Iraq Economy Struggles
WASHINGTON, Sept. 1 (UPI) -- A U.S. government report says countries have released Iraq from 80 percent of its debt to them, but Iraq still owes plenty.
Iraq owed the 18 members of the so-called Paris Club $41.7 billion, but bilateral agreements signed so far have released it from $34.2 billion. Russia has not yet reached an agreement but its total is included in the $34 billion debt relief.
However, Iraq owes approximately $63 billion more to non-Paris Club creditors, most of it to Gulf countries. Iraq also owed nearly $32 billion in war reparations for the 1991 invasion of Kuwait. As of May 2006, Iraq had paid more than $20 billion in reparations.
Among those owed are American oil companies, which were awarded $21.5 billion in lost profits and equipment during the Gulf war.
Read the rest at UPI
Iraq owed the 18 members of the so-called Paris Club $41.7 billion, but bilateral agreements signed so far have released it from $34.2 billion. Russia has not yet reached an agreement but its total is included in the $34 billion debt relief.
However, Iraq owes approximately $63 billion more to non-Paris Club creditors, most of it to Gulf countries. Iraq also owed nearly $32 billion in war reparations for the 1991 invasion of Kuwait. As of May 2006, Iraq had paid more than $20 billion in reparations.
Among those owed are American oil companies, which were awarded $21.5 billion in lost profits and equipment during the Gulf war.
Read the rest at UPI
posted by iraqnam at 12:28 PM
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