News Release

6th May 2003

FABRICANT BACKS CALLS TO CANCEL IRAQ'S DEBTS

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?"