BAGHDAD, Iraq, Jan. 27, 2005 (PRIMEZONE) -- The Ministry of Finance and the Central Bank of Iraq today announced that Iraq has retained the services of two financial advisers to assist Iraq in its negotiations with its bilateral creditors in 2005.
Lazard Freres & Co. LLC will act as Iraq's financial adviser in negotiating bilateral agreements with Iraq's 17 Paris Club creditors. In November 2004, Iraq concluded an agreement in principle with the Paris Club that calls for a phased-in cancellation of 80% of the claims of those countries against Iraq. The total amount of contractual claims against Iraq held by Paris Club creditors last November equaled approximately US$37.2 billion. The United States has subsequently cancelled 100% of its claims, equal to approximately US$4.1 billion.
At the same time, Iraq also announced that Houlihan Lokey Howard & Zukin will advise Iraq in its debt talks with its other (non-Paris Club) bilateral creditors. The total amount of contractual claims against Iraq held by Iraq's approximately 45 non-Paris Club bilateral creditors has been estimated at US$18-20 billion. These figures exclude claims by the six members of the Gulf Cooperation Council. Non-Paris Club bilateral creditors will be accorded a treatment comparable to that agreed with the Paris Club.
Paris Club creditors may contact Lazard at the following email address: iraq.parisclub@lazard.fr. Non-Paris Club bilateral creditors may contact Houlihan Lokey at the following email address: hlhz-sdas@hlhz.com.