Kuwait welcomes UN approval of compensation
Kuwait on Saturday welcomed the UN compensation commission approval of a $15.9 billion package for the Kuwait Petroleum Corp. (KPC) to cover damages incurred in the 1990 invasion by Iraq.
"The decision is a gain for Kuwait and its wise foreign policy which convinced the world ... its intention is to preserve its rights," acting premier and foreign minister Sheikh Sabah al-Ahmad al-Sabah told the official KUNA news agency.
He praised the consensus achieved at the UN Security Council, which paved the way for approving the compensation, and urged Baghdad to implement all relevant international resolutions.
The package was agreed to Wednesday by the five permanent members of the UN Security Council as part of a compromise deal under which the level of Iraqi oil revenues going into the compensation fund was cut from 30 percent to 25 percent.
Kuwait had claimed $21.6 billion in damages.
The sums levied from Iraqi oil sales for the fund are paid into a compensation scheme for victims of Iraq's August 1990 invasion of its neighbor.
The decision will come into effect in the next 180-day phase of the UN-administered Iraqi oil-for-food programme, which starts December 10.
Iraqi forces were driven out of the Gulf state in February 1991 by a US-led international alliance. – (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)