2 lawmakers say economic summit to bring investors to Iraq

BAGHDAD / IraqiNews.com: Two lawmakers specialized in economic affairs expected that the Kuwait economic summit, due today in Kuwait, will contribute toward bringing investors to Iraq and writing off its debts. Deputy head of the oil and gas committee of the Iraqi Parliament, Abdul Hadi al-Hassani, told IraqiNews.com news agency that he hopes that the economic summit in Kuwait will contribute in rebuilding the Iraqi private and national sector and to bring the economic and investment institutions to Iraq. “We hope that the summit will write off the Iraqi debts by Kuwait and Saudi Arabia,” he added. The Paris Club of creditor nations had last month written off $7.8 billion (one dollar = 1,117 Iraqi dinars) of Iraq’s debts due since the time of the former regime. The Paris Club said its decision followed the completion last week of a review by the International Monetary Fund of Iraq’s economic reforms and its 2009 budget. The group agreed in 2004 to write off some $32 billion of Iraq’s Saddam Hussein-era debt, which once totaled $125 billion including debt owed to non-Paris Club members. Iraq’s debts due for Kuwait and Saudi Arabia are up to $20 billion. The United Arab Emirates (UAE) has written off all its due debts of $3 billion. He called on all creditor countries to drop all compensations, because Iraq is passing through a very hard stage after the collapse of the global economic system which affects the price of oil and the Iraqi economic. “Kuwait demands $52 billion in compensations from Iraq, of which the latter has paid $27 billion,” he said. For his part, MP from the Kurdistan Alliance (KA) and member of the economic committee, Mohamed Khaliel, said that “the summit will discuss the compensation file and the Iraqi debts owed to the government of Kuwait.” “The Iraqi compensations owed to Kuwait impacts the Iraqi investment budget, because 70 percent of Iraq’s revenues come from oil,” he added. The Arab Summit was mooted by Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah and Egypt. The Arab Economic Summit will discuss, among other issues, the repercussions of the global financial crisis on the economies of Arab countries, ways to solve those problems, and how best to coordinate among these countries to create real economic partnership to expedite socio-economic development growth.   SH (S)/SR   1