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This means Iraq has completed the payment of the full compensation amount approved by the United Nations Compensation Committee, in accordance with UN Security Councils Resolution 687 in 1991 following the end of the Gulf War after the invasion of Kuwait.

In 1991, the United Nations Compensation Commission was established in accordance with Security Council resolutions 687 (1991) and 692 (1991) to process claims and pay compensation for losses and damages incurred by individuals, corporations, governments and international organisations as a direct result of Iraqs invasion and occupation of Kuwait (from August 2, 1990 toMarch 2, 1991). The Commission approved compensation claims totaling $52.4 billion in war reparations.

The committee received approximately 2.7 million claims and concluded its review of all claims in 2005. Approximately $52.4 billion was awarded to over 100 governments and international organisations for distribution to the successful 1.5 million claims in all claim categories.

In 2014, Iraq halted paying compensation due to the war against Daesh, which controlled a third of the country, but resumed payments in 2018. However, it asked for an extension of the final $3.8 billion due to its worsening economic crisis amid the coronavirus pandemic that negatively impacted oil prices.

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Iraq pays last instalment of war reparations to Kuwait totaling $52.4bn - Gulf News