There was welcome news for Iraq at a summit of the world’s 20 biggest economies in Berlin with an agreement to cancel up to 80 per cent of the country’s debt.
But it is understood Russia has not yet given its green light to the proposal endorsed by the rest of G20 group of nations. Delegates also discussed plans to reconstruct the debts of developing countries in crisis. Europe and Japan also took the chance to voice their concerns about the weakness of the dollar, but the US argued it was not the appropriate forum to consider concrete measures. The impact of rising oil prices on growth was also on the agenda and ministers agreed to apply an OECD code on sharing information on tax matters.