Finance group urges international involvement in Iraq's future

The International Monetary and Financial Committee (IMFC) of the International Monetary Fund (IMF) April 12 unanimously agreed that the international community, including the World Bank and International Monetary Fund (IMF), is "essential for sustained economic, social and political development in Iraq" and the Iraqi people are responsible for determining their own future, according to the committee's chairman, Gordon Brown, of Britain.

The committee further agreed that a new United Nations Security Council resolution regarding Iraq's future is needed, said Brown, briefing reporters following the committee's semi-annual meeting in Washington. The meeting was part of the World Bank/IMF spring meetings, which conclude April 13. Brown added that the IMFC didn't discuss the contents of a resolution.

"The Committee notes that the present situation in Iraq poses significant challenges, with an urgent need to restore security, relieve human suffering and promote economic growth and poverty reduction," the committee said in a post-meeting communiqu?.

It urged early involvement of the Paris Club on the issue of Iraqi debt. The Paris Club is an informal group of official creditors. The amount of debt will first need to be determined before talks of debt restructuring or forgiveness can take place, said Horst K?hler, IMF managing director, at the briefing.

Brown said he was pleased with the spirit of cooperation at the IMFC meeting, which was based on a "common approach" and "shared values" towards poverty reduction.