The following information relating to arrangements for the implementation of resolution 986 (1995) -- the "oil-for-food" formula -- was issued today by the Security Council Committee established pursuant to resolution 661 (1990) which is monitoring the sanctions against Iraq:
At the 136th meeting of the Security Council Committee established by resolution 661 (1990) concerning the situation between Iraq and Kuwait, held on 21 May, the Under-Secretary-General for Legal Affairs and United Nations Legal Counsel, Hans Corell, briefed the members of the Committee on arrangements concerning the implementation of resolution 986 (1995). He informed the members that the Memorandum of Understanding (MOU) between the Secretariat of the United Nations and the Government of Iraq on the implementation of Security Council resolution 986 (1995) was signed on 20 May after 50 sessions of intensive negotiations, which took place in a highly professional and business-like atmosphere.
After giving a detailed explanation of the provisions of the MOU, Mr. Corell noted that the following steps would have to be taken in the near future: the adoption of expedited procedures by the Committee pursuant to paragraph 12 of resolution 986 (1995); the selection of a bank by the Secretary-General for the escrow account to be established; and the submission by the Iraqi Government of the distribution plan for the Secretary-General's approval. With regard to other implementation arrangements, he mentioned that additional steps would have to be taken, namely, the selection of oil experts for the monitoring of oil sales, the appointment of independent inspectors, and the establishment of the observation mechanism of the distribution of humanitarian supplies. Only after the completion of all the steps would the Secretary-General be in a position to report to the Security Council pursuant to paragraph 13 of resolution 986 (1995). In conclusion, Mr. Corell expressed the hope that the implementation of resolution 986 (1995) would be conducted in the same spirit as had prevailed at the negotiations.
The Acting Chairman of the Committee, Ambassador Zbigniew Maria Wlosowicz (Poland), and the members thanked Mr. Corell for his briefing and congratulated him and his team on successfully reaching an agreement with the Iraqi delegation. The Acting Chairman expressed the readiness of the Committee to take prompt action towards adopting the Committee's expedited procedures.
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