Iraq cb chief says debt relief needed to tap oil

Iraq's central bank chief said Sunday 3 October that the country cannot fully exploit its huge oil reserves without "huge" debt relief.

"Huge debt relief is very important for Iraq," Iraq Central Bank Governor Sinan Al-Shabibi told the International Institute of Finance, which is holding a conference on the sidelines of the International Monetary Fund and World Bank meetings.

"In order to exploit oil stocks and resources, it needs huge debt reduction," he said.

The central bank governor said he was

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