Iraq's Debt Relief "Will not Affect" Bulgaria

Politics | November 21, 2004, Sunday // 00:00

The decision on writing off up to 80% of Iraq's Paris Club debt will not have effect on Bulgaria, since the country is not a member of the club, Finance Minister Milen Velchev said.

We will make every effort to clinch the most favourable agreement, he added.

Iraq owes to Bulgaria some USD 1.7 B of total of USD 120 B.

The United States, Germany and other G7 nations agreed Saturday to write off up to 80% or USD 33 B of Iraq's Paris Club debt.

The accord with the Paris Club may help Iraq to receive about USD 8 B in aid from the International Monetary Fund and the World Bank.

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