United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office General Government Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1993-10-27 monographic deposited born digital GA 1.13:GGD-94-24 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-94-24 P0b002ee18038a993 f:gg94024 DGPO 2010-08-12 2011-03-28 GAOREPORTS-GGD-94-24 machine generated eng fdlp REPORT GAOREPORTS-GGD-94-24 GGD-94-24 Agricultural programs Agricultural policies Foreign economic development credit Foreign governments Interagency relations Foreign loans Government guaranteed loans Economic policies Exporting International relations Iraq USDA GSM-102 Program USDA GSM-103 Program CCC Export Credit Guarantee Program Letter Report GGD The National Advisory Council on International Monetary and Financial Policies (NAC) approved more than $6 billion in Agriculture Department (USDA) loans and credit guarantees to Iraq despite that country's poor creditworthiness. NAC's use of majority voting to decide issues, as well as approval letters that omitted dissenting opinion, enabled USDA to continue to provide loans to Iraq while giving the impression that interagency backing for its credit decisions was unanimous. In addition, although the NAC review and approval process is not essentially an analysis of financial considerations, USDA represented NAC as a financial review process in describing its credit guarantees to Iraq. NAC's role shrank even further after the Iraq incident when the Bush administration did not consult NAC before announcing USDA credit guarantees to the former Soviet Union. https://www.govinfo.gov/content/pkg/GAOREPORTS-GGD-94-24/html/GAOREPORTS-GGD-94-24.htm GAO/GGD-94-24 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-94-24 Letter Report GAO/GGD-94-24; Agricultural Loan Guarantees: National Advisory Council's Critical Views on Loans to Iraq Withheld; Agricultural programs Agricultural policies Foreign economic development credit Foreign governments Interagency relations Foreign loans Government guaranteed loans Economic policies Exporting International relations Iraq USDA GSM-102 Program USDA GSM-103 Program CCC Export Credit Guarantee Program