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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
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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.

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