Zambia Still Owes Iraq

By John Lee.

The Zambian Secretary to the Treasury, Fredson Yamba (pictured), says Government has not serviced the US$296 million debt owed to Brazil, China and Iraq as at December 2012.

According to the report from Zambia Daily Herald, Mr Yamba said Brazil, China and Iraq are the only three remaining bilateral creditors that are yet to deliver their share of debt relief to Zambia under the highly indebted poor countries (HIPC) initiative.

The amount owed to Iraq is put at US$161,630,805.

In the case of Iraq, the two governments have agreed to settle the outstanding debt under the Cologne Terms debt write-off framework, under which Iraq will cancel 90 percent of the outstanding debt.

(Source: Zambia Daily Herald)

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