More Jordanian contracts as UN contemplates raising limit on Iraq
Jordan-Iraq, Economics, 2/20/1998

New agreements have been issued by the UN Security Council Sanctions Committee for Jordanian companies as per the second phase of oil-for-food deal between Iraq and the UN. The 6 contracts agreed upon are worth $8,371,644.

"The total Jordanian number of contracts agreed upon by the Sanctions Committee is now 75 out of 109. They are worth a total of $98,255,636," Jordanian Minister of Industry, Commerce and Supply Hani al-Mulqi told the reporters.

According to the oil-for-food deal, Iraq is allowed to sell oil worth 2 billion over six months to buy food and medicine for the Iraqi people. The UN is considering raising the limit so that Iraq can sell about 4 billion US dollars, with other proposal suggesting 5 billion.

Iraq also wants to use some of the funds generated by the sale of oil for other purposes such as for industrial equipment that will strengthen its economy, specifically the oil sector itself, in order to allow Iraq greater exporting capability.

The US among other nations support increasing the amount of oil-for-food agreement. Iraq has objected to it in the past on the grounds that such a deal will delay the lifting of the sanctions by lessening the severity of the sanctions, and making support for the sanctions more palatable to other nations who see the severe effects the sanctions are having on the population, and want the sanctions removed.

Recent statements by the US State Department has described the sanctions against Iraq as "the toughest sanctions regime in the history of the world."

Previous Stories:
  Jordan and Iraq sign commercial agreement for 1998   (2/18/1998)
  Iraqi-Jordanian trade relations reviewed   (2/16/1998)
  Trade agreement with Iraq renewed   (1/9/1998)

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