GAO: Iraq’s oil revenue could double

[unhappycamper]

GAO: Iraq’s oil revenue could double
By Helen Hu, Stars and Stripes
Mideast edition, Thursday, August 7, 2008

Iraq’s oil revenue could double this year to $79 billion — helped by rising oil prices — but if the past several years are any indication, the government will be slow to use it to rebuild the country, a report shows.

The Baghdad government has amassed a huge surplus, keeping about $30 billion in the Federal Reserve Bank of New York, according to the report issued Tuesday by the Government Accountability Office.

From 2005 to 2007, the Iraqi government generated about $96 billion in cumulative revenue, virtually all of it from crude oil export sales, the GAO says.

Ninety percent was spent on operating expenses, such as salaries and goods and services, and 10 percent on investments such as structures and vehicles.

Only 1 percent of total expenditures went toward maintaining Iraq and U.S.-funded investments such as buildings, water and electricity installations, the report says.


Rest of article at: http://www.stripes.com/article.asp?section=104&article=56598



uhc comment: Perhaps the GAO should take a look at the $21,000,000,000+ of reconstruction projects already paid for with US funds.