Monday, February 11, 2008

Russia Forgives Iraqi Debt

Here’s some good news. 

Russia on Monday forgave nearly all the 12.9-billion-dollar debt owed it by Iraq and voiced hopes of increased Russian investment in the war-torn country, news agencies quoted Finance Minister Alexei Kudrin as saying.

The amount forgiven—12 billion dollars (8.2 billion euros)—came to 93 percent of the mainly Soviet-era debt owed by Baghdad to Moscow, Interfax news agency reported.

The debt is being written off in stages, with the process probably completed next year, Kudrin was quoted as saying by Interfax.

The remaining 900 million dollars (618 million euros) will be restructured over a 17 year period, Kudrin said.

[...]

Kudrin was quoted as saying that Moscow was ready to invest some four billion dollars in Iraq. “We are interested in the complete restoration of Iraq’s economy ... many Russian businesses are ready to work on the Iraqi market.”

(3) Comments
Posted by Owen at 1910 hrs
Foreign Affairs

  1. That’s good news! So many Iraqis will benefit for this given opportunity by Russia. It’s their chance to rise up and spur the economies growth and development by totally restoration.

    Posted by Peyton on February 11, 2008 at 2132 hrs


  2. A good move from Russia’s end. I’m sure this is also good news to the new government of Iraq and the Iraqi people. I hope Iraq gets back into its feet soon.

    Posted by Humus on February 11, 2008 at 2330 hrs


  3. Russia could not possibly be less interested in helping out the average Iraqi. Of course they’re willing to forgive the debt. Russia wants to re-establish the same stronghold in post-war Iraq that it had in pre-war Iraq. This is the easiest way to ingratiate themselves with new Iraqi leaders.

    Posted by Venomous Kate on February 12, 2008 at 1144 hrs


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