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2021-03-30 08:02
Kuwait Finance: The remaining amount of Iraqi compensation is two billion and 99 million dollars
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2021-03-30 08:02
Shafaq News / The Minister of Finance, Minister of State for Economic and Investment Affairs, Khalifa Hamadeh revealed that the remaining amount of Iraqi compensation to Kuwait amounts to two billion and 99 million dollars, stressing that Iraq has not requested, either directly or through intermediaries, to cancel the remaining compensation.
In his response to the Kuwaiti parliament’s question, Hamadeh clarified that "the remaining amount is paid at quarterly intervals."
He added that "the payment process continues in this manner until the entire remaining amount is paid. It is expected that the full compensation will be completed in the middle of 2022, in the event that the price of oil stabilizes at the level of $ 60 per barrel, as the amount of compensation is linked to international oil prices and levels of Iraqi oil sales ".
Iraq must deposit 5 percent of its export earnings from sales of oil, its products and gas in a UN fund established under the name of the United Nations Compensation Fund.
In 1991, an international compensation commission was formed, obligating Baghdad to pay $ 52.4 billion in compensation to individuals, companies, governmental organizations and others, who suffered direct losses resulting from the invasion and occupation of Kuwait.
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In his response to the Kuwaiti parliament’s question, Hamadeh clarified that "the remaining amount is paid at quarterly intervals."
He added that "the payment process continues in this manner until the entire remaining amount is paid. It is expected that the full compensation will be completed in the middle of 2022, in the event that the price of oil stabilizes at the level of $ 60 per barrel, as the amount of compensation is linked to international oil prices and levels of Iraqi oil sales ".
Iraq must deposit 5 percent of its export earnings from sales of oil, its products and gas in a UN fund established under the name of the United Nations Compensation Fund.
In 1991, an international compensation commission was formed, obligating Baghdad to pay $ 52.4 billion in compensation to individuals, companies, governmental organizations and others, who suffered direct losses resulting from the invasion and occupation of Kuwait.
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