Iraq: UN oil-for-food programme realizes $61 million in overhead savings

Iraq: UN oil-for-food programme realizes $61 million in overhead savings

The United Nations office overseeing the humanitarian “oil-for-food” programme today said that $61 million in administrative savings will be redirected to the purchase of relief supplies for Iraq.

According to the Office of the Iraq Programme (OIP), the latest reduction in administrative and operational costs brings the overall savings on overhead to $272 million since September 2000.

Meanwhile, Iraqi oil exports under the UN scheme, which allows Baghdad to use a portion of its petroleum revenues to buy humanitarian supplies, totalled 15.1 million barrels for the week ending 17 January. Those sales brought in an estimated €398 million euros, or $424 million, in revenue.