IMF Cancels 80% of Iraq’s Foreign DebtsThe International Monetary Fund (IMF) has decided to write off 80 percent of Iraq’s foreign debts, the Central Bank of Iraq (CBI) said on Thursday.
During its meeting, dated December 17, the Executive Board of the International Monetary Fund completed the second review of Iraq’s economic performance under the Stand-By Arrangement (SBA), according to a CBI statement received by Aswat al-Iraq.
Describing economic developments in Iraq as encouraging, the board has decided to bring the total of cancelled debts to 80 percent, the statement noted.
The bank has expressed its great relief at the cancelation of over $100 billion U.S. dollars of Iraq’s external debts as a result of successful economic policies.
The Paris Club had written off 60 percent of Iraq’s foreign debts under the first SBA agreement, which expired in December 2007.
( Voices of Iraq )