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FINANCIAL NEWS
Iraq owes Kuwait USD11b: Official
08 May 2013
(MENAFN) Compensation Claims Commission chief Khaled Al-Mudhaf said that his kuwait was paid USD1.3 billion in January and USD1.13 billion on April 25 related to Saddam Hussein’s invasion of Kuwait, but USD11.2 billion are still owed to the country, reported Kuna.
During a speech at the Geneva-based UN Compensation Commission, Mudhaf demanded Iraq continue to deposit 5 percent of its oil revenues into the compensation fund as a guarantee for future payments.
After Iraqi troops were thrown out of Kuwait in 1991 following a seven-month occupation, the UN compensation body deemed that the invaded country was owed USD41 billion. Iraq has so far handed over about USD30 billion of this sum.
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