Open Society Institute (OSI) Chairman George Soros launched Iraq Revenue Watch (IRW) in May 2003. At that time, the goal of IRW was to ensure transparent international stewardship of Iraq’s oil revenues while the country remained under occupation. Now that Iraq is once again independent, the goal of IRW is to monitor Iraq's oil industry and public finances, to ensure that they are managed with the highest standards of transparency and that the benefits of national oil wealth flow to the people of Iraq.

In many parts of the world, the lack of proper stewardship over oil resources has resulted in corruption, the continued impoverishment of populations, and abuses of political power. By helping the Iraqi people and international community to tackle these problems early, the Open Society Institute hopes to help Iraq avoid this plight.

IRW is part of the Open Society Institute’s effort to support informed and inclusive public policy debate in Iraq, as well as build an international network which will debate on these issues, develop new ideas and hold all stakeholders to account in promoting a free, peaceable and prosperous Iraq. IRW is a project of OSI’s Revenue Watch program, which works to promote accountability in natural resource-rich countries by equipping citizens with the information, training, networks, and funding they need to become more effective monitors of government revenues and expenditures.

There is significant momentum for promoting extractive sector revenue transparency in Iraq at present. International financial institutions and donor governments including Britain and the U.S. have expressed their commitment to supporting the transparent management of Iraq’s natural resources, so that these funds can be used for the development of a peaceful, prosperous and democratic Iraq.

Through research, capacity-building and advocacy, IRW works to equip citizens with the information, training, networks, and funding they need to become more effective monitors of the Iraqi government’s revenues and expenditures. IRW also seeks to help policy-makers improve the overall transparency of public finances where possible, in partnership and dialogue with Iraqi society. Moreover, IRW works with Iraqi citizens to promote transparency and accountability among Iraq’s international donors and investors. Through these activities IRW seeks to increase the likelihood that Iraq’s natural resource wealth will be used for the broad public benefit.

To contact Iraq Revenue Watch, write to irw@sorosny.org.