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.
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