Arm-twisting dominates Iraq donors meet

Efforts to raise the $55 billion needed to rebuild Iraq began in earnest on Thursday at a donors’ conference attended by 70 countries, ...

Efforts to raise the $55 billion needed to rebuild Iraq began in earnest on Thursday at a donors’ conference attended by 70 countries, with behind-the-scenes efforts to persuade doubters to dig deeper in their pockets. Both UN Secretary-General Kofi Annan and US Secretary of State Colin Powell on Wednesday tried to lower expectations.

Other sponsors, including Spanish PM Jose Maria Aznar, were careful not to set a target but behind the scenes delegates spoke of arm-twisting of countries reluctant to stump up the billions. France, Germany and Russia did not promise any money beyond what they had pledged. France planned no more aid until Iraqi sovereignty was fully recognised, Foreign Minister Dominique de Villepin said.

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More than 330 companies and business groups from 47 countries will take part in a parallel conference in Madrid on Thursday for the private sector in rebuilding Iraq. However, Spanish Economy Minister Rodrigo Rato acknowledged it was too early to expect private money to flow into Iraq. ‘‘This is clearly a conference for donors. There is no great appetite for the international markets to invest in Iraq,’’ Rato told Spain’s Cadena Ser radio.

The World Bank and UN studied 14 sectors of Iraq’s economy and estimated they need $36 billion over four years. A report by the US-led Coalition Provisional Authority found that an additional $19.4 billion is needed to reconstruct sectors not covered in the World Bank report.

Chris Patten, EU’s external relations commissioner, on Wednesday defended its $ 235 million for 2004 pledge as ‘‘extremely realistic’’ given security risks on the ground and Iraq’s limited capacity to absorb funds.

So far $2-3 billion has been pledged in addition to the $20 billion the US Administration plans to contribute over 18 months. A number of potential donors, such as wealthy Gulf states, have yet to announce their contributions.

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A prominent British aid agency, Christian Aid, stirred controversy by accusing US and British administrators of failing to account for $4 billion in oil revenue and money meant for rebuilding the country. (Reuters)

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