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UAE urges the international community to overcome political and financial obstacles to support development

posted on 28/03/2010: 1007 views

New York - The United Arab Emirates, in a call made at the United Nations, has urged the international community to overcome political and financial obstacles that prevent full implementation of the 'Monterrey Consensus and Doha Declaration on Financing for Development'.

In a statement made by H.E Ambassador Ahmad Al Jarman, Permanent Representative of the United Arab Emirates Before the General Assembly at the 'High Level Meeting on the Follow- up to and implementation of the outcome of the 2002 International Conference on Financing for Development and the 2008 Review', the UAE, reaffirmed that the outcome of Monterrey Consensus 2002 and the Doha Declaration of 2008 form the international integrated mechanism for the financing of development and poverty eradication in the world, and provide a comprehensive method to confront the growing challenges facing the world in this area such as the current global economic and financial crises.

"We stress the need for international cooperation in this area in all forms including the cooperation between developed and developing countries, South-South cooperation and trilateral cooperation. We emphasize the importance of overcoming the political and financial barriers that impede the full implementation of the Monterey outcomes and that the economic crisis should not cause a decrease or cancellation of development assistance which developed countries have committed to the developing countries", Al Jarman said.

He continued: "In the UAE, we will continue our cooperation with the international community to combat this crisis while we continue to fulfil our national commitments and development programs along with our international commitments and assistance to developing countries to help them achieve the internationally agreed development goals".

Al Jarman said that the United Arab Emirates was able to contain the impact of the global economic slowdown through effective policies and quick actions such as precautionary financial measures that enabled us to continue mobilizing the national resources and implementing the development strategies while focusing on the development of human resources and implementing the strategies of economic diversification, expanding the production bases and the exploitation of oil revenue to establish the infrastructure necessary to launch the development of other economic sectors.

"Such strategies contributed to a continuing economic growth despite the global economic slowdown. Furthermore, we have attached great importance to the preservation of the environment and the implementation of strategies for mitigating climate change effects through investments in renewable and alternate sources of energy and clean energy, emission reduction and desertification reversal technologies,” the ambassador added.

"In the area of foreign investments, despite the slowdown in the flow of global foreign investments, the rate of foreign investments flow into the UAE is still high compared to international standards. According to the international Trade report 2009, the UAE ranked top of the Middle East and North Africa, rising 6 degrees higher than its position in the Davos report for 2008-2009. At the same time, the number of national companies and funds investing in other countries outside the UAE has been consistently growing and the scope of investments has been expanded to include seaports, tourism, real estate, construction, agriculture, hospitality, communication, finance and renewable energy,” Al Jarman said.

The UAE contributions for foreign development assistance has exceeded the (0, 07%) percentage recommended by Monterey, most of which is paid as grants and easy loans for almost 100 developing country around the world in order to enhance the production capacity of the economies and improve the standard of living of the people in those countries. Abu Dhabi Fund for Development leads the national institutions in contributions to development in the developing countries. Contributions of ADUFD, since its inception, have amounted to more than 23 billion Dirham (equal to 6.32 billion dollars) allocated to finance 260 development projects in 52 developing countries, noted Al Jarman.

"The UAE contributes to the financing of many of UN and regional organizations concerned with development, including institution of the Arab League, OIC, OPEC and other development bodies,” the Ambassador stressed.

As for innovative financing resources, Al Jarman said that UAE continues to find new ways of contributing to financing development in developing countries, such as the recent launching of the "Partnership in the Pacific Program" with an initial capital of US$50 million, dedicated to the provision of funding for projects and initiatives focusing on the Pacific islands nations in wide-range of development areas. Before that we have launched Dubai Care initiative for educating children, eradicating illiteracy and fighting poverty in developing and poor countries. This in addition to a number of charitable development projects carried out by a number of national institutions, lead by the UAE Red Crescent, in the developing countries and countries affected by natural disasters and armed conflicts.

Shedding light on the foreign trade, Al Jarman said that the UAE has entered trade agreements with a number of developed and developing countries especially Africa. Our trade with Africa has been steadily growing during the last three years reaching a growth rate of 120%, constituting 3.6 % of our total foreign trade.

As for foreign debts, we support dept reduction strategies, and we have applied this support in practical terms in the past few years, such as forgiving our debts to Iraq to help him rebuild its economy and implement development program in it, said Al Jarman.

"We hope to reach during this meeting a clearer vision of how to implement the Monterey outcomes in the light of the aftermath of financial crisis facing the world", concluded the Ambassador. – Emirates News Agency, WAM


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