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Politics : PRESIDENT GEORGE W. BUSH

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To: MKTBUZZ who started this subject	8/27/2003 9:47:51 AM
From: DuckTapeSunroof	Read Replies (1) of 769667

Bremer Iraq Effort to Cost Tens of Billions By REUTERS August 27, 2003 Filed at 0:57 a.m. ET nytimes.com WASHINGTON (Reuters) - Iraq will need tens of billions of dollars in contributions from overseas in the next year to fund the reconstruction effort, the top U.S. civil administrator in Iraq, Paul Bremer, said in an interview published on Wednesday. Bremer told The Washington Post that Iraqi revenue would not be enough to cover the bill for economic needs that he described as ``almost impossible to exaggerate.'' Explaining the huge cost of the project, Bremer said it would cost $2 billion just to meet current electrical demand and an estimated $16 billion over four years to deliver clean water to all Iraqis. The figures, which must be added to the $4 billion the Pentagon spends each month on military operations in Iraq, offer the latest evidence that the price of the Iraqi occupation is growing substantially, The Post reported. Quick revenues from Iraq's vast oil resources have failed to materialize because of sabotage and looting. Bremer told the newspaper he hoped to return Iraqi oil production to prewar levels by October 2004. But he noted that even when deliveries return to 2002 levels, the industry would not produce enough revenue to cover the cost of reconstruction. In Washington this week for a series of meetings expected to focus on the funding issue, Bremer said that a ``very intense dialogue'' was underway with Iraq's governing council about the need to open the country to foreign investment. He also told the newspaper that it would take years and countless billions of dollars to get Iraq functioning again. In a speech in St. Louis on Tuesday, President Bush said it would require ``substantial'' time and money to rebuild Iraq and that he would try to persuade more countries to join in the U.S.-led effort. A number of countries have indicated they are reluctant unless the United Nations is given greater authority in managing postwar Iraq. Bremer strongly questioned the wisdom of giving significant responsibility to the United Nations. ``What exactly is it that happens on the ground that makes things better if the U.N. is in charge of reconstruction?'' he asked. Copyright 2003 Reuters Ltd. \|

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