Iraq Clears Arrears To World Bank

21/12/2004 |

The Republic of Iraq has cleared all overdue service payments

 WASHINGTON, December 20, 2004 - The Republic of Iraq has cleared all overdue service payments to the International Bank for Reconstruction and Development (IBRD) as of December 16th, 2004.  Consequently, the country's eligibility for new operations has been reinstated.
The Republic of Iraq’s arrears to IBRD amounted to around $110 million, of which approximately $53 million was overdue principal payments. Clearance of these arrears will raise IBRD's FY05 net income by around $74 million.
This arrears clearance is another key step in the overall process of the Republic of Iraq’s program of economic recovery and reform, which is being strongly supported by the World Bank and other external partners.


News Release No:2005/253/MNA

Media Contact:
In Washington –Sereen Juma
Tel:   (202) 473-7199

Related stories

Editor's Picks

  • OIL: Oiling up for a fall

    OIL: Oiling up for a fall

    In the 1966 film The Good, the Bad and the Ugly, it was the Mexican Tuco Ramirez playing the not-so-good looking one. The movie title is a neat way to categorise Latin American countries’ situation in the face of a plunge in oil prices, though half a century on Mexico’s role has changed.

In Focus

  1. AFRICA IN THE INTERNATIONAL BOND MARKETS: African sovereigns go mainstream as investors shift focus away from Russia

  2. KAZAKHSTAN: Kicking Kazakhstan back into gear - Nazarbayev tries again at transformation