Opinion | Editorials
Looking to forgiving Gulf neighbours
Iraq is shackled by repayment of its war debt despite its oil reserves.
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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