$100 million to Iraq Development Fund

Secretary-General Ban Ki-moon has recommended the Security Council transfer $100 million from United Nations Iraq Account, made up of funds related to the expired oil-for-food programme, to an account for the country’s development, a UN spokesperson said today. The oil-for-food programme, under which a sanctions-bound Iraq was allowed to use monitored oil sales revenue for humanitarian purchases, was phased out in 2003 under a Council resolution lifting sanctions on the country. The Development Fund of Iraq (DFI), which will received the funds, was set up that same year to administer proceeds from export sales of petroleum, petroleum products, and natural gas.

View full text ››    Print     Email     Comment     Add content

Contributor: Victor K. Mugarura
Published Date: March 26, 2008