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`Vast majority` of Iraq`s debts must be written off, says Brown

IRNA - Islamic Republic News Agency

London, Jan 30, IRNA - Chancellor of the Exchequer Gordon Brown 
Thursday called for urgent action to write off the "vast majority" of 
Iraq`s external debts, estimated to range between Dlrs 160 and Dlrs 
300 billion. 
"The United Kingdom view is that the international community will 
have to write off the vast majority of Iraq`s debt to restore 
economic sustainability," Brown said. 
He told MPs in parliament that the British government was in 
discussion with many of its international partners, who share the 
same view. 
Most of the money was owed to Russia, Germany and France, with 
just 1 billion owed to the UK, the chancellor said. Much of the debts 
to the Western countries are owed through the 18-nation Paris Club, 
which regulates Third World and other debts. 
He said that although Iraq has the second-largest reserves of oil 
and is "potentially a very rich country indeed," the average income 
of the population was "less than Dlrs 500 a year." 
After meeting President George W Bush`s special envoy on Iraq`s 
debts, James Baker, last December, Prime Minister Tony Blair said he 
supported a "substantial reduction" in Iraq`s international debt 
burden. 
Apart from the Paris Club, unofficial loans claimed by Arab 
states to be worth around Dlrs 72 bn. There are also loan liabilities 
and compensation claims outstanding, in particular for reparations 
from Iraq`s war against Iran and its invasion of Kuwait. 
HC/214 
End