UN transfers $.2.6 billion in oil revenues to development fund for Iraq

The United Nations today is transferring $2.6 billion in surplus funds from its now-defunct "oil-for-food" programme to the Development Fund for Iraq.

This is the fourth such transfer since the Security Council called for the action in May when it adopted resolution 1483. The first transfer of $1 billion was made two days after the resolution passed. As oil-for-food contracts were reviewed and prioritized, a second billion was transferred in October and a third in November.

Today's transfer came after outstanding contracts were completed and letters of credit issued.

Once all UN agencies and programmes that participated in the oil-for-food programme have reported their 2003 expenditures, the UN will officially close its books on the scheme for 2003 and present its financial statement to the UN Board of Auditors. At that time a further transfer of funds will be made to the Development Fund for Iraq, which is under the direction of the Coalition Provisional Authority (CPA).