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What Time Zone is Iraq in?
Standard Time is 3 hours ahead Greenwich Mean Time
(GMT+3)






Does Iraq operate Daylight Saving (Summer) Time?
Iraq normally operates Daylight saving Time from 1 April until
1 October when the time is 4 hours ahead of Greenwich
Mean Time (GMT+4).What is the International Telephone
Dialling Code for Iraq?\
Dialling Code for Iraq is
+964.
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Baghdad
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Population
28,807,000
Capital
Baghdad; 5,620,000
Area
437,072 square kilometers
(168,754 square miles)
Language
Arabic, Kurdish, Assyrian, Armenian
Religion
Shiite and Sunni Muslim
Currency
Iraqi dinar
Life Expectancy
58
GDP per Capita
U.S. $2,400
Literacy Percent
40
Full name: Republic of Iraq
Monetary unit: 1 Iraqi dinar = 1,000 fils
Main exports: Crude oil
GNI per capita: n/a
I
nternet domain: .iq
International dialling code: 964
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Politics: Iraq has been the
battleground for forces vying for
power since the US-led invasion of
2003

Security: Unity government and
US-led coalition forces are struggling
to establish control; thousands of
civilians have been killed and security
forces are under constant threat from
well-organised rebels

Economy: Violence and sabotage
hinder efforts to revive an economy
shattered by decades of conflict and
sanctions; Iraq has the world's third
largest reserves of crude oil but
attacks, corruption and smuggling
have crippled exports.

Since US-led coalition forces deposed
Saddam in 2003 insurgents have targeted
civilians, Iraqi security forces and
international agencies. Tensions between
Shia and Sunni Muslims have spilled over
into brutal sectarian violence, prompting
fears of civil war. Coalition and Iraqi
troops have faced armed rebellions and
guerrilla-style attacks.
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Iraq Background Information: 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 military 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.
Coalition forces remain in Iraq under
a UNSC mandate, 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 on 28 June 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 on 30 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 15 October 2005
constitutional referendum.
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Iraq ECONOMY

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.


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 March-April 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.


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.

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 2.0 million bbl/day,

One key issue that currently confronts economic policymakers in Iraq is inflation.
The year-on-year inflation rate for 2006 was 64.8%, a significant increase over the
2005 rate of 31.6% and well above the IMF target rate of 30% annual inflation. In
an effort to infuse some stability in prices in Iraq, the Central Bank of Iraq (CBI)
began to appreciate the
Iraqi Dinar (ID) relative to the U.S. Dollar (USD) in
November 2006. As of June 7, the CBI had appreciated the ID by 17%. It has also
accelerated interest rate increases; the deposit rate is currently 20%. Inflation in
Iraq, however, is only partly a monetary problem, and is more strongly related to
real sector effects, particularly bottlenecks resulting from the security situation.

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 $1.4 billion of those funds. The rest of the assistance is being
disbursed bilaterally. To date $13.5 billion has been pledged in foreign aid for
2004-07 from outside of the US, over $33 billion pledged total (2004)

The
Government of Iraq has also made an agreement with the Paris Club to
reduce some of its debt service obligations. This three-stage agreement will allow
for the reduction of over $34 billion in Iraqi debt. Also, in December 2005, the
International Monetary Fund (IMF) agreed to extend a stand-by agreement (SBA)
to the Government of Iraq in the amount of SDR 475.4 million (about U.S. $685
million).

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 and economic 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.
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