Arab Today, arab today almudhaf iraq still owes kuwait 57bn in compensations for war damage
Last Updated : GMT 15:19:38
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Al-Mudhaf: Iraq still owes Kuwait $5.7bn in compensations for war damage

Arab Today, arab today

Arab Today, arab today Al-Mudhaf: Iraq still owes Kuwait $5.7bn in compensations for war damage

Chairman of the Board of the public authority for assessment of compensation for damage resulting from the Iraqi aggression (PAAC) Khaled Ahmad Al-Mudhaf
Geneva - KUNA

After receiving a new batch of Iraqi occupation compensations, estimated at USD 1.19 billion, Kuwait announced Thursday that Iraq still owes it USD 5.7 billion in outstanding compensations.
"The Sate of Kuwait thanks on Thursday the Governing Council of the United Nations Compensation Commission (UNCC) Secretariat for the distribution on 24 July 2014 of 1.19 billion US Dollars," said Chairman of the Board of the public authority for assessment of compensation for damage resulting from the Iraqi aggression (PAAC) Khaled Ahmad Al-Mudhaf at the opening of the 78th session of the NNCC Governing Council (2-3 Oct.).
"With this payment, approximately 5.7 billion US Dollars remain outstanding and we look forward to receiving the future quarterly payments until all the compensation is paid in full.
He went on to say that "Indeed, Mr. President, Kuwait's sustained receipt of these payments depends on the continued replenishment of the Compensation Fund in accordance with relevant Security Council Resolutions." Al-Mudhaf said that Kuwait acknowledges Iraq's commitment towards the payment of the compensations.
"Kuwait stresses the need for continuation of regular deposits in the Compensation Fund, as provided for in UN Security Council Resolution 1956, of 5 percent of the proceeds from all export sales of petroleum, petroleum products and natural gas of Iraq; as well as 5 percent of the value of any non-monetary payments of petroleum, petroleum products and natural gas. In this regard, Kuwait would like to acknowledge the ongoing commitment of Iraq which is the object of our appreciation and respect," he added.
The Kuwait official also underlined the need for transparency in handling the deposits in the Compensation Fund.
"Kuwait stresses also the importance of continuing to maintain a transparent mechanism to ensure that the amounts deposited into the Compensation Fund are accurate," he said.
"It is the sustained deposit of these funds in the Compensation Fund that will bring us all closer to the ultimate fulfillment of the Governing Council's mandate regarding full payment of the compensation which was approved by the Council." He also urged the UNCC Governing Council to do its best to ensure the full payment of the outstanding compensation.
"In the meantime, we would like to recall that guaranteeing payment of the outstanding amount to Kuwait is a responsibility of the Governing Council under its original mandate. Therefore, the UNCC should not relent in its efforts until the full amount is paid." Al-Mudhaf calls the attention of the committee to Governing Council Decision no. 252 concerning competing /duplicate claims which calls for the recovery of overpaid amounts from the final payment to Kuwait.
"In this regard, the Government of the State of Kuwait agreed and intend to pay in full the unrecovered amounts in the near future, rather than having it deducted from the final payment," he said.
"Based on the recommendations of the Governing Council and the close collaboration with the Council members, the Government of the State of Kuwait would like to reiterate its engagement in relation to the environmental programme and its continuing effort to achieve its objectives and so as to meet the Council's expectations and the environmental remediation."

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