What happened to Iraq's debts after the US toppled the government in 2003?
score:2
The 2011 US Congressional Research Service paper Iraq’s Debt Relief: Procedure and Potential Implications for International Debt Relief covers the topic in detail. It summarizes it:
Following the ouster of the Saddam Hussein regime in spring 2003, Iraq’s external debt was estimated to be around $130 billion. Reducing this debt to a sustainable level has been a priority of the U.S. government. Since 2003, debt relief negotiations have taken place in a variety of fora and led to the cancellation of a significant amount of Iraq’s external debt.
Iraq’s external debt comprised four components: Paris Club bilateral debt ($42.5 billion), non- Paris Club bilateral debt ($67.4 billion), commercial debt ($20 billion) and multilateral debt ($0.5 billion). Debt relief negotiations first led to an 80% reduction of the Paris Club debt. The Paris Club agreement also set the terms for non-Paris Club and commercial debt cancellation levels. A provision of the Paris Club agreement is that Iraq cannot accept a debt cancellation agreement with other creditors on more favorable terms for Iraq than those reached with the Paris Club. Thus, Iraq is expected to receive no more than an 80% cancellation from all of its creditors. Negotiations with non-Paris Club creditors are ongoing, and resolution of the commercial debt is largely complete.
Indeed, Iraq's debt has plummeted from 350% of GDP in 2004 to 50% in 2010.
See also
- Council on Foreign Relations - Iraq: The Regime's Debt is a snapshot of the state of affairs in December 2003.
- CNN - Japan, China offer Iraq debt cuts, again in Dec 2003, shows US efforts to get numerous nations to forgive Iraq's debt and send humanitarian aid to rebuild.
- PBS Newshour - Nations Cancel Bulk of $39 Billion in Iraqi Debt
More post
- 📝 Why does Japan use the same type of AC power outlet as the US?
- 📝 Were there U.S. weapon restrictions during 19th century?
- 📝 Was the Earth's sea-level significantly lower in ancient times?
- 📝 Who named San Andreas, California?
- 📝 A unitary state split into several smaller ones
- 📝 Did Andrew Jackson threaten to kill the Vice President?
- 📝 What is the source of the error regarding the origin of the number zero?
- 📝 Cold War proxy countries views on nationalism or decolonization?
- 📝 Was the 18th century Russian peasant braver; or simply more afraid of Cossacks?
- 📝 Why didn't Germany blockade the Strait of Gibraltar during WW2?
- 📝 What percent of the US Federal Budget was spent on WW2?
- 📝 Why was it Spain, not Tlaxcala, that dominated over Mesoamerica despite the Tlaxcaltecs being the major force in the conquest of Tenochtitlan?
- 📝 Can someone explain the joke that killed Chrysippus of Soli?
- 📝 Did the Spartans really taunt Philip II of Macedon with a single word?
- 📝 Who said, "Freedom to do what?"
- 📝 How much faster/better were European printing presses compared to Chinese block printing?
- 📝 Constantine the Great created the Chi-Rho from the Greek word for "Christ". Why choose Greek over Latin, even though he was Roman?
- 📝 Has a German U-Boat ever transported an American during WW2?
- 📝 Did healers in medieval Europe use moldy bread in poultices for wounds?
- 📝 How did Lincoln legitimize the constitutionality of his Emancipation Proclamation?
- 📝 Was the religious and cultural diversity a core structural cause of the Ottoman Empire's decline?
- 📝 What field guns, howitzers and mortars were used by the Indian Army and the Pakistan Army during the 1971 war?
- 📝 Why would "loose women" give you bad health?
- 📝 What type of provisions would seafarers use in the mid 19th century?
- 📝 How common was it for Red Cross personnel to fight (in both World Wars)?
- 📝 In real terms how many alcoholics were there before prohibition vs after prohibition?
- 📝 Was there a social stigma for British born/living in India prior to WW2/Indian independence?
- 📝 When did COVID-19 hit the international news?
- 📝 Did the Founding Fathers of the USA really make a distinction between a Republic and a Democracy (and despised the latter)?
- 📝 What exactly happened with beer and Leeuwarden in 1487?
Source: stackoverflow.com
Search Posts
Related post
- 📝 What happened to Iraq's debts after the US toppled the government in 2003?
- 📝 Were there any Germans in Japan after the surrender of Germany in May, 1945 and if so, what happened to them?
- 📝 What happened to all the nuclear material being smuggled after the fall of the USSR?
- 📝 What happened to the Wehrmacht after the German surrender?
- 📝 What happened to the British convicts transported to America after the American Revolution?
- 📝 What happened to the S.A. (Sturmabteilung; "Stormtroopers") after The Night of the Long Knives?
- 📝 What happened to the Heart of Atlanta motel after the ruling of Heart of Atlanta v. United States?
- 📝 What happened north of the Alps after the Romans "left"?
- 📝 After World War II, what happened to the Soviet industrial facilities that had been evacuated?
- 📝 What happened to the Imperial Byzantine Family after the collapse of the empire?
- 📝 What happened to the holders of German war bonds after WW1?
- 📝 What happened to the colonial estates belonging to loyalists after the American Revolution?
- 📝 What happened to the Swiss troops in French service after August 10, 1792?
- 📝 What happened first? The law that authorized the Cuban government to nationalize US firms or Eisenhower's Cuban sugar quota?
- 📝 What happened to insurance companies after the 9/11 attacks?
- 📝 Surrender Ceremonies at the End of WW2: What happened after documents signed?
- 📝 What happened to cities in the Western Roman empire after the fall of Rome?
- 📝 What happened in Rome, when the western empire "fell"?
- 📝 What happened to these buildings near the Seine?
- 📝 On what basis do some historians accuse the British government of genocide during the great Irish famine?
- 📝 What date does a 1738 British author intend by "soon after the revolution"?
- 📝 What happened to US's Lend-Lease machinery given to the Soviet Union?
- 📝 What really happened to the Ten Lost Tribes of Israel?
- 📝 What East German laws and regulations were extended to the West after unification?
- 📝 What was the ratio women to men after World War 2 in the Soviet Union
- 📝 What was the Mantineian form of government and what praise did it receive?
- 📝 What government functions, if any, did the archchancellor of the HRE actually exercise?
- 📝 What happened to all the historical photos taken by Malcolm X?
- 📝 What really happened to the Maya civilization?
- 📝 What happened to all the French guillotines?