Kuwait’s compensation file awaits complete closure.. UN meetings are expected

[size=52]Kuwait’s compensation file awaits complete closure.. UN meetings are expected[/size]

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[size=45]The Chairman of the Committee of Financial Experts, Abdul Basit Turki, received an invitation to attend the meetings of the Compensation Committee at the United Nations, on February 9th, related to the invasion of Kuwait.[/size]
[size=45]Turki said in an interview today, Thursday, that “the invitation sent by the head of the Compensation Committee to the UN Security Council, Irene, referring to him, included a mention of the possibility of holding side meetings, before the start of the work of the sixteenth special session of the Compensation Committee Board of Directors in Geneva on February 9 of the year next.”[/size]
[size=45]He added that the meetings to permanently close the compensation file will start next February.[/size]
[size=45]Turki called on the Ministry of Foreign Affairs and the concerned authorities to “draft a draft resolution that includes removing Iraq from the provisions of Chapter VII of the Charter of the United Nations completely,” stressing the need for the upcoming resolution to “protect Iraq from any claims related to Kuwait war compensation, whether it is individual claims or not. Filing lawsuits related to compensation. He also called for "the annulment of all decisions that resulted from the Kuwait war."[/size]
[size=45]And last Tuesday, the Central Bank of Iraq announced in a statement received by Alsumaria News, “The completion of the payment of the last remaining installment of the State of Kuwait’s compensation amounting to (44) million US dollars, and thus Iraq has completed the full payment of the compensation amounts approved by the United Nations Compensation Committee of the Council of Ministers. International security under Resolution No. (687) for the year 1991, with a total of (52.4) billion US dollars for the State of Kuwait.[/size]
[size=45]Chapter VII of the United Nations Charter provides for "coercive measures" if peace is threatened, ranging from economic sanctions to resorting to force.[/size]
[size=45]Chapter VII allows the exercise of pressure on a country to compel it to abide by the goals set by the Security Council, before coercive measures are applied.[/size]
[size=45]The Committee of Financial Experts was established based on a decision of the Council of Ministers, based on the recommendation of the United Nations, to replace an independent specialized Iraqi body in the place of the International Advisory and Monitoring Council, which had been formed under International Resolution No. 1483 of 2003 by the Vice President of the World Bank and the Vice President of the International Monetary Fund International, and a representative of the Arab Economic and Social Development Fund, headed by the United Nations Financial Assistant, who was later replaced by Abdul Basit Turki.[/size]
[size=45]The UN Compensation Committee was formed in 1991, obligated Baghdad to pay $ 52.4 billion in compensation to individuals, companies, governmental organizations and others who incurred losses resulting directly from the invasion of Kuwait.[/size]
[size=45]Iraq stopped making payments in 2014 during the war on ISIS, which took control of large parts of the country, but resumed payments in 2018.[/size]
[size=45]It is noteworthy that the Development Fund for Iraq and the subsequent account was established pursuant to Security Council Resolution No. 1483 on May 22, 2003, to manage the revenues of crude oil and oil products exported from Iraq, the remaining balance of the Oil-for-Food Program and receipts from frozen assets from the former regime.[/size]
[size=45]The fund consists of bank accounts with the US Federal Bank in New York, which are managed by the Central Bank of Iraq on behalf of the Ministry of Finance, which has an account with the Iraqi Central Bank numbered 300600 (the subsequent account), which was opened in 2014.[/size]
[size=45]Under the Security Council resolution, referred to above, 95 percent of the receipts for exports of oil, oil and natural gas sales must be deposited in the fund, while 5 percent is transferred to the United Nations Compensation Fund account, in accordance with Security Council Resolution No. 687 in 1991, and subsequent resolutions .[/size]
[size=45]This fund constitutes the source of financial funding for the Ministry of Finance, where the money is transferred from the fund to the sub-accounts of the Ministry of Finance, and then distributed to the ministries of state and institutions, according to the budget allocated to each of them, in addition to being used to pay foreign debts and cover the costs of credits and other foreign transfers.[/size]
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