Paying $ 230 million in compensation to Kuwait

[yota691]

Paying $ 230 million in compensation to Kuwait

Monday 16th November 2020 30

 

Baghdad: Omar Abdul Latif

 

According to the United Nations Compensation Committee, at the end of last month, Iraq paid $ 230 million in compensation to the State of Kuwait. 

An official source in the committee told Al-Sabah that "the eighty-seventh session of the committee's board of directors, which was held last month, expressed its appreciation to the Iraqi government for its continued respect for its commitment to deposit 3 percent of the revenues from export sales of oil and petroleum products in the compensation fund."

He added, “The Council has studied the reports of the committee’s work, since its last session in November 2019, in various cases, where 5 payments were made, with a total total of $ 1.38 billion, including a payment of $ 230 million on October 27, 2020, and with this last installment there remains approximately $ 2.4 billion is owed in connection with the Kuwait Oil Company claim. 

He explained that “the council studied the various issues that will be addressed to achieve an orderly reduction of the committee,” stating that “by closing the environmental compensation program in 2013, the Kuwaiti, Jordanian and Saudi Arabian governments participating in it made a written promise to provide them with annual progress reports as long as the committee is in place, and after the end of its work it will It submits annual reports to the Security Council unless it decides otherwise, ”affirming that“ the issue of submitting reports after closure is under consideration by the Council, and it welcomes before the decision is made that it receives from the government of Iraq in writing its views on submitting reports after closure. ” .

Resolution No. 1483 issued in 2003 stipulates that Iraq will pay 5 percent of its exports from sales of oil, its products and gas, in a UN fund established under the name (United Nations Compensation Fund), where an international compensation committee was formed in 1991, which obligated Iraq to pay $ 52.4 billion in compensation. For individuals, companies, governmental organizations and others, who suffered direct losses as a result of the occupation of Kuwait.

[yota691]

Al-Araji to the Kuwaiti ambassador: Iraq cannot abandon its Arab environment, and all disputes are resolved through dialogue and brotherly communication

Monday 16, November 2020 14:38 | Political Views: 114

Baghdad / NINA / National Security Adviser Qassem Al-Araji discussed with the Kuwaiti ambassador in Baghdad Salem Al-Zamanan, preparations for the Iraqi-Kuwaiti joint committee.

The chancellor said in a statement that the Iraqi National News Agency / NINA / received a copy of it: "Al-Araji received the Kuwaiti ambassador, and during the meeting, they reviewed the Iraqi-Kuwaiti relations, and ways to strengthen brotherly ties between Iraq and Kuwait, in the interest of the two countries and the two brotherly peoples."

Al-Araji stressed: "Iraq cannot abandon its Arab environment, and that the Iraqi-Kuwaiti relations are fraternal and historical relations, and that all differences are resolved through dialogue and constructive brotherly communication."

For his part, the Kuwaiti ambassador affirmed: "His visit came to coordinate with Baghdad regarding preparations for the Iraqi-Kuwaiti Joint Committee, in light of Iraq's openness to its regional and international surroundings," noting: "Relations with Iraq are important historical relations, and they must be developed to further ranges." / End 7

[yota691]

Iraq pays $ 230 million in compensation to Kuwait

 

money and business Economy News _ Baghdad On Monday, the United Nations Compensation Committee stated that Iraq paid at the end of last month $ 230 million in compensation to the State of Kuwait. The official Al-Sabah newspaper quoted in a news item seen by Al-Eqtisad News, an official source in the committee said, “The eighty-seventh session of the committee’s board of directors, which was held last month, expressed its appreciation to the Iraqi government for its continued respect for its commitment to deposit 3 percent of the resulting revenues. On the export sales of oil and petroleum products in the Compensation Fund. The source added, “The council has studied the reports of the committee’s work, since its last session in November 2019, in various cases, where 5 payments were made, with a total total of $ 1.38 billion, including a payment of $ 230 million on October 27, 2020, with this last batch Approximately $ 2.4 billion remains owed in connection with the Kuwait Oil Company claim. He explained that "the council has studied the various issues that will be dealt with in order to bring about an orderly reduction to the committee," stating that "by closing the environmental compensation program in 2013, the Kuwaiti, Jordanian and Saudi Arabian governments participating in it made a written promise to provide them with annual progress reports as long as the committee is in place, and after the end of its work it will It submits annual reports to the Security Council unless it decides otherwise, ”affirming that“ the subject of submitting reports after closure is under consideration by the Council, and it welcomes before the decision is made that it receives from the government of Iraq in writing its views on submitting reports after closure. ” . Resolution No. 1483 issued in 2003 stipulates that Iraq will pay 5 percent of its exports from sales of oil, its products and gas, in a UN fund established under the name (United Nations Compensation Fund), where an international compensation committee was formed in 1991, which obligated Iraq to pay $ 52.4 billion in compensation. For individuals, companies, governmental organizations and others, who suffered direct losses as a result of the occupation of Kuwait.

Number of observations 193   Date of addendum 11/16/2020

[yota691]

 

Of which $ 2.4 billion remains ... Iraq pays 3% of its oil revenues to compensate Kuwait

 

 2020-11-16 06:34

Shafaq News / The United Nations Compensation Committee announced that Iraq paid 3% of its oil revenues to Kuwait.

The committee said in a statement on its official website, seen by Shafaq News; "Iraq paid $ 230 million, which is equivalent to 3% of its revenue from export sales of oil and other Iraqi oil products."

And she added that "the amount of what Iraq has paid so far has reached 50 billion dollars out of 52.4 billion dollars in compensation," indicating that "the remainder is 2.4 billion dollars to be paid to the only claim with an outstanding compensation balance."

She indicated that "the committee was on its way to pay the full compensation due in 2021, but the effects of the epidemic with the Coronavirus, the compensation schedule may extend the timetable to complete until 2022."

And Finance Minister Ali Allawi had suggested on May 25, 2020 that Kuwait postpone or cancel about 3 billion dollars owed to Iraq in compensation for the 1990-1991 Gulf War.

Iraq stopped making payments in 2014 during the war against ISIS, who controlled a third of the country, but resumed in 2018, and now, 3% of oil export revenues go to Kuwait, which also suffers from low oil prices.

 

[rvmydinar]

1 hour ago, yota691 said:

Iraq pays $ 230 million in compensation to Kuwait

 

money and business Economy News _ Baghdad On Monday, the United Nations Compensation Committee stated that Iraq paid at the end of last month $ 230 million in compensation to the State of Kuwait. The official Al-Sabah newspaper quoted in a news item seen by Al-Eqtisad News, an official source in the committee said, “The eighty-seventh session of the committee’s board of directors, which was held last month, expressed its appreciation to the Iraqi government for its continued respect for its commitment to deposit 3 percent of the resulting revenues. On the export sales of oil and petroleum products in the Compensation Fund. The source added, “The council has studied the reports of the committee’s work, since its last session in November 2019, in various cases, where 5 payments were made, with a total total of $ 1.38 billion, including a payment of $ 230 million on October 27, 2020, with this last batch Approximately $ 2.4 billion remains owed in connection with the Kuwait Oil Company claim. He explained that "the council has studied the various issues that will be dealt with in order to bring about an orderly reduction to the committee," stating that "by closing the environmental compensation program in 2013, the Kuwaiti, Jordanian and Saudi Arabian governments participating in it made a written promise to provide them with annual progress reports as long as the committee is in place, and after the end of its work it will It submits annual reports to the Security Council unless it decides otherwise, ”affirming that“ the subject of submitting reports after closure is under consideration by the Council, and it welcomes before the decision is made that it receives from the government of Iraq in writing its views on submitting reports after closure. ” . Resolution No. 1483 issued in 2003 stipulates that Iraq will pay 5 percent of its exports from sales of oil, its products and gas, in a UN fund established under the name (United Nations Compensation Fund), where an international compensation committee was formed in 1991, which obligated Iraq to pay $ 52.4 billion in compensation. For individuals, companies, governmental organizations and others, who suffered direct losses as a result of the occupation of Kuwait.

Number of observations 193   Date of addendum 11/16/2020

Iraq paid $230 million to kuwait in us dollar and the rate is still $1=1190 iqd. And my question is why don't iraq just rv at $1 : 1 iqd to pay off all their debts to kuwait?

[Flamtap]

13 minutes ago, rvmydinar said:

Iraq paid $230 million to kuwait in us dollar and the rate is still $1=1190 iqd. And my question is why don't iraq just rv at $1 : 1 iqd to pay off all their debts to kuwait?

I don't know but my best guess is....they keep the dinar low, pay in US dollars and wait to RV. That way they don't have to worry about a 1-1 exchange rate. Unless, I'm off in my way of thinking, they are trading oil for dollars. Besides, there is a certain date that all of this must occur. We do know it will be soon. We just don't know how soon. However, the RV train slowing down so that it can stop at the station on the appointed date and at the appointed time. 

 

Either way, I am Optimistic! Go RV 

[blueskyline]

My 2 cents . The amount that remains to be paid ismuch smaller than the amounts stolen through the years . It would appear there are those that either drag out or have no intention of committing to their agreements in order to keep the corruption going for their own personal good and Iran's. 

[rvmydinar]

55 minutes ago, Flamtap said:

I don't know but my best guess is....they keep the dinar low, pay in US dollars and wait to RV. 

So in the mean time, as long as there are still hundred and billion of dollars of iraq's cash reserves, iraq will use its cash reserves to pay off their debts. That's why iraq doesn't have to rv at 1:1 in order to pay their debts. Unless their cash reserves is gone ( no more ), then will iraq rv at 1:1?

[Flamtap]

1 hour ago, rvmydinar said:

So in the mean time, as long as there are still hundred and billion of dollars of iraq's cash reserves, iraq will use its cash reserves to pay off their debts. That's why iraq doesn't have to rv at 1:1 in order to pay their debts. Unless their cash reserves is gone ( no more ), then will iraq rv at 1:1?

I do believe I wrote that it was my best guess.....if you really want to know you can probably ask to sit in on a parliamentary session when they bring up the Oil and Gas Bill. Otherwise it is just a thought of why and as I stated....I believe there is a set date for this to occur. We're all in this together and eventually they will move on the chessboard and call zzzzzzzzz. You have to keep in mind though they are in charge of certain things they Can Not go around the IMF and World Bank forever. Especially after the World Financial Tour their Prime Minister just made. It seems the closer we get the shorter the fuses become.....I refuse to blow my stack. Got my eyes on the Prize for a Nice Surprise! Go RV 

[Dinarrock]

I know this is a hard concept to grasp here folks but it makes NO difference if the dinar is 1/10 of a penny or worth say $1.17 as far as paying their debts! Revaluing their currency does Not create any magic money to payoff more of their debts! Iraq sells oil which is about 90% of their total income which is done mainly in the petrodollar. So whatever revenue that Iraq makes per month is what they use to pay salaries, bills, debt etc., again their currency could be worth $10 to our U.S. Dollar it would make zero difference in their ability to pay their debts, they pay their debts with the revenue the country generates not the value of their currency! I am not the best at explaining this but hopefully you get the point.

[rvmydinar]

9 minutes ago, Dinarrock said:

I know this is a hard concept to grasp here folks but it makes NO difference if the dinar is 1/10 of a penny or worth say $1.17 as far as paying their debts! Revaluing their currency does Not create any magic money to payoff more of their debts! Iraq sells oil which is about 90% of their total income which is done mainly in the petrodollar. So whatever revenue that Iraq makes per month is what they use to pay salaries, bills, debt etc., again their currency could be worth $10 to our U.S. Dollar it would make zero difference in their ability to pay their debts, they pay their debts with the revenue the country generates not the value of their currency! I am not the best at explaining this but hopefully you get the point.

So the point is their debts have got nothing to do with rv'ing their currency. Because iraq pays their debts from the revenue they generate every month and their revenue are mainly from oil they sell every month. So rv can also happen at anytime eventhough iraq doesn't have money to pay for the salaries ( this happened before ). And has the corruption something to do with rv too? I think it is very difficult to stop the corruption 100% in iraq because the corruption may be the way of doing business  in iraq for a long time since saddam hussein.

[screwball]

16 hours ago, Dinarrock said:

I know this is a hard concept to grasp here folks but it makes NO difference if the dinar is 1/10 of a penny or worth say $1.17 as far as paying their debts! Revaluing their currency does Not create any magic money to payoff more of their debts! Iraq sells oil which is about 90% of their total income which is done mainly in the petrodollar. So whatever revenue that Iraq makes per month is what they use to pay salaries, bills, debt etc., again their currency could be worth $10 to our U.S. Dollar it would make zero difference in their ability to pay their debts, they pay their debts with the revenue the country generates not the value of their currency! I am not the best at explaining this but hopefully you get the point.

Exactly 

[yota691]

Iraq and Kuwait discuss preparation for the joint committee

Tuesday 17th November 2020 87

 

Baghdad: Morning 

 

The National Security Adviser, Qassem Al-Araji, stressed during his meeting with the Kuwaiti ambassador to Baghdad, Salem Al-Zamanan, that “Iraq cannot abandon its Arab environment.

Al-Araji added that "Iraqi-Kuwaiti relations are fraternal and historical relations," indicating that "all differences are resolved through dialogue and constructive fraternal communication."

A statement by the National Security Adviser stated that "during the meeting, a review of the Iraqi-Kuwaiti relations and ways to strengthen brotherly ties between Iraq and Kuwait took place in the interest of the two countries and the two brotherly peoples."

 In turn, the Kuwaiti ambassador affirmed that "his visit came to coordinate with Baghdad regarding the preparation of the Iraqi-Kuwaiti Joint Committee, in light of Iraq's openness to its regional and international surroundings," noting that "relations with Iraq are important historical relations, and they must be developed further."

 

 

 

[yota691]

Kuwait and Iraq are discussing preparations for the joint committee

Side of the encounter

 16 November 2020 06:12 PM

Mubasher: Salem Al-Zamanan, the Kuwaiti ambassador to Iraq and the Iraqi national security advisor, Qasim Al-Araji, discussed today Monday, preparations for the Iraqi-Kuwaiti joint committee meetings, which are expected to be held in Baghdad soon.

The Iraqi National Security Adviser stated in a statement on its official Facebook page that the two parties reviewed during the meeting the Iraqi-Kuwaiti relations and ways to strengthen
brotherly ties between the two countries.

The statement quoted Al-Zaman as saying that the meeting came to coordinate with the Iraqi government regarding preparation for the joint Iraqi-Kuwaiti committee meeting, stressing that relations between the two countries are historical and must be developed.

For his part, Al-Araji stressed that his country cannot abandon its Arab environment and that bilateral relations are fraternal and historical relations, and that all differences are resolved through dialogue and constructive brotherly communication.