United Nations: Iraq to resume payment of Kuwaiti compensation in 2018

United Nations: Iraq to resume payment of Kuwaiti compensation in 2018

Posted, 2017/11/22 21:08

United Nations - Iraq to resume payment of Kuwaiti compensation in 2018[Oan- follow – up] The
United Nations announced on Tuesday that it had accepted a proposal from Iraq to allocate 0.5 percent of its oil revenues next year in order to pay $ 4.6 billion compensation to Kuwait for the destruction of oil facilities during the invasion of the former regime of Kuwait in 1990 and 1991.
The UN Compensation Commission said in a statement that “the payments, which have been suspended since October 2014, due to security challenges and budgetary problems faced by Iraq, will increase annually until the end of 2021,” adding that “Kuwait accepted the proposal.”
“Based on oil prices and export expectations, this will result in the payment of the remaining compensation,” she said, referring to KPC’s claim, the largest amount approved by the Geneva-based Compensation Commission.

alliraqnews.com