Iraq's rebuilding planned at nearly $120 billion

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http://news.yahoo.com/s/ap/20080730/ap_on_re_mi_ea/us_iraq_rebuilding

Iraq's coffers are bulging with oil money, yet some Baghdad residents go without electricity for much of the day and others get drinking water tainted with sewage.

"They don't need more money," said Stuart Bowen, special inspector general for Iraq reconstruction. "But they are having a difficult time, apparently, spending the money that they have."

Bowen Wednesday is releasing his quarterly report to Congress on efforts to rebuild Iraq's shattered nation — a program now expected to spend $117.79 billion.

Aided by money from a postwar record in oil production, Baghdad itself is now set to spend an amount almost equal to the U.S. share, the report says. That is, as of the end of the quarter on June 30 the U.S. has appropriated $50.46 billion, the Iraqis are contributing $50.33 billion and international donors have pledged $17 billion.