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Oil-for-food funds released

NOTE: The following was received via full text e-mail direct from CPA Public Affairs, Iraq. There is no 3d party involvement. This was not lifted from any web site, consequently "no link". There are no copyright considerations.

PRESS RELEASE

Coalition Provisional Authority

FOR IMMEDIATE RELEASE

2.5 billion Allocated for Critical Iraqi Needs

Monday, June 13, 2004 ? The Coalition Provisional Authority, working with Iraqi Ministries and the Program Review Board (PRB), recently allocated $2.5 billion for the most critical unfunded needs of Iraq.

The $2.5 billion was released from the UN escrow account for Oil for Food funds. The funds were deposited in the Developmental Fund for Iraq ? the bank account that holds funds for the Iraqi budget.

"This represents a tremendous investment in Iraq's future. The money is being allocated, to our best knowledge, to fund our most critical needs, including security, oil, electricity and agriculture. The plan invests in productive infrastructure as well as human capital, which are the tools for reconstructing the economy after 35 oppressive years," said Minister of Finance Adil Mahdi.

The Iraqi Ministries and the CPA developed a balanced spending plan based upon an analysis of the security situation and the most critical unfunded needs of Iraq in 2004 and beyond. The plan provides funds for reserves to address future potential liabilities, funds for the food basket to provide sufficient food for the Iraqi people this year, and projects that have maximum impact on providing critically needed revenue, critically needed services and other expenditures aimed at investments in Iraq?s future.

The spending plan was approved by the Program Review Board, which was established to ensure that funds available to the CPA for the relief and recovery of Iraq are managed on behalf of and expended in a manner which meets the interests of the Iraqi people and is consistent with applicable laws and regulations. The PRB now consists of 11 voting members, including representatives of the Iraqi Ministries of Finance and Planning.

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