12/31/10 deadline for RV

[tuxunder]

Anyone who states that Iraq has to RV by the end of this year whether it be Paris aggreement or any other is flat wrong. Any person who suggests there is any such deadline is lying to you. There are no deadlines either self imposed or from foreign entities like IMF, WTO, or WB to RV by the eoy. People who suggest otherwise should be ignored just like those who suggest any rate over 1.00, it simply isn't going to happen.

I would also like to add that anyone who says that an RV is inevitable because they need to so they have a tradeable currency in order to draw foreign investors, nonsense. It would probably help but it isn't neccessary. Iraq has oil, a lot of oil, they will always have money because of it.

[carol060906]

Anyone who states that Iraq has to RV by the end of this year whether it be Paris aggreement or any other is flat wrong. Any person who suggests there is any such deadline is lying to you. There are no deadlines either self imposed or from foreign entities like IMF, WTO, or WB to RV by the eoy. People who suggest otherwise should be ignored just like those who suggest any rate over 1.00, it simply isn't going to happen.

I would also like to add that anyone who says that an RV is inevitable because they need to so they have a tradeable currency in order to draw foreign investors, nonsense. It would probably help but it isn't neccessary. Iraq has oil, a lot of oil, they will always have money because of it.

AND A HAPPY NEW YEAR TO YOU! GRINCH....

[mhl0521]

and you know ths how?

[PacoTaco]

tuxunder, do you have a link?

[steveo]

tux what makes u so shaw u know what ur talking about,u are just as bad as the pumpers in here ur entitled to your opinion,to me u sound like a negative person who knows just as much as everyone else......nothing........

[keepmwlknfny]

Dont beat up on the guy.....He does have a couple of valid points....I know its not what we wanna hear but Im sure he has Dinar just like you and me.......there is no deadline for the RV by 12-31.......period......thats just bad interpretations and spins put on articles to keep everyone excited.....you will be let down on that one if your hanging on for this so called deadline by end of year......and he does have a point about the foreign investors......yes a higher valued currency will help, but the main issue with them is STABILITY.......stability shown by the govt, by the people, by their economy as a whole.....thats why its still such a HUGE risk for outside investors......with stability everything else will fall into place......I know reality bites but some of us choose to stay grounded and level headed....dont hate on him for that......

[CaptainJack]

tux what makes u so shaw u know what ur talking about,u are just as bad as the pumpers in here ur entitled to your opinion,to me u sound like a negative person who knows just as much as everyone else......nothing........

Steveo and the others that ask for links or proof ... do a simple google search for Paris Club, UNSC or any of the other organizations referenced by tuxunder and read the documents!!!!

You will see for yourself there are no mandates, demands, ultimatums or anything else that state an rv has to occur by the end of 2010. There you will find the truth. I want this thing to RV as much as the next guy, but by reading factual documents instead of internet rumors, I have a much more realistic timeline as to when this will occur. Save yourself alot of stress and disappoint and do your own research, then perhaps you can better manage your expectations. Peace!

[RAL]

Dont beat up on the guy.....He does have a couple of valid points....I know its not what we wanna hear but Im sure he has Dinar just like you and me.......there is no deadline for the RV by 12-31.......period......thats just bad interpretations and spins put on articles to keep everyone excited.....you will be let down on that one if your hanging on for this so called deadline by end of year......and he does have a point about the foreign investors......yes a higher valued currency will help, but the main issue with them is STABILITY.......stability shown by the govt, by the people, by their economy as a whole.....thats why its still such a HUGE risk for outside investors......with stability everything else will fall into place......I know reality bites but some of us choose to stay grounded and level headed....dont hate on him for that......

keepm,

Agreed, but do you really believe that stability could ever be achieved with a currency at 1170 to the US$ ???

[Marquess]

No, they do not have to RV. You are correct. But, if they don't, the only place to spend the Dinar will be within their own borders. Now, how will they grow as a country? As a tourist, I'll be damned if I'm going over there to lose a boatload of money on an exchange to see the countryside. Multiply me by millions and millions of people and you get my point. Americans have used a term in the past called isolationism. If that is truly what Iraq wants, then yes, they will not RV. Personally, I think they will.

[CaptainJack]

Dont beat up on the guy.....He does have a couple of valid points....I know its not what we wanna hear but Im sure he has Dinar just like you and me.......there is no deadline for the RV by 12-31.......period......thats just bad interpretations and spins put on articles to keep everyone excited.....you will be let down on that one if your hanging on for this so called deadline by end of year......and he does have a point about the foreign investors......yes a higher valued currency will help, but the main issue with them is STABILITY.......stability shown by the govt, by the people, by their economy as a whole.....thats why its still such a HUGE risk for outside investors......with stability everything else will fall into place......I know reality bites but some of us choose to stay grounded and level headed....dont hate on him for that......

Excellent point Keep ...... STABILITY ..... it just one of the many factors that determine the value of a currency. For those doubting tuxunder and keep ... do a simple search for "What determines the value of a currency" .... its a short read, but very informative. Don't hate the player, hate the game. CURRENCY SPECULATION is not for the weak or febble minded!

[keepmwlknfny]

keepm,

Agreed, but do you really believe that stability could ever be achieved with a currency at 1170 to the US$ ???

Of course it can be. Again, having a strong currency could probly help a little.....but if you were an investor right now, would you be more worried about the govt failing, civil war breaking out, being blown up in your own building.....oorrrrr the fact that their currency is a lower value then the USD?? There are many countries with a very low valued currency that are very stable in the govt, economy etc etc......that are low risk for falling apart internally.....Iraq is still a very new country and they future is still very uncertain which is the biggest drawback in my eyes and probly most of the foreign investors looking to jump in!

[ArabMoney]

Anyone who states that Iraq has to RV by the end of this year whether it be Paris aggreement or any other is flat wrong. Any person who suggests there is any such deadline is lying to you. There are no deadlines either self imposed or from foreign entities like IMF, WTO, or WB to RV by the eoy. People who suggest otherwise should be ignored just like those who suggest any rate over 1.00, it simply isn't going to happen.

I would also like to add that anyone who says that an RV is inevitable because they need to so they have a tradeable currency in order to draw foreign investors, nonsense. It would probably help but it isn't neccessary. Iraq has oil, a lot of oil, they will always have money because of it.

GET THE F*** OUT...

Its RV TIME

Edited December 29, 2010 by ArabMoney

[prettybaby]

Respect his views and opinions. People are so quick to give a negative mark. Why? Because they do not see the comment as positive or it goes against what they believe should happen..

Even tho he is not saying what you want to hear; his points are valid.

[tuxunder]

No, they do not have to RV. You are correct. But, if they don't, the only place to spend the Dinar will be within their own borders. Now, how will they grow as a country? As a tourist, I'll be damned if I'm going over there to lose a boatload of money on an exchange to see the countryside. Multiply me by millions and millions of people and you get my point. Americans have used a term in the past called isolationism. If that is truly what Iraq wants, then yes, they will not RV. Personally, I think they will.

I think they will as well and that is what I am banking on, my point was that they do not have to do any of the garbage that is claimed by so many as the absolute truth. One person says it and everyone runs with it like it is the truth when it is no where near the truth. Do not get your hopes up based on what others say because most of the time it is B.S.

[FoRgiVeN OnE]

I really don't think there is going to be a publically viewable document stating that if Iraq does not revalue before Dec 31st the debt will not be forgiven. That would basically be saying, " Hey everyone, Iraq is going to RV before the end of 2010, Grab all the Dinar that you can". That being said, I really dont know where this info is coming from, but it could be true even though there is no document stating it. Then again it could be total BS. We will find out on Jan1st. .

[ArabMoney]

Respect his views and opinions. People are so quick to give a negative mark. Why? Because they do not see the comment as positive or it goes against what they believe should happen..

Even tho he is not saying what you want to hear; his points are valid.

[007]

Newbie, been buying dinar since March 2010.

I agree that they may not have to RV within the next 2 days. But we know they will RV in the near future that's the reason you and I are investing in Dinar. I wouldn't be too negative or have my hope up so high. I don't want to be very disapointed. All I know in my heart it will RV for the better rate. Date and time is isn't a concern for me. Don't get me wrong. Would love to see it happen by the EOY. We all know that the Kuati situation will happen again. We all don't want to miss the boat again.

Just my thought ..

[ArabMoney]

Newbie, been buying dinar since March 2010.

I agree that they may not have to RV within the next 2 days. But we know they will RV in the near future that's the reason you and I are investing in Dinar. I wouldn't be too negative or have my hope up so high. I don't want to be very disapointed. All I know in my heart it will RV for the better rate. Date and time is isn't a concern for me. Don't get me wrong. Would love to see it happen by the EOY. We all know that the Kuati situation will happen again. We all don't want to miss the boat again.

Just my thought ..

[steveo]

tux u are right there is alot of bs and people believe it im just riding the waves and preying this is over soon.......

[gondles]

keepm, I don't disagree with what you're saying, but several months ago you gave an exact date of an RV. Then several weeks ago you said it wasn't going to happen. I just don't understand the waffling.

[Nani?]

Ok I see where everyone is either or on this issue... here is the problem I have... how are you contributing if you just come on here and try to undermine the speculation of people who have dealt with this investment for years? to me it seems that some of the people that provide info and speculation are doing just that. But we are asking them for their best guess and somewhere in there people have taken it as written in stone. I also don't see why the original poster felt the need to open a new thread to rain on everyones hopes.... there is nothing wrong with hoping all the recent event are leading to what we have been waiting for... everyone here is an adult and should be able to handle the let downs... I know your intentions are good but I don't need you to hold my hand.

[007]

Arabmoney, that's cool man where can i get some of that clips?

[ArabMoney]

keepm, I don't disagree with what you're saying, but several months ago you gave an exact date of an RV. Then several weeks ago you said it wasn't going to happen. I just don't understand the waffling.

hmmm

[sneakey]

I just think it's funny that the original poster is at -14, but when Keep says the guy is right he gets +9 ? How does that make sense?

[harley1]

Here is the Paris Club Document: It is long but worth reading .

CRS Report for Congress

Received through the CRS Web

Order Code RS21765

Updated January 19, 2005

Iraq: Paris Club 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 is a

high priority for both the President and Congress (H.R. 2482). This report will discuss

efforts to implement Iraqi debt relief and highlight some 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. In addition to Secretary Baker’s negotiations, The Iraqi Freedom

From Debt Act (H.R. 2482) has been introduced in the House of Representatives. This

bill calls on Iraq’s creditors to cancel or significantly reduce their Iraq debts. 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).

Background

In October 2003, after the release of a major World Bank and United Nations

economic needs assessment report for Iraq,

1

World Bank President James Wolfensohn

said that Iraq’s debts needed to be reduced by 33%, from roughly $120 billion to $80

billion in order to fund reconstruction needs and long-term economic development.

2

Iraq’s current oil revenues and international donor assistance are limited. Morever, itCRS-2

3

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.

4

Statement of G-7 Finance Ministers and Central Bank Governors, September 20, 2003.

5

Interview with Lorenzo Perez, head of Iraq mission team, IMF Survey, Number 2, Volume 33,

February 2, 2004.

6

The text of United Nations Security Council Resolution 1483 is available at

[http://www.un/org/docs/sc]

7

Interview with Lorenzo Perez, head of Iraq mission team, IMF Survey, Number 2, Volume 33,

February 2, 2004.

would be difficult for a future sovereign Iraqi government to secure new lending, either

from the private or public sector, until the existing debt claims are resolved.

At the September 2003 G-7 finance ministers meeting in Dubai, member countries

called on the Paris Club

3

“to make its best effort to complete the restructuring of Iraq’s

debt before the end of 2004.”

4

According to the U.S. Department of the Treasury, Iraq

owes Paris Club members approximately $40 billion. Of this amount, $21 billion is

principal and $19 million is interest. The International Monetary Fund (IMF) estimates

Iraqi debt held by non-Paris club governments - primarily in the Persian Gulf - at $60 to

$65 billion, and debt to commercial creditors at roughly $15 billion.

5

According to most estimates, the United States is owed $4 billion ($2.2 billion in

principal and $1.8 billion in interest). This debt is from commercial credits guaranteed

by the U.S. government. Between 1983 and 1990, the Commodity Credit Corporation

(CCC) — an agency of the U.S. Department of Agriculture (USDA) — guaranteed about

$5 billion in commercial credits for the sale of U.S. agricultural products to Iraq.

In 1990, the United Nations (U.N.) imposed economic sanctions on Iraq after its

invasion of Kuwait. The Iraqi government subsequently defaulted on its U.S. and other

international debts. After the end of major combat operations in May 2003, the U.N.,

among other things, lifted sanctions and sheltered Iraq from a potential rush of debt

claims. U.N. Security Council Resolution 1483 prohibits any country from initiating debt

claims against the proceeds of Iraq’s petroleum or gas industries until January 1, 2008.

6

Until this time, the resolution requires any proceeds from these industries be deposited

in the Development Fund for Iraq, held by the Central Bank of Iraq. Furthermore, the

Resolution requires countries to freeze any funds or other financial assets and

immediately transfer them to the Development Fund for Iraq, unless they are themselves

the subject of legal dispute. Nonetheless, the IMF anticipates some debt servicing before

the end of 2004.

7

Prior to any actual Paris Club debt relief, an IMF program must be put in place for

Iraq. The IMF published a macroeconomic assessment for Iraq in October 2003, and is

conducting debt analysis that will form the basis for any future IMF lending to Iraq. CRS-3

8

“Japan/Iraq: Tokyo Offers Debt Forgiveness” Oxford Analytica, December 29, 2003.

9

White, Gregory L. “Russia Offers Iraq Debt Relief” The Wall Street Journal Europe, December

23, 2003, A2

10

Baker Secures Promises of Iraq Debt Relief from Gulf Oil States, Agence France Presse,

January 21, 2003.

11

According to the World Bank, middle income countries are those with gross national income

(GNI) per capita greater then $745 and less than $9205. The World Bank estimated in 2003 that

Iraq would be classified as a lower middle income country.

12

The Evian Approach is named after the June 2003 G-7 Summit, held in Evian-les-Bains, France

where the approach was first discussed.

Debt Relief

After Secretary Baker was chosen by President Bush to head the Iraq debt relief

effort, he traveled to Europe, Asia, and the Middle East for discussions with foreign

government officials. His efforts have elicited public statements from various countries

expressing their willingness to support debt relief. Japan reportedly has stated that it is

willing to forgive “the vast majority” of the $7.75 million it is owed by Iraq, if other Paris

Club countries follow suit.

8

Russia, which holds around $8 billion in Iraq debt,

announced its willingness to forgive more than $4 billion in debt if its companies are

eligible to restart oil-contracts signed with the Hussein regime.

9

Germany and France are

owed around $4.4 billion and $5.5 billion, respectively. In a joint statement issued in

December 2003, Germany, France, and the United States announced that they agree in

principal to debt forgiveness, but deferred disclosing any estimates of debt relief until

further debt analysis is conducted. Canada and Italy have also expressed their willingness

to take part in a Paris Club debt relief program.

Among Paris Club members, there exists an important rule known as comparability

of treatment between different creditors. This means that a debtor country cannot grant

to one creditor a deal better than the consensus reached for the entire group of Paris Club

countries. At such time that a Paris Club agreement is reached, many members would

like to see the comparability of treatment extended to Iraq’s non-Paris Club creditors.

Since approximately two-thirds of Iraq’s debt is held by non-Paris Club countries,

for maximum effectiveness of debt relief to be effective in facilitating economic

development, significant participation by these other debt-holders is important. During

January 2004 meetings with representatives from Saudi Arabia, Kuwait, the United Arab

Emirates (UAE) and Qatar — four Persian Gulf countries who combined hold

approximately $50 billion in Iraqi debt — Secretary Baker reportedly received assurances

that the Persian Gulf countries would significantly reduce their Iraq debt holdings once

a sovereign government is established.

10

Strong Administration support for Iraq debt relief potentially contributed to the Paris

Club’s Fall 2003 announcement that is was creating a new approach — The Evian

Approach — that would offer debt relief for middle-income countries such as Iraq.

11 12CRS-4

13

See “Debt Reduction - HIPC Initiative” in CRS Report RL31811, Appropriations for FY2004:

Foreign Operations, Export Financing, and Related Programs.

14

Doggett, Tom, “U.S. Sees 73 pct Jump in Iraqi Oil Export Revenue,” Reuters, January 21,

2004.

15

Chance, David, “Iraq Needs Big Debt Write-Off - Fitch Ratings Agency,” Reuters, February

25, 2004.

16

For more on the Evian Approach, see [http://www.clubdeparis.org]

The Evian approach applies to countries other then the Highly Indebted Poor Countries

(HIPC). The latter are already eligible for significant debt reduction.

13

Under traditional Paris Club guidelines, Iraq’s petroleum and gas reserves would

render it ineligible for debt relief. According to the new Evian Approach, a country

seeking debt relief will first undergo an IMF debt analysis. This analysis is to determine

whether the country suffers from a liquidity problem, a sustainability problem, or both.

The Iraqi economy is dependent on it petroleum revenues. Although the U.S. government

projects exports of $16.6 billion in 2004, and $21.2 billion in 2005, the very large amount

of Iraq’s debt, $120 billion, raises concerns.

14

Debt servicing draws money away from

reconstruction efforts, and is a disincentive for many to invest in Iraq. Iraq’s annual debt

service without any debt relief would be $7.2 billion a year, or 37% of its estimated 2004

gross domestic product, according to credit rating agency Fitch/IBCA.

15

If it is determined that a country suffers from only a liquidity problem, its debts

would be rescheduled until a later date. If the country is also determined to suffer from

debt sustainability problems, where it not only lacks the current resources to meet its debt

obligations, but also the amount of the debt adversely affects its future ability to pay, they

would be eligible for debt reduction. Since Iraq appears to have both debt liquidity and

sustainability concerns, it is now potentially eligible for debt reduction.

Debt relief for Iraq under this approach would be through a multi-year, three-stage

process, beginning with the creation of a sovereign Iraqi government and the

implementation of an IMF program. The first stage of a Paris Club program would be a

so-called “flow treatment.” This is a standard Paris Club agreement that provides debt

rescheduling to help a country through a temporary balance of payments problem. The

standard rescheduling period is one year. However, creditor countries have accepted debt

rescheduling for up to three years.

At such time (between one and three years) when there is a performance record of

Iraqi compliance with IMF loan conditions and on-time payments to Paris Club creditors,

the second stage would begin. This stage includes a second arrangement with the IMF.

For countries with debt sustainability problems that are treated under the Evian Approach,

none of the Paris Club’s standard terms would be used. A full range of treatment options

from additional rescheduling to debt reduction would be considered. In the third stage,

after successful implementation of the subsequent IMF program, the debt treatment would

be completed. Under this staged approach, Iraq would only receive the full benefits of

debt relief (at stage three) if it makes substantial economic reforms throughout the

treatment process.

16CRS-5

17

See [http://www.clubdeparis.org/en/news/page_detail_news.php?FICHIER=com11011125170]

On September 14, 2004, the Bush Administration proposed re-allocating resources

for Iraq approved by Congress on September 29 in P.L. 108-309. This reflects a review

conducted by the Iraq Reconstruction and Management Office and the U.S. Embassy

country team. The review reallocated $360 million to subsidize U.S. forgiveness of as

much as $4 billion in bilateral Iraqi debt to the United States.

On November 21, 2004, Paris Club members agreed on a debt relief program for Iraq

providing a total amount of debt reduction of 80% in three phases. Club members

recommended that their governments deliver the following treatment:

1) An immediate cancellation of part of the late interest representing 30% of the debt

stock as at January 1, 2005. The remaining debt stock is deferred up to the date of the

approval of an IMF standard program. This cancellation results in the write-off of $11.6

billion on a total debt owed to the Paris Club of 38.9 billion U.S. dollars;

2) As soon as a standard IMF program is approved, a reduction of 30% of the debt stock

will be delivered. The remaining debt stock will be rescheduled over a period of 23 years

including a grace period of 6 years. This step will reduce the debt stock by another $11.6

billion, increasing the rate of cancellation to 60%;

3) Paris Club creditors agreed to grant additional debt reduction representing 20% of the

initial stock upon completion of the last IMF Board review of three years of

implementation of standard IMF programs. This debt treatment would reduce the total

debt stock from $38.9 billion to $7.8 billion.

17

On December 17, 2004, the United States completely forgave $4.1 billion — 100%

of Iraqi debt 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.

Policy Concerns for Congress

Comparability of Treatment. In the case of Iraq, where two-thirds of the debt

is held outside the Paris Club, ensuring participation and achieving equal terms from

private creditors and the non-Paris Club countries who hold the bulk of Iraq’s debt are

major challenges. Many Paris Club countries have stated that they do not want to reduce

their Iraq debt and then have Iraq’s non-Paris Club creditors rescind their offers of debt

forgiveness. Many Paris Club members have stipulated that their participation in debt

relief would be contingent on some agreement on how non-Paris Club debt is treated. Iraq

November 2004 agreement states that it committed to seek comparable treatment from

its other external creditors.

Policy Consistency Towards Other Countries. Some analysts express

concerns that Iraq is receiving preferential treatment of its debts. Nigeria, Indonesia,

Kenya, and Georgia also recently emerged from decades of authoritarian and autocratic

rule, and are saddled with extensive government debt, yet receive nowhere near the levelCRS-6

18

Joseph Siegle, “After Iraq, let’s forgive some other debts” International Herald Tribune,

February 19, 2004.

19

Quoted in Raghavan, Sudarson “African Advocates to U.S.: Reduce Our Debt Like Iraq’s” The

Miami Herald, February 20, 2004.

20

Probe International, a Toronto-based organization maintains a web-site with information on the

concept of odious debt, see [http://www.odiousdebts.org]

21

See discussion in CRS Report RL31944, Iraq’s Economy: Past, Present, Future, pp. 51-53.

22

Mulford, David and Monderer, Michael “Iraq Debt, Like War, Divides the West” The

Financial Times, June 22, 2003.

23

Chance, David, “Iraq Needs Big Writeoff - Fitch Ratings Agency” Reuters, February 26, 2004.

of international exposure that has been given to the Iraqi situation.

18

According to Salih

Booker, the head of Africa Action, a Washington-based lobbying group, “It’s an

outrageous double standard.”

19

Mr. Booker argues that the executive branch is taking a

special interest in Iraq solely for political reasons and that sub-Saharan Africa is equally

in need of sustained and coordinated debt relief.

Is the Paris Club the Right Venue for Iraqi Debt Relief? Proponents of a

doctrine of “odious” debt assert that some of Iraq’s debt’s could potentially be classified

as non-legitimate under international law since they were undertaken during the Hussein

regime and that international law should be able to expunge these debts.

20

The concept

of “odious” debt does not appear to be well established in international law.

21

Some

contend that by treating the debt under Paris Club rules, the international community is

potentially legitimizing the regime and debts accrued during the Saddam regime.

Others express concern that Iraq’s debt should be renegotiated by a new Iraqi

government and/or an international legal panel, and not by the Paris Club. Some experts

have proposed the creation of an international Iraqi debt commission of financial “wise

men” to evaluate existing Iraqi debt and to disallow debt used for state security or military

aggression.

22

Such a commission would then chair negotiations to restructure the debt.

Proponents argue that an international approach of this type would lend greater legitimacy

within Iraq for the eventual debt treatment plan, although it could be argued that most

Iraqis do not want to pay off any of the debts accrued by the Hussein regime.

While such a commission could increase the legitimacy of a final debt restructuring

plan, some believe that Iraq is not likely to seek an “odious” debt claim.

23

Moreover, the

U.S. government has made clear its intention to restructure its Iraqi debt through the Paris

Club process, and parallel negotiations with non-Paris Club countries in the Middle East

and Asia, and Iraq’s private creditors