Kuwait’s compensation file awaits complete closure.. UN meetings are expected

Kuwait’s compensation file awaits complete closure.. UN meetings are expected

2021-12-23 | 02:59

Kuwaits compensation file awaits complete closure.. UN meetings are expectedAlsumaria news

The Chairman of the Committee of Financial Experts, Abdul Basit Turki, received an invitation to attend the meetings of the Compensation Committee at the United Nations, on February 9th, related to the invasion of Kuwait.
Turki said in an interview with Alsumaria News, today, Thursday, that “the invitation sent by the head of the Compensation Committee to the UN Security Council, Irene, referring to him, included a mention of the possibility of holding side meetings, before starting the work of the sixteenth special session of the Compensation Committee Board of Directors in Geneva on February 9 of next year.

He added that the meetings to permanently close the compensation file will start next February.

Turkish called Ministry of Foreign Affairs And the concerned authorities to “draft a draft resolution that includes the output of Iraq fully from the provisions of Article VII of the Charter of the United Nations, stressing the need for the upcoming resolution to provide for “protection of Iraq from any claims related to the compensation of the Kuwait war, whether it is individual claims or the filing of cases related to compensation.” He also called for “the annulment of all decisions that resulted from the Kuwait war.”

And last Tuesday, it was announced Central Bank of Iraq In a statement received by Alsumaria News, “Completing the payment of the last remaining installment of compensation Kuwait amounting to (44) million US dollars, thus Iraq I have paid the full amount of compensation I approved United Nations Compensation CommissionAffiliate ‘sUN Security CouncilAccording to Resolution No. (687) for the year 1991, with a total of (52.4) billion US dollars forKuwait”.

Chapter VII of the UN Charter provides for “coercive measures” if peace is threatened, ranging from economic sanctions to resort to force.

Chapter VII allows pressure on a country to compel it to abide by the goals it has set Security Council, before coercive measures are applied.

and was founded Committee of Financial Experts Based on a decision of the Council of Ministers, on the recommendation of the United Nations, to replace the International Advisory and Monitoring Board, which was formed by the Vice President of the World Bank, the Vice President of the International Monetary Fund, and a representative of the International Resolution No. The Arab Economic and Social Development Fund, headed by the United Nations Financial Assistant, who later replaced it Abdul Basit Turki.

The UN Compensation Committee was formed in 1991, obligated Baghdad to pay $ 52.4 billion in compensation to individuals, companies, governmental organizations and others who incurred losses resulting directly from the invasion of Kuwait.

and stop Iraq It stopped making payments in 2014 during the war on ISIS, which controlled large parts of the country, but resumed payments in 2018.

It is noteworthy that the Development Fund for Iraq and the subsequent account was established by virtue of a decision Security Council No. 1483 on May 22, 2003, to manage the revenues of crude oil and oil products exported from IraqThe remaining balance is from the Oil-for-Food Program and the receipts from frozen assets from the previous regime.

The fund consists of bank accounts with the US Federal Bank in New York, which are managed byCentral Bank of Iraq On behalf of Ministry of Finance, which has an account with the Iraqi Central Bank numbered 300600 (the subsequent account), which was opened in 2014.

According to a Security Council resolution, Referred to in the above, 95 percent of the receipts from exports of oil, oil and natural gas sales must be deposited in the fund, while 5 percent is transferred to the account of the United Nations Compensation Fund, in accordance with Security Council Resolution No. 687 in 1991 and subsequent resolutions.

This fund constitutes a source of financial financing forMinistry of FinanceWhere money is transferred from the fund to accounts Ministry of Finance Subsidiaries are then distributed to state ministries and institutions, according to the budget allocated to each of them, in addition to using them to pay foreign debts and cover the costs of credits and other foreign transfers.