11:38 GMT +327 March 2017
Live
    World

    Paris Club creditors waive half Iraq's remaining debt to members

    World
    Get short URL
    0 5 0 0

    The Paris Club of creditor nations on Monday canceled half of Iraq's $15.6 billion debt in the final stage of a four-year debt reduction program.

    PARIS, December 22 (RIA Novosti) - The Paris Club of creditor nations on Monday canceled half of Iraq's $15.6 billion debt in the final stage of a four-year debt reduction program.

    The cancelation of the $7.8 million leaves just 20% - another $7.8 million - of its debt to the club from four years ago.

    The Paris Club and Iraq agreed in November 2004 "on a comprehensive debt treatment of public external debt providing a total amount of debt reduction of 80% in three phases."

    The creditors agreed to waive about $32 billion of Iraq's debt, dating from the Saddam Hussein era. The country's debt to all nations once stood at $125 billion.

    The first two phases came in November 2004 and December 2005, reducing Iraq's debt to Paris Club creditors by 60%.

    The remaining third phase granting an additional 20% debt reduction was conditional on the successful completion of the review of a 3-year implementation of arrangements with the IMF.

    The Paris Club said Iraq "has made its best efforts to seek comparable treatment from all its other external creditors."

    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment