UNITED NATIONS: The five permanent members of the security council have reportedly agreed to ask Iraq to pay around 25% of its oil revenue into the fund from which countries who suffered by Baghdad’s aggression and occupation of Kuwait will be paid compensation.
The Security Council will consider a resolution on war reparation later this week or early next week but it only calls for setting up a mechanism and leaves the percentage to be decided by the secretary general who is expected to determine the amount in consultation with the five permanent members.
If the council finally agrees to 25% Iraq will have to pay around five billion dollars of its 20 billion dollar oil revenue to the fund.
Though firm estimates are not available reports say Iraq may be required to pay in the neighborhood of 50 billion dollars which means Baghdad will take 10 years to make the entire payment.
The proposal for 25% sources say could meet some resistance from other members in the 15 member council as several feel the percentage fixed should be no more than 10 The proposal would need nine voles to be carried.
Iraq is supposed to have spent 259 of the amount on arms purchases before the gulf war.
Article extracted from this publication >> May 24, 1991
