Debt relief for Iraq
2004-11-21 18:46
Paris - The Paris Club of creditor nations, with the exception of Russia, has reached an agreement in principle to slash debts Iraq owes to the group by up to 80%, a well-placed official said on Sunday.
The deal was reached after discussions that stretched into the early hours of Sunday morning, said the official who spoke on condition of anonymity.
"There is an agreement in principle with all the creditors except Russia," he said.
The deal would allow for phased reductions of Iraq's debts to Paris Club nations, to a total of up to 80%, he said.
Russian negotiators needed to get their government's agreement, he added.
- SAPA