The Iraqi people shouldn't pay Saddam's bills
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*Russia threatens to renage on PC agreement over West Qurna
*Barham Salih explains link between IMF requirements and debt relief
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October 29, 2007
Russia threatens to renage on PC agreement over West Qurna ^top^The Iraqi government has canceled the a controversial development contract for West Qurna field with the Russian company Lukoil. The field has estimated reserves of 11 billion barrels, similar to Exxon Mobil's worldwide reserves, and could pump 1 million barrels a day. Lukoil signed a 1997 production-sharing agreement with Saddam that gave the company development rights for a tiny signing bonus of $10 million and granting them 9.6% of the output. The deal was . The deal signed when Saddam was seeking Russian support in a failed effort to lift UN sanctions. Iraqi oil minister Hussain al-Shahristani said that the field would be opened to new bidders, perhaps as early as next year. In response, Russia has threatened to revoke the 2004 deal Paris Club agreement to forgive 80% of the $13 billion in Iraqi debt claimed by Russia.
October 22, 2007
Barham Salih explains link between IMF requirements and debt relief ^top^Iraq's Governor of the IMF, Barham Salih (a Kurdish politician who is also Deputy Prime Minister) was very straightforward in describing the link between IMF requirements and debt relief - something Jubilee Iraq has been warning about for over 3 years. He was speaking at the IMF Autumn meetings: "The Government is currently implementing measures to reenergize efforts to meet certain structural performance criterion under the SBA and is preparing for a third program in support of the final phase of debt forgiveness under the agreement with the Paris Club. The SBA is important because of the close relationship between its implementation and the process of debt reduction. The Paris Club agreement postulated that 80% of the debt owed to Paris Club countries is to be cancelled. The agreement also states that other creditors (public and private) should treat Iraq in the a comparable way. Without going into the details of the matter almost $70 billion dollars of debt (amounting to about $ 130 billion) has been written off. The implementation of the new SBA due to end by the end of 2008 will make it possible for Iraq to get the final 20% reduction of the Paris Club debt."
