Iraq turns Lebanon's debt into Paris Club

August 9, 2018

Baghdad - Journal News

The government of Lebanon has announced that it has received two books from the Iraqi government, one of which includes the conversion of the previous debt from the pre-2003 period to the Paris Club.

The Lebanese Minister of Combating Corruption, Nicola Tueni, said that he received official letters from the Iraqi government in his official capacity to follow the Lebanese debt issue in Iraq. The first of these authorities expresses their commitment to the contractual terms that were signed with the Lebanese merchants between 2003 and 2008, They are putting the previous debt that goes back to 2003 in another field. "

He added that "the Iraqi government will apply to the debts of the last applied to the creditor countries for this period through the return to the Paris Club, adding that" the second book was a report from the Iraqi authorities for payment of a payment of deposits with the Lebanese Central Bank of Iraq Branch Erbil "He said.

Between 1990 and 2008, $ 953 million of the debts owed to Lebanese institutions and individuals were accumulated in Iraq (excluding interest). During this period, events took place in Iraq from the US embargo to the oil-for-food program and the US invasion of Iraq. These years.

In 2011, the Lebanese banks decided to open branches in Erbil and had to apply the Iraqi regime, which provides for depositing with the Iraqi Central Bank the branch of Erbil, 10% of the expected assets as collateral for the expected deposits in these branches, While seized the branch of the Central Bank of Iraq in Erbil, the amount of $ 83 million returned to the Lebanese banks.


http://www.aljournal.com/العراق-يحول-ديون-لبنان-إلى-نادي-باريس/