The United States has promised a "transparent" management of Iraq's oil revenues if the United Nations voted to lift sanctions against the country.
In a draft UN Security Council resolution, the US government has proposed 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.
"Some of this oil money will be spent by the Iraqis with international auditing, with transparency in cooperation with international financial institutions, on projects that would develop Iraq," he said.
The US is working to establish an interim Iraqi administration, and Mr Boucher called on the United Nations and other non-governmental organisations to support its efforts, even though such 'nation-building' has traditionally been carried out under UN auspices rather than by individual states.
"We would encourage international organisations... NGOs, governments, as well as the UN through its coordinator, to support that process and to endorse that process," he said.
AFP