In a Major Step, Saudi Arabia Agrees to Write Off 80 Percent of Iraqi Debt
‘Saudi Arabia has agreed to forgive 80 percent of the more than $15 billion that Iraq owes the kingdom, Iraqi and Saudi officials said yesterday, a major step given Saudi reluctance to provide financial assistance to the Shiite-dominated government in Baghdad.
But Iraqi Finance Minister Bayan Jabr said in an interview that Russia was holding out on debt forgiveness until talks begin on concessions that Russian oil and gas companies had under Saddam Hussein. Russian Embassy officials in Washington declined to comment late yesterday.’
