I congratulate the Iraqi Interim Government and the Paris Club of creditor nations for today's agreement to reduce dramatically Iraq's international debt. The Iraqi people have an historic opportunity to build a free and democratic Iraq after more than two decades of political oppression and economic devastation under the brutal regime of Saddam Hussein. The Paris Club agreement represents a major international contribution to Iraq's continued political and economic reconstruction. I encourage non-Paris Club creditor nations to agree to comparable debt reduction for Iraq.
The Paris Club leadership deserves particular thanks for its efforts in making this agreement possible. I also commend Secretaries Powell and Snow and Special Presidential Envoy James Baker for their tireless efforts in working with creditor nations to reach this agreement.
George W. Bush, Statement on the Paris Club Agreement To Reduce Iraq's International Debt Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/215176