Iraq to obtain rest of Oil-for-Food funds by year end: UN official

09:46, April 07, 2010      

Email | Print | Subscribe | Comments | Forum 

The Iraqi government has a "realistic" plan to take full ownership by the end of this year of a fund administering proceeds from export sales of petroleum under the now defunct Oil-for-Food Program, a top UN budget official told the Security Council Tuesday.

"Once all the outstanding activities under the Oil-For-Food Program are concluded, and taking into account issues mentioned by the secretary-general's report circulated to the Council members, all other remaining funds should be transferred from the Iraqi Escrow Account to the DFI (Development Fund for Iraq)," said UN Controller Jun Yamazaki.

Yamazaki made the statement as he was presenting to the 15 Security Council members the latest report on the issue by UN Secretary-General Ban Ki-moon.

The Development Fund for Iraq was established in 2003, the same year the Security Council phased out the Oil-for-Food Program, which allowed the sanctions-bound government of Saddam Hussein to use some monitored oil sales revenue for humanitarian purchases.

In 2003, proceeds from petroleum sales, along with the balance of the Oil-for-Food funds put under escrow and some frozen assets, were slowly transferred to the Development Fund for Iraq, overseen by the International Advisory and Monitoring Board (IAMB).

As of the end of 2008, the fund had received nearly 180 billion U.S. dollars, according to a 2009 report by Ban.


【1】 【2】

(Editor:燕勐)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based eastday.com reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
  • Actress Huang Jieqiong performs at the opening ceremony of the Second Ecological and Cultural Tourism Festival in Enshi Tujia and Miao Autonomous Prefecture, central China's Hubei Province, Sept. 26, 2011. (Xinhua/Hao Tongqian)
Hot Forum Discussion