27 October -- The United Nations Compensation Commission, which processes and pays compensation for losses resulting from Iraq's 1990 invasion and occupation of Kuwait, has begun a new stage of payments by making over $1.2 billion available for distribution.
Yesterday, the Commission made available a total of $1,275,020,540.47 to 38 governments and one international organization for distribution to 1,538 successful claimants. Governments and international organizations are obligated to distribute the funds to successful claimants within six months of receiving the payment and to report on payments made to claimants no later than three months after that.
Funds to pay the awards of compensation are drawn from the UN Compensation Fund, which currently receives 30 per cent of the revenue generated from the export of Iraqi petroleum and petroleum products. At present, funds are made available to the Compensation Fund from the proceeds of the "oil-for-food" mechanism established by Security Council resolution 986 (1995) and subsequent resolutions.
The latest payment brings the overall amount of compensation made available to date by the UN Compensation Commission to $9,414,912,436.73.
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