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31 years after the invasion, Iraq completed the payment of compensation to Kuwait Israel today

2021-12-22T19:37:07.811Z


The Central Bank of Baghdad announced that it had completed the last payment of $ 44 million to a neighbor, as part of the compensation basket that the state was required to pay after the Gulf War in 1991 • The total amount of compensation - $ 52.4 billion


The central bank in Baghdad announced last night (Tuesday) that the state had made the last payment of $ 44 million to Kuwait, thus completing the total compensation payments to its neighbor, 30 years after its invasion caused the Gulf War.

The last payment of Iraq's compensation to the state of Kuwait of $ 44 million has been completed, thus Iraq completing the full amount of compensation approved by the UN Security Council's compensation committee of $ 52.4 billion, according to the central bank statement in Baghdad.

The Compensation Committee was established in 1991 under Security Council resolutions to deal with about 2.7 million claims for damages made by individuals, corporations, governments and international organizations, after Saddam Hussein invaded Kuwait in August 1990. The committee approved 1.5 million claims totaling about 52.4 Billion dollars.

Iraq halted payments to Kuwait in 2014 due to the war against the Islamic State (ISIS) and the payments were renewed four years later in 2018. Completion of compensation payments came at a critical time for Iraq, as the country appears to be on track for economic growth due to rising oil prices.

Iraqi soldiers surrender to Saudi army soldiers in Kuwait, 1991 Gulf War, Photo: AP

A source from the Iraqi central bank told a state-run newspaper earlier this month that the bank's reserves had grown from $ 51.9 billion to $ 64 billion due to the "rise in oil markets."

The particularly low oil prices recorded during last year's epidemic caused a financial crisis in Iraq, but the recent rises in the oil market and the central bank's decision in December to devalue the dinar eased the crisis.

It should be noted that the Iraqi government depends on oil revenues to continue to exist and to pay the wages of civil servants.

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Source: israelhayom

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