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Fouad Hussein announces Iraq's exit from Chapter VII


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Iraq ... less than $ 2.5 billion in compensation remaining in favor of Kuwait

Iraq ... less than $ 2.5 billion in compensation remaining in favor of Kuwait
Iraqi oil
 

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.

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Al-Kazemi's financial advisor reveals proposals to establish a sovereign wealth fund
  
{Baghdad: Al Furat News} The financial advisor to the prime minister, Mazhar Muhammad Salih, revealed positive 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 in a press interview: "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 in the coming months, and it is managed in the manner of the generational funds," and he considered it "a sovereign investment resource for Iraq, and in a manner consistent." With the white paper launched by the government to strengthen and reform the structure of the Iraqi economy.
Saleh explained, "There is nothing left of Kuwait's war compensation, but an amount 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 exported is still being deducted, through a mechanism and a bank account that the bank takes over." The Federal Reserve in New York, according to a subsequent Security Council Resolution No. 1483 in May 2003. "
He pointed out that "deductions are currently paid through the United Nations Compensation Fund {UNCC}, expected to" end the remaining compensation are all within a year or a little more, according to the evolution of oil prices and yields a barrel of Iraqi oil source. "
The Committee of Nations Compensation The United States was formed in 1991, the same year in which the US-led coalition drove the Iraqi forces out of Kuwait, and the committee was tasked with paying $ 52.4 billion (46.8 billion euros) to Kuwaiti individuals, companies, government agencies and other organizations that suffered losses due to Saddam’s regime’s invasion of Kuwait. The compensation money comes from a tax levied on sales of Iraqi oil and products.

Hussein Hatem

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The information / Baghdad ..
The financial advisor to the prime minister, Mazhar Muhammad Saleh, revealed, on Tuesday, positive 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.
In an interview followed by the information, Saleh said, “We have positive ideas and proposals to establish an Iraqi sovereign wealth fund, in which sums equivalent to the compensation for 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.” He considered it a “sovereign investment resource.” To Iraq, and in line with the White Paper launched by the government to strengthen and reform the structure of the Iraqi economy.
He added, “There is only an amount left of the Kuwait war compensation, 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 deducted through a mechanism and a bank account that is handled by the Reserve Bank. Federal Council in New York, according to a subsequent Security Council Resolution No. 1483 in May 2003. ”
Saleh pointed out 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. " End / 25

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Yes Iraq: Baghdad

 

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed, on Tuesday, positive proposals to establish a sovereign wealth fund in which funds equivalent to the current compensation for the Kuwait war would be deposited, in line with the reform white paper.

Saleh said that, "We have positive ideas and proposals to establish an Iraqi sovereign wealth fund, in which sums equivalent to the compensation of the Kuwait war are deposited after the payment of these compensation in the coming months, and it is managed along the lines of the generational funds." White, launched by the government to strengthen and reform the Iraqi economy’s structure.

He added, “There is only an amount left of the Kuwait war compensation, 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 deducted through a mechanism and a bank account that is handled by the Reserve Bank. Federal Council in New York, according to a subsequent Security Council Resolution No. 1483 in May 2003. ”

Saleh pointed out 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. "

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 2021-03-02 06:36
 

Shafaq News / The economic and financial advisor to the prime minister, Mazhar Muhammad Saleh, confirmed on Tuesday that wars and political changes have prevented Iraq from transforming and crossing the rentier economy stage.

Saleh said in an interview with Shafaq News; "Iraq has witnessed during the last four decades a lot of wars, sieges and political conflicts, which led to the dispersion of economic resources," indicating that "development was lost as a result of these wars and that the country needs a resource to keep things going and for people to live from it. Therefore oil remained the only resource and the Iraqi economy remained a monolithic economy." the side".

Added benefit; "Development, stability, diversification of the economy and transformation from the rentier economy needs political stability and stable institutions, which is what the state has missed over the years," adding at the same time that "Iraq has great economic experiences and minds, but the harsh conditions that Iraq lived due to external and internal wars A major impact on the survival of the rentier Iraqi economy. "

He pointed out that "there are three global models for countries to emulate economic development, including the State of Oman, which has witnessed during the past five decades continuous political and institutional stability, which has positively affected its economic development and diversification of its resources."

The Iraqi economy is characterized by a rentier, consumer economy that depends entirely on the proceeds from the sale of oil, which is the main source of the country's general budget.

During most of the months of 2020, Iraq suffered from its inability to pay the salaries of employees and retirees as a result of the drop in global oil prices, which reached less than $ 15.

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Economy News _ Baghdad

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed, on Tuesday, positive proposals to establish a sovereign wealth fund in which funds equivalent to the current compensation for the Kuwait war would be deposited, in line with the reform white paper.
"We have positive ideas and proposals to establish an Iraqi sovereign wealth fund, in which sums equivalent to the compensation for the Kuwait war are deposited after the payment of those compensation is completed in the coming months, and it is managed along the lines of the generational funds," Saleh said in an interview with Al-Sabah newspaper, followed by Al-Eqtisad News. "A sovereign investment resource for Iraq, in line with the white paper launched by the government to strengthen and reform the structure of the Iraqi economy."
Saleh explained, "There is nothing left of Kuwait's war compensation, but an amount 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 exported is still being deducted, through a mechanism and a bank account that the bank takes over." The Federal Reserve in New York, according to a subsequent Security Council Resolution No. 1483 in May 2003, "and pointed out 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," According to the development of oil prices and the proceeds of a barrel of Iraqi oil.
It is noteworthy that the United Nations Compensation Committee was formed in 1991, the same year in which the US-led coalition removed Iraqi forces from Kuwait, and mandated the commission to pay $ 52.4 billion (46.8 billion euros) to Kuwaiti individuals, companies, government agencies and other organizations that suffered losses. Because of the Saddam regime's invasion of Kuwait, the compensation money comes from a tax levied on sales of Iraqi oil and its products.

 
 
Number of observations 179   Date of addendum 02/03/2021
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  •  
 2021-03-30 03:32
 

Shafaq News / The Minister of Finance, Minister of State for Economic Affairs and Investment, Khalifa Hamadeh, revealed that the remaining amount of Iraqi compensation to Kuwait amounts to two billion and 99 million dollars, stressing that Iraq has not requested, either directly or through intermediaries, to cancel the remaining compensation.

In his response to the Kuwaiti parliament’s question, Hamadeh clarified that "the remaining amount is paid at quarterly intervals."

He added that "the payment process continues in this manner until the full payment of the remaining amount, and it is expected to complete the payment of the full compensation in the middle of 2022, in the event that the price of oil stabilizes at the level of $ 60 per barrel, as the amount of compensation is linked to international oil prices and levels of Iraqi oil sales." ".

And Iraq must deposit 5 percent of its export revenues from sales of oil, its products and gas, in a UN fund established under the name of the United Nations Compensation Fund.

In 1991, an international compensation commission was formed, which obligated Baghdad to pay $ 52.4 billion in compensation to individuals, companies, governmental organizations and others, who suffered direct losses resulting from the invasion and occupation of Kuwait.

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Minister of Finance: $ 2.1 billion, the last Kuwaiti owed by Iraq

Minister of Finance: $ 2.1 billion, the last Kuwaiti owed by Iraq
Minister of Finance, Minister of State for Economic Affairs and Investment in Kuwait, Khalifa Hamadeh
 

Kuwait - Mubasher  The Minister of Finance, Minister of State for Economic Affairs and Investment in Kuwait, Khalifa Hamadeh, announced that the remaining amount to be paid from the remaining compensation to the Kuwaiti government from its Iraqi counterpart is about $ 2.10 billion .

According to Al-Qabas newspaper, in his response to a parliamentary question directed by Representative Abdul Karim Al-Kandari, Hamadeh clarified that the payment of that amount will be done at quarterly intervals based on United Nations Resolution No. 267 issued on November 12, 2009, indicating that the payment process continues in this manner until Pay the remaining amount in full .

Hamadeh said that the Iraqi side paid $ 38.9 billion over the 27 years since the implementation of the UN resolution on compensation .

Hamada added that it is expected that the full payment of compensation will be completed in mid-2022. This is in the event that the price of oil stabilizes at the level of $ 60 a barrel. Because the amount of compensation is linked to international oil prices and levels of Iraqi oil sales .

The minister emphasized that the Iraqi government did not request, either directly or through intermediaries, the cancellation of the remaining compensation .

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  • 7 months later...

Iraq pays a new bill for Kuwait..and still has to complete the amount

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AM:11:41:02/11/2021

1976 watch

 
 
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed, on Tuesday, the size of the financial compensation paid by Iraq during the past three decades, stressing that Iraq will end the Kuwait compensation file in early 2022.
Saleh said in a statement, followed by NRT Arabia, (November 2, 2021), that "based on UN Security Council Resolution No. 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. Iraq had to pay compensation to international and Kuwaiti individuals and entities, totaling nearly $52.4 billion, according to compensation lists approved by the United Nations Compensation Fund.
He added, "Iraq has recently paid 490 million dollars of the compensation amounts approved by the United Nations Compensation Committee, and will work to pay the remaining amount of the total compensation estimated at about (629) million dollars, early next year 2022, to close the compensation file permanently."
Saleh explained, "Accordingly, Iraq has actually started paying compensation since the inception of the so-called, the oil-for-food program with the United Nations in 1996, as the beginning was to pay 30% of the value of each exported barrel of oil at the expense of the program, to be deducted for compensation The Kuwait war, through an account that the Secretary-General of the United Nations was holding.
He pointed out that "after 2003 and under UN Security Council Resolution 1483, an alternative mechanism was established that ensured deduction of 5% of the value of each barrel of crude oil exported from Iraq, and through a bank account known as the Development Fund for Iraq DFI opened with the Federal Reserve Bank in New York in the name of the Central Bank. The Iraqi government and in the interest of the Government of the Republic of Iraq, provided that the United Nations provide sufficient legal immunity for the aforementioned account against any lawsuits raised by the creditor parties against Iraq, as well as the establishment of a council called (the International Council for Supervision and Verification IAMB) to monitor the financial transactions of oil revenues and whether they go to the benefit of the Iraqi people.
And Saleh indicated that "the aforementioned International Council for Supervision and Verification ended its work in light of Security Council Resolution No. 1956 in December 2010 as part of the procedures for lifting Chapter VII provisions on Iraq, then the deductions temporarily stopped between 2015-2017 due to the war on ISIS terrorism and the situation The difficult financial situation that Iraq went through due to the decline in oil revenues.
He pointed out that "compensation has been resumed again since 2018, with a deduction of a maximum of 3% of the value of each exported Iraqi barrel, according to the same deduction mechanism and through the role of the United Nations Compensation Committee, which is still a party to the oil receipts account opened at the Federal Reserve Bank of New York." .
Saleh concluded, by saying: "What we expect next year is the removal of the last trace of Chapter VII imposed by the Security Council on Iraq more than 30 years ago, due to the Kuwait war at that time, and the closure of this file forever."
It is reported that Iraq paid the State of Kuwait on 10/26/2021, an amount of (490) million dollars.
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Member of the Finance Committee, Ahmed Al-Saffar
  

 money and business


Economy News - Baghdad

Former MP Ahmed Al-Saffar said that the Kurdistan region participates with 5% of its annual revenues in paying compensation to Kuwait.

Al-Saffar added, in statements reported by Rudaw and seen by Al-Iqtisad News, that the Kurdistan region "participates with 5% of its annual revenues in paying compensation to Kuwait since 2005, and when the compensation ends, this percentage will be added to the region's share in the budgets of the coming years."

He continued: "The Kurdistan region paid millions of dollars in the framework of these compensations, which would have contributed to more reconstruction and development if they were spent on the region."

And the Iraqi embassy in Kuwait said in a statement, yesterday, Monday, seen by "Al-Iqtisad News", that Iraq paid the State of Kuwait "on 10/26/2021, an amount of (490) million dollars, and it will work to pay the remaining amount of compensation in early 2022."

The embassy indicated that the remaining amount is estimated at "629 million dollars."

 
 
Views 89   Date Added 02/11/2021
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Iraq pays Kuwait $490 million in compensation for the invasion

Iraq pays Kuwait $490 million in compensation for the invasion
US 100 dollar coins
 

Kuwait - Mubasher: Iraq announced, on Monday, the payment of 490 million dollars in compensation for the brutal invasion of Kuwait.

And the Baghdad embassy in Kuwait said, in a statement published by the newspaper, that "Iraq paid last Tuesday 490 million dollars in compensation amounts determined by the United Nations Compensation Committee due to the ousted regime's invasion of the State of Kuwait in the early nineties of the last century."

The statement indicated that "Iraq will work to pay the remaining amount of compensation, estimated at about 629 million dollars, at the beginning of next year 2022."

In 1991, a UN Compensation Committee was formed, obligating Baghdad to pay $52.4 billion in compensation to individuals, companies, governmental organizations and others, who incurred losses resulting directly from the invasion and occupation of Kuwait.

Iraq stopped making payments in 2014 during the war against ISIS, which controlled a third of the country, but it resumed in 2018.

Iraq pays the amount of compensation to a UN fund established under the name of the United Nations Compensation Fund.

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 Baghdad: Omar Abdul Latif
 
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, yesterday, Tuesday, that Iraq will end the file of Kuwait’s compensation file in early 2022, while revealing that the volume of financial compensation paid by Iraq during the past three decades exceeded $52 billion. Saleh told the Iraqi News Agency (INA): "Based on UN Security Council Resolution No. 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 Payment of compensation to international and Kuwaiti individuals and entities totaling approximately $52.4 billion, according to compensation lists approved by the United Nations Compensation Fund.
He added that "Iraq has recently paid $490 million of the compensation amounts approved by the United Nations Compensation Committee, and will work to pay the remaining amount of the total compensation estimated at $629 million, early next year 2022, to close the compensation file permanently."
In this context, the Committee of Financial Experts revealed that the Kurdistan region must pay $297 million in compensation as decided by the United Nations Committee for Kuwait.
The committee’s letter addressed to the Prime Minister’s Office in the Kurdistan Regional Council of Ministers last August, of which “Al-Sabah” obtained a copy, stated that it had replaced the International Advisory and Monitoring Board (IAMB) since 2011 under UN Security Council resolutions to oversee oil and gas exports. Natural and oil derivatives from Iraq, monitoring them and ensuring payment of the deduction percentage mentioned in the Council’s resolutions related to Kuwait’s war compensation.
She added that the committee's board of directors issued its resolution No. 276 of 2017, which includes amending the deduction rate from 5% to
0.5% in 2018 and 1.5% in 2019 and 3% for 2020.
And she added that the reports of the international auditing company Deloitte approved by the Kurdistan region indicated that in 2018 it exported 121 million and 729 thousand and 397 barrels at a price of 57,607 dollars, and 158 million and 512 thousand and 960 barrels at a rate of 52,676 dollars in 2019, and 158 million and 145 thousand and 412 barrels in 2020 at a rate of 28,100 dollar.
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19 hours ago, ASUMama said:

Laid Back, do you think Kuwait has to be paid before the RV?  And thank you much for all your input!

 

ASUMama, thanks for your input.

In my opinion, the War compensation file has to be permanently closed first. 
 

Go Iraq 🇮🇶 

Go Kuwait payoff

Go open market economy 

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 money and business


Economy News _ Baghdad

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed, on Tuesday, positive proposals to establish a sovereign wealth fund in which funds equivalent to the current compensation for the Kuwait war would be deposited, in line with the reform white paper..................Thank You Yota . This article is from March . Seems to me they can ?Or could have already established ? This fund without annoucing it and quietly eleminating the compensation file  ? If so ? Lets Roll !

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Al-Kazemi’s advisor recommends transferring Kuwait’s compensation to savings and investment

upload_1636094187_259664221.jpg
 

 

  •  Today, 09:36
 

 

Baghdad - conscious - Nassar al-Hajj

Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, recommended, today, Friday, that the deducted financial flows of Kuwait’s compensation be transferred to savings and investment.

Saleh said in a statement to the Iraqi News Agency (INA): "The money that has been going outside the national economic cycle in the form of war compensation since 1996, and amounted to $52.4 billion, will turn its deducted annual flows to serve the interest of the national economy, especially in achieving a financial space in resources." Sovereignty of Iraq, with an average of no less than two billion dollars annually, according to the current oil prices, to contribute to enhancing Iraq’s financial sustainability.

He added: "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 GDP at accelerated rates, after the war compensations were It constituted a negative deduction and a drain on the national income cycle and over the past three decades, as Iraq paid a high direct price in it between war compensation and the costs of inspection teams, and indirect costs 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 that all formed The costs and burdens may be ten times more than the compensation amounts mentioned.”

Saleh concluded 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.  

Saleh told the Iraqi News Agency (INA): "Based on UN Security Council Resolution No. 692 issued on March 20, 1991, it was decided to establish the so-called United Nations Compensation Committee (  UNCC) to address compensation claims resulting from Iraq's invasion of Kuwait in August 1990, as Iraq had to pay Compensation for international and Kuwaiti individuals and entities totaled approximately $52.4 billion, according to compensation lists approved by the United Nations Compensation Fund.

 

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The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the rest of Kuwait's compensation is 600 million dollars, indicating that these compensations will end in the first quarter of 2022.
Saleh said in a press interview Monday; “The rest of Kuwait’s compensation is more than half a billion dollars and it is up to 600 million dollars,” noting that “compensations are deducted from oil and at an amount of 3% of the value of each exported barrel out of 52.4 billion dollars imposed on Iraq.”
Saleh added; That “the compensation file will be closed soon and within the limits of the first chapter of the next year 2022,” noting that “the completion of these compensations will close any trace and belongings of Chapter VII imposed by the Security Council on Iraq 30 years ago due to the Kuwait war.”
Saleh pointed out that "the completion of the compensation will bring to Iraq some of the money that was going as compensation to turn its annual flows for the benefit of the Iraqi economy and achieve a financial space of not less than 2 billion dollars annually, according to oil prices, to enhance the financial sustainability of the country."
Iraq must deposit 5% of its export revenues from sales of oil, its products and gas, before reducing it to 3% in 2018 in a UN fund established under the name of the United Nations Compensation Fund.

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 2021-11-08 01:20
 

Shafaq News/ The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed on Monday that the remaining compensation from Kuwait is 600 million dollars, indicating that these compensations will end in the first quarter of 2022.

Saleh said in an interview with Shafaq News Agency; "The rest of Kuwait's compensation is more than half a billion and up to 600 million dollars," noting that "compensations are deducted from oil and at an amount of 3% of the value of each exported barrel out of 52.4 billion dollars imposed on Iraq."

Saleh added; That "the file of compensation will be closed soon and within the limits of the first chapter of the next year 2022," noting that "the completion of these compensations will close any trace and belongings of Chapter VII imposed by the Security Council on Iraq 30 years ago due to the Kuwait war."

Salih pointed out that "the completion of the compensation will bring Iraq some of the money that was going as compensation to turn its annual flows in the interest of the Iraqi economy and achieve a financial space of not less than 2 billion dollars annually, according to oil prices, to enhance the financial sustainability of the country."

Iraq must deposit 5% of its export revenues from sales of oil, its products and gas, before reducing it to 3% in 2018 in a UN fund established under the name of the United Nations Compensation Fund.

In 1991, a UN Compensation Committee was formed, obligating Baghdad to pay $52.4 billion in compensation to individuals, companies, governmental organizations and others, who incurred losses resulting directly from the invasion and occupation of Kuwait.

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