Dinar Iraq News
Iraq takes over billions in oil revenue set aside by U.N.
By the CNN Wire Staff
July 1, 2011 -- Updated 1341 GMT (2141 HKT)
The Iraqi flag flutters at the opening of the second refinery for crude oil in Al-Dora complex in Baghdad on September 16, 2010
(CNN) -- Iraq took control Friday of billions of dollars in
oil revenues set aside by the United Nations following the 2003 U.S.-led
invasion that toppled Saddam Hussein, money intended to be used build
up the country's economy.
The U.N. Security Council hand over of
the Development Fund for Iraq is considered a milestone for Iraqi
autonomy, which comes as the United States prepares to withdraw its
roughly 47,000 troops from the country by the end of the year.
"The
members of the Security Council welcomed the Government of Iraq's
establishment of a successor arrangement for the transition of the
Development Fund for Iraq," the United Nations said in a statement
released Thursday.
The fund will be turned over to an Iraqi
committee of financial experts that will operate under terms approved by
Iraq's Council of Ministers, it said.
In the statement, the
Security Council reiterated the commitment by Iraq to "ensure that oil
revenue is used in the interests of the Iraqi people, and to ensure that
transition arrangements remain consistent with the constitution and
with international best practices in respect of transparency,
accountability and integrity."
A 2003 Security Council resolution
that created the development fund requires 5% of Iraq's oil revenue be
used to pay reparations, primarily Kuwaiti claims that arose from the
1991 Gulf War.
In December, the Security
Council lifted all but a few sanctions put in place prior to the
invasion. Among the issues to still be resolved: war reparations to
Kuwait, the demarcation of the Iraqi-Kuwait border and efforts to locate
missing Kuwaitis and third-party nationals.
Source:
http://www.cnn.com/2011/WORLD/meast/07/01/iraq.oil.revenue/
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