Iraq delivers a new batch of compensation to Kuwait … and reveals what remains

Iraq delivers a new batch of compensation to Kuwait … and reveals what remains

11/16/2020 10:26:00

Iraq delivers a new batch of compensation to Kuwait ... and reveals what remains{Baghdad: Al Furat News} According to the United Nations Compensation Committee, at the end of last month, Iraq paid $ 230 million in compensation to the State of Kuwait.
A responsible source in the committee stated in a press statement that “the eighty-seventh session of the committee’s board of directors, which was held last month, expressed its appreciation to the Iraqi government for its continued respect for its commitment to deposit 3 percent of the oil revenues resulting from the oil export sales and the compensation fund.”
He added that “the council has studied the reports of the committee’s work, since its last session in November 2019, in various cases. Five payments have been made, with a total of $ 38.1 billion, including a payment of $ 230 million on October 27, 2020, with the last batch remaining. $ 4.2 billion is payable in relation to the Kuwait Oil Company’s claim. ”
He explained that“ the council has studied various issues that will be dealt with in order to bring about an orderly reduction to the committee. ”
The source pointed out that “with the closure of the environmental compensation program in 2013, the Kuwaiti, Jordanian, and Saudi Arabian governments participating in it submitted a written pledge to the completion of their work. “Stressing that“ the subject of submitting reports after closure is under study by the council, and it welcomes, before making a decision, that the government of Iraq will receive in writing its views on submitting reports after closure. ”
Resolution No. 1483 issued in 2003 stipulates that Iraq will pay 5 percent of its exports from sales of oil and its products and gas, in a UN fund established under the name (United Nations Compensation Fund). In 1991, a UN compensation committee was formed to pay $ 52.4 billion. For individuals, companies, governmental organizations and others, who incurred losses directly resulting from the occupation of Kuwait by the Saddam regime in the early 1990s.

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