Saudi Arabia to waive $6 bln debts of underdeveloped countries

Saudi Arabia plans to waive $6 billion worth of debts owed by underdeveloped countries as part of the Kingdom’s Debt Relief Initiative, Al-Arabiya reported citing a cabinet statement on Tuesday.

“Saudi Arabia is stressing its full cooperation with the United Nations (UN) and the international community to achieve all that is good for mankind and the aspirations of all of security, stability and development,” the statement read.

It did not name the countries, but said that it is a continuation of the Kingdom’s humanitarian, political and economic role and supporting the implementation of the sustainable goals of Vision 2030.