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Saudi Economy Ministry Signs MoU with Alfaisal University to Promote Economic Development

The signing of the agreement took place at the university's headquarters in Riyadh. SPA
The signing of the agreement took place at the university's headquarters in Riyadh. SPA
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Saudi Economy Ministry Signs MoU with Alfaisal University to Promote Economic Development

The signing of the agreement took place at the university's headquarters in Riyadh. SPA
The signing of the agreement took place at the university's headquarters in Riyadh. SPA

The Ministry of Economy and Planning and Alfaisal University signed a memorandum of understanding (MoU) to promote economic development and implement awareness programs and initiatives to serve the community, in line with achieving Saudi Vision 2030 goals.

The signing of the agreement took place at the university's headquarters in Riyadh.

The MoU was signed by Rakan bin Abdullah Al Alsheikh, Deputy Minister for Policies and Economic Planning at the Ministry of Economy and Planning, and princess Dr. Maha bint Meshari Al Saud, the Alfaisal University Vice President of External Relations and Advancement.

Under the MoU, the two parties will cooperate to promote economic development, activate academic research, implement awareness programs and initiatives to serve the community, as well as cooperate on various activities and events.

The MoU stipulates that the two sides cooperate to maximize the university’s economic return, form a network of joint opinion experts to provide feedback on various economic topics, and to exchange expertise in preparing and writing academic research and public policies in the field of economics.

The Ministry of Economy and Planning will provide consultations on the use of university resources such as student research, faculty members, and research laboratories on economic priority topics that support Saudi Vision 2030. It will offer facilities and cooperation in designing and formulating research project launch plans, and supervise a team of researchers from both sides, which will be assigned to prepare public policy studies and academic research for the Ministry.

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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
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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.