The United States on Friday congratulated Iraq for winning an $11 billion debt exchange agreement with all commercial creditors who were owed money by the toppled regime of Saddam Hussein. "It is a historic, unprecedented accomplishment that Iraq was able to attain 100 percent participation in this [debt] exchange," U.S. Treasury Secretary John Snow said in a statement. The deal, when fully implemented, would reduce the burden on the Iraqi people of Saddam-era debt by more than $11 billion, Snow said. "We have been working with Iraq to accomplish this, and I couldn't be more pleased that it will be completed," Snow said, calling the deal "another major milestone" in the Iraqi government's move toward economic stability. Snow also praised Friday's approval of a $685 million loan to Iraq from the International Monetary Fund (IMF). "The IMF staff has done a remarkable job in working with Iraqi officials to accomplish this. This arrangement will underpin economic stability and help lay the foundation for an open and prosperous economy in Iraq," he said.
