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<p>Just a few months ago, resolution of Iraq's gigantic debt seemed pretty much insurmountable. But with almost no media fanfare, special Presidential debt envoy James A. Baker III has been making notable progress.</p> <p>In December, the former Secretary of State visited Iraq's main European creditors and Japan, winning promises for major debt reduction. Now it's the Arab world's turn to make its contribution to a stable, free Iraq. Early this week Mr. Baker won general debt forgiveness promises from the United Arab Emirates, Qatar and Kuwait, and yesterday he reportedly got the same from the biggest Arab creditor, Saudi Arabia. While no numbers were disclosed, the size of the haircut is expected to be large.</p>

DAVOS, Switzerland (CP) - Canada has joined other members of the G-8 in wiping out the majority of the debt that its is owed by Iraq, Prime Minister Paul Martin said here Friday. Canada's share of Iraq's debt is $750 million and by forgiving the amount it is owed, the G-8 is showing that it is able to overcome disagreements over the invasion of Iraq by the U.S.-led coalition last year to overthrow Saddam Hussein, Martin told a news conference. "Obviously erasing that debt will put Iraq on a better foundation," he said. "I think it's a very tangible coming...

ABU DHABI, Jan 20 (Reuters) - The United Arab Emirates (UAE) said on Tuesday after talks with Washington's Iraq debt envoy that it would write off most of the money Iraq owes the Gulf state, the official news agency WAM reported. "The UAE will waive most of Iraq's debts and is prepared, for this purpose, to start urgent negotiations over the matter so that the results of the talks are acceptable to the new Iraqi government," WAM quoted Abu Dhabi Crown Prince Sheikh Khalifa bin Zayed al-Nahayan as saying after talks with U.S. Iraq debt envoy James Baker. WAM did...

<p>January 6, 2004 -- Former Secretary of State James Baker, having convinced European and Asian nations to forgive a "substantial" portion of the billions owed them by Iraq, has moved to a more daunting task: convincing the Arab world to do likewise. To be sure, Arab nations' claims against Baghdad differ from those of the rest of the world. Many of them sent funds to Saddam Hussein to bolster his war with Iran back in the '80s. They contend the money was meant as a loan, but Saddam declared them grants.</p>

<p>James Baker Scores in Asia on Cutting Iraqi Debt: David DeRosa Jan. 4 (Bloomberg) -- The world has heard a lot recently about how Western and Asian nations are going to forgive large amounts of Iraq's $125 billion in foreign debt.</p>

Many of the Axis of Weasel nations (e.g., France, Germany, China, Russia) have agreed to forgive Iraq's enormous $120 billion mountain of foreign debt. But wait, according to talking heads like Madeleine K. Albright, we've alienated all these dear "friends:" The White House has acted as if it doesn't care what others think, and the country is paying the price for its mistake. Read Madeleine's essay, if you have the stomach for it. She points out that some opinion polls show dropping support for the U.S. in nations like Indonesia, Jordan, Nigeria, Russia, Brazil, France, Germany, and Turkey. All's I...

<p>BAGHDAD, Iraq--If successful, Jim Baker's effort to gain forgiveness of much of $125 billion in crippling debt will provide a fillip to the rebuilding effort in Iraq, as will a properly managed disbursal of $18.6 billion in job-creating reconstruction work. But unless the occupation authority and the Iraqis get basic reforms right, all those billions of dollars could be squandered.</p>

Russia's second-biggest oil company is poised to revive a multibillion-dollar deal to develop an Iraqi oilfield after President Vladimir Putin agreed to write off more than half of Iraq's debt to Moscow. A delegation led by Andrei Kuzyayev, overseas president of Lukoil, visited Baghdad yesterday for talks with the Iraqi Oil Ministry on implementing a $US3.7 billion ($5 billion) deal that was signed in 1997 but was scrapped by Saddam Hussein last year. The meeting follows talks in Moscow last week between Mr Putin and members of the Iraqi Governing Council, at which the Russian leader offered to cut Iraq's...

Russia's second-biggest oil company is poised to revive a multibillion-dollar deal to develop an Iraqi oilfield after President Vladimir Putin agreed to write off more than half of Iraq's debt to Moscow. A delegation led by Andrei Kuzyayev, overseas president of Lukoil, visited Baghdad yesterday for talks with the Iraqi Oil Ministry on implementing a $US3.7 billion ($5 billion) deal that was signed in 1997 but was scrapped by Saddam Hussein last year. The meeting follows talks in Moscow last week between Mr Putin and members of the Iraqi Governing Council, at which the Russian leader offered to cut Iraq's...

China has joined Japan in saying it is prepared to write off a substantial part of Iraq's foreign debt. The Chinese Prime Minister Wen Jiabao has met with US special envoy and former minister James Baker, who is currently visiting Iraq's creditors. It is not yet known how much China is prepared to write off. Earlier today, Japanese Prime Minister Junichiro Koizumi said he would write off a large part of Iraq's four billion dollar debt. Washington regards the reduction of Iraq's debt burden as a key element in the country's reconstruction. Iraq owes a large number of countries money,...

Japan will forgive “vast majority” of Iraqi debts Japan’s Prime Minister Junichiro Koizumi announced Monday that the government would be prepared to eliminate the “vast majority” of its Iraqi debt, if other Paris Club creditors are prepared to do so in the context of a Paris Club agreement. The announcement came after Koizumi met with US Special Presidential Envoy James A. Baker to discuss Iraq’s $4.1 billion debt to Japan, a figure that is swiftly climbing as a result of late penalties. According to a press release published by Japan’s Ministry of Foreign Affairs, the state is “committed to...

<p>TOKYO (AP) -- Japan is willing to forgive the "vast majority" of its Iraqi debt if other Paris Club creditor nations do the same, the Foreign Ministry said in a statement during a visit by U.S. envoy James A. Baker.</p>

Some Japanese fears troops will be drawn into the Iraq conflict Japan says it is willing to write off most of Iraq's debts, provided other major creditors do the same. The announcement came as US envoy James Baker held talks with Prime Minister Junichiro Koizumi, and follows similar pledges from several European nations. Japan has already pledged $5bn in aid and will send about 1,000 troops to help reconstruction efforts in its largest foreign deployment since 1945. Iraq owes Japan $4.1bn, but this rises to $7.75bn with late penalty fees. "Japan would be prepared to eliminate the vast majority...

SEOUL (AFP) - US special envoy James Baker has called off his planned visit to South Korea for talks on Iraq's debt restructuring, a top aide to President Roh Moo-Hyun said. South Korea's relatively "small amount of public debt" owed by Iraq may have led Baker to cancel the visit originally set for next week, said Ra Jong-Yil, national security advisor for Roh, over Seoul-based radio CBS. Baker, who returned home last week from a European tour aimed at easing Iraq's 120 billion dollar debt burden, was originally set to visit Japan and South Korea on December 29, and then...

Kingdom Will Not Discuss Iraqi Debt Write-Off With Governing Council: Saud P.K. Abdul Ghafour, Arab News Staff JEDDAH, 24 December 2003 — Saudi Arabia will not discuss any loan write-offs with Iraq’s interim US-appointed government, Foreign Minister Prince Saud Al-Faisal said yesterday. He said the Kingdom would wait until Iraq had an independent government before looking into the possibility of reducing the debt. “This (debt) has to be discussed with a government with total sovereignty, so... this issue is now premature,” the Saudi Press Agency quoted him as saying. “There is an international dialogue and we are willing to take...

Russian President Vladimir Putin says Russian companies are prepared to invest as much as $4 billion in Iraq and expect to be active in rebuilding the country. At the start of talks in Moscow Monday with the current head of Iraq's U.S.-appointed Governing Council, Abdel-Aziz al-Hakim, Mr. Putin noted that Moscow and Baghdad have historically had good relations and he expects those relations to continue. Mr. al-Hakim leads a delegation from Iraq's Governing Council that is meeting with Mr. Putin and other top Russian officials. The discussions will include the Iraqi debt to Moscow and Iraq's existing multi-billion-dollar contracts with...

MOSCOW, Dec. 22 — Russia offered today to forgive about two-thirds of Iraq's $8 billion in debt, after officials of the Iraqi Governing Council signaled that Moscow would have the chance to revive oil contracts signed under Saddam Hussein, its ousted leader. Abdul Aziz al-Hakim, the head of the American-backed Governing Council, said talks with President Vladimir V. Putin led Russia to propose wiping away 65 percent of Iraq's Soviet-era debts to Moscow in return for Baghdad's favorable treatment of Russian oil and other companies. "We received a generous promise to write off the debt, or at least a part...

Russia pledges debt cut for IraqIraq will allow Russian companies in across all industry sectors Russian President Vladimir Putin has pledged to reduce Iraq's $8bn debt to Moscow by 65% in exchange for Russian involvement in Iraqi reconstruction. The head of Iraq's interim Governing Council, Abdul Aziz al-Hakim, confirmed a deal had been reached to allow Russian companies to operate in Iraq. "We will be open to all Russian companies," Mr Hakim said in Moscow. Most of the debt relates to Soviet military hardware that Iraq bought in the 1980s to fight neighbouring Iran. "We have always developed ties with...

MOSCOW (AFP) - The head of the Iraqi Governing Council said after talks with President Vladimir Putin that Moscow was ready to forgive a large portion of Iraqi debts in return for favorable treatment for Russian oil and other companies. The two sides "discussed the question of writing off Iraq's debt and we received a generous promise to write off the debt, or at least a part of it," Abdul Aziz al-Hakim told reporters after meeting Putin for the first time in the Kremlin. In return "we will be open to all Russian companies," he added. Officials in the Iraqi...

Moscow still keen to protect contracts signed before warPutin expresses willingness to talk with Paris Club of international creditors, but bottom line is still safeguarding his country’s interests Sergei Blagov Special to The Daily Star MOSCOW: Russia has indicated willingness to consider restructuring Iraq’s debt through the Paris Club of international creditors, but Moscow is keen to protect its oil contracts in Iraq. President Vladimir Putin told US President George W. Bush’s special envoy on Iraq, former US Secretary of State James A. Baker, that Russia would discuss Iraqi debt write-off. Russia has expressed readiness to join the Paris Club...