The Representatives of the Executive Heads of the four member institutions of the International Advisory and Monitoring Board (IAMB) met in New York on December 5, 2003.
The Board consists of delegates from the Arab Fund for Economic and Social Development (AFESD), the International Monetary Fund (IMF), the United Nations (UN) and the World Bank. At the meeting the board members identified suitable candidates to be appointed as observers and decided that the secretariat for the IAMB will be established in Baghdad.
"The primary responsibility of the IAMB will be to promote the objectives set forth in the United Nations Security Council Resolution 1483 (2003) of ensuring that the Development Fund for Iraq (DFI) is used in a transparent manner for the purposes set out in paragraph 14 of the resolution and that export sales of petroleum, petroleum products and natural gas from Iraq are made consistent with prevailing international market best practices,” stated an IAMB press release.
The IAMB has initiated an expeditious review of the appropriate scope of work and the selection process of the External Auditors, stated a press release. This issue will be pursued further at the next meeting. In addition, IAMB also held discussions on key elements of the Rules of Procedure, which will be drafted and agreed to at the next board meeting.
Priority areas for briefing on the financial functions/operations of the Coalition Provisional Authority (CPA) were also discussed along with detailed functions of the Secretariat and procedures of and mechanisms for disclosure to assure full transparency which will continue to be discussed at its next meeting.
The next meeting of the IAMB will take place on Monday, December 22, 2003 in Washington, D.C. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
