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U.N. defers Iraq's $4.6 billion Gulf War reparations to Kuwait
Source: Reuters
U.N. defers Iraq's $4.6 billion Gulf War reparations to Kuwait
BY STEPHANIE NEBEHAY
GENEVA Thu Dec 18, 2014 7:32am EST
(Reuters) - The United Nations Gulf War compensation fund agreed on Thursday to defer Iraq's requirement to deposit five percent of its oil revenues for a year due to its budgetary difficulties, a senior U.N. official said.
Major powers on the fund's ruling body took the decision by consensus as Iraq's economy is being battered by both low oil prices and war with Islamic State militants.
"The Governing Council adopted a decision agreeing to a postponement of Iraq's requirement to deposit five percent of oil proceeds until 1 January, 2016," Leah Kraft, legal officer of the U.N. Compensation Commission (UNCC), told Reuters.
Speaking after the closed-door session in Geneva, she added: "The Council expressed its solidarity with Iraq and wanted to be as helpful as possible."
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BY STEPHANIE NEBEHAY
GENEVA Thu Dec 18, 2014 7:32am EST
(Reuters) - The United Nations Gulf War compensation fund agreed on Thursday to defer Iraq's requirement to deposit five percent of its oil revenues for a year due to its budgetary difficulties, a senior U.N. official said.
Major powers on the fund's ruling body took the decision by consensus as Iraq's economy is being battered by both low oil prices and war with Islamic State militants.
"The Governing Council adopted a decision agreeing to a postponement of Iraq's requirement to deposit five percent of oil proceeds until 1 January, 2016," Leah Kraft, legal officer of the U.N. Compensation Commission (UNCC), told Reuters.
Speaking after the closed-door session in Geneva, she added: "The Council expressed its solidarity with Iraq and wanted to be as helpful as possible."
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Read more: http://www.reuters.com/article/2014/12/18/us-mideast-crisis-iraq-un-idUSKBN0JW1DH20141218
