(May 10, 2004) The oil-for-food program for Iraq was the largest humanitarian-aid program ever undertaken by the United Nations. It appears it also provided the largest opportunity for corruption.
(May 10, 2004) President Bush wants investigators to get to the bottom of the oil-for-food scandal at the United Nations, which National Security Adviser Condoleezza Rice says may have originated in a “corrupt underworld.”
(May 10, 2004) Faleh Dawood Suleiman, the deputy governor of the Iraqi Central Bank has assured that the Central Bank will not back off from its financial commitments inherited from the previous regime and will give everyone his rights.
(May 6, 2004) Two London-based companies specialising in illiquid emerging market debt have set up a committee to represent holders of unpaid Iraqi trade debt.
(April 25, 2004) France is prepared to cancel some of Iraq’s total external debt, estimated at more than $120 billion, French Finance Minister Nicholas Sarkozy said yesterday.
(April 21, 2004) Having helped sustain and humor the tyranny and fraud of Saddam Hussein for years via the massively corrupt Oil-for-Food program, the United Nations has for the past year been seeking a new role for itself in Iraq.
(April 20, 2004) The oil-for-food program was one of the larger rip-offs of all time. Under the UN’s nose, Saddam Hussein skimmed off billions.
(April 20, 2004) French insurance giant AXA has agreed to compensate Jews who owned property in Iraq and fled in the early 1950s, a precedent that could pave the way for reparations for some 850,000 Jews who left Arab countries, officials said Tuesday.
(April 20, 2004) America’s determination to write off Saddam Hussein’s $90bn (£50bn) debt mountain has opened the door to a more generous deal for the most impoverished countries in Africa, the head of the World Bank said yesterday.
(April 19, 2004) The prospect of the world community forgiving most of Iraq’s debt could be used as an opportunity for debt relief for other developing countries the Guardian newspaper on Tuesday quoted the World Bank as saying.
(April 18, 2004) Bulgaria will not write-off but reschedule Iraq’s debt in view of the country’s economy and oil sector potential.
(April 15, 2004) Former U.S. Federal Reserve Chairman Paul Volcker is United Nations Secretary-General Kofi Annan’s choice to investigate allegations of corruption in the UN-administered oil-for-food program in Iraq, UN envoys said.
(April 10, 2004) Kuwait’s Speaker of Parliament said in remarks published on Saturday the time was not right to discuss reducing billions of dollars in Iraqi debts or Gulf War reparations sought from its former occupier.
(April 10, 2004) The US-appointed governing council cannot deliver democracy.
(April 8, 2004) Corruption in a UN humanitarian programme for Iraq casts doubt on the United Nations’ ability to manage international initiatives, including helping Iraq become a sovereign government, the top US senator on foreign affairs said today.