No immediate debt relief for Iraq

[Eugene]

Source: Associated Press

No immediate debt relief for Iraq

By EDITH M. LEDERER, Associated Press Writer
43 minutes ago

SHARM EL-SHEIK, Egypt - Saudi Arabia said it is still negotiating with Iraq
over writing off billions of dollars owed it by the war-torn country, and major
creditors Kuwait and Russia failed to offer immediate debt relief — a key goal
of an ambitious blueprint launched Thursday to stabilize Iraq.

The absence of major commitments to reduce Iraq's burdensome debt was a
disappointment at a major regional conference in the Egyptian resort aimed
at showing support for Iraq — and a sign that some, particularly Sunni Arab
nations, are still keeping their distance from Iraq's Shiite-led government.

Still, the Iraqi government, the United Nations, and many of the more than
60 countries and international organizations gathered here hailed the launch
of the blueprint as a milestone.

The International Compact with Iraq sets ambitious benchmarks to achieve a
stable, united, democratic Iraq within five years. It defines international
help for Iraq — including debt relief — but also sets tough commitments on
the Baghdad government, particularly carrying out reforms aimed at giving
Iraq's Sunni Arabs a greater role in the political process.

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Read more: http://news.yahoo.com/s/ap/20070504/ap_on_re_mi_ea/iraq_conference