What happened to Iraq's debts after the US toppled the government in 2003?
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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
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