Iraq asks some countries drop the debt at the beginning of the Arab Summit
Posted 28/03/2012 07:07 AM
BAGHDAD - Babinaoz (Reuters) - Iraq from nations involved in the Arab League summit on Tuesday to drop his debts in the period before the invasion and urged them to follow the lead of the United Arab Emirates, Algeria, which has already agreed to write off debts of Baghdad.
Rafie al-Issawi said Iraqi Minister of Finance on the first day of the summit to be held in Baghdad for the first time after the war that Iraq has asked Saudi Arabia, Kuwait, Qatar, Libya, Jordan, Sudan, Egypt and Morocco to help him to settle his debts.

And agreed Paris Club of 19 creditor nations rich in 2004 to write off 80 percent of the debt of $ 40 billion to help Iraq recover from the US-led invasion in 2003. Talks are still ongoing with the countries outside the Paris Club to write off the debt.

Issawi said that the debt forgiveness requires more cooperation from Arab countries, and we thank the UAE and Algeria, for agreeing to write off 100 percent of the debt.

The external debt of Iraq ranged between 130 and 140 billion dollars in 2003, was settled largely through the Paris Club agreement in 2004. Iraq's debt amounted to Saudi Arabia $ 30 billion last year, Kuwait has $ 22 billion in addition to compensation for the Iraqi invasion of Kuwait in 1991.