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Looking to forgiving Gulf neighbours

Iraq is shackled by repayment of its war debt despite its oil reserves.

  • Gulf News
  • Published: 23:48 May 30, 2008
  • Gulf News

With the alleged improved security position in Iraq, oil production there is now higher than it was prior to the US-led invasion. Estimates vary, but it is thought to be 2 million barrels a day which, with proven reserves of over 115 billion barrels, means a prosperous future once full peace is achieved.

Despite the oil reserves and increased production, Iraq is shackled by repayment of its war debt, originally more than $120 billion, but now at about half that as some countries wiped off the debt to give Iraq a chance to rebuild. But it seems that is not enough for, at a conference in Sweden, Iraqi Prime Minister Nouri Al Maliki asked the international community - with particular focus on neighbouring Gulf states - to cancel all the debt. But until there are clearer signs of the political direction Iraq will take, it is doubtful Gulf neighbours will be in a forgiving mood.

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