The following was issued today by the Iraq Sanctions Committee:
On 1 April 1997, the Security Council Committee established by resolution 661 (1990), which is monitoring the sanctions against Iraq, approved the following additional Points of Understanding relating to the implementation of resolution 986 (1995):
"The Committee is working with the Department for Humanitarian Affairs and relevant agencies to ensure that the process of considering contracts for export of goods to Iraq, under resolution 986 (1995), is responsive to the most urgent humanitarian needs of the Iraqi population.
"The Committee decided to consider for approval contracts for humanitarian supplies based upon anticipated revenues as determined by the issuing of an irrevocable letter of credit for oil shipments and confirmation of lifting of oil cargoes.
"The issuing of letters of credit for humanitarian goods contracts will continue to be based on the availability of funds in the Iraq Account."
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