Iraqi official: delayed formation of the government impede the use of the funds of the Kuwait Conference
12/7/2018


The head of the reconstruction fund for Iraq's affected areas, Mustafa al-Hiti, said the delay in the formation of the government in Baghdad has hindered access to loan funds and grants that were monitored by donors at the Kuwait International Conference on Iraq Reconstruction.

Al-Hiti said in a press statement that "the reconstruction fund is suffering from a lack of funding and is currently dependent on the financial allocations from the federal budget in Iraq.

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"The fund did not spend for two years from November 2016 until last November, only $ 81 million to implement 499 projects, including 325 completed completely.

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Regarding the funds pledged by the donors at the Kuwait International Conference on Iraq Reconstruction, Heiti said that "most of these funds are investment loans and was approved with the end of the former Iraqi government.

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"The world countries will not pay the money and the new Iraqi government is not yet complete," he said.

"They want to have a state and know what the state is and how it will handle the money.

"The Kuwait conference is not only about grants and money, but it has also made an important gain for Iraq when it was able to come up with a credible assessment that is almost as bad as the real need for rebuilding Iraq, which the World Bank has set at $ 88 billion," he said.

"The fund currently has only 1.5 percent of the 88 billion US dollars.
The countries participating in the reconstruction conference of Iraq had pledged in February to provide about 30 billion US dollars. "

http://burathanews.com/arabic/economic/341835