The United Arab Emirates is the first Arab nation to step up to the plate to offer any significant financial help toward Iraq's fledgling democratic republic.
The UAE's official news agency WAM said the principle debt owed by Iraq totaled $4 billion loaned at different times. A UAE diplomatic source told Reuters the total sum that would be forgiven was almost $7 billion, including interest and arrears.
The Bush Administration has been pushing hard for Arab nations to help Iraq financially & diplomatically to ease its isolation, and promote stability in the region.
But, true to form, as in very limited help after the devastating Dec. 2004 tsunami, which inflicted mass death & destruction on the most populated muslim nation in the world: Indonesia; the muslim nations of the world have offered precious little in the way of help to their Arab brethren in Iraq.
And, again, true to form, the West (along with Japan) has done most of the heavy lifting.
Over the past three years, about $66.5 billion of Iraq's overall $120.2 billion foreign debt has been forgiven. The Paris Club canceled $42.3 billion, including Russia's $12 billion.
Non-Paris Club members have canceled a total $8.2 billion. A total $16 billion has been canceled by commercial creditors.
Last year, Saudi Arabia pledged to cancel 80 percent of more than $15 billion in Iraqi debt but has yet to follow through. Kuwait, also owed $15 billion, has yet to write off any debts.
The only other diplomatic bright spots this year are proposed visits from Jordan's King Abdullah and Turkish Prime Minister Tayyip Erdogan. King Abdullah would be the first Arab head of state to visit Iraq since the invasion.
Sunni Arab governments who once funded Iraq's 1980-1988 war against Shi'ite Iran have held back from establishing top-level ties with Baghdad since the U.S.-led war toppled Saddam Hussein, citing poor security and extensive Iranian influence.
Yup. It does appear that Iraq's Arab neighbors don't want to stick their neck out for their infant Mid East brother.
I predict that once the West is done with their investment of blood, toil, and treasure to return the "Land of Two Rivers" to its cultural & economic preeminence, those same cuckold Arab neighbors will strut into Baghdad with tail feathers high, loudly crowing how great allah is, and how strong islam will forever be (as long as the West does all the heavy lifting & feeds them all those petro-dollars).
