Saturday, September 10, 2005

Today's article: about Iraq Foreign Debt Forgiveness

Iraq Foreign Debt Forgiveness at 80% from $38.9 billion to $7.8 billion.
November 23, 2004

Iraq’s major creditor countries have agreed to cancel 80% of the debt Iraq owed.

This agreement will cut the outstanding debt from $38.9 billion to $7.8 billion to the Paris Club. Members of the Paris Club include the United States, Japan, Canada, Germany, Britain, France and Italy, as well as other Western European states, Russia and Australia.

“We believe ... it was necessary to accelerate the reconstruction of the Iraqi economy and to have an agreement which allows the Iraqi authority to have no more financial obstacles to this reconstruction.” commented Jean-Pierre Jouyet, president of the Paris Club.

George Bush, in comments while in Chile, said the deal represents a major international contribution to Iraq's political and economic reconstruction.
Other creditors who are not in the Paris Club but could follow its lead include Saudi Arabia, Kuwait and Eastern European states.

Taken from http://www.proinvestdinar.com/

Regards Marcel.