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News Briefs

  Nissan 16, 5767 , 04/05/07

$30 Billion Iraqi Debt Forgiven

Several countries have decided to forgive Iraq’s debts in hopes that the move will help the country gain political stability. A total of $30 billion in debt has been forgiven, with Spain, Greece, Saudi Arabia, Britain, and South Korea among the countries that have agreed to forgo their loans to Iraq.

The United States announced the dissolution of all outstanding Iraqi debt in 2004, forgiving debts owed to the US from the 1980s. The dissolution of the debt is expected to help stabilize the local currency and encourage economic growth.
Other archived news briefs:May 04 2007, 03:03 AM, 5/4/2007