Iraq Pays another $380m Reparations to Kuwait
2nd May 2021 in Iraq Oil & Gas News, Politics
By John Lee.
The United Nations Compensation Commission (UNCC) made available $380 million to the Government of the State of Kuwait towards the Commission’s remaining claim with an outstanding award balance.
The United Nations Compensation Commission is a subsidiary organ of the United Nations Security Council. It was established in 1991 in accordance with Security Council resolutions 687 (1991) and 692 (1991) to process claims and pay compensation for losses and damages incurred by individuals, corporations, Governments and international organizations as a direct result of Iraq’s invasion and occupation of Kuwait (2 August 1990 to 2 March 1991).
The Commission received approximately 2.7 million claims and concluded its review of all claims in 2005. Approximately$52.4 billion was awarded to over 100 Governments and international organizations for distribution to the successful 1.5 million claims in all claim categories.
Successful claims are paid from the United Nations Compensation Fund which receives a percentage of the proceeds generated by the export sales of Iraqi petroleum and petroleum products. This rate was set at five per cent under Security Council resolution 1483 (2003) and reaffirmed in subsequent resolutions. Pursuant to Governing Council decision 276 adopted in November 2017, the percentage was set at 0.5 per cent for 2018, 1.5 per cent for 2019 and 3 per cent for 2020.
The rate will remain at 3 per cent until such time as the outstanding compensation has been paid in full. Payments are made on a quarterly basis utilizing all available funds in the Compensation Fund under Governing Council decision 267 (2009).
With today’s payment, the Commission has paid $50.7 billion, leaving approximately $1.7 billion to be paid towards the outstanding claim. This category E claim was submitted by the Government of the State of Kuwait on behalf of the Kuwait Petroleum Corporation and awarded $14.7 billion in 2000 for oil production and sales losses as a result of damages to Kuwait’s oil field assets. It represents the largest award by the Commission.
Parliamentary committee: The government has failed to contain the economic situation and Iraq has entered a major recession
A member of the Parliamentary Economic Committee, Representative Nada Shaker, warned on Saturday of a major recession that is consuming Iraq’s markets now due to government policies.
“A major recession in the Iraqi market for weeks has pushed its activity to the lowest rates, which gives a negative signal on the deteriorating economic situation that millions of Iraqis are paying for in all the provinces,” Shaker said.
She added, “The government’s policy of containing high prices and controlling prices has failed to achieve its goal. Rather, there is not yet a clear mechanism for controlling prices, which has led to a double increase in the rates of poverty and unemployment.”
She pointed out that “the image that reaches the influential leaders of the countries does not reflect the reality of the general economic scene in terms of the tragic and its effects on the poor and the simple,” noting that “the situation is getting more complicated day by day in light of the existence of any government strategy to contain the price fever created by the raising of the dollar price. Without any alternatives that protect the citizen from the high prices.
The Iraqi markets are suffering from the repercussions of raising the exchange rate, despite the passage of months after its application, due to the inability to control prices. link
Local and international investments achieve development
The reality of the national economy imposes a trend towards hard work to activate investment, which represents the most important directions for development, where it requires trimming all episodes of corruption and complexities, which limit the presence of local, regional and international investments that look to the Iraqi labor market and change the shape of the economy when there is an attractive environment, which achieves competition that serves the national labor market.
Member of the Businessmen’s Union Haitham Al-Mayali stressed that “Iraq desperately needs an economic recovery plan, starting from the investment gate in strategic projects to achieve self-sufficiency, and the government’s preparation of a detailed plan in the form of stages that take a specified period of time from five to ten years, where the government develops a plan for self-sufficiency within a specified period of time, including the formation of specialized committees in several areas that make up the bulk of various import materials and equipment industrial, food, pharmaceutical, agricultural, military and construction, energy projects, information technology and laboratories. Scientific research.”
He also warned that “activating the wheel of industry requires a commitment from the government to purchase the product on the condition that the investor is committed to producing materials or devices according to the technical specifications approved in the specification table approved by the competent committee and conforming to international specifications, in addition to the government’s commitment to implement the system of protecting the local product in a gradual manner, until Reaching the stage of self-sufficiency by increasing the customs tariff rate on the imported product.
Calling for «the investor’s commitment not to sell according to the gross profit rates, which constitutes a burden on the citizen or the state. On the contrary, the price of the local product is always competitive, whether it is in the quality of the product or the competitive price, and it is preferable to determine the estimated selling price in the feasibility study.
He stressed “the government’s commitment to setting up a mechanism to supervise the implementation of these projects specifically by specialized committees, and it is okay to use foreign expertise during implementation and construction until the final product production is reached, and to ensure that it conforms to the required specifications, as well as to ensure its implementation within the specified period and to remove obstacles and routine procedures at Relevant departments that prevent its implementation ».
A member of the National Business Council, Ahmed Al-Rikabi, called for the adoption of a new work mechanism that is compatible with the country’s actual need to prevent complicating economic problems more than it is now. He said: “The global effort is waiting for an opportunity in front of it to enter the labor market, as it searches for safety and an environment free from all forms of corruption, which prevent the implementation of business in its true form. To support and supervise the Single Window from the highest authorities in the country. link
Source: Dinar Recaps
Rocket attack targeting an international coalition base at Baghdad airport
On Sunday evening, two missiles targeted Baghdad airport, where US forces are deployed in an attack that is the second of its kind within ten days and coincides with attempts to achieve rapprochement between Washington and Tehran, which often adopts loyal Iraqi factions targeting US interests in this country.
The Iraqi army said that at least two rockets landed in the vicinity of Baghdad International Airport on Sunday. He added that one of the missiles was intercepted and dropped near the airport, without causing any casualties or damage.
And two security officials said earlier that the two missiles were fired from an area near the airport, according to Reuters.
A similar missile attack targeted the airport on April 22nd.
For his part, a security official told the French Press Agency that one of the rockets landed near the air base at Baghdad airport, where the coalition forces are stationed against the “ISIS” led by Washington.
The official, who asked not to be named, explained that the second missile was intercepted by the “C-Ram” defense system, which are anti-air batteries that the Americans had deployed to protect their forces in Baghdad and the Kurdistan region of Iraq after they were targeted with dozens of missile attacks.
No party immediately claimed the attack, but Washington regularly accuses Iraqi armed factions close to Iran of targeting its forces and diplomats in Baghdad and other military bases deployed in Iraq where American soldiers are stationed.
Since US President Joe Biden came to power at the end of January, about 30 attacks with improvised explosive devices or missiles have targeted logistical convoys of the international coalition and bases containing US soldiers and the US embassy in Baghdad.
These attacks resulted in the deaths of two foreign contractors, nine Iraqis, who were one contractor, and eight civilians.
Dozens of other missile attacks have targeted Americans in Iraq since the fall of 2019 under the administration of former President Donald Trump, and have also left dead and wounded.
The attacks reached a new level in mid-April, when Iraqi factions loyal to Iran carried out for the first time a car bomb attack on a military base hosting Americans at Erbil airport in the north of the country.
Unknown groups have claimed responsibility for some of the attacks, and observers say they are only fronts for Iraqi organizations loyal to Iran, whose leaders constantly vow to escalate attacks against 2,500 American soldiers deployed in Iraq.
Discussions are currently taking place in Vienna to try to revive the international agreement on the Iranian nuclear file, thanks to the change of administration in Washington.
Trump unilaterally withdrew his country from the agreement in 2018 and re-imposed sanctions on Iran. In response, Tehran gradually abandoned its obligations under the agreement. link
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Source: Dinar Recaps
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