Baker Receives Pledges From Iraq Creditors To Reduce and Restructure Debt
France, Germany, Russia and Italy agreed last week, following visits by US presidential envoy James Baker, to write off part of Iraqs $120bn debt in 2004. The agreement calls for the forgiveness of an unspecified amount of debt during 2004. A final decision on the figure will be left to the 19-member Paris Club of creditor states. Club members hold about one-third of...