Kuwait yesterday asked the United Nations Compensation Commission to grant Iraq a grace period to review options proposed by Baghdad to pay the remaining $4.6 billion in Gulf War compensation.
"Kuwait is determined to reach an agreement with the Iraqi Government on the payment of the remaining compensation amounts of $4.6 billion," Khaled Al-Mudhaf, commission chairman and Kuwait representative, said during the organisation's 83rd session.
The parties agreed in 2016 to extend the payment deadline until 2018.
Al-Mudhaf said that Iraq proposed in August four options to pay the remaining amount including the sale of Iraqi natural gas at an agreed price, negotiating the reduction of Iraq's oil and its derivatives imports, reducing the remaining amount in accordance with the rules of the Paris Understanding or to transfer the remaining amount to bilateral debts.
He noted that the United Nations encourages Kuwait and Iraq to discuss future options to paying the remaining amounts, including holding bilateral meetings and forming specialised technical committees to discuss proposals submitted by the parties.
"Kuwait makes sure that the commission is well informed of all discussions in accordance with the principle of transparency," Al-Mudhaf said.