-Caveat Lector-
Have any of us even begun to comprehend
yet the full brazen corruption of this administration? Is there any limit
to the in-your-face crimes it will commit? At one time the Octopus at
least acted with a certain amount of stealth and subtlety.
Christian Aid - UK Website: http:/
A staggering US$4 billion in oil revenues and other Iraqi funds earmarked
for the reconstruction of the country has disappeared into opaque bank accounts
administered by the Coalition Provisional Authority (CPA), the US-controlled
body that rules Iraq. By the end of the year, if nothing changes in the way this
cash is accounted for, that figure will double.
• Christian Aid briefing paper is available at:
http://www.christianaid.org.uk/indepth/310iraqoil/index.htm
The financial black hole, uncovered by a Christian Aid investigation, is
revealed as delegates gather for the donors' conference in Madrid. Before
pledging money from their own countries' coffers to boost the reconstruction
efforts, as requested by the US and UK governments, these delegates should first
demand: 'What has happened to the missing billions?'
It is expected that a separate fund, managed by the UN and the World Bank,
will be announced at the conference for donors' money, to allay fears of how
this cash will be spent. But this should not stop donors from pushing for
accountability of the original, massive reconstruction fund - most of it Iraqi
oil money.
In particular the British government, which has promised financial
transparency in dealings with Iraqi oil funds, should use its influence to
ensure that the missing money is accounted for. Christian Aid is calling on
Prime Minister Tony Blair to deliver on his promises.
The fact that no independent body knows where this cash has gone is in
direct violation of the UN resolution that released much of it for the
rebuilding of Iraq's shattered infrastructure. The agency that is supposed to
oversee these funds has not even been set up yet.
Christian Aid is calling for the full and immediate disclosure of how this
money has been spent, and for urgent moves to establish a proper means of
regulation. For the future, the British government should seek to ensure that a
proportion of all Iraqi oil revenues are earmarked for the country's development
- as a binding condition on future oil exploitation.
'This is Iraqi money. The people of Iraq must know where it is going and it
should be used for the benefit of all the country's people - particularly the
poorest,' said Roger Riddell, Christian Aid's international director.
The current situation goes to the heart of claims and counter-claims about
how Iraqi oil revenue should be used. It can only fuel the serious suspicion in
Iraq that a disproportionate amount of cash is being creamed off for the benefit
of US companies - money that should be spent on alleviating the chronic
unemployment and other serious problems faced by Iraqis, including the poorest
and most vulnerable.
Independent observers agree that, despite the huge amounts of money
allocated to repair a country shattered by decades of war and sanctions, not
nearly enough has been done and not nearly fast enough in the six months since
the US announced an end to hostilities. There are still power cuts, fuel
shortages, and a lack of medicine and equipment in hospitals. Clean drinking
water is not available in many areas and raw sewage can be seen on the streets
of many towns, including Basra - which is controlled by British forces.
The fact that billions of dollars of Iraq's own money cannot now be
accounted for can only add to a burning sense of injustice.
'We have absolutely no idea how the money [from Iraqi oil revenues] has
been spent,' one senior European diplomat to the UN told Christian Aid. 'I wish
I knew, but we just don't know. We have absolutely no idea.'
The missing billions are a combination of pre- and post-war oil revenues
now controlled by the CPA, plus seized Iraqi government assets and funds vested
overseas. Conservative estimates put the total at US$5 billion, of which less
than US$1 billion can be accounted for. Estimated oil revenues between now and
the end of the year are expected to total a further US$4 billion.
This money is distinct from the reconstruction funds promised by the US and
UK governments, and from any cash that is raised from other governments at the
Madrid conference. This is Iraqi money that should be spent for the benefit of
all Iraq's people, not sat on in secret by an unelected foreign administration.
'The situation is little short of scandalous,' said Roger Riddell. 'The
British government must use its position of second in command of the CPA to
demand full disclosure of this money and its proper allocation in the future.'
The dangers of such a situation persisting in the future were highlighted
in the Christian Aid report Fuelling Poverty - Oil, War and Corruption,
published in May. Compared with countries of similar size, the report found that
oil-producing developing countries are characterised by greater degrees of:
• Poverty (for the great majority of the population)
• Dictatorial, authoritarian or unrepresentative government • War and/or civil strife • Corruption. 'A properly constituted, democratic government must be established for all
the people of Iraq as soon as possible,' said Roger Riddell. 'Otherwise, once
again, oil could prove a curse rather than a blessing.'
• Christian Aid briefing paper To speak to a Christian Aid representative at the Madrid Conference contact
Dominic Nutt on mobile +44 (0) 7720 467680 or + 44 (0) 7967 310024 or John
Davison in London on 0207 523 2175 or mobile 07802 502155.
Notes to editors: For a copy of the full report: 'Iraq: The Missing
Billions, Transition and transparency in post-war Iraq' contact the Christian
Aid press office on 020 7523 2421
Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://www.mail-archive.com/[EMAIL PROTECTED]/ <A HREF="">ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om |
Title: Reuters AlertNet - Iraq: the missing billions