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05 December 2003

Bush Names Former Secretary of State Baker as Envoy on Iraq Debt

Huge debt burden endangers Iraq's long-term prospects, he says

President Bush has named former Secretary of State James Baker as his personal envoy to help Iraq deal with its enormous debt problem.

In a December 5 statement released by the White House, the president said Baker would report directly to him and would work with governments, international institutions and the Iraqis in the effort to restructure and reduce Iraq's official debt.

Bush said the appointment came in response to a request by the Iraqi Governing Council for help in lowering the country's debt, which has been estimated at more than $125 billion.

"This debt endangers Iraq's long-term prospects for political health and economic prosperity," Bush said. "The issue of Iraq's debt must be resolved in a manner that is fair and does not unjustly burden a struggling nation at its moment of hope and promise."

Baker served as secretary of state under President George H.W. Bush and helped assemble the international coalition for the 1991 Gulf War.

Following is the text of Bush's statement:

(begin text)

THE WHITE HOUSE
Office of the Press Secretary
December 5, 2003

STATEMENT BY THE PRESIDENT

Iraq is moving toward freedom, stability and prosperity. In order to support this effort, I am pleased to announce today that in response to a request from the Iraqi Governing Council for assistance, I have appointed James A. Baker III to be my personal envoy on the issue of Iraqi debt. Secretary Baker will report directly to me and will lead an effort to work with the world's governments at the highest levels with international organizations and with the Iraqis in seeking the restructuring and reduction of Iraq's official debt. The future of the Iraqi people should not be mortgaged to the enormous burden of debt incurred to enrich Saddam Hussein's regime. This debt endangers Iraq's long-term prospects for political health and economic prosperity. The issue of Iraq debt must be resolved in a manner that is fair and that does not unjustly burden a struggling nation at its moment of hope and promise. James Baker's vast economic, political and diplomatic experience as a former Secretary of State and Secretary of the Treasury will help to forge an international consensus for an equitable and effective resolution of this issue.

(end text)

(Distributed by the Bureau of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)

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