The UN Security Council has renewed development fund for Iraq for another year. The fund was set up to meet the country’s humanitarian needs, economic reconstruction and infrastructure repairs immediately after the United States-led invasion of Iraq in 2003. According to a statement of UN, the decision has been taken following a letter of Iraqi Prime Minister Nuri al-Maliki. In the letter, Nuri al-Maliki asked for the extension of Fund pending new arrangements to be formulated next year to ensure that oil revenue continues to be used in keeping with international best practices with respect to transparency, accountability and integrity. The Security Council set up the trust fund in May 2003 so that oil and other revenues could be paid at the discretion of the then US-led Provisional Authority for humanitarian and economic reconstruction. It replaced the previous oil-for-food programme that allowed the sanctions-bound Saddam Hussein government to use some oil revenues for the monitored purchase of humanitarian supplies.<br/>