Iraq’s missing billions
The US defence department is unable to account for billions meant for reconstruction.
Billions of dollars meant for reconstructing Iraq have gone missing with fingers pointing out to the US Department of Defence.
According to a newly released audit by the Special Inspector General for Iraq Reconstruction, the Pentagon was entrusted with $9.1bn after the fall of Baghdad – money that came from the sale of Iraqi oil and gas.
Out of this, nearly 95 per cent, around $8.7bn, has not been properly accounted for.
Subsequently, most of it has been at least partially tracked. However, the military failed to produce any records whatsoever for $2.6bn.
In addition, the US military continues to hold over $34mn, which it was supposed to return to the Iraqi government in 2007.
The Pentagon has blamed poor record-keeping and lax oversight. They have pledged to undergo what they call a process of archival accounting to track missing funds.
Iraqi officials say they know nothing about the missing billions.
So, where has the money gone? And with no agreement on forming a new government in Iraq who is going to take action?
Inside Story, with presenter Mike Hanna, discusses with Mundher Adhami, an analyst on Iraqi affairs, Jeremy Carver, a board member of Tranparency International, and Scott Lucas, a professor of American Studies at the University of Birmingham and editor of Enduring America.com.
This episode of Inside Story aired from Wednesday, July 28, 2010.