js-2156: Statement of Treasury Secretary John W. Snow <script type="text/javascript"> var wmNotice = "UNT Web Archive - External links, forms, and search boxes may not function within this collection. Url: http://treas.gov/press/releases/js2156.htm time: 8:33:18 Sep 20, 2008"; var wmHideNotice = "hide"; var contextRoot = "https://webarchive.library.unt.edu/eot2008/"; </script> <script type="text/javascript" src="https://webarchive.library.unt.edu/eot2008/js/disclaim.js"></script> <br>U.S.-Iraq Debt Reduction Agreement Signing Ceremony



	FROM THE OFFICE OF PUBLIC AFFAIRS December 17, 2004 js-2156 Statement of Treasury Secretary John W. Snow U.S.-Iraq Debt Reduction Agreement Signing Ceremony Thank you, Secretary Powell. It is a great pleasure to be here today, participating in the signing of this historic agreement. The Paris Club agreed last month that very deep debt reduction was needed for sustainability and economic reforms to be achieved in Iraq. That agreement was a significant milestone in Iraq's ongoing reintegration into the international community, and I believe it will open the door to broader international participation in Iraq's reconstruction. I congratulate Finance Minister Mahdi and Central Bank Governor Shabibi for the work they did to achieve that successful outcome in the Paris Club. Our action today in eliminating the Iraqi debt owed to our country is another critical milestone for Iraq and its people. This agreement shows our unwavering commitment to the Iraqi people, and their efforts to achieve sustainable reforms and stability in their country. And with the signing of this agreement the Iraqi government is demonstrating, once again, their commitment resolve to foster a sound economic environment that will be a source of stability within the region and a source of hope for Iraq's citizens. The situation that Iraq faces is unprecedented and the response of the world community needs to be – and has been – unprecedented as well. Iraq's debt levels were simply unsustainable. The situation had to be addressed by the world community, and by this action today we are keeping faith with the high aspirations of the Iraqi people. Today is an important step toward achieving economic restoration, but more will be needed. The U.S. is therefore ready to assist the Iraqis in implementing the Paris Club agreement, including seeking comparable treatment from sovereign creditors who do not participate in the Paris Club. I urge Iraq's other creditors to work quickly in forging agreements like this one to reduce Iraq's debt. I also urge Iraq to move quickly in negotiating and implementing an IMF Stand-By Arrangement, which will trigger the full amount of debt reduction promised by Paris Club members. The U.S. Treasury looks forward to working with the Iraqi government as you continue your historic efforts of reconstruction and economic reform. -30-