Bulgaria Rules out Iraqi Debt Waiver

Politics | November 22, 2004, Monday // 00:00

Bulgaria is reluctant to write off a USD 1.7 B debt overdue from Iraq, despite mounting international pressure on Iraq's creditors to agree on substantial debt reduction.

Bulgaria shall continue to seek payment of Iraq's debt, Deputy Foreign Minister Gergana Grancharova said at a press conference on Monday. Government spokesman Dimitar Tsonev added that this was not the first request Bulgaria had received to reduce Iraq's debt.

Iraq's debt to Bulgaria has accumulated during the Cold War when the two countries were close economic partners. Aside from the export of weapons, Bulgaria has played a major role in building Iraqi infrastructure.

The Paris Club of creditor nations agreed to write off 80% of the USD 39 B that Iraq owes them. Bulgaria is not a member of the Paris Club.

Iraq owes another USD 80 B to non-Paris Club lenders among which Bulgaria. International sanctions imposed on Iraq following its 1990 invasion of Kuwait prevented Bulgaria from collecting the debt.
Politics » Be a reporter: Write and send your article

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria