Probe International

(July 16, 2003) Jordan announced yesterday it will use the Iraqi financial assets it has to pay due sums for the Iraqi traders who exported commodities to Jordan, and these assets to be returned back after fulfilling the due Iraqi debts to Amman.

(July 16, 2003) Iraq’s new governing council is sending a delegation to the Security Council on July 22, when the top U.N. envoy is to report on the world body’s role in postwar Iraq, U.N. officials and council diplomats said.

(July 15, 2003) Visiting more of Iraq’s neighbours in his efforts to help create a stable, democratic and sovereign country, top United Nations envoy Sergio Vieira de Mello arrived in Damascus today for talks with Syrian President Bashir al Assad. Following the talks, scheduled for tomorrow, Mr. Vieira de Mello, Secretary-General Kofi Annan’s Special Representative, will then leave for Tehran to meet with Iranian President Mohamed Khatami before returning to Baghdad on Thursday.

(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.

(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.

(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.

(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.

(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.

(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."