Cash-strapped Iraq seeks to delay final $5.75 billion due to Kuwait over 1990 invasion

Iraq is seeking to postpone a final US$4.6 billion (S$5.75 billion) instalment of reparations for its 1990-91 occupation of Kuwait, Finance Minister Hoshiyar Zebari told Reuters, as it faces a cash crisis caused by falling oil prices and war with Islamic State. -- PHOTO: AFP


BAGHDAD (Reuters) - Iraq is seeking to postpone a final US$4.6 billion (S$5.75 billion) instalment of reparations for its 1990-91 occupation of Kuwait, Finance Minister Hoshiyar Zebari told Reuters, as it faces a cash crisis caused by falling oil prices and war with Islamic State.

Since Iraq was first allowed to resume oil sales nearly two decades ago it has paid funds into a United Nations body overseeing compensation for looting and damage inflicted during Saddam Hussein's seven-month occupation of Kuwait.

More than a million claimants have been paid and nearly all the US$52.4 billion reparations bill has been met through Iraq's annual allocation of 5 percent of crude oil exports to the UN Compensation Commission (UNCC).

But with its economy now set to shrink for the first time since the 2003 US-led invasion toppled Saddam and ended more than a decade of sanctions, Iraq can ill afford to divert a large chunk of the 2015 budget to make that last payment due next year.

http://www.straitsti...ait-over-1990-i

so this means the RV will be held off ??? lol

Gee I can't wait to see what the guru's do with this tidbit .... It should be entertaining. My money is on they need the RV to go through so they can make that final payment.

Kevin, I'm sure you're right.  In fact I could use a little extra money, so I think I'll just RV my bank account.  Simple, huh?

Ssmith, if you've got all that money, you will need a 'Big' RV to haul it all in, wouldn't you say?

it sounds like old fashion camel trading to get the amount owed down somemore