UAE Hosts Iraq’s PM, Waives Iraqi Debt, Names Ambassador

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UAE Hosts Iraq’s PM, Waives Iraqi Debt, Names Ambassador

Post by TerryTate on Sun Jul 06, 2008 6:52 pm

Irbil, Iraq - Iraqi Prime Minister Nouri al-Maliki is in the United
Arab Emirates’ capital of Abu Dhabi for an official two-day visit.
VOA’s Suzanne Presto reports on the growing ties from Iraqi Kurdistan’s
city of Irbil.


Mr. Maliki and his delegation were greeted with fanfare and the Iraqi national anthem when they landed in Abu Dhabi.

When the delegation arrived at President Sheikh Khalifa bin Zayed Al
Nahyan’s palace, the officials were greeted with an announcement that
also must have been music to their ears.


The Emirates’ official news agency quotes Sheikh Khalifa as saying
the UAE has canceled about $4 billion in debt owed by Iraq. Once
interest is factored in, Emirati officials say that figure reaches
about $7 billion.


The official news agency also quotes the president as saying he made
the gesture in an effort to help Iraq carry out reconstruction projects.

http://patdollard.com/2008/07/uae-hosts-iraqs-pm-waives-iraqi-debt-names-ambassador/

Another domino falls.

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Re: UAE Hosts Iraq’s PM, Waives Iraqi Debt, Names Ambassador

Post by Dinar Cha Ching on Mon Jul 07, 2008 5:41 am

Great news Terry! You're right another domino down. We need to get those SA and Kuwaiti dominos down too. If the UAE has done it my guess is the others two will not be far behind!

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Re: UAE Hosts Iraq’s PM, Waives Iraqi Debt, Names Ambassador

Post by Adster on Mon Jul 07, 2008 5:49 am

And why? Because they are seeing reconciliation working in Iraq. Kuwait and Saudi have promised forgiveness when they see/believe the same things happening. Whilst I'm not convinced Kuwait will drop the $14 billion or so owed the Saudis should and will forgive around the same figure.

More debt forgiveness, increased oil prices, stability, more $$$$$ pouring in makes for a potentially higher initial reversion folks. Wink

Also a lovely read yesterday stating the US and Iraqi army were driving Al Qaeda further and further away to their last stand in Mosul. Laughing

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Re: UAE Hosts Iraq’s PM, Waives Iraqi Debt, Names Ambassador

Post by CreationWorks on Mon Jul 07, 2008 8:49 am

I believe the Saudi's are also waiting to see an equitable HCL passed so that they have assurance that their Sunni brothers won't be left out of the money pie. Wealth equals power. They fear a Shia Iraq. The Saudi's won't support a percieved enemy. All the more reason to have a secular government in Iraq.

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Re: UAE Hosts Iraq’s PM, Waives Iraqi Debt, Names Ambassador

Post by dinar 4 2 on Mon Jul 07, 2008 3:40 pm

Over the past three years, about $66.5 billion of Iraq's overall $120.2 billion foreign debt has been forgiven. The Paris Club cancelled $42.3 billion, including Russia's $12 billion.

Non-Paris Club members have cancelled (sic) a total $8.2 billion. A total $16 billion has been cancelled (sic) by commercial creditors.

Last year, Saudi Arabia pledged to cancel 80 percent 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.

http://www.reuters.com/article/worldNews/idUSL0655499820080707?sp=true

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Re: UAE Hosts Iraq’s PM, Waives Iraqi Debt, Names Ambassador

Post by GottaDash on Mon Jul 07, 2008 5:19 pm

I'm going off of memory here, but wasn't it the UAE that straight up refused to forgive Iraq's debt a few months ago. It was at a big conference in Greece, I think. They wouldn't even sit in on some of the talks and didn't send their head honchos to the conference.

This is good, tangible news. Whatever Iraq is doing right now, they are at least moving forward, IMO.

Great post Terry - thanks for sharing.

-Dash

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