Iraq expects UN resolution to remove it from Chapter VII, $2 billion will be added to the budget

Investigations and reports
  • 23-12-2021, 12:45
  • +A -A

    Iraq has folded one of the most draining files on its economy, after paying all its dues in the Kuwait compensation file, amid optimism about an economic recovery and openness to global investment.
    The Adviser to the Prime Minister for Economic Affairs, Mudher Muhammad Salih, told the Iraqi News Agency (INA), today, Thursday, that "Iraq ended the Kuwait war compensation file, as it paid the last payment of dues about less than 45 million dollars," noting that "with this, Iraq paid all obligations imposed on it under Chapter VII of the United Nations Charter and relevant Security Council resolutions in 1991".
    Salih continued, "The compensation file cost Iraq from the gross domestic product and its economy about 52.4 billion dollars," explaining, "This amount is not small, as this amount is sufficient to build an electricity network system that revives Iraq for many years."
    "This senseless war is borne by the people of Iraq," noting that "the closure of Kuwait's compensation file is a new page in Iraq's economic history", Salih added.
    Salih said, "This file was costing the Iraqi citizen  from 6-7 million dollars daily," noting that "the value of these funds from Iraq's current exports, which amount to more than two billion dollars annually, will be added to the budget of the Republic of Iraq."
    And Al-Kadhimi advisor indicated that “About 40 decisions were imposed on Iraq by the Security Council due to Kuwait war and has been completely shackled until the present time, so the end of this file means the issuance of a decision by the UN that is expected to be the at beginning of next year to remove Iraq out of the problems of Chapter VII of the United Nations Charter.”
    Salih stressed "the need for a ten-year development plan that will last for ten years to benefit from oil imports, as we start with the infrastructure and end with income-generating projects in all cases," expecting that "the year 2022 will be a year of progress and prosperity for Iraq and broad positive indicators that begin with the closure of Chapter VII of the Charter of the United Nations, the end of the Kuwait war reparations, the return to normal economic life, and integration into the international community".