Word: rebuilding
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Pentagon authorities are also hoping to reassemble the regular Iraqi army, even as it plans for at least a two-year U.S. military occupation. "They can help rebuild their own country," one officer says. "We'd continue to pay them for work like engineering, road construction, removing rubble, picking up unexploded ordnance." As for the U.N., Deputy Defense Secretary Paul Wolfowitz told a Senate committee last week, "The U.N. can be an important partner, [but] it can't be the managing partner. It can't be in charge...
...will Europeans and moderate Arabs want to help out, considering that they objected to the U.S.-led war? And if they do agree, what will they want in return? "In exchange for debt relief, France, Germany, Russia and others are very likely to ask for contracts to rebuild the country and sell Iraqi oil, as well as a voice in economic policy," points out Robert Hormats, vice chairman of Goldman Sachs International and a former State Department official in the Carter Administration. So far, the billions of dollars in contracts to rebuild Iraq are going to U.S. companies...
...Vietnam] took too long ... If President Bush had been President, we would have won." JAY GARNER, retired lieutenant general charged with leading the effort to rebuild Iraq...
...clear that current oil revenues will not even keep the interest payments current. Before Iraq can begin to rebuild its economy it will have to either get massive amounts of debt forgiveness or repudiate these debts. At present, the capital markets are pricing Iraqi debt to reflect an expected 90% reduction in official and commercial debt, while reparations are expected to be reduced to under $40 billion. Again, this may be an optimistic assumption, and certainly Iraq's creditors are talking a tough line. "We not only expect to get our money back," says German Finance Minister Hans Eichel...
...Even with its debt burden behind it Iraq will need to raise billions of dollars in capital just to rebuild. Most of that money is supposed to come from oil revenues. However, the legal framework of the UN sanctions regime is still in place and it forbids the sale of Iraqi oil except through the oil-for-food program. This program is set to expire in early June and unless it is extended by a vote in the Security Council it will be illegal for Iraq to sell its oil on international markets. Once again France, Russia are playing...