Press Release No. 03/176

Press Release: Establishment of the International Advisory and Monitoring Board

October 24, 2003

The Executive Heads of the Arab Fund for Economic and Social Development, the International Monetary Fund, the United Nations and the World Bank are pleased to announce that they have approved the terms of reference of the International Advisory and Monitoring Board (IAMB). This means that the IAMB has been established. The purpose of the Board is to promote the objectives set forth in 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 operative 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 Executive Heads intend to make the appointments of their representatives to the Board forthwith and look forward to the Board's first meeting.