How does UN Resolution 1483 establish an Iraq Development Fund?
“Decides that all export sales of petroleum, petroleum products, and natural gas from Iraq following the date of the adoption of this resolution shall be made consistent with prevailing international market best practices, to be audited by independent public accountants reporting to the International Advisory and Monitoring Board in order to ensure transparency, and decides further that all proceeds from such sales shall be deposited into the Development Fund for Iraq, until such time as an internationally recognized, representative government of Iraq is properly constituted.”100 (Emphasis added). What is the structure of the Iraq Development Fund? The U.N. resolution ends UN management of Iraqi oil sales. It replaces the current UN oil for food escrow account with a new Development Fund for Iraq. All remaining funds in the escrow account, which total approximately (US) $13 billion, will be transferred to the new Fund after 6 months, minus the costs of fulfilling all pre-war humanitari
