Iraq to get $38 billion World Bank assistance

[Robbien]

CAIRO: The World Bank will put up an estimated $37.5 billion for the reconstruction of Iraq over the next few years, an official told Egypt's state-owned Al Ahram daily in an interview published yesterday.

Joseph Saba, the bank's point man on Iraq, said the figure was based on recent studies carried out by the bank, adding that despite continuing difficulties he expected the effort to get underway soon.

. . .

The bank had identified four main priorities or areas it wanted to focus on in the near future, including education, infrastructure and social projects.

"Our focus shall be on basic education; building modern schools and supplying them with the necessary equipment, books and computers," Saba said.

http://www.gulf-daily-news.com/Articles.asp?Article=84431&Sn=BUSI

again with the schools? Hasn't Bush&Friends been saying for the past year that they have rehabbed all the schools?

[rocketdem]

1. Well, good for the Iraqi people.

Considering what we've done to them over the last decade and a half (if not longer through our blatant support of the tyrant Saddam), it's about time that get some relief. This amount, however, is probably just a drop in the bucket compared to what they need.

[alcuno]

2. Are they giving 38 billion or loaning it to them?

After all, it has "bank" in the name.

[flewellyn]

3. VERY good question.

The World Bank's loan policies in the past have been ruinous to developing nations, as the interest payments soon became so high that they were, in some cases, 800% of a nation's GNP. The only way to service the interest on these loans was to apply for more loans, digging an even deeper hole.

Also, these loans were often given with strings attached: economic "structural adjustments" which called for lowering trade barriers, concentrating on building infrastructure that is favorable to large foreign corporations, and otherwise screwing over the people of the Third World to enrich the First.

Does this sound like imperialism to anyone else?


Anyway, if Iraq is receiving this money as a loan, this may be a curse, not a blessing.

[Voltaire99]

4. Those whom God wishes to destroy, He gives World Bank loans.

Just ask the victims of neo-liberalism.

I wonder if this sum shall be forthcoming if the US is chased out of Iraq first.

[daleo]

5. I imagine they will spend the next 100 years paying it back

The World Bank isn't exactly a charity.