The United Nations said Thursday that Ban Ki-moon “welcomes the decision of the Governing Council of the United Nations Compensation Commission to support the Government of Iraq’s request to postpone until January 2016 Iraq's obligation to deposit 5 per cent of its oil proceeds into the Compensation Fund.”
The UNCC in a decision earlier on Thursday said that “noting the extraordinarily difficult security circumstances in Iraq and the unusual budgetary challenges, associated with confronting this issue, the Governing Council adopted decision 272 (2014)."
This decision "postpones Iraq's obligation to deposit five per cent of oil proceeds and five per cent of the value of any non-monetary payments to service providers into the Compensation Fund until 1 January 2016," with the payments to resume in 2016.
The UN said the secretary-general “is particularly grateful to the Government of Kuwait for its support in accepting the request of the Government of Iraq.”
Iraqi Armed Forces have been fighting with the Islamic State, also known as ISIL and ISIS, which has declared a caliphate on the territories it has captured across eastern Syria as well as Northern and Western Iraq.
