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International creditors cancel most of Iraq debt

[JURIST] Members of the Paris Club agreed Sunday to write-off $31 billion in Iraqi debt. All 19 members of the multinational group of creditor countries, which include France, Germany and the US, agreed to eliminate 80% of Iraq's $39 billion debt over the course of 3 years. 30% of the debt will be eliminated immediately, and the remaining 70% will cancelled by 2008, after Iraq's completion of an special program. Paris Club President Jean-Pierre Jouyet stated, “[the] deal is vital in ensuring Iraqi officials are able to meet the financial demands of reconstruction.” BBC News has more. Read the White House press release on the agreement here.

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