Editing Iran–Iraq War (section)

===Economic situation===
The economic loss at the time was believed to exceed $500&nbsp;billion for each country ($1.2&nbsp;trillion total).<ref name="Riedel"/><ref name="encarta88">{{cite encyclopedia|url=http://encarta.msn.com/encyclopedia_761580640_2/Iran-Iraq_War.html|title=Iran–Iraq War|encyclopedia=Encarta|publisher=MSN|date=20 August 1988|access-date=1 March 2009|archive-url=https://web.archive.org/web/20090406234844/http://encarta.msn.com/encyclopedia_761580640_2/Iran-Iraq_War.html|archive-date=6 April 2009}}</ref> In addition, economic development stalled and oil exports were disrupted. Iraq had accrued more than $130&nbsp;billion of international debt, excluding interest, and was also weighed down by a slowed [[GDP growth]]. Iraq's debt to the [[Paris Club]] amounted to $21&nbsp;billion, 85% of which had originated from the combined inputs of Japan, the USSR, France, Germany, the United States, Italy and the United Kingdom. The largest portion of Iraq's debt, amounting to $130&nbsp;billion, was to its former Arab backers, with $67&nbsp;billion loaned by Kuwait, Saudi Arabia, Qatar, [[UAE]], and Jordan.{{citation needed|date=February 2023}}

After the war, Iraq accused Kuwait of [[slant drilling]] and stealing oil, inciting its [[invasion of Kuwait]], which in turn worsened Iraq's financial situation: the [[United Nations Compensation Commission]] mandated Iraq to pay reparations of more than $200&nbsp;billion to victims of the invasion, including Kuwait and the United States. To enforce payment, Iraq was put under a [[Sanctions against Iraq|comprehensive international embargo]], which further strained the Iraqi economy and pushed its [[external debt]] to private and public sectors to more than $500&nbsp;billion by the end of Saddam's rule. Combined with Iraq's negative economic growth after prolonged international sanctions, this produced a [[debt-to-GDP ratio]] of more than 1,000%, making Iraq the most indebted developing country in the world. The unsustainable economic situation compelled the new Iraqi government to request that a considerable portion of debt incurred during the Iran–Iraq war be written off.<ref name="weiss11">{{cite report|last=Weiss|first=Martin A.|publisher=Congressional Research Service|title=Iraq's Debt Relief: Procedure and Potential Implications for International Debt Relief|date=29 March 2011|url=https://fas.org/sgp/crs/mideast/RL33376.pdf|via=Federation of American Scientists|access-date=20 June 2015|archive-url=https://web.archive.org/web/20150924132518/http://www.fas.org/sgp/crs/mideast/RL33376.pdf|archive-date=24 September 2015|url-status=live}}</ref><ref name="truman03">{{cite news|author=Truman, Edwin M.|url=http://www.iie.com/publications/opeds/oped.cfm?ResearchID=249|title=Op-ed: The Right Way to Ease Iraq's Debt Burden|newspaper=Financial Times|location=London|date=28 April 2003|access-date=2 August 2011|archive-url=https://web.archive.org/web/20110713005331/http://www.iie.com/publications/opeds/oped.cfm?ResearchID=249|archive-date=13 July 2011|url-status=dead}} Re-published by Peterson Institute for International Economics</ref><ref>{{cite news|url=http://news.bbc.co.uk/2/hi/middle_east/7492115.stm|publisher=BBC News|title=UAE waives billions of Iraqi debt|date=6 July 2008|access-date=12 August 2009|archive-url=https://web.archive.org/web/20080722083028/http://news.bbc.co.uk/2/hi/middle_east/7492115.stm|archive-date=22 July 2008|url-status=live}}</ref><ref>{{cite news|url=https://www.reuters.com/article/worldNews/idUSTRE5736M320090804|agency=Reuters|title=Iraq war reparations to Kuwait could be reduced: UK|date=4 August 2009|access-date=1 July 2017|archive-date=26 January 2021|archive-url=https://web.archive.org/web/20210126200140/https://www.reuters.com/article/worldNews/idUSTRE5736M320090804|url-status=live}}</ref>