Reporter.gr
November 22, 2004

The decision of G7 countries to write off up to 80% of Iraq’s Paris Club debt will not have effect on Bulgaria, since the country is not a member of the club, Finance Minister Milen Velchev said. Bulgaria’s Finance Minister added that he will make every effort to clinch the most favourable agreement, he added.

Note that Iraq owes to Bulgaria some US$1.7 billion of total of US$120 billion. The United States, Germany and other G7 nations agreed Saturday to write off up to 80% or US$33 billion of Iraq’s Paris Club debt.

The accord with the Paris Club may help Iraq to receive about US$8 billion in aid from the International Monetary Fund and the World Bank.