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UN Transfers $500 Million In Oil Revenues to Iraq

UN Transfers $500 Million In Oil Revenues To Development Fund For Iraq

The United Nations today reported transferring $500 million in surplus money from its now-defunct Oil-for-Food programme to the Development Fund for Iraq (DFI).

The transfer comes as part of a process that began in response to Security Council 1483, adopted in May 2003.

That measure, in part, underlined that the DFI “shall be used in a transparent manner to meet the humanitarian needs of the Iraqi people, for the economic reconstruction and repair of Iraq's infrastructure, for the continued disarmament of Iraq, and for the costs of Iraqi civilian administration,” as well as for other purposes benefiting the Iraqi people.

To date, a total of $8.1 billion has been transferred.

© Scoop Media

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