VOL. XXXI

NO. 40

11-JULY-1988

IRAQ

West Germany Reopens Credit Guarantees to Iraq; Debts to Be Paid in Crude Oil

Following a visit by Mr. Tariq 'Aziz, the Iraqi Foreign Minister, to Bonn latelast month, West Germany agreed on 30 June that its state-owned export creditagency, Hermes, would provide DM100mn ($165mn) of state guarantees to financethe export of West German goods to Iraq in return for crude oil payments fordebts incurred so far, totaling around DM130mn. Hermes has also agreed to lend...