Iraqi Minister of Finance authorized to sign agreements

March 8, 2007

 The government’s official spokesman, Ali Addabagh, said that the Cabinet decided to ratify the Convention of debt reduction signed with Paris Club during its tenth regular session.

Addabagh explained in a press statement that the Cabinet authorized the Minister of Finance, Baqir Jabr Al-Zubaydi, to sign all the executive agreements of the Convention and signing the agreements of reducing and reorganization Iraqi debt with Switzerland and Germany, as well as writing-off Iraq's debts with Romania.

Al-Zubaidi said: "the ministry responsible for the debt settlement and the signing of loan agreements is the Ministry of Finance, while the ministry responsible for grants is the Ministry of Planning, "pointing out that his ministry and his government are working actively to resolve the Iraqi debt issue once and for all.

The Minister of Finance said that his country is committed to the International Monetary Fund under the Convention that imposes on Iraq making economic reforms like raising the prices of oil derivatives, while the IMF is committed to supporting Iraq in the reduction of 80% of its debt, and that what has been done during the past three years.

He disclosed that one of the conditions of the International Monetary Fund is: "raising the added subsidy" on oil derivatives.