Kuwait’s Treasury: the remainings from the Iraqi compensations are $2.099billion

Shafaq News/ The Minister of Finance, Minister of State for Economic Matters and Investment, Khalifa Hamadeh, revealed that the remaining amount from the Iraqi compensation for Kuwait is 2.099 billion dollars, stressing that Iraq did not request, neither directly nor through mediators, to abolish the remaining balance.

Hamadeh clarified in response to the Kuwaiti parliament that the remaining amount is paid quarterly.

He added, “the payment process will continue this way until the remaining amount is fully paid. The compensations are expected to be fully paid in mid-2022 If the oil price settled at 60 dollars per barrel since the amount is related to the international prices of oil and the Iraqi oil sales”.

Iraq must deposit 5% of oil and gas export revenues in an international fund established under the name of the United Nations Compensation Fund.

In 1991, an international compensation committee was formed, which obligated Baghdad to pay 52.4 billion dollars as compensation for individuals, companies, governmental organizations, and others that inflicted direct losses from the Iraqi invasion and occupation of Kuwait.