International financial experts: Iraq paid Kuwait $49.2 billion and the remaining 3.2 only
2020-02-05 | 05:08
The International Experts Committee confirmed today, Wednesday, that Iraq had paid Kuwait 49.4 billion dollars in compensation and the remaining 3.2 billion dollars only.
The committee, as the supervising authority for the follow-up of the DFI account and its alternative account, said in a statement that Alsumaria News received a copy of it, that "the total amounts of compensation required by international decisions on Iraq in favor of Kuwait were 52.4 billion US dollars," indicating that
"the payment Of them, as of January 2020, it amounted to $49.2 billion, and the remainder of these compensation is $3.2 billion."
The committee expected to "pay the full amount in the first half of 2021 and close the file of compensation to secure the final exit from under penalty of Chapter Seven in the event that oil revenues continue at the same current rates."
All Iraqi revenues from oil exports are deposited into the "Iraq Development Fund", and the United Nations withdraws from these revenues a rate of 5%, which is compensation to Kuwait for the 1991 war, while the Ministry of Finance pays all of Iraq's debts before the government receives supervision of the "Development Fund for Iraq."
The Financial Experts Committee was established on the basis of the Cabinet’s decision and started its work on 1/4/2007, as an alternative oversight body for the International Council for Advice and Supervision, which currently oversees the Iraqi public funds spent on the production and export of oil and petroleum products.