Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Iraq still has to pay Kuwait $6.879 bln in war damages  Join our daily free Newsletter

MENAFN - Arab Times - 01/05/2014
No. of Ratings : 0
Add to Mixx!

(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.


Arab Times

  MENA News Headlines
 Oct 6 2015 - IMF says Iran nuclear deal to boost Mideast economyAFP
(MENAFN - AFP) Iran's landmark nuclear deal will lift economic growth in the war-plagued Middle East next year as the rolling back of sanctions brings a rebound in oil exports, the IMF said ...

 Oct 6 2015 - Abu Dhabi s NBAD is 1 for GCC bonds DealogicEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 6th October 2015 (WAM) --- National Bank of Abu Dhabi (NBAD) the Safest Bank in Emerging Markets and the Middle East by Global Finance magazine is ...

 Oct 6 2015 - ADEC offers public school students an After School Support ProgrammeEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 6th October 2015 (WAM) -- The Abu Dhabi Education Council ADEC has organised an "After School Support Programme" for students for the 2015/2016 ...

 Oct 6 2015 - Four UAE soldiers martyred in AdenEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 6th October 2015 (WAM) -- The General Command of the UAE Armed Forces has announced the death of four of its brave soldiers in Aden during their ...

 Oct 6 2015 - UAE- Ajman Ruler congratulates Egyptian PresidentEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) AJMAN 6th October 2015 (WAM) -- H.H. Sheikh Humaid bin Rashid Al Nuaimi Supreme Council Member and Ruler of Ajman has sent a cable of congratulations to the ...

 Oct 6 2015 - UAE Ambassador to Bahrain attends mass weddingEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) MANAMA 6th October 2015 (WAM) --- Ambassador of the United Arab Emirates to Bahrain Abdul Redha Khouri recently attended a mass wedding for 202 couples with ...

 Oct 6 2015 - Dubai repays US500 million bonds certificatesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI 6th October 2015 (WAM) -- The Government of Dubai acting through the Department of Finance has announced that the US$ 500 million Fixed Rate Note ...

 Oct 6 2015 - UAE- Emirates Airline offers special A380 fares to a host of destinationsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI 6th October 2016 (WAM) --- Travellers in the UAE gearing up for year-end trips can now enjoy special fares to a host of destinations served by the ...

 Oct 6 2015 - UAE-MENA healthcare providers to spend US2.73bn on IT products services in 2015Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai 6th October 2015 (WAM) - Healthcare providers in the Middle East and North Africa will spend US$2.73 billion on IT products and services in 2015 ...

 Oct 6 2015 - Dhahi Khalfan opens 2015 edition of Critical Communications Middle East in DubaiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai 6th October 2015 (WAM) - Lieutenant General Dhahi Khalfan Tamim Deputy Chairman of Dubai Police and General Security led the opening ceremony of the ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help