UN hands Iraqi funds to occupiers

The United Nations has effectively handed over control of Iraqi funds it administered to the US-led occupation force.

    The UN Security Council resolved to hand over the fund last May

    The world body has transferred $2.6 billion to the Fund for the Development of Iraq, which is managed by the US-led occupation that spearheaded the war on Iraq last year and today occupies the country, an official UN source said on Thursday.

    The fund is an evolution of the seven-year-old UN oil-for-food program, whose functions were transferred to the US-led occupation forces by a UN Security Council resolution last 22 May.

    The $2.6 billion transfer, done in the closing hours of 2003, was the fourth and largest to the fund. One billion was transferred on May 24, a second billion in October and a third tranche in November.

    Food and medicine

    The oil-for-food programme, set up in 1996, was intended to mitigate the effects of international sanctions imposed on Iraq after its 1990 invasion of Kuwait, by using UN-controlled sales of Iraqi oil to buy food and medicine for the civilian population.

    In the ensuing seven years, according to UN figures, the programme has generated oil revenues totalling $65 billion. Of that, $46 billion has been allocated to the food programme, with the rest going to compensate victims of the invasion of Kuwait and financing the costs of administration and arms inspections.

    SOURCE: AFP


    YOU MIGHT ALSO LIKE

    Double standards: 'Why aren't we all with Somalia?'

    Double standards: 'Why aren't we all with Somalia?'

    More than 300 people died in Somalia but some are asking why there was less news coverage and sympathy on social media.

    The life and death of Salman Rushdie, gentleman author

    The life and death of Salman Rushdie, gentleman author

    The man we call 'Salman Rushdie' today is not the brilliant author of the Satanic Verses, but a Picassoesque imposter.

    The Beirut Spy: Shula Cohen

    The Beirut Spy: Shula Cohen

    The story of Shula Cohen, aka The Pearl, who spied for the Israelis in Lebanon for 14 years.