The Office of the Iraq Programme noted that the plan, which must be approved by UN Secretary-General Kofi Annan in order to take effect, calls for allocating, among others, over $1.27 billion for food, $600 million for oil industry spare parts, $387 million for especially vulnerable groups and $300 million for the purchase of medicine and medical supplies.

According to the Office, last week registered "the lowest level of Iraqi oil exports under the UN oil-for-food programme" which allows Baghdad to sell its petroleum and use a portion of the proceeds for humanitarian relief. A total of 1.6 million barrels were lifted through two loadings, raising 43 million euros in revenue.

Meanwhile, six new contracts for the purchase of Iraqi oil were approved by the Security Council committee monitoring the sanctions against Baghdad. The contracts cover 12 million barrels of oil destined for either the United States, Europe or the Far East.

Over the course of the week leading up to 9 February, the committee released 24 contracts from hold valued at $48.6 million, while 56 new contracts worth $112.4 million were put on hold "for various reasons," the Office reported.

The total value of contracts placed on hold by the sanctions committee "continued to rise" during that period, with $3.18 billion worth now being held, the Office said. That figure includes $2.7 billion for humanitarian supplies and $435 million for oil industry spare parts and equipment.