Thank you, Secretary Powell. It is a great pleasure to be here today,
participating in the signing of this historic agreement.
The Paris Club agreed last month that very deep debt reduction was
needed for sustainability and economic reforms to be achieved in Iraq.
That agreement was a significant milestone in Iraq's ongoing
reintegration into the international community, and I believe it will
open the door to broader international participation in Iraq's
reconstruction.
I congratulate Finance Minister Mahdi and Central Bank Governor
Shabibi for the work they did to achieve that successful outcome in
the Paris Club.
Our action today in eliminating the Iraqi debt owed to our country is
another critical milestone for Iraq and its people.
This agreement shows our unwavering commitment to the Iraqi people,
and their efforts to achieve sustainable reforms and stability in
their country.
And with the signing of this agreement the Iraqi government is
demonstrating, once again, their commitment resolve to foster a sound
economic environment that will be a source of stability within the
region and a source of hope for Iraq's citizens.
The situation that Iraq faces is unprecedented and the response of the
world community needs to be – and has been – unprecedented as well.
Iraq's debt levels were simply unsustainable. The situation had to be
addressed by the world community, and by this action today we are
keeping faith with the high aspirations of the Iraqi people.
Today is an important step toward achieving economic restoration, but
more will be needed. The U.S. is therefore ready to assist the Iraqis
in implementing the Paris Club agreement, including seeking comparable
treatment from sovereign creditors who do not participate in the Paris
Club. I urge Iraq's other creditors to work quickly in forging
agreements like this one to reduce Iraq's debt.
I also urge Iraq to move quickly in negotiating and implementing an
IMF Stand-By Arrangement, which will trigger the full amount of debt
reduction promised by Paris Club members.
The U.S. Treasury looks forward to working with the Iraqi government
as you continue your historic efforts of reconstruction and economic
reform.