telephone: 1-240-553-0589 ext. 5340 or 5635; note - Consular Section
FAX: NA
Flag description:
three equal horizontal bands of red (top), white, and black; the Takbir (Arabic expression meaning "God is great") in green Arabic script is centered in the white band; similar to the flag of Syria, which has two stars but no script, Yemen, which has a plain white band, and that of Egypt, which has a gold Eagle of Saladin centered in the white band; design is based upon the Arab Liberation colors; Council of Representatives approved this flag as a compromise temporary replacement for Ba'athist Saddam-era flag
Economy ::Iraq
Economy - overview:
Decreasing insurgent attacks and an improving security environment in many parts of the country are helping to spur economic activity. Iraq's economy is dominated by the oil sector, which has traditionally provided over 90% of foreign exchange earnings. Oil exports are around levels seen before Operation Iraqi Freedom. Total government revenues have benefited from high oil prices in recent years; however, revenues have declined significantly since the oil price drop in fall 2008. Iraq is making some progress in building the institutions needed to implement economic policy. In March 2009 Iraq concluded a Stand-By Arrangement (SBA) with the IMF that details economic reforms. The SBA allows an 80% reduction of the debt owed to Paris Club creditor nations. 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 under contentious political negotiation. Some foreign entities have expressed interest in reinvigorating Iraq's industrial sector. The government of Iraq is pursuing a strategy to gain foreign participation in joint ventures with State-owned enterprises. Provincial Councils are also using their own budgets to promote and facilitate investment at the local level. The Central Bank has been successful in controlling inflation through appreciation of the dinar against the US dollar. However, Iraq's challenge will be to use macroeconomic gains to improve the lives of ordinary Iraqis. Reducing corruption and implementing structural reforms, such as bank restructuring and developing the private sector, will be key to Iraq's economic success.
GDP (purchasing power parity):
$90.23 billion (2008 est.) country comparison to the world: 70 $83.7 billion (2007 est.)
$82.46 billion (2006 est.)