UNSC votes to extend arrangements for deposit of proceeds

BAGHDAD / IraqiNews.com: The United Nations Security Council on Monday unanimously voted to extend arrangements for depositing the proceeds from sales of petroleum, petroleum products and natural gas into the Development Fund for Iraq and to review all resolutions pertaining to Iraq from 1990. “Unanimously adopting resolution 1859 (2008) under Chapter VII of the United Nations Charter, the Council also extended the task of the International Advisory and Monitoring Board in overseeing the Fund for the same period. The Council decided that those decisions would be reviewed upon request by the Government of Iraq or no later than 15 June 2009, while encouraging the International Monetary Fund (IMF) and the World Bank, as members of the International Advisory and Monitoring Board, to brief the Council in January 2009,” according to a statement published on the official web site of the council. “Proceeds from petroleum, petroleum products and natural gas originating in Iraq would be immune from legal procedures against them,” the statement added. SS (P) 1