A short time ago, President Bush spoke with Secretary Baker about the Secretary's discussions earlier today with President Chirac and Chancellor Schroeder on the issue of restructuring and reducing Iraq's debt burden.
Debt restructuring and reduction is critical to helping the Iraqi people build a free and prosperous nation. Therefore, France, Germany, and the United States agree that there should be substantial debt reduction for Iraq in the Paris Club in 2004, and will work closely with each other and with other countries to achieve this objective. What specifically constitutes "substantial" debt reduction will be determined by future agreement between the parties.
George W. Bush, Statement by the Press Secretary on Iraq's Debt Burden Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/280199