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Council Transfers Funds To Nuclear Watchdog Agency

At Iraq's Request, Security Council Transfers Funds To Nuclear Watchdog Agency

New York, Nov 9 2005

Responding to a request from the Baghdad Government, the Security Council today transferred more than $2 million of residual Oil-for-Food funds earmarked for the UN Monitoring, Verification and Inspection Commission (UNMOVIC) to the International Atomic Energy Agency (IAEA), settling Iraq's outstanding arrears with the Agency.

Under Security Council resolutions on Oil-for-Food, 0.8 per cent of Iraqi oil revenues was allocated to UNMOVIC, which inherited from the UN Special Commission (UNSCOM) the task of verifying Iraq's compliance with its obligation to renounce weapons of mass destruction.

Previously, the Council approved transfers of some $20 million out of the escrow account to cover Iraq's dues to the UN regular budget, peacekeeping and Tribunal activities.

ENDS

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