Michael Fabricant is calling for the cancellation of the $400bn debt owed by
Iraq accumulated under Saddam Hussein’s regime. He has signed a
Parliamentary Motion – supported by MPs from all major parties – which
stresses that the liberated Iraqi people should not made to pay the bill for
the palaces, wars and oppression under Saddam. The motion describes Iraq’s
financial obligations as ‘odious’ since the regime was illegitimate.

Michael says: "In the present circumstances it will take at least 40 years
for Iraq to repay its debts. We cannot claim to be serious about the task
of re-building Iraq unless we clear these debts. It would be a tragedy if
the Iraqi people were liberated from Saddam’s oppressive regime only to be
hopelessly burdened with his debts. I appreciate that France and Russia are
opposing these plans, but they were the very nations supporting Iraq in
recent years and their self-interest should not stand in the way of Iraq’s
future.

"Tony Blair promised freedom and renewed prosperity to the Iraqi people –
the cancellation of Iraq’s debt would be a significant contribution towards
achieving this. He must resist France and Russia which only wants these
debts repaid in order to prop up their arms and construction industries.

"Why should the Iraqi people have to repay the billions Saddam borrowed to
fight wars – wars that claimed millions of Iraqi lives, to build palaces for
his own pleasure and to fund a secret police which tortured and murdered
thousands?"

The average annual income of an Iraqi today is just $150 – around £100.
Saddam owes around $400bn in debts and reparation claims. If the Iraqi
people are made to repay that, then each will owes $15,000 – one hundred
times their annual income. Iraq has large oil reserves, but it is only able
to pump about $10bn of oil a year – about 2% of the money Saddam owes.