IRAQ COMPLETES THE PAYMENT OF 50 BILLION DOLLARS TO KUWAIT IN COMPENSATION

by **Rocky** Wed 28 Apr 2021, 8:02 am

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IRAQ COMPLETES THE PAYMENT OF 50 BILLION DOLLARS TO KUWAIT IN COMPENSATION

by Rocky Wed 28 Apr 2021, 8:02 am

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The United Nations Committee on the Settlement of Claims of Those Affected by the Iraqi Invasion of Kuwait in 1990 said it paid an additional $ 380 million on Tuesday, bringing the total amount it paid to compensation claimants to $ 50.7 billion.

The committee clarified that accordingly, the Kuwaiti government has an amount of $ 1.7 billion, to meet a pending demand made by the Kuwait Petroleum Corporation for its lost oil production and sales as a result of damage to the oil fields.

The payments come from Iraqi oil revenues and are delivered every 3 months.

According to the committee's statement, based on a decision taken in 2017, payments were set at 0.5% of Iraqi oil revenues in 2018, 1.5% in 2019, and 3% in 2020 until the compensation payment is completed.

And the Security Council Committee was established in 1991, and decided that Iraq should pay $ 52.4 billion to Kuwaiti individuals, companies and government agencies, who suffered losses due to Iraq’s invasion of Kuwait.

The claims are paid from the United Nations Compensation Fund, which receives a percentage of the proceeds from the export sales of Iraqi oil and its products, and this rate was set at 5% at the beginning, and the percentage was reduced on more than one occasion until the final amount was agreed upon in 2017.

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