Saudi Arabia waives $6bn in debt owed by poor countries

Saudi Arabia contributes 1.9 percent of its national income to subsidising other countries
Saudi Arabia waives $6bn in debt owed by poor countries
Saudi Arabia will waive $6 billion in debt owed by poorer countries.
By Bernd Debusmann Jr
Wed 31 Oct 2018 10:33 AM

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

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

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.

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 percent of its national income, considerably more than that the UN target of 0.7 percent.

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

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