- number of readings 51
- Section : Iraq
Baghdad / Obelisk: The Central Bank of Iraq announced, on Tuesday, December 21, 2021, the completion of the payment of compensation for the State of Kuwait.
The Central Bank said in a statement received by Al-Masala that the last remaining installment of Kuwait’s compensation amounting to 44 million dollars has been completed, and thus Iraq has completed the full payment of the compensation amounts approved by the United Nations Compensation Committee of the UN Security Council under Resolution No. 687 of 1991, A total of 52.4 billion US dollars for the State of Kuwait.
It is hoped that ending the payment of compensation, according to the statement, will contribute to removing Iraq from Chapter VII, as well as its impact on re-integrating the Iraqi banking system with the global banking system and benefiting from the financial abundance that will be achieved.
The UN Compensation Committee was formed in 1991, obligated Baghdad to pay $ 52.4 billion in compensation to individuals, companies, governmental organizations and others who incurred losses resulting directly from the invasion of Kuwait.
Iraq stopped making payments in 2014 during the war on ISIS, which took control of large parts of the country, but resumed payments in 2018.