Arab Today, arab today uae is on track towards reaching mdgs on time
Last Updated : GMT 06:49:27
Arab Today, arab today
Arab Today, arab today

UAE is on track towards reaching MDGs on time

Arab Today, arab today

Arab Today, arab today UAE is on track towards reaching MDGs on time

UAE's Economic Vision 2030
Vienna - WAM

UAE's Economic Vision 2030, a robust capital spending plan on education, healthcare, industry, tourism, infrastructure, and renewable energy projects, generated Millennium Development Goals (MDG) progress and put the country on track towards reaching most of the MDGs on time, according to the annual report of the Opec Fund for International Development (OFID) for 2014.

The report, issued yesterday, said the UAE's GDP in 2014 was supported mainly by its perceived safe-haven status amid regional instability, its tourism and hospitality sectors, and a rebounding real estate sector.

'The sovereign wealth fund buffers help the country to enjoy lower fiscal breakeven oil prices, allowing it to continue on its path of gradual fiscal consolidation. The current account surplus narrowed due to lower oil prices but remained at a healthy level of 11.1% of GDP. The banking system continued to be well-capitalised and the rate of non-performing loans declined,' the report noted.

In the report's forward, Suleiman Jasir Al-Herbish, OFID Director-General, said,' By the end of 2014, cumulative commitments had climbed to almost US$18bn, following a record US$1,553m in approvals during the year. Disbursements also hit a new high of US$1,331m. These figures are not only immensely satisfying in themselves but also a powerful testament to the success of our various restructuring programs and our desire to do more.' 'Operations throughout 2014 continued to be led by our strategic focus on the vitally important water-food-energy nexus. With the global population expected to reach nine billion by 2050, these three areas sustainable water access, modern energy access and food security represent the defining challenges of this century.' OFID, he added, has made clear its readiness to mobilise all means at its disposal to address these issues and, in 2014, allocated US$823m or 53% of total approvals to nexus-related initiatives. Within the nexus, support to the agriculture sector leapt to four times the sum committed in 2013, bringing it close to par with the water and sanitation sector. Predictably, however, it was the energy sector that drew the bulk of approvals, with a record US$456m given in support of 29 projects in 24 partner countries.

'In keeping with our Energy for the Poor initiative and the spirit of our 2012 Ministerial Declaration on Energy Poverty, all financing mechanisms were brought into play to facilitate the broadest possible range of solutions.

Of particular note was the increased share going to renewables, particularly through the private sector window, whose 2014 portfolio was heavily pro-renewables and included, among other ground-breaking projects, two prize-winning solar installations in Jordan. Renewable solutions also featured strongly in the record US$5.9m approved under the grant-financed energy poverty program.' Among all the financing windows, the public sector maintained its position as the central pillar of OFID's operations, drawing 65% of total commitments for the year. The funds supported 41 projects in 34 countries and included a maiden public sector project in Argentina.

'Resources channelled through the grant program totalled US$25m and helped support over 60 initiatives, the majority of them at community level. Although they represent just a fraction of our commitments, we consider grant financed projects to represent the very essence of our mission. Efficient and quick at delivering results, they are in their own right an important instrument of development. In 2014 alone, in addition to the new funding, we were able to successfully complete 67 previously approved grant-financed projects benefiting 50 countries,' he concluded.

According to the report, the social and economic performance of OFID Member Countries in 20141 continued to be influenced by the international oil market, as well as the slow recovery of the world economy and, to some extent, by other socio-political issues.

Despite growing by 3.3% in 2014, the world economy continued to address the legacy of the global financial crisis, including debt overhangs and high unemployment. The volume of world trade contracted to 3.1%, from 3.4% in 2013, largely as a result of the deceleration in global activity, slower expansion in Latin America, a sharper first quarter inventory correction in the United States, as well as the impact of the Ukrainian conflict in Russia and neighbouring countries. Advanced economies grew at 1.8%, up from 1.3% in 2013, mainly due to better performance from the USA, the UK and Germany. Emerging and developing economies on the other hand did not fare as well, with GDP dropping three percentage points to 4.4%.

OPEC continued to contribute to the world oil supply by producing 30 million barrels per day (mb/d) in 2014, a decline of 167,000 barrels per day from 2013. World oil demand increased by 1 mb/d in 2014 to 91.2 mb/d, where the incremental demand was met by non-OPEC supply. Oil prices took a nosedive in the second half of 2014, going from US$100 per barrel in June to just over US$50 per barrel at the end of the year. This was partly as a result of new oil sources from North America increasing the global supply, OPEC's November decision to maintain current output, and a general slowing of oil demand in China and other developed countries because of the uncertain economy. The oversupplied market led the commercial OECD oil stock to reach around 100 million barrels higher than the latest five-year average in November 2014. The value of the OPEC reference basket of selected crudes averaged US$96.29 per barrel in 2014, a decline of US$9.58 from the previous year.

OFID Member Country governments remain committed to making further headway towards sustainable, inclusive, and diversified growth and improving social outcomes, including achievement of the MDGs. Although the plunge in oil revenues has confronted economies with constraints, positive growth rates, increased fiscal spending, and new pledges of financial assistance have had positive spillover effects. For example, trade and financial linkages, including demand for imports, outward remittance and foreign direct investment, have had a constructive impact at both the regional and global levels.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uae is on track towards reaching mdgs on time Arab Today, arab today uae is on track towards reaching mdgs on time

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uae is on track towards reaching mdgs on time Arab Today, arab today uae is on track towards reaching mdgs on time

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Syrian children die of hunger

GMT 19:25 2017 Sunday ,22 October

Syrian children die of hunger
Arab Today, arab today Maltese demand justice for murdered

GMT 06:08 2017 Monday ,23 October

Maltese demand justice for murdered
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:07 2017 Sunday ,22 October

15,000 Under Fives Die

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday