UN Chief Ban: $30 billion Iraq debt reduction pledged at conference

An armed guard poses beside pallets of $100 bills in Baghdad, part of $12 billion in cash 'distributed' by the Coalition Provisional Authority in the year following the invastion. Much of the money has never been accounted for. Even with the $30 billion debt forgiveness, an estimated $50 billion in debt remains.

SHARM EL-SHEIKH, Egypt, May 3, 2007 (AFP) - UN chief Ban Ki-moon said that debt reduction of 30 billion dollars had been pledged by countries attending a key conference on Iraq in this Egyptian Red Sea resort on Thursday.

"Specific financial commitments by particular countries are estimated at over 30 billion dollars," Ban told reporters.

"This includes commitments of debt relief terms of the Paris Club from Bulgaria, China, Saudi Arabia and Greece. It also includes new financial commitments from the United Kingdom, Australia, Spain, China, Denmark and Korea and other key participants," he said.

In 2004 the Paris Club, a group of 19 creditor governments from major industrialised nations dealing with debt restructuring, agreed to cancel 32 billion (80 percent) of the 40 billion dollars they were owed by the Saddam regime...

"Any country that is not scrapping debt or does not respect Paris club recommendations will not be allowed to invest in Iraq," Finance Minister Bayan Jabr Solagh told AFP on the sidelines of the international conference.

Read the rest at France 24

Related Link:
U.S. Auditor: Corruption at $5 billion yearly; Maliki blocking probes

Related Link:
Analysis: Kuwait's refusal to forgive Iraqi debt reflects past bitterness, new suspicions

Related Link:
Electricity Minister: Iraq needs extra $2-$2.5 billion a year for power

Related Link:
U.S.: After $4.2 billion spent, Baghdad still 6 years away from full electricity

Related Link:
General Dempsey: U.S., Iraq to spend $14 billion for 40,000 new Iraqi soldiers

Related Link:
'Officials': Saudi Arabia agrees to forgive 80% of $15 billion Iraqi debt

Related Link:
Iraq Official: $8 billion wasted or stolen in last 3 years

Related Link:
Iraq Coordinator Satterlee: Iraq can't spend $12.5 billion in rebuilding funds unless U.S. sends $4 billion more

Related Link:
Pentagon promises crackdown on Iraq fraud, profiteering

Related Link:
Report: Former Iraqi Minister wanted for involvement in theft of $800 million now living in London

Related Link:
Perspective: Missing billions

Related Link:
Auditors: Billions more may be squandered in Iraq

Related Link:
Perspective: Army opens 50 criminal probes into contractor fraud

Related Link:
Analysis: $700 million a month lost in oil smuggling

Related Link:
Auditor's Office: Iraq corruption financing insurgents

Related Link:
Iraq says needs $100 bln to rebuild infrastructure

Related Link:
Ties to GOP Trumped Know-How Among Staff Sent to Rebuild Iraq