The Iraqi government signed an agreement with the Chinese government to write off 80 percent of Iraq’s debts due for China. Voice of Iraq news agency quoting foreign ministry statement reported that the agreement was signed in light of memorandums of understanding signed by Iraqi President Jalal Talabani during his visit to China in June 2007. Iraq has been seeking to get its 120 billion debts waved off accumulated during the former regime’s time. Paris Club members waved off 55 billion dollars Iraqi debt earlier. It still owes debts to some Arab countries, including Gulf states, Saudi Arabia and Kuwait.