Russia has dropped huge debt on Iraq

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Russia has dropped sovereign debt to a number of countries during the past year amounting to $ 140.2 billion, including Arab countries such as Iraq, Syria and Algeria.
“The world’s governments are granting loans to countries in the world to obtain concessions in return, such as preferential terms for their products or for their investors in the borrowing country,” Deputy Finance Minister Sergei Storchak said.
“Loans are divided into two types: first, funds are used to finance the purchase of goods and products from the lender country, and the second is used as financial aid to borrowing countries to overcome difficulties.”
“Russia has written off debts of 21.5 billion dollars and Syria 9.8 billion dollars in exchange for deals in various fields such as construction, oil and gas, and Algeria for 4.7 billion dollars,” Storchak said.

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