Saudi Arabia cancels $6bn of debt for least developed countries

Tue, 2018-10-30 19:28

JEDDAH: Saudi Arabia has cancelled $6 billion of debt owed to the Kingdom from the least developed countries.

The figure was revealed during a meeting of the Saudi Cabinet on Tuesday chaired by King Salman.

The Cabinet discussed the Kingdom’s cooperation with the international community to achieve stability and development and the humanitarian and economic role played by Saudi Arabia, particularly with its commitment to the UN’s Sustainable Development Goals, the Saudi Press Agency reported.

The ministers referred to the “Kingdom’s debt pardoning initiative,” which had “exempted least developed countries from a total $ 6 billion debt.”

During the meeting, the King also briefed the cabinet on recent phone calls with world and leaders including Vladimir Putin and Emmanuel Macron, and meetings with regional leaders including  King Abdullah II of Jordan and Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE.

The Cabinet praised Crown Prince Mohammed bin Salman for assuring at the Future Investment Initiative 2018 last week that Saudi Arabia had made huge steps in enhancing and developing its economy during the past three years.

The Cabinet also expressed the Kingdom’s condemnation of the shooting incident in Pittsburgh, Pennsylvania.

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