The Iraqi government has dissolved state-owned Iraqi Airways over a decades-old financial dispute dating back to Saddam Hussein’s invasion of his oil-rich neighbor Kuwait
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As of the end of 2008, the fund had received nearly $180 billion – and now the Iraqi Government has a “realistic” plan to take full ownership by the end of this year of the fund a top United Nations budget official told the Security Council today.
The UN on Tuesday expressed satisfaction that the Iraqi Government is willing to continue to pay five percent of its oil revenues into the Compensation Fund whether under the present mechanism or a successor mechanism to the Development for Iraq (DFI) whose mandate expires in December of this year.
Iraq has said it owes $25.5 billion in reparations, with $24 billion due to Kuwait alone. Iraq is seeking to reduce the amount of annual oil revenue it sets aside for war reparations, primarily to Kuwait, by 80 percent.
UN Secretary-General Ban Ki-moon on Friday said Iraq must continue to pay five percent of its oil proceeds into the Compensation Fund even if arrangements for the successor Development Fund for Iraq (DFI) are in place and Iraq stated its commitment to settle all debts inherited from the Saddam regime.