America: Iraq on Its Own to Rebuild
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?
’TIS THE REASON…
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.
You know the story. Independent journalism is under threat and overshadowed by heavily funded mainstream media. During this holiday season, you can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearth what's really happening- without compromise. Give today to support our courageous, independent journalists.
As always, we wish you truth, reason and the best of the season!