Word: reconstructionism
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1 | Iraq Windfall Profits in Iraq? Thanks to soaring oil revenues, Iraq could have a cumulative budget surplus of $79 billion by the end of the year, the Government Accountability Office reported. And yet, of the $67 billion the Iraqi government spent from 2005 to 2007, just 1% went toward...
Where will the money come from? Al-Sheikhly says still more outside investment is needed to revitalize the city. That kind of talk only compounds the grumpiness of the country's biggest donor: the U.S. government. Washington is increasingly unhappy over the Iraqi government's seeming reluctance to spend funds...
Warner's statement followed the release of a report by the Government Accountability Office on annual Iraqi oil revenues and Iraqi government spending on security and reconstruction efforts. The report, requested by Warner and Senate Armed Services Committee Chairman Carl Levin of Michigan found that Washington had underwritten $48 billion...
"The Iraqi government now has tens of billions of dollars at its disposal to fund large-scale reconstruction projects. It is inexcusable for U.S taxpayers to continue to foot the bill for projects the Iraqis are fully capable of funding themselves," said Levin. "We should not be paying for Iraqi...
While some of Iraq's surplus funds sit in U.S. accounts, no Iraqi officials reached by TIME expressed any concern that they would be able to access the money. All the funds are managed by the Central Bank of Iraq and spent on government orders. Iraqi officials say continuing violence...