The United Nations (UN) has transferred $2.6 billion in surplus funds from its now-defunct "oil-for-food" program to the Development Fund for Iraq, according to the UN News Service.
This is the fourth such transfer since the Security Council called for the action in May when it adopted resolution 1483. The first transfer of one billion dollars was made two days after the resolution passed. As oil-for-food contracts were reviewed and prioritized, a second billion was transferred in October and a third in November.
Once all UN agencies and programs that participated in the oil-for-food program have reported their 2003 expenditures, the UN will officially close its books on the scheme for 2003 and present its financial statement to the UN Board of Auditors. At that time a further transfer of funds will be made to the Development Fund for Iraq, which is under the direction of the Coalition Provisional Authority (CPA). — (menareport.com)
© 2004 Mena Report (www.menareport.com)
