Kuwait’s planned compensation of $52 billion is about to expire… and Iraq will enter a different new economic phase
Iraq is preparing to enter a new economic phase in its history, after it is about to complete the payment of huge compensations estimated at 52.4 billion dollars.
The Iraqi Prime Minister’s Adviser for Financial Affairs, Mazhar Salih, stressed the need to take advantage of the money flowing towards Kuwait’s compensation, which is nearing completion, in the interest of the national economy.
Saleh said that “the money that has been going outside the national economic cycle in the form of war compensation since 1996, amounting to $52.4 billion, will turn its deducted annual flows into the interest of the national economy, with an average of no less than two billion dollars annually according to current oil prices, to contribute to the national economy.” Strengthening the financial sustainability of Iraq.
Saleh explained, “I find it necessary to maintain the path of the transformation of the corresponding amounts of compensation to be savings that flow into the national economic cycle, especially the trend towards financing income-generating investment projects, which is a positive cumulative development process that contributes to promoting growth in the gross domestic product at accelerated rates, after the war compensations were It constitutes a negative deduction and a drain on the national income cycle over the last 30 years.”
He continued by saying: “During this period, Iraq paid a direct high price between war compensation and the costs of the inspection teams, and indirect compensation represented in the destruction of Iraq’s infrastructure due to the operations of the previous Gulf War, reckless war conflicts and disruption of economic growth opportunities, all of which constituted costs and burdens that may be dozens of times more than the aforementioned compensation amounts.
Salih explained that “the shift from the political economy of the war that Iraq fought between 1990-2003, to the political economy of peace means a shift towards development, progress, stability and building prosperity in a new Iraqi era.“
Al-Kazemi’s advisor, Mazhar Muhammad Salih, had confirmed earlier that Iraq would end the Kuwait compensation file in early 2022, while revealing the size of the financial compensation paid by Iraq during the past three decades.
Salih stated that “based on UN Security Council Resolution 692 issued on March 20, 1991, it was decided to establish the so-called United Nations Compensation Committee (UNCC) to deal with compensation claims resulting from Iraq’s invasion of Kuwait in August 1990, as Iraq had to pay compensation to individuals and entities. International and Kuwaiti, totaling nearly $52.4 billion, according to compensation lists approved by the United Nations Compensation Fund.
490 million dollars
And last Tuesday, Kuwait received 490 million dollars from Iraq in compensation for damages resulting from the Iraqi invasion of Kuwait in 1990.
The Iraqi embassy in Kuwait said in a statement, “Iraq has paid the State of Kuwait an amount of (490) million dollars, and it will work to pay the remaining amount of compensation early 2022, estimated at $629 million.
The compensation money comes from a tax levied on sales of Iraqi oil and its products.
According to the French news agency, the financial payments were stopped between 2014 and 2018 due to the security crisis in Iraq and the control of the terrorist organization “ISIS” over large parts of the country.
The forces of the tyrant Saddam Hussein’s regime invaded Kuwait in August 1990.
Last March, the Iraqi government handed over to the State of Kuwait a new batch of Kuwaiti archives.
The batch included books belonging to a number of Kuwaiti colleges and institutes, as well as large numbers of videotapes belonging to the Ministry of Information.
The handover report was signed under the supervision of the United Nations representative in the State of Kuwait.
From time to time, the Iraqi authorities hand over to the Kuwaiti side the archives of the State of Kuwait, which were seized by the Iraqi authorities during the era of the criminal Saddam Hussein during the invasion of Kuwait in August 1990. link
The digital economy brings additional financial returns
The digital economy contributes to solving human problems in terms of economic, social and environmental terms, and technology comes to be a catalyst and catalyst in all of these answers. In practice, improving the experience of flexibility and innovation is one of the main factors for developing new sources of revenue and ecosystems, which are supported by information, which leads to transformations in the business model.
Dr. Nagham Hussein, Dean of the College of Business Economics at Al-Nahrain University, said: “Before any institution can implement a successful digital transformation strategy, it needs concrete goals to work on, including establishing a culture of data-based decision-making, which includes adopting a digital mindset in all regions of the world. Optimizing resources, including reducing costs related to the use of electricity.
Hussein stressed the importance of government services that can be implemented through data, as they are concerned with processing and documenting information, which eliminates the need for bureaucracy that people currently resort to to process and verify information.
Hussein considered that “one of the most important roles of the government is to enact and implement regulations, which means that individuals will gradually determine the systems that govern their transactions through the terms and conditions of smart contracts, so that individuals’ choices for the terms and conditions of smart contracts become the decisive factor in shaping the prevailing economic and social system.”
The government called for “providing trust between people and institutions in money, contracts and property rights, especially in the event of conflicts and disasters, a role that blockchain technology can play, as a way to build trust between people without the need to know each other in advance,” explaining that “ This means that this alternative, in light of what is promised by the technologies of the fourth industrial revolution, especially the “chain of blocks”, has become more capable of turning into something reality”. link
Iraq: The outcome of all electoral appeals will be decided tomorrow
Today, Saturday, the High Electoral Commission in Iraq announced that it will finish the process of re-counting and manual counting in all stations in which appeals were submitted, while setting the date for announcing the final results of the elections .
Imad Jamil, a member of the media of the Commission, said, in a statement to the Iraqi News Agency (INA), that “the appeals appendices included only 11 governorates, and there are 7 governorates that did not submit appeals supplements.”
He added that “the commission has completed five governorates, which are Babil, Karbala, Najaf, Diyala and Baghdad on both sides of Karkh and Rusafa.” in Nineveh.
He stressed that “the Commission will complete all stations tomorrow, and will resolve the issue, and will file all cases to the judicial authorities.”
He pointed out that “after the judicial authority has completed the appeals submitted to it, the commission can announce the final results of the elections,” stressing that “there is no pressure exerted on the commission, whether internally or externally.”
The Electoral Commission had announced yesterday, the completion of the counting and sorting of the stations for which evidence was presented within the appeals appendix of the Karkh and Rusafa candidates link
Source: Dinar Recaps
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