NEWS: Nations forgive $32-billion in Iraqi debt, page 1

Russia, France & Germany agreed yesterday to write off the huge debt which Baghdad now owes. This move will hopefully help secure the future of Iraq, but this may be seen as an insult to President George W. Bush, as Russia, France & Germany are all opponents to the war on Iraq. The announcement was made as Baghdad announced that January 30th would be the day for its elections.

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The first stage, effective immediately, will deal with 30 per cent of the debts. Another 30 per cent will be cancelled when Iraq agrees on a reform program with the International Monetary Fund, which is expected next year. The remaining 20 per cent will be cancelled in 2008, after Iraq completes the three-year IMF program.

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Even though the date has been set for election in Baghdad, it may still be interrupted by the continue of war throughout Iraq. The concession has been called a ‘historic agreement’. Hopefully now with the burden of a huge debt partially taken away can now help Iraq continue to concentrate on re-building itself as an important international country.

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