The Kuwaiti government will receive $738 million in reparation funds from the United Nations Compensation Commission (UNCC). The money comes from an $863.7 million financing plan released by the Commission to 27 governments and two international organizations.
Payments are made under the third phase of the payment mechanism established by the UNCC Governing Council. Of the total, approximately $220.7 million is being paid in respect of claims in category D, claims of individuals for damages above $100,000, and category E, claims of corporations, other private legal entities and public sector enterprises that were approved at the forty-seventh session of the Governing Council.
The government of Israel was allocated $20 million in compensation fees, Turkey with $18.3 million, Saudi Arabia with $10.7 million, Jordan with $8,6 million, UNDP Kuwait with $73,010, Yemen with $129,000 and UNWRA Gaza with $47,604.
The current payments bring the overall amount of compensation made available to date by the United Nations Compensation Commission to $17.5 billion. The Governing Council monitors the distribution of payments to claimants by the relevant governments and international organizations.
Governments and international organizations are obligated to distribute funds to successful claimants expeditiously and to report to the Commission on payments made to claimants.
Any funds undistributed to claimants by governments and international organizations within 12 months of receiving payment shall be returned to the Commission.
In December 1996, a UN Security Council Resolution established the Iraq oil-for-food program. Under Resolution 986, all proceeds obtained from Iraq’s closely monitored oil sales are deposited in an escrow account used to purchase humanitarian supplies designated by a special UN committee.
The UN also supervises the allotment of over 40 percent of Iraq’s total oil export revenues to covering Gulf War reparation payments and the cost of UN operations in Iraq. — (menareport.com)
© 2003 Mena Report (www.menareport.com )