UAE Partners with IMF to Support Global Economic Stability and Climate Resilience
The United Arab Emirates (UAE) has signed two significant agreements with the International Monetary Fund (IMF) to support the Poverty Reduction and Growth Trust (PRGT) and the Resilience and Sustainability Trust (RST). These agreements were signed during the annual meetings of the World Bank Group and the IMF in Washington DC, where the UAE delegation, led by Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, participated.
The UAE’s commitment includes a contribution of US$200 million to the PRGT, aimed at expanding concessional lending to low-income countries. This initiative aligns with the United Nations Sustainable Development Goals, focusing on poverty eradication. Additionally, the UAE pledged another US$200 million to the RST to enhance climate resilience and prepare low-income countries for climate change impacts.
Al Hussaini emphasized the importance of international collaboration in building a sustainable future, particularly for developing nations. He stated that financial and economic stability are crucial for sustainable development, and the UAE’s partnership with the IMF will advance global sustainable development goals.
The PRGT, established in 2010, provides concessional financing to low-income countries facing economic challenges, while the RSTF supports climate resilience and pandemic preparedness. These efforts highlight the UAE’s role in promoting global financial and economic stability.
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UAE -: UAE stands for the United Arab Emirates, which is a country in the Middle East known for its rich oil reserves and modern cities like Dubai and Abu Dhabi.
IMF -: IMF stands for the International Monetary Fund, an organization that helps countries by providing financial support and advice to maintain economic stability.
Poverty Reduction and Growth Trust (PRGT) -: The PRGT is a program by the IMF that provides financial help to low-income countries to reduce poverty and support economic growth.
Resilience and Sustainability Trust (RST) -: The RST is another program by the IMF aimed at helping countries become more resilient to economic shocks and promote sustainable development.
Climate Resilience -: Climate resilience refers to the ability of a country or community to adapt to and recover from the effects of climate change, like extreme weather events.
World Bank -: The World Bank is an international organization that provides financial and technical assistance to developing countries to help reduce poverty and support development.