The administration of US President George Bush has agreed to write off the USD US 4.1 B worth of debt Iraq piled up during the regime of Saddam Hussein. An accord to this effect is to be signed in Washington tomorrow by US Secretary of State Colin Powell, Treasury Secretary John Snow and Iraq's Finance Minister Adel Abdel Mahdi, a State Department statement says. "The signing of the debt cancellation agreement is the bilateral agreement that implements the United States' part of the Paris Club debt-reduction agreement reached November 21, 2004," the statement said. "In fact the United States will go beyond the 80% reduction agreed at the Paris Club and forgive 100 per cent of the USD 4.1 B Iraq owes the United States from the Saddam era," it said.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!