Sunday, September 10, 2006
Iraq donor conference held in Abu Dhabi
Economy
On Sunday Iraqi officials including Deputy Prime Minister Barham Saleh attended a donor conference in Abu Dhabi in abid to gain financial support from American, European and Arab governments. The UN and U.S.-led International Compact for Iraq talks were held in order for Iraq to ouline econmic reforms it will make in return for pledges of economic support.
Officials from the U.S., Europe, Japan, Korea and Iraq's Arab neighbours along with the U.N., World Bank and International Monetary Fund. The meetings are part of the U.S. and UN-backed International Compact for Iraq, a five-year plan to bring peace and development to the country.
Participants are working to estimate the amount of financial support Iraq needs through 2012 to rebuild its economy. The estimate includes money that Iraq can be expected to raise, primarily through oil exports. Any deficit would be made up by international donors. The most urgent reforms sought by the international donors are a hydrocarbons law that would outline ownership — and foreign investment — in Iraq's oil reserves and a reduction of government's subsidies for food and gasoline, participants said.
Sunday's meeting was in preparation for twin Sept. 18th summits on Iraq. In New York, Iraqi Prime Minister Nouri al-Maliki and Secretary-General Kofi Annan are expected to discuss Baghdad's political reforms, while global finance ministers discuss economic proposals in Singapore on the sidelines of a World Bank and IMF meeting.
Speakers seemed unsure whether well-targeted international aid could wrest Iraq from its spiraling chaos.
Speakers seemed unsure whether well-targeted international aid could wrest Iraq from its spiraling chaos.
