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Japan will coordinate with the international community over Iraq's massive foreign debts, Finance Minister Masajuro Shiokawa said Tuesday.
"But discussions over the issue must first be held at the Paris Club of creditor nations," the minister was quoted by Kyodo News as saying.
Japan has a large amount of debts owed by Iraq, both in the public and private sector, Shiokawa said.
The topic of Iraq's huge foreign debts is likely to be discussed in a meeting of finance ministers of the Group of Eight (G-8) major nations Friday and Saturday in the French seaside resort of Deauville, Kyodo said.
In their last meeting in April, top financial officials of the Group of Seven (G-7) economic powers -- the G-8 minus Russia -- urged the Paris Club to discuss the issue of Iraq's massive debts as part of assisting with its reconstruction.
The G-7 groups Britain, Canada, France, Germany, Italy, Japan and the United States.
The Paris Club has held talks since then and agreed to a comprehensive study of the extent of Iraq's debts to club members, Kyodo said.
Although there are no official figures, Iraq's external debts are expected to total US$130 billion, Kyodo added.
(Xinhua News Agency May 13, 2003)
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