Auditors to supervise Iraqi oil revenues
The United Nations is looking to appoint auditors to an international monitoring board to supervise use of Iraqi oil revenues to pay for rebuilding the country.
A UN resolution last week granted control of Iraq?s oil revenues to the US and UK coalition until a new government is formed. The revenues will be deposited in a development fund for Iraq, under supervision of the international monitoring board.
The UN has added £1bn to ensure aid will arrive soon. Paul Bremer, US ambassador to Iraq, witnessed the dredging of Umm Qasr, the seaport set to become one of the first facilities to be rebuilt with revenues.