willie
08-19-2005, 12:07 AM
Romania, Iraq agree on debt cancellation
UPI - Thursday, August 18, 2005
Date: Thursday, August 18, 2005 9:31:04 PM EST
BAGHDAD, Aug. 18 (UPI) -- Romania has agreed to cancel 80 percent of its claims against Iraq, debt totaling $2 billion, the two countries announced Thursday.
The cancellation is equivalent to the agreement in 2004 between Iraq and its largest debtors, the countries in the Paris Club. Romania is the first country outside the club to make such an agreement.
The agreement has three phases. In the first, $760 million in debt will be canceled immediately. The second phase becomes effective when Iraq signs a formal stand-by arrangement with the International Monetary Fund, and the third installment is to be canceled on completion of a stand-by arrangement in 2008.
The remaining $500 million in debt is payable over 23 years.
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:happy64:
UPI - Thursday, August 18, 2005
Date: Thursday, August 18, 2005 9:31:04 PM EST
BAGHDAD, Aug. 18 (UPI) -- Romania has agreed to cancel 80 percent of its claims against Iraq, debt totaling $2 billion, the two countries announced Thursday.
The cancellation is equivalent to the agreement in 2004 between Iraq and its largest debtors, the countries in the Paris Club. Romania is the first country outside the club to make such an agreement.
The agreement has three phases. In the first, $760 million in debt will be canceled immediately. The second phase becomes effective when Iraq signs a formal stand-by arrangement with the International Monetary Fund, and the third installment is to be canceled on completion of a stand-by arrangement in 2008.
The remaining $500 million in debt is payable over 23 years.
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:happy64: