Oh, of course they can...just wait, they will show up.
But I'm prepared to to turn a buck myself when they arrive...step right up, now serving:
LOL!
Posted on 10/24/2003 7:26:38 PM PDT by Brian S
MARGARET NEIGHBOUR
AN INTERNATIONAL donors’ conference for Iraq’s reconstruction ended yesterday with $13 billion (£7.7 million) in new pledges, although most of the money was in the form of loans to an economy already crippled by heavy debt.
The money, on top of about $20 billion already promised by the US president, George Bush, "demonstrates the international community coming together" to help Iraq, the US Secretary of State, Colin Powell, said.
Ana Palacio, the Spanish foreign minister, called the two-day session "a great success", while the finance minister, Rodrigo Rato, said it demonstrated "a major commitment ... for the future of a peaceful, democratic and prosperous Iraq".
Mr Powell conceded much of the money would be lent to a country with an estimated $120 billion debt load.
"We will be sensitive to the new debt burden," he said.
Even Saudi Arabia - the richest country in the Arab world - said half of its $1 billion pledge would be in loans through to 2007. The rest would be in export credits.
Iraqi officials were effusive in thanking the 73 countries and dozens of international institutions and charities that took part.
"These have been two wonderful days in the life of Iraq and the world," Adel Abdul-Mahdi, a member of Iraq’s US-appointed Governing Council, told the closing session. "Iraqis are shedding tears. Humanity has stood beside them."
The World Bank and US officials had estimated that Iraq would need $56 billion over the next four years.
However, the bank said Iraq’s oil revenues, private investment and other resources were likely to cover a big chunk of that.
A UN spokesman, Bill Orme, said 2004 was the "critical year", when Iraq would need about $9 billion in grants.
"It’s the only year when they will be totally dependent on external grant support," he said. "And that we have."
The US treasury secretary, John Snow, stressed that Washington would continue to push with other nations to reduce Iraq’s debt "as a matter of urgency".
"Loans only complicate the problem of the rebuilding of a country that today has unsustainable debt rate," he said.
The International Monetary Fund estimates that Saddam Hussein racked up $120 billion in debt, mostly to European and Gulf countries. The United States is owed about $4 billion.
Germany and France - opponents of the US-led invasion of Iraq - pointedly did not offer any new pledges in Madrid but said they would help find a solution.
Prince Saud Al-Faisal said Saudi Arabia was ready to reduce some of the $24 billion Iraq owes it, but did not give specifics.
Mouwaffek al-Rubaie, a member of the Iraq Governing Council, called that "a step in the right direction".
The Japanese foreign minister, Yoriko Kawaguchi, offered the next biggest pledge after Washington’s: $1.5 billion in grants for 2004 and $3.5 billion in loans for 2005-7.
"The international community will not let the Iraqi people down," she said at a closing news conference.
The European Union is giving $812 million in total next year, and $1.5 billion through 2007, said the EU external relations commissioner, Chris Patten.
The EU pledge is less than the $931 million it offered Afghanistan last year, reflecting the absence of France and Germany.
Poorer countries also contributed to the fund, with Slovakia offering $290,000 and Bulgaria and Egypt offering technical assistance but no money. China pledged $24.2 million.
Iran, which fought Iraq from 1980-88 in a war that claimed a million lives, said it would let Iraq export oil through Iranian ports and supply its neighbour with electricity and gas.
So it seems...
No doubt of course, we will find it within the United States "interests" to pay off these loans also. To make everybody "whole"...for "our" interests.
Excuse me while I puke!
Oh, of course they can...just wait, they will show up.
But I'm prepared to to turn a buck myself when they arrive...step right up, now serving:
LOL!
$20 billion for reconstruction of Iraq, the remainder is for the military (and some for reconstruction in Afghanistan).
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