In an effort to ensure that Iraqi oil revenues are managed in a transparent manner, Open Society Institute (OSI) Chairman George Soros has launched an initiative called Iraq Revenue Watch (iraqrevenuewatch.org). Iraq Revenue Watch monitors Iraq’s oil industry to ensure that it is managed with the highest standards of transparency and that the benefits of national oil wealth flow to the people of Iraq.
In many parts of the world, the lack of proper stewardship over oil resources has resulted in corruption, the continued impoverishment of populations and abuses of political power. Iraq faces great challenges in managing its petroleum resources. If Iraq is to become an open, democratic society it will need to develop transparent accountable institutions for ensuring honest management of oil revenues.
Iraq Revenue Watch is a program of the Middle East and North Africa (MENA) Initiatives of the Open Society Institute, which is a largely grant-making program that develops OSI’s activities in the MENA region. In addition to Iraq Revenue Watch, it also operates a periodic meetings series. Its grant-making program supports efforts on behalf of women’s rights, human rights and freedom of expression, arts and culture. MENA Initiatives is also the liaison for OSI’s first office in the region based in Istanbul, Turkey.
Iraq Revenue Watch offers the latest news and reports concerning financial issues in Iraq. Current material available at the site exposes serious failures in American oversight of Iraq’s oil revenues and negligence in the disbursement of US reconstruction funds. Key documents posted at the site cover the actions of the Coalition Provisional Authority, the awarding of contracts and Development Fund for Iraq (DFI) operations. There is also a comprehensive section of links to agencies and programs with activities in Iraq and a section for the confidential reporting of irregularities in the management of Iraq’s revenues and resources.