Iraq pays $ 230 million in compensation for the Kuwait war

Date of addendum 11/16/2020
money and business
Economy News – Baghdad

According to the United Nations Compensation Committee, at the end of last month, Iraq paid $ 230 million in compensation to the State of Kuwait.

“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 revenues resulting from sales,” a responsible source in the committee said in a statement reported by the official Al-Sabah newspaper. Exporting oil and petroleum products in the compensation fund.

He added: “The council has studied the reports of the committee’s work, since its last session in November 2019, in various cases, where 5 payments were made, with a total total of $ 1.38 billion, including a payment of $ 230 million on October 27, 2020, with this last batch remaining approximately. $ 2.4 billion is owed in connection with the Kuwait Oil Company claim. ”

He explained that “the council has studied the various issues that will be dealt with in order to achieve an orderly reduction of the committee.”

Resolution No. 1483 issued in 2003 stipulates that Iraq will pay 5 percent of its exports from sales of oil, its products and gas, in a UN fund established under the name (United Nations Compensation Fund), where an international compensation committee was formed in 1991, which obligated Iraq to pay $ 52.4 billion in compensation. For individuals, companies, governmental organizations and others, who suffered direct losses as a result of the occupation of Kuwait.