Development Fund for Iraq


Picture Credit: Nabeel al-Jurani/ Associated Press
On May 22, 2003, the Security Council ended economic sanctions against Iraq with Resolution 1483. The resolution called for the creation of a "Development Fund for Iraq,"(DFI) to administer proceeds from the export sales of Iraq's oil, as well as funds remaining from the UN Oil-for-Food Programme and other assets seized from the defunct regime. The DFI was placed under the control of the Coalition Provisional Authority, the administrative arm of the US-UK occupation forces. Resolution 1483 also called for the creation of an International Advisory and Monitoring Board (IAMB), to promote transparency and financial accountability of the DFI. Though the US and the UK had promised Council members that the IAMB would be "the eyes and ears of the international community," procedural wrangling and US manipulation delayed the oversight process for many months. Meanwhile, billions flowed into the DFI, and some Council members grew irate at what they called a "black hole" of unaccountability.

Under Resolution 1546 the Security Council dissolved the CPA and transferred nominal sovereignty to the Iraqis in June 2004, handing control of the DFI to the interim Iraqi government. Eventually, in October 2004 IAMB and independent accounting firm KPMG conducted audits.  Findings show that the CPA did not have adequate accounting systems in place, resulting in unknown quantities of petroleum being illegally exported from Iraq . Subsequent audits conducted by the Special Inspector General for Iraqi Reconstruction (SIGIR) have found that, of the US$23 billion of Iraqi money held in the DFI, US$8.8 billion remains unaccounted for.

Documents | Articles | Links and Resources on the DFI

UN Documents


Resolution 1546 (June 8, 2004)

The Security Council unanimously adopted Resolution 1546 outlining the terms of the transfer of sovereignty after June 30, 2004. It notes that upon the dissolution of the CPA, the disbursement of funds from the DFI will be at the direction of the Iraqi Government. The resolution also extends the mandate of the IAMB in monitoring the DFI and "shall include as an additional full voting member a duly qualified individual designated by the Government of Iraq," originally opposed by the occupation authorities.

Resolution 1511 (October 16, 2003)

The Security Council unanimously adopted this resolution after the US accepted some proposed amendments from France, Russia and Germany. It calls for the establishment of the International Advisory and Monitoring Board and reiterates that the Development Fund for Iraq shall be used in a transparent manner as set out in UNSC Resolution 1483.

Resolution 1483 (May 22, 2003)

The resolution adopted 14-0 in the Security Council with Syria absent establishes the Development Fund for Iraq (DFI). All proceeds from the export sales of petroleum, petroleum products and natural gas from Iraq; all funds remaining from the UN Oil-for-Food Programme; as well as all seized funds, other financial assets and economic resources of the Saddam Hussein regime shall be deposited into the Development Fund for Iraq.

Development Fund for Iraq: Audit Reports

DFI Audit Reports

KPMG submitted its audit reports on the Development Fund for Iraq for the periods from May 22, 2003 to December 31, 2003 and January1, 2004 to June 28, 2004. The auditors found that the CPA did not have "adequate accounting systems" in place to monitor the inflows and outflows from the DFI. KPMG also concluded that the CPA did not have sufficient oversight over oil extraction, resulting in unknown quantities of petroleum and petroleum products being illegally exported from Iraq.

SIGIR – Audit Reports

Following the dissolution of the Coalition Provisional Authority in June 2004, the Office of the Special Inspector General for Iraq Reconstruction (SIGIR) was established to replace the CPA's Office of the Inspector General (CPA-IG). SIGIR supervises and audits reconstruction programs funded by the Iraq Relief and Reconstruction Fund (IRRF). SIGIR audit reports, along with previous CPA audit reports of the Development Fund for Iraq are available to the public.


2006 | 2005 | 2004 | 2003


Baghdad's 'Missing' Billions (November 9, 2006)

A US Congressional hearing, set up to trace US$22 billion of Iraq's reconstruction money, has labeled the rebuilding of Iraq a "huge scandal." According to the lead inspector general Stuart Bowen, US$8.8 billion in cash was flown from the United States to Baghdad and handed over to the new Iraqi government – even though the administration had no security or accounting systems in place. The money, some of which was used to pay the salaries of Iraqi civil servants who did not exist, remains unaccounted for. (BBC)

Slow Reconstruction Blamed On Corruption (September 6, 2006)

The Commission on Public Integrity (CPI), an independent organization set up by the Iraqi government, has investigated over 3,500 corruption cases, yet fewer than 50 have been tried in court. Head of the CPI Judge Radhi al-Radhi says corruption penetrates every government department and hampers the already weak reconstruction effort. Of the US$45 billion designated for reconstruction, including money from the Iraqi Security Forces Fund, the Development Fund for Iraq and the US government, at least 25 percent remains unaccounted for. (Integrated Regional Information Networks)

NGO Letter to the Security Council (May 19, 2006)

A group of 27 NGOs points out that the US-led Multinational Force (MNF) in Iraq has seriously violated international law, including bans on the use of torture, illegal detentions, siege tactics against population centers, and "indiscriminate and especially injurious" weapons. Furthermore, the MNF is responsible for failing to address patterns of corruption and mismanagement in Iraq's development fund and reconstruction programs. Citing numerous official reports and legal texts, the letter urges Council members to "substantially reconsider, revise or terminate" the MNF's mandate to bring it into conformity with international law. (Global Policy Forum)

US Firms Suspected of Bilking Iraq Funds (April 16, 2006)

As part of Iraq's reconstruction, US contractors swindled hundreds of millions of dollars in Iraqi oil money and US reconstruction funds. Shortly before "transferring sovereignty," the Coalition Provisional Authority created a law granting US contractors immunity from prosecution in Iraq. Though the US government has been able to prosecute fraudulent contractors in US courts, thus recouping US funds, the applicable law does not extend to the Iraqi government and money from the Development Fund for Iraq. Given the legal vacuum, Baghdad has no way of reclaiming the millions of dollars squandered under the US-led occupation. (Boston Globe)

‘Iraq Was Awash in Cash. We Played Football with Bricks of $100 Bills' (March 20, 2006)

"One of the greatest financial scandals" has unfolded in Iraq. No it's not the UN-sponsored Oil-for-Food Programme, but rather the mismanagement of US$ 23 billion in Iraqi oil money by the US-led coalition. Immune to US and Iraqi law, the Coalition Provisional Authority spent money from the Development Fund for Iraq – of which US$ 12 billion was dispensed in bricks of $100 bills – frivolously and fraudulently. Thus after three years of occupation and billions of dollars in spending, the Guardian points out, hospitals in Iraq lack basic equipment and supplies while electricity and oil generation remain below pre-war levels.

Audit: US-Led Occupation Squandered Aid (January 29, 2006)

According to the Special Inspector General for Iraq Reconstruction (SIGIR), the Coalition Provisional Authority (CPA) squandered tens of millions of dollars of Iraqi reconstruction funds from 2003 to 2004. SIGIR audit reports identify thousands of examples of negligence and mismanagement by US occupation officials and contractors. In one instance, CPA officials in the south-central city of Hillah lost track of $97 million out of $120 million in Iraqi oil revenue that was earmarked for reconstruction. (Associated Press)

Cronyism and Kickbacks (January 26, 2006)

US officials have passed on a culture of "cronyism and kickbacks" to Iraq's interim and transitional governments. The Special Inspector General for Iraqi Reconstruction (SIGIR) estimates that a total of $12 billion in reconstruction funding, dispensed first by the Coalition Provisional Authority and then by the Iraqi government, remains improperly accounted for. Both US funds and Iraqi oil money from the Development Fund for Iraq were channeled primarily to US corporations, with very little oversight and accountability. With funds nearly exhausted and an estimated $56 billion needed, the Iraqi government has struggled to operate and maintain failed US reconstruction projects. (London Review of Books)


IAMB Says US Should Monitor the Development Fund for Iraq (December 28, 2005)

Officials from the International Advisory and Monitoring Board (IAMB), which is responsible for tracking the Development Fund for Iraq (DFI), have expressed concern over the improper use of Iraqi oil revenues, weak spending controls, and non-competitive bidding in Iraqi reconstruction. IAMB audit reports indicate that $1.4 billion of DFI money, awarded to Kellogg, Brown and Root on a no-bid basis for oil infrastructure restoration, may have been over-estimated and improperly used. (Axcess News)

US Should Repay Millions to Iraq, a UN Audit Finds (November 5, 2005)

The US should pay the Iraqi government up to $208 million for mishandled contracting work, according to recommendations by the International Advisory and Monitoring Board (IAMB) of the Development Fund for Iraq. The IAMB audit charges Kellogg, Brown & Root, a subsidiary of Halliburton given several no-bid contracts, with inflating prices on oil deliveries and failing to sufficiently complete electricity and oil reconstruction projects. (New York Times)

So, Mr Bremer, Where Did All the Money Go? (July 7, 2005)

This article describes in detail the Coalition Provisional Authority's (CPA) mismanagement of Iraqi funds during its rule over Iraq. The CPA not only neglected to keep records of Iraqi money earmarked for reconstruction, but it also stashed away secret slush funds, stymied auditors' attempts at oversight, and allowed an environment to flourish in which "pilfering was rife" and contractors took millions of dollars to pay "ghost employees" for "phantom work." (Guardian)

Report Finds "Appalling Level of Fraud and Greed" (June 29, 2005)

In testimony before US Congress in June, the Special Inspector General for Iraqi Reconstruction said that the Coalition Provisional Authority (CPA) is still unable to account for billions of missing dollars from the Development Fund for Iraq. The Inspector General also testified that he has referred three cases of potential fraud to federal investigators. In the wake of the hearings, Congressman Henry Waxman issued a report singling out Halliburton for overcharging the government to the tune of 218 million dollars and criticizing the CPA for disbursing cash without proper oversight. (Inter Press Service)

UN to Transfer $200 mln to Iraq Development Fund (June 24, 2005)

The UN Security Council has decided to move $200 million from an account for UN weapons inspectors into the Development Fund for Iraq (DFI), and an additional $20 million to help pay Iraq's UN dues. The new Iraqi government has repeatedly asked the Security Council to close down the UN Monitoring, Verification and Inspection Agency (UNMOVIC) and allocate the funds instead to projects in Iraq. However, the article does not mention that under both the Coalition Provisional Authority and the Iraqi government the DFI has been marred by massive fraud and corruption. (Reuters)

Watchdog: Iraqi Management of Oil Wealth as Poor as the American (May 23, 2005)

An international audit of the Development Fund for Iraq finds Iraqis "making virtually all the same mistakes the US Coalition Provisional Authority made in the preceding months." The audit, covering the second half of 2004, found that "oil was still being smuggled, hard-to-trace barter transactions were continuing and contracts were still being granted on a noncompetitive basis without justification." Further, the international board responsible for the audit noted "with regret" that the auditing arm of the Pentagon attempted to hide more than $200 million in overcharges, paid for with Iraqi funds, in contracts awarded on a noncompetitive basis to Halliburton Co. (Reuters)

Fraud and Corruption (February 8, 2005)

Prominent UN critics in the US Senate have fallen silent in the face of reports that the Coalition Provisional Authority lost track of $8.8 billion in just 14 months of occupation and rule in Iraq. Referring to the accusations against former head of the UN Oil-for-Food programme Benon Sevan, George Monbiot notes that the amount of money "is 55,000 times as much as Mr Sevan is alleged to have been paid." (Guardian)

US Lost Track of $9 Billion in Iraq Funds (January 30, 2005)

Citing "severe inefficiencies and poor management," an official audit by the Special Inspector General for Iraq Reconstruction (SIGIR) found gross accounting deficiences in the Coalition Provisional Authority's use of Development Fund for Iraq money. Former US civil administrator in Iraq Paul Bremer as well as Pentagon officials dispute the findings, blaming "difficulties of operating in wartime" and "extraordinary conditions." (CNN)


Audits Find More Irregularities and Mismanagement of Iraq's Revenues (December 6, 2004)

This report by the International Advisory and Monitoring Board for Iraq (IAMB) and the Coalition Provisional Authority Inspector General (CPA-IG) reveals mismanagement of reconstruction funds. The CPA oversaw the disbursement of more than $4 billion in Iraqi revenues but this latest IAMB-CPA report shows that due to a lack of transparency, part of the proceeds from oil sales did not end up in the Development Fund for Iraq, as required by UN Resolution 1483. (Iraq Revenue Watch)

Disorder, Negligence and Mismanagement: How the CPA Handled Iraq Reconstruction Funds (September 28, 2004)

Audits by the Coalition Provisional Authority Inspector General, the International Advisory and Monitoring Board, and Pentagon auditors have come together to affirm earlier accusations. The CPA bypassed and even failed to apply US government measures against fraud, waste and abuse in disbursing money from the Development Fund for Iraq. The Iraqi interim government, in charge of the DFI since the transfer of power, has not been any more transparent than the CPA. (Iraq Revenue Watch)

Expansion of Probe into Iraq's Oil-for-Food Program Includes CPA (October 5, 2004)

Investigations into Iraq's Oil-for-Food program will include the CPA's mishandling of Iraqi funds, specifically $8.8 billion in oil revenues that the Bush administration cannot account for. The announcement comes after a House of Representatives subcommittee accused France, Russia and China of corrupting the program by failing to oversee the Iraqi government's financial activities adequately. (Mercury News)

'Staggering Amount' of Cash Missing In Iraq (August 21, 2004)

An audit conducted by the CPA-Inspector General reveals that nearly $8.8 billion channeled to Iraq's ministries by the CPA is unaccounted for. The findings allege that Iraqi ministries under CPA control allocated funds to thousands of "ghost employees." The "staggering amount" of funds totals nearly half of the $20 billion deposited into the DFI. (Inter Press Service)

$1.9 Billion of Iraq's Money Goes to US Contractors (August 4, 2004)

Audits conducted on the DFI by the International Advisory and Monitoring Board and the CPA-Inspector General reveal that the CPA shifted billions of dollars in reconstruction contracts originally appropriated by the US Congress, to the DFI. Critics contend that the CPA disbursed funds from the DFI at their own free will, as it operated with very few restrictions and without any independent oversight body. Critics add that the CPA even "violated its own rules, authorizing Iraqi money when it didn't have a quorum or proper Iraqi representation at meetings." (Washington Post)

US Lacks Records for Iraq Spending (July 29, 2004)

An audit conducted by the CPA-Inspector General reveals that US authorities in Iraq failed to account for nearly $1 billion in reconstruction contracts disbursed from the DFI. The investigators reviewed 43 contracts awarded by the CPA and found that 29 had "incomplete or missing documentation." (Associated Press)

System to Track Iraq Oil May Take Months (July 27, 2004)

International Advisory and Monitoring Board Chairman Jean-Pierre Halbwachs contends that the Iraqi authorities lack a functioning "metering" system to track oil production in the country. Halbwachs predicts that resolving the metering problem requires at least 18 months. One wonders how the CPA accounted for oil production and exports before ceding power to Iraq's Interim Government on June 28, 2004. (Associated Press)

US Won't Turn Over Data for Iraq Audits (July 16, 2004)

UN Representative to the International Advisory and Monitoring Board (IAMB), Jean-Pierre Halbwachs, claims that the Bush administration refuses to handover internal audits conducted by the CPA to IAMB auditors. At issue are contracts awarded by the CPA without a competitive bidding process, including three contracts worth $1.4 billion to US firm Halliburton. (Washington Post)

US Accused of Depleting Iraq Fund (July 3, 2004)

The Baltimore Sun reports that the CPA spent "all but $900 million" from the Development Fund for Iraq in an "11th hour splurge" leading up to the June 28, 2004 "transfer of sovereignty." The CPA did not identify all the contractors hired, however officials conceded that US firm Halliburton received contracts without a competitive bidding process.

Billions of Revenue from Oil 'Missing' (June 28, 2004)

The UK's Liberal Democratic Party claims the CPA failed to account for billions of dollars of Iraq's oil revenues. Liberal Democrat spokesperson Sir Menzies Campbell claims that the Development Fund Iraq is short nearly $3.7 billion. CPA figures yield oil revenues of $10.7 billion; meanwhile officials also admit that the Fund generated nearly $12.5 billion since June 2003. Will the CPA account for the discrepancy? (Guardian)

US Is Quietly Spending $2.5 Billion from Iraqi Oil Revenues to Pay for Iraqi Projects (June 21, 2004)

Ten days from the "transfer of sovereignty" on June 30, 2004, the CPA "quietly and quickly" allocated $2.5 billion from the DFI on security and reconstruction projects. CPA officials claim that "bureaucratic wrangling" in Washington deterred them from spending Congressional funds appropriated for Iraq. However, critics argue that using funds from the DFI shields the CPA from public oversight. (New York Times)

Fueling Suspicion: The Coalition and Iraq's Oil Billions (June 2004)

International charity Christian Aid contends that the CPA's handling of Iraqi oil revenues and the Development Fund for Iraq constitutes a "flagrant breach" of UN Security Council resolution 1483 (May 2003). Officials assert that the CPA failed to demonstrate "openness and transparency" relating to the disbursement of funds from the DFI, and have not accounted for billions of dollars in Iraqi oil revenues.

CPA Rushes to Give Away Billions in Iraqi Oil Revenues (June 2004)

On the eve of the June 30, 2004 "transfer of sovereignty," the CPA's Program Review Board (PRB) approved nearly $2 billion in expenditures from the DFI to "hastily and poorly planned" projects. Iraq Revenue Watch reports that all relevant ministries "were not consulted in the development of the funding requests." Under UN Security Council resolution 1546, the new Interim Government is obliged to "satisfy outstanding obligations against the DFI."

Iraqi Oil Exports Hit $10 Billion (May 31, 2004)

The CPA deposited $493 million into the Development Fund for Iraq for the week of May 20 – 27, 2004 double that of the previous week. However, the CPA does not provide an account of the volume of crude exported or the price of Iraqi crude sales. (Reuters)

Watchdog: US Dragging Feet on Halliburton Audits (May 27, 2004)

The International Advisory and Monitoring Board renewed calls for CPA officials to turn over audits conducted by US agencies on Iraq reconstruction contracts funded by the DFI. The IAMB requested the reports in March 2004 upon learning that the CPA awarded sole-source contracts to Halliburton. (Reuters)

New UN Resolution Will Give Iraqi Interim Government 'Full Sovereignty' (May 22, 2004)

The White House plans to submit a Resolution to the UN Security Council outlining what powers the interim Iraqi government will have on June 30, 2004. Security Council members insist that "full sovereignty" be transferred to the government, including ceding control of security operations as well as control of Iraqi oil revenues and the Development Fund for Iraq. (Associated Press)

New UN Resolution Must Turn Over US Control of Iraq's Oil Revenues to Iraqis (May 10, 2004)

Iraq Revenue Watch (IRW) asserts that Iraq's new Interim Government should assume "sovereign" authority over Iraq's finances, including control over its natural resources and the Development Fund for Iraq, after June 30, 2004. IRW contends that "a country that controls neither its military nor its finances cannot be called sovereign."

Racing the Deadline: The Rush to Account for Iraq's Public Funds (April 19, 2004)

This report examines the process establishing the International Advisory and Monitoring Board (IAMB), an oversight board created by UN Security Council Resolution 1483, responsible for auditing the Development Fund for Iraq. It also analyzes the Board's work to date and highlights the challenges it faces reviewing the CPA's management of Iraq's revenues. (Iraq Revenue Watch)

Opening the Books: Transparent Budgeting for Iraq (April 7, 2004)

Iraq Revenue Watch analyzes the CPA's budgetary reporting standards vis-í -vis Iraq's revenues. This report finds that the CPA fails to meet internationally recognized standards for fiscal decision-making and reporting, calling upon the occupation authorities to make the necessary improvements in accordance with international accounting standards.

Watchdog Presses US to Appoint Oil Auditors (February 14, 2004)

Yielding to the requests of the International Advisory and Monitoring Board, the US-lead Coalition Provisional Authority (CPA) will appoint an independent auditing firm to monitor Iraqi oil sales and spending from the Development Fund for Iraq (DFI). (Reuters)

UN Gives Iraqi Development Coalition 2.6 Billion Dollars (January 1, 2004)

The UN Oil-for-Food Programme turned over an additional $2.6 billion to the Fund for Development for Iraq. This is the forth and largest transfer. The Coalition has been unable to account for some of the previous transfers. (Agence France Presse)


Billions Missing from US-Controlled Development Fund (November 15, 2003)

The Coalition Provisional Authority (CPA) has been unable to account for billions of dollars transferred by the UN to the Development Fund for Iraq. Furthermore, the CPA has stymied the work of the International Advisory Monitoring Board (IAMB) created to provide transparency. By circumventing accountability in spending, the CPA "operates outside its mandate," says Christian Aid. (Yellow Times)

Money Transferred to Iraqi Fund without UN Approval (November 11, 2003)

The CPA has not accounted for a $1 billion transfer from the UN escrow account to the Development Fund for Iraq (DFI) in June. Nonetheless, the UN has transferred a second billion in October without explicit Security Council approval. The UN Secretariat justifies the move by arguing that all Oil-for-Food money will be transferred anyway to the DFI after the Programme ends on November 21, 2003. (Middle East Online)

Oil Immunity? (October 30, 2003)

The Center for Public Integrity examines the details of an Executive Order (EO) issued by US President George Bush about the Development Fund for Iraq. The EO is so conciliatory toward US oil firms that one analyst calls it "a blank check for corporate anarchy."

Looting Iraq by Executive Order (October 25, 2003)

Many critics focus solely on the missing billions of dollars from the Development Fund for Iraq, but ZNet sees the problem as one component in a sinister pattern. On the first day of the Fund's existence, US President George Bush issued an Executive Order that seems to formalize "crony capitalism" in Iraq by substantially protecting US oil corporations.

Iraq Rebuilding Cash 'Goes Missing' (October 23, 2003)

According to Christian Aid, the Coalition Provisional Authority has accounted for only one fifth of Iraq reconstruction funds. The Coalition must publicize its accounts or face overwhelming suspicion that US firms have pocketed the missing billions. (Scotsman)

Iraq: The Missing Billions (October 2003)

According to international charity Christian Aid, the CPA holds approximately $5 billion dollars in Iraqi oil revenues and funds transferred by the UN Office of the Iraq Program. However, the CPA has accounted for only one fifth of the funds. Will the US-led coalition openly and transparently account for its actions?

Control of Oil Revenues (September 2003)

The Iraq oil industry is in a perilous condition between potential US control through the Development Fund for Iraq and daily acts of sabotage on oil pipelines. Some of the Bush administration's pre-war predictions stand in sharp contrast to the realities of the post-war era. (Foreign Policy in Focus)

International Consortium to Run Iraq Bank (August 29, 2003)

J.P. Morgan Chase & Co. will lead the international consortium of financial institutions running the new Iraqi trade bank. The trade bank will replace the UN Oil-for-Food Program, in helping the new government to "handle Iraq's major purchases abroad." (Associated Press)

Toward a Strategy for Success in Iraq (August 25, 2003)

This report argues against US Congress members calling for more troops in Iraq and insists that the US must establish a fixed timeline for the complete withdrawal of military forces and the restoration of Iraqi sovereignty. (Fourth Freedom Forum)

Towards UN Administration of Internal Security & Political Transition (July 2003)

The 97-0 vote in the US Senate calling on the White House to seek NATO and UN support for the post-war transition in Iraq highlights growing public concerns about the Bush administration's go-it-alone occupation policy. (Fourth Freedom Forum)

Corporate Slush Funds for Baghdad: Plugging Iraq into Globalization (July 22, 2003)

The US plans to use Iraq's oil wealth as collateral to secure loans from the World Bank and other donors. While the Bush Administration claims such maneuvers are necessary to rebuild the country, critics believe the scheme will make Iraq dependent on international financial institutions and force it to adopt their neo-liberal policies. (CounterPunch)

Operation Oily Immunity (July 24, 2003)

Energy analysts argue that the Bush administration moved quickly to ensure US corporate control over Iraqi resources. They see the first step of this process as the creation of the Iraqi Development Fund, which will act to leverage US government-backed loans, and direct financing for the US corporate invasion of Iraq. (AlterNet)

Billionaire's Group to Monitor US Management of Iraq Oil (May 21, 2003)

Billionaire philanthropist George Soros announced that he would set up a watchdog group to guard against any abuses in how the United States manages Iraqi oil resources. (Reuters)

Who'll Control Iraq's Oil? (April 9, 2003)

When there is full control of the second-largest oil reserves in the world, the oil shipment will quickly resume. The question remains though, who has the legal authority to sell it? (New York Times)

Links and Resources on the DFI

Iraq Revenue Watch

This site, run by George Soros' Open Society Institute, provides articles on Iraq's oil industry in the post-war era. It promotes transparency in the management of Iraq's oil industry to ensure that the benefits of the country's national oil wealth flow to the people of Iraq.

International Advisory and Monitoring Board

The official website of the International Advisory and Monitoring Board (IAMB). IAMB is an auditing oversight body created to monitor collection and disbursement of funds from the Development Fund for Iraq.

IAMB: Terms of Reference

The purpose of the International Advisory and Monitoring Board shall be to promote the objectives set forth in United Nations Security Council Resolution 1483 (May 22, 2003) of ensuring that the Development Fund for Iraq is used in a transparent manner for the purposes set out in operative paragraph 14 of that resolution and that export sales of petroleum, petroleum products and natural gas from Iraq are made consistent with prevailing international market best practices.

IAMB: Members

Members of the International Advisory and Monitoring Board.

Coalition Provisional Authority

A link to the only record of cashflow into and out of the Development Fund for Iraq. The summary provided by the CPA lists DFI Assets, Cash Inflow, cash outflow, and outstanding contractual commitments. This website was created by the Coalition Provisional Authority (CPA) of Iraq, the first Occupying Power in history to have its own website. Of note, the CPA does not offer any account or description of awarded contracts paid by DFI.

UN Office of the Iraq Programme

The lifting of economic sanctions against Iraq occurred May 22, 2003 with the adoption of UNSC Resolution 1483. The resolution called for the transfer of all funds, financial assets and economic resources of the Oil-for-Food Programme to the newly created Development Fund for Iraq, with the Oil-for-Food Programme officially ending November 21, 2003. The following table lists the funds transferred from the UN Oil-for-Food account to the Development Fund for Iraq: