UN approves $3m. in oil-for-food revenue for Iraq

By
May 24, 2007 08:58




The UN Security Council approved the transfer of more than US$3 million in oil-for-food revenue to meet Iraq's UN arrears and dues. The Iraqi government requested the transfer of funds from the escrow account for the UN Monitoring, Verification and Inspection Commission, known as UNMOVIC, which was responsible for chemical, biological and missile inspections in Iraq. Under the UN 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. While the program helped Iraqis cope with UN sanctions, an independent investigation concluded it was corrupted by bureaucrats, oil tycoons and Saddam Hussein after the former Iraqi leader was allowed to choose the buyers of Iraqi oil and the sellers of humanitarian goods.


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