Industry Comment

Pastoralists & Graziers Association

Confirmation that the Federal Government is treating outstanding debt from the 1991 gulf war as a priority, and will pursue sovereign debt owed to the Australian Government and to exporters, is welcome.

The debt from wheat sales to Iraq in 1990 is of particular interest to farmers.

Some wheat sales to Iraq were not fully paid for following the 1991 war and the Export Finance Insurance Corporation was called upon to pay out a percentage of the money owing.

The sum owing is now in the region of US$100 million, with the balance in bank accounts that have been frozen since 1991.

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