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.

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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.”