UAE Cancels $7 Billion Debt Owed by Iraq

The United Arab Emirates announced that it has wiped out the nearly $7 billion debt owed by Iraq in a move that relieves some of the political pressure the war-torn country faces.

The announcement came as Iraqi Prime Minister Nouri Maliki was visiting the UAE.

Iraq has seen its position in the Middle East shift due to its Shia government which shares close ties to Iran. Many of its Sunni neighbors have downgraded their political involvement and the UAE’s move could open the door for more dialogue.

For their part the Iraqi government has cracked down on Shia militias and that move has been seen as a positive sign by Sunni governments.

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