[lbo-talk] IMF delivers debt relief to Iraq

[Stephen E Philion]

Under the plan announced Sunday, Paris Club members would immediately
forgive 30 percent of their Iraqi debt and write off an additional 30
percent in 2005 once the International Monetary Fund has approved an
economic reform program for Iraq. A final 20 percent would be cancelled
in 2008 provided Iraq has implemented the I.M.F. program. The remaining
debt owed to Paris Club members is to be repaid over a 23-year period,
with no principal or interest due for the next three years.

<http://nytimes.com/2004/11/22/international/middleeast/22debt.html?pagewanted=2&ei=5094&en=4a2b588472ffcbb4&hp&ex=1101099600&partner=homepage>