(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: The Government of the State of Qatar, represented by the Ministry of Finance, signed two agreements with the International Monetary Fund (IMF), titled State of Qatar's SDRs commitment to the IMF.
This strategic partnership paves the way for future cooperation in formulating proposals and contributions between the two parties, through the Poverty Reduction and Growth Trust (PRGT) fund agreement: where states grant soft loans, with the State of Qatar's contribution being a loan from the special drawing rights account, which will be considered a soft loan (an implicit contribution to the aid).
The Resilience and Sustainability Trust (RST) fund agreement: where contributions will be in the form of subscription packages consisting of loans, deposits and reserves in fixed proportions.
Minister of Finance H E Ali bin Ahmed Al Kuwari welcomed the agreement and said:“The agreements signed today are part of the State of Qatar's ongoing initiatives in its commitment to strengthening multilateral action in order to confront the challenges facing the global economy with the aim of contributing to the development of financial sustainability, supporting countries to overcome crises and reducing poverty.”
The agreements follow the official announcement issued during the third edition of the Qatar Economic Forum in May.
The announcement embodies Qatar's leading role in helping least developed countries overcome crisis and mitigating poverty.
The global economy faces a number of challenges, including high inflation, increasing debt vulnerabilities, rising poverty and inequality, slow growth and tighter financial conditions.
Addressing these challenges requires additional resources, stemming notably from the rising south-to-south economy and the new growth opportunities it offers to the global business community.
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