UNITED NATIONS, June 24 (Xinhuanet) -- The UN Security Council endorsed on Friday the transfer of more than 220 million dollars from the escrow account set up under the former UN arms inspection regime into accounts for the country's development and the repayment of its UN arrears.

    In making the proposal earlier this week, UN Secretary-General Kofi Annan said that 200 million dollars would be transferred to the Development Fund for Iraq from an account set up under the UN Monitoring, Verification and Inspection Commission for Iraq (UNMOVIC), which withdrew from the country on the eve of the US-led invasion two years ago.

    A balance of 20,256,697 dollars, he said, would be credited against Iraq's arrears in its contributions to the UN regular budget, peacekeeping operations and tribunal activities. Enditem