Posted on 07/06/2004 3:48:31 PM PDT by GLH3IL
The US-controlled coalition in Baghdad is handing over power to an Iraqi government without having properly accounted for what it has done with some $20 billion of Iraq's own money, says a new report published by Christian Aid.
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An audit, reportedly critical, of the coalition’s handling of Iraqi revenues is not going to be delivered until mid-July – after the coalition has ceased to exist.
Christian Aid believes this situation is in flagrant breach of the UN Security Council resolution that gave control of Iraq’s oil revenues and other Iraqi funds to the Coalition Provisional Authority (CPA).
‘For the entire year that the CPA has been in power in Iraq, it has been impossible to tell with any accuracy what the CPA has been doing with Iraq’s money,’ said Helen Collinson, head of policy at Christian Aid.
Resolution 1483 of May 2003 said that Iraq’s oil revenues should be paid into the Development Fund for Iraq (DFI), that this money should be spent in the interests of the Iraqi people, and be independently audited. But it took until April 2004 to appoint an auditor – leaving only a matter of weeks to go through the books.
Early reports of the audit indicate strong criticisms of the CPA’s handling of Iraq’s money. But the CPA is not going to be around to be held accountable.
In the run-up to the handover, nearly $2 billion of Iraq’s money has been hastily allocated. The new Iraqi government will be committed to these spending decisions.
Iraq’s oil represents huge potential wealth. With half of the population still unemployed, the Iraqi people need to be able to see that the oil revenues are being spent to alleviate poverty and to improve their lives.
(Excerpt) Read more at christianaid.org.uk ...
2 billion versus the 87 billion of American taxpayer dollars? In the words of teenagers all over America "whatever!"
What is Christian Aid??--Some kind of commie-front BS org, I exoect.
Someone needs to find out the truth of it...otherwise this will add fuel to the "it's all about oil" conspiracy theorists' fire.
As I wrote when this article was previously posted, audits are normally conducted once a year. The auditor for this project was therefore actully appointed earlier than required. This is a non-story.
20 billion. still, whatever.
I did a search and didn't find the story. It certainly plays into the hands of the "All for Oil" bunch...plus a nice diversion from the real scandle...the Oil for Food Program.
Yep, a quick search of google suggests that it is a liberal NGO. Much talk about 'trade injustice', '100% 3rd world debt relief', Israel bashing, 'the politics of poverty', etc.
Old news.
Iraq has 25 million people. Oil is 96% of the Iraqi economy. Iraq produces 2 million bpd of oil when production is good. The price of oil over the last year has ranged from below 20 to about 40. At an average of $30 a barrel, that equals about 60 million dollars a day. With 365 days in a year, that equals about 21,900,000,000 dollars a year. If one assumes that there is some cost at producing oil, then one gets about 20 billion a year.
20 billion a year divided among 25 million people equals about 870 dollars a year per capita income.
Not very much.
These numbers are from memory, but they are fair approximations of what you'll find in the cia fact book.
Not an issue of how much is missing versus how much we have given, it's an issue of integrity. If there is no real issue and things are cool, then great. If things were not done properly, then that needs to be addressed asap.
The last thing Bush needs is a pain in the rear like this story. An experienced personal injury trial lawyer like Edwards will know how to make a mountain out of a mole hill with this nonsense.
Ahhhh....I knew there had to be something smelly about it. Thanks for the heads up.
I heard about this -- it's just liberal propaganda to try to deflect from the UN's Iraq Oil for Food major fraud.
Lookslike Chritian Aid is just another communist front, as the Worldwide Council of Churches or whatever their name is.
From the Chritian Aid Archives:
Christian Aid says big business must be regulated /20.08.02
Christian Aid this week launches a report showing the need to regulate multi-national companies. Internationally binding laws must be established to hold companies to human rights and environmental standards, it says.
http://www.christianaid.org.uk/news/media/pressrel/020820p.htm
And another one -- let's have a one world government to regulate that "nasty big business".
Global regulation needed to tame big business /31.10.01
Christian Aid is urging delegations heading for next week's crucial WTO summit to consider the need for a new global authority to bring corporations under democratic control.
http://www.christianaid.org.uk/news/media/pressrel/011031p.htm
The problem seems to be that most of it seems to have been spent on foreign contractors, with minimal results in terms of rebuilding infrastructure, improving health care or funding reconstruction by Iraqi businesses.
With 96% of the economy based on oil, that means 96% of the people get their livelihood from the oil money. Since there are 25 million people and an 875 dollar a year per capita standard of living if the people use ALL of that money, then that doesn't leave much for anything else, does it?
How much a year do you think each of those people should have to live on?
How much is the per capita for an American citizen?
I agree. I do not trust the article for two reasons. One, it is European and two it has no verification in the story. We will see. If it is true it better get fixed.
How much a year do you think each of those people should have to live on?
When most of that $20 billion goes to foreign contractors who don't hire Iraqis and who don't buy Iraqi goods, what do you think that does to the Iraqi economy?
If that money does not get down to the streets, then the Iraqi people starve.
They are not starving.
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