It Isn't Much, But Every 10 Billion Counts,my papa always said; didn't yours? Times are tough, he would say, you'll have to make do with a used bike, and be damned glad you have one. And I was, weren't you? We were all in the crunch together, right?
MADRID, Oct. 24 — The United States, completing an extraordinary campaign for economic aid to Iraq, won commitments on Friday of at least $13 billion over five years for reconstruction of water, power, health care and other systems devastated by the American invasion six months ago.
The total surpassed what many had expected, although roughly two-thirds of the aid appeared to be in the form of loans rather than grants, which might complicate efforts by the Bush administration to beat back a drive in Congress to make more American aid in the form of loans.
Administration officials have said repeatedly that Iraq needs grants and cannot afford to add to its debt. ...
Exactly how much of the figure mentioned Friday was in the form of grants was not immediately clear. But it appeared that total grants between now and the end of 2004 would come to between $3 billion and $4 billion.
Whoa! Hang on a minute--the war/peace is costing us about $4 Billion a month, right? So, these friends of ours, these countries that respect--or at least are intimidated by our strength and our reach--are ponying up about a month's worth of dough? Some respect. There's not much fear factor apparent in their ardor to remain on the good side of the world's only "superpower," either.
Some donors apparently pledged sums that they had already announced and transmitted earlier. Others included import credits, relief assistance — including $500,000 worth of rice from Vietnam — or other items not on the list of reconstruction and security needs for which the Madrid conference was called. Nor is it clear how much money will be available how soon.
Arab nations did not come through with the large number of grants that the administration had sought, in part because of antipathy toward the war in Iraq and, more recently, the collapse of the Israeli-Palestinian peace negotiations. The United Arab Emirates offered $200 million to $250 million. Saudi Arabia offered $1 billion in low-cost loans and an additional $500 million to finance Saudi export credits. Kuwait came up with $500 million.
Jeezumtally! The Saudis spend that much on their mistresses' shopping sprees on Rodeo Drive! They spend many times that financing the Islamic fundamentalism that started all this mess! And these are loans. Surely I am missing something here.
The senior administration official said that while much of the money would be received as loans, interest rates and repayment schedules would be highly favorable to Iraq. Loans, he added, will supply quick infusions of cash to get construction projects going quickly.
Asked why loans were acceptable from the international agencies and other donors but not from Congress, American officials said that they had to recognize the reality of donor finances and that this did not diminish the need for Congress to provide grants.
"Sure, we prefer grants," Treasury Secretary John Snow said. "But what we really are counting on here is financial support, lines of credit, money in the bank that can be drawn on to finance the rebuilding of Iraq."
As delegates left Madrid on Friday evening, many questions remained about the sums pledged. Many development officials cautioned, for example, that the nations pledging them might not live up to their promises. That is what has happened, at least in part, with the $5 billion raised for Afghanistan last year.
Okay, I get it, it's like a public television pledge drive. You get your name mentioned during the telethon, then stiff 'em with "the check's in the mail" routine afterwards. Amazing how Americanized the third world is becoming; they learn fast: Do as we do, not as we say.
Accompanying the pledges were heated demands and warnings from donor nations and from the World Bank, the International Monetary Fund and other international institutions that the United States and Iraq must do a better job in disclosing how money is spent.
"So far there hasn't been a good accounting of how the money was used," said Mark Malloch Brown, head of the United Nations Development Program, referring to the several billion dollars already spent in Iraq from oil revenues and seized Iraqi assets.
American officials bridled at those accusations, saying there had been a full accounting even though it had not yet been made public. L. Paul Bremer III, administrator of the American-led Iraqi occupation, said the accounting would be on a Web site soon.
Yes indeed they learn fast--they want to know how we are going to spend their money. Imagine that? They want an accounting. Why don't we give the job to those guys who kept the books for Enron or WorldCom. That would at least continue to line Cheney the Great's pockets and he's going to be Emperor of something someday and maybe he will give us some of it back as foreign aid.
