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الموقع بالعربي

- Real Estate in Iraq
- Investing in Real Estate in Iraq

 


THE DEVELOPMENT FUND FOR IRAQ

General. The attached charts reflect information on the account balances, sources and uses of the Development Fund for Iraq (DFI), which is managed by the Coalition Provisional Authority (CPA), in consultation with the Iraqi Governing Council, the Iraqi Minister of Finance, and the Governor of the Central Bank of Iraq.

Background. United Nations Security Council Resolution 1483, dated 21 May 2003, sanctioned the establishment of the Development Fund for Iraq. http://www.un.org/Docs/journal/asp/ws.asp?m=s/res/1483(2003)

Resolution 1483 and the laws and usages of war, authorized the Coalition Provisional Authority as the administrator of the Fund.   At the request of the CPA Administrator in May, 2003, the U.S. Federal Reserve Bank of New York established the "Central Bank of Iraq-Development Fund for Iraq" account.   The DFI is held on the books of the Central Bank of Iraq.   The corpus of the DFI is held in the account at FRBNY for the Central Bank of Iraq.   A portion of the fund has been transferred to Baghdad, Iraq and used to establish a DFI-Baghdad account at the Central Bank of Iraq, for the purpose of meeting cash payment requirements in country, for the benefit of the Iraqi people.

International Advisory and Monitoring Board.  The purpose of the International Advisory and Monitoring Board (IAMB) is to promote the objectives set forth in United Nations Security Council Resolution 1483 (2003) of ensuring that the DFI is used in a transparent manner for the purposes set out in paragraph 14 of that resolution and that export sales of petroleum, petroleum products and natural gas from Iraq are made consistent with prevailing international market best practices.  The IAMB has the responsibility to approve the independent public accountants selected and appointed by the CPA to audit the DFI as required by UNSCR 1483.  In this regards, the IAMB will perform functions similar to those of an external audit committees for the CPA.  The IAMB website is: http://www.iamb.info/

Disbursements. To date, disbursements from the DFI have been in support of the wheat purchase program, the currency exchange program, the electricity and oil infrastructure programs, equipment for Iraqis security forces, and for Iraqi civil service salaries and ministry budget operations.

 

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