Iraq Needs $88 Billion for Reconstruction

Iraqi officials stated on Monday at an international conference that the reconstruction of the country after three years of war with the Islamic State group, ISIS, will cost $88 billion. Salman al-Jumaili, Iraq's Minister of Planning, said at an international conference in Kuwait attended by financial donors and investors that "the reconstruction of Iraq is a revival of hope for this country and the restoration of stability in Iraq is a factor for the stability of the region and the world." The three-day international conference in Kuwait is set to explore ways to rebuild Iraq's economy and infrastructure. According to American officials, the United States, which has supported Iraq in its battle against ISIS as part of an international coalition, does not intend to provide financial assistance to Iraq at this conference. Iraqi officials have stated that other countries can guarantee Iraq's loans, allowing the country to obtain low-interest loans with long repayment terms to fund its projects. The Iraqi government announced victory over ISIS about two months ago after regaining almost all territory controlled by the group in December of last year. The battles over the past three years have devastated large areas of Iraq and displaced millions of people. Following the U.S. occupation of Iraq and the overthrow of Saddam Hussein's regime in 2003, billions of dollars in financial aid were provided to the country. After that, Iraq was the scene of sectarian and ethnic battles for about ten years until the emergence of ISIS in 2014, which quickly seized large areas of northern and western Iraq.