Russia forgives 92 percent of Iraq debt

MOSCOW, Dec. 23 (UPI) -- Russian President Vladmir Putin said Thursday the Kremlin had written off about 92 percent of Iraq's debt, Interfax reported.

"Russia has (written off this debt) even though we believe that Iraq is capable of paying its debt," Putin said. "Iraq is not an economically underdeveloped country; rather, its development is medium. It is by no means a heavily indebted, poor country.

"But we agreed with our partners and accepted their wishes and those of the Iraqi leadership in light of the unique and, unfortunately, unfavorable situation in Iraq where hostilities are still under way and people are suffering."