Security Council okays plan to release Iraqi funds

The United Nations Security Council today endorsed the transfer of more than $220 million from the escrow account set up under the former UN arms inspection regime into accounts for the country's development and the repayment of its UN arrears.

The Security Council today endorsed the transfer of more than $220 million from the escrow account set up under the former United Nations arms inspection regime into accounts for the country's development and the repayment of its UN arrears.

In making the proposal earlier this week, Secretary-General Kofi Annan said that $200 million would be transferred to the Development Fund for Iraq from an account set up under the UN Monitoring, Verification and Inspection Commission for Iraq (UNMOVIC), which withdrew from the country on the eve of the United States-led invasion two years ago.

A balance of $20,256,697, he said, would be credited against Iraq's arrears in its contributions to the UN regular budget, peacekeeping operations and tribunal activities.