16 December 2003

U.S., France, Germany Agree on Substantial Iraqi Debt Reduction

Specifics to be determined by future agreement

The United States, France and Germany "agree that there should be substantial debt reduction for Iraq in the Paris Club in 2004, and will work closely with each other and with other countries to achieve this objective," the White House announced December 16.

The statement was released after President Bush spoke with special envoy James Baker about his discussions with French President Jacques Chirac and German Chancellor Gerhard Schroeder on the issue of Iraqi debt restructuring.

Following is the statement:

(begin text)

THE WHITE HOUSE
Office of the Press Secretary
December 16, 2003

STATEMENT BY THE PRESS SECRETARY

A short time ago, President Bush spoke with Secretary Baker about the Secretary's discussions earlier today with President Chirac and Chancellor Schroeder on the issue of restructuring and reducing Iraq's debt burden.

Debt restructuring and reduction is critical to helping the Iraqi people build a free and prosperous nation. Therefore, France, Germany, and the United States agree that there should be substantial debt reduction for Iraq in the Paris Club in 2004, and will work closely with each other and with other countries to achieve this objective. What specifically constitutes "substantial" debt reduction will be determined by future agreement between the parties.

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

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