Russia slashes $9 billion from Iraq debt
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Russia will slash at least $9.5 billion of Iraq&#39;s debt to Moscow, Interfax news agency reported Monday. Iraq&#39;s debt to Russia will be reduced to $700 million to $1 billion
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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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The United States, Germany and other G7  nations agreed on Saturday to write off up to 80 percent of  Iraq's $120 billion foreign debt in a move that could pave the  way for a wider international accord, officials said.
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More than a quarter of Iraq's foreign debt burden could be forgiven under a US-German proposal.
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The United States on Friday completely forgave &#36;4.1 billion in debt Iraq owed it and urged other nations not part of an international debt relief agreement to follow suit.
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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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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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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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Russia pledged on Tuesday to write off  an additional $500 million of African debt, just days before a  Group of Eight summit where Germany will push rich nations to  deliver on promises to help Africa.
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Iraqi President Jalal Talabani welcomed Friday an expected Russian decision to write off 91 percent of Iraq's estimated $13 billion debt, calling it a "historic turning point" in relations between the two countries.
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The Iraqi government of Saddam Hussein issued millions of dollars in lucrative oil export vouchers to leading French, Russian and other foreign politicians as part of a concerted effort to win their assistance in lifting UN sanctions against Iraq, a US weapons inspector said in a report made public here.
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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 deal will reduce Iraq&#39;s debt owed to the 19 Paris Club creditor nations by 80 percent, from a current $38.9 billion to $7.8 billion in 2008.
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Creditor nations, with the exception of Russia, reportedly approve a plan to slash Iraq's debts.
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Germany has unveiled an international plan to wipe out tens of billions of dollars of Iraqi debt so that the war-torn country can rebuild in earnest.
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The US has written off on Friday all of its $4.1bn in Iraqi debt and called on other nations to follow suit. At a ceremony in Washington to mark the move, US Secretary of State Colin Powell hailed the move
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Germany&#39;s finance minister has said he and his American counterpart have worked out a deal to write off 80 percent of Iraq&#39;s $120 billion foreign debt.