Iraqi parliamentary speaker Osama al-Nujaifi announced in parliament yesterday that $40 billion had been drawn from the Iraqi Development Fund in which oil revenues are deposited. The fate of this vast amount is undocumented or accounted for.

The announcement of the funds' withdrawal came during the discussion about the Iraqi budget (see Iraq Approves $82.6b Budget For 2011 ). The announcement fueled the rage in the streets across the country, where there have been an increasing number of demonstrations against widespread corruption in government.

Two officials have signatory power over the fund - the prime minister and the finance minister. The governor of the central bank is responsible for managing the fund under a supervisory group comprising the World Bank, IMF, Arab Fund for Economic and Social Development and a representative of the Iraqi ministry of finance.

The speaker said that two parliamentary committees have been appointed to look into the disappearance of the funds.

Source: Al-Zaman, Iraq, February 22, 2011