Ban Ki-moon Welcomes Postponement of Iraq's Compensation Payments to Kuwait

© Sputnik / Sergey Guneev / Go to the mediabankUN Secretary General Ban Ki-moon welcomed the United Nations Compensation Commission (UNCC) decision to postpone Iraq's obligation to pay five percent of its oil proceeds into a Compensation Fund for Kuwait, a process dating back to the first Gulf War.
UN Secretary General Ban Ki-moon welcomed the United Nations Compensation Commission (UNCC) decision to postpone Iraq's obligation to pay five percent of its oil proceeds into a Compensation Fund for Kuwait, a process dating back to the first Gulf War. - Sputnik International
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The UN Secretary General welcomed the United Nations Compensation Commission (UNCC) decision to support the Government of Iraq’s request to postpone until January 2016 Iraq's obligation to deposit five per cent of its oil proceeds into the Compensation Fund.

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UNITED NATIONS, December 19 (Sputnik) — UN Secretary General Ban Ki-moon welcomed the United Nations Compensation Commission (UNCC) decision to postpone Iraq's obligation to pay five percent of its oil proceeds into a Compensation Fund for Kuwait, a process dating back to the first Gulf War.

The United Nations said Thursday that Ban Ki-moon “welcomes the decision of the Governing Council of the United Nations Compensation Commission to support the Government of Iraq’s request to postpone until January 2016 Iraq's obligation to deposit 5 per cent of its oil proceeds into the Compensation Fund.”

The UNCC in a decision earlier on Thursday said that “noting the extraordinarily difficult security circumstances in Iraq and the unusual budgetary challenges, associated with confronting this issue, the Governing Council adopted decision 272 (2014)."

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This decision "postpones Iraq's obligation to deposit five per cent of oil proceeds and five per cent of the value of any non-monetary payments to service providers into the Compensation Fund until 1 January 2016," with the payments to resume in 2016.

The UN said the secretary-general “is particularly grateful to the Government of Kuwait for its support in accepting the request of the Government of Iraq.”

Iraqi Armed Forces have been fighting with the Islamic State, also known as ISIL and ISIS, which has declared a caliphate on the territories it has captured across eastern Syria as well as Northern and Western Iraq.

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