Russia's Foreign Minister Sergei Lavrov (L) and his Iraqi counterpart Hoshiyar Zebari exchange documents in Moscow February 11, 2008.
Photo: Reuters
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Russia Writes $12bn Off Iraq’s Debt
Russia and Iraq have made the agreement on settling the debt of Iraq. Russia’s Finance Minister Alexei Kudrin and Iraq’s Foreign Minister Hoshiyar al-Zibari signed the respective document February 11.
In line with the Paris Club commitments, Russia will write off 93 percent of Iraqi debt; the matter at stake is $12 billion.
According to Alexei Kudrin, Russia will first write 65 percent off $12.9 billion, and the remaining $4.5 billion will be trimmed by 80 percent. Writing off 80 percent will take two stages. The amount will be first reduced by 60 percent and the remainder will be written off approximately in 2009, once Iraq reaches the indicators specified in the IMF program.
Overall, Russia will write off 93 percent, or roughly $12 billion, restructuring the remaining $900 million during 17 years.
www.kommersant.com
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