Baghdad: Around USD 40 billion are reported to be missing from the Development Fund for Iraq which was protected from foreign claims.

"Around USD 40 billion is missing, we do not know where it has gone," Osama al-Nujaifi said at a news conference in Baghdad.

"It may have been spent somewhere, but it does not appear in our accounts, so Parliament will investigate where this money has gone."

Nujaifi did not say how the discovery had been made. Two investigative panels had been formed to track down the cash, he added.

The Development Fund for Iraq (DFI), which was made after the 2003 war to handle oil and other revenues, has been protected against claims by a UN resolution that expires on June 30.

On December 15, the UN Security Council ended key international sanctions imposed on Iraq following Saddam Hussein's 1990 invasion of Kuwait.


(With Agency inputs)