The UAE signs two agreements with the International Monetary Fund to support sustainability and reduce poverty

The Ministry of Finance announced that the UAE has signed two agreements with the International Monetary Fund to contribute to financing the Poverty Reduction and Growth Trust Fund (PRGT) and the Resilience and Sustainability Trust Fund (RST), on the sidelines of the annual meetings of the World Bank Group and the International Monetary Fund in the American capital. Washington, in which the state participates, and continues until tomorrow.

Minister of State for Financial Affairs, Mohammed bin Hadi Al Husseini, who heads the country’s delegation participating in the meetings, said: “During our participation in the annual meetings of the World Bank Group and the International Monetary Fund, which brought together an elite of economic and financial decision-makers around the world, and formed an ideal platform for exchanging experiences and ideas about… Global economic challenges, and ways to enhance international cooperation to address them, we are pleased to announce the signing of two agreements with the International Monetary Fund, to support both the Trust Fund for Resilience and Sustainability and the Trust Fund for Growth and Poverty Reduction.”

He added, “This step confirms the UAE’s firm commitment to supporting international efforts aimed at achieving sustainable development, eliminating poverty, and enhancing the resilience of developing economies in the face of global economic challenges. It also confirms our pioneering role in promoting financial and economic stability at the global level.”

During the meeting of the International Monetary and Financial Committee in October 2023, which was held within the meetings of the International Monetary Fund and the World Bank Group in Marrakesh, Morocco, the UAE announced its initiative to participate in financing the Poverty Reduction and Growth Trust Fund (PRGT), allocating $200 million (735 million). One million dirhams), as part of its efforts to expand soft lending to low-income countries, in line with its constant endeavor to achieve the first goal of the sustainable development goals announced by the United Nations, which is to eradicate poverty, and other challenges that the countries of the world must come together to confront. For a better and more sustainable future for all.

It also announced, during the Conference of the Parties, which it hosted between November 30 and December 12, 2023, the provision of $200 million to the Resilience and Sustainability Trust Fund, to enhance climate resilience in countries most vulnerable to the repercussions of climate change, and low-income countries.