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Tue Jun 8, 2004 15:56
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U.S. wants most Iraq debt forgiven
But White House won't specify how much it wants canceled to ensure nation's stability.
June 8, 2004: 11:40 AM EDT

SAVANNAH, Ga. (Reuters) - The Bush administration won't specify the percentage of Iraqi debt that it wants canceled to ensure that nation's stability, but it is evident that most of it must be forgiven, a U.S. official said Tuesday.

The official, speaking on condition of anonymity, said the International Monetary Fund has circulated to creditors "a very detailed debt sustainability analysis" for Iraq.

"In our view, I think it's clear it shows the need for the reduction of the vast majority of Iraq's debt," the official said, considering its future oil revenue and costs of rebuilding the war-wracked country.

The official was speaking as leaders of the Group of Seven industrial nations and Russia began arriving for a three-day summit 90 miles away at Sea Island, Ga.

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