Iraq lashed out Sunday, March 4, at BNP-Paribas, the French bank which holds its oil revenues under the strict supervision of the United Nations. "Our problem with this bank is the slowness in opening lines of credit and settling bills" with suppliers, said Iraq Central Bank Governor Issam Rashid Hawish, as quoted in the Iraqi news weekly Al Nassiriyah.
BNP-Paribas has caused "Iraq enormous losses with lateness in deliveries," he said, adding that "our suppliers demand surcharges because they are liable to have to wait for payment" by the bank.
Iraq can only access funds from its accounts deposited in BNP-Paribas under the approval of the UN as part of the 1996 oil-for-food program that allows Iraq to sell its oil on the world market under international supervision. The oil-for-food program was introduced to soften the Iraqi people's suffering under the economic embargo imposed since Baghdad's 1990 invasion of Kuwait.
The UN Security Council has to approve Iraq's contracts for humanitarian items to ensure that the goods do not also serve a military purpose. The sanctions can only be lifted with a UN arms inspection team's certification that Iraq is rid of nuclear, biological and chemical weapon capabilities. —(AFP)
© Agence France Presse 2000
© 2001 Mena Report (www.menareport.com)
