Morocco endeavors to settle Iraqi debt entailed by Gulf War

The Moroccan government endeavors to settle the debt entailed by the Gulf War and owed to 30 firms, Economy and Finance Minister Fathallah Oualalou said.

The minister, who was speaking at the weekly question time at the chamber of advisors (upper house of parliament), voiced hope that all conditions will be guaranteed to settle the problem and that Moroccan-Iraqi commercial relations would resume the pre-gulf war level.

The sums owed to Moroccan firms exporting products to Iraq stood at $31.8 million, including $12.3 million which are not insured or covered by the economic cooperation protocols concluded between Morocco and Iraq, Oualalou said.

The general treasury paid $15.8 million, i.e. 90 percent of the sums subject to an insurance, in accordance with the law on exports insurance, he said, adding that all debts covered by the cooperation protocols were also paid. Another $7.4 million in uninsured debts were also paid, he said.