Examines how the Nat. Advisory Council on Internat. Monetary & Financial Policies (NAC) advised the U.S. Dept. of Ag. (USDA) on its ag. export credit guarantee programs to Iraq, esp. regarding the issue of country risk. Discusses both the history & the process that enabled NAC members to approve over $6 billion in USDA loan & credit guarantee proposals for Iraq despite Iraq¿s poor creditworthiness. Reviews: (1) the major issues debated in NAC regarding USDA¿s ag. loan & credit guarantee proposals for Iraq; (2) the mechanism NAC used to determine a position on USDA¿s proposals; (3) the way in which the NAC voting & approval process affected the outcome of NAC positions; & (4) the changing role & respon. of NAC since its inception in 1945. Ill.