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MENAFN - Arab Times - 01/05/2014
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(MENAFN - Arab Times) Geneva april 30 (kuna): the state of kuwait said here on wednesday that the remaining compensations for damage resulting from the iraqi aggression amount to 6.879 billion after having received 1.03 billion in january and 990 million in april. this was announced by khaled ahmad al mudhaf chairman of the board the public authority for assessment of compensation for damages resulting from the iraqi aggression (paac) at the opening of the 77th session of the un compensation commission (uncc). he said: 'the state of kuwait thanks the governing council and the uncc secretariat for the distribution on jan 23 2014 of approximately 1.03 billion us dollars; and 990 million us dollars on april 24 2014.

with these payments approximately 6.879 billion us dollars remain outstanding and we thank the council for its continuing effort in maintaining the entity of the uncc to ensure the quarterly payments until all the compensation is paid in full.' he noted that kuwait's sustained receipt of these payments depends on the continued replenishment of the compensation fund in accordance with relevant security council resolutions.

he stressed the need for continuation of regular deposits in the compensation fund as provided for in un security council resolution 1956 of 5 percent of the proceeds from all export sales of petroleum petroleum products and natural gas of iraq; as well as 5 percent of the value of any nonmonetary payments of petroleum petroleum products and natural gas. in this regard kuwait would like to acknowledge the ongoing commitment of iraq to fulfill its obligations he said emphasizing the importance of continuing to maintain a transparent mechanism to ensure that the amounts deposited into the compensation fund are accurate. it is the sustained deposit of these funds in the compensation fund that will lead to the ultimate fulfillment of the governing council's mandate regarding full payment of the compensation that the council has found to be due to the people of the state of kuwait. he added that the state of kuwait has in different communications renewed and reiterated its commitment and readiness to discuss the issue under the auspices of the uncc. 'we acknowledge the efforts of the uncc and in particular that it stands ready to provide experts and technical assistance to help achieve real progress on this issue' he noted. he went on to say: 'in the meantime we would like to recall that guaranteeing payment of the outstanding amount to kuwait is a responsibility of the governing council under its original mandate.

therefore the uncc should not relent in its efforts until the full amount is paid.' having provided the political assurances to the governing council and having received the withheld funds under decision 258 the government of the state of kuwait since receipt of the program is moving with success and progress al mudhaf said adding that the state of kuwait will submit its report in may 2014 as agreed with the governing council. finally he said his country would like to welcome the new members of the governing council namely: ambassador malloum bamanga abbas permanent representative of chad; ambassador jose luis balmaceda permanent representative of chile; ambassador rajab m. sukayri permanent representative of the hashemite kingdom of jordan; ambassador rytis paulauskas permanent representative of lithuania; and ambassador umunna humphrey orjiako permanent representative of the federal republic of nigeria.


 






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