China cancels 80% of Iraq debt

[Lankan Ranger]

China cancels 80% of Iraq debt

China has agreed to cancel 80 percent of the 8.5-billion-dollar debt it is owed by Iraq, the finance ministry in Baghdad said in an official statement on Tuesday.

It said a bilateral agreement was signed in Beijing, without specifying the date, and that China's ambassador to Iraq had met officials in Baghdad to confirm the agreement.

The statement added that the two countries entered into trade deals valued at 3.8 billion dollars in 2009.

In Beijing, foreign ministry spokesman Ma Zhaoxu told AFP “China and Iraq have reached an agreement not long ago... to substantially cancel the debts Iraq owes to Chinese companies.”

“China has long been assisting Iraq to realize stability and development by offering aid, cutting debts and helping its economic restoration,” he said in a faxed statement.

Beijing “exempted in 2007 all the debts Iraq owed to the Chinese government,” the statement added, without giving specific figures.

State-owned Chinese oil firm CNPC has clinched some of the biggest deals in the Iraqi oil sector since the U.S.-led invasion that toppled Saddam Hussein in 2003.

It was the leading member of a successful consortium bidding for the Halfaya field in southern Iraq in December.

The Chinese firm had already signed a deal last year, along with Britain's BP, to ramp up production at Iraq's biggest oil field, Rumaila.

Those two deals are in addition to a contract signed in 2008 by CNPC to develop another oil field south of Baghdad, giving it a major presence among foreign energy firms operating in the conflict-wracked country.

tehran times : China cancels 80% of Iraq debt

 

[PlanetWarrior]

Oh man. China is roaring into the global 21st century economy. Wish I had the ability of the Chinese to clinch global deals. They truly will be the world's leading economic giant in the near future

 

[Dream]

There must be some underground deal as well which we dont know ... probably related to oil of Iraq !

 

[SinoIndusFriendship]

Oh man. China is roaring into the global 21st century economy. Wish I had the ability of the Chinese to clinch global deals. They truly will be the world's leading economic giant in the near future

It's easy: We Chinese treated everyone with respect and promote fairness!

Take a look at how we are so warm-hearted towards those who committed grave sins against us (Europeans, Americans, Japanese, etc). However, we do have a very looooooong memory - so best not to piss us off as there's a limit to everything!

 

[PlanetWarrior]

It's easy: We Chinese treated everyone with respect and promote fairness!

Take a look at how we are so warm-hearted towards those who committed grave sins against us (Europeans, Americans, Japanese, etc). However, we do have a very looooooong memory - so best not to piss us off as there's a limit to everything!

I rarely agree with your posts but I must say to the highlighted part of your post above. The Chinese are most respectful in business and do believe in value for your money when dealing in business. I say this from personal experience as I am dealing with various Chinese businesses and institutions here in Africa. The Chinese are not colonialists unlike the west. Their projects involve community upliftment and they are regularly sanctioned by Beijing when complaints of exploitation are levelled against any Chinese business. They truly are an example and a standard to follow. I am proud of our Asian neighbour. Generally unaggresive in business they make it a point of ensuring that the countries doing business with them also benefit . Iraq is a prime example and I see it happening too often here in Africa

 

[pkd]

Not far from here you can expect such news like china waived of 80% of US debt

 

[H2O3C4Nitrogen]

Its all a bunderbaant(Mutual Distribution) btw the global powers ...!

 

[oct605032048]

Not far from here you can expect such news like china waived of 80% of US debt

that would be a joke indeed.

 

[SinoIndusFriendship]

I rarely agree with your posts but I must say to the highlighted part of your post above. The Chinese are most respectful in business and do believe in value for your money when dealing in business. I say this from personal experience as I am dealing with various Chinese businesses and institutions here in Africa. The Chinese are not colonialists unlike the west. Their projects involve community upliftment and they are regularly sanctioned by Beijing when complaints of exploitation are levelled against any Chinese business. They truly are an example and a standard to follow. I am proud of our Asian neighbour. Generally unaggresive in business they make it a point of ensuring that the countries doing business with them also benefit . Iraq is a prime example and I see it happening too often here in Africa

thank you friend,

I agree India pays close attention to China (some say they imitate or learn from), and that is good. Take for example where the Chinese first go, the Indians are soon to follow! I say this as a good thing.

I too am very fair in my personal, intimate and business dealings. Often I see many opportunities to "trick", "cheat" or "exploit" the gullible/trusting people, but I don't. That is my policy, I don't cheat, steal or exploit people!

I may be grumpy, strict or strong-will, but I pull my weight and don't slack off. Very few times I could not deliver (due to various reasons), but I do not make excuses for it, and I remember my past promises.

 

[SinoIndusFriendship]

Not far from here you can expect such news like china waived of 80% of US debt

Good humour. I wish banks would waive people's debts, but instead they have hidden charges & exorbiant interest -- worse than a LOAN SHARK!

My advice, try to live debt-free. It's not worth the headaches and the interest payments are much more than the principle.

 

[applesauce]

Not far from here you can expect such news like china waived of 80% of US debt

when the usa is 3rd world countries and china own 80% of its assets then i will be expecting this, until then....

 

[huzihaidao12]

It's easy: We Chinese treated everyone with respect and promote fairness!

Take a look at how we are so warm-hearted towards those who committed grave sins against us (Europeans, Americans, Japanese, etc). However, we do have a very looooooong memory - so best not to piss us off as there's a limit to everything!

China is developed on its own, we will be proud of our clean record, the past memories only inspire us to progress, as long as friendship and equality of exchanges, we would welcome any country, even though he has a bad record in China

 

[wjcking]

There must be some underground deal as well which we dont know ... probably related to oil of Iraq !

Hahahaha, great anaylsis, bro. hahhahahahhha

 

[oceanx]

I rarely agree with your posts but I must say to the highlighted part of your post above. The Chinese are most respectful in business and do believe in value for your money when dealing in business. I say this from personal experience as I am dealing with various Chinese businesses and institutions here in Africa. The Chinese are not colonialists unlike the west. Their projects involve community upliftment and they are regularly sanctioned by Beijing when complaints of exploitation are levelled against any Chinese business. They truly are an example and a standard to follow. I am proud of our Asian neighbour. Generally unaggresive in business they make it a point of ensuring that the countries doing business with them also benefit . Iraq is a prime example and I see it happening too often here in Africa

Well Warrior you are on a non-stop complimentary streak alright.

Now I am glad you had a positive experience dealing with Chinese business interests in Africa. No doubt Beijing is paying greater attention to the image problem that some Chinese businesses may have created or been "associated with". OTOH, we have read "horror" stories about Chinese dealings in Africa (admittedly more so from over-the-top "Western" dailies with suspicious motives but there were the occasional critique on "insensitive behaviours" from Chinese media sources, too).

Now I have zero personal experiences in business wheeling-and-dealing, but do have very close second-hand anecdotal stories on how some of the members of the Chinese diaspora utterly "cheated" on their own mainland brethren when it came to inflating cost, fanning corruption, etc. etc - more in the late 80s and 90s ... don't have any more recent anecdotes.

Perhaps everything is a working progress.

One truism everyone likes to talk about is that "a sucker is born every minute". But these days I am almost a believer that one has to have the grit and fortitude to be "a sucker" first, and use it as a rope to climb to greater heights ...

I think you know what I mean. BTW, some of the friendliest South Asians I met hailed from East Africa (Kenyan/Ugandan belt) and I have maintained close association ever since ...

Anyways, from what I have been told, being Muzungu still affords an "advantage" in Africa, albeit at the expense of not being as "trusted" as the Chinese and the Indians perhaps.

 

[oceanx]

There must be some underground deal as well which we dont know ... probably related to oil of Iraq !

There are always some underground deals small potatoes (like me) don't know about.

I take it as a given.