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Iraq fulfills its obligations to Kuwait under UNCC supervision

Category: Economy

Date: 2021-12-21T20:40:21+0000
Iraq fulfills its obligations to Kuwait under UNCC supervision

Shafaq News/ The Central Bank of Iraq announced, on Tuesday, that Iraq paid the last payment to Kuwait, amounting to 44 million dollars.

 The Bank said that "the last installment of the State of Kuwait's compensation was paid.”

 "Iraq has completed the full payment of the compensation amounts approved by the United Nations Compensation Committee of the UN Security Council, with a total of 52.4 billion US dollars for the State of Kuwait."

It added, "It is hoped that the last payment of compensation will contribute to removing Iraq from Chapter VII, as well as its impact on reintegrating the Iraqi banking system into the global banking system."

Under the United Nations Compensation Commission (UNCC), Kuwait and Iraq agreed that payments would gradually increase from 0.5 percent of Iraqi oil proceeds in 2018 to 1.5 percent in 2019 and 3 percent in both 2020 and 2021.

Located in Villa La Pelouse within United Nations Office in Geneva, Switzerland., UNCC was created to process claims and pay compensation for losses and damage suffered due to Iraq's unlawful invasion and occupation of Kuwait in 1990-91.

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