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Adviser to the Prime Minister for Financial and Economic Affairs, Mazhar Muhammad Salih, suggested, on Sunday (August 8, 2021), that the Iraqi compensation file for Kuwait would end early next year when the last payment of it, amounting to less than one billion dollars, was paid.
Saleh told IQ News , "Baghdad will pay Kuwait the last batch of compensation imposed on it following the invasion of Saddam Hussein's regime in 1991, and it is hoped that this will take place early next year, to close this file completely," noting that "the rest of the compensation is less than Billion dollar".
He added, "The method of payment is carried out according to the mechanism established by Security Council Resolution No. 1483 in 2003, through the establishment of an account of oil receipts, from which compensation for the Kuwait war will be deducted," explaining that "the deduction is 3% of the value of each barrel of oil exported by Iraq."
The United Nations obligated Iraq, in 1991, to pay $52.4 billion to Kuwaiti individuals, companies, and government agencies in compensation for the "damage they suffered" following Saddam Hussein's invasion of Kuwait that year.
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