World Bank Meeting Sunday Sept 5th

[Dinaress]

Malta signs off ALL Iraq debt..i expect more signing today.....


http://news.yahoo.com/news?tmpl=story&u=/050925/480/dcsa11009251720

[Dinaress]

ok, i messed up the date on the thread..sorry

[buck74]

Hey D, great to see you back, seems its been awhile.

[Dinaress]

thank you! :wave: ;)

[Dinaress]

Apparently someone has been saying that Ali Allawi is back in Iraq...
ohh contrare...
Iraq's Minister of Finance Ali Allawi (2nd L) and Parliamentary Secretary in the Ministry of Finance for Malta Tonio Fenech (2nd R) shake hands after signing documents cancelling one hundred percent of Iraq's official debt to Malta, as Governor Central Bank of Iraq Siman Al-Shabibi (L) and Governor Central Bank of Malta Michael Bonello (R) watch at the World Bank in Washington, D.C. September 25, 2005.

[Dinaress]

World Bank President Paul Wolfowitz (L) and Development Committee Chairman Trevor Manuel


http://news.yahoo.com/news?tmpl=story&u=/050925/photos_bs_afp/050925030242_or0qowtp_photo0

[Dinaress]

World Bank Panel Agrees to G-8 Debt Relief Proposal Snow says,
Sept. 25 (Bloomberg) -- The World Bank's policy making committee agreed to the global debt relief proposal pitched by the Group of Eight major industrialized countries, U.S. Treasury Secretary John Snow said.

The plan endorsed yesterday by the International Monetary Fund's development committee would wipe away as much as $55 billion in debt for as many as 37 nations, the fund said. The proposal will now be presented to the executive boards of the IMF and the World Bank for approval.

``I was very pleased to see that the World Bank Development Committee today strongly endorsed the proposal for 100 percent cancellation'' of the debt,'' Snow said in a statement. ``We look forward to working with institutions, donor countries, and most importantly, the countries that benefit from this plan as we try to attain the ultimate goal of raising living standards of poor people everywhere.''


http://www.bloomberg.com/apps/news?pid=10000087&sid=a8mF5jReIZLo

[Dinaress]

Statement of Secretary John W. Snow on Cancellation of HIPC debt

I was very pleased to see that the World Bank Development Committee today strongly endorsed the proposal for 100 percent cancellation of HIPC debt. We expect the executive boards of the IMF and World Bank to swiftly give final approval and move on to implementing it.

http://www.ustreas.gov/press/releases/js2949.htm

[Dinaress]

Leaders Nail Down Plan for Debt Relief

On the energy front, finance officials pledged to increase supplies, promote conservation and improve the release of timely data on oil production as a way of reducing wild price swings in energy markets.

Officials "recognized with oil that a global problem requires a truly global solution, with concerted action from oil producers and consumers alike to take steps necessary to stabilize the market," said Gordon Brown, Britain's finance minister.

http://news.yahoo.com/s/ap/20050925/ap_on_bi_ge/finance_meetings;_ylt=Ag5tETbdyX2n_s4uuRSbSwSb.HQA ;_ylu=X3oDMTA3bGI2aDNqBHNlYwM3NDk-

[Dinaress]

Treasury chief optimistic about IMF, Iraq


The standby agreement, under which the IMF would provide an unspecified amount of money into the reserves of Iraq's Central Bank, serves as a kind of international economic seal of approval and could spur debt forgiveness from members of the Paris Club and Iraq's non-Paris Club creditors.
Last November the Paris Club agreed to an 80 percent reduction in the $38.9 billion Iraq owes. The Paris Club includes European members, the United States, Japan, Russia, Canada and Australia. The United States last year forgave Iraq 100 percent of its debt of $4.1 billion.

Iraq owes another $80 billion to various Arab governments, mainly Saudi Arabia and Kuwait.

An accord also would open the way for more financing from the World Bank and other multilateral lenders and could eventually lead to increased investment by the private sector in postwar Iraq.

Snow spoke after the first meeting of the U.S.-Iraq Macroeconomic and Financial Forum, which includes representatives from Treasury and other U.S. government departments along with Iraqi officials, led by Finance Minister Ali Allawi and Central Bank Governor Sinan al-Shabibi.


http://www.boston.com/news/nation/washington/articles/2005/09/22/treasury_chief_optimistic_about_imf_iraq?mode=PF

Now just how much is an unspecified amount of money? :drunk:

[Dinaress]

Debt cancellation scheme wins backing from World Bank, IMF 12 minutes ago



"The harmful strings attached to debt relief must be cut and 100 percent debt relief offered to at least 40 more countries."


http://news.yahoo.com/news?tmpl=story&u=/afp/20050925/pl_afp/worldbankimfdebt_050925204632

[spligger1]

Cool thread Dinaress, thanks!

[Borage]

:huge: This is hot news!! thanks a million (dinars). :happy64:

[LakewayDaze!]

There are 18 countries approved for participation in the relief program and are close to the completion point of receiving debt forgiveness: Benin, Bolivia, Burkina Faso, Ethiopia, Ghana, Guyana, Honduras, Madagascar, Mali, Mauritania, Mozambique, Nicaragua, Niger, Rwanda, Senegal, Tanzania, Uganda, and Zambia.

Ten other countries, including Chad, Malawi and Sierra Leone, have already met preliminary conditions for participation and are waiting final approval for entry, the World Bank said.

Ten additional nations are also being considered for debt relief, though they haven't met the criteria necessary yet.

http://www.bloomberg.com/apps/news?pid=10000086&sid=aZe324Yeu7Mg&refer=latin_america

It doesn't look to me like IRAQ is one of the countries being considered for this assistance. I think this is still a good thing though.

[King_NID]

It doesn't look to me like IRAQ is one of the countries being considered for this assistance. I think this is still a good thing though.
From what I've read, I believe the Iraqi debt situation is being handled separately. Which, as you said, is a good thing. :)