39 Billion Dollars Of Foreign Debt Of Iraq

39 Billion Dollars Of Foreign Debt Of Iraq

On 22 October, 2013 In economic






Baghdad/Iraq News Network-a report issued by the research House that Iraq's foreign debt as of 31/12/2012 has been classified into four categories, the debt of the countries of the Paris Club and non-Paris Club and commercial creditors, debts, totalling more than $ 39 billion, distributed as follows:



1. Paris Club debt States and 18 countries and more than nine billion and $ 444 million in debt was reduced by 80%, except the United States and Denmark which have reduced their debts by 100% and Russia reduced its debt 92%, and the remaining were rescheduled and 20%.



2. the creditor countries of the non-Paris Club members and more than $ 2 billion and $ 712 million and settled the debts each of Bulgaria, Serbia, Tunisia, under the purchase offer by paying cash at 10.25% of total debt in cash and the remaining 75.18%, also canceled all of Malta, Cyprus, Slovakia, Algeria complete their debt against Iraq.



3. trade creditors and of more than 118 million dollars.



4. the GCC's debt amounting to 27 billion and $ 639 million, the Finance Ministry has sent a draft bilateral agreement to the Ministry of finance to UAE Arabic to extinguish debts by 100% after announcing that the UAE is still studying the draft.



The report noted that Iraq's foreign debt reached a total end of 2012 more than 39 billion and 914 million dollars.



The report shows that Iraq obtained under the agreement signed with the Paris Club to cancel 80 percent of the total foreign debt and restructure the rest and 20% and repaid over 17 years to the bi-annual under 34 a share worth paying as of 2011 and continue until 2028 and the reduction in three phases, with the first cut by 30% upon signing of the agreement was on 21/11/2004 and halving the proportion of 30% upon signing the Convention SBA already has been done inDecember 2005 and a 20% reduction at the completion of all obligations contained in Iraq (SBA) at the end of December 2008.



The House report noted that "the GCC groups Saudi Arabia, Kuwait and Qatar submitted its claims to the International Monetary Fund tried to Iraq through the delegation sent to negotiate with these countries in order to put out 100% but did not take any decision on the settlement of such claims." (The end)

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