Iraq completes the payment of 50 billion dollars to Kuwait in compensation for the invasion during t

by **Rocky** Fri 30 Apr 2021, 8:06 am

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Iraq completes the payment of 50 billion dollars to Kuwait in compensation for the invasion during t

by Rocky Fri 30 Apr 2021, 8:06 am

[size=32]Iraq completes the payment of 50 billion dollars to Kuwait in compensation for the invasion during the era of the late President Saddam Hussein[/size]

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Sky Press /

Iraq completed paying $ 50 billion to Kuwait as compensation for its invasion during the era of the late President Saddam Hussein in 1990.
The United Nations Compensation Committee said it had paid $ 380 million to the government of Kuwait, as an Iraqi payment of the total amount owed by Baghdad due to its invasion of Kuwait.
"By paying the amount, which is deducted from the revenues from the sale of Iraqi oil, Baghdad will have paid 50.7 billion dollars," the committee said in a statement.
It stated that an amount of $ 1.7 billion remains on Iraq, representing demands made by the Kuwait Petroleum Corporation, for "the losses resulting from the invasion, and its loss of oil production due to the damages that some fields faced during the invasion."
The Security Council Committee approved; Founded in 1991, Iraq must pay $ 52.4 billion to Kuwaiti individuals, companies and government agencies, who suffered losses due to Saddam Hussein's regime’s invasion of Kuwait.
The committee was established to handle claims and pay compensation for losses and damages incurred by individuals, companies, governments and international organizations as a direct result of the invasion of Iraq and its occupation of Kuwait.
The claims are paid from the United Nations Compensation Fund, which receives a percentage of the proceeds from export sales of Iraqi oil and its products; This rate has been set at 5%, and the percentage has been reduced on more than one occasion, while compensation values are paid every 3 months

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