Iraq Sees Prospects Brighten for Financing Reconstruction

By Marian Houk, | The Christian Science Monitor, April 17, 1989 | Go to article overview

Iraq Sees Prospects Brighten for Financing Reconstruction


Marian Houk,, The Christian Science Monitor


DESPITE continuing concerns in the international business community, new optimism is being expressed in Iraq about the country's ability to finance its ambitious postwar reconstruction program.

Iraq's cash crunch is easing, an official in the Ministry of Planning says. Forgiveness of war debt, barter arrangements, a stronger currency, and plans for an arms export industry all contribute to the official confidence.

Still, the expected flood of international businessmen seeking postwar contracts from Iraq has been only a steady trickle due to wariness about Iraq's overall indebtedness. Iraq is currently curbing nonessential imports because of a shortage of foreign currency reserves, and the government has reportedly fallen behind in some of its payments.

"They've been robbing Peter to pay Paul," a Western diplomat says.

No official figures are available, but international banking sources have estimated that Iraq owes Western banks nearly $30 billion. Gulf countries, primarily Saudi Arabia and Kuwait, provided $50 billion to $60 billion to Iraq's war effort. But Iraqi officials claim the Saudi and Kuwaiti debts are now being regarded as grants (see story above).

In addition, Saudi Arabia and Kuwait have announced further contributions to the reconstruction of the port cities of Basra and Faw. Saudi King Fahd has also promised to finance the rebuilding of the Iraqi nuclear power plant in Baghdad, which was destroyed in a 1981 Israeli air raid.

Iraq intends to develop an arms industry - one that will be in competition with Egypt, Iraq's partner in the newly formed Arab Cooperation Council (which also includes Jordan and North Yemen).

Iraq is preparing to hold its first International Arms Fair in Baghdad on April 28. It has announced that 120 companies from 26 countries have agreed to participate, including France, West Germany, China, and several Latin American nations.

The United States, however, will not participate, according to an official at the US Embassy in Baghdad, because of existing restrictions placed on military exchanges with Iraq during the war. …

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