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Jun 1 08 2:36 PM

Jubilee Iraq, founded by Iraqis and citizens in creditor countries, calls for:
* Immediate and unconditional cancellation of all odious debt and reparations.
* Disputes settled through a fair arbitration tribunal, representive of Iraqi views.
* We have no other agenda, which is why people of opposing political views support us.


May 29, 2008
Jubilee Iraq backs Maliki's appeal to Arab creditors at UN conference ^top^

Prime Minister Maliki is in Sweden, along with UN Secretary General Ban Ki-Moon and representatives of almost 100 countries for the first annual review of the UN-sponsored International Compact with Iraq. Speaking as he arrived in Stockholm, Mr. Maliki told reporters: "Iraq is demanding world countries to re-open embassies and to cancel debts." Finance Minister Bayan Jabr added that the demand was particularly aimed at Arab countries. Later Maliki told the conference: "Iraq is not a poor country. It possesses tremendous human and material resources, but the debts of Iraq ... which we inherited from the dictator, hamper the reconstruction process. We are looking forward to the brother countries writing off the debts, which are a burden on the Iraqi government."

Jubilee Iraq backs this request from the Iraqi government. It is now over five years since the regime which contracted this odious debt in the 1980s fell. The Iraqi people should no be held responsible for it. Moreover, Iraq's situation is still extremely fragile, and it has more chance of an economic recovery which will reduce violence if the debt burden is finally written off. A stable Iraq is in the interests of all countries in the region, and that alone should be sufficient reason for them to write of these debts.

It looks strange from outside the region that while countries as far from Iraq as Canada and Japan have significantly reduced their debt claims (by 80% under the terms of the November 2004 Paris Club agreement), Iraq's Arab neighbours have not yet forgiven a single Dirham. It is understandable that they have been cautious, given concerns over the US-led invasion and worries that the chaos in Iraq might spread. But now is the time for them to show true brotherhood and generosity by exceeding the terms of the Paris Club and writing off all Saddam-era debts - and also reparation claims.

April 28, 2008
Latest Jubilee Iraq paper ^top^

A paper on Iraq's debt will be published shortly by Cambridge University Press in the book: Odious Debt in International Law & Policy. Here is a draft which includes our most up-to-date estimates of Iraq's burden.


March 06, 2008
Iraq offers commerical creditors a last chance at restructuring ^top^

On 30 January 2008 Iraq announced its intention to reopen the debt restructuring program for the reconciliation and settlement of outstanding commercial claims, which had been closed in July 2006 after restructuring $19.7bn. Debt advisory firm Omni Bridgeway comments:"Although the registration date as set originally during the first reconciliation period was extended several times, we have reasons to believe the deadline of 15 March 2008 will not be extended. The Republic of Iraq seems to have set its mind on restructuring all remaining claims in 2008."

"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~~