Kuwait says remaining compensations for Iraqi aggression hit USD 6.879 bln

Kuwait says remaining compensations for Iraqi aggression hit USD 6.879 bln

30/04/2014 | 03:18 PM | Kuwait News

GENEVA, April 30 (KUNA) -- The State of Kuwait said here on Wednesday that the remaining compensations for damage resulting from the Iraqi aggression amount to USD 6.879 billion after having received USD 1.03 billion in January and USD 990 million in April.
This was announced by Khaled Ahmad Al Mudhaf, chairman of the board the public authority for assessment of compensation for damages resulting from the Iraqi aggression (PAAC), at the opening of the 77th Session of the UN Compensation Commission (UNCC).
He said: "The State of Kuwait thanks the Governing Council and the UNCC Secretariat for the distribution, on 23 January 2014 of approximately 1.03 billion US Dollars; and 990 million US Dollars on 24 April 2014. With these payments, approximately 6.879 billion US Dollars remain outstanding and we thank the Council for its continuing effort in maintaining the entity of the UNCC to ensure the quarterly payments until all the compensation is paid in full." He noted that Kuwait's sustained receipt of these payments depends on the continued replenishment of the Compensation Fund in accordance with relevant Security Council Resolutions.
He stressed the need for continuation of regular deposits in the Compensation Fund, as provided for in UN Security Council Resolution 1956, of 5 percent of the proceeds from all export sales of petroleum, petroleum products and natural gas of Iraq; as well as 5 percent of the value of any non-monetary payments of petroleum, petroleum products and natural gas.
In this regard, Kuwait would like to acknowledge the ongoing commitment of Iraq to fulfill its obligations, he said, emphasizing the importance of continuing to maintain a transparent mechanism to ensure that the amounts deposited into the Compensation Fund are accurate.
It is the sustained deposit of these funds in the Compensation Fund that will lead to the ultimate fulfillment of the Governing Council's mandate regarding full payment of the compensation that the Council has found to be due to the people of the State of Kuwait.
He added that the State of Kuwait has in different communications renewed and reiterated its commitment and readiness to discuss the issue under the auspices of the UNCC.
"We acknowledge the efforts of the UNCC and, in particular, that it stands ready to provide experts and technical assistance to help achieve real progress on this issue," he noted.
He went on to say: "In the meantime, we would like to recall that guaranteeing payment of the outstanding amount to Kuwait is a responsibility of the Governing Council under its original mandate. Therefore, the UNCC should not relent in its efforts until the full amount is paid." Having provided the political assurances to the Governing Council and having received the withheld funds under decision 258, the Government of the State of Kuwait, since receipt of the program, is moving with success and progress, Al Mudhaf said, adding that the State of Kuwait will submit its report in May 2014 as agreed with the Governing Council.
Finally, he said his country would like to welcome the new members of the Governing Council, namely: Ambassador Malloum Bamanga Abbas, Permanent Representative of Chad; Ambassador Jos?© Luis Balmaceda, Permanent Representative of Chile; Ambassador Rajab M. Sukayri, Permanent Representative of the Hashemite Kingdom of Jordan; Ambassador Rytis Paulauskas, Permanent Representative of Lithuania; and Ambassador Umunna Humphrey Orjiako, Permanent Representative of the Federal Republic of Nigeria.

http://www.kuna.net.kw/ArticleDetails.aspx?id=2374901&Language=en

Tsk, tsk, can't imagine why Kuwait doesn't trust Iraq to keep it's word without oversight by the Council and the Compensation fund.  

few billion here or there weslin .. lol .. whos counting .. lol