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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Al-Kazemi’s advisor recommends transferring Kuwait’s compensation to savings and investment

rocky
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Al-Kazemi’s advisor recommends transferring Kuwait’s compensation to savings and investment Empty Al-Kazemi’s advisor recommends transferring Kuwait’s compensation to savings and investment

Post by rocky Fri 05 Nov 2021, 8:23 am

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Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, recommended, today, Friday, that the deducted financial flows of Kuwait’s compensation be transferred to savings and investment.
Saleh said in a statement to the Iraqi News Agency (INA): "The money that has been going outside the national economic cycle in the form of war compensation since 1996, and amounted to $52.4 billion, will turn its deducted annual flows to serve the interest of the national economy, especially in achieving a financial space in resources." Sovereignty of Iraq, with an average of no less than two billion dollars annually, according to the current oil prices, to contribute to enhancing Iraq’s financial sustainability.
He added: "I find it necessary to maintain the path of the transformation of the corresponding amounts of compensation to be savings that flow into the national economic cycle, especially the trend towards financing income-generating investment projects, which is a positive cumulative development process that contributes to promoting growth in the gross domestic product at accelerated rates, after the war compensation was It constituted a negative deduction and a drain on the national income cycle and over the past three decades, as Iraq paid a high direct price in it between war compensation and the costs of inspection teams, and indirect costs represented in the destruction of Iraq’s infrastructure due to the operations of the previous Gulf War, reckless war conflicts and disruption of economic growth opportunities that all formed The costs and burdens may be ten times more than the compensation amounts mentioned.”
Saleh concluded that "the shift from the political economy of the war that Iraq fought between 1990-2003, to the political economy of peace means a shift towards development, progress, stability and building prosperity in a new Iraqi era."
Al-Kazemi's advisor, Mazhar Muhammad Salih, had confirmed earlier that Iraq would end Kuwait's compensation file in early 2022, while revealing the size of the financial compensation paid by Iraq during the past three decades.  
Salih told the Iraqi News Agency (INA): "Based on UN Security Council Resolution No. 692 issued on March 20, 1991, it was decided to establish the so-called United Nations Compensation Committee (  UNCC) to address compensation claims resulting from Iraq's invasion of Kuwait in August 1990, as Iraq had to pay Compensation for international and Kuwaiti individuals and entities totaled approximately $52.4 billion, according to compensation lists approved by the United Nations Compensation Fund.
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