Embargo Entailed $ 140 Billion Losses For Iraq, Minister says
Iraq-Spain, Economics, 1/25/1999

Iraqi Minister of Trade Mohamed Mahdi Saleh, said Sunday that the losses incurred by Iraq because of the embargo amount to nearly $140 billion.

The Iraqi official who was receiving a visiting Spanish delegation said Iraq has lost since the embargo was imposed on the country in 1991 nearly $140 billion, which represents the value of its oil exports.

He said the 1996 oil-for-food accord that enables Iraq to export some oil and to purchase basic products has not been implemented as initially agreed upon with the U.N secretary general.

During the fourth stage of the implementation of this program, which expired at the end of November, Iraq received only 20% of the foodstuffs and 2% of the medicine it had ordered, the trade minister said.

He criticized the U.S. initiative aimed at enabling Iraq to increase its oil sales saying this initiative has a political goal and does not aim at implementing the UN resolutions.

The oil-for-food program enables Iraq to sell $5.2 billion worth of crude oil every six months to purchase basic products. Iraq has not reached this ceiling because of the collapse of oil prices and delays in receiving the spare parts required to rehabilitate the oil infrastructure.

The 139-member Spanish delegation is visiting Baghdad in the frame of a campaign for the lifting of sanctions against Iraq, staged by the pro-communist coalition Izquierda Unida, the third political force in the country, and the committee of solidarity with the Arab cause.

Previous Stories:
  UN to release money for generating electricity in Iraq   (1/21/1999)
  Exporting food stuff to Iraq   (1/19/1999)
  New trade agreement between Egypt, Iraq at US $14 million   (1/11/1999)
  Lebanon announces new measures for exports to Baghdad   (12/31/1998)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search