UAE writes off Iraq's $7 Billion owed to them

I am enormously impressed with this brotherly and very generous, indeed huge, decision. May God bless you with great mercy and generosity in return.

http://www.arabnews.com/?page=24&section=0&article=111593&d=7&m=7&y=2008

snip

ABU DHABI: The UAE yesterday waived all of nearly $7 billion Iraq owed the emirates and appointed an ambassador to Baghdad.

The announcements were made by UAE President Sheikh Khalifa ibn Zayed Al-Nahyan during a reception he held for visiting Iraqi Prime Minister Nuri Al-Maliki at Al-Buteen Palace in Abu Dhabi.

State news agency WAM said the principal debt owed by Iraq to the UAE totaled $4 billion loaned at different times. Sources told Arab News that with interest accruing on the principal over time the total debt amounted to just under $7 billion.

Maliki, in office since May 2006, thanked the UAE for the debt cancellation, telling a meeting with local businessmen in Abu Dhabi that it was a “swift and courageous” decision.

WAM quoted Sheikh Khalifa as saying he hoped canceling the debt would lighten the “economic burden” facing Iraqis, whom he urged to unite behind Maliki’s government.

Iraq has been appealing for relief of at least $67 billion in foreign debt — owed mostly to Arab countries which have been reluctant to forgive Iraq’s belligerence during Saddam Hussein’s regime.