Friday, May 04, 2007
Creditor nations waive $30 bn of Iraqi debt
International, Conference
(Financial Times) - Creditor nations including the UK, Saudi Arabia and China have pledged to waive $30bn (£15.1bn) of Iraqi debt, about 60 per cent of what Baghdad estimates it owes other countries, Ban Ki-moon, United Nations secretary-general, said yesterday. Mr Ban was speaking at the end of the first day of a two-day conference in the Egyptian resort town of Sharm el Sheikh dealing with the UN-sponsored International Compact with Iraq, which aims at winning support to stabilise and rebuild the country.
"A number of countries have made concrete commitments under the compact today. In particular, there was broad support for the terms of the Paris Club on Iraq's outstanding debt," said Mr Ban, referring to the decision by the international creditors' group to forgive 80 per cent of Iraq's debt. "Specific financial commitments made by particular countries are estimated at over $30bn," he told a news conference.
The figure included commitments by Bulgaria, China, Saudi Arabia, Greece and new commitments by the UK, Australia, Spain, Denmark and South Korea. Few could expect Iraq's creditors to collect anything more than a small fraction of what they owe, much of which was run up under the rule of Saddam Hussein.
"A number of countries have made concrete commitments under the compact today. In particular, there was broad support for the terms of the Paris Club on Iraq's outstanding debt," said Mr Ban, referring to the decision by the international creditors' group to forgive 80 per cent of Iraq's debt. "Specific financial commitments made by particular countries are estimated at over $30bn," he told a news conference.
The figure included commitments by Bulgaria, China, Saudi Arabia, Greece and new commitments by the UK, Australia, Spain, Denmark and South Korea. Few could expect Iraq's creditors to collect anything more than a small fraction of what they owe, much of which was run up under the rule of Saddam Hussein.
Labels: International Compact with Iraq, Iraqi debt, Secretary-General Ban Ki-moon, Sharm el-Sheikh
