posted on Jan, 30 2005 @ 03:18 PM
Nearly $9 billion dollars in money transfered to various Iraqi ministries is unaccounted for, according to an official report released today. The
recent audit highlights the lack of financial controls, communication, and adequate staff in those ministers. Paul Bremer III, leader of the Coalition
Provisional Authority, took exception to the report. He stated that Western style accounting practices could not be quickly implemented in the middle
of a war.
WASHINGTON - The U.S. occupation authority in Iraq was unable to keep track of nearly $9 billion it transferred to government ministries, which
lacked financial controls, security, communications and adequate staff, an inspector general has found.
The U.S. officials relied on Iraqi audit agencies to account for the funds but those offices were not even functioning when the funds were transferred
between October 2003 and June 2004, according to an audit by a special U.S. inspector general.
The findings were released Sunday by Stuart Bowen Jr., special inspector general for Iraq reconstruction. Bowen issued several reports on the
Coalition Provisional Authority (CPA), the U.S. occupation government that ruled Iraq from June 2003 to June 2004.
Please visit the link provided for the complete story.
I think that after the insurgency, corruption will be the biggest battle here. If the money does not get to help the Iraqi people directly, then the
insurgency will have some measure of support. However, if conditions improve, then the insurgency may wither. No matter what, a strict accounting
system needs to be in place to avoid debacles like the oil for food scandal and others. Some corruption and missing funds is to be expected, but $9
[edit on 30-1-2005 by Banshee]