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May 30, 2008
Arab Nations Fail to Forgive Iraq=92s Debts
By THE ASSOCIATED PRESS
UPPLANDS VASBY, Sweden (AP) =97 A United Nations conference on Iraq
ended Thursday with a declaration encouraging debt forgiveness, but
without commitments from Iraq=92s biggest creditors.
Iraq has at least $67 billion in foreign debt =97 most of it from loans
by Saudi Arabia, Kuwait, the United Arab Emirates and Qatar during
Saddam Hussein=92s rule. The United Nations Compensation Commission says
that separately, $28 billion remains to be paid for Iraq=92s 1990
invasion of Kuwait. Iraq sets aside 5 percent of its oil revenue to
meet the compensation claims.
Iraq is expected to reap tens of billions of dollars in oil revenue
this year because of record-high fuel prices worldwide. Its oil
revenues were $16 billion in the first quarter of the year and $5.9
billion last month alone.
But the government maintained that it should not be obligated to repay
obligations incurred under Mr. Hussein=92s dictator****p, which denied
basic rights to its citizens, including any say over government
policy.
Prime Minister Nuri Kamal al-Maliki of Iraq, who attended the
conference, called on neighboring countries to forgive debt and
compensation payments, saying they were hindering Iraq=92s recovery,
despite a reduction in violence.
The meeting=92s declaration encouraged creditors to =93consider resolving
outstanding debts to Iraq.=94 However, there were no vows to do so from
Arab nations.
The conference was the first annual review of the International
Compact with Iraq, a five-year plan that outlined help for Iraq =97
including debt relief =97 but also committed Baghdad to giving Sunnis a
greater role in the political process.
Sunni-dominated Saudi Arabia announced last year that it would forgive
Iraq=92s debt, but so far it has failed to do so. Kuwait, also led by
Sunnis, still insists that Iraq pay compensation for damages from the
1990 invasion.
More than 500 delegates attended the conference here, including the
United States secretary of state, Condoleezza Rice; the United Nations
secretary general, Ban Ki-moon; and Iran=92s foreign minister,
Manouchehr Mottaki.
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