America: Iraq on Its Own to Rebuild

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Posted on Mar 25, 2006

The U.S. has apparently just told Iraq that it should no longer expect American dollars to aid in the country’s reconstruction--rather, Iraq must rely on its own revenues.
Did anyone know this was coming?

AP:

The head of the U.S.-led program to rebuild Iraq said Thursday that the Iraqi government can no longer count on U.S. funds and must rely on its own revenues and other foreign aid, particularly from Gulf nations.

“The Iraqi government needs to build up its capability to do its own capital budget investment,” Daniel Speckhard, director of the U.S. Iraq Reconstruction Management Office, told reporters.

The burden of funding reconstruction poses an extraordinary challenge for a country that needs tens of billions of dollars for repairing its infrastructure at the same time it’s struggling to pay its bills. Iraq’s main revenue source - oil - is hampered by insurgent attacks on production facilities and pipelines, forcing the country to spend $6 billion a year on oil imports.

Link

TAGS: american funds imports infrastructure oil rebuild reconstruction revenues u.s. government

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By felicity smith, March 25, 2006 at 11:06 am #
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I don’t know if this allowed but I’m going to quote the end of an article in the April edition of “Harpers” called ‘Trickling Down’ because it resonates with the news that we’re financially bailing out of Iraq.  “...Iraq seems on the verge of succumbing to the same curse that afflicts many oil-rich, developing nations, where vast natural resources have led not to democracy and a more equitable distribution of wealth but to endemic corruption, autocratic rule, and, for much of the population, poverty.” ‘

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