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Saudi Arabia Contributes More than $87 Billion in International Aid to Combat Poverty

Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)
Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)
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Saudi Arabia Contributes More than $87 Billion in International Aid to Combat Poverty

Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)
Saudi Minister of Economy and Planning during his speech at the 2023 SDG Summit (Asharq Al-Awsat)

Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim has announced that Saudi Vision 2030 was highly consistent with the UN Sustainable Development Goals (SDG), revealing that the Kingdom contributed more than $87 billion in international aid to combat poverty and advance development.

The minister was speaking during his participation in the 2023 SDG Summit, in New York.

This year’s SDG Summit is the second since the adoption of the 2030 Agenda in 2015, and aims to accelerate progress towards achieving the 17 sustainable development goals within the 2030 Agenda for Sustainable Development.

Al-Ibrahim stressed that Saudi Arabia has become an international investment power, and plays an important role in mobilizing resources to achieve sustainable growth.

Highlighting the recently launched Global Water Organization, the minister said: “It is a monumental step that champions international innovation and it is a call to action for nations worldwide to come together.”

In this context, the minister said that the Kingdom has contributed more than $87 billion in international aid to combat poverty and advance development.

He added that the National Transformation Program, one of the Vision 2030 initiatives, led by Saudi Crown Prince Mohammed bin Salman, was strongly consistent with the UN goals of sustainable development.

Leaders of the UN member-states, as well as ministers, and representatives of international organizations, the private sector and civil society participated in the summit, which is chaired by the President of the United Nations General Assembly.

Meanwhile, Al-Ibrahim met with the Swedish Minister of International Cooperation and Foreign Trade, Johan Forssell, with whom he discussed bilateral economic and investment relations, and a number of issues of common interest, including the need to intensify international cooperation to accelerate the implementation of the SDGs.

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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.