Iraq still owes Kuwait 22.3 bln USD in war reparations ...

August 18, 2010

Iraq still owes Kuwait 22.3 bln USD in war reparations

Iraq still owes Kuwait 22.3 billion U.S. dollars in reparations for damage caused by Iraq's 1990 invasion of the Gulf state, a Kuwaiti official was quoted as saying in press remarks published on Tuesday.

All the compensation payments due to individuals and companies were paid since 2007 and all the remaining payments still owed are due to the government and the oil sector, Mansour Hayat, a senior official at the Public Authority for Assessment of Compensation for Damages Resulting from Iraqi Aggression (PPAC), told al- Seyassah newspaper.

Kuwait will receive the remaining funds in line with the schedule set by the UN compensation commission, he added.

Hayat noted that Kuwait received about 4.9 billion U.S. dollars that were distributed among 231,430 individuals and 3.3 billion U. S. dollars that were paid to 2,754 companies, denying that there are still unpaid compensations due to these two categories.

The United Nations in 1994 set up a reparations fund for Saddam Hussein's 1990 invasion of its neighbor Kuwait and the ensuing battles, obliging Iraq to put five percent of its oil revenues into the special fund.

To date, Iraq has paid to Kuwait around 30.15 billion dollars.

Citing the financial crisis and the large sum of money already paid, Iraqi Prime Minister Nuri al-Maliki called last year on the United Nations to write off the burden of his country's obligations.

Source: Xinhua

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