BAGHDAD – A U.S. audit has found that the Pentagon cannot account for over 95 percent of $9.1 billion in Iraq reconstruction money, spotlighting Iraqi complaints that there is little to show for the massive funds pumped into their cash-strapped, war-ravaged nation.
The $8.7 billion in question was Iraqi money managed by the Pentagon, not part of the $53 billion that Congress has allocated for rebuilding. It’s cash that Iraq, which relies on volatile oil revenues to fuel its spending, can ill afford to lose.
“Iraq should take legal action to get back this huge amount of money,” said Sabah al-Saedi, chairman of the Parliamentary Integrity Committee. The money “should be spent for rebuilding the country and providing services for this poor nation.”
“The breakdown in controls left the funds vulnerable to inappropriate uses and undetected loss,” the audit said.
Related articles by Zemanta
- Audit: US Cannot Account for $8.7B in Iraqi Funds (abcnews.go.com)
- Pentagon can’t account for $8.7 billion in Iraq money, audit finds (thestar.com)
- U.S. can’t account for $8.7 billion in Iraqi cash (msnbc.msn.com)
- US audit finds weakness in Pentagon controls for Iraq funds; $8.7 billion missing (foxnews.com)
- Report cites lax oversight of reconstruction funds in Iraq (cnn.com)
- $8.7 billion in Iraq funds not accounted for: audit (alternet.org)
- Paper trail’s missing for billions in Iraq oil money (chron.com)
- 8.7 billion dollars in Iraq funds not accounted for: audit (alternet.org)
- US unable to account for billions of Iraq oil money (independent.co.uk)
- Pentagon Can’t Account For $8.7 BILLION In Iraqi Reconstruction Money, Audit Finds (huffingtonpost.com)