Category: Iraq’s Odious Debts

Iraq hopes to reach debt reduction deal this year

(March 16, 2004) Iraq’s finance minister said Baghdad hoped to finalise a deal to ease its massive debts this year, despite splits among creditors over how much debt relief to grant a country so rich in oil. "The world saw what happened in Iraq: 35 years of damage," said Kamel al-Gailani, who held talks with an IMF team in Beirut this week. "Iraq is a rich country, but to return to the international community as soon as possible we need a substantial reduction." He declined to say how much.