IMF Riven by US-Europe Tiff Over Iraqi Debt

The rehabilitation and reconstruction of a post-war Iraq is quickly emerging as a complex issue of global proportions. Iraqi liabilities are estimated at over $380 billion. While the United States favors debt forgiveness, other major UN Security Council member countries, such as France, Germany and Russia are less inclined to support complete debt forgiveness. International financial institutions, notably the World Bank and the International Monetary Fund, are currently organizing a fact finding missions to Iraq to determine the cost of re-building Iraq. In spite of such concrete initiatives, the world community remains divided on not only the exact role of the United Nations in rebuilding efforts but also about the financial contribution that countries would be asked to make for rebuilding Iraq. - YaleGlobal.