UN Secretary-General Kofi Annan said on Wednesday that he accepted an independent inquiry panel's criticism of him over the management of the UN-run oil-for-food program in Iraq.

"The report is critical of me personally, and I accept its criticism," he told the Security Council, referring to a comprehensive report released by the panel on the same day.

The report criticized Annan for weak administrative practices, inadequate control and auditing of the oil-for-food program.

"As chief administrative officer, I have to take responsibility for the failings revealed, both in the implementation of the program and, more generally, in the functioning of the UN Secretariat," Annan said.

Annan took the floor after Paul Volcker, former US Federal Reserve chairman, briefed the council on the findings in the report.

Source: Xinhua