Minggu, Mei 06, 2007

Egypt exempts Iraq from debts of $ 800 million

The Minister of Finance, Bayan Jabr, made his statement while the Ministers of more than ten countries and international organizations are meeting for one day at the resort of Sharm el-Sheikh on the Red Sea to agree on an international covenant to Iraq; this International Covenant document is a five-year plan offers financial, political and technical support to Iraqi institutions in return for political, security and economic reforms.

Jabr said that three countries of Eastern Europe: Slovenia, Bulgaria and Poland have also approved to exempt Iraq from 80% of the debts owed to them, but he did not disclose the value of these canceled debts.

He added that the European Union would give Iraq 200 million dollars and that he expects donations from some Asian countries as well.

Iraq, which has the third largest oil reserves in the world, is struggling to rebuild its faltering economy after four years of violence following the invasion led by the United States in 2003.(Source)AlSabah


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