U.N. approves Iraq funds transfer

The U.N. Security Council approved the transfer of more than $3 million in oil-for-food revenue to meet Iraq's U.N. arrears and dues.

U.N. approves Iraq funds transfer
The U.N. Security Council approved the transfer of more than $3 million in oil-for-food revenue to meet Iraq's U.N. arrears and dues.

The Iraqi government requested the transfer — approved Wednesday — of funds from the escrow account for the U.N. Monitoring, Verification and Inspection Commission, known as UNMOVIC, which was responsible for chemical, biological and missile inspections in Iraq.

Under the U.N. oil-for-food program, Iraq was allowed to sell oil provided the proceeds went primarily to buy humanitarian goods and pay reparations from the 1991
Gulf War that followed Iraq's invasion of Kuwait. But a small percentage of the money was also used to pay for weapons inspections by UNMOVIC and to buy spare parts for the oil industry.

At a formal meeting Wednesday, the council approved the transfer of $2.5 million to the U.N. Industrial Development Organization to pay off the Iraqi government's arrears and another $694,771 to pay Iraq's contribution to the regular U.N. budget, the peacekeeping budget, U.N. tribunals and U.N. renovations.

Last Mod: 24 Mayıs 2007, 15:43
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