Region | Iraq

Iraq looks to more debt waivers after UAE deal

Iraq seeks debt forgiveness from other Arab states following the UAE's waiver of $4 billion in debts.

  • Agencies
  • Published: 18:23 July 7, 2008
  • Gulf News

  • Iraqi Prime Minister Nouri Al Maliki's government is looking forward to debt forgiveness from other Arab states.
  • Image Credit: AP
Image 1 of 6
123456

Abu Dhabi: Iraq seeks debt forgiveness from other Arab states, including Saudi Arabia, following the UAE's waiver of $4 billion in debts, Iraq's government spokesman said on Monday.

"I imagine that the Emirati intiatives will be a push for many countries," Ali Al Dabbagh told Reuters. "We want the others, everyone from Saudi Arabia to the others, to take a similar initiative and for those steps to be courageous."

On Sunday, the UAE named an ambassador to Iraq and cancelled billions of Iraq's debt, including interest and arrears.

Last year, Saudi Arabia pledged to cancel 80 per cent of more than $15 billion in Iraqi debt but has yet to follow through. Kuwait, also owed $15 billion, has yet to write off any debts.

Improved stability and security in Iraq should provide a more solid basis for other Arab countries to normalise relations with Iraq, Dabbagh said.

"Saudi Arabia has announced its intention to open an embassy. We are waiting for it to take the practical steps in officially appointing an ambassador," Dabbagh said.

The United States has pressed Arab governments to support Iraq's recovery by joining Western nations in forgiving their share of Iraqi foreign debts that total up to $80 billion.

  • Rate this article
  • Average reader rating (0 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

Related Articles

  1. UAE appoints new ambassador to Iraq

    UAE appoints new ambassador to Iraq

  2. UAE scraps billions in Iraq debt

    UAE scraps billions in Iraq debt

    UAE writes off all debts owed by Iraq, names new ambassador

  3. UAE move 'will spur restoration of security'

    UAE move 'will spur restoration of security'

More from Iraq

  1. Iraqi lawmakers seek to end election crisis

  2. Hopes fading for 2m refugees stranded in region

  3. Leader's death sentence triggers tensions

  4. Baghdad zoo comes back to life

All articles in Iraq

More from Region

Gulf News
Popular in News
News Editor's choice