Stabilizing and Rebuilding Iraq: Iraqi Revenues, Expenditures, and Surplus

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Testimony issued by the Government Accountability Office with an abstract that begins "Iraq has an estimated 115 billion barrels of crude oil reserves--the third largest in the world. Oil export revenues are critical to Iraq's economy, accounting for over half of the country's gross domestic product and over 90 percent of revenues. This testimony discusses (1) Iraq's estimated revenues from 2005 through 2008, (2) Iraq's estimated expenditures from 2005 through 2008, (3) Iraq's financial deposits through 2007 and budget surpluses, and (4) U.S. cumulative expenditures on stabilization and reconstruction activities in Iraq since 2003. GAO analyzed relevant data and reviewed ... continued below

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United States. Government Accountability Office. September 16, 2008.

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Testimony issued by the Government Accountability Office with an abstract that begins "Iraq has an estimated 115 billion barrels of crude oil reserves--the third largest in the world. Oil export revenues are critical to Iraq's economy, accounting for over half of the country's gross domestic product and over 90 percent of revenues. This testimony discusses (1) Iraq's estimated revenues from 2005 through 2008, (2) Iraq's estimated expenditures from 2005 through 2008, (3) Iraq's financial deposits through 2007 and budget surpluses, and (4) U.S. cumulative expenditures on stabilization and reconstruction activities in Iraq since 2003. GAO analyzed relevant data and reviewed documents such as Central Bank of Iraq (CBI) export oil receipts data and the International Monetary Fund's (IMF) stand-by arrangement for Iraq. GAO worked with officials from the Department of Treasury and interviewed officials from the Departments of State, Defense, Energy's Energy Information Administration (EIA), and the IMF. GAO also reviewed translated copies of Iraqi documents, including budget and capital spending reports. Treasury agreed with GAO's findings and stated that Iraq has adequate funds to make and maintain capital investments that deliver service and foster economic growth."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • September 16, 2008

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  • June 11, 2014, 5:03 a.m.

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United States. Government Accountability Office. Stabilizing and Rebuilding Iraq: Iraqi Revenues, Expenditures, and Surplus, text, September 16, 2008; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc292527/: accessed November 19, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.