NEWS

UNITED NATIONS, April 26 (Summary of Reuters Article) - Iraq exported $8.27 billion in crude oil since March of 2003, the Coalition Provisional Authority told Reuters. The money was deposited into the Development Fund for Iraq. The fund was established on May 28, 2003, with $416 million deposted during the week ending last Thursday, compared with $309 million the previous week, according to the provisional authority's website located at www.iraqcoalition.org/budget/DFI_intro1.html. A United Nations resolution requires the Coalition Provisional Authority to deposit all the proceeds of Iraq's oil exports into the fund. The purpose of the resolution is to ensure Iraq's secretive U.S.-led civil administration was not engaged in any fraudulent practices. In January, the provisional authority began awarding government contracts to private companies through a competitive bidding process. Accusations against Halliburton alleging war profiteering were made after the company won billions of dollars in contracts from the U.S. military in Iraq.