Iraq's Odious Debts

Bulgaria to reschedule Iraq debt

Sofia News Agency
April 18, 2004

Bulgaria will not write-off but reschedule Iraq’s debt in view of the country’s economy and oil sector potential.

Bulgaria should not be expected to write-off a great amount of Iraq’s deal as it is of great importance that it recovers the money, Finance Minister Velchev stressed during a meeting with US Deputy Secretary of Commerce Samuel Bodman.

The two also discussed a future double taxation avoidance agreement and the positive way in which this could impact the US investments in Bulgaria.

Minister Velchev met Samuel Bodman in London at the head of a Bulgarian delegation, which attends the Annual Meeting of the European Bank for Reconstruction of Development (EBRD) in London.

Bulgaria has repeatedly insisted that the country’s interests must be respected when dealing with the Iraq debt issue.

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