The government: Iraq still owes Kuwait seven billion dollars after paying 52 billion

by **claud39** Tue Feb 04, 2020 7:47 am

The government: Iraq still owes Kuwait seven billion dollars after paying 52 billion

02/02/2020

Economy News _ Baghdad

Financial advisor to Prime Minister Mohamed Mazhar Saleh announced on Tuesday that Iraq is still in debt to Kuwait with an amount of seven billion dollars after he paid 52 billion as a result of the invasion of the previous regime of Kuwait in the nineties of the last century, while he pointed out that the agreement with China was launched from the principle of building bridges and reviving a road Silk.

Saleh said in a press statement seen by the "Economy News", that "China is one of the developed countries in the infrastructure, and that the real development in any country can only be achieved with a solid infrastructure."

He added, "The 100,000 agreed barrels must enter the Development Fund, and then deduct from them the compensation for the Kuwait war, which remains approximately 7 billion dollars, after Iraq paid about 52 billion dollars."

He pointed out that "this agreement was based on the principle of building bridges and reviving the Silk Road, which China is seeking to restore in order to establish peace and increase economic development in the world, especially since the countries that are on the belt line constitute 65 percent of the world's population."

http://economy-news.net/content.php?id=18958

by **claud39** Wed Feb 05, 2020 8:18 am

International financial experts: Iraq paid 49.2 billion dollars to Kuwait and the remaining 3.2 only

05/02/2020

Economy News _ Baghdad

The International Experts Committee confirmed today, Wednesday, that Iraq had paid Kuwait 49.4 billion dollars in compensation and the remaining 3.2 billion dollars only.

The committee, as the supervising authority for the follow-up of the DFI account and its alternative account, said in a statement, "Economy News" received a copy of it, that "the total amounts of compensation required by international decisions on Iraq in favor of Kuwait were 52.4 billion US dollars," indicating that "The amount paid from it until January 2020 amounted to 49.2 billion dollars, and the remaining amount of these compensation is 3.2 billion dollars."

The committee expected to "pay the full amount in the first half of 2021 and close the file of compensation to secure the final exit from under penalty of Chapter Seven in the event that oil revenues continue at the same current rates."

All Iraqi revenues from oil exports are deposited into the "Iraq Development Fund", and the United Nations withdraws from these revenues a rate of 5%, which is compensation to Kuwait for the 1991 war, while the Ministry of Finance pays all of Iraq's debts before the government receives supervision of the "Development Fund for Iraq."

The Financial Experts Committee was established on the basis of the Cabinet’s decision and started its work on 1/4/2007, as an alternative oversight body for the International Council for Advice and Supervision, which currently oversees the Iraqi public funds spent on the production and export of oil and oil products.

http://economy-news.net/content.php?id=18980