Iraq Failing To Spend Billions Of Dollars Meant For Reconstruction...

The New York Times JAMES GLANZ December 10, 2006 10:37 PM

Iraq is failing to spend billions of dollars of oil revenues that have been set aside to rebuild its damaged roads, schools and power stations and to repair refineries and pipelines.

Iraqi ministries are spending as little as 15 percent of the 2006 capital budgets they received for the rebuilding -- with some of the weakest spending taking place at the Oil Ministry, which relies on damaged and frequently sabotaged pipelines and pumping stations to move the oil that provides nearly all of the country's revenues. In essence, the money is available -- despite extensive sabotage, the oil money is flowing -- but the Iraqi system has not been able to put it to work.

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