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[Joeshmoe]

(CNN) -- Iraq took control Friday of billions of dollars in oil revenues set aside by the United Nations following the 2003 U.S.-led invasion that toppled Saddam Hussein, money intended to be used build up the country's economy.

The U.N. Security Council hand over of the Development Fund for Iraq is considered a milestone for Iraqi autonomy, which comes as the United States prepares to withdraw its roughly 47,000 troops from the country by the end of the year.

"The members of the Security Council welcomed the Government of Iraq's establishment of a successor arrangement for the transition of the Development Fund for Iraq," the United Nations said in a statement released Thursday.

The fund will be turned over to an Iraqi committee of financial experts that will operate under terms approved by Iraq's Council of Ministers, it said.

In the statement, the Security Council reiterated the commitment by Iraq to "ensure that oil revenue is used in the interests of the Iraqi people, and to ensure that transition arrangements remain consistent with the constitution and with international best practices in respect of transparency, accountability and integrity."

A 2003 Security Council resolution that created the development fund requires 5% of Iraq's oil revenue be used to pay reparations, primarily Kuwaiti claims that arose from the 1991 Gulf War.

In December, the Security Council lifted all but a few sanctions put in place prior to the invasion. Among the issues to still be resolved: war reparations to Kuwait, the demarcation of the Iraqi-Kuwait border and efforts to locate missing Kuwaitis and third-party nationals.

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So is today an Iraqi holiday? Or is their work week Sun-Monday? Any known holidays on Monday of this upcoming week?

Edited July 1, 2011 by Joeshmoe

[76er]

Share this on:Mixx Facebook Twitter Digg delicious reddit MySpace StumbleUpon LinkedIn Viadeo Iraq takes over billions in oil revenue set aside by U.N.By the CNN Wire StaffJuly 1, 2011 -- Updated 1341 GMT (2141 HKT)

The Iraqi flag flutters at the opening of the second refinery for crude oil in Al-Dora complex in Baghdad on September 16, 2010.STORY HIGHLIGHTS

Iraq takes control of a fund established by the U.N. following the invasion

The Development for Iraq fund contains billions of dollars

The money is to be used to build up the country's economy

The U.N. resolution that established the fund requires some of the money go to Kuwait

RELATED TOPICS

Iraq

Oil Prices

(CNN) -- Iraq took control Friday of billions of dollars in oil revenues set aside by the United Nations following the 2003 U.S.-led invasion that toppled Saddam Hussein, money intended to be used build up the country's economy.

The U.N. Security Council hand over of the Development Fund for Iraq is considered a milestone for Iraqi autonomy, which comes as the United States prepares to withdraw its roughly 47,000 troops from the country by the end of the year.

"The members of the Security Council welcomed the Government of Iraq's establishment of a successor arrangement for the transition of the Development Fund for Iraq," the United Nations said in a statement released Thursday.

The fund will be turned over to an Iraqi committee of financial experts that will operate under terms approved by Iraq's Council of Ministers, it said.

In the statement, the Security Council reiterated the commitment by Iraq to "ensure that oil revenue is used in the interests of the Iraqi people, and to ensure that transition arrangements remain consistent with the constitution and with international best practices in respect of transparency, accountability and integrity."

A 2003 Security Council resolution that created the development fund requires 5% of Iraq's oil revenue be used to pay reparations, primarily Kuwaiti claims that arose from the 1991 Gulf War.

In December, the Security Council lifted all but a few sanctions put in place prior to the invasion. Among the issues to still be resolved: war reparations to Kuwait, the demarcation of the Iraqi-Kuwait border and efforts to locate missing Kuwaitis and third-party nationals.

[DinarThug]

Those Chuckleheads stole this Story from me ! I

Thx for the post Joeshmoe

[DinarThug]

What ? These Clowns are all over the Rumor Section today. This is my Turf ! :lol:

it's a Positive Article. Thx 76er

[tankdude]

So is today an Iraqi holiday? Or is their work week Sun-Monday? Any known holidays on Monday of this upcoming week?

The Iraqi work week is Sun-Thur. Friday is a holyday for the Muslim religion, so their "weekend" is Friday and Saturday. (And I use the term "work" as a relative term - maybe it should be "Work weak".)

[Ironwolf1974]

The Iraqi work week is Sun-Thur. Friday is a holyday for the Muslim religion, so their "weekend" is Friday and Saturday. (And I use the term "work" as a relative term - maybe it should be "Work weak".)

haha +1 for work weak.

So true.

[Luigi1]

June 15th, the next Iraqi holliday.

June 15th, the next Iraqi holliday.

Correction...July 15th.