As part of its efforts to increase the availability of concessional finance for low-income nations, the UAE has announced that it will contribute US$200 million (AED735 million) to the Poverty Reduction and Growth Trust (PRGT). This is in line with the UAE’s steadfast efforts to achieve Sustainable Development Goal 1 (SDG 1), which calls for the elimination of poverty, as well as other issues that the world’s nations must work together to resolve for a better and more sustainable future.
The UAE’s idea was announced by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, at the International Monetary and Financial Committee (IMFC) Meeting, which was held in conjunction with the World Bank Group (WBG) and International Monetary Fund (IMF) Annual Meetings. The WBG-IMF Annual Meetings, which take place from October 9 to 15, are attended by the UAE.
Al Hussaini declared: “The UAE is committed to achieving the UN SDGs by all means under the leadership of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, and the direction of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The UAE’s policy and vision for collaboration and coordination with regional and global development organizations and institutions involves contributing to trust funds. In addition to strengthening development projects and maximizing the advantages of offered projects, services, and funding channels, this also reaffirms the UAE’s commitment to supporting global humanitarian endeavors.
Al Hussaini noted that with more than 189 countries in attendance, the WBG-IMF Annual Meetings being held in Africa for the first time in nearly 50 years is a historic chance to address development-related concerns. This is consistent with the UAE’s efforts to reaffirm its dedication to Africa, international aid, eradicating poverty, and fostering peace and prosperity. Since its founding in 1971, the UAE has generously donated money abroad to support social services and economic development in underdeveloped countries. In terms of the amount of ODA provided in relation to its GDP, it tops the list of donors.
PRGT was established in January 2010 to address issues affecting low-income nations. It is a crucial IMF tool that offers low-income nations, who struggle with high inflation, ongoing food insecurity, rising debt concerns, and high borrowing costs, concessional lending (now at zero rate). In response, the IMF increased interest-free funding through PRGT to help the weakest and poorest member states navigate this challenging climate. 69 countries are qualified to receive funds from PRGT
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