OAPEC drops 70 percent of debts owed to it by Iraq

[ramis]

OAPEC drops 70 percent of debts owed to it by Iraq
14/12/2005
Source: KUNA

KUWAIT, Dec 13 (KUNA) -- The 75th Council of Ministers meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) on Tuesday wrote off 70 percent of accumulated debts owed to the organization by Iraq.

In a press release by OAPEC after the conclusion of its meeting in Kuwait, the organization explained that this came in accordance with the previous decision adopted by the Arab League.

[Colonel]

Is Saudi part of this group?

[messiah]

Colonel:

To answer your question - yes, Saudi Arabia is listed as a member of OAPEC. Other members include: Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, and United Arab Emirates. In 1986, Tunisia submitted a request for withdrawal.

So exactly what does this mean? Is this the debt relief we have all been waiting for?

[tbdinarcad]

This sounds like more good news for all of us.