Creditor Nations Agree to Cut Iraq's Debt
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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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Iraq cleared around $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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The Paris Club of creditor nations on Saturday discussed a plan to write off about 80 percent of Iraq&#39;s debts. According to The AP, US Treasury Secretary John Snow and German Finance Minister Hans Eichel concluded
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Amid renewed violence, major creditor nations of Iraq reached an agreement Saturday in Berlin to write off 80 percent of Iraq&#39;s debts to help rebuild thewar-torn country.
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Major economic powers agreed Sunday to write off more than &#36;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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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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The Paris Club of international creditors has agreed to cancel 80 percent of the debt Iraq owes member countries. Officials say the deal, brokered in Berlin, is worth about $33 billion.
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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 Sunday to join in an international agreement to forgive up to 80 percent of Iraq&#39;s foreign debt, allowing the deal brokered by German and US officials to go ahead.
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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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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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Russia has agreed to a deal to wipe out up to 80 percent of the debt owed by Iraq to the Paris Club creditor nations, a US official said at the conclusion of a Group of 20 meeting.
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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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The Paris Club of creditor nations, except for Russia, agreed on Sunday to relieve Iraq of as much as 80 percent of the debts it owes them.
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BERLIN, Nov. 20 -- Germany and the United States have agreed on a proposal to write off as much as 80 percent of Iraq's debt, Germany's finance minister said Saturday, following a months-long U.S. push for debt forgiveness.
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BERLIN -- Germany and the United States have agreed on a proposal to write off as much as 80 percent of Iraq's debt, Germany's finance minister said yesterday, capping a months-long US push for debt forgiveness.
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The Paris Club announced Sunday that its member countries agreed to cut 80 percent of the debts Iraq owes them and called on other creditors to follow suit.