UAE Looking Forward to Effective Partnership on Climate Issues at COP28

UAE President Sheikh Mohamed bin Zayed Al Nahyan and a number of heads of state attend the opening ceremony of Abu Dhabi Sustainability Week. (WAM)
UAE President Sheikh Mohamed bin Zayed Al Nahyan and a number of heads of state attend the opening ceremony of Abu Dhabi Sustainability Week. (WAM)
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UAE Looking Forward to Effective Partnership on Climate Issues at COP28

UAE President Sheikh Mohamed bin Zayed Al Nahyan and a number of heads of state attend the opening ceremony of Abu Dhabi Sustainability Week. (WAM)
UAE President Sheikh Mohamed bin Zayed Al Nahyan and a number of heads of state attend the opening ceremony of Abu Dhabi Sustainability Week. (WAM)

The United Arab Emirates underscored its efforts for the upcoming United Nations Climate Change Conference (COP28) to serve as an opportunity to forge effective partnerships, in order to achieve tangible and real progress on climate issues.

The UAE is holding the Abu Dhabi Sustainability Week (ADSW), bringing together heads of state, policy-makers, industry leaders, investors, entrepreneurs and youth to discuss and engage on bold climate action and innovation to build a more sustainable future for future generations.

The UAE will host COP28 in November.

UAE President Sheikh Mohamed bin Zayed Al Nahyan said his country was exerting intensive efforts to find feasible and pragmatic solutions to climate change issues.

He stressed that ADSW was a global platform that reflects the UAE’s commitment to convening the international community and ensuring collaboration in driving sustainable economic and social development.

Sheikh Mohamed added that the UAE strategic initiative to achieve net zero emissions by 2050 was a natural progression of the comprehensive approach, which aims to build a prosperous and sustainable future through commitment to protecting nature and preserving the environment.

He emphasized that the ADSW this year was an essential step towards the UAE hosting COP28.

He noted that his country’s selection to host the conference reflected the UAE’s continued efforts to promote practical climate action, sustainable economic development, and progress towards desired global goals.

Addressing ADSW, President of Azerbaijan Ilham Aliyev stressed the depth of the bilateral relations between the UAE and his country.

He highlighted Azerbaijan’s ambition to strengthen its reliance on clean energy sources as an essential part of national development efforts, and to contribute to the global drive for a more environmentally friendly economy.



IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.