Development Fund for Iraq

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In May of 2003, following the Invasion of Iraq the Development Fund for Iraq was set up. United Nations resolution 1483 transferred the authority to authorize expenditures from Iraq's oil revenue from the United Nations to the Coalition Provisional Authority. The fund also received money from seized Iraqi bank accounts. The Coalition Provisional Authority was to administer this fund, on behalf of the Iraqi people.

Paul Bremer lead the Coalition Provisional Authority. During his administration Ambassador Bremer was criticized by some for spending down over 90% of the Development Funds for Iraq. Less than 5% of the $18 billion Congress had set aside for reconstruction were spent during that period. These funds make up the Iraq Relief and Reconstruction Fund, which is largely managed by the Iraq Reconstruction Management Office. USAID also plays a role in managing these funds. Since the transfer of sovereignty in June 2004, the Development Fund for Iraq has been managed by the Iraqi Transitional Government.

[edit] Audits

There have been several audits of the disbursement from the DFI during the CPA's stewardship. The first was performed by international accounting firm KPMG. United States Congressman Henry Waxman had the staff of the Committee on Government Reform to perform another audit of DFI's expenditures.

On July 14, 2003 KPMG released audit documents that highlighted several dozen serious accounting discrepancies. Note particularly the appendix devoted to Matters noted involving internal controls and other operational issues during the audit period of the Fund For the period to 31 December, 2003

On June 20, 2005 the staff on Congressman Waxman's Committee on Government Reform released a highly critical report.

In their International Advisory and Monitoring Board's press release of June 22, 2004 states:

"The IAMB was also informed by the CPA that contrary to earlier representations the award of metering contracts have been delayed and continues to urge the expeditious resolution of this critical issue."

The CPA was shipping Iraqi Oil, through a pipeline system, with non-functioning meters. So, the actual amount of oil being shipped would have had to be estimated. The Iraqi people would have beem left in the position where they had to trust that the CPA's estimates were honest. yes.

[edit] See also

[edit] External links

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