Riyadh – Mubasher: Saudi Arabia has unveiled plans to shelve $6 billion (SAR 22.51 billion) in debts owed by poor countries, the Saudi Press Agency (SPA) reported.
This move comes as part of the Kingdom’s efforts to boost the United Nation’s (UN) 2030 Sustainable Development Plan, according to chairman of the second committee of Saudi Arabia’s permanent mission to the UN Mohammed bin Abdulrahman Al-Qadi.
The Kingdom’s cabinet did not reveal any further details about the nations which would benefit from this debt waiver during its Tuesday meeting.
“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,” Al-Qadi said.
The Saudi official further indicated that in the last 30 years his country had pumped over $100 billion to help poorer states.
On a separate note, state-owned SPA said in a report that Saudi Arabia was one of the “most heavily subsidising” nations globally, noting that the kingdom allocates around 1.9% of local income, which more than double the target required by the UN of 0.7%.
