US to forgive Iraq&#39;s $4 billion 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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Paris - Iraq and the United States on Monday hailed an agreement by a group of creditor nations to write off billions of dollars of debt inherited from the former regime of Saddam Hussein as &quot;historic&quot;.
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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 world&#39;s leading industrial nations agreed Sunday to cancel 80 percent of the nearly $39 billion debt owed them by Iraq, a critical step in rebuilding the country&#39;s devastated
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Bulgaria is reluctant to forgive much of a $1.7 billion debt that Iraq owes it, the Ministry of Finance said Monday.
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The White House estimated on Tuesday  that the U.S. budget deficit for 2005, including an extra $80  billion for Iraq and Afghanistan operations, will total $427  billion.
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The United States, Germany and other G7 nations agreed on Saturday to write off up to 80 percent of Iraq&#39;s $120 billion foreign debt in a move that could
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Rich nations pledged an agreement soon on forgiving the debt burden weighing on poor nations in Africa, Latin America and Asia but remained divided on reducing billions of dollars of Iraqi debt.
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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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Foreign minister to remind the US of its responsibility to help build Iraqi forces.
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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.
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US Secretary of State Colin Powell has backed debt relief for Asian countries devastated by this week&#39;s killer tsunami, and said Washington was ready to play a major role in the long term recovery.
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The United States is revising its $18.4 billion Iraq rebuilding plan and in a major policy shift will hand over some contracting power to Iraqi ministries for U.S.-funded work, said U.S. officials Tuesday.
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The United States on Friday completely forgave $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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The deal is part of a new international agreement to forgive 80 per cent of Iraq&#39;s international debt, amounting to a total of about $150 billion.
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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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PARIS/BERLIN  - The Paris Club of creditor nations  agreed on Sunday to cancel 80 percent of the debt Iraq owes its  members, ending a transatlantic dispute and probably setting  the framework for debt pardons from other creditors.