Iraq has finally completed its reparations to Kuwait for the 1990 invasion. On 12 December, MEES confirmed with high level Iraqi officials that the ministry of finance had processed the last $45mn payment to the Geneva based United Nations Compensations Commission (UNCC).
The body was formed in 1991 by the UN security council to process claims and disburse compensations for losses and damages suffered as a result of the invasion. The fund originally claimed 30% of the proceeds of Iraqi oil exports while allowing Baghdad to only import necessities through the infamous oil-for-food program (MEES, 12 September 1994). After 2003, the deduction was brought down to 5%. The total Iraq has paid in compensations since 1996 is almost $52.4bn. (CONTINUED - 110 WORDS)