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Iraq: UN transfers $75 million excess administrative funds to relief account

Iraq: UN transfers $75 million excess administrative funds to relief account

The United Nations has transferred $75 million in Iraqi oil revenues that had been set aside for administrative costs to an account designated for the purchase of humanitarian relief, according to documents made public today at UN Headquarters in New York.

The transfer was announced by the Executive Director of the Office of the Iraq Programme, Benon Sevan, in identical letters to the Permanent Representative of Iraq and to the Chairman of the Security Council committee monitoring the sanctions against Baghdad.

According to the Office, this is the second such transfer; earlier this year $52 million in excess administrative funds was made available for the purchase of humanitarian goods.

Under the "oil-for-food" programme, approximately 72 per cent of Iraq's petroleum revenues finance the humanitarian programme, 25 per cent goes to a fund set up to pay damages arising from Baghdad's 1990 invasion of Kuwait, 2.2 per cent covers the UN costs for administering the programme, and 0.8 per cent for the administration of the UN Monitoring and Inspection Commission (UNMOVIC).