UN

UN welcomes Iraqi takeover of development fund

AP News
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Posted: Jun 30, 2011 8:02 PM
UN welcomes Iraqi takeover of development fund

The U.N. Security Council is welcoming the Iraqi government's takeover of a multibillion-dollar fund established after Saddam Hussein's regime was toppled in 2003 to ensure that proceeds from the country's gas and oil sales were used to restore the country's economy.

The council adopted a resolution in December ending U.N. oversight and international management of the Development Fund for Iraq on June 30.

Council members in a statement late Thursday welcomed the Iraqi government's "assumption of full autonomy over the proceeds" of the fund and the transfer of oversight from the U.N.-authorized International Advisory and Monitoring Board to the government's Committee of Financial Experts.


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