Housing for IDPs in Iraq postponed

Published: Jan. 6, 2009 at 3:59 PM

BAGHDAD, Jan. 6 (UPI) -- The Iraqi Ministry of Displacement and Migration may delay several housing developments due to economic issues stemming from declining oil prices.

Baghdad in November dropped its budget forecast by $13 billion as oil prices reached a relative low point. The government may reject this version, however, as it used $62 per barrel of oil as its basis.

Oil Tuesday traded on the New York Mercantile Exchange at around $54 per barrel.

Ali Shaalan with the offices of the Planning Ministry said the government allocated only 20 percent of its request for 2009, meaning several housing projects for displaced persons face delays, the United Nations' humanitarian news agency, IRIN, said Tuesday.

For his part, Hamid Hassan Nadhum, an economic analyst in Baghdad, said the government did not seize the opportunity to invest in the country when oil was at its $147 peak in July.

"The government shrugged off calls that it should make use of international financial aid and record oil prices to pump money into housing and infrastructure projects," he said.

The Planning Ministry in February said plans were under way for several housing facilities throughout the country, and Shaalan said a five-year, $439 million plan was still anticipated.

© 2009 United Press International, Inc. All Rights Reserved.
Order reprints


Additional News Stories
NBA: Dallas 121, Houston 103 (5 min)
NHL: St. Louis 6, Vancouver 1 (13 min)
NBA: Denver 90, Chicago 89 (24 min)
NBA: Portland 93, Memphis 79 (27 min)
NBA: Miami 90, Washington 76 (29 min)
NHL: Ottawa 4, Edmonton 3 (SO) (32 min)
McDonald's crooners sing chain's praises (34 min)
fark
Middle school food fight leads to 25 arrests. FOOD FIGHT
High Fructose Corn Syrup raises hypertension risk 87%. Put down the Mountain Dew and back away slowly...
News: Man robs home. Fark: He leaves behind part of his nose
"DC Sniper" is pining for the fjords
Barely breathing frat pledge registers BAC of nearly .500. Welcome to Phi Delta Theta, son
The traffic sign from L.A. Story has a cousin who lives in a gas pump at a 76 station in the Valley...