Financial and Banking News


Iraq Reschedules Some Japanese and Korean Debt 

Two commercial rescheduling agreements for Iraqi debt to Japanese and South Korean creditors have recently been arranged. On 15 August, the state-owned Rafidain Bank signed a Y50bn ($335mn) agreement with a group of Japanese banks led by Bank of Tokyo. According to the Tokyo daily Asahi Shimbun, the 6.5-year loan has a three-year grace period and a 1% spread over Libor.

The second loan is...