The United Nations Compensation Committee (UNCC) will hand over to Kuwait the last batch of compensation owed to it from Iraq “at the end of this month or the beginning of next January at the latest.”
Al-Rai has learned the UNCC “will meet in February to issue its own report that Iraq has fulfilled all his obligations in terms of paying the compensation claims in full to Kuwait.
The sources were commenting on the announcement of the Central Bank of Iraq to pay the last installment of Kuwait’s compensation amounting to $44 million, “and thus Iraq will have paid in full the compensation money” approved by the United Nations Security Council Committee (UNSCC) under Resolution No. 687 of the year 1991, totaling $52.4 billion.
The sources explained to Al-Rai that Iraq will pay the last $44 million installment to close the remaining part of $629 million for Kuwait, revealing that $44 million has remained after deducting about $585 million from Iraq’s oil sales, so the Iraqi government decided to pay the remaining amount instead of waiting for the next quarterly deduction payment due in the spring of 2022.”
The sources indicated that the Iraqi government wants to achieve two goals by doing so: the first is a friendly signal to Kuwait of its desire to honor its commitments, and the second is to re-integrate the Iraqi banking system with the global banking system.
In accordance with Security Council resolutions, the percentage deducted from the proceeds of export sales of oil and its products was 5% in 2003, then it decreased to 0.5% in 2018, and then rose to 1.5% in 2019, to stabilize since 2020 at 3%.
Read Today's News TODAY... on our Telegram Channel click here to join and receive all the latest updates t.me/thetimeskuwait
