Iraq
An county in the middle east
Location in the world and more
• Here’s is the map where Iraq is on the world !Iraq is in the middle east .
Background Info
• Formerly part of the Ottoman Empire, Iraq was occupied by Britain during the course of World War I; in 1920, it was declared a League of Nations mandate under UK administration. In stages over the next dozen years, Iraq attained its independence as a kingdom in 1932. A "republic" was proclaimed in 1958, but in actuality a series of strongmen ruled the country until 2003. The last was SADDAM Husayn. Territorial disputes with Iran led to an inconclusive and costly eight-year war (1980-88). In August 1990, Iraq seized Kuwait but was expelled by US-led, UN coalition forces during the Gulf War of January-February 1991. Following Kuwait's liberation, the UN Security Council (UNSC) required Iraq to scrap all weapons of mass destruction and long-range missiles and to allow UN verification inspections. Continued Iraqi noncompliance with UNSC resolutions over a period of 12 years led to the US-led invasion of Iraq in March 2003 and the ouster of the SADDAM Husayn regime. US forces remain in Iraq under a UNSC mandate until 2009 and under a bilateral security agreement there after, helping to provide security and to support the freely elected government. The Coalition Provisional Authority, which temporarily administered Iraq after the invasion, transferred full governmental authority in June of 2004 to the Iraqi Interim Government, which governed under the Transitional Administrative Law for Iraq (TAL). Under the TAL, elections for a 275-member Transitional National Assembly (TNA) were held in Iraq in January 2005. Following these elections, the Iraqi Transitional Government (ITG) assumed office. The TNA was charged with drafting Iraq's permanent constitution, which was approved in a October 2005 constitutional referendum. An election under the constitution for a 275-member Council of Representatives (CoR) was held in December 2005. The CoR approval in the selection of most of the cabinet ministers in May of 2006 marked the transition from the ITG to Iraq's first constitutional government in nearly a half-century.
More Background and some ecomndy
• Under the socialist Ba`th Party, the economy was dominated by the state, with strict bureaucratic controls and centralized planning. Between 1987 and 1990 the economy liberalized somewhat in an attempt to encourage private investment, particularly in small industrial and commercial enterprises, and to privatize unprofitable public assets. Entrepreneurs were encouraged to draw on funds that they had managed to transfer abroad, without threat of government reprisal or interference, and the government was able to divest itself of a number of enterprises. Yet, generally speaking, the privatization policy did not do well, mainly because elements within the bureaucracy and the security service—fearing that this course of action imperiled their interests and obviated socialist policy— objected to it but also because potential investors feared that the government might arbitrarily reverse the plan. In addition, many of the public assets offered for sale were unprofitable. After Iraq invaded Kuwait, the privatization policy died out, though private enterprise continued in the form of small- and medium-sized businesses and light industries.
Economy
• • Economy Overview Iraq's economy is dominated by the oil sector, which has traditionally provided about 95% of foreign exchange earnings. Although looting, insurgent attacks, and sabotage have undermined economy rebuilding efforts, economic activity is beginning to pick up in areas recently secured by the US military surge. Oil exports are around levels seen before Operation Iraqi Freedom, and total government revenues have benefited from high oil prices. Despite political uncertainty, Iraq is making some progress in building the institutions needed to implement economic policy and has negotiated a debt reduction agreement with the Paris Club and a new Stand-By Arrangement with the IMF. Iraq has received pledges for $13.5 billion in foreign aid for 2004-07 from outside of the US, more than $33 billion in total pledges. The International Compact with Iraq was established in May 2007 to integrate Iraq into the regional and global economy, and the Iraqi government is seeking to pass laws to strengthen its economy. This legislation includes a hydrocarbon law to establish a modern legal framework to allow Iraq to develop its resources and a revenue sharing law to equitably divide oil revenues within the nation, although both are still bogged down in discussions. The Central Bank has been successful in controlling inflation through appreciation of the dinar against the US dollar. Reducing corruption and implementing structural reforms, such as bank restructuring and developing the private sector, will be key to Iraq's economic success. • GDP $113.9 billion (2008 est.) • GDP By Sector agriculture: 5% industry: 68% services: 27% (2006 est.) • GDP per Capita $4,000 (2008 est.)
• •
•
More about the economy
• • Historically, Iraq's economy was characterized by a heavy dependence on oil exports and an emphasis on development through central planning. Prior to the outbreak of the war with Iran in September 1980, Iraq's economic prospects were bright. Oil production had reached a level of 3.5 million barrels per day, and oil revenues were $21 billion in 1979 and $27 billion in 1980. At the outbreak of the war, Iraq had amassed an estimated $35 billion in foreign exchange reserves. The Iran-Iraq war depleted Iraq's foreign exchange reserves, devastated its economy, and left the country saddled with a foreign debt of more than $40 billion. After hostilities ceased, oil exports gradually increased with the construction of new pipelines and the restoration of damaged facilities. Iraq's invasion of Kuwait in August 1990, subsequent international sanctions, damage from military action by an international coalition beginning in January 1991, and neglect of infrastructure drastically reduced economic activity. Government policies of diverting income to key supporters of the regime while sustaining a large military and internal security force further impaired finances, leaving the average Iraqi citizen facing desperate hardships. Implementation of a UN Oil-For-Food (OFF) program in December 1996 improved conditions for the average Iraqi citizen. In December 1999, Iraq was authorized to export unlimited quantities of oil through OFF to finance essential civilian needs including, among other things, food, medicine, and infrastructure repair parts. The drop in GDP in 2001-02 was largely the result of the global economic slowdown and lower oil prices. Per capita food imports increased significantly, while medical supplies and health care services steadily improved. The occupation of the U.S.-led coalition in MarchApril 2003 resulted in the shutdown of much of the central economic administrative structure. The rebuilding of oil infrastructure, utilities infrastructure, and other production capacities has proceeded steadily since 2004 despite attacks on key economic facilities and continuing internal security incidents. Despite uncertainty, Iraq is making progress toward establishing the laws and institutions needed to make and implement economic policy. Iraq's economy is dominated by the oil sector, which has traditionally provided about 95% of foreign exchange earnings. Current estimates show that oil production averages 2.1 million bbl/day. The Iraqi Government is seeking to pass and implement laws to strengthen the economy, including a hydrocarbon law to encourage development of this sector, a revenue sharing law to equitably divide oil revenues within the nation in line with the Iraqi constitution, and writing regulations to implement a new foreign investment law. Controlling inflation, reducing corruption, and implementing structural reforms such as bank restructuring and private sector development will be key to Iraq's economic growth. Foreign assistance has been an integral component of Iraq's reconstruction efforts over the past three years. At a Donors Conference in Madrid in October 2003, more than $33 billion was pledged to assist in the reconstruction of Iraq. Out of that conference, the United Nations (UN) and the World Bank launched the International Reconstruction Fund Facility for Iraq (IRFFI) to administer and disburse about $1.7 billion of those funds. The rest of the assistance is being disbursed bilaterally. To date $15.3 billion has been pledged in foreign aid for 2004-2008 from outside of the U.S. In December 2007, the International Monetary Fund (IMF) agreed to renew a Stand-By Arrangement (SBA) for Iraq, which provides a credit line to the Iraqi government of up to $744 million if needed. The SBA also requires Iraq to undertake some economic policy reforms. If Iraq fulfills the terms of the SBA, the country will receive the final stage of Paris Club debt reduction. At that point, a total of 80 percent of Iraq's international debt will have been forgiven. The new SBA lasts for 15 months, through March 2009; the previous SBA began December 2005 and ended December 2007. In July 2006, the Government of Iraq and the UN began work to formulate the International Compact with Iraq (ICI), a five-year framework for Iraq to achieve economic self-sufficiency within its region and the world. On May 3, 2007 in Sharm el-Sheikh the ICI was formally launched by more than 70 countries and international organizations, many represented at the ministerial level. The Compact aims to create a mutually reinforcing dynamic of national consensus and international support. Domestically the aim is to build a national Compact around the government's political and economic program and to restore the Iraqi people's trust in the state and its ability to protect them and meet their basic needs. Internationally, the Compact establishes a framework of mutual commitments to provide financial and technical assistance and debt relief needed to support Iraq and strengthen its resolve to address critical reforms and policies.
•
• •
•
•
• •
Currency
• Iraqi dinar (IQD) VS. us dollar = 0.0009 • US Dollar Vs Iraqi dinar (IQD) =1150.6 • History • The dinar was introduced into circulation in 1931, replacing the Indian rupee, which had been the official currency since the British occupation of the country in World War I, at a rate of 1 dinar = 13⅓ rupees. The dinar was pegged at par with the British pound until 1959 when, without changing its value, the peg was switched to the United States dollar at the rate of 1 dinar = 2.8 dollars. By not following the devaluations of the U.S. currency in 1971 and 1973, the dinar rose to a value of US$3.3778, before a 5 percent devaluation reduced the value of the dinar to US$3.2169, a rate which remained until the Gulf War, although in late 1989, the black market rate was reported at five to six times higher (1.86 dinars for US$1) than the official rate.
Currency Cornuted
• After the Gulf War in 1991, and due to the economic blockade, the previously used Swiss printing technology was no longer available. A new, inferior quality notes issue was produced. The previous issue became known as the Swiss dinar and continued to circulate in the Kurdish region of Iraq. Due to excessive government printing of the new notes issue, the dinar devalued quickly, and in late 1995, US$1 was valued at 3,000 dinars. Following the deposition of Saddam Hussein in the 2003 invasion of Iraq, the Iraqi Governing Council and the Office for Reconstruction and Humanitarian Assistance began printing more Saddam dinar notes as a stopgap measure to maintain the money supply until new currency could be introduced. Between October 15, 2003 and January 15, 2004, the Coalition Provisional Authority issued new Iraqi dinar coins and notes, with the notes printed by De La Rue using modern anti-forgery techniques, to "create a single unified currency that is used throughout all of Iraq and will also make money more convenient to use in people’s everyday lives.Old banknotes were exchanged for new at a one-to-one rate, except for the Swiss dinars, which were exchanged at a rate of 150 new dinars for one Swiss dinar. Although the value of the dinar appreciated following the introduction of the new banknotes from 4,000 dinars per U.S. dollar, at the time of their introduction, to a high of 980 dinars per dollar, it is now held at a "program" exchange rate, as specified by the International Monetary Fund of 1176 dinars per US dollar at the Central Bank of Iraq. However, there is not yet a set international exchange rate and so international banks do not yet exchange Iraqi dinar. The exchange rate available on the streets of Iraq was around 1500 dinars per US dollar in April 2006.
•
•
•
Natural Resources Of Iraq are?
• • • • Petroleum Natural gas Phosphates And sulfur
Industries
• • • • Agriculture Forestry Fishing Mining
Export and Import Partners
• Here’s is the import partners ,and export partners. • Export Partners
– US 36.8%, Italy 12.6%, South Korea 9.5%, Taiwan 6.3%, Spain 5.2%, Canada 4.7%, France 4.4%, Netherlands 4.2% (2007)
• Import Partners
– Syria 30.5%, Turkey 19.8%, US 11.1%, Jordan 5%, China 4.8% (2007)
Works Cited
• http://en.wikipedia.org/wiki/Iraq • http://en.wikipedia.org/wiki/Iraqi_dinar#Current_IQD_exc hange_rates • http://en.wikipedia.org/wiki/Economy_of_Iraq • https://www.cia.gov/library/publications/the-worldfactbook/geos/iz.html • http://www.britannica.com/EBchecked/topic/293631/Iraq ?source=googleSL • http://geography.about.com/gi/dynamic/offsite.htm?site= http://www.state.gov/r/pa/ei/bgn/6804.html • http://finance.yahoo.com/currencyconverter?amt=1&from=USD&to=IQD&submit=Convert