Iraq's Odious Debts

Official seeks to cool down expectations about Iraqi debt redemption

Bulgarian News Network, Bulgaria
June 30, 2003

SOFIA — Bulgaria should not have too great expectations about collecting a US$1.7 billion debt that Iraq ran to it during the Cold War, Deputy Minister of Finance Krasimir Katev said.

“We should not expect miracles in regard of the Iraqi debt redemption but we should be realists,” Katev told the private Sofia-based radio NET.

“Sooner or later we’ll receive some money from this debt, although it is not clear how much exactly,” he added.

Iraq’s total foreign debt amounts to more than US$380 billion and the Paris club of official lenders is likely to forgive up to 60% of it, Katev said.

Her said Bulgaria should hurry up to collect as much as it can from the debt before this happens.

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