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Jun 14 08 1:28 PM

Arab Monetary Fund writes off $100 million Iraqi debt; reschedules rest



Iraqi Finance Minister Bayan Jabr says the Arab Monetary Fund has written off $100 million in interest on Iraq's $500 million debt.


The two sides signed an agreement Saturday in Amman also rescheduling the remaining $400 million of Iraqi debt - incurred during the Saddam Hussein era - to the Abu-Dhabi-based fund over a period of 18 years. The fund, founded in 1976 and hosted by the United Arab Emirates, has 22 member countries including Jordan, Saudi Arabia, Kuwait and Egypt. (AP)

"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~~