March 19, 2010 China could scrap Iraq's $8.5b debt
Baghdad seeks investments from Beijing
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.
Deficit plug
Iraq's economy is dominated by the petroleum sector, which has traditionally provided about 95 per cent of foreign exchange earnings, according to US data. Between June 2009 and February 2010 the Iraqi Oil Ministry tendered for the award of service contracts to develop Iraq's existing oil fields.
Baghdad seeks investments from Beijing
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.
Deficit plug
Iraq's economy is dominated by the petroleum sector, which has traditionally provided about 95 per cent of foreign exchange earnings, according to US data. Between June 2009 and February 2010 the Iraqi Oil Ministry tendered for the award of service contracts to develop Iraq's existing oil fields.
Contracts for all major fields excluding the Kurdish controlled areas were awarded to major global oil companies such as Shell, Petronas, BP, Total, ENI, Exxon, Gazprom, Lukoil and others. Contracts for the Kurdish areas are currently being disputed by the Baghdad government.
Most of the contracts are awaiting final ratification of the awards by the Iraqi government. Company shares are subject to change as a result of commercial negotiations between parties.
Hydrocarbon industries account for well over 70 per cent of the Iraqi economy and 95 per cent of the government's revenues. Diversification of the economy into non-hydrocarbon industries remains a long-term issue.
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March 17, 2010
China agrees to extinguish 80% of the debt owed by Iraq
Alsumaria News / Baghdad
The Ministry of Finance of Iraq, Wednesday, they received a letter from the state of China expressed its willingness to sign a final agreement to put 80% of the debt owed them by Iraq, saying it would send next week a delegation headed by Undersecretary of the signing of a final agreement with China.
The Iraqi Finance Minister Bayan Jabr said in an interview for "Alsumaria News", "Iraq has received a letter from the State of China announced its willingness to sign a final agreement to put 80% of Iraq's debt to China, amounting to eight billion and $ 500 million after an agreement was signed letters The first in this regard earlier. "
Revealed that al-Zubaidi "The ministry will send next week a delegation headed by Undersecretary of the Ministry of Finance to sign a final agreement with China," he said.
In the same vein, the Minister of Finance said that "Iraq has managed to write off debts owed by 100% for some countries like the United States of America, Cyprus, Malta and the United Arab Emirates, with its debt reduced by 80% with other countries, including Russia, Germany and France."
The Minister of Finance took place in the month of January with the State of Denmark signed an agreement to put 100% of Iraq's debts arising from his trust towards them, and Denmark is one of the members of the Paris Club who signed in December 2004 to record an agreement with Iraq to reduce the debts owed by Iraq and the implications of 80 per %.
He said Iraqi Minister of Finance that "the signing of the agreement with China is a big step to cancel all of Iraq's debt owed to countries outside the Paris Club," asserting that "Iraq will make further efforts to put Iraq's debt, trade with some countries like Egypt and Jordan, as well as some other countries outside the Paris Club like my own Poland and Turkey. "
The agreement came after the increase of Chinese imports of Iraqi crude oil and also in the victory of Chinese companies operating in the field of oil companies such as CNN.. Me. C a number of oil contracts to develop some of Iraq's oil fields Khkulai Halfayah and Rumaila.
The finance minister, said in an interview with "Alsumaria News" on Tuesday, that "the debt owed by Iraq to Saudi Arabia, Kuwait $ 21 billion, 15 billion dinars to Saudi Arabia, and six billion dollars to Kuwait," noting that "efforts are being made between the two sides to resolve the debt issue, "noting that" Iraq is quote from one of its foreign debt with the exception of some of the world, including Saudi Arabia, Kuwait, Turkey, China and Poland. "
It is noteworthy that Iraq is seeking to cancel the debt during the period of the previous regime of Saddam Hussein, amounting to more than 120 billion dollars, and some due compensation because of the wars he waged against its neighbors.
The distribution of the debt owed by Iraq to the countries of the world 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, Iraq was able to cut $ 120 billion of the debt owed his trust, amounting to $ 140 billion, after a waiver of some States this debt.
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March 17, 2010
China agrees to extinguish 80% of the debt owed by Iraq
Alsumaria News / Baghdad
The Ministry of Finance of Iraq, Wednesday, they received a letter from the state of China expressed its willingness to sign a final agreement to put 80% of the debt owed them by Iraq, saying it would send next week a delegation headed by Undersecretary of the signing of a final agreement with China.
The Iraqi Finance Minister Bayan Jabr said in an interview for "Alsumaria News", "Iraq has received a letter from the State of China announced its willingness to sign a final agreement to put 80% of Iraq's debt to China, amounting to eight billion and $ 500 million after an agreement was signed letters The first in this regard earlier. "
Revealed that al-Zubaidi "The ministry will send next week a delegation headed by Undersecretary of the Ministry of Finance to sign a final agreement with China," he said.
In the same vein, the Minister of Finance said that "Iraq has managed to write off debts owed by 100% for some countries like the United States of America, Cyprus, Malta and the United Arab Emirates, with its debt reduced by 80% with other countries, including Russia, Germany and France."
The Minister of Finance took place in the month of January with the State of Denmark signed an agreement to put 100% of Iraq's debts arising from his trust towards them, and Denmark is one of the members of the Paris Club who signed in December 2004 to record an agreement with Iraq to reduce the debts owed by Iraq and the implications of 80 per %.
He said Iraqi Minister of Finance that "the signing of the agreement with China is a big step to cancel all of Iraq's debt owed to countries outside the Paris Club," asserting that "Iraq will make further efforts to put Iraq's debt, trade with some countries like Egypt and Jordan, as well as some other countries outside the Paris Club like my own Poland and Turkey. "
The agreement came after the increase of Chinese imports of Iraqi crude oil and also in the victory of Chinese companies operating in the field of oil companies such as CNN.. Me. C a number of oil contracts to develop some of Iraq's oil fields Khkulai Halfayah and Rumaila.
The finance minister, said in an interview with "Alsumaria News" on Tuesday, that "the debt owed by Iraq to Saudi Arabia, Kuwait $ 21 billion, 15 billion dinars to Saudi Arabia, and six billion dollars to Kuwait," noting that "efforts are being made between the two sides to resolve the debt issue, "noting that" Iraq is quote from one of its foreign debt with the exception of some of the world, including Saudi Arabia, Kuwait, Turkey, China and Poland. "
It is noteworthy that Iraq is seeking to cancel the debt during the period of the previous regime of Saddam Hussein, amounting to more than 120 billion dollars, and some due compensation because of the wars he waged against its neighbors.
The distribution of the debt owed by Iraq to the countries of the world 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, Iraq was able to cut $ 120 billion of the debt owed his trust, amounting to $ 140 billion, after a waiver of some States this debt.
Alsumaria news ~ gulf news.com
