In a joint statement released Thursday, Deputy U.N. Secretary-General Mark Malloch Brown and the government of Iraq said the purpose of the International Compact for Iraq will be to articulate a national vision, including a plan to integrate Iraq into the regional and global economy.
The compact will also aim to consolidate peace and to foster political, economic and social development over the next 5 years.
"The compact will build on the achievements of the Iraqi people and provide an opportunity to develop a broader international consensus of support and engagement with Iraq to bring about its economic transformation and realize its best economic potential for the sake, wellbeing and prosperity of the Iraqi people," the statement said.
Malloch Brown, who arrived in Baghdad Thursday at the invitation of the government, has held meetings with top Iraqi leaders, including President Jalal Talibani and Prime Minister Nouri Al Maliki, as well as key members of the international donor community.
A preparatory group will report directly to Malloch Brown and Deputy Prime Minister Barham Saleh.
The compact will have strong support from the World Bank, in coordination with the International Monetary Fund, and other regional financial institutions.
Notable deaths of 2014 [PHOTOS]