arh777
06-19-2005, 08:29 PM
Thirty Percent of Iraq Debts to be Written Off
Jun 20 2005
Next October, Iraq will get a sizeable reduction of its debt burden as 30 percent will be written off according to the deal with the members states of the Paris club.
Sanan Al-Shabibi, Governor of Iraq's Central Bank, said the country had been following a strict economic reform program in accordance with the deal with the Paris Club.
According to the Governor, the deal with Paris Club, called for implementing measures to transform the Iraqi economy into a market economy.
He pointed out that negotiations were currently underway with the International Monetary Fund (IMF) on the integrated measures to control inflation, subsidize oil inventories, promoting the country revenue, and means of reducing Iraq's budget deficit.
"According to the deal with Paris Club, 80 percent of Iraq's debts will be written off on three stages. The first stage was unconditional and 30 percent of the debts were cancelled after signing of the deal.
The second phase which is due next October calls for writing off another 30 percent of the debts in accordance with the government's measure to implement the market economy program. The last stage that cancels the last 20 percent will be due later," Shabibi said. He added that by the year 2008, Iraq will start paying the remaining 20 percent of its debts.
Jun 20 2005
Next October, Iraq will get a sizeable reduction of its debt burden as 30 percent will be written off according to the deal with the members states of the Paris club.
Sanan Al-Shabibi, Governor of Iraq's Central Bank, said the country had been following a strict economic reform program in accordance with the deal with the Paris Club.
According to the Governor, the deal with Paris Club, called for implementing measures to transform the Iraqi economy into a market economy.
He pointed out that negotiations were currently underway with the International Monetary Fund (IMF) on the integrated measures to control inflation, subsidize oil inventories, promoting the country revenue, and means of reducing Iraq's budget deficit.
"According to the deal with Paris Club, 80 percent of Iraq's debts will be written off on three stages. The first stage was unconditional and 30 percent of the debts were cancelled after signing of the deal.
The second phase which is due next October calls for writing off another 30 percent of the debts in accordance with the government's measure to implement the market economy program. The last stage that cancels the last 20 percent will be due later," Shabibi said. He added that by the year 2008, Iraq will start paying the remaining 20 percent of its debts.