The G7 ministers made no commitment on forgiving Iraq's foreign debt to banks and governments, estimated by the Council on Foreign Relations to range from US$60 billion to US$130 billion.
France is owed about US$1.7 billion and Germany US$4.3 billion, and they said they would rather reschedule than retire the debt.
"We won't just wipe the slate clean," French Finance Minister Francis Mer said. "We could maybe progressively renegotiate."
The policy makers agreed on the need to address the debt and sought the "early engagement" of the Paris Club, a 19-nation forum that advises countries seeking debt relief.
Even as they discussed rebuilding Iraq's economy, G7 members admitted problems remain in their own. "Growth in most of our economies has been subdued, though uncertainties have diminished," their statement said.
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