Iraq once again Controls own Economy, Free of UN Sanctions

By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. 

The United Nations Security Council (UNSC) has agreed to lift sanctions imposed on Iraq when the country invaded Kuwait 27 years ago.

The Iraqi Foreign Ministry said Dec. 9 the country had completed its obligations under the sanctions, which were imposed in 1990 when dictator Saddam Hussein invaded Kuwait. The UNSC levied the penalties after naming Iraq a threat to international security and ordered it to pay reparations to states and other parties that suffered as a result of the invasion.

Some 27 years later, Iraq is still suffering the effects of the invasion. Hisham al-Rukabi, the head of Vice President Nouri al-Maliki’s press office, told Al-Monitor that the Iraqi people welcomed the recent UN decision.

Saad al-Hadithi, the spokesman for Prime Minister Haider al-Abadi, said the move is “an important event in Iraq’s recent history and the closing of a painful [age] that lasted a long time, during which the Iraqi people suffered reduced sovereignty as well as political and economic sanctions that damaged the country’s institutions as well as individuals.”

Lifting the sanctions, he said, “will make Iraq more able to develop and achieve prosperity for its citizens, and restore the world’s trust so it can deal with Iraq as a fully sovereign nation.”

He predicted the decision will allow Iraq to play a greater political and economic role in the Middle East, experience an economic recovery and attract new investment.

3 Responses to Iraq once again Controls own Economy, Free of UN Sanctions

  1. humayun k afridi December 29, 2017 at 8:55 am #

    This is a great news Congrats to Iraq and all their hard work .

  2. humayun k afridi December 29, 2017 at 8:56 am #

    Iraqi Dinar is going to the moon after freedom.

  3. Ibn Al IRaq January 2, 2018 at 9:49 am #

    Sirs,

    Good News after a long & painful periods! Iraqis were victims and paid a high price.

    Hope that Kuwaitis and others can close that miserable past and look positively ahead for better neighboring relationship for a mutual prosperity without hidden agenda or back stabbing!

    Thank you