GENEVA (Reuters):
THE UNITED Nations (U.N.) yesterday paid out a further US$654 million to people, companies and countries who demonstrated losses due to Iraq's 1990-91 invasion and occupation of Kuwait, taking total payments to US$20 billion.
The U.N. Compensation Commission (UNCC) last month lifted the limit on its quarterly payments, previously US$200 million, due to higher oil prices which have boosted its income derived from five per cent of Iraqi oil sales.
"The present payments bring the overall amount of compensation made available to date by the UNCC to US$20.05 billion," the Geneva-based fund said in a statement.
The size of future quarterly payments will depend on its income, currently about US$120 million per month, it added.
The UNCC, set up by the Security Council, completed ruling on US$352 billion worth of claims last June, having approved total compensation of US$52.5 billion over a decade -- much to Kuwait.
The latest US$654 million was paid to 15 governments, including $509 million to Kuwaiti individuals, companies and state entities. Jordan followed with US$53.5 million and US$26.9 million, respectively, according to a U.N. table.
