Iraq Inspector Says Rebuilding Lags as Handover Deadline Nears

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Iraq Inspector Says Rebuilding Lags as Handover Deadline Nears

May 1 (Bloomberg) -- The U.S.-led reconstruction effort in Iraq is running out of money and hundreds of projects are at risk of going unfinished as the yearend deadline approaches for handing off most of the work to the Iraqis, according to the U.S. inspector overseeing the effort.

The rebuilding has been beset by mismanagement, corruption and crime as well as insurgent attacks and sectarian violence, Inspector General Stuart Bowen said in a report to Congress today.

``The U.S. relief and reconstruction effort will accomplish less than originally planned,'' Bowen said. ``Fewer projects will be completed than expected,'' and the shortfalls ``have the cumulative effect of slowing improvement in the daily lives of Iraqis.''

Congress requires Bowen to report every three months on the U.S. investment in Iraq's reconstruction. He calls this 228-page report his first ``comprehensive and detailed picture.''

http://www.bloomberg.com/apps/news?pid=10000103&sid=ab8SOfouzGaQ&refer=us