Sat. AM KTFA News Articles 2-12-22

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Samson » February 12th, 2022

Al-Kazemi’s advisor reveals the end of the “Chapter Seven” era

10th February, 2022

Mazhar Muhammad Salih, the financial advisor to the Prime Minister, confirmed that the Kuwait war compensation file is about to be closed completely, and a new page of relations begins, commenting on the imminent approval of the Security Council to end the United Nations committee charged with overseeing the payment process.  

Saleh said, “Iraq has fulfilled its full obligations regarding the compensation for the Kuwait war, and its consequences, as Iraq has paid during the past 3 decades 52.4 billion US dollars.”  

He added that “the compensation was paid at the level of 3 segments represented by “individuals – governments – companies,” noting that “the last installment was for the Kuwaiti government.  “He is working hard for this file to end and relations to be restored normally by a decision of the UN Security Council.  

The financial advisor to the Prime Minister indicated that “the matters will be resolved at the bilateral level, and the Iraqi diplomacy is working in this direction, and the general atmosphere seems comfortable with positive directions to solve this problem, which is more than 30 years old,” stressing “the need to turn the page of the past.”  

The United Nations committee charged with overseeing the process of Iraq paying compensation to Kuwait ended its mandate after 30 years of its formation and paid $52.4 billion, while the Security Council in New York is scheduled to approve on February 22 the dissolution of the committee.  

The Committee was established in May 1991 under Resolution No. 692 of the UN Security Council, and was responsible for managing financial compensation to Iraq, which is deducted at a rate of 5% imposed on sales of oil and petroleum products from Iraq.  

During its mandate, the committee decided about 2.7 million compensation requests, of which $52.4 billion was paid out of about $352 billion claimed, the last of which was on January 13, with a value of about $630 million, according to the committee’s report.  

The final report confirmed that “this amount represents” the end of the commission’s mandate after more than 30 years, and while this period of time appears to be long, it is important to note that the settlement of 2.7 million applications, with a total amount estimated at $352 billion during this period, is unconstitutional. Prefixed “for this type of action”.   LINK

Source: Dinar Recaps

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