Development Fund for Iraq: The Coalition Provisional Authority Transferred Control over Most of the Remaining DFI Funds to the Central Bank of Iraq
Abstract
The Coalition Provisional Authority (CPA) was established in May 2003 to provide for the temporary governance of Iraq. United Nations Security Council Resolution 1483 created the Development Fund for Iraq (DFI) and assigned the CPA the responsibility for managing it. The DFI comprised revenues from Iraqi oil and gas sales, certain remaining Oil for Food deposits, and repatriated national assets. It was used, in part, for relief and reconstruction efforts in Iraq. DFI funds were held in accounts at the Federal Reserve Bank of New York (FRBNY) and the Central Bank of Iraq (CBI) as well as in the presidential palace vault in Baghdad. During its almost 14-month governance, the CPA had access to $20.7 billion in DFI funds for use in supporting Iraq. When the CPA was dissolved on June 28, 2004, $6.6 billion remained in unexpended DFI funds. In response to a request from the Department of Defense (DoD) Comptroller about the status of remaining DFI funds, the Special Inspector General for Iraq Reconstruction (SIGIR) initiated this audit to determine the following: (1) who had authority and control over DFI funds after the CPA was dissolved, and (2) whether DFI funds shipped to Baghdad were properly controlled by the CPA and transferred to and deposited into the CBI. This report does not contain recommendations. The Department of Defense and the Department of State provided written comments on a draft of this report. Their comments are addressed in the report where appropriate and are included as appendices to this report.
Document Details
- Document Type
- Technical Report
- Publication Date
- Oct 26, 2011
- Accession Number
- ADA551337
Entities
People
- Benjamin Comfort
- Dan Haigler
- Glenn D. Furbish
- Glenn Knoepfle
- Kevin O Connor
- Michael Welsh
- Richard Newbold
- Ziad Buhaissi
Organizations
- Special Inspector General for Iraq Reconstruction