UN Chief Approves Distribution Plan for 'Oil-for-food' Program

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Last updated at: (Beijing Time) Wednesday, January 08, 2003

UN Chief Approves Distribution Plan for 'Oil-for-food' Program

UN Secretary-General Kofi Annan on Tuesday approved a distribution plan for the current phase of the "oil-for-food" program for Iraq

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UN Secretary-General Kofi Annan on Tuesday approved a distribution plan for the current phase of the "oil-for-food" program for Iraq

The plan submitted Monday by Iraq contains a humanitarian budget of 4.93 billion US dollars, and includes allocations of almost 1.27 billion dollars for food, 359.2 million dollars for fixing the water supply and sanitation systems.

Covering the current six-months phase starting from Dec. 5, 2002, the plan also allocated more than 272 million dollars for electrical power supply, 143 million dollars for the medical sector and 344 million dollars for especially vulnerable groups.

Meanwhile, Iraqi oil exports under the humanitarian program totaled 13.1 million barrels for the week ending Jan. 3. The totalvalue of shipments for the week were 369 million dollars at an average price of 26.9 dollars a barrel.

The program, established by the Security Council in 1995, was designed to allocate a portion of the Iraqi oil revenue to purchase food and other relief supplies.

Under the program, approximately 72 percent of Iraq's petroleumrevenues finance the humanitarian program, 25 percent goes to a fund set up to pay damages arising from Baghdad's 1990 invasion ofKuwait, 2.2 percent covers the UN costs for administering the program, and 0.8 percent for the administration of the UN Monitoring and Inspection Commission (UNMOVIC).

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