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US Embassy vows help for repayment of Iraq's debt to Bulgaria

The US ambassador in Bulgaria, James Pardew, announced that the US administration would help Bulgaria receive its debt from Iraq.

However, he did not give guarantees on the timing of the debt service, explaining that it would depend on the costs for post-war reconstruction of Iraq.

The finance ministry estimated the principal and interest rate liabilities of Iraq to Bulgarian state authorities at some USD 1.7bn as of 2001. In addition, the ministry calculated around USD 500mn debt of Iraq to Bulgarian private entities.

In a recent interview, deputy finance minister Krasimir Katev has said the government will be quite lucky if it succeeds to collect 30% of the claims on Iraq.

(IntelliNews 24.iii.03)

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