US embassy cable - 04ABUDHABI4127

C O N F I D E N T I A L ABU DHABI 004127 
 
SIPDIS 
 
DEPARTMENT FOR NEA AND EB/IFD/OMA 
 
E.O. 12958: DECL ON 11/21/14 
TAGS: EFIN, ECON, IZ, TC 
SUBJECT:  IRAQI DEBT REDUCTION AND THE SHARM EL-SHEIKH 
CONFERENCE 
 
REF: A) CAIRO 8460, B) STATE 238110 
 
(U) Classified by Ambassador Michele J.. Sison for reasons 
1.4 (b & d). 
 
1. (U) This is an action request.  See paragraph 4. 
 
2. (C) Ambassador delivered ref B demarche encouraging the 
UAE to commit publicly to extending Iraq debt reduction 
terms at least comparable to those negotiated between the 
Paris Club and the IIG to MFA U/S Abdullah Rashid Al-Noaimi 
on November 20, the first day the UAEG reopened after a 
two-week shutdown, due to the death of Sheikh Zayed.  Al- 
Noaimi said that he did not think that the UAE would do 
"any less than the Paris Club was doing."  He asked that 
the USG provide the UAEG with draft language that it could 
use in a public statement and information on debt owed to 
Paris Club and non-Paris Club creditors and on commitments 
made by other creditors to reduce debt.  He reiterated that 
he did not think the UAE would do less than other 
creditors, because the UAE wanted to help the Iraqis. 
 
3. (C) Al-Noaimi confirmed that the Iraqis had asked to 
meet with the UAE Ministry of Finance to talk about debt 
issues.  He also confirmed that the debts were owed to the 
Emirate of Abu Dhabi, rather than to the Federal 
Government. 
 
4. (C) Action request.  The UAEG understands that we are 
asking them to publicly demonstrate their support for deep 
debt relief and commit to providing comparable terms to a 
Paris Club deal, however they are asking for language that 
they can use in making a public statement.  In addition, 
please provide any information that can be provided on the 
amount of debts owed to other creditors and any information 
on how they are treating that debt.  End action request. 
 
5. (U) Minimize considered. 
 
Sison