Team Infidel
Forum Spin Doctor
New York Times
May 30, 2008
UPPLANDS VASBY, Sweden (AP) — A United Nations conference on Iraq ended Thursday with a declaration encouraging debt forgiveness, but without commitments from Iraq’s biggest creditors.
Iraq has at least $67 billion in foreign debt — most of it from loans by Saudi Arabia, Kuwait, the United Arab Emirates and Qatar during Saddam Hussein’s rule. The United Nations Compensation Commission says that separately, $28 billion remains to be paid for Iraq’s 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’s dictatorship, 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’s recovery, despite a reduction in violence.
The meeting’s declaration encouraged creditors to “consider resolving outstanding debts to Iraq.” 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 — including debt relief — 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’s 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’s foreign minister, Manouchehr Mottaki.
May 30, 2008
UPPLANDS VASBY, Sweden (AP) — A United Nations conference on Iraq ended Thursday with a declaration encouraging debt forgiveness, but without commitments from Iraq’s biggest creditors.
Iraq has at least $67 billion in foreign debt — most of it from loans by Saudi Arabia, Kuwait, the United Arab Emirates and Qatar during Saddam Hussein’s rule. The United Nations Compensation Commission says that separately, $28 billion remains to be paid for Iraq’s 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’s dictatorship, 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’s recovery, despite a reduction in violence.
The meeting’s declaration encouraged creditors to “consider resolving outstanding debts to Iraq.” 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 — including debt relief — 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’s 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’s foreign minister, Manouchehr Mottaki.