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Showing results for tags 'kuwait war compensation'.
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Fouad Hussein announces Iraq's exit from Chapter VII
yota691 replied to yota691's topic in Iraq & Dinar Related News
The Minister of Foreign Affairs arrives in New York to attend the Security Council session 2022.02.21 - 09:40 Baghdad - people On Monday, Foreign Minister Fouad Hussein arrived in New York City, to attend the Security Council session. And the media office of the Iraqi Ministry of Foreign Affairs stated in a brief statement that "Nass" received a copy of it (February 21, 2022), that "Foreign Minister Fuad Hussein arrived in New York City to participate in the session of the UN Security Council." -
Iraq ... less than $ 2.5 billion in compensation remaining in favor of Kuwait Iraqi oil 02 March 2021 11:27 AM Mubasher: The financial advisor to the Iraqi prime minister, Mazhar Muhammad Salih, revealed proposals to establish a sovereign wealth fund in which funds equivalent to the current compensation for the Kuwait war would be deposited in a manner consistent with the white reform paper. Saleh said; According to the local newspaper, Al-Sabah: “We have positive ideas and proposals to establish an Iraqi sovereign wealth fund, in which amounts equivalent to the compensation of the Kuwait war are deposited after the payment of these compensation is completed in the coming months, and it is managed along the lines of generational funds. The white paper launched by the government to strengthen and reform the structure of the Iraqi economy. Saleh added that only an amount left from the Kuwait war compensation is perhaps less than $ 2.5 billion out of $ 52 billion until the moment, as 3% of the proceeds of every barrel of Iraqi crude oil that is exported is still being deducted through a mechanism and a bank account handled by the Reserve Bank. Federal Council in New York, according to subsequent Security Council Resolution 1483 in May 2003. The financial advisor to the Prime Minister stated that the deductions are currently paid through the United Nations Compensation Fund "UNCC" , expecting that all the remaining compensation will end within a year or a little more, depending on the development of oil prices and the returns of a barrel of Iraqi oil exported. It is noteworthy that the United Nations Compensation Committee was formed in 1991, the same year in which the US-led coalition drove the Iraqi forces from Kuwait, and mandated the committee to pay $ 52.4 billion (46.8 billion euros) to Kuwaiti individuals, companies, government agencies and other organizations that suffered losses. Because of the war to Kuwait, the compensation money comes from a tax levied on sales of Iraqi oil and its products.
