Baghdad's losses are estimated at $ 200 billion because of sanctions
Iraq, Economics, 3/25/2002

The international sanctions imposed on Iraq since 1990 caused the country a $ 200 Billion in loss, Iraqi trade minister, Mohammed Mehdi Saleh, said Sunday.

Saleh said the loss in oil exports is estimated at some $ 200 Billion, which could have been invested in development projects in Iraq.

"This unfair embargo not only prevented Iraq from financing development projects, but also affected several countries which had close commercial relations with us," he added.

The Iraqi official denounced the Oil for Food Program, enforced since 1996, and which authorizes Iraq to export Oil under International control. "Instead of serving the needs of Iraq, this program finances the expenses of the UN, and the balancing of oil prices, and preventing Iraq from developing," he said.

Since the implementation of the program in 1996, Iraq exported oil for $ 52 billion, from which, the UN took $ 18 Billion, in order to compensate the Gulf war victims, and finance its operations in Iraq, he added.

According to the minister, the value of goods Iraq received totaled $ 17 Billion, while the remaining sum represents the contracts blocked by the United States and Britain part of the UN sanctions committee.

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