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Thu 30 Jul 2009 08:32 AM

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UN hands Kuwait $430m in Iraqi compensation

Latest payment brings total paid by Iraq so far to more than $27bn - statement.

UN hands Kuwait $430m in Iraqi compensation
COMPENSATION PAYMENT: The UN compensation scheme is financed by five percent of the revenues from Iraqs oil and gas sales, following the 1991 invasion of Baghdads oil-rich neighbour under Saddam Husseins regime. (Getty Images)

The United Nations released $430 million in Iraqi compensation to Kuwait on Wednesday, in the latest round of payments in the war reparations scheme that began in 1994.

The payment brings the total amount paid by Iraq so far to $27.62 billion, for distribution to individuals, companies, governments and international organisations, the UN Compensation Commission said in a statement.

Iraq, which faces further payments of about $25 billion, recently complained about the financial burden of overall reparations.

The UN compensation scheme is financed by five percent of the revenues from Iraq's oil and gas sales, following the 1991 invasion of Baghdad's oil-rich neighbour under Saddam Hussein's regime.

The Iraqi government has called for the percentage it pays to be halved.

UN chief Ban Ki-moon on Monday urged Iraq to weigh alternatives, including investments, to resolve the dispute over the reparations to Kuwait and pressed the Security Council to help Baghdad meet its outstanding obligations.

Baghdad wants the UN Security Council to accept that it no longer poses a threat to international security.

Kuwait insists there should be no change until Iraq has fully complied with resolutions on reparations, the return of property, the demarcation of the border and the repatriation of the remains of prisoners of war (POWs).

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