WASHINGTON, Dec. 19 (UPI) -- The United States is "pleased" with commitments by other nations to help reduce or restructure Iraq's $120 billion in foreign debt, the White House said Friday.
The pledges of cooperation from Britain, France, Germany, Italy and Russia to work towards debt reduction with other creditor nations were obtained this week by former Secretary of State James Baker III, who traveled to Europe as the personal envoy of President George W. Bush.
The Bush administration believes foreign debts racked up by the Saddam Hussein regime pose a major obstacle to long-term reconstruction efforts.
The sum of $120 billion does not include government and personal compensation claims lodged against Baghdad as a result of the 1990-91 Gulf War.
Baker was reporting personally to the president Friday on the results of his trip, which will be followed by others in the new year.
"This is an ongoing effort," White House spokesman Scott McClellan said. "We're making a good start. ..."
