The UN Security Council met todayfor initial discussion of a draft resolution which would liftsanctions against Iraq and give the US-led occupying forces controlof its economy for 12 months.
The United States presented the draft resolution - sponsored by Britain and Spain - which would immediately lift all restrictions imposed on Iraq after its invasion of Kuwait in 1990, apart from an arms embargo.
Diplomats in New York said no decision was likely before May 24th, at the earliest.The White House insisted that a long UN debate is not required.
The United States pressed the last night for lifting international sanctions on Iraq, promising a transparent management of Iraq's oil revenues if the UN votes for its draft resolution.
The text, which two senior council diplomats called "hard" and "in your face", will probably face amendments from France and Russia, who have favoured suspending the sanctions but leaving some control with the UN until an Iraqi government is established.
In the Security Council draft, the US government proposes that trade and economic sanctions imposed against Saddam Hussein's regime be lifted and oil revenues administered by an "Iraqi Assistance Fund" run by the US-led occupying powers.
"How this money can be used to benefit the Iraqi people, by the Iraqis, with transparency, and in consultations with the international finance institutions and others is fairly well specified in the resolution," US State Department spokesman Mr Richard Boucher said last night.
"Some of this oil money will be spent by the Iraqis with international auditing, with transparency in co-operation with international financial institutions, on projects that would develop Iraq," he said.
AFP