UAE writes off Iraq debts

Published July 6th, 2008 - 09:06 GMT

UAE's President Sheikh Khalifa bin Zayed Al Nahyan, said the UAE has written off the Iraqi debts and interest worth US$4 billion. The debts were offered to Iraq in different periods.


The gesture was made Sunday at the reception given by Sheikh Khalifa to the visiting Iraqi Prime Minister Nouri Al Maliki, at Al Buteen Palace.


According to WAM, Sheikh Khalifa said the UAE's decision to write off the Iraqi debts was "genuine expression of brotherhood and solidarity between the two countries. It is also an effort to assist Iraq to execute reconstruction projects and rehabilitation of institutions".


He added that the decision would ease economic burden on the Iraqi people. Sheikh Khalifa noted that "the restoration of security in Iraq is the cornerstone in rehabilitation and resumption of its active regional and international roles", adding that there was a need to assist Iraq to achieve those goals, citing that the UAE has decided to re-open its embassy in Baghdad.


He referred to the relative improvement in security in Iraq, adding that such improvement would help success of political process in the country. 


On his Part, the Iraqi Prime Minister, expressed his gratitude to the UAE initiative, saying that "it reflects the fraternity between the two peoples of UAE and Iraq. The UAE's decision to write off the debts will enhance the credit position of Iraqi economy and spur restoration of security and stability".


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