Thread: Ratified Laws and Foreign Debt Relief

Iraq says China has agreed to write off 80% of debt

Iraq says China has agreed to write off 80 percent of its Saddam Hussein-era debt.

A statement posted on the Iraqi Finance Ministry Web site on Tuesday put Iraq's debt to China at $8.5 billion.

The statement says the promise followed a meeting between China's ambassador to Iraq and Iraq's Finance Minister Bayan Jabr. It says the write-off "will enhance economic cooperation between the two friendly countries."

The deal could further push Chinese business interests in Iraq. The China National Petroleum Corp. has secured two lucrative oil deals that reflect China's drive to seek new energy sources for its growing economy.

http://www.pukmedia.com/english/inde...raq&Itemid=386

Kuwaiti MPs: we refuse to transfer the debt to the Kuwaiti investments in Iraq

Kuwaiti MPs rejected the conversion of debt to the Kuwaiti Investments, said in remarks quoted by Kuwaiti newspapers that any agreement on this should be with the Council and the new Iraqi government, while others felt that: the compensation is governed by international resolutions, but Iraq's debt to Kuwait for a local.

MP d. Walid Tabtabai the Iraqi parliament that the visit comes a month before the next election, he said it like a tourist visit, so any agreement must be with the next parliament and the new government.

For his part, MP d. Faisal al-Muslim, any talk about the conversion of debt of Iraq to the Kuwaiti investments is the point of view we reject them completely, derogated from the sovereignty of Kuwait, and to encourage other countries to follow the same approach, affirming that it was due to begin requiring Iraq to pay the debt, pointing to pursue this matter with all the tools constitutional.

Said Dr. Massouma al-Mubarak said the compensation is governed by international resolutions, while debts to Kuwait on Iraq governed by bilateral relations and, in principle nothing wrong with that recruitment of debt investments in Iraq have a common interest, but this step is the most important requirements to provide security for investment and security stability in Iraq.

The head of parliament's finance committee Alaa al-Sadoun expressed the hope that the files are processed pending between Kuwait and the country, first and foremost the border, according to international conventions, and things naturally and without any problems as in the past between the two countries and emphasized Iraq's willingness to invest Kuwait to be compensated in its territory.

Saadoun said "We broached the topic of investment in Iraq, which includes all the issues, and Kuwait could invest part of their debts in Iraq, and we are ready for it," and explained that had not been addressed to the "file of prisoners and the remains of martyrs."

And the factor that haunt parties who wish to invest in Iraq's deteriorating security situation Sadoun explained that the security situation deteriorated recently, in part, but this is a temporary situation because of the Iraqi elections near, hoping to stabilize the situation and the appearance that the election results.

http://www.uragency.net/index.php?aa=news&id22=4803

Kuwaiti parliamentary division of Iraq's debt on trading investments & Vice describe Baladhokp

Kuwaiti MPs yesterday split between supporters and opponents of the issue of replacing the Iraqi debt to invest in Iraq, while stressing the Kuwaiti Crown Prince Sheikh Nawaf Al-Ahmad Al the need for cooperation and coordination for the interests of the country.

The House divided on the idea of converting debt owed by Iraq Kuwaiti investments, and warned the government from taking any decision which affects the public money without reference to the Council, MP Faisal al-Muslim, any talk on the subject rejected because it detracts from the sovereignty of Kuwait, Iraq called on the government's claim to pay debt He stressed that the deputies will be following this file with all the tools constitutional, but pointed out that the National Assembly who has the right to make that decision, with astonishment MP Daifallah Buramia weeping that the government of public money and restitution law by refusing to drop the interest on the loans, while supporting the replacement of investments in debt Iraq, said Waleed al-Tabtabai that any agreement must be with the Iraqi Council of Representatives next, saying Iraqi parliamentary delegation's visit is unnecessary as it comes a month before the election. On the other hand, rejected the objections MP Massouma al-Mubarak, stressing that the Kuwaiti reparations governed by international resolutions, and the debt shall be governed by bilateral relations, saying that good and better to be employed in debt investments in Iraq, and demanding security guarantees, while MP Al-Fadhli investments as debt swap idea economic profit that we might achieve more than double what we expect from the debt in the care of the interest of Kuwait before the interests of Iraq.

For his part, warned Dr. MP. Daifallah Buramia his government's attempt to forfeit the debts to Kuwait on Iraq under what he called a joke-for-debt investments, noting that it began to waive the debts of Iraq under the pretext of foreign investment in Iraq, and that the government is well aware that one of the pillars of investing in any country is the availability of security Iraq and the loss of Homeland Security.

Buramia and wondered how to invest the Kuwaiti government in the country of security at stake? Even if we assume that the security element in Iraq, the availability of the element of trust is still missing, how can you trust the Kuwaiti government does not recognize international conventions and instruments, recalling that Iraq's designs were not in Kuwait under Saddam Hussein only, but also earlier presidents who tried to occupy Kuwait.

Abu-pointer must be aware of the government very well that he may not dispose of public money as you want and he may not waive the Government on this debt or conversion into investments, but through the Council of the nation, adding that the government unilaterally to decide on Iraq's debt is just a guide added to previous evidence that the government has become the nation does not pay any attention to or considered by a department of the Council of Ministers, all because of the applause line behind the government-day interrogations.

He called some lawmakers Buramia cheerleaders behind the line the government is going on in Vllekem have to reconsider the street in front of Kuwait, especially the government, which chanted her name refuse to buy the benefits of loans and debts stringent In contrast to compromise on the Court of Iraq.

The decision of the Finance Committee Vice Rahman Anjari that a meeting with the members of the Committee with the Iraqi Deputy Alaa al-Sadoun, hopes the judge and the accompanying delegation, noting that the Iraqi delegation offering investment opportunities in Iraq, and to address the water issue, and stressed that economic ties that might have reduced political tension between the two countries, and noted that called on Iraq to the Kuwaiti side of the more safeguards and comply with UN resolutions.

http://www.non14.net/display.php?id=7672

Kuwait - Lawmakers differ over plans to invest in Iraq

KUWAIT: The National Assembly Financial and Economic Affairs Committee yesterday discussed potential plans to invest Kuwaiti debt in Iraq with two Iraqi parliamentarians as MPs issued conflicting views over the controversial issue. Rapporteur of the committee MP Abdulrahman Al-Anjari said the Iraqi delegation explained investment opportunities in Iraq especially in infrastructure, agriculture and housing sectors.

He said Kuwaiti MPs raised a number of issues with their Iraqi counterparts, particularly with regards to water and natural gas, but the Iraqi response was not conclusive. Anjari said the Iraqi parliamentarians said that Iraq plans to use Shat El-Arab water for domestic use, and that large quantities of natural gas exist in Al-Anbar province, adding there could be government-to-government agreements. He said that Kuwaiti MPs have called on Iraq for more guarantees and for complying with United Nations resolutions. But he added that the Iraqi delegation provided no guarantees.

The issue of using tens of billions of dollars of Kuwaiti debt and war reparations owed by Iraq for investment in the neighboring Arab nations has been highlighted in the past few months as a way of resolving the outstanding issue between the two nations. But several Kuwaiti MPs have strongly objected to the idea, while others showed some acceptance.

MP Faisal Al-Muslim strongly rejected moves to transfer Kuwaiti debt and compensations into investments in Iraq, adding that this would undermine Kuwaiti sovereignty and a squandering of Kuwaiti funds. He said that the Kuwaiti government should demand that the Iraqi government pays all debt and compensation for Kuwait and threatened to resort to constitutional tools to prevent any other solution.

He stressed that the national assembly is the body that should decide the fate of Iraqi debt. Based on available figures, Iraq owes Kuwait about $ 16 billion in debts taken by Saddam Hussein's government in the 1980s, in addition to about $ 25 billion in war reparations. MP Saad Al-Khanfour said that any decision regarding Iraqi debt must be taken by the National Assembly inside its chamber and not in any other place. MP Daifallah Buramia said that the government has been campaigning for public funds in the face of the debt relief law, but now is not caring for public funds when it comes to Iraqi debt.

But MP Faisal Al-Duwaisan said that investing Kuwaiti debt in Iraq is not only a service for Iraq but could bring huge profits for Kuwait and thus be of a good service to the country. MP Maassouma Al-Mubarak said that war reparations from Iraq are governed by international resolutions but Kuwaiti debt on Iraq is a bilateral issue that can be resolved through investments provided that security situations permit.

http://www.kuwaittimes.net/read_news...d=OTgzMTc0NzQ2

Khalid al-Asadi (et al)): on Kuwait to deal positively with the launch of Iraq to reach a solution of the problem

He called the United Iraqi Alliance Khalid al-Asadi State of Kuwait to deal positively to be put by the Iraqi government for a solution to outstanding problems between the two countries.

Asadi said in a statement singled out by the Agency for News ((et al)), we need to have good relations with Kuwait, this relationship need to find economic partnership governing the type of relationship between the two countries address the debt issue, calling on Kuwait to deal positively with the Coming of the Iraqi government to reach to resolve all outstanding problems, especially the issue of debt.

http://www.khabaar.com/news.php?action=view&id=7710

Finance: Kuwait, Saudi Arabia, the debt owed by Iraq at 21 billion dollars

The Ministry of Finance of Iraq Iraq's debts arising from his trust towards both Saudi Arabia and Kuwait $ 21 billion dollars in debt the Director-General in the Ministry of Finance that most Paris Club members had reduced Iraq's debt to 80%.

He said Finance Minister Bayan Jabr said in an interview for "Alsumaria News", "The debt owed by Iraq to Saudi Arabia, Kuwait $ 21 billion, 15 billion dinars to Saudi Arabia, and six billion dollars to Kuwait," adding that "there are efforts under way between the two sides To resolve the issue of debt."

"Now that" Iraq is finished file its foreign debt with the exception of some of the world, including Saudi Arabia, Kuwait, Turkey, China and Poland, "revealing the near" The signing of an agreement with China to reduce 80% of Iraq's debt amounting to eight billion and 500 million dollars."

For his part, director of public debt at the Treasury, Izz al-Din Taha luck that all members of the Paris Club with the exception of Poland had reduced their debts by 80% while the canceled some of its debt in full as a state of Denmark."

The Izz al-Din said in an interview for "Alsumaria News" that "Poland is the only Paris Club countries that still refuse to cancel the debts on Iraq and $ 850 million, because of economic problems faced by," indicating that "Iraq agreed with Poland to extinguish the Iraq's debt after the economic improvement they have."

The Minister of Finance has occurred in the month of January with the State of Denmark to extinguish the 100% of Iraq's debts arising from his trust towards it, Denmark is one of the countries in the Paris Club members who signed in December 2004 to record an agreement with Iraq to reduce the debts owed by Iraq by implications 80%.

The Paris Club of economic an informal group of financiers from 19 countries of the world's richest countries, which provide financial services such as debt restructuring and burdens, and debt cancellation to indebted countries and creditors and the IMF had identified the names of those countries after the alternative solutions have failed.

The Izz al-Din said that "Iraq's debt to the Paris Club of 55 billion dollars have been put out 80% of these amounts, indicating that among these countries, Russia, France, Finland, Germany, Sweden and Spain."

Izz al-Din pointed out that "the implications of Iraq's debt amounts to the world divided into four groups, including the debt to Paris Club debt, and the States to non-Paris Club and commercial debt and the debts to the Arab countries," indicating that "Iraq was able to reduce the $ 120 billion of debt in the amount of his trust $ 140 billion, after a waiver of some States to this debt."

Iraq has sought to cancel the debts arising during the period of the previous regime of Saddam Hussein, amounting to more than $ 120 billion, which date back to some compensation because of the wars he waged against its neighbors.

http://translate.googleusercontent.c...Fplao6y6DFGY8w

A Parliamentary Committee calls on the Government and the Foreign Ministry to resolve the Kuwaiti debts file

Baghdad, Feb.16 (AKnews) The Foreign Relations Committee in the Iraqi Parliament called on the Iraqi Government and the Iraqi Foreign Ministry on Tuesday to resolve the file of the Kuwaiti debts as soonest since the Kuwaiti Parliament has been demanding Iraq of its debts.

"The Foreign Relations Committee in the Iraqi Parliament requested the Iraqi Foreign Ministry to negotiate with the State of Kuwait about its debts for Iraq", A member in the committee,Tania Talaat told (AKnews), noting that "Iraq had expressed in more than one occassion a clear understanding towards this issue and demonstrated good faith in resolving it as well as helping the Kuwaitis in resolving the file of the missing ones in Iraq during the Iraqi invasion on Kuwait in 1990."

MP Tania Talaat from Kurdistan Alliance bloc said that "the proposal which was presented three months agosuggested transferring debts owed to Kuwait into investments inside Iraq but it was not taken seriously by the Kuwaiti party",considering that "the demand of the Kuwaiti Parliament regarding the debts is a new spark to the crisis that will block resolving this file."

A number of members in the Kuwaiti parliament have requested Iraq three days ago to pay back all Kuwaiti debts and interests.

http://www.aknews.com/en/aknews/2/115442/

Finance: $ 21 billion size of debts to Kuwait and Saudi Arabia on Iraq

Ministry of Finance announced that Iraq's debts arising from his trust towards both Saudi Arabia and Kuwait $ 21 billion, with the Director of public debt in the ministry said most members of the Paris Club had reduced Iraq's debt to 80%.

He said Finance Minister Bayan Jabr said in an interview (debts owed by Iraq to Saudi Arabia, Kuwait $ 21 billion, 15 billion dinars to Saudi Arabia, and six billion dollars to Kuwait), pointing out that (there are efforts under way between the two sides to resolve the debt issue).

"Now that Iraq ended its foreign debt from a file with the exception of some of the world, including Saudi Arabia, Kuwait, Turkey, China, Poland, revealing near« signed an agreement with China to reduce 80% of Iraq's debt amounting to eight billion and $ 500 million.

For his part, director of public debt at the Treasury, Izz al-Din Taha luck that all members of the Paris Club with the exception of Poland had reduced their debts by 80% while the canceled some of its debt in full as Denmark.

The Izz al-Din: Poland is the only country of the Paris Club countries that still refuse to cancel the debts on Iraq and $ 850 million, because of economic problems facing them, pointing out that Iraq agreed with Poland to extinguish Iraqi debt after the economic improvement for them.

The Minister of Finance, according to an interview earlier with the (morning) was signed in January an agreement with the state of Denmark to extinguish the 100% of Iraq's debts arising from his trust towards it, Denmark is one of the member states of the Paris Club, which was signed in December 2004 the minutes of the agreement with Iraq to reduce the debt of his trust by 80%.

The Izz al-Din that Iraq's debt to the Paris Club of 55 billion dollars have been put out 80% of these amounts, indicating that among these countries, Russia, France, Finland, Germany, Sweden and Spain.

Izz al-Din pointed out that the funds resulting from Iraq's debt to the world divided into four groups, including the debt to Paris Club debt, and the States to non-Paris Club and commercial debt and the debts to the Arab countries, noting that Iraq was able to reduce the $ 120 billion of the debt owed his trust, amounting to $ 140 billion , after the concession of some States to such debt.

http://www.alsabaah.com/paper.php?so...page&sid=98500

Kuwaiti MPs Iraq settlement of debt & compensation & open a new page in relations

As expected at any moment of the birth of the new government in Iraq once the election results, MPs urged the future Iraqi government to shoulder its responsibilities and fulfill its obligations towards its neighbor Kuwait repayment of its debts and file and update the implementation of UN resolutions, noting that the situation will be different after the appointment of an elected government to strengthen the relationship of the two countries and pass all the repercussions of the past and established a new page in relations between the official and popular Kuwait and Iraq.

The new parliament reaffirmed that the Kuwaiti debt and compensation will remain a red line that can not be bypassed or waived the need for the government and the Iraqi parliament to support the next action settlement and the removal of any impurities that may impede the relationship the two countries.

The deputies wrote to the President of the new government in Iraq, calling for a file of debt and compensation at the top of the priorities of the next prime minister.

The MP Al-Fadhli expressed his regret that the Iraqis of various persuasions believe that Kuwait does not deserve these awards, noting that the victory of Alawi al-Maliki or is a purely Iraqi matter to us is not like it, but if we reach an optimal contribution to the stability and security benefits for Kuwaiti investment in Iraq, it is possible that this is so positive, calling the next prime minister to show good faith towards Kuwait.

For his part, MP Naji Abdulhadi Iraqi Prime Minister next to his speeches to be positive towards Kuwait and consider the issue of debts and compensations, which can be translated into investments such as the duration of liquid gas from Iraq to Kuwait, as suggested by the rental of 50 kilometers from the border on the Iraqi side to address the shared area.

Opposition MP Mubarak alan «We will not give up a quarter of a dinar of our rights» Iraq, calling his government coming to repay what it towards Kuwait, "said Dr.. Daifallah Buramia that no matter who will take power in Iraq, he must take the initiative to pay the debt and reparations to Kuwait These inalienable rights are not compromised.

Abdulrahman Al-Anjari called Iraqi Prime Minister the next view in a positive spirit of Kuwait and apply Security Council resolutions, especially with regard to the seventh item, but pointed to the possibility of turning Iraq's debt to investment by political interests in common.

And wished MP Adnan Al-Mutawa said the Iraqi elections come out fairly address the negatives prior to drive Iraq from Chapter VII, without prejudice to the debts of Kuwait

http://www.uragency.net/index.php?aa=news&id22=5811

China could scrap Iraqs $8.5b debt

Baghdad China may write off all of Iraq's $8.5 billion (Dh31.2 billion) of debt accrued under the rule of Saddam Hussain, Iraqi finance minister Baqer Al Zubaidi said yesterday.

"The Chinese government expressed readiness to write off $8.5 billion of debts owed by Iraq," Al Zubaidi said in a statement posted on the ministry's website yesterday.

Iraq is keen to see China play even a bigger role in the reconstruction of the war-torn country, the country's top envoy to Beijing told the China Daily in an interview last week.

"After 2003, China has supported us very much and reduced Iraqi debts by 80 per cent, which is greatly appreciated," Iraqi Ambassador to China, Mohammad Sabir Esmail, told the paper, referring to a $6.8-billion debt cut announced by China last month.

Esmail also invited Chinese companies to invest and operate in the country.

"I call on all Chinese companies to come and take up projects in rebuilding Iraq," he told China Daily.

"China has many giant companies qualified to participate in rebuilding Iraq and... our country will remain a big workshop in the next 20 years," he said.

Some Chinese firms, mainly in the energy and retail sectors, are already operating in Iraq.

These companies include oil giants such as PetroChina, Sinochem, CNOOC and Sinopec subsidiary Addax Petroleum.

http://www.zawya.com/Story.cfm/sidGN...%248.5b%20Debt