Nowadays, we have been aware that the Iraq Dinar holds a stake in the success of Iraq. As a matter of fact, there has not been an international exchange rate of this current generation that dictates the real value of the Iraqi Dinar. A lot of people have already invested on Iraq money and successfully generated additional income. But let us have a closer look on how the new Iraqi Government is preparing for the full withdrawal of coalition forces in Iraq.
Most of the significant things in this ever changing world have been achieved by those who have kept on trying at times when there seemed to be no hope at all. Such are the words that I would like you to picture in the following items that illustrate a tormented nation’s quest towards restoration and progress.
Deemed as the cradle of civilization, Iraq which is currently having its widely known Iraq Dinar is now on the threshold to recovery after suffering several setbacks, way back the 80s up to the aftermath of the fall of a tyrant regime. Aided by a coalition of goodwill nations, the Iraqi government has undertaken major changes in the political and economic conditions of the nation.
Before we proceed with the details of the rebuilding progress, let us first discuss some bits of history to better familiarize and be more appreciative of the gist of this piece.
The 70s saw Iraq made wide investment in the water sector and other infra projects utilizing the proceeds of its huge oil revenue. This slowed down during the Iran-Iraq War. Since then, the nation has been on its pathetic downward course as it became a war-torn nation marred by violence, economic meltdown, unemployment, devaluation of currency, and uprisings brought about by more than two decades of Saddam Hussein’s destructive and ruthless rule.
The country’s water supply, treatment plants, sewerage, generating stations and electrical supply systems were corrupted. Furthermore, Hussein’s wicked nuclear agenda has severely altered the regional and global stability prompting coalition forces, led by the United State of America, to formally launch an invasion in 2003.
The ouster of its impious leader did not instantly solve the problems of Iraq. As a matter of fact, molding the nation back to its deserved luster proved to be a very daunting task. Several years after the invasion, reconstruction has taken longer and costs more than what was initially estimated.
Iraq is still struggling from political and economic crises. It needed to hold plausible democratic elections at a time when its military was still battling al-Qaeda and other domestic insurrections. The victors had to establish a government despite gaps among various leaders and sects. All of these had to take place even as the US had reduced its forces from 150,000 to 50,000.
It seemed indicative of a bleak future for Iraq. But just as optimism is depicted at the opening words of this article, Iraq is rightfully deserving of the benefit to prove its worth in the pursuit for development, progress, and stability.
Iraq is not yet the peaceful Arab democracy and Middle East force that former President. Bush had envisioned when he decidedly pushed for an invasion almost a decade ago, but in the past 12 months it has taken some big steps towards that right direction. Some of the positive outcomes of the on-going reconstruction are manifested through the provision and enhancement of the country’s health care, security, potable water, sewer, electricity, and oil industry.
With a budget of $345 Million, some 133 clinics were established by the end of 2009. Iraq has now embraced health care as a constitutional right with more government-sponsored care becoming more accessible for the people.
Close to 400 thousand Iraqi security forces were organized and trained by the US military troops by 2007. On October of 2009, an added capacity to daily treat one million cubic meters of drinking water has served more than five million people. As to sewers, an added capacity to treat 1.2 million cubic meters per day has benefited 5.3 million people at a cost of $254 million.
Also by 2009, electricity supply had been increased to 6,000 megawatts. With respect to the oil industry, 2.4M barrels were produced and 1.9M barrels were exported daily. Oil production in early 2008 actually exceeded pre-war levels and is expected to continue to climb.
The Iraqi Ministry of Oil has awarded service contracts to international firms for some of Iraq’s rich oil fields. Foreign oil companies are fixing up the southern fields of the country that even the city of Basra, once a militia-ruled territory, is beginning to boom. Violence has remarkably dwindled to the lowest level that the country has known in decades despite the withdrawal of US troops.
With the strong backing of the US and other nations, not to mention the vast reserves of oil and natural gas, it wouldn’t be far too long before Iraq will fully recover from the pits. With the lifting of economic sanctions imposed by the UN, the Iraqi Dinar will soon revaluate to keep pace with other currencies of the world – just like Germany’s Deutsch mark did after being pinned worthless at the time of World War II… Just like Kuwait’s dinar did after hitting rock-bottom during the Desert Storm period.
While it still too early to draw conclusions about Iraq, it is nonetheless unwise not to be optimistic of its future. You can just draw examples from previous war-torn nations such as Japan, Germany, Kuwait, and Russia who, over the course of time, had steadily gained their way back to the top. It goes without saying that the rebuilding efforts of the Iraqi government and foreign interventions, focused on increasing security and stability throught legitimate political representation, infrastructure, and economic dynamism, will soon see its light.
Written by Darren Chabluk for http://DrDinar.com
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