Annan to make Iraqi funds available for development, UN arrears

21 June 2005 – United Nations Secretary-General Kofi Annan today informed the Security Council of his intention to transfer the amount of $220,256,697 from the escrow account set up under the former UN arms inspection regime into accounts for the country's development and the repayment of its UN arrears.

Subject to the Council's agreement, Mr. Annan said that $200 million would be transferred to the Development Fund for Iraq from an account set up under the UN Monitoring, Verification and Inspection Commission for Iraq (UNMOVIC), which withdrew from Iraq on the eve of the United States-led invasion two years ago.

A balance of $20,256,697, he said, would be credited against Iraq's arrears in its contributions to the UN regular budget, peacekeeping operations and tribunal activities.