Washington, July 11: The Bush administration is considering pledging some of Iraq's future oil and gas revenue to secure long-term reconstruction loans before a new Iraqi government is in place to sign off on the proposal, a media report said today. The plan, endorsed by the Export-Import Bank of the US and some of America's biggest companies, would help avert a looming cash crunch that has the potential to stall the postwar rebuilding effort.

The plan, however, is drawing fire from some administration officials, lawmakers, policy analysts and prominent Iraqis who say it would Mortage the Persian Gulf nation's most treasured resource, prevent future leaders from deciding how to spend their oil money and put us taxpayers at risk, 'The Los Angeles Times' reported.
“Iraqis believe their oil should not be touched by foreigners, that it should remain in the hands of the Iraqi government and that no one has a right to do anything before an elected government is in place," said Fadhil Chalabi, executive director of the center for global energy studies in London and a former Iraqi oil ministry official.

The Export-Import Bank and an industry coalition that includes Halliburton Co, Bechtel Group Inc and other major companies that are interested in winning contracts in Iraq have warned that unless steps are taken soon to secure new funds, the reconstruction well may run dry.
"Common sense says get Iraq running. How do you get the country running? By using its own oil revenue 100 per cent for the benefit of the Iraqi people," said Export-Import Bank chairman philip Merrill. Bureau Report