China agrees to cancel Iraqi debt
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China Thursday signed an agreement to cancel Iraqi debt at a ceremony after a meeting between Chinese President Hu Jintao and his Iraqi counterpart Jalal Talabani.
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More than a quarter of Iraq&#39;s foreign debt burden could be forgiven after a framework agreement was reached by two of the country&#39;s main creditors.
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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 &#36;120 billion foreign debt in a move that could pave the way for a wider international accord, officials said.
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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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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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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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Key creditor nations reportedly approve a plan to slash Iraq's debts, as an election date is announced.
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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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Chinese President Hu Jintao proposed Sunday a joint effort with France to solve the problems in Iraq, the China Daily reported.
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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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A French Finance ministry spokesman said the Paris Club of creditor nations had reached deal Sunday to write off 80 percent of the debts Iraq owes them.
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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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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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Germany&#39;s finance minister said Saturday that he and his US counterpart have reached an agreement under which Iraq&#39;s creditors would write off up to 80 per cent of the country&#39;s debt.
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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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Major economic powers agreed on Sunday to write off billions of dollars of debt for Iraq in a deal that marked a significant step in U.S. efforts to help put the Iraqi economy back on its feet.