Iraq’s budget surplus
Iraq’s government has a massive budget surplus, but is spending less than 1 percent of it to maintain and rebuild the country’s infrastructure, the U.S. government’s auditing agency said this week. The General Accountability Office’s report said that Iraq, which derives 90 percent of its revenues from oil sales, has built up an $80 billion surplus since 2005, but that bureaucratic chaos and political disputes have stalled reconstruction efforts.
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