The Secretary-General welcomes the 22 December decision of the Paris Club members to cancel the remaining 20 per cent of Iraq's debt, amounting to US$ 7.8 billion, in the context of the International Compact with Iraq, co-chaired by the United Nations and the Government of Iraq. This is a major achievement and acknowledgement of the Iraqi Government's determination to implement necessary reforms despite overwhelming challenges.

The Secretary-General takes this opportunity to call on creditors, other than those of the Paris Club, to advance Iraqi debt relief to facilitate the country's path to prosperity and reintegration into the regional and international economy.