US puts Iraq's six-month national budget for 2003 at $3 billion
Commitments to improve Iraq’s water, electrical, public health and telecommunications systems were listed as spending priorities for the next six months’ national budget, according to Paul Bremer, the administrator for the Coalition Provisional Authority in Iraq, on July 7, 2003.
Budgetary expenditures amount to over nine trillion Iraqi dinars (six billion dollars), half of which will be financed by Iraqi oil sales. The United States government will provide an additional ID4.5 trillion (three billion dollars) for Iraqi reconstruction, Bremer said.
"The officials who used to steal most of Iraq's resources, and misuse what little was left, have gone. All of Iraq's resources will now be spent on you, the Iraqi people, and on projects which directly benefit you," Bremer stated in a speech to the Iraqi people.
Bremer also announced that beginning October 15, 2003, a new Iraqi dinar would come into circulation, replacing both the "Swiss" and "print" banknotes now used in Iraq. One US dollar currently equals about 1,500 Iraqi dinars. "For the first time in 12 years, all of Iraq will again use one set of banknotes," he said. — (menareport.com)
© 2003 Mena Report (www.menareport.com)