UN chief welcomes move to cancel 20% of Iraqi debt

BAGHDAD / IraqiNews.com: The Secretary General of the United Nations Ban Ki-moon has welcomed a decision by the Paris Club to write off the remaining 20 percent of Iraq’s debt, amounting to $7.8 billion U.S. dollars. “‘This is a major achievement and acknowledgement of the Iraqi Government’s determination to implement necessary reforms despite overwhelming challenges’,” a statement published on the web site of the UN News Centre quoted Mr. Ban’s spokesperson as saying. “‘The Secretary-General takes this opportunity to call on creditors, other than those of the Paris Club, to advance Iraqi debt relief to facilitate the country’s path to prosperity and reintegration into the regional and international economy,’ the statement added,” “According to the statement, the 22 December decision by the Paris Club, an informal grouping of creditor nations, was taken in the context of the International Compact with Iraq, which is co-chaired by the United Nations and the Iraqi Government. “Under the Compact, launched in May 2007, the Government of Iraq will work to meet basic needs, protect the rights of all citizens and ensure the optimal use of the country’s resources for the common good,” the statement added. SS (P) 1