Arab league cancels 70% of Iraq debt

[Chaka]

http://www.menafn.com/qn_news_story_s.asp?storyid=99078

The Arab League signed an agreement with Iraq to cancel 70 percent of Iraq's debts to the League, KUNA reported.

The agreement stipulates that the remaining 30 percent would be paid off in equal installments for a period of 10 years beginning January 1, 2007. This arrangement with Iraq was first approved by Arab foreign ministers at a meeting in March 2004.
Iraq, on its part, has shown willingness to settle its debts by offering to pay as a start 50 percent of its dues to the Arab League for 2005 and 2006. Iraq's annual dues are about $3.5 million out of the League's total annual budget of $35 million.

[BrerRabbit]

So, who is left?

[Spartacus]

Is there anywhere here where all of the agreed debt repayment start dates have been compiled because (and i could be totally wrong here :) ) that could provide a clue ??

for example, they start paying this back on 1-1-2007. If other major debts are scheduled to be repayed from that date then presumably any planned appreciation would have occured before then?

[BlueLake]

ya know it seems to me that Iraq's neighbors could do a little more for them.
I'm thinking they don't want the oil competition and long as the borders allow insurgients to go thru them, they are gonna keep Iraq from producing their potential. Just my thoughts. Cause I think the debt should be 100% forgiven.

[JJLL]

At this point, I know its still difficult to get an actual amount of debt. So here is a chart that is close.... I think :)

http://www.jubileeiraq.org/reperations.htm

A round about number may be 64.99bn

[Spartacus]

64.99 billion? :eek:

Sounds like a job for Bob Geldof :D

[airforce]

Sounds like great news. Only having to pay 30% over a 10yr installment plan shouldn't affect Iraq's economy enough to hurt the dinar, especially if their currency appreciates 500 times over. It would be nice to have zero debt, but I don't think it's realistic or a big deal. Just so long as the major burden is taken care of while the dinar is weak.

[dinarcrazy]

this is GREAT news :huge: i was hoping they would do more but 70% will ensure it opens BIG!!!

[H2OLover]

I was thinking ( always kind of scary ) with their payback happening as soon as Jan 2007. I would think that the dinar would be as high as they could get it so paying back would be a bit easier. if they are looking to be paying back millions / billons of dollars it will be veryvery hard to do at .007 very hard to do at .02 not very easy at .20 and might be able to be done at .50 but if they could get the dinar to 1.00 by that time things would be looking very bright for both Iraq and all of us holding dinar. Just some thoughts

[ramis]

The news seems to be credible but has not been published in any other online editions. Hope things will work out well for Iraq and for all of us, who have faith in Iraq as a to-be prosperous and free nation :huge:

[Weston]

Arab League Member States
http://www.arableagueonline.org/arableague/english/level2_en.jsp?level_id=11

• The Hashemite Kingdom Of Jordan
1991 0.295Billion - 70% = .08bil)
2003 1.3billion = .39billion
• United Arab Emirates

• Kingdom Of Bahrain

• Republic Of Tunisia

• Democratic And Popular Republic Of Algeria

• Republic Of Djibouti

• Kingdom Of Saudi Arabia
2001 25billion -70% = 7.5 billion
2004 30billion = 9 billion

• Rebuplic Of Sudan

• Arab Rebuplic Of Syria

• Republic Of Somalia

so from 56.595 billion down to 16.97

thats all I could find, No Kuwait, or Qatar or UAE which adds up to 51.8billion