US persuades Paris Club to write off Â£23bn of Iraqi debt
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A deal to forgive a large chunk of Iraq&#39;s external debt could finally be announced this week after key creditor nations came to an agreement at the weekend ending months of stalemate.
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The Paris Club of creditor nations on Saturday was debating a plan to write off as much as 80 percent of the debts Iraq owes them, a key step
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Iraq cleared around &#36;81 million in debt it owed the International Monetary Fund late last week, fund sources said on Monday, opening the way for the first aid to flow from the global lender to Iraq.
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Major economic powers agreed Sunday to write off more than $31 billion in debt for Iraq in a deal that boosted U.S. efforts to help put the Iraqi economy back on its feet.
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The Paris Club of creditors met on Sunday to finalise an agreement on writing off debts owed to its 19 member countries by Iraq -- a deal which could pave the way for a wider international accord.
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The Paris Club of creditor nations, except for Russia, has agreed in principle to slash debts Iraq owes to the group by up to 80 percent, an official said Sunday.
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Germany&#39;s finance minister said Saturday that he and his US counterpart have reached an agreement under which Iraq&#39;s creditors would write off up to 80 per cent of the country&#39;s debt.
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WASHINGTON: The Bush administration has agreed to write off Iraq&#39;s debts to Washington of $4.1 billion, racked up during the regime of Saddam Hussein.
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More than a quarter of Iraq&#39;s foreign debt burden could be forgiven after a framework agreement was reached by two of the country&#39;s main creditors.
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Differences between France and the  United States over how much of Iraq's debt to cancel hardened  on Saturday as the two attended a meeting aimed at promoting  international harmony.
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As a result of talks the Paris Club has arrived at a consolidated decision to write off 80 per cent of Iraq&#39;s debt, Russian Finance Minister Aleksey Kudrin told journalists on Sunday [21 November].
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The United States will try to convince more of Iraq&#39;s creditors to forgive the country&#39;s debt, Treasury Secretary John Snow said on Friday.
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Paris - The Paris Club of creditor nations, with the exception of Russia, has reached an agreement in principle to slash debts Iraq owes to the group by up to 80%, a well-placed official said on Sunday.
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Russia agreed on Sunday to forgive up to 80 percent of Iraqâs debts to the Paris Club (about $33 billion). A US Treasury official quoted by Reuters said they received this information from Russia.
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Iraq&#39;s main creditors at the Paris Club have reached an agreement to cancel 80 percent of the debt owed to them by Baghdad, a Paris Club source said Saturday.
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The United States, Germany and other G7 nations have agreed to write-off up to 80% of Iraq&#39;s so-called Paris Club debt. The agreement was made on the sidelines of the G20 meeting of rich and developing nations
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The Paris Club of creditors met on Sunday  to finalize an agreement on writing off debts owed to its 19  member countries by Iraq -- a deal which could pave the way for  a wider international accord.