July 2008: Quarterly Report To Congress

Iraq's Economic Progress Helps Reconstruction

Total Iraqi funds made available for reconstruction since 2003 have now reached the $50 billion mark, roughly equaling the total amount of U.S. funds appropriated to date to support Iraq's relief and reconstruction. Moreover, this year's oil windfall means that the Government of Iraq (GOI) may soon budget significantly more resources– reportedly up to $7 billion–for new capital investment across the country. Record oil production, steady oil exports, and high oil prices continue to portend the possibility that Iraq's oil revenues will crest $70 billion by the end of the year. Taking full advantage of this economic boon requires immediate improvement in the GOI's budget execution rates. The most current data indicates that those expenditure rates are still well under expectations.

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