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UAE works with world to tackle global crisis

posted on 01/12/2008: 703 views

The UAE intends to work with the international community to tackle the global financial crisis, Sultan bin Saeed Al Mansouri, Minister of Economy, said yesterday.

"We will fulfil our national commitments and implement ongoing development plans as well as meeting our international commitments to assist developing countries in achieving internationally agreed goals," he said.

The UAE had so far offered grants and easy-term loans worth more than $70 billion (Dh256.9bn), benefiting 95 developing countries, he added at the Follow-up International Conference on Financing for Development to Review the Implementation of the Monterrey Consensus in Doha.

The consensus, which covers a number of areas related to the funding of development, was reached at a United Nations meeting in 2002.

Al Mansouri told 300 delegates from 145 countries that the five-day conference had been convened at a time when there was an urgent need for countries to work as a team at the highest level to achieve effective and comprehensive solutions. The global meltdown had started to affect development programmes in poor countries.

"All this threatens to push back the progress we have made towards achieving the UN Millennium Goals unless we have the political will to intensify our efforts to deal with this situation and prevent it turning into a global humanitarian crisis.

"We welcome the outcome of the G20 Summit in Washington on November 15 and the agreements reached by the participating leaders regarding fundamental reforms in the international financial system. But we see that it is necessary that each country should bear part of the responsibility of dealing with the repercussions of this crisis.

"We again underscore the importance of implementing the recommendations of the Monterrey Consensus and reaffirm that it is necessary to continue the collaboration between the developed and the developing countries in implementing all the commitments. We should redouble our efforts, especially during these difficult times, to overcome the political and financial obstacles that prevent the full implementation of these commitments. – Emirates Business


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