Middle East Economic Survey


No 7



UK Cancels 80% Of Iraqs $2Bn Debt

The UK on 25 January agreed to cancel 80% of Iraqs $2bn debt in accordance with the Paris Club agreement of 2004 (MEES, 29 November 2004). The agreement was signed by the ambassadors of Iraq and the UK to France. Iraqs debt to the UK has been put at $931mn (MEES, 27 October 2003), but is roughly doubled due to late interest payments. A report in Iraqs al-Mashriq of 30 January said that the...