April 7, 2007
HP-342

Statement by Deputy Secretary Kimmitt on
the Announcement of the Signing of the
International Compact with Iraq

Washington--Treasury Deputy Secretary Robert M. Kimmitt issued the following statement today on the Government of Iraq and the United Nations' announcement that the International Compact with Iraq will be signed in Sharm el-Sheikh on May 3.

"I welcome and applaud this important step and look forward to attending the signing ceremony as a member of the U.S. delegation headed by Secretary of State Condoleezza Rice.  I commend the Iraqi authorities for their sustained commitment to the Compact.  Iraq, together with the United Nations and the World Bank, has worked diligently since July 2006 to prepare the ambitious economic reform framework outlined in the Compact. The signing ceremony concludes several months of hard work and provides a concrete path of reform to financial self sufficiency.  In exchange, the international community will provide continuing political and economic support to help Iraq achieve sustainable, broad-based economic growth.  Iraq's leaders have already developed an impressive track record on economic reform under the Compact framework, including Cabinet approval of a hydrocarbons law, fuel import liberalization, and passage of a prudent, transparent and fully financed 2007 budget. The United States fully supports this initiative, as demonstrated by the President's recent request to Congress to approve additional funding for Iraq to help realize the objectives of the Compact."

The Compact is an initiative launched by the UN and Iraq to help Iraq realize its vision of a stable and prosperous nation underpinned by a self-sustaining economy. The Compact embodies commitments by Iraq on a plan to achieve economic self-sufficiency in return for international support. Iraq presented the final Compact documents to the international community at the UN on March 16, 2007. Deputy Secretary Kimmitt serves as the President's Special Envoy for the International Compact with Iraq.

Additional information on the Compact can be found at: www.iraqcompact.org.