Russian Deputy: Decision to Write off Iraqi Debt Must Be Made Multilaterally

A decision to write off Iraq's debt must be taken "multilaterally" and in accordance with the principles of the Paris Club of creditors, with Russia among its members, Russian Deputy Prime Minister and Minister of Finance Alexei Kudrin said in Washington following a meeting with US Secretary of the Treasury John Snow.

According to the Russian Deputy Prime Minister, the meeting addressed the issue of Iraq's debt. "We have understanding on the issue," Kudrin said recalling that Iraq's debt to Russia was about $8 billion, approximately the same as Iraq's debt to France.

Initiatives to write off the debts of impoverished countries are carried out. However, it is important to determine whether Iraq belongs to this group according to international standards, the Russian Deputy Prime Minister emphasized. According to him, in any case the decision must be made multilaterally "taking into account all the conditions."