Wolfowitz intends to dramatically expand World Bank-funded projects in Iraq in the near future

[sabra]

http://www.odiousdebts.org/odiousdebts/index.cfm?DSP=content&ContentID=17057

Wolfowitz takes actions to gear up World Bank for Iraq by The Government Accountability Project (GAP)

Washington, D.C.: The Government Accountability Project (GAP) has learned from inside sources that World Bank President Paul Wolfowitz is currently negotiating a contract with a new resident Iraq Country Director. This step strongly suggests that Wolfowitz intends to expand Bank-funded projects there dramatically in the near future, despite the deteriorating security situation and recent disclosures of massive corruption in "reconstruction" efforts.

...

The unilateral appointment of a resident Iraq country director can only aggravate an already tense standoff between Wolfowitz and the Bank Board. Members of the Board have already expressed concerns about misuse of other donors’ funds in the country and emphasized to the US-appointed President ". . . the need for compliance with the Bank's fiduciary and safeguard requirements," also according to the ISN 2005.

"Wolfowitz's apparent determination to use the World Bank to further questionable American military goals in the Middle East is a fundamental distortion of the Bank's mission, a violation of its founding Articles of Agreement, and a reckless waste of donor resources," said GAP International Program Director Bea Edwards.

Appointing a resident Country Director for Iraq now puts Wolfowitz in opposition to Board members who have expressed increasing concern about the country’s deepening conflict and creditworthiness. Although the Board did approve a limited loan program for Iraq of U.S. $500 million in September 2005, funds were not approved for disbursal, as of December 31, 2006. Disbursement was contingent on "critical progress in several areas important to IBRD (International Bank for Reconstruction and Development) creditworthiness, including security and external debt-relief," according to an internal memo from December 2006 (See GAP's Web site). The required progress has not occurred. Currently, regular staff travel to Iraq is prohibited, meaning that lending operations cannot be properly monitored.

[Warren Stupidity]

1. Hairspit - they will be investing in Hairspit based products.

"Appointing a resident Country Director for Iraq now puts Wolfowitz in opposition to Board members who have expressed increasing concern about the country’s deepening conflict and creditworthiness."

One of many ongoing conflcts Hairspit has with the WB rank and file. What were the other nations thinking when they agreed to let this idiot on board?

[Radical Activist]

2. Iraq will then officially be a colony.

That's what the World Bank does: economic colonialism by less violent means.

[magellan]

3. That's all they need

...to stay in debt forever. A few at the top will make money hand over fist from oil production while most of the newly poverty-stricken Iraqis will stay that way. The place will be a permanent shit hole and 10-20 years from now some young Iraqis will be flying planes into our skyscrapers.