Financing set for Volcker-led probe of UN Oil-for-Food programme

United Nations Secretary-General Kofi Annan today sent a letter to the Security Council outlining the financing of the independent investigation into the Oil-for-Food programme being led by former United States Federal Reserve Board Chairman Paul Volcker.

An extensive examination of the budgetary projections and requirements of the Volcker-led Independent Inquiry Committee (IIC) found that the panel could be financed from funds left over in the account established by the Security Council to cover the programme’s operational and administrative costs.

The Secretary-General is also informing the interim Government of Iraq of his decision, according to the letter.

The inquiry requires $30 million to cover its cost through the end of 2005.