US forgives $4.1 billion of Iraqi debt

The US concluded a bilateral agreement on Friday 17 December to write off debts of $4.1 billion owed to it by Iraq, and expressed the hope that other countries would follow its example.

Secretary of State Colin Powell and Treasury Secretary John Snow attended a ceremony in Washington to sign the agreement.

The 18 Paris Club members have already agreed to forgive 80% of Iraq's $39 billion debts to them, and the US urged non-Paris club nations to do the same. John Snow praised the efforts of G7

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