further that the provisions in the above paragraph for the deposit of proceeds into the Development Fund for Iraq and for the role of the International Advisory and Monitoring Board and the provisions of paragraph 22 of resolution 1483 (2003) shall be reviewed at the request of the Government of Iraq or no later than 15 June 2010;
“3. Requests the Secretary-General to provide written reports to the Council on a quarterly basis, with the first report no later than 1 April 2010, to include details on progress made in strengthening financial and administrative oversight of the current Development Fund for Iraq, as well as the legal issues and options to be considered to implement successor arrangements and an assessment of the Government of Iraq’s progress in preparing for the successor arrangements for the Development Fund;
“4. Calls upon the Government of Iraq to put in place the necessary action plan and timeline by 1 April 2010 and to ensure the timely and effective transition to a post-Development Fund mechanism by 31 December 2010, which takes into account IMF Stand-By Arrangement requirements and includes external auditing arrangements and enables Iraq to meet its obligations as established in the provisions of paragraph 21 of resolution 1483 (2003);
“5. Requests the Government of Iraq through the head of the Committee of Financial Experts (COFE) to report to the Security Council on a quarterly basis, with the first report no later than 1 April 2010 to provide an action plan and timeline for the transition from the Development Fund and details on the progress made in strengthening financial and administrative oversight of the current Development Fund for Iraq, with subsequent quarterly reports to provide an assessment of progress against the action plan and oversight improvements;
“6. Decides to remain actively seized of the matter.”
IRAQ - SECURITY COUNCIL EXTENDS DEVELOPMENT FUND FOR ONE MORE YEAR (IT'S A GOOD THING) ...
