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EU Ambassador Emphasizes Partnership Strategy with Saudi Arabia in Vital Fields 

EU Ambassador to Saudi Arabia, Bahrain and the Sultanate of Oman Christophe Farnaud. (Asharq Al-Awsat)
EU Ambassador to Saudi Arabia, Bahrain and the Sultanate of Oman Christophe Farnaud. (Asharq Al-Awsat)
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EU Ambassador Emphasizes Partnership Strategy with Saudi Arabia in Vital Fields 

EU Ambassador to Saudi Arabia, Bahrain and the Sultanate of Oman Christophe Farnaud. (Asharq Al-Awsat)
EU Ambassador to Saudi Arabia, Bahrain and the Sultanate of Oman Christophe Farnaud. (Asharq Al-Awsat)

With the launch of the Saudi-European Investment Forum in Riyadh on Monday, EU Ambassador to Saudi Arabia, Bahrain and the Sultanate of Oman Christophe Farnaud emphasized the partnership strategy between the two sides in various vital fields, especially the energy mix, emissions-free industry, and digital economy.

In an interview with Asharq Al-Awsat, Farnaud said the forum will cover mutual investments, and will discuss transformation in the fields of energy, emissions-free industry, transportation, and infrastructure.

The panel discussions will also touch on several key sectors, including minerals, supply chains, tourism, sports, healthcare, medium and small enterprises, and the digital economy.

Regarding the volume of economic and trade between the EU and Saudi Arabia, the ambassador noted that in 2022, the volume of trade exchange of goods reached 75.4 billion euros ($79.8 billion), compared to 45.8 billion euros ($48.5 billion) in 2021, an increase of 64.5 percent.

He added that the value of EU imports from Saudi Arabia amounted to 43.9 billion euros ($46.5 billion), mainly consisting of fuel. EU exports also rose from 25 billion euros ($26.4 billion) to 31.5 billion euros ($33 billion), especially machinery, transportation and chemicals.

According to the diplomat, data in 2021 showed that direct foreign investments from the EU to Saudi Arabia reached 13.4 billion euros ($14.1 billion), while total foreign direct investments from Saudi Arabia to the EU amounted to 42 billion euros ($44.4 billion) in 2022, compared to 32 billion euros in 2021.

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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.