Iraq's economy has seen better days, but several measures recently undertaken by the government to get back on its feet look to be paying off, such as the recent move to address the country's unemployment rate. |
Part of the solution to solve the problem at hand included the allotment of $450 million, or almost 450 billion in the local currency, Iraqi dinar. The majority of this amount will be used in a variety of new programs, such as providing loans for poverty-stricken families. Any Iraqi citizen that wishes to start their own business will be granted the required finances by the ministry, interest-free.
To further alleviate the unemployment situation, a special social security program has been implemented in Iraq. The main function of this program is to render unemployment benefits to handicapped individuals. Another problem that's plaguing the country is the abundance of citizens living in substandard residences. Moreover, there are a large number of individuals listed as having no dwelling at all. Government officials plan to address these issues with the construction of brand-new homes specifically designed for low-income families.
To determine how successful the implementation of the program to reduce unemployment and poverty was so far, a cross-country survey was conducted by the ministry to assess its impact. And after careful tabulation, officials were quite impressed with the results: the percentage of jobless individuals went from 23% to 16% in the space of just 12 months.
But despite the $450 million project's overwhelming success, negative feedback pertaining to another project designed to extend aid to less-fortunate Iraqis has been received. The initiative, which is essentially a giant food-rationing program created to provide millions of families with basic food rations free-of-charge, was rumored to be shut-down. However, the government denied all accusations regarding this speculation:
"There is no intention to cancel the food-rationing card mainly because most Iraqi families live under the poverty line," an official spokesperson said in a statement.
On the other hand, considering how not all families are living in financial hardship, an amendment was to be made to the said project. The government representative said that those workers earning more than 1.5 million Iraqi dinar (or approximately $1,500 at current Iraqi dinar exchange rates) per month will be denied access to the basket of free food.
Mike Moore is published on more than 300 websites. He writes on various topics including from dinari, currency, currency exchangecurrency exchange and buying dinari'. He is published at www.dinarinc.com
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