Friday, March 30, 2007
$12.5 billion to be released in the form of reconstruction projects
Finance, Reconstrution
(MENAFN) - The US State Department's Senior Iraq Coordinator stated that the $12.5 billion given to Iraq should be released in the form of reconstruction projects. In his statement to the House Foreign Relations Committee, he said that Iraq needs around $4 billion in order to enable it to spend the $12.5 billion that the Iraqi government already has in its accounts, among which $3.5 billion are assigned to the Iraqi Oil Ministry.
He pointed out that the additional budget is needed to activate the former budget in order to provide most of Iraq's ministries and targeted sectors with the opportunity to maintain and establish new investments such as wells, bring new equipments like vehicles.
It is worth noting that Iraq has not spent the $12.5 billion due to the lack of mechanisms, the lack of the experience and capacity to spend funds. Therefore, the new budget comes as part of presenting the needed mechanisms and expertise to the Iraqi government in order to start utilizing the allocated funds.
(MENAFN) - The US State Department's Senior Iraq Coordinator stated that the $12.5 billion given to Iraq should be released in the form of reconstruction projects. In his statement to the House Foreign Relations Committee, he said that Iraq needs around $4 billion in order to enable it to spend the $12.5 billion that the Iraqi government already has in its accounts, among which $3.5 billion are assigned to the Iraqi Oil Ministry.
He pointed out that the additional budget is needed to activate the former budget in order to provide most of Iraq's ministries and targeted sectors with the opportunity to maintain and establish new investments such as wells, bring new equipments like vehicles.
It is worth noting that Iraq has not spent the $12.5 billion due to the lack of mechanisms, the lack of the experience and capacity to spend funds. Therefore, the new budget comes as part of presenting the needed mechanisms and expertise to the Iraqi government in order to start utilizing the allocated funds.
COMMENT: The other reason the funds have not been spent yet is because the security situation is too bad to get out on the ground and carry out reconstruction projects. COMMENT ENDS.
Labels: reconstruction
