Statement Announcing the Appointment of James A. Baker III as the President's Personal Envoy on the Issue of Iraqi Debt

Iraq is moving toward freedom, stability, and prosperity. In order to support this effort, I am pleased to announce today that in response to a request from the Iraqi Governing Council for assistance, I have appointed James A. Baker III to be my personal envoy on the issue of Iraqi debt. Secretary Baker will report directly to me and will lead an effort to work with the world's Governments at the highest levels with international organizations and with the Iraqis in seeking the restructuring and reduction of Iraq's official debt. The future of the Iraqi people should not be mortgaged to the enormous burden of debt incurred to enrich Saddam Hussein's regime. This debt endangers Iraq's long-term prospects for political health and economic prosperity. The issue of Iraq debt must be resolved in a manner that is fair and that does not unjustly burden a struggling nation at its moment of hope and promise. James Baker's vast economic, political, and diplomatic experience as a former Secretary of State and Secretary of the Treasury will help to forge an international consensus for an equitable and effective resolution of this issue.