Financial Times FT.com

Saudis stall over debt write-off for Baghdad

By Steve Negus in Sharm el-Sheikh

Published: May 4 2007 03:00 | Last updated: May 4 2007 03:00

United Nations secretary-general Ban Ki-moon said yesterday that creditor nations including Britain, Saudi Arabia and China had pledged to waive $30bnof Iraqi debt, approximately 60 per cent of what Baghdad estimates it owes othercountries.

Mr Ban spoke at the end of the first day of a two-day conference in the Egyptian resort town of Sharm el-Sheikh dealing with the UN-sponsored International Compact with Iraq, which aims at winning international support to stabilize and rebuild Iraq.

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