Tuesday, January 27, 2004

“Substantial” reduction

Saudi Arabia has pledged to reduce the amount of money owed to it by Iraq:

US envoy James Baker wrapped up a four-nation Gulf tour yesterday by securing a promise from Saudi Arabia to negotiate a “substantial” reduction of Iraq’s estimated $28 billion debt to the Kingdom.

The promise came after Baker won pledges from Kuwait, the United Arab Emirates (UAE) and Qatar to write off most, or at least a substantial part of, Iraq’s debts to the three Gulf states.

Crown Prince Abdullah, deputy premier and commander of the National Guard, told the US envoy on the Iraqi debt during a meeting that Riyadh was ready to “enter into negotiations with other principal Iraqi creditors to substantially reduce the Iraqi debt,” said Foreign Minister Prince Saud Al-Faisal.


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