International Monetary Fund
The Ministry of Finance announced the end of Iraq's obligations to the supporting Convention of (SBA), and the remainder of debt was agreed to be scheduled over the coming years up to the year 2021.
The Public Debt Office in the Ministry of Finance, clarified on the size of Iraq's debts, war reparations and benefits implications, that a large part was abolished through Paris Club and the bilateral agreements, and he explained the mechanisms of paying the remaining amounts and negotiations with the countries that have not abolished their debt yet, after Iraq has fulfilled its obligations and ended the Supporting Agreement (SBA) in 12-31-2008.
The director of the office, Muafaq Ezze Aldin Taha, described the Paris Club agreement is one of the advanced steps leading to accelerate the settlement of foreign debts, and gained as a returned victory to Iraq. He added that the last 20 percent of these debts was abolished through the Paris Club regarding to Iraq's commitment to the terms of the Convention, adding: "As far as the remaining 20% of the full amount after reducing 80 percent of $ 10,329 billion dollars, has been rescheduled until 2021, Iraq in which to pay the benefits of this amount." And that "the payment mechanism of remaining debt to Paris Club's countries or others after abolishing 80%, gives Iraq a grace period of six years that the first three years Iraq will pay none, on condition that starts to pay the financial benefits 1-1 / 2009 until the end of the year 2011, then begins to pay the actual remaining debt divided into 34 installments."
The director of Public Debt Office declared; there are14 countries, including eight Arab countries did not have a clear positive process of their debt, pointing to several correspondences to them from the ministry to change their adherence attitude or to reduce the debts, but all were invalid.
AI
