A restructuring of Iraq's financial obligations is
arguably the most important initiative that must be
undertaken in that country next to providing humanitarian
assistance.
Iraq's current liability profile shows that it has outstanding
obligations of about $383 billion. This includes $199 billion in
compensation claims received by the United Nations Compensation
Commission (UNCC) in the aftermath of the first Gulf War, as well
as external debt and pending contracts.
Iraq's external debt is estimated variously at between $62
billion and $130 billion. The differential principally relates to a
disagreement over the amount of assistance given by Gulf states to
Iraq during the Iran-Iraq war and whether accrued but unpaid debt
interest is included or excluded.
No resources
Finally, in the run-up to Operation Iraqi Freedom and earlier,
the Iraqi administration entered into several infrastructure
contracts with public and private foreign companies to the tune of
$57.2 billion.
The liability...
