The DFI (Development Fund for Iraq) holds an estimated $20-30BB (20-30 billion US dollars). The fund was created in May of 2003 at the request of Coalition Provisional Authority (CPA) Administrator and deposited into the US Federal Reserve Bank of New York. Part of the total amount has since been moved to the CBI (Central Bank of Iraq).
From Abdulbasit Turki:
“The anti-corruption coordinator at the U.S. embassy in Baghdad, Joseph Stafford, said that the U.S. president has agreed to the extension for one more year.”
The DFI account in Iraq was created for “cash payment requirements”. So far, it has been used mainly for the wheat purchase program, Iraqi security forces equipment, elecricity and oil infrastructure programs, and the currency exchange program.
We hope that in the near future, “cash payment requirements” will include covering a revaluation of the currency. I know I’d like to be on the receiving end of that “requirement”!
Related posts: