Central Bank of Iraq: cancellation of the debt of more than 13 000 commercial creditor towards Iraq

**Shilo** Wed Aug 18, 2010 9:23 pm

Central Bank of Iraq: cancellation of the debt of more than 13 000 commercial creditor towards Iraq

17 August 2010

Alsumaria News / Baghdad

Central Bank of Iraq, Tuesday, for debt cancellation for more than 13 thousand commercial creditor, and write off 100 billion dollars of debt owed the Paris Club, with 54 countries adhere to their debts to Iraq.

The adviser said the central bank governor appearance of Mohammed Saleh said in an interview for "Sumerian News," that "Iraq could cancel the debt of more than 13 A creditor commercial approach to Iraq totaled 23 billion and 500 million dollars," explaining that "commercial debt divided between debt minibus carrying 35 million dinars for a number of traders and companies, with a total of four billion and 500 million dollars, has been settled through the payment of 10% of this debt in cash after deduction of 90%, while the settlement of large debt, which exceeds the amount of 35 million dinars, and a total of 19 billion dollars through bonds decisively handed over 80% of the debt to be sold in international markets. "

Saleh added that "there is a small number of commercial cases, which are still the owners are demanding full payment of Iraq," noting that "Iraq faces of these cases in international courts, through a committee of the Iraqi Ministry of Justice."

He noted, central bank adviser that "Iraq could also write off 100 billion Paris Club debt amounting to 140 billion dollars after they signed individually with each of these countries the Convention to reduce Iraq's debt by 80%," pointing out that "there are some countries of the Paris Club has signed an agreement with Iraq to write off 100% of debt towards Iraq. "

Iraq had signed in January of this year 2010 bilateral agreement with the Kingdom of Denmark to reduce the remaining portion of the debt in his trust of 20% after signing with them earlier in the debt reduction of 55 million dollars or 80%.

The Paris Club Economic informal group of financiers from 19 countries of the world's richest countries, which provides financial services such as debt restructuring and burdens, and debt cancellation to indebted countries and creditors and the IMF had identified the names of those States after alternative solutions have failed.

Saleh pointed out that "there are 54 countries outside the Paris Club still has a debt towards Iraq, including the Arab countries stick to their debts written off in some countries outside the club's debt by 100% as the United States, Cyprus and Malta, United Arab Emirates."

Iraq has sought to cancel the debts arising during the period of the previous regime of Saddam Hussein, amounting to more than 120 billion dollars, which date back to some compensation because of wars with its neighbors.

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