Debt Issue Finally Resolving Between Iraq and Kuwait

Debt IssueIraqi Dinar 123 News:– The member of Patriotic Union of Kurdistan Nawzad Messenger said the debts settlement between Iraq and Kuwait is almost done and a few formalities are left to be completed to implement the procedure. Kuwait is ready to turn off 50% of the total debts of Iraq according to initial reports. According to chapter VII of United Nation, Iraq is indebted Kuwait for $82 billion dollars due to destruction of oil industry of Kuwait in 1990 as a result of Iraq attack.

The amount is compulsory as war penalty for Iraq according to chapter vii. Now Iraq is free from sanctions of chapter vii and free to settle its issue by negotiation with the other countries of the world including Kuwait. The first official meeting between Iraq and Kuwait officials was held in Washington DC one year ago where they discussed the whole debt situation on Iraq. At that period of time Kuwait was ready to turn off 20 billion dollars from its total due amount on Iraq. The decision of Kuwait was appreciated in Iraq and both of the countries came close politically. This is the result of the efforts made by new administration of Iraq that Kuwait ready to turn off 50% of the total debts of Iraq.

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