UN fund pays $990m in Kuwait compensation

United Nations panel that settles claims for damages resulting from Iraq's 1990 invasion of Kuwait makes new payment.

    UN fund pays $990m in Kuwait compensation
    The payments are financed by a 5 per cent tax on the export of Iraqi oil [Reuters]

    A United Nations panel that settles claims for damages resulting from Iraq's 1990 invasion of Kuwait has paid out another $990 million.

    The payment on Thursday by the UN Compensation Commission brings the total amount paid so far to the government of Kuwait to $45.5 billion.

    The commission says the latest payment goes toward settling a claim by the Kuwait Petroleum Corp. for production and sales losses resulting from damage to the country's oil fields.

    The commission says another $6.9 billion remains to be paid from that award, which at $14.7 billion was the largest the panel made.

    The Geneva-based commission was established by the UN Security Council in 1991 and is funded by a 5 per cent tax on the export of Iraqi oil. Iraq makes payments every three months.

    SOURCE: Associated Press


    YOU MIGHT ALSO LIKE

    Interactive: Take a tour through divided Jerusalem

    Interactive: Take a tour through divided Jerusalem

    Take a tour through East and West Jerusalem to see the difference in quality of life for Israelis and Palestinians.

    Stories from the sex trade

    Stories from the sex trade

    Dutch sex workers, pimps and johns share their stories.

    Inside the world of India's booming fertility industry

    Inside the world of India's booming fertility industry

    As the stigma associated with being childless persists, some elderly women in India risk it all to become mothers.