Iraqi Reparations Moving Rapidly

The UN has approved the release of another US$1bn from the reparations fund that compensates Kuwaiti businesses, government bodies and international organisations for losses due to Iraq’s invasion of Kuwait in 1990.

Iraq has now repaid more than $33bn of its $52bn due in damages claims. The $1bn comes from a 5% cut of Iraqi oil sale revenue that goes to a UN-controlled fund. From 1994 to 2003, the amount taken was 25%.

Five companies and four other bodies will receive the compensation. As usual, the UN has not named the claimants receiving compensation.

 

(Sources: UN; Iraq Directory; Voice of America)

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