**************** Iraq is seeking to postpone the last payment of compensation to Kuwait

13/12/2014 03:00

Finance Minister Hoshyar Zebari said that his country is seeking to postpone the final round worth $ 4.6 billion in compensation for the occupation of Kuwait in 1990 and 1991 at a time when Baghdad is facing a liquidity crisis due to falling oil prices and fight al (Daash).

Reuters has quoted this statement Zebari said Saturday.

Since the first time allowed the resumption of Iraq's oil sales for nearly two decades ago, Iraq pays money to a United Nations body that oversees compensation for looting and damage caused by the occupation of Kuwait, which lasted 7 months during the era of former Iraqi President Saddam Hussein.

The compensation was disbursed to more than one million claims have been paid all compensation amounting to almost $ 52.4 billion of annual allocations amounting to 5% of the proceeds of Iraqi oil exports to the United Nations Compensation Commission.


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Exclusive: Cash-strapped Iraq seeks Kuwait war reparation delay

By Dominic Evans

BAGHDAD Fri Dec 12, 2014 7:28am EST

 




Iraq's Finance Minister Hoshiyar Zebari speaks during an interview with Reuters in Baghdad November 26, 2014.

Credit: Reuters/Thaier Al-Sudani



(Reuters) - Iraq is seeking to postpone a final $4.6 billion installment 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 $52.4 billion reparations bill has been met through Iraq's annual allocation of 5 percent of crude oil exports to the U.N. Compensation Commission (UNCC).

But with its economy now set to shrink for the first time since the 2003 U.S.-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.

"We have been really committed to paying this on time up until now," Zebari said in a telephone interview conducted on Thursday. "We are in discussions with the Kuwaitis, trying to defer the payment for two years or at least a year, to allow some space... to present a realistic budget."

A senior UNCC official in Geneva said no decision had yet been made, and any change would require the agreement of the UNCC's Governing Council, which has same 15 member states as the U.N. Security Council.

"We are hearing the Governing Council will be considering the issue at a special session next week," the official told Reuters, adding that a meeting had been tentatively set for Dec. 18 in Geneva.

There was no immediate comment from Kuwaiti officials.


http://www.reuters.com/article/2014/12/12/us-mideast-crisis-iraq-kuwait-exclusive-idUSKBN0JQ0TC20141212

Iraq is seeking to postpone the last payment of compensation for the Kuwait war


Friday, 12 December 2014 - 06:57

Finance Minister Hoshiyar Zebari told Reuters that his country is seeking to postpone the final round worth $ 4.6 billion in compensation for the occupation of Kuwait in 1990 and 1991 at a time when Baghdad is facing a liquidity crisis due to falling oil prices and fight al «Daash.»

Zebari said in a telephone interview conducted on Thursday, "We really are committed to pay this (money) in the time until this moment." He added "We are holding discussions with Kuwaiti and seek to postpone payment for two years, or at least for a year to make some room ... to provide a realistic budget."

Since the first time allowed the resumption of Iraq's oil sales for nearly two decades before Iraq pays money to a United Nations body that oversees compensation for the occupation of Kuwait, which lasted seven months, during the reign of dictator Saddam Hussein.


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The last Iraq News Today Friday, 12/12/2014. Iraq addresses the UN Security Council to defer the final installment of the Gulf War reparations to Kuwait. The last and most important news of the day Iraq

Friday, December 12, 2014
Latest update: Friday, December 12, 2014 - 13:56


The last Iraq News Today Friday, 12/12/2014. Iraq addresses the UN Security Council to defer the final installment of the Gulf War reparations to Kuwait. The last and most important news of the day Iraq

The last Iraq News Today Friday, 12/12/2014. Iraq addresses the UN Security Council to defer the final installment of the Gulf War reparations to Kuwait. The last and most important news of Iraq today. Follow-up news renewed for another and the most important news of the day Iraq Friday, December 12, 2014, a national news site offers news service renewed daily, around the clock to the latest news on Iraq Friday, 12/12/2014.

Finance Minister of Iraq, "Hoshyar Zebari," the day Friday, 12/12/2014, that Iraq sought to postpone the final payment of compensation Kuwait, amounting to $ 4.6 billion, on the back of liquidity crisis faced due to lower oil prices and the war with "Daash", as he emphasized officials the compensation committee of Kuwait that any change in the date of compensation Kuwait he have the approval of the Compensation Committee of the UN Security Council, has said, "Zebari" that "Iraq is seeking to postpone the final installment of Kuwait, amounting to $ 4.6 billion in compensation for Iraq's invasion of Kuwait in 1990-1991," in While facing in Iraq liquidity crisis due to falling oil prices and the war with al Daash terrorist and also stressed, "Zebari said," Iraq so far committed to pay on time, and they are conducting discussions with Kuwaiti in an attempt to defer payments for two years or one year at least to give us some time and provide a realistic budget. "

On the other hand, said an official of the Commission of the United Nations Compensation Commission, said that "no decision has been taken yet in this regard," explaining that "any change in the date of compensation Kuwait requires the approval of the Compensation Committee, which consists of 15 members of the members of the UN Security Council." he continued, "we will listen to the Governing Council which will consider the issue in a special session next week, which is tentatively scheduled to begin on 18 January in Geneva," this was no still no comment from Kuwaiti officials for Muathm or refusing to defer compensation Aljlij war Iraq.


Iraq News Today Friday, 12/12/2014

It is worth mentioning that Iraq had to pay nearly $ 52.4 billion to Kuwait through an annual allocation to fund compensation to Kuwait at 5 percent of Iraqi crude oil exports to the United Nations, Iraq News last day Friday, 12/12/2014. Iraq addresses the UN Security Council to defer the final installment of the Gulf War reparations to Kuwait. The last and most important news of Iraq today.


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Zebari: the budget deficit after the adjustment of $ 30 billion and a request to postpone the payment of compensation to Kuwait for two years [Expanded]

Fri, December 12 1 / December 2014 23:54



[Follow-where]

Finance Minister Hoshyar Zebari said after his ministry to reduce the deficit budget for fiscal 2015, but remained $ 30 billion.

Zebari said in a press statement that "After the refusal of Prime Minister Haider al-Abadi to the original draft budget, the Ministry of Finance has reduced spending by about ten billion dollars but still expected the deficit to about $ 30 billion."

He pointed out that "the deficit was originally exceed 47 trillion dinars [$ 40 billion] with all the extra expenses, and then cut back contracts and payments or postpone non-essential projects."

Zebari and hoped that "the government agree to a revised budget for 2015 at a meeting next Sunday."

Despite going down the price of oil from $ 70 a barrel, said the Finance Minister said that "the government is adopting its spending plans for next year are still based on the approach of the price of this level as the IMF expects the arrival of the average crude price to that level over the whole year."

Zebari said Iraq seeks "to postpone the final round worth $ 4.6 billion in damages related to the occupation of the former regime of Kuwait in 1990 and 1991".

He stressed, "We are truly committed to pay this money on time until this moment," he said, adding "We are holding discussions with Kuwaiti and seek to defer payments for two years, or at least for a year to make some room, to provide a realistic budget."




The Minister of Finance "There understand this, and next week will see some frantic diplomatic activity between Baghdad and Kuwait, Geneva and New York to make a joint request to delay payment," adding that "the delay of a year or two will give Iraq an outlet of the financial crisis."

This comes Iraqi request of Kuwait at a time when the government is facing a liquidity crisis due to falling oil prices and fight al Daash.

Since the first time allowed the resumption of Iraq's oil sales for nearly two decades before Iraq pays money to a United Nations body that oversees compensation for looting and damage caused by the previous regime of the occupation of Kuwait in the nineties of the last century, which lasted seven months.

It was compensation from Iraq to exchange more than a million demands were almost all pay and compensation totaling $ 52.4 billion of annual allocations amounting to five percent of the oil export revenue protection from Iraq to the United Nations Taweidat.



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