Iraq Forgives Madagascar’s Debt

(Sources: Aswat Al Iraq, Reuters)

Aswat al Iraq reports that the Iraqi Council of Ministers has decided to approve an agreement that settles Madagascar’s debt to Iraq.

Iraq lent the money to Madagascar during the era of ousted dictator Saddam Hussein.

“Eighty percent of the debt (i.e. $234,507,234) has been cancelled,” the Iraqi government said in a release on Wednesday as received by Aswat al-Iraq news agency.

He noted that the 20 percent left will be paid on dispatches.

“The $46,901,446 will be paid over a period of seven years, with a payment dispatch every six months,” the statement explained.

The first payment should be made on Nov. 15, 2011

Iraqi Council on Ministers has decided to approve an agreement that settles down Madagascar’s debt to Iraq.

Eighty percent of the debt (i.e. $234,507,234) has been cancelled,” the Iraqi government said in a release on Wednesday as received by Aswat al-Iraq news agency.

He noted that the 20 percent left will be paid on dispatches.

The $46,901,446 will be paid over a period of seven years, with a payment dispatch every six months,” the statement explained.

It noted that the first payment should be made on Nov. 15, 2011

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