US writes off $4.1bn in Iraq debt
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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 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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Iraq&#39;s foreign debt will be reduced by 80% after a compromise deal was brokered between France, Germany and the USA in the framework of the Paris Club of creditors on 21 November.
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The federal deficit of the US government hit a record high of US$436.9 billion in the first 11 months of fiscal year of 2004 ending on September 30, the Treasury Department reported on Monday.
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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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The International Monetary Fund said  on Wednesday Iraq's official bilateral creditors had agreed to  defer debt the country owes them until the end of 2005.
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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 Spanish government announced here Monday that it will write off 80 percent of Iraq's debt, or 482 million US dollars, to help rebuild the war-torn country.
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RUSSIA today agreed to join a pact to forgive up to 80 per cent, or about $US33 billion ($42.44 billion) worth, of Iraq&#39;s debts, a US Treasury official said at a Group of 20 meeting where the multinational agreement was engineered.
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Germany and the United States have agreed on a proposal to cancel 80 percent or about $33 billion of the debt owed by Iraq to a group of creditor nations known
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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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PARIS - Major economic powers agreed to write off $31 billion of Iraqi debt yesterday in a major breakthrough for US-led efforts to get Iraq&#39;s economy back on its feet.
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US lawmakers criticise progress on the rebuilding of Iraq - saying only $1bn out of a $18bn fund has been spent.
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The federal deficit of the US government hit a record high of 436.9 billion US dollars in the first 11 months of fiscal year of 2004 which will end in this month, the Treasury Department reported on Monday.
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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 has erased over $ 4 billion of Iraqi foreign debt. It is also urging all other nations to join the effort to cancel the debt racked up under former Iraqi leader Saddam Hussein.
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BERLIN  - The United States welcomed a &quot;milestone&quot; decision by the Paris Club of creditor nations to cut Iraq &#39;s debt by up to 80 percent, and called on other creditors to follow suit.