A historic moment for the Iraqi economy. Earlier this month, Baghdad transferred $45 million to the UN Compensation Committee set up following the invasion of Kuwait by Saddam Hussein's army in 1990. Following the invasion, the first Gulf War broke out.
With the transfer of payments, Iraq completed the compensation process that totaled more than $52 billion. Since 1996, Iraq has transferred to the Compensation Committee about 30% of its oil revenues in what is known as the "oil for food" program and after the overthrow of Saddam the amount dropped to 5% of its oil revenues.