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UAE cuts $5.8B Iraq debt

Al-Arabiya reports:

The United Arab Emirates says said it will scrap $5.8 billion in debts owed by Iraq, Emirati foreign minister Sheikh Abdullah bin Zayed al-Nahayan said on Monday after a meeting with his Iraqi counterpart.

“An agreement will be signed soon to lay out the legal framework for waiving old Iraqi debt of $5.8 billion,” Shaikh Abdullah said during a joint news conference hosted with Iraqi foreign minister Hoshyar Zebari.

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