Development Fund for Iraq: The Coalition Provisional Authority's Financial Controls for Electronic Fund Transfer Payments Diminished over Time
SPECIAL INSPECTOR GENERAL FOR IRAQ RECONSTRUCTION ARLINGTON VA
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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.
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