March 18, 2008

The Iraqi Ministry of Finance announced that Serbia cancelled debt amounting to $2.48 billion. Minister of Finance, Baqir Jabr Al-Zubaidi, said, "Canceling the debt of Serbia was the result of two-month negotiations with the Serbian side; 90% of the debt was canceled according to the conditions of the agreement signed with the Paris Club. It is important to continue these efforts to reach a healthy economy, free from all the heavy legacy left by the former regime and to be able to find a true beginning to promote economic reality in Iraq." The Ministry of Finance said that the amount of Iraqi debt cancelled so far amounts to "$92.5 billion out of the total $140 billion which was the result of the wrong financial policies and senseless wars perpetrated by the deposed dictator".

March 06, 2008

On 30 January 2008 Iraq announced its intention to reopen the debt restructuring program for the reconciliation and settlement of outstanding commercial claims, which had been closed in July 2006 after restructuring $19.7bn. Debt advisory firm Omni Bridgeway comments:"Although the registration date as set originally during the first reconciliation period was extended several times, we have reasons to believe the deadline of 15 March 2008 will not be extended. The Republic of Iraq seems to have set its mind on restructuring all remaining claims in 2008."