Chapter 13



13.1 The Government of Iraq had extended three credits aggregating to US $ 287.91 million for financing a part of the cost of crude oil imported from Iraq during the years 1974-75 to 1980-81. Against these credits the actual credit value utilised was US $ 182.75 million during the same period. The cost of imports in a calendar year was partly paid in cash and the balance covered by credits.

13.2 In addition, in order to assist the developing countries by providing them with long term loans for the amounts equivalent to official increase in the oil prices for the period from 1-6-1979 to 31-12-1979 the Government of Iraq had extended another interest-free loan of US$ 104.16 million in 1980-81. However a service charge of 0.5% per annum is payable on this loan. No utilisation took place against this loan as Iraq did not make this credit effective.

13.3 Details of credit utilisation and repayment are given in Annexure-I