| Topic: |
Politics > Politics-USA |
| User: |
"Harry Hope" |
| Date: |
25 Oct 2003 06:48:37 PM |
| Object: |
New Board Details Iraq Fund Monitoring. After billions are lost. |
From The Associated Press, 10/25/03:
http://www.newsday.com/news/nationworld/wire/sns-ap-iraq-monitoring-board,0,4997340.story?coll=sns-ap-nationworld-headlines
New Board Details Iraq Fund Monitoring
By EDITH M. LEDERER
Associated Press Writer
October 25, 2003, 7:09 AM EDT
UNITED NATIONS --
Members of a new board that will monitor a U.S. and British-controlled
fund for Iraq's development have announced how they expect to keep
tabs on how the money is spent.
The Development Fund for Iraq, based at the Central Bank in Baghdad,
was set up May 22 under coalition authorities' control to receive
Iraq's oil revenue and frozen assets from Saddam Hussein's ousted
regime for use in rebuilding the country.
The same Security Council resolution also set up the monitoring board
consisting of representatives of the heads of the United Nations, the
World Bank, the International Monetary Fund and the Arab Fund for
Economic and Social Development.
On Friday at the Iraq donors conference in Madrid, the heads of the
four organizations announced the board's terms of operation.
_______________________________________________________
http://story.news.yahoo.com/news?tmpl=story&cid=1514&e=2&u=/afp/20031023/wl_mideast_afp/iraq_reconstruction_031023173008
the British-based charity Christian Aid alleged that four billion out
of an estimated five billion dollars (3.4 billion out of 4.2 billion
euros) believed to be in the fund have "disappeared into opaque bank
accounts" administered by the CPA.
The group urged any potential contributor at the conference to demand
explanations before pledging any additional assistance, claiming that
"no independent body knows where this cash has gone."
It said the "financial black hole" would only fuel suspicions that
large amounts of the money in the fund were being siphoned off for
large US firms and not being channelled to deal with Iraq's serious
needs.
"The fact that no independent body knows where this cash has gone is
in direct violation of the UN resolution that released much of it for
the rebuilding of Iraq's shattered infrastructure," Christian Aid
said.
Harry
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