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1 1 (March 11, 2005)

handle is hein.crs/crsmthaaatw0001 and id is 1 raw text is: Order Code RS21765 Updated March 11, 2005 CRS Report for Congress Received through the CRS Web Iraq: Debt Relief Martin A. Weiss Analyst in International Trade and Finance Foreign Affairs, Defense, and Trade Division Summary Iraq's public debt was estimated to be US$120.2 billion in nominal value as of the end of 2004. The debt owed to Paris Club creditors as of December 31, 2004, was estimated to be US$38.9 billion. The U.S. share of this amount is around $4 billion. Non-Paris Club countries, mostly Persian Gulf countries, are owed around $60-$65 billion. The remaining debts are to private commercial creditors. Iraqi debt relief (both Paris Club and non-Paris Club) is a high priority for both the President and Congress. This report will discuss efforts to implement Iraqi debt relief, as well as efforts to persuade non-Paris Club countries to forgive their Iraqi debts. It will also highlight several policy concerns. This report will be updated as events warrant. Iraqi debt relief is a high priority for both the Bush Administration and Congress. President Bush appointed James A. Baker III as his personal envoy on the issue of Iraqi debt in December 2003. Since then, Secretary Baker has met with numerous international leaders to discuss and secure commitment on Iraqi debt relief from other Paris Club member countries. Any U.S. debt relief must be authorized and appropriated by Congress, as required by The Federal Credit Reform Act of 1990 (P.L. 101-508, Title V). On December 17, 2004, the United States forgave $4.1 billion - 100% of Iraqi debt owed to the United States. The cost to the United States Treasury of forgiving this debt was determined to be $360 million, and was appropriated for in the reallocation of financial resources for Iraq approved by Congress on September 29, 2004. Background At the September 2003 G-7 finance ministers meeting in Dubai, member countries called on the Paris Club' to make its best effort to complete the restructuring of Iraq's 1 The Paris Club is an informal group of the eighteen countries, who as the major international creditors, on occasion collectively reduce or reschedule official debts owed to them by poor and developing countries. For more information, see CRS Report RS21482, The Paris Club. Congressional Research Service + The Library of Congress

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