Iraq Vacation Trips
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Iraq's economy is dominated by the oil sector, which has traditionally provided about 95% of foreign exchange earnings. In the 1980s financial problems caused by massive expenditures in the eight-year war with Iran and damage to oil export facilities by Iran led the government to implement austerity measures, borrow heavily, and later reschedule foreign debt payments. Iraq suffered economic losses from the war of at least US$100 billion. After hostilities ended in 1988, oil exports gradually increased with the construction of new pipelines and restoration of damaged facilities. A combination of low oil prices, repayment of war debts and the costs of reconstruction resulted in a serious financial crisis which was the main short term motivation for the invasion of Kuwait.
On November 20, 2004, the Paris Club of creditor nations agreed to write off 80% of Iraq's $42 billion debt to Club members. Iraq's total external debt was around $120 billion at the time of the 2003 invasion, and had grown by $5 billion by 2004. The debt relief will be implemented in three stages: two of 30% each and one of 20%.
At the end of 2005, and in the first half of 2006, Iraq implemented a restructuring of about $20 billion of commercial debt claims on terms comparable to that of its November 2004 Paris Club agreement. Iraq offered to its larger claimants a U.S. dollar denominated bond maturing in 2028. Smaller commercial claimants received a cash settlement of comparable value.
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Iraq, Middle East - Iraq Hotels - Iraq Hotel & Suites - Iraq Travel
Iraq Travel Informations and Iraq Travel Guides
Iraq Etymology - Iraq Geography - Iraq Environment
Iraq Government & Politics: Government - Regions, Governorates & Districts - Iraq Politics
Iraq Economy: Reconstructions - International Assistance
Iraq Demographics: Iraqi diaspora - Iraq Culture: Iraq Music - Iraq Sport - Iraq Cuisine
Iraq History: Ancient Iraq - Islamic Golden Age - Mongol Rule - Ottoman Empire - 20th Century: World War 1
British Mandate of Mesopotamia - Kingdom of Iraq - Republic of Iraq - Persian Gulf War - Disarmament crisis
2000's: 2003 invasion - Post-Invasion
Iraq Tourism: Baghdad - Kadhimain Shrine - Old Churches and Monasteries, Baghdad
The Latin Church ( The Roman Catholic Church) - The Chaldean Church - The Syrian Catholic Church
The American Catholic Church - Walls and Gates, Baghdad - The Abbasid Palace, Baghdad
Other Middle East and Middle East Travel Destinations
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| United Arab Emirates | Yemen
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