Probe International

(June 10, 2003) Japan will report it has about US$7 billion in loans outstanding to Iraq when it meets as part of a group of 19 creditor nations, known as the Paris Club, at its two-day meeting starting June 10, the Nihon Keizai newspaper reported.

(June 9, 2003) A range of strategies and concrete actions proposed in the framework of a reaffirmation of unity in fighting for debt cancellation were the main results of a World Council of Churches (WCC) workshop that addressed debt campaign divisions.

(June 9, 2003) Paris Club Chairman, Jean-Pierre Jouyet, told Reuters he expects an audit of Iraq’s debt to be completed in July. However, he said creditors won’t start looking at whether Iraq needs debt reduction or a deferral of payments for some time after that.

(June 7, 2003) Official creditors are likely to offer Iraq debt relief. However, to return to the international capital markets, Iraq will have to show that it is at least willing to pay something towards its properly documented commercial debt.

(June 7, 2003) Banks in Bahrain are looking at how to recover millions of dollars in unpaid loans to Iraq. They want a deal over the debts before even considering investing in rebuilding the country, says a top official.

(June 7, 2003) The recent Ghorfa summit of Arab and German business leaders in Berlin, called for remission of Iraqi debts from the Saddam Hussein era. Iraq should be given a chance for a new beginning similar to Germany after World War II, says German business leader.

(June 5, 2003) Former Iraqi foreign minister Adnan Al Pachachi has urged U.S. rulers that Iraq needs "external help, including measures by major creditors to write off Iraq’s debt." Iraq should also be exempted from paying war damages under UN resolutions.

(June 5, 2003) U.S. senators criticized the Bush administration for not having calculated the cost of rebuilding Iraq, even as international finance ministries begin discussing how to fund the reconstruction.

(June 5, 2003) Iraq should be given relief from its multi-billion dollar debt, and other countries, in addition to the United States, should be pressed for cash to help rebuild the country, US officials said on Wednesday.

(June 5, 2003) U.S. officials announced this week that there will be a meeting of donors in New York at the end of June, to discuss fundraising for Iraq’s reconstruction.