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 Will Iraq have any $$ when this is over??

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chevysteve
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PostSubject: Will Iraq have any $$ when this is over??   Sat Aug 11, 2012 5:05 pm

Found this on another board and just did a cut and paste job. Made me raise my eyebrows as to how they can pay Kuwait all these Trillions of Dinars and still function.


Iraq pays 38 trillion dinars of the total compensation to Kuwait

Saturday, 11 August 2012 11: 22 | Ambassador news



{Ambassador: News} Finance Committee revealed in the House of representatives, Iraq has to pay about 38 trillion dinars Kuwait compensation payments approved by the United Nations after Saddam invaded Kuwait in 1991, the remaining amount of compensation up to 20 trillion dinars, representing the remainder of the total debt.

And indicated that they have a formal letter from the Office of financial supervision, indicates a conflict of the financial statements on debt repayment Kuwait, while the Foreign Ministry confirms that these amounts were paid start since 2003, the Finance Ministry insisted that the payment date launched since 1991.

The deputies spoke on the Bill to pay fines for Iraqi Airways, Kuwaiti counterpart following lawsuits filed by international courts in recent 20 years ago, has fined a specified amount, rejected the previous regime at the time, shot led to increasing financial benefit for the amount up to $500 million.

Najib said Risalat Finance Committee member, House of representatives, "the war reparations Kuwait to Iraqi Government custody an estimated 58 trillion dinars, and the decision of the United Nations required compensation of its annual budget of any discount on the 5 percent of State revenues to the State of Kuwait, and the remainder to now around 20 trillion of total debt".

"The Iraqi and Kuwaiti Governments now have good relations, negotiations between the two countries occurred, perhaps there is hope that a negotiated resolution of the debt issue between the two countries, as a result of these negotiations was pushing Iraq 500 million Iraqi dinars for the suits to Iraqi Airways, will pay 300 million dollars the total amount of the first installment, we consider this a good sign, a sign that relations have improved, and there could be also exempt from this debt".

Najib said that "legislation of a special law allowing the Federal Government to pay financial receivables to Kuwait of Iraqi Airways, which included the granting of $300 million as a down payment during the current year and acted within the 2012 budget while the remaining $200 million, will be shot next year and allocated funds in the budget of 2013."

Najib indicated that the Act was the first reading in the House of representatives, and was challenged by some MPs, stressed that Iraqi Airways company they make profit, and have sustained action must be borne by these amounts, not the Government, that funds the Government is people's money will take care of her, and we are now awaiting second reading after completion of the voting."

Najib concluded that "2012 budget did not include with any customizations to pay these debts, and adding these amounts to the budget needs to be legislation of a special law allowing the Federal Government to grant 300 million dollars in Kuwait as a down payment on the 2012 budget allocations, to repay debts owed by Iraqi Airways for 20 years", adding that "Kuwait 20 years ago, filed lawsuits in international courts against Iraqi Airways, has fined a certain amount, but with the passage of time and with greater financial benefit Value amount to 500 million dollars.

The House Finance Committee estimated the damages paid by Iraq to Kuwait by 20 percent, will continue to be paid by Iraq on 5 consecutive years, indicating that Iraq is obliged to pay 5 percent annually for the State of Kuwait, as resolution of the United Nations.
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PostSubject: Re: Will Iraq have any $$ when this is over??   Sat Aug 11, 2012 9:11 pm

Quote :
Finance Committee revealed in the House of representatives, Iraq has to
pay about 38 trillion dinars Kuwait compensation payments approved by
the United Nations after Saddam invaded Kuwait in 1991, the remaining
amount of compensation up to 20 trillion dinars, representing the
remainder of the total debt.

Don't know where they are getting that number, UNCC (UN Compensation Commission) sanctions only totaled about 532 Billion. According to the UNCC press releases approximately 14.7 Billion remains outstanding.

http://www.uncc.ch/start.htm

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