The White House, President George W. Bush Click to print this document

For Immediate Release
October 11, 2003

President's Radio Address

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THE PRESIDENT: Good morning. Six months ago this week, the statue of Saddam Hussein came down in the center of Baghdad, and Iraq began the transition from tyranny to self-government. The goal of our coalition is to help the Iraqi people build a stable, just and prosperous country that poses no threat to America or the world. To reach that goal, we are following a clear strategy.

First, coalition forces in Iraq are actively pursuing the terrorists and Saddam holdouts who desperately oppose freedom for the Iraqi people. Secondly, we are committed to expanding international cooperation in the reconstruction and security of Iraq. And third, we are working closely with Iraqi leaders as they prepare to draft a constitution, establish institutions of a civil society, and move toward free elections.

As part of this strategy, we're helping Iraqis to rebuild their economy after a long era of corruption and misrule. For three decades, Iraq's economy served the interest only of its dictator and his regime. Saddam Hussein built palaces and monuments to himself, while Iraq's infrastructure crumbled. He built up a massive war machine while neglecting the basic needs of his own people.

Now that the dictator is gone, we and our coalition partners are helping Iraqis to lay the foundation of a free economy. This coming week, the Iraqi economy will reach an important milestone with the introduction of a new currency. The new Iraqi dinar notes will bear the images of Iraq's proud heritage, and not the face of a hated dictator. For more than a decade, different areas of Iraq have used two different versions of the dinar, and many of those notes were counterfeit, diminishing the value of those that were genuine. The new dinar will be used throughout Iraq, thereby unifying the economy and the country. The new currency will have special features that will make it difficult to counterfeit.

Following World War II, it took three years to institute a new currency in West Germany. In Iraq, it has taken only six months. And the new currency symbolizes Iraq's reviving economy.

Iraq has a strong entrepreneurial tradition, and since the liberation of that country, thousands of new businesses have been launched. Busy markets are operating in villages across the country. Store shelves are filled with goods from clothing and linens to air-conditioners and satellite dishes. Free commerce is returning to the ancient region that invented banking.

With our assistance, Iraqis are building the roads and ports and railways necessary for commerce. We have helped to establish an independent Iraqi central bank. Working with the Iraqi Governing Council, we are establishing a new system that allows foreign investors to confidently invest capital in Iraq's future. And we have helped restore Iraq's oil production capacity to nearly two million barrels a day, the benefits of which are flowing directly to the Iraqi people.

Iraq is making progress. As the Mayor of Kirkuk, Abdul Rahman Mustafa, recently said, "Our economic potential has barely been tapped." We must help Iraq to meet that potential. The request I have made to Congress for Iraqi reconstruction includes support for important health and training projects. Under our strategy, Iraq will have employment centers to help people find jobs. We intend to establish computer training and English language instruction and vocational programs to help Iraqis participate fully in the global economy. I urge Congress to pass my budget request soon so this vital work can proceed.

Americans are providing this help not only because our hearts are good, but because our vision is clear. A stable, democratic, and prosperous Iraq will no longer be a breeding ground for terror, tyranny and aggression. And a free Iraq will be an example of freedom's power throughout the Middle East. Free nations are peaceful nations. By promoting freedom and hope in other lands, we remove direct threats to the American people. Our actions in Iraq will increase our safety for years to come.

Thank you for listening.


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