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Topic: Development Fund for Iraq

	Coalition Provisional Authority Program Review Board - Wikipedia, the free encyclopedia
		It had the authority to recommend expenditures from both the Development Fund for Iraq, which the Coalition Provisional Authority (CPA) administered in trust on behalf of the Iraqi people, and the Iraq Relief and Reconstruction Fund, which the CPA administered on behalf of the American people.
		The expenditures from the Development Fund for Iraq that the board recommended to CPA Administrator Bremer were made under obligations the Coalition undertook under United Nations resolution 1483.
		According to the KPMG audit of the Development Fund for Iraq expenditures, the board routinely failed to properly document its decisions.
	en.wikipedia.org /wiki/Coalition_Provisional_Authority_Program_Review_Board (545 words)

	washingtonpost.com: Minding Iraq's Business
		Iraq's oil revenue now goes into the Development Fund for Iraq, which was created last May by the U.N. Security Council to replace the old oil-for-food program.
		That fund is supposed to be audited by a body called the International Advisory and Monitoring Board, which would represent the United Nations, the World Bank, the International Monetary Fund and the Arab Fund for Economic and Social Development.
		Oversight of Iraq's oil revenue is addressed in a few sentences of fine print in the original U.S resolution on Iraqi reconstruction that was presented to the United Nations.
	www.washingtonpost.com /ac2/wp-dyn/A38768-2003Oct16?language=printer (763 words)

	SignOnSanDiego.com > In Iraq -- United Nations, World Bank to set up trust fund for Iraq separate from U.S.-run ...
		The Reconstruction and Development Fund Facility for Iraq is meant to answer the concerns of the European Union, Japan and other potential donors that pushed for an alternative funding system, said Julia Taft, director of the U.N. Development Fund's crisis prevention and recovery bureau.
		The Development Fund is controlled by the U.S.-led occupation administration, called the Coalition Provisional Authority, and by the U.S.-appointed Iraqi Governing Council.
		He said the costs are high because Iraq was a relatively developed country that suffered two decades of "under-investment, decay and degeneration" and a decade of economic sanctions.
	www.signonsandiego.com /news/world/iraq/20031016-0153-un-iraq-reconstruction.html (482 words)

	Executive Order 13303 - Wikipedia, the free encyclopedia
		The plan centers on the Development Fund for Iraq, created by the United Nations and nominally controlled by the United States, with advise from the World Bank and the International Monetary Fund (IMF).
		The United Nations Security Council approved Resolution 1483 on May 22, 2003, ending economic sanctions against Iraq while clearing a path for the transfer of over $1 billion from the Oil-for-Food program as seed money for establishment of the development fund.
		KPMG audit of the Development Fund for Iraq
	en.wikipedia.org /wiki/Executive_Order_13303 (830 words)

	Iraq Revenue Watch: Key Documents > Coalition Provisional Authority Regulation Number 2: Development Fund for Iraq
		The Fund can be used to "meet the humanitarian needs of the Iraqi people and for the economic reconstruction and repair of Iraq's infrastructure; for the continued disarmament of Iraq; for the costs of Iraq's civilian administration; and for other purposes the Administrator deems to be for the benefit of the people of Iraq."
		While the Central Bank of Iraq "holds the Fund on its books," the U.S. Federal Reserve Bank of NY or other financial institutions hold the corpus of the Fund under an account for the "Central Bank of Iraq/Development Fund for Iraq," if requested by the Administrator.
		Until an Iraqi interim administration is established, the Development Fund for Iraq functions as the country's budget.
	www.iraqrevenuewatch.org /documents/dfi.shtml (739 words)

	FresnoBee.com: Iraq: U.N. approves $200M for Iraq development (Site not responding. Last check: 2007-11-02)
		Iraq has been lobbying the council for months to stop using the country's oil revenue to pay compensation to victims of the 1991 Gulf War and the salaries of U.N. weapons inspectors - and to transfer all money remaining in the U.N.'s oil-for-food accounts to the development fund.
		Iraq's U.N. Ambassador Samir Sumaidaie has been arguing that Iraq does not pose a threat and does not possess any weapons of mass destruction, and therefore it is a waste of money to spend more than $10 million a year on UNMOVIC.
		Under the oil-for-food program, Iraq was allowed to sell oil provided the proceeds went primarily to buy humanitarian goods and pay war reparations, but a small percentage of the money also was used to pay for U.N. weapons inspections and to buy spare parts for the oil industry.
	www.fresnobee.com /24hour/iraq/story/2508897p-10870943c.html (546 words)

	IRW Criticizes Lack Of Transparency Of Development Fund For Iraq
		Iraq Revenue Watch (IRW), the body established by George Soros’ Open Society Institute to monitor the use of Iraqi funds by the US-led Coalition Provisional Authority (CPA), has criticized the lack of transparency of the Development Fund for Iraq (DFI).
		In addition, the fund received frozen Iraqi assets held abroad and will take charge of whatever cash is left in the UN oil-for-food program at the end of November.
		Up until now, DFI funds have been used to fund Iraqi public salaries, compensation to Iraqi families for loss of members by actions of Coalition Forces and the day-to-day functioning of the Iraq Governing Council and Ministries.
	www.mees.com /postedarticles/finance/iraq/a46n41b02.htm (779 words)

	U.S. 'Splurges' with Iraq's Money
		Allocations and disbursements from the development fund were made by the 12-member Program Review Board, a committee composed of Americans representing the CPA, Iraqis from the U.S.-appointed government and officials from the governments of Britain and Australia.
		The development fund, at least until May 6, was used largely to bankroll day-to-day Iraqi government operations.
		One of the principal beneficiaries of the development fund money was Halliburton Co., which was paid hundreds of millions of dollars to truck gasoline and other fuels into Iraq - a country with the world's second-largest oil reserves - because of problems with Iraq's refineries.
	www.truthout.org /cgi-bin/artman/exec/view.cgi/4/5113 (2403 words)

	Operation Oily Immunity
		New debt for Iraq will accrue through the very program that President Bush pledged would 'benefit the people of Iraq.' The Development Fund, derived from actual and expected Iraqi oil and gas sales, apparently will be used to leverage U.S. government-backed loans, credit, and direct financing for U.S. corporate forays into Iraq.
		Besides financing reconstruction projects, some of the funds will also be used as collateral for projects approved by the U.S. Export-Import Bank (ExIm), whose mission is not development or poverty alleviation, but rather the creation of US jobs and the promotion of American business abroad.
		Hours after the UN endorsed US control of the 'Development Fund' for Iraq, Bush signed an executive order that was spun as implementing Resolution 1483, but in reality, went much further towards attracting investment and minimizing risk for US corporations in Iraq.
	www.commondreams.org /views03/0723-06.htm (851 words)

	ZNet \|Iraq \| Looting Iraq by Executive Order
		It holds The Development Fund for Iraq and US oil corporations above the law by rendering any claim or lawsuit brought against them to be ânull and void.â Whoever controls the Fund can do anything they want with the money, such as put it in their pocket.
		In ending sanctions against Iraq, UN 1483 established the Development Fund, determining that âall proceeds from such sales (of Iraqi petroleum) shall be deposited into the Development Fund for Iraqâ¦â as per section 20.
		The Development Fund for Iraq is supposed to be monitored by something called The International Advisory and Monitoring Board (IAMB) âcomposed of representatives of the UN Secretary General, the International Bank for Reconstruction and Development, the IMF, and the Arab Fund for Economic and Social Development,â as per UN Resolution 1483.
	www.zmag.org /content/showarticle.cfm?SectionID=15&ItemID=4397 (1108 words)

	Iraq Revenue Watch: Key Documents
		In July 2004, the International Advisory and Monitoring Board (IAMB) on Iraq was presented with the first reports by KPMG covering audits of the oil export sales and the Development Fund for Iraq (DFI) operations through end-December 2003.
		This resolution on the new phase of Iraq's transition to democracy was adopted June 8, 2004.
		White House Quarterly Reports on Iraq are sent to the Congress pursuant to Section 2207 of the Emergency Supplemental Appropriations Act for Defense and for the Reconstruction of Iraq and Afghanistan, FY 2004 (Public Law 108-106).
	www.iraqrevenuewatch.org /documents/index.shtml (2877 words)

	NewsFromRussia.Com:Development fund for Iraq: a situation of chaos
		Development fund for Iraq: a situation of chaos - 2005.05.06/08:52
		The money came from the Development Fund for Iraq, an account created with revenue from Iraqi oil sales, funding from the United Nations' now-defunct oil-for-food program and Iraqi assets repatriated from abroad.
		The audit does highlight a case in which two unnamed field agents responsible for disbursing cash left Iraq with $1.5 million between them left on their books.
	newsfromrussia.com /world/2005/05/06/59613_.html (420 words)

	U.N. Security Council Ends Economic Sanctions on Iraq (Site not responding. Last check: 2007-11-02)
		Underlines that the Development Fund for Iraq shall be used in a transparent manner to meet the humanitarian needs of the Iraqi people, for the economic reconstruction and repair of Iraq's infrastructure, for the continued disarmament of Iraq, and for the costs of Iraqi civilian administration, and for other purposes benefiting the people of Iraq;
		The Development Fund will be monitored by an international board that includes representatives of the UN Secretary General, the IMF, the Arab Fund for Social and Economic Development, and the World Bank.
		The resolution underlines that the Development Fund will be used in a transparent manner: for the humanitarian needs of the Iraqi people, economic reconstruction and repair of Iraq's infrastructure, the continued disarmament of Iraq, the costs of Iraqi civilian administration, and other purposes benefiting the people of Iraq.
	www.useu.be /Categories/GlobalAffairs/Iraq/May2203UNSCIraqResolution.html (4395 words)

	CorpWatch : Iraq: Corporate Slush Funds for Baghdad
		In the creation and expected implementation of the Development Fund for Iraq, one finds the extension of global economic restructuring as first envisioned by the Reagan administration in the 1980s, and implemented en masse through the 1990s.
		In order to encourage the flow of oil revenues into the Development Fund, the UN Security Council declared that Iraqi oil and gas are immunized from legal proceedings until Dec. 31, 2007.
		While ensuring that the Development Fund will be used to deepen Iraq's debt to the US, the Bush administration is demanding that the Gulf States, Russia, France, and the international financial institutions forgive Iraq's existing $60 billion-plus debt.
	www.corpwatch.org /article.php?id=7688 (1662 words)

	Development Fund for Iraq - SourceWatch
		On May 22, 2003, the UN Security Council unanimously adopted Resolution 1483, which ended sanctions and endorsed the creation of the Development Fund for Iraq, to be overseen by a board of accountants, including repesentatives from the United Nations, World Bank, and International Monetary Fund (IMF).
		Coalition Provisional Authority (http://www.cpa-iraq.org/budget/DFI_intro1.html): "The Development Fund for Iraq." DFI Disbursements as of 29 December 2003 (http://www.cpa-iraq.org/budget/DFI_31dec2003.xls).
		The folowing is a timeline of The Coallition Provisional Authority's handling of the Development Fund for Iraq, as seen from their perspective.
	www.sourcewatch.org /index.php?title=Development_Fund_for_Iraq (1755 words)

	Protecting U.S. Oil Interests in Iraq.
		The Development Fund for Iraq established by the United Nations does not spell out ownership as it was assumed it would be the Iraqi people who would own the oil from Iraq.
		In the creation of the Development Fund for Iraq, it was argued that this was to alleviate the poverty in Iraq and was sold as Humanitarian Assistance yet "one finds the fingerprints of the global economic structural adjustment that has attracted so much protest in recent years.
		Some of the funds are to go towards restructuring facilities and oil systems, pipelines, etc., and all are aware of Halliburton, Bechtel, Brown and Root receiving contracts under the Pentagon’s non-competitive bidding; some of the funds will also be used as collateral for projects approved by the U.S. Export-Import Bank (ExIm Bank).
	www.informationclearinghouse.info /article4264.htm (1623 words)

	Congress Wants Pentagon Documents on Iraq Development Funds
		INTRO: U.S. lawmakers have sharply criticized U.S. handling of the Development Fund for Iraq that was to be used for the reconstruction of Iraq after the invasion.
		TEXT: The Development Fund for Iraq held about eight-billion dollars from the former UN Oil for Food Program, as well as revenues from new oil sales and money seized from the regime of former Iraqi President Saddam Hussein.
		What we did say was this: the CPA provided less than adequate controls over DFI funds, provided to Iraqi ministries, through the national budget process [and] the CPA failed to establish or implement sufficient managerial, financial and contractual controls to ensure that DFI funds were used in a transparent manner.
	www.globalsecurity.org /wmd/library/news/iraq/2005/06/iraq-050621-327e0402.htm (658 words)

	General Glut's Globblog
		Recall that the Development Fund for Iraq was set up by UNSC Resolution 1483 (2003) which largely replaced the UN Oil for Food Program, itself discontinued in November.
		Counterpunch has called the DFI "The Corporate Slush Fund for Iraq", and Christian Aid dubbed it "a financial fl hole".
		While DFI funds will be disbursed by the new interim government after June 30, they will still be disbursed to (primarily US) corporations reconstructing Iraq.
	globblog.blogspot.com /2004/05/after-grilling-some-burgers-and.html (528 words)

	News from the Washington File
		(Fund will be administered by provisional coalition authority) (920) President Bush May 22 issued an executive order to establish a "Development Fund for Iraq" at Iraq's central bank.
		The fund will be administered by the coalition authority responsible for Iraq's temporary governance.
		The president said the Department of the Treasury in consultation with the departments of State and Defense will be responsible for the fund.
	www.globalsecurity.org /wmd/library/news/iraq/2003/05/iraq-030523-usia05.htm (343 words)

	Special Inspector General for Iraq Reconstruction : Audit Reports
		Both governments are developing a plan and attempting to identify the required funds to finalize these centers for the benefit of the Iraqi citizens.
		In a series of SIGIR reports addressing the use of the Development Fund for Iraq (DFI) for relief and reconstruction activities, SIGIR determined that improvements could be made in overall control and accountability for contracts, grants, and cash transactions using the DFI, and made recommendations for such improvements.
		The objective of this audit was to determine whether the U.S. government organizations responsible for managing IRRF projects have developed and approved policies and procedures for transferring the billions of dollars of assets purchased, renovated, and constructed with IRRF funds to the Iraq's government and its citizens.
	www.sigir.mil /reports/audit.aspx (2602 words)

	Development Fund for Iraq - Global Policy Forum - UN Security Council
		KPMG submitted its audit reports on the Development Fund for Iraq for the periods from May 22, 2003 to December 31, 2003 and January1, 2004 to June 28, 2004.
		Iraq Revenue Watch reports that all relevant ministries “were not consulted in the development of the funding requests.” Under UN Security Council resolution 1546, the new Interim Government is obliged to “satisfy outstanding obligations against the DFI.”
		The Iraq oil industry is in a perilous condition between potential US control through the Development Fund for Iraq and daily acts of sabotage on oil pipelines.
	www.globalpolicy.org /security/issues/iraq/dfiindex.htm (4182 words)

	Development Fund for Iraq: Audit Reports - Global Policy Forum - UN Security Council
		Development Fund for Iraq: Audit Reports - Global Policy Forum - UN Security Council
		DFI Audit Reports for the period from January 1, 2004 to June 28, 2004
		Appendix: Matters noted involving internal controls and other operations issues during the audit of the Fund.
	www.globalpolicy.org /security/issues/iraq/dfi/2004/auditreports.htm (244 words)

	CorpWatch : UN: Advisory Board Press Conference for Iraq Development Fund
		He was joined by: Khalifa Ali-Dau of the Arab Fund for Economic and Social Development; Bert Keuppens of the International Monetary Fund (IMF); and Fayezul Fayezul Choudhury of the World Bank.
		The IAMB, authorized by the Security Council under resolution 1483 (2003), had, as its main task, the oversight role of the financial position of the Iraq Development Fund, which is the principal repository for Iraq’s oil-export receipts.
		Given the oil-producing capacity of a country like Iraq, however, it should not be unreasonable for it to produce more than $20 billion in oil per year.
	www.corpwatch.org /article.php?id=12986 (2600 words)

	Billions Missing from U.S. Controlled Development Fund (Site not responding. Last check: 2007-11-02)
		In a report issued Oct. 23 entitled, "Iraq: the missing billions," U.K.-based Christian Aid reveals that the fate of $4 out of $5 billion transferred to the Coalition Provisional Authority (CPA)'s Defense Fund for Iraq (DFI) remains unknown.
		The only funds accounted for appear to be about $1 billion in pre-war funds transferred from the U.N. Oil for Food Program.
		However, the CPA has not disclosed the fate of $2.5 billion in seized state assets and $1.5 billion from oil revenues handed over to the Development Fund for Iraq and held in the U.S. Federal Reserve Bank.
	pages.zdnet.com /trimb/id190.html (576 words)

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