Iraq may need US $80B in first year

Adnan Pachachi, a senior Iraqi exile figure, tells Arabian Business that the country needs the equivalent of a second Marshall Plan if it is to stand a chance.

  • E-Mail
By  Massoud Derhally Published  March 19, 2003

The cost of rebuilding Iraq will be US $80 billion in the first year alone, according to Adnan Pachachi, Iraq’s former foreign minister and a senior Iraqi exile figure. In an exclusive interview with Dubai-based Arabian Business magazine, Pachachi also made clear that he wanted the UN to play the lead role in rebuilding the country.

“As far as what will happen after the change of regime, we have advocated a transitional period, during which an Iraqi civil administration will be chosen after extensive consultations conducted by a representative of the secretary general of the United Nations,” said Pachachi.

“That civil administration will be composed of highly qualified technocrats with experience in government and a small political body to oversee the transition period,” he added. The most important task of the civil administration, he said, would be to, “prepare the country for elections by enacting an election law based on universal adult suffrage.”

Pachachi believes the future of the country rests on a secular constitution that will be drawn up by an elected parliament and put to the Iraqi people in a referendum. “This constitution will provide the opportunity for the Iraqi people to engage freely in normal political activities such as the formation of parties, the guarantee of the right of assembly, free speech and press, and so on,” he said.

Pachachi also hinted that Iraq might seek permission from OPEC to exceed its oil output quotas, but he stressed the need for international donor support. “Most importantly, we need massive infusion of capital from outside, some kind of a Marshall Plan, in which various countries of the world, including Arab countries and industrialised countries like Japan, Germany and the US, contribute. We need US $80 billion in the first year or so,” he said.

In the interview, Pachachi, now 80 years old and living in the United Arab Emirates, also addresses the role that Sharif Ali bin al-Hussein, the self proclaimed heir to the Iraqi throne, will play in post war Iraq, as well as relations with Kuwait, and the Palestinian-Israeli conflict.

The interview will appear in the May 2003 edition of Arabian Business, available in the first week of April.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code