Iraq’s foreign debt totals $39 Billion

Posted by on Oct 28, 2013 | Leave a Comment

Parliamentary Research Service: Total Iraq’s foreign debt of $ 39 billion

BAGHDAD – Iraq Press – 19 October / October:

A report issued by the research department of the Council of Representatives of Iraq, seen by / Presse Iraq /, that “Iraq’s foreign debt until 31/12/2012 have been classified into four categories, the Paris Club debt, and countries outside the Paris Club and commercial creditors, and debts of the Gulf Cooperation Council, totaling more than $ 39 billion, distributed as follows:

1 – debt to Paris Club countries and the 18 countries and reach more than nine billion and $ 444 million in reduced its debt by 80% except for the United States and Denmark, which Khvdta debts increased by 100% as well as Russia, which has reduced its debt by 92%, and was rescheduling the remaining of 20% .

2 – creditor countries not members of the Paris Club, amounting to more than two billion and $ 712 million and has a debt settlement of Bulgaria, Serbia, Tunisia, under the purchase offer cash through payment percentage 10.25% of the total debt in cash and the cancellation of the remainder, amounting to 89.75%, also canceled Each of Malta, Cyprus, Slovakia, Algeria entire debt against Iraq.
3 – adult payables, amounting to more than $ 118 million.

4 – Dion Gulf Cooperation Council (GCC) of $ 27 billion and $ 639 million, and has sent a Finance Ministry draft of a bilateral agreement to the Ministry of Finance of the United Arab Emirates required to turn off the debt by 100% after announcing that the United Arab Emirates are still considering the draft.

The report pointed out that “the total debt Iraq Foreign reached the end of the year 2012 more than 39 billion and $ 914 million.”

The report said that “Iraq obtained under the agreement signed with the Paris Club to cancel 80% of the total external debt was restructuring the remainder of which amounting to 20% and paid during the 17 years to the semi-annual installments under 34 installments worth repaid as of 2011 and continues until 2028 and the reduction in three phases, the first includes a 30% reduction at the signing of the agreement was done on 21/11/2004 and reducing the rate of 30% at the signing of the Convention [SBA] has been done in December 2005 and reducing the rate of 20% upon completion of Iraq all the obligations contained in the [SBA] at the end of December 2008.

He noted the report of the House of Representatives that “the GCC countries and both Saudi Arabia and Kuwait and Qatar submitted its demands to the International Monetary Fund and try to Iraq and through the delegation sent to negotiate with these countries in order to put out 100%, but did not take any decision on the settlement of those claims.”

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