Nearly $180 billion transferred to Iraq fund, says UN report

The Security Council also meets tomorrow on Iraq, with the U.S. as the presidency. Their, our, first day in the presidency.
Here is the link. http://www.un.org/Docs/sc/unsc_dailyprogramme.html

Nearly $180 billion transferred to Iraq fund, says UN report


26 August 2009 –The fund administering proceeds from export sales of petroleum from Iraq has received an influx of nearly $180 billion through the end of last year, Secretary-General Ban Ki-moon says, acknowledging that an Iraqi-run committee is ready to assume responsibility for the scheme.

Oil exports account for just over $165 million of the Development Fund for Iraq, which was established in 2003, the same year the Security Council phased out the oil-for-food programme, under which a sanctions-bound Iraq was allowed to use monitored oil sales revenue for humanitarian purchases.
The balance of the oil-for-food funds held under escrow by the UN deposited into the Fund amounted to $10 billion, with a further $1.5 billion deposited as proceeds from frozen assets, according to a report by Mr. Ban to the Council that was made public today.
The International Advisory and Monitoring Board ( IAMB), an independent body set up by the Council, has found that the Committee of Financial Experts, set up by Iraq’s Council of Ministers in 2006, is ready to assume oversight responsibilities of the Fund.
“It will be important to ensure that a proper succession mechanism and process be considered,” the Secretary-General wrote in his report. A recent independent audit of the Fund highlighted areas of concern, including “weaknesses in controls over oil extraction and use of the resources,” he noted. http://www.un.org/apps/news/story.as...59&Cr=iraq&Cr1=

crap

thumper wrote:crap

This is too funny but very very good. On a scale of 1 to 10 finding this is a 10+. The SC snuck a meeting onto the schedule that was not on the posted calendar. It is also a closed door meeting so no webcast on this one. The last time they went into a closed door session on Iraq, a couple of days later they voted on the UNAMI resolution. Since the DFI is an issue under Resolution 1859, which is the controlling resolution on Chapter VII, it will be interesting to see what comes out of this meeting.

Also the article states that the SG report was made public today. We had the French version yesterday and that is what I posted. What a hoot.

Another interesting point is the shift on the Presidency. August is the UK and normally the new country does not take over until the first of the next month.

the meeting tomorrow has the DFI/IAMB listed as a topic.......thought you scooped me again....

thumper wrote:the meeting tomorrow has the DFI/Unami listed as a topic.......thought you scooped me again....

Nope, not on this one. It was the SG report.

well....both are great news to me....lol.....maybe something will come of it

From the report:

"14. I recognize the view of the International Advisory and Monitoring Board that the Committee of Financial Experts is ready to assume the oversight responsibilities and conduct competent and independent oversight of the Development Fund for Iraq. As the Security Council prepares to discuss this matter, including the mandate of the Development Fund for Iraq at the end of 2009, it will be important to ensure that a proper succession mechanism and process be considered."

This sounds real good to me! Thanks for finding and posting. I know yall been in this a lot longer but I'm getting just a tiny bit weary..LOL

AL