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 Iraqs 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 Iraqs 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
In Washington Sereen Juma
Tel: (202) 473-7199