Skip to ContentText OnlyGo to Search
Welcome to the White HousePresidentNewsVice PresidentHistory & ToursFirst LadyMrs. Cheney
Welcome to the White HouseGovernmentKids OnlyEspanolContactPrivacy PolicySiteMapSearch
Welcome to the White HouseReceive Email Updates

National Security
Homeland Security
More Issues
En Español
Hurricane Relief

Current News
Press Briefings
Executive Orders
News by Date
October 2004
September 2004
August 2004
July 2004
June 2004
May 2004
April 2004
March 2004
February 2004
January 2004
December 2003
November 2003
October 2003
September 2003
August 2003
July 2003
June 2003
May 2003
April 2003
March 2003
February 2003
January 2003
December 2002
November 2002
October 2002
September 2002
August 2002
July 2002
June 2002
May 2002
April 2002
March 2002
February 2002
January 2002
December 2001
November 2001
October 2001
September 2001
August 2001
July 2001
June 2001
May 2001
April 2001
March 2001
February 2001
January 2001

Talk Back
Ask the White House
White House Interactive



Photo Essays
Photo Essays
Search photos by date


White House Features - A Gallery of our special pages
Federal Facts
Federal Statistics
West Wing
 Home > News & Policies
Printer-Friendly Version
Email this page

For Immediate Release
November 22, 2004

Global Message

Paris Club creditors have agreed to reduce Iraq's official debt by 80 percent, demonstrating strong international support for Iraq's reconstruction and integration into the world economy.

Iraq's $38.9 billion debt to Paris Club creditors will be reduced to less than $7.8 billion in three stages: first, by 30 percent immediately; second, by 30 percent in 2005, and third, by 20 percent after three years of successful performance.

The final level of debt reduction is expected to be more than 90 percent due to the inclusion of the standard Paris Club discount on Russian debt and additional reduction some creditors will provide beyond the Paris Club terms. The United States expects to forgive 100 percent of Iraq's debt to it.

Iraq's total foreign debt is about $120 billion. Under the Paris Club agreement, Iraq will seek at least comparable treatment from its other official and private creditors. The U.S. encourages these creditors to take action to reduce Iraq's debt as soon as possible.

Printer-Friendly Version
Email this page

President  |  Vice President  |  First Lady  |  Mrs. Cheney  |  News & Policies  | 
History & ToursKids  |  Your Government  |  Appointments  |  JobsContactText only

Accessibility  |  Search  |  Privacy Policy  |  Help