US fails to implement Iraq economic recovery plan
Less than seven percent of the $18.4 billion that Congress approved in 2003 to rebuild Iraq has been spent, the Bush administration said Wednesday in its latest report on the issue.
The State Department report, which said just under $1.22 billion had been spent through Sept. 22, confirmed that the U.S. attempt to bring an Iraqi economic recovery is lagging well behind initial plans.
In January, the Bush administration said it planned to have spent $12.7 billion by this past Oct. 1.
In an acknowledgment that its initial plans needed adjustment, the Bush administration recently got congressional permission to shift $3.46 billion of the $18.4 billion to boost security, provide quick jobs, and forgive Iraqi debt, The AP reported.
"Improving the security situation, the upcoming elections" in Iraq, "the need to generate employment and debt relief are all critical requirements that must be addressed now," the report said.
More than half the money actually spent - $623 million - is for security and law enforcement projects. (menareport.com)
© 2004 Mena Report (www.menareport.com)