Security Council extends UN oilforfood programme until 4 December

The Security Council this evening unanimously adopted a resolution extending until 4 December the United Nations oil-for-food programme, which began operations in 1996 and remains a temporary measure to provide for the civilian needs of the Iraqi people until Baghdad meets its international obligations.Under the scheme, Iraq is allowed to use 72 per cent of its oil revenues to purchase humanitarian relief. Of the remainder, 25 per cent goes to the Compensation Fund for war reparation payments, while 2.2 per cent covers UN costs for administering the programme and 0.8 per cent is allocated to the weapons inspection operations. To date, some $25 billion worth humanitarian supplies and equipment have been delivered to Iraq under the programme, including $1.5 billion worth of oil industry spare parts and equipment. An additional $10 billion worth of supplies are currently in the production and delivery pipeline. read more