Iraq to resume payments of Gulf War reparations to Kuwait, said UN
Iraq has agreed to resume payments from its oil revenues to compensate fully the $4.6 billion (Dh16.9 billion) still owed to Kuwait for destruction of its oil fields and facilities during the 1990-91 Gulf War, the United Nations said on Tuesday. Payments from the UN fund, which were suspended since October 2014 due to security […]Iraq has agreed to resume payments from its oil revenues to compensate fully the $4.6 billion (Dh16.9 billion) still owed to Kuwait for destruction of its oil fields and facilities during the 1990-91 Gulf War, the United Nations said on Tuesday.
Payments from the UN fund, which were suspended since October 2014 due to security and budgetary challenges faced by Iraq in its fight against ISIL, will begin with 0.5 percent of its oil proceeds in 2018 and escalate annually until the end of 2021, the UN Compensation Commission said.
"Based on oil price and export projections, this would result in payment in full of the outstanding claim award," the UNCC said in a statement issued in Geneva.
