Iraq seeks Arab debt forgiveness as summit opens

[rsskelton]

Link:

http://www.chicagotribune.com/sns-rt-iraq-summitdebtl6e8er7v4-20120327,0,4917552,full.story

Iraq seeks Arab debt forgiveness as summit opens

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Reuters

10:35 a.m. CDT, March 27, 2012

* Paris Club already cancelled Iraqi debt

* But most Arab countries have yet to do so

* Iraq hosting first Arab League summit in two decades

By Mariam Karouny and Serena Chaudhry

BAGHDAD, March 27 (Reuters) - Iraq asked countries at an

Arab League summit on Tuesday to forgive its pre-invasion debts,

urging others to follow the United Arab Emirates and Algeria

which have already agreed to write off what they were owed by

their fellow OPEC member.

"We've asked Saudi Arabia, Kuwait, Qatar, Libya, Jordan,

Sudan, Egypt and Morocco to help Iraq in closing up its debt

situation," Iraqi Finance Minister Rafie al-Esawi said on the

first day of the summit, the first to take place in post-war

Baghdad.

The Paris Club of 19 rich creditor nations agreed in 2004 to

write off 80 percent of some $40 billion debt to help Iraq

recover from the 2003 U.S.-led invasion that ousted President

Saddam Hussein but triggered years of violence and insecurity.

Debt forgiveness talks with non-Paris Club nations are still

under way.

"It needs more cooperation from Arab countries regarding the

cancelling of debt," Esawi said, thanking the UAE and Algeria

for agreeing to cancel 100 percent of debts.

Finance minister talks opened the three-day Arab League

Summit in Baghdad, the first to be held in the Iraqi capital in

two decades and the first to be hosted by a Shi'ite Arab leader,

Prime Minister Nuri al-Maliki.

Tight security has locked down the capital and the

government declared a five-day holiday to help ease congestion

caused by checkpoints and roadblocks, with tens of thousands of

extra troops drafted in.

Leaders from the 22-member group are due to meet on Thursday

in talks likely to be dominated by the crisis in Syria.

IRAQ'S RETURN

Iraq's external debt was between $130 billion and $140

billion in 2003, much of which was settled through the 2004

Paris Club agreement.

That deal required Iraq to seek similar settlements with all

its other creditors. But some commercial creditors won legal

judgements and have refused to comply with the settlement.

Saudi Arabia last year was owed $30 billion by Iraq and

Kuwait is owed around $22 billion in additional to war

reparations for the 1991 Iraqi invasion of Kuwait.

Iraq's security and its oil-driven economy have improved

since the bloodier days of 2006-2007 after the 2003 invasion

sparked years of sectarian conflict that drove the country close

to civil war.

But Iraqis still struggle with daily power shortages,

unemployment and a crumbling infrastructure, despite huge oil

revenues from exports of 3 million barrels a day.

Iraq hopes the summit will mark its return to the diplomatic

stage in the Arab region, where many of its Sunni Arab

neighbours are wary of the rise of Iraq's Shi'ite majority since

the fall of Sunni dictator Saddam Hussein.

Maliki has sought a detente with Arab Gulf neighbours in an

attempt to allay fears his government has moved too close to

Shi'ite power Iran in a region increasingly split along

sectarian lines.

Saudi Arabia recently named its first envoy to Baghdad in

two decades and neighbouring Kuwait earlier this month reached a

$500 million agreement with Iraq to resolve a stand-off over

Gulf-war era debts.

[Maggie123]

Wow, I wasn't expecting that as their "pridefull" first foot forward.

They have a lot of debt though... so they might as well get it adressed.

[thegente]

Iraq asked countries at an

Arab League summit on Tuesday to forgive its pre-invasion debts,

urging others to follow the United Arab Emirates and Algeria

which have already agreed to write off what they were owed by

their fellow OPEC member.

Looks like they're finally getting something done! Good find RSS, thx!!

[rsskelton]

Ok guys, before you slam me, I apoligise, but I can't get the link to work. Don't know why. I assure you, I didn't make it up.

RSS

[DetroittoAZ]

Thanks SS!

[Joker017]

Wow, I wasn't expecting that as their "pridefull" first foot forward.

They have a lot of debt though... so they might as well get it adressed.

Very Surprising to me also Maggie...

[rsskelton]

Since my first link won't work, here is a similar article from the Jeruselam Post.

Link:

http://www.jpost.com/Headlines/Article.aspx?id=263661&R=R101

Iraq seeks Arab debt forgiveness as summit opens

By REUTERS

03/27/2012 17:46

BAGHDAD - Iraq asked countries at an Arab League summit on Tuesday to forgive its pre-invasion debts, urging others to follow the United Arab Emirates and Algeria which have already agreed to write off what they were owed by their fellow OPEC member.

"We've asked Saudi Arabia, Kuwait, Qatar, Libya, Jordan, Sudan, Egypt and Morocco to help Iraq in closing up its debt situation," Iraqi Finance Minister Rafie al-Esawi said on the first day of the summit, the first to take place in post-war Baghdad.

The Paris Club of 19 rich creditor nations agreed in 2004 to write off 80 percent of some $40 billion debt to help Iraq recover from the 2003 US-led invasion that ousted President Saddam Hussein but triggered years of violence and insecurity.

Debt forgiveness talks with non-Paris Club nations are still under way.

[unirod]

Their all a bunch of proffesional beggars! Maybe Iraq will be the best ever?

[thegente]

here ya go RSS:

http://af.reuters.com/article/idAFL6E8ER7V420120327?pageNumber=3&virtualBrandChannel=0&sp=true

[rsskelton]

here ya go RSS:

http://af.reuters.com/article/idAFL6E8ER7V420120327?pageNumber=3&virtualBrandChannel=0&sp=true

Lol, Thanks!

[Maggie123]

[size="3"][/size]

"Since my first link won't work, here is a similar article from the Jeruselam Post." Rss

Link:

http://www.jpost.com...d=263661&R=

Thanx Rsskelton I like this translation much better anyway!

Edited March 27, 2012 by Maggie123

[TonyDownTheShore]

It's a good thing they're trying to fix some of their debt, it'll be easier to get out of chapter 7, with the help of their neighbors, thanks for the post.

[RodandStaff]

Try this link RSS: http://www.chicagotr...8er7v4-20120327,0,3525145.story

Interesting... spend big buck on renovations.... then wine em and dine em, then ask them to just forget about the past... debt included! Brilliant move... wanna nother beer fella's?

Debt???..... ha, ha... what debt???? Here, have another camel burger!

Thanks for the post RSS!

Come On RV Baby!!!

[Dinarduo]

I never thought about this until but it makes sense to me that they ask forgiveness of these past debts while their currency is still basically worthless. Get as much forgiven as they can and then RV. If they RV'd first it may decrease the likelihood of getting the debts waived. Just a thought. Thanks for the post!

[Riley]

Great find RSS - thanks for posting...Is this just another notch to resolve a portion of the remaining Chapter VII issues?

[cslewis]

I wonder what they're saying/promising to get that forgiveness? Thanks for the post RSS.