Iraq seeking $40bn GCC debt relief

Iraq's central bank chief has said he hopes the Gulf GCC countries will follow the example of other states and give Iraq 'generous treatment' over debt cancellation.

'The rest of the world has given Iraq between 80 per cent and 100 per cent debt forgiveness,' Iraq's central bank Governor Sinan Al Shabibi said.

'We expect generous treatment from our Arab brothers, that will help recovery and turn a relationship of debt into one of trade and investment.'

Inflation last year was above the target of