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December 23, 2005
JS-3064
Statement by Treasury Secretary John Snow on Iraq's Successful Conclusion of its Debt Exchange Offer
"It is a historic, unprecedented accomplishment that Iraq was able to attain 100% participation in this exchange. We have been working with Iraq to accomplish this and I couldn't be more pleased that it will be completed. The leadership of Minister Allawi and Governor Shabibi, along with the work of private sector participants, has helped Iraq to achieve another major milestone. This deal, when fully implemented, will reduce the burden on the Iraqi people of Saddam-era debt by more than $11 billion. We also look forward today to IMF Board consideration of a stand-by arrangement with Iraq. Resolution of Iraq's commercial debt gives further evidence of Iraqi determination to meet its commitments to secure an IMF program. This action is another important milestone in Iraq's reintegration into the international community, and paves the way for the next phase of Iraq's much needed debt reduction. If achieved, a successful IMF program would underpin economic stability and help lay the foundation for an open and prosperous economy."
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