US Cancels Iraq&#39;s Debt
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17 December 2004 (NCA) -- The United States formally wrote off all of its $4.1 billion in Iraqi debt and urged other nations to follow the example.
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Germany and the United States have agreed on a proposal to write off as much as 80 percent of Iraq&#39;s debt, Germany&#39;s finance minister said Saturday, following a months-long US push for debt forgiveness.
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US President George W. Bush hailed the Paris Club agreement to write off 80 percent of Iraq&#39;s debt and called on other nations to join as well.
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The cancellation was announced against the backdrop of a clericÂs boycott of the Iraqi government and the disclosure of a classified White House memo.
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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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More than a quarter of Iraq's foreign debt burden could be forgiven under a US-German proposal.
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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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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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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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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 US cancels military assistance to Thailand in response to last week's military coup.
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SANTIAGO, Nov 21  - US President George W. Bush on Sunday welcomed newly scheduled Iraq elections and a deal to shave billions of dollars off the war-torn country&#39;s debt, calling on all creditors to follow suit.
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Iraq will owe Russia between US$700 million (euro530 million) and US$1 billion (euro750 million) after the bulk of its debt is forgiven under a deal with international creditors, Finance Minister Alexei Kudrin was quoted as saying Monday.
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Russia has agreed to write off $12bn (Â£6bn) of Iraqi debt built up by the Saddam Hussein regime.
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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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Nineteen countries, including Australia, have agreed to cancel 80 per cent of the debt Iraq owes them. The deal secured for the Paris Club of creditor nations ends a trans-Atlantic dispute and probably sets
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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.