Iraq needs around $100 billion over the next four to five years to rebuild its shattered infrastructure, government spokesman Ali al-Dabbagh said today.
Mr Dabbagh was speaking at a news conference in Kuwait, during a meeting of officials from donor countries and the United Nations to discuss reconstruction and economic reform in Iraq.
The uniforms of wounded soldiers lie on the floor at the emergency room of a US military hospital in Baghdad
"The situation in Iraq surpasses its ability to finance development projects," he said.
"The Iraqi economy is a one-crop economy built on oil only and there are no other revenue sources in the country, therefore oil exports are being spent on operational expenditure," he added.
Iraq's infrastructure has been ravaged by decades of sanctions and war.
Reconstruction has been hampered by insurgent violence which forced many projects to be halted and diverted funds away from rebuilding and into increased security. The oil industry has been hit by frequent sabotage.
The meeting in Kuwait is the last set of discussions on the International Compact for Iraq, a roadmap for economic reform. Dabbagh said the compact also included planned measures to build dialogue in Iraq and disband militias to try to halt the violence.
Meanwhile, the US military announced the deaths of two more soldiers in Iraq today, taking October's death toll to an unusually high 103 just a week before US congressional elections.