UN oil-for-food program ratified

The UN has approved that the UN secretary general Kofi Annan has ratified the program provided for using oil revenues ( oil-for-food program) of USD4.432 billion, given to Iraq.

The program covers the period of time between December 2001 until May 29, 2002. It allots USD 1.91 billion for foodstuffs imports, beside other USD 184 million for foodstuffs which are distributed at the auspices of humanitarian organizations in north Iraq of the Kurdish majority.

The UN oil-for-food program also dedicates USD 600 million to buy spare parts and various items for Iraqi oil industry.

In 1996, the UN oil-for-food program was approved to limit the consequences of the sanctions imposed on Iraq following its invasion of Kuwait in 1990.

According to this program more than one third of the revenues will be allotted to pay compensations for Kuwait and for the implementation of this program, while the remaining 72% can be used for importing foodstuffs, medicines and other basic commodities after getting the consent of the UN Security Council.