China will write off a significant amount of the loans it has made to Iraq as the countries forge stronger diplomatic relations underpinned by energy trade. Iraqi officials said earlier this week that Beijing has agreed to forgive 80% of Baghdad's $8.47 billion debt. "We have agreed the terms of the deal, which will be signed by the finance minister at another meeting," Reuters quoted Hassan al-Haidari, an Iraqi central bank adviser, as saying. According to the Iraqi finance ministry, terms were agreed in Beijing this month and a final deal will be signed in December.
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