World Economy

Iraq to Resume War Reparations to Kuwait

Iraq to Resume War Reparations to KuwaitIraq to Resume War Reparations to Kuwait

The UN Security Council’s compensation agency has announced Baghdad’s desire to settle war reparations by 2021. Iraq had suspended compensation payments following the rise of the “Islamic State” militant group. The UN Compensation Commission said on Tuesday that Iraq is set to resume compensation payments relating to the country’s “unlawful invasion and occupation” of Kuwait from 1990 to 1991, DW reported. “The UNCC’s governing council welcomed receipt of a proposal for deposits to resume into the compensation fund in 2018 put forward by the government of Iraq and accepted by the government of Kuwait,” the commission said in a statement. Under Iraq’s latest proposal, Baghdad will provide 0.5% of its oil proceeds in 2018 to the compensation fund, with the percentage increasing gradually until the end of 2021. “Based on oil price and export projections, this would result in payment in full of the outstanding claim award,” the commission added.


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