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American Morning
Delegates from 60 Countries Pledging Their Cash For Reconstruction
Aired October 24, 2003 - 08:09 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: From Madrid, Spain this morning, delegates from 60 countries pledging their cash for the reconstruction of Iraq. Secretary of State Colin Powell urging donors to make substantial contributions. Who's heeding the call?
Sheila MacVicar now live in Madrid to tell us that answer -- Sheila, good afternoon there.
SHEILA MACVICAR, CNN CORRESPONDENT: Good afternoon or good morning to you, Bill.
Well, this is, indeed, the money moment here in Madrid. After two days of meetings where countries, delegates from countries have heard the needs, the requirements of Iraq, as laid out by the Iraqi Governing Council and by the U.S. occupation authorities. Countries are now stepping up to the podium and are announcing their pledges.
Now, we've had some quite substantial donations. Saudi Arabia, for example, saying that it will give a billion dollars, $500 million of that in export credits, $500 million perhaps in some form of loans. Japan pledging $1.5 billion, plus $3.5 billion more in loans.
This morning, as the conference was getting under way, we heard from U.S. secretary of state, who urged people here to think about the needs in Iraq, the need for a stable and secure Iraq, and to give generously.
(BEGIN VIDEO CLIP)
COLIN POWELL, SECRETARY OF STATE: This is not a one size fits all proposition. Each donor will find its own way to contribute. But whatever form your support may take, it must be substantial.
(END VIDEO CLIP)
MACVICAR: Now, some of the numbers we're hearing here are, if you will, Bill, a little bit squishy. We're not getting the kind of detail in this public forum that would tell us how much of this money is going to be available immediately. And that really is the question. The World Bank, the U.N. believe that within a relatively short period of time, Iraq can be self-sustaining through its massive oil revenues, its potential for massive oil revenues. But at the moment, what Iraq needs is cold hard cash, and it needs that cash for the year 2004 in order to basically function.
The question now is how much of the money that we are hearing being pledged here is, in fact, going to be available immediately -- Bill.
HEMMER: So, Sheila, as we crunch these numbers throughout the day, can you tell us if the U.S. will be happy when they come away from Madrid saying we did accomplish what we set out to do? Yes or no?
MACVICAR: Well, in listening to the Spanish foreign minister yesterday, she said to me that any number above $6 billion would have to be considered to be a fantastic success. And, of course, we know the reluctance of some of the traditionally big donors to get involved in this -- France, Germany, and perhaps Russia. We'll be hearing a little bit more from them a little later on today.
But, again, the question is how much of this money is going to be available and available now? How much is it tied to bilateral trade arrangements? How much is it tied to other kinds of deals?
Those are the issues that we can't -- won't be able to answer, but I have a feeling that Secretary of State Powell will walk away from here saying that this is the best that could have been expected and that Iraq will have the money, they hope.
The next issue, of course, is going to be collection of those pledges -- Bill.
HEMMER: Sheila, thanks.
Sheila MacVicar in Madrid as the donors conference wraps up there in Spain.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Reconstruction>
Aired October 24, 2003 - 08:09 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: From Madrid, Spain this morning, delegates from 60 countries pledging their cash for the reconstruction of Iraq. Secretary of State Colin Powell urging donors to make substantial contributions. Who's heeding the call?
Sheila MacVicar now live in Madrid to tell us that answer -- Sheila, good afternoon there.
SHEILA MACVICAR, CNN CORRESPONDENT: Good afternoon or good morning to you, Bill.
Well, this is, indeed, the money moment here in Madrid. After two days of meetings where countries, delegates from countries have heard the needs, the requirements of Iraq, as laid out by the Iraqi Governing Council and by the U.S. occupation authorities. Countries are now stepping up to the podium and are announcing their pledges.
Now, we've had some quite substantial donations. Saudi Arabia, for example, saying that it will give a billion dollars, $500 million of that in export credits, $500 million perhaps in some form of loans. Japan pledging $1.5 billion, plus $3.5 billion more in loans.
This morning, as the conference was getting under way, we heard from U.S. secretary of state, who urged people here to think about the needs in Iraq, the need for a stable and secure Iraq, and to give generously.
(BEGIN VIDEO CLIP)
COLIN POWELL, SECRETARY OF STATE: This is not a one size fits all proposition. Each donor will find its own way to contribute. But whatever form your support may take, it must be substantial.
(END VIDEO CLIP)
MACVICAR: Now, some of the numbers we're hearing here are, if you will, Bill, a little bit squishy. We're not getting the kind of detail in this public forum that would tell us how much of this money is going to be available immediately. And that really is the question. The World Bank, the U.N. believe that within a relatively short period of time, Iraq can be self-sustaining through its massive oil revenues, its potential for massive oil revenues. But at the moment, what Iraq needs is cold hard cash, and it needs that cash for the year 2004 in order to basically function.
The question now is how much of the money that we are hearing being pledged here is, in fact, going to be available immediately -- Bill.
HEMMER: So, Sheila, as we crunch these numbers throughout the day, can you tell us if the U.S. will be happy when they come away from Madrid saying we did accomplish what we set out to do? Yes or no?
MACVICAR: Well, in listening to the Spanish foreign minister yesterday, she said to me that any number above $6 billion would have to be considered to be a fantastic success. And, of course, we know the reluctance of some of the traditionally big donors to get involved in this -- France, Germany, and perhaps Russia. We'll be hearing a little bit more from them a little later on today.
But, again, the question is how much of this money is going to be available and available now? How much is it tied to bilateral trade arrangements? How much is it tied to other kinds of deals?
Those are the issues that we can't -- won't be able to answer, but I have a feeling that Secretary of State Powell will walk away from here saying that this is the best that could have been expected and that Iraq will have the money, they hope.
The next issue, of course, is going to be collection of those pledges -- Bill.
HEMMER: Sheila, thanks.
Sheila MacVicar in Madrid as the donors conference wraps up there in Spain.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Reconstruction>
