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DUBAI, United Arab Emirates (CNN) -- The president of the United Arab Emirates has agreed to cancel all of Iraq's debts to the country, an official government source said.
Sheikh Khalifa agreed to annul Iraq's nearly $7 billion in debt after meeting with Iraqi Prime Minister Nuri al-Maliki.
Debt relief is a major issue for Iraq, and the West has urged nations to forgive billions in Iraqi debt.
U.S. Deputy Treasury Secretary Robert Kimmitt recently said that a "significant majority" of the Iraq debt is held by Arab states.
"What is going on right now are technical discussions between the Iraqis and each of the Gulf Arab states, including the Saudis, on exactly what the amount of the debt is, whether that would include interest, what are the documents that would support the actual claim," he said in late May.
Al-Maliki's government is seeking to develop close ties to all countries of the region.
Originally posted by gottago
reply to post by TKainZero
Please, $7 Billion is nothing!
... A symbolic gesture from the oil-rich UAE.