United Nations agree to Iraq’s request to postpone the payment of compensation to Kuwait

United Nations agree to Iraq’s request to postpone the payment of compensation to Kuwait

Posted, 19 December / 1 December 2014 20:29

United Nations agree to Iraqs request to postpone the payment of compensation to Kuwait[Follow-where]

The United Nations announced it had agreed to Iraq’s request to postpone the amount paid the final installment of compensation to Kuwait for a period of one year.

According to a statement received by all of Iraq [where] a copy of the “Council of the United Nations Compensation Commission under the chairmanship of Australia today held a special session to consider the issue of the level of contributions to Iraq in the Compensation Fund in response to a request from the Government of Iraq agreed to postpone Iraq’s commitment to the deposit of five percent of oil revenues and five per cent of the value of any non-cash payments to service providers in the Compensation Fund until January 1 of next year 2016. ”

He added that “the Governing Council welcomed the support of Kuwait to the request of Iraq,” noting that “it is very difficult for the security conditions in Iraq and the unusual challenges of the budget related to confront this issue Administration Council adopted this resolution.”

The UN official said on Wednesday that “Iraq’s request to postpone the payment of $ 4.6 billion in compensation to destroy oil installations in Kuwait,” a result of Saddam Hussein’s occupation of Kuwait in 1990-1991 regime.

The Finance Minister Hoshyar Zebari said Thursday that Iraq seeks “to postpone the value of a final batch of 4.6 billion dollars of compensation concerning the occupation of the former regime of Kuwait in 1990 and 1991,” adding, “We are truly committed to pay this money on time until this moment.”

He added “We are holding discussions with Kuwaiti and seek to postpone payment for two years, or at least for a year to make some room, to provide a realistic budget,” adding that “the delay of a year or two will give Iraq an outlet of the financial crisis.”

For his part, announced that First Deputy Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah said “Kuwait has responded and will respond in whatever alleviates these difficulties faced by the brothers in Iraq within the powers entrusted to the Committee on compensation and without prejudice to the UN Security Council resolutions.”

He added that “the international community is responsible for the difficult economic situation in Iraq,” adding that “the Committee on compensation and emanating from the UN Security Council resolutions will consider this request.”

This comes Iraqi request of Kuwait at a time when the government is facing a liquidity crisis due to falling oil prices and fight al Daash.

Since the first time allowed the resumption of Iraq’s oil sales for nearly two decades before Iraq pays money to a United Nations body that oversees compensation for looting and damage caused by the previous regime of the occupation of Kuwait in the nineties of the last century, which lasted seven months.

It was compensation from Iraq to exchange more than a million demands were almost all pay and compensation totaling $ 52.4 billion of annual allocations amounting to five percent of the oil export revenue protection from Iraq to the United Nations Taweidat.anthy