Probe International

(November 29, 2004) Russia will write off half of Iraq’s debt to the country in two stages starting next year, Finance Minister Alexei Kudrin said. Iraq owes Russia between $700 million to $1 billion and the precise amount is being worked out, he said.

(November 29, 2004) Russia will slash at least $9.5 billion of Iraq’s debt to Moscow, Interfax news agency reported Monday.

(November 27, 2004) Generous or not, the deal owed nothing to the notion that Iraq’s debts were "odious", incurred by a tyrannical government and therefore unworthy of repayment.

(November 27, 2004) Iraqi Minister of Planning Mehdi Hafez said his country is unhappy with the decision of the Paris Club to waive only 80 percent of Iraq’s debts.

(November 26, 2004) After supporting the Paris Club decision to write off 80 per cent of Iraq’s debt, Russia expects to come to a "mutual understanding" concerning its debt to the Paris Club.

(November 25, 2004) Russian President Vladimir Putin announced Moscow had committed itself to writing off 90 percent of Iraq’s debts, more than the 80 percent of forgiveness agreed by the Paris Club of sovereign debtors.

(November 23, 2004) By agreeing to forgive 80% of Iraq’s debt, Russia has gained nothing and Russia’s chances of securing access to Iraq’s mineral wealth look very bleak, say experts.

(November 23, 2004) Rich nations’ decision to forgive part of Iraq’s debt will help the occupied country but also saddle it with a burdensome economic programme that threatens to take decision-making power from Iraqis and put it in the hands of IMF officials, say critics.