(July 13, 2003) American plans to mortgage Iraq’s future oil supplies to pay for expensive postwar reconstruction work risk a repeat of mistakes made with Germany after the First World War, debt relief campaigners said this weekend.
U.S. firms seek future oil revenues for reconstruction
(July 12, 2003) The Bush Administration is considering a provocative proposal to pledge a portion of Iraq’s future oil and gas revenue to secure reconstruction loans before a new Iraqi government is in place to approve the idea.
Iraqi debts should be rescheduled – deputy Central Bank chief
(July 12, 2003) Deputy Chairman of the Central Bank of Russia, Oleg Viyugin, said that the decision of the Paris Club to fix a concrete sum of Iraqi debts and the readiness of this organization to initiate the debt rescheduling is a positive factor.
Bush in Africa: By doing less he can achieve more
(July 11, 2003) The United States should express its support for the concept of "odious debt." "Cancellation of debt acquired by corrupt dictatorships will both decrease the overall level of African debt and rationalize future lending," says Marian L. Tupy.
Iraqi debt to Paris Club nations set at $21bn – plus interest
(July 11, 2003) Iraq is likely to be forgiven two-thirds of its Paris Club debts but for talks to start, Iraq will have to acknowledge the numbers, says the director of Exotix, a brokerage specialising in illiquid emerging market debt.
Iraq owes Paris Club $21bn in pre-1991 debt
(July 11, 2003) "[Iraq’s debt] burden, most [Paris Club] members agree, would be unfair to a people ruled for so long by Saddam Hussein’s oppressive regime and who often saw none of the money earned from the country’s assets," writes Tom Davis.
Iraq’s situation towards Paris Club creditors
(July 10, 2003) The total public debt of Iraq vis-a-vis Paris Club creditors amounts to US$21,018 billion. "According to Paris Club standard methodology, these various data will have to be reconciled with Iraqi authorities prior to any negotiation."
Press briefing: Australian agriculture officials discuss rebuilding efforts in Iraq
(July 10, 2003) A team led by Treasury is examining the Iraqi debt situation and evaluating how best to handle it. It’s going to involve the Paris Club, the London Club and debt restructurings, says J.B. Penn.
Velchev’s U.S. trip reaps rewards
(July 4, 2003) According to Bulgaria’s Finance Minister Milen Velchev, the U.S. administration had shown understanding that the repayment of the Iraqi debt to Bulgaria was of great importance and it would not insist on its full cancellation.
Agenda in Africa
(July 3, 2003) If the United States can forgive Iraq’s debt because of Saddam Hussein’s actions, it ought to forgive the debt that Nigeria, for instance, amassed under its former military dictator, the late Sani Abacha.
Palace of problems
(July 2, 2003) Although chasing Hussein’s hidden bank accounts and finding caches of gold has grabbed headlines, those amounts are small compared with what a tough debt reduction campaign can yield for Iraq.
Africa may have a case on basis of ‘odious debt’
(July 2, 2003) "One side-effect of the American/British occupation of Iraq is that it has sparked public debate on a dark secret of international finance: the debt taken on by odious regimes," say James K. Boyce and Leonce Ndikumana.
Official seeks to cool down expectations about Iraqi debt redemption
(June 30, 2003) 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. The Paris Club is likely to forgive up to 60% of it, he said.
Bulgarian official warns against great expectations about Iraq’s debt
(June 30, 2003) Krassimir Katev, Bulgaria’s Deputy Finance Minister, ruled out the option for the U.S. administration to buy out the Iraqi debt, which, in his words, counters its regulations.
U.S. investors stay shy of Iraqi debt trade
(June 27, 2003) Prices for Iraqi commercial debt have risen strongly since the fall of Saddam Hussein, but analysts say U.S. investors are holding back from re-entering the market because of legal uncertainties, despite last month’s lifting of U.S. financial sanctions.