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.
He travels the fastest who travels alone. Rudyard Kipling
The traveler sees what he sees, the tourist sees what he has come to see. Gilbert K. Chesterton