LOC15:56
12:56 GMT
ِAuthority Chairman Khaled Al-Mudhaf
GENEVA, April 25 (KUNA) -- Kuwait's Public Authority for Assessment of Compensation for Damage Resulting from Iraqi Aggression (PAAC) on Wednesday lauded a UN decision to resume the deposit of outstanding amounts as of this year.
Addressing the 84th Session of the United Nations Compensation Commission's (UNCC) Governing Council in Geneva, authority Chairman Khaled Al-Mudhaf referred to the council's resolution No 276, November 2017.
It provided for depositing 0.5 percent of Iraq's oil revenues in the compensation fund this year. This will rise to 1.5 next year, and 3 percent in 2020.
The PAAC's latest decision once more helps realize the goal that the UNCC was established for, Al-Mudhaf said. The commission has cut a long path and has actually completed many of its tasks.
He expressed confidence that the UNCC would carry on with monitoring the remaining compensation transfers to the fund, particularly after receiving USD 90 million transferred on April 20. The rest will be paid quarterly in instalments.
Continuing depositing the money in the compensation fund "will get us all closer to achieving the UNCC's Governing Council mission, repaying all dues and closing the compensation file, Al-Mudhaf noted.
He voiced Kuwait's thanks to "brothers in Iraq" for being committed to complete the repayment and keenness on assisting the UNCC. (end)
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