Coalition Provisional Authority Comptroller Cash Management Controls Over the Development Fund for Iraq
Abstract
The Development Fund for Iraq (DFI) was established solely for the benefit of the people of Iraq. Ninety-five percent of the proceeds of all export sales of petroleum, petroleum products, and natural gas from Iraq, as well as funds from other sources, were deposited into the DFI until an internationally recognized, representative government of Iraq was properly constituted, and that five percent of the proceeds referred to in paragraph 20 of Resolution 1483 were deposited into the Compensation Fund established in accordance with Resolution 687 (1991). The major Coalition Provisional Authority (CPA) objective was to ensure that the newly established DFI and other Iraqi resources, including Iraqi petroleum and petroleum products, are dedicated to the well-being of the Iraqi people. The DFI was to 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, for the costs of Iraqi civilian administration, and for other purposes benefiting the people of Iraq. CPA Regulation 2 applies to the administration, use, accounting, and auditing of the DFI. The regulation was intended and applied to ensure that the DFI is managed in a transparent manner for and on behalf of the Iraqi people, consistent with Resolution 1483, and that all disbursements from the Fund were for purposes benefiting the people of Iraq. The CPA Comptroller is appointed as the DFI Fund Manager.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jul 28, 2004
- Accession Number
- ADA519045
Entities
People
- Brian Flynn
- Douglas Ickes
- Edward Terek
- John Betar
- Leona Brent
- William Whitehead
Organizations
- Special Inspector General for Iraq Reconstruction