UAE cancels nearly $7b in Iraq debt, names envoy
7/8/08
The United Arab Emirates has cancelled almost $7 billion of debt including interest and arrears payments owed by Baghdad, becoming the first Gulf Arab country to forgive all of Iraq’s debt. The United States has pressed Arab governments to support Iraq’s recovery by joining Western nations in forgiving their share of Iraqi foreign debts that total up to $80 billion. Washington also wants Arab capitals to establish high-level diplomatic representation in Iraq. In a step towards easing Baghdad’s diplomatic isolation, the UAE appointed its new ambassador to Iraq on Sunday during a visit by Iraqi Prime Minister Nouri Maliki. The move came a month after the UAE’s Sheikh Abdullah Ben Zayed Nahayan became the first Gulf Arab foreign minister to visit Baghdad since the US-led invasion in 2003.