Schroeder: Arab nations should cancel Iraqi debt

1st March 2005, Comments 0 comments

1 March 2005, KUWAIT - German Chancellor Gerhard Schroeder called on Arab nations on Tuesday to join Paris Club countries in substantially cutting debt owed by Iraq. Paris Club countries, a loose federation of about 20 of the world's richest countries, agreed to cut debt owed by Iraq to their governments by 80 percent. "We would welcome a similar step by Arab creditor nations," Schroeder said in an address to a business audience. He added regional tensions, in particular between Kuwait and Iraq, would make

1 March 2005

KUWAIT - German Chancellor Gerhard Schroeder called on Arab nations on Tuesday to join Paris Club countries in substantially cutting debt owed by Iraq.

Paris Club countries, a loose federation of about 20 of the world's richest countries, agreed to cut debt owed by Iraq to their governments by 80 percent.

"We would welcome a similar step by Arab creditor nations," Schroeder said in an address to a business audience. He added regional tensions, in particular between Kuwait and Iraq, would make debt reduction a sensitive issue in some countries.

The Hamburg-based company Dermalog is expected to establish a nationwide passport control system for the Kuwaitis, according to a separate agreement to be signed during Schroeder's visit.

Schroeder was to visit Qatar later in the day.

Qatar, with a population of 750,000, has the world's third largest reserves of natural gas after Russia and Iran.

The chancellor, who is accompanied by a large business delegation, is on a week-long tour of the Gulf region to promote trade. 

Schroeder also conferred with the emir of Kuwait, Sheikh Jaber al-Ahmed al-Sabah, on the last day of his visit to the emirate.

The chancellor was scheduled to visit a job training centre run by German experts and deliver a speech to German and Kuwaiti businessmen before travelling to Qatar later in the day.

Tiny Qatar, with a population of 750,000, has the world's third largest reserves of natural gas after Russia and Iran.

On Monday Schroeder won a promise from Kuwait Prime Minister Sheikh Sabah al-Ahmed al-Saber to try and contain the rise in oil prices.

The chancellor, who is accompanied by a large business delegation, is on a week-long tour of the Gulf region to promote trade.

DPA

Subject: German news 

 

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