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February 8, 2010
The Intenational Advisory and Monitoring Board (IAMB) of the Development Fund for Iraq (DFI) met in Amman, Jordan on January 31, 2010 and issued the following statement:
“The IAMB met to continue its oversight role over the use of resources of the DFI, which is the principal repository for Iraq's oil-export receipts, and oversee audits of the DFI in line with its mandate under UN Security Council Resolutions.
“The IAMB’s mandate under UN Security Council Resolution 1859 was due to expire on December 31, 2009. The UN Security Council Resolution 1905 dated December 21, 2009, extended the IAMB mandate through December 2010, subject to review by the Government of Iraq by June 15, 2010. The UN Security Council continued to recognize the significant role of the IAMB in helping the Government of Iraq to ensure that Iraq’s resources are being used transparently and accountably for the benefit of the people of Iraq. The IAMB noted that UNSCR 1905 recognized the need for Iraq during 2010 to transition to successor arrangements for the DFI and the IAMB, and requested the Government of Iraq through the head of the Committee of Financial Experts (COFE) (www.cofe-iq.net) to report quarterly on progress.
“The Iraqi representatives briefed the IAMB on their action plan to implement successor arrangements during 2010. The COFE action plan for 2010 has been posted on the IAMB website (www.iamb.info). UNSCR 1905 calls on the Government of Iraq to put in place the necessary action plan and timeline by April 1, 2010 and to ensure the timely and effective transition to a post-DFI mechanism by December 31, 2010.
“The IAMB noted that the Representative of the UN Secretary General will report to the UN Security Council during 2010 in line with paragraph 3 of UNSCR 1905. The quarterly reports of the UN Secretary General—the first is due by April 1, 2010—will include details on progress in strengthening financial and administrative oversight of the current DFI, 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 DFI. The IAMB discussed the actions needed to coordinate the respective reports of the head of COFE and the UN Secretary General.
“The IAMB discussed its work program for 2010 and revisited its terms of reference, first formulated in 2003, in light of the further extension of its mandate. The IAMB will continue to work alongside COFE in 2010 to oversee Iraqi oil resources. Since its inception in 2006 COFE has been working closely with the IAMB and attending all its meetings. COFE itself meets monthly and, in conjunction with the Board of Supreme Audit, performs much of the detailed follow-up and investigation of recommendations contained in the IAMB commissioned independent audit reports. The IAMB and COFE will continue to work closely together during 2010 and fully coordinate their work.
“The Iraqi representatives briefed the IAMB on progress on the 2009 audit of the DFI. The audit is well underway and the external auditor, KPMG, expects to issue a comprehensive summary and brief the IAMB when it meets in late April 2010. In accordance with the IAMB Terms of Reference, the nomination and appointment by the Government of Iraq of the DFI external auditor is subject to approval by the IAMB. During the meeting the representatives of the Government of Iraq and COFE briefed the IAMB on the proposed evaluation process to select an external audit firm to conduct the 2010 audit of the resources and disbursements of the DFI. COFE will provide the proposed scope of work for the 2010 audit, together with the draft request for proposal documents, to the IAMB for review and approval in the coming weeks. Going forward, the IAMB will coordinate with COFE to review the 2009 audit and the arrangements for the 2010 audit, including an interim audit to June 30, 2010.
“The IAMB was briefed by COFE on actions taken to enhance the transparency and accountability of the DFI, taking into account the audit findings of KPMG. The COFE briefing of this meeting is published on the IAMB and COFE websites. COFE continues to receive full support from the Council of Ministers. COFE has met twice since the last IAMB meeting and minutes are published on its website. COFE noted that the bombings of the ministry of finance in August and mid-December 2009 had delayed the publication of recent monthly summaries of DFI inflows and outflows. The IAMB welcomed an update report from COFE and reiterated its call for reports every two months on progress on a range of matters.
“The representatives of the Government of Iraq, the COFE and the Iraqi Board of Supreme Audit reported on further actions taken by the government to follow up on outstanding audit recommendations.
“The next meeting of the IAMB, together with COFE, is scheduled for late April 2010. COFE will also be meeting separately in the interim.”