Saddam Hussein wants to donate £64m to poor Americans - on the condition that an Iraqi committee supervises how the money is spent.
He says the supervision which will be in the same way that the UN oversees Iraq's oil earnings.
The official Iraqi News Agency said the donation is the second to be announced by Saddam targeting "people who need to be helped".
The first, announced in November, was for £636m and meant for the Palestinian people.
The agency said the money could only be disbursed if an Iraqi committee is allowed to supervise the distribution of the donation.
Under an exemption from the sweeping trade sanctions imposed on Iraq for its 1990 invasion of Kuwait, the UN sanctions committee supervises how Iraq spends money earned from oil sales.