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Jun 1 08 2:35 PM

45 States cancel $140 billion of Iraq's debts



45 States cancel $140 billion of Iraq's debts
Translated by IRAQdirectory.com - [7/23/2007]


Iraqi Finance Minister, Baqir Jabr Al-Zubaidi, said that 45 States abolished their claims on Iraq, at rates ranging between 100 and 80%, with the total amounting to $140,000,000,000.

Al-Zubaidi praised Saudi Arabia, which promised to write off 80% of its claims on Iraq, as well as China which declared its commitment to the rules of "Paris Club" and wrote off 80% of its claims as well. The Iraqi minister said in a joint press conference held with the Ministers of Planning and Trade, Ali Baban and Abdul Falah Al-Sudani, as well as the Central Bank Governor Sinan Al-Shabibi, that the government has acted on the commercial debt of the companies, and cut them by 96%. Baban announced more than $11 billion of new government investment, the largest in Iraq so far, which should provide more jobs and enhance the economy. Al-Shabibi said that the current year witnessed relatively stable inflation of between 40 and 45%, pointing to the bank's success in increasing hard currency reserves to $21 billion.

"I am the vine, you are the branches. He who abides in Me, and I in him, bears much fruit; for without Me you can do nothing." ~~John 15:5~~