U.N. Transferring Iraq Oil-for-Food Program to CPA
The United Nations has agreed to transfer administration of the Oil-for-Food program to the Coalition Provisional Authority (CPA) in Iraq when the United Nations ends its administration of the six-year-old program on November 21, 2003. The CPA has also announced that the Oil-for-Food program will be extended an additional six months and will run until at least June 2004.
The Oil-for-Food will be extended to ensure the transition and completion of numerous projects that have not yet been completed in Iraq. The United Nations has indicated that as of November 21, $8.2 billion in goods will be still in the pipeline, and an additional $2.1 billion will be in an escrow account for future orders. Those funds are being transferred to the CPA.