UAE waives $5.8 billion of Iraq debt

Proposes way forward by holding successful Arab summit in Baghdad
  • By Samir Salama, Associate Editor Published: 00:00 January 17, 2012

  • Image Credit: Abdel-Krim Kallouche/Gulf News
  • Shaikh Abdullah and Hoshyar Zebari address a press conference in Abu Dhabi yesterday. Zebari extolled cooperation between Iraq and the GCC, stressing that it was Iraq’s destiny to remain close to Gulf Arab states.

Abu Dhabi: The UAE has decided to waive Iraq's debt of $5.8 billion (Dh21.29 billion) and backs holding the next Arab summit in Baghdad, Foreign Minister Shaikh Abdullah Bin Zayed Al Nahyan announced.
"An agreement will be signed soon to lay out the legal framework for waiving old Iraqi debt of $5.8 billion," Shaikh Abdullah told a joint news conference with his Iraqi counterpart Hoshyar Zebari.

On holding the next Arab summit in Baghdad, Shaikh Abdullah said there was a decision by Arab leaders to this effect. "The question is when this summit can be held in Iraq, so that that summit will be successful. We Arabs want to make sure the next summit will be a step forward and at the same time keep Iraq's right to host the summit."

Zebari said the general secretariat of the Arab League will send a delegation to Iraq on January 23 to assess the situation there and the preparedness of Baghdad to hold such a summit.