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Iraq's government is pulling its weight to reconstruct its war-torn country, Shiite lawmaker Haider al-Abadi said Wednesday, a day after U.S. auditors announced that Iraq has amassed projected surpluses of up to $80 billion from rising oil prices while Washington pays for reconstruction projects.

"This is projected and not real money," al-Abadi said. "We have many reconstruction projects and as you know, most of the infrastructure of the country had collapsed after the war and that needs a lot of money to rebuild the country."

He acknowledged that the United States has spent "a lot of money," but stressed that Iraq must build up its central bank reserves considering the flexibility of the cost of oil.

Iraq depends on "one single income, which is oil," al-Abadi said.

Rising oil prices left Baghdad with a $29 billion surplus between 2005 to 2007. With the price of crude roughly doubling in the past year, the projected surplus for 2008 is expected to be between $38 billion and $50 billion, according to a new report from the Government Accountability Office, the investigative arm of Congress. Read full article »

CNN's Mohammed Tawfeeq contributed to this report.

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