Australia To Spend Record $1Bln On New International Development Policy - Foreign Ministry

MOSCOW (UrduPoint News / Sputnik - 08th August, 2023) Australia will allocate 1.7 billion Australian Dollars ($1.1 billion) on a new international development policy aimed at advancing the country's interests in the Indo-Pacific, the Australian Foreign Ministry said on Tuesday.

"The Albanese Government's new international development policy will advance Australia's interests in a peaceful, stable and prosperous Indo-Pacific and ensure we are a partner of choice for our region," the ministry said in a statement.

The five-year plan will drive Canberra's investments and involvement in solving regional problems, such as poverty, economic growth, health care, infrastructure investment, climate change and gender equality, the statement read.

To assist neighboring countries, Australia will establish Australian Development Investments, a fund which will support regional non-governmental organizations and provide up to 250 million Australian dollars for private investments in the Indo-Pacific, the ministry added.

The vigorous development of Canberra's foreign policy is taking place amid China's strengthening positions in the region. In early July, China and the Solomon Islands signed nine agreements, including on cooperation in policing. Later that month, the leaders of Australia and New Zealand expressed in a joint statement their concern regarding the agreements between Beijing and Honiara.