UAE Cancels Iraq Debt

The United Arab Emirates canceled billions of dollars of Iraqi debt Sunday and moved to restore a full diplomatic mission in Baghdad, evidence of Iraq's improved security and growing acceptance of its Shiite-led government. According to AP, the Abu Dhabi government announced the debt relief and the naming of a new ambassador to Baghdad shortly after Iraqi Prime Minister Nouri Al-Maliki began a visit to the wealthy Persian Gulf nation. The news was sure to bolster Maliki's government, which has been urging Iraq's Arab neighbors to forgive loans made during Saddam Hussein's regime and restore diplomatic relations. The Emirates' official news agency, WAM, said the debt was $4 billion excluding interest. A UAE official who spoke on condition of anonymity because he was not authorized to speak to the media said the total debt was... [read full story]                    

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