• Shopping Cart

    Your shopping cart is empty

    Visit the shop

  • Live help

    • Positive Changes in the Economy of Iraq , and reasons why you must invest in the Iraqi economy

    Heavy dependence on oil as the main source of revenue has been the bane of developmental changes in the Iraqi economy over the decades and Iraqi’s economy remained bright just before the start of the first war in 1980. By 1980, Iraqi’s oil revenue has climbed to $27 billion dollars while the country was producing around 4 million barrels of crude oil a day. Just before the outbreak of the war, the Iraqi economy has an amazing $38 billions in its foreign reserve. Aside the fact that The Iran-Iraqi war devastated the Iraqi economy, it also depleted its foreign reserves and brought the country into an incredible debt totaled $45 billion. The damage from the International coalition as well as the foreign sanctions from the late 80s towards the late 90s further depleted the greatness of this once upon a time “giant of the middle east”

    The resurrection of the economy of Iraq began in 1991 when hostilities ceased and oil exploration resumed back gradually in Iraq. Though, the re-construction of the damaged facilities were done , however the invasion of the country once again in 1991 by Kuwait resulted in another round of the degradation of the Iraqi economy. Rather than making use of the available resources to develop the economy, available resources were diverted into the war and that further subjected an average Iraqi citizen to more hardships. In 1995, when the war was still intense, the United Nations created a “OIL-FOR-FOOD” program which served as a temporary relief for the victims of the Iraqi war, this program allows some authorized nations to import petroleum and petroleum products worth $1 billion every 90 days and in return , the country of Iraq was allowed to purchase drugs, foods and other necessities for its citizens.

     

    The Invasion of the United States lead war in 2003 disrupted this program . Foreign assistances and investments have continued to support the oil exploration activities which have continued to supply Iraqi’s 90% source of income generation since 2003. There are several reasons by which you as an investor will not take the opportunity of the recent economic changes being made to strengthen the economy of Iraq.

    The Iraqi Dinar which has undergone drastic devaluation over the years is now being strengthened against the world’s strongest economies as well as those of the Middle East, one cannot but make mention also the recent contributions made by the WHO, UNICEF , and other major organizations in restructuring the economy of Iraq. In 2003, the conference of Donor held in Madrid, Spain witnessed the contribution of more than $35 billion for the re-construction of the economy.

    Today, even the insurgencies of terrorist network cannot hold back the success being made at all front to bring back the economy of the greatest country in the Middle East. There is still plenty of time and opportunities which can be utilized by investors to generate great returns on such investments.