Iraq will begin to pay its debts to Romania starting 2009
The Iraqi state will begin to pay its debts to Romania beginning in 2009. Over a 20 year period Iraq will gradually pay Romania the 977.1 million dollars owed to Romania, representing debts it had made before 1989, the Ministry of Finance announced.
Romania's trade with the Iraqi regime was substantial, due to the Romanian communist regime's ties with the Middle East and especially with Saddam Hussein. Many Romanian companies had traded with or made construction works in Iraq but the 1989 revolution in Romania and the Gulf War made debt restitution difficult, if not impossible. The nearly one billion dollars Romania will cash until 2028 accounts for 56.7 percent of the 1.723 billion dollars Iraq owed Romania for trade before 1989. The Finance Ministry has also analyzed the situation of state companies that have debts to recover from their Iraqi partners. The repayment of debts will be regulated by a governmental decision.
From the Romanian Daily News
Romania's trade with the Iraqi regime was substantial, due to the Romanian communist regime's ties with the Middle East and especially with Saddam Hussein. Many Romanian companies had traded with or made construction works in Iraq but the 1989 revolution in Romania and the Gulf War made debt restitution difficult, if not impossible. The nearly one billion dollars Romania will cash until 2028 accounts for 56.7 percent of the 1.723 billion dollars Iraq owed Romania for trade before 1989. The Finance Ministry has also analyzed the situation of state companies that have debts to recover from their Iraqi partners. The repayment of debts will be regulated by a governmental decision.
From the Romanian Daily News
posted by iraqnam at 10:47 AM
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