The Government believes the natural resources of Iraq should be returned to the stewardship of the people of Iraq as soon as possible, and that the Iraqi people have the right to determine their own political future. Security Council Resolution 1483, to which the Deputy refers, takes this as its starting point. This resolution also recognises that until the Iraqi people are in a position to exercise these rights, the occupying powers have specific authorities, responsibilities and obligations under international law.
The resolution does not give control of Iraq's oil revenues to the occupying powers. On the contrary, it provides that all export sales shall be made consistent with international market best practices and that this will be independently audited. It also provides that all proceeds from such sales shall be deposited into the development fund for Iraq until such time as an internationally recognised representative government is established by the people of Iraq. The development fund for Iraq will be subject to the scrutiny of an international advisory and monitoring board. Its members will include representatives of the UN Secretary General and the international financial institutions, including the director general of the Arab Fund for Social and Economic Development.
Therefore the Government is satisfied that under Resolution 1483, sufficient monitoring will be put in place to allow the United Nations and the international community in general to assess the manner in which Iraqi oil revenues are used.
The oil for food programme was of critical importance to the people of Iraq while Iraq was under economic sanctions. The removal of sanctions on all but military supplies will facilitate both the resumption of normal trade and economic life for the people of Iraq, and the operations of international NGOs. These changes should eventually permit the essential needs of the Iraqi people to be met without recourse to the oil for food programme. Resolution 1483 allows for the programme's phasing out within six months to cover the transitional period and ensure that essential supplies are continued until conditions permit the use of alternative measures.