Iraq not using oil cash to rebuild

(WASHINGTON TIMES) — Increased Iraqi oil revenues stemming from high prices and improved security are piling up in the Federal Reserve Bank of New York rather than being spent on needed reconstruction projects, a Washington Times study of Iraq’s spending and revenue figures has shown. Out of $10 billion budgeted for capital projects in 2007, only 4.4 percent had been spent by August. Meanwhile, some $6 billion to $7 billion from last year’s budget is “being rolled over” and invested in U.S. treasuries. Full Report