The Iraqi Governing Council (IGC) and the Coalition Provisional Authority (CPA) are working to build a foundation upon which an economically healthy Iraq can grow, according to US Assistant Secretary of State for Economic and Business Affairs Anthony Wayne.
In remarks addressed to the Senate Banking Committee February 11, 2003, Wayne said "the United States and its coalition partners are working with the Iraqis in a massive effort to revive their economy after decades of mismanagement, corruption, war and sanctions."
The assistant secretary went on to outline the efforts of US, Iraqi and international players to rebuild the physical, social and economic infrastructure of the country. He said, "Working closely with Iraqi officials, especially in the Ministry of Planning and Development Co-operation and other Ministries, the CPA is in the process of allocating the reconstruction funds in accordance with Iraqi priorities."
According to Wayne, key investments in infrastructure are being directed to telecommunications, power generation, sanitation, transportation, public buildings, and oil repairs. He said a large portion of funds from the supplemental appropriation is being channeled into police training, military equipment, and democracy/governance activities.
The assistant secretary also mentioned US efforts to freeze the assets of the former regime and to obtain relief on Iraq's $120 billion external debt. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
