Saudi Waives Debt Owed By Underdeveloped Countries

Saudi Arabia will waive $6 billion in debt owed by least developed countries, it was announced on Tuesday.

According to the state-run Saudi Press Agency (SPA), Mohammed bin Abdulrahman Al-Qadi, chairman of the second committee of Saudi Arabia’s permanent mission to the UN, who said that the move is part of the kingdom’s broader efforts to support the UN’s 2030 Sustainable Development Plan.

No further details on which countries would benefit were given in the announcement, which came during a meeting of Saudi Arabia’s cabinet.

Al-Qadi added that Saudi Arabia “is concerned about the decline in core contributions to these funds, resulting in a deficit that spread negative effects on the achievement of sustainable development goals.”

The SPA report said Saudi Arabia is among the “most heavily subsidising” nations in the world, contributing about 1.9% of its national income, considerably more than that the UN target of 0.7%.

Over the last three decades, Saudi Arabia’s contribution to aid and humanitarian efforts have exceeded $100 billion, Al-Qadi added.

 

Source Credit: Arabian Business

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