The Central Bank of Iraq announced yesterday, Tuesday, the payment of the full financial compensation approved by the United Nations in favor of Kuwait due to the Gulf War, amounting to 52.4 billion dollars.
The bank said in a statement, that the payment of the last remaining installment of the State of Kuwait's compensation amounting to $44 million has been completed.
The statement indicated that Iraq has paid the full amount of compensation approved by the United Nations Compensation Committee of the UN Security Council under Resolution (687) for the year 1991, with a total of 52.4 billion dollars to Kuwait.
He added, it is hoped that ending the payment of compensation will contribute to the reintegration of the Iraqi banking system into the global banking system and benefit from the financial abundance that will be achieved.
In 1991, a UN Compensation Committee was formed, obligating Baghdad to pay $52.4 billion in compensation to individuals, companies, governmental organizations and others, who incurred losses resulting directly from the invasion and occupation of Kuwait in the same year.
Iraq stopped making payments in 2014 during the war on Islamic State, which controlled a third of the country, but resumed in 2018.
Iraq pays the amount of compensation to a UN fund that was established under the name of the United Nations Compensation Fund.
Iraq relies on about 98% of its annual revenues on oil exports.