PM's Financial Adviser: Kuwait's Compensation Will Be Paid In Two Ways "Installment Over 4 Years And Investments"

BAGHDAD, IRAQ (NINA) - Iraq has agreed to resume compensation for Kuwait from 2018 through two routes, the first by opening investments, especially gas investment, and the second is to pay the rest of the compensation for four years consecutive . Mohammed Saleh said in a statement to the National Iraqi News Agency (NINA) "Iraq has reached an agreement with the State of Kuwait to pay compensation for the invasion of Kuwait in 1990, amounting to 4.6 billion dollars in compensation for the destruction of its oil facilities and compensation for the victims of war," explaining that two ways will be followed in this regard the first through investments in oil and gas, and the second through the installment of the remaining compensation for four years, will start with 0.5% of its oil revenues in 2018, and will increase annually until the end of 2021. He explained that "the installment will start at 0.5% per barrel of oil revenues in 2018, 1% in 2019, 3% 2020, and the remaining will be paid in full in 2021. Mohammed Saleh pointed out that "the compensation has stopped since October 2014; because of security challenges and budgetary problems faced by Iraq in its war against Daesh organization. The adviser of finance for the prime minister expected that Iraq will reach to a new agreement with Kuwait in the near future as that Iraq moved from Chapter VII to Chapter VI, which is concerned with building peace and resolving international disputes. "Iraq is the center of peace, especially after the fighting Daesh on behalf of the whole world and the achievement of successive victories," he said. It is noteworthy that the UN committee announced last Tuesday that Iraq agreed to resume on the allocation of part of its oil revenues to pay 4.6 billion dollars in compensation to Kuwait for the destruction of its oil facilities during the Gulf War, in 1990 and 1991. /End