Development Fund for Iraq: The Coalition Provisional Authority's Financial Controls for Electronic Fund Transfer Payments Diminished over Time
Abstract
The Coalition Provisional Authority (CPA) was established in May 2003 to provide for the temporary governance of Iraq following the conclusion of major combat operations in that country. United Nations Security Council Resolution 1483 established the Development Fund for Iraq (DFI) in May 2003 and assigned the CPA full responsibility for managing the fund. Resolution 1483 specified the DFI should be used in a transparent manner and for: (1) the humanitarian needs of the Iraqi people, (2) the economic reconstruction and repair of infrastructure, (3) the continued disarmament of Iraq, (4) the costs of civilian administration, and (5) other purposes benefiting the Iraqi people. The DFI comprised revenues from ongoing Iraqi oil sales, unencumbered Oil for Food deposits, and repatriated national assets. During its almost 14-month governance, the CPA had access to $20.7 billion in DFI funds and directed expenditures of about $14.1 billion. Federal Reserve Bank of New York (FRBNY) records show that $5.9 billion of the $14.1 billion in total expenditures were made using Electronic Fund Transfer (EFT) payments. SIGIR initiated this audit to determine whether the CPA properly accounted for its use of the $5.9 billion in EFT payments made with DFI funds.
Document Details
- Document Type
- Technical Report
- Publication Date
- Apr 30, 2012
- Accession Number
- ADA591680
Entities
Organizations
- Special Inspector General for Iraq Reconstruction