KSA Supports Sustainable Development Efforts, Waiving more than $6 billion of Poor Nations' Outstanding Debts
November 08, 2018
The Kingdom of Saudi Arabia has reaffirmed its full commitment with the United Nations and the international community towards advancing the well-being of humanity, and supporting all countries in achieving security, stability and development. This statement was made by the Chairman of the Second Committee of the Permanent Mission of the Kingdom to the UN Mohammed Al-Qadi during the 73rd session of the United Nations General Assembly, who said that Saudi Arabia will continue to exercise its responsible humanitarian, political and economic role in line with its Islamic and international standing.
Since the early 1950s, Saudi Arabia has been providing direct assistance to support people in fragile and crisis-prone countries, in addition to providing soft loans and grants to low-income developing countries in order to establish basic infrastructure, encourage economic investments, and provide job opportunities in these countries. The Kingdom’s latest initiative was to exempt least developed countries from their debt by waiving more than 6 billion dollars of debt owed to the Kingdom. The Kingdom's aid spending is 1.9% percent of its total national income, exceeding the target set by the United Nations of 0.7% percent.
He concluded by saying that the Kingdom's aid contribution over the past 30 years has exceeded $100 billion, adding that the Kingdom is consistently among the first countries to respond to international calls to provide relief and assistance to countries in urgent situations, and to those affected by disasters.