Middle East North Africa Financial Network (MENAFN)
July 8, 2004

The Iraqi government expressed confidence that global lenders would write off its huge $120 billion foreign debt, helping to rebuild Iraq’s economy and revive the vital oil sector, AFP reported.

The Interim Finance Minister said that apart from the US, other countries had also showed an inclination to forgive the debt completely.

The minister added that the debt write-off would also help the world economy as Iraq would be in a stronger position to exploit its vast oil reserves and thus ease pressure on world crude prices.