Monday, March 13, 2006

Debt Relief: Romania slashes Iraq's debt

The Romanian government has agreed to reduce Iraq's debt accumulated before December 1989 from $1.7 billion $977 million.

Under President Saddam Hussein, Iraq had made numerous purchases of industrial equipment, weapons and machinery from Romanian state owned companies and outstanding amounts totalled 1.7 billion dollars.

The new government will have to repay the remaining amount within 23 years.