VOL. XLVI

No 27

07-July-2003

KUWAIT/IRAQ

BUDGETS AND REVENUES

UNCC Rejects Kuwait's $87Bn Claim But Approves $2.3Bn Compensation Payment

The United Nations Compensation Commission (UNCC) on 26 June rejected most of the largest claim of $86.7bn put before it by Kuwait, but approved the payout of $2.3bn for other claims against Iraq, including $1.5bn for Kuwait. The enormous Kuwaiti claim, which exceeded its claims for lost oil and the cost of putting out oil well fires started by retreating Iraqi...