Iraq asks nations to forgive foreign debt

STOCKHOLM, Sweden, May 29 (UPI) -- Iraq asked its creditors Thursday to cancel $62.5 billion in foreign debt while it rebuilds in the aftermath of Saddam Hussein's reign and a prolonged war.

Officials said Iraq would not require more financial support, but is looking for technical assistance in the canceling of its debt and the reopening of its embassies, EuroNews.net reported.

At an international conference in Sweden, United Nations Secretary-General Ban Ki-moon said Iraq had made "notable progress in all three pillars of the Compact -- in the security, political and economic fields."

The International Compact with Iraq, signed last year in Egypt, outlined reforms for the country.

"For this, Prime Minister Maliki, his government and the people of Iraq deserve or commendation," he said.

In Sweden, Maliki said, "The debts of Iraq ..., which we inherited from the dictator, hamper the reconstruction process," the Financial Times reported.

The conference in Stockholm is expected to draw over 500 delegates, including U.S. Secretary of State Condoleezza Rice.

Senior U.N. Envoy to Iraq Staffan de Mistura called the conference "crucial" al-Jazeera reported Thursday.

"Either Iraq will become a sovereign, capable, stabilized country, or there will be chaos," he said.