A New Economy: A new Iraqi economy is being built on the principles of market economics, respect for the rule of law, and transparency.
Salaries: The CPA regularly pays salaries to those teachers, healthcare workers, soldiers, police, and other public sector employees who have returned to work. Payments of pensions and other emergency payments have also helped to avert a humanitarian crisis. Teachers' salaries, and other key employees' salaries, have increased four-fold over their pay under Saddam Hussein. Some 39,000 electrical workers are back at work. Other sectors show similar encouraging signs.
Commerce: The marketplace in Baghdad has many goods that were previously unavailable because of sanctions or because they were forbidden under the previous regime. Items such as satellite dishes are now readily available to Iraqis.
Banks: Banks are open in Baghdad. The CPA is working with Iraqis outside of Baghdad to open banks across the country as soon as possible. In addition, international interest in establishing an Iraqi trade bank has been strong, and proposals from foreign banks are under review for creating this trade facility.
Food: The CPA has purchased the upcoming wheat and barley crops, helping to meet the country's food needs while supporting farmers. These crops include over 600,000 metric tons of Iraqi wheat and more than 300,000 metric tons of Iraqi barley.
Loans for Entrepreneurs: A micro-credit facility is now being set up in the South. Credit facilities for the rest of the country are also planned. Iraq's two major banks will start making small and medium sized business loans to help Iraqi entrepreneurs restart their businesses.
Currency: A unified currency for Iraq has been announced. The exchange of old banknotes for new ones is set to begin October 15.
Iraqis' Savings: The dinar has maintained its value against the dollar, preserving the dinar-dominated savings of Iraqi citizens.
Natural Resources: Oil production is increasing, with daily production of crude averaging 1 million barrels in recent days.
Budget: The budget for the last six months of 2003 is now being executed, and the 2004 budget formulation process has begun. Of the 2003 budget, more than $400 million has been released to Ministries in July and August alone. The 2004 budget process, to be run by Iraqis, will target the most important priorities for the country's reconstruction and build on the spending commitments of the budget for the last six months of 2003.
Results in Iraq: 100 Days Toward Security and Freedom
