| Woohoo! Let the Looting (Phase II or II, hard to tell) begin! |
Iraqi ministries are spending as little as 15 percent of the 2006 capital budgets they received to do that rebuilding — with some of the weakest spending taking place at the Oil Ministry, which relies on damaged and decrepit pipelines, wells, refineries and pumping stations to move the oil that provides nearly all of the country's revenues.
In essence, the money is available but the Iraqi system has not been able to absorb enough of it to generate reconstruction projects.