US cancels Iraq&#39;s $4.1 billion debt
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The Bush administration formally canceled Iraq&#39;s $4.1 billion debt to the United States on Friday and urged others to do the same to help the country rebuild.
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Iraq and the United States hailed as &quot;historic&quot; an agreement by a group of creditor nations to write off billions of dollars of debt inherited from the former regime of Saddam Hussein.
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The US cancels all the debt owed to it by Iraq and calls on other countries to do the same.
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Four fifths of Iraq&#39;s foreign debts are to be written off, under a deal reached at the weekend. The country&#39;s interim government has been complaining that the level of its debt is hampering its reconstruction.
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PARIS -- Major economic powers agreed yesterday to write off billions of dollars in Iraqi debt, a deal that marked a significant step in US efforts to help put that nation's economy back on its feet.
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The United States and its G7 allies have reached agreement on a deal to forgive 80% of Iraq's huge debts without imposing any conditions, a G7 official said on Saturday.
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The United States, Germany and other G7 nations agreed on Saturday to write off up to 80 percent of Iraq's &#36;120 billion foreign debt in a move that could pave the way for a wider international accord, officials said.
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WASHINGTON - A $38 million US effort to create a computerized accounting system for the Iraqi government has been suspended because the Ministry of Finance there has continued to use a paper system, according to the latest report of Stuart W. Bowen Jr., the special inspector general for Iraq reconstruction.
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BERLIN: The United States, Germany and other G7 nations agreed yesterday to write off up to 80 per cent or $33 billion of Iraq&#39;s Paris Club debt, which could pave the way for a wider international accord, officials said.
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The United States has stripped millions of dollars in military aid from its ally Thailand, in protest at the coup by top generals that ousted civilian prime minister Thaksin Shinawatra.
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The United States on Sunday applauded the decision by the Paris Club on slashing Iraq&#39;s debts and urged other countries to follow suit.
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BERLIN  -Germany's finance minister said Saturday that he and his U.S. counterpart have reached an agreement under which Iraq's creditors would write off up to 80 per cent of the country's debt.
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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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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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The US Army on Tuesday appeared to reverse a decision to stop paying a portion of Halliburton Co.&#39;s (HAL.N: Quote, Profile, Research) bills in Iraq and gave the company more time to resolve a billing dispute.
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The US federal budget deficit for the first four months of the current spending year falls to $42.2bn, figures show.
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The United States plans to cancel  $391 million in outstanding debt owed by Liberia, U.S.  Secretary of State Condoleezza Rice said on Tuesday, and she  urged others to help the struggling West African nation.