Saudi Arabia Prepares to Launch World’s Largest Food Sustainability Expo

The introductory meeting for the inaugural InFlavour 2023, Saudi Arabia’s biggest F&B event. (Asharq Al-Awsat)
The introductory meeting for the inaugural InFlavour 2023, Saudi Arabia’s biggest F&B event. (Asharq Al-Awsat)
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Saudi Arabia Prepares to Launch World’s Largest Food Sustainability Expo

The introductory meeting for the inaugural InFlavour 2023, Saudi Arabia’s biggest F&B event. (Asharq Al-Awsat)
The introductory meeting for the inaugural InFlavour 2023, Saudi Arabia’s biggest F&B event. (Asharq Al-Awsat)

The Saudi Ministry of Environment, Water and Agriculture has unveiled its future plans to enhance agricultural production efficiency and bolster food security in the Kingdom.

The reveal coincided with the holding of the inaugural InFlavour 2023, Saudi Arabia’s biggest F&B event in terms of both gross square-meters and global prestige.

The three-day event at the Riyadh Exhibition and Convention Center, Malham, is expected to leave a major economic impact not only across the region, but also globally.

As for the ministry’s plans for boosting agricultural production efficiency, they include reducing water waste and prohibiting the cultivation of water-depleting crops, such as fodder.

Faisal Al-Dakhil, a spokesperson for the ministry, emphasized that InFlavour 2023 aims to attract both foreign and domestic investments to foster agricultural and food production in Saudi Arabia.

Products will be exported to the rest of the world through the intensification of regional and international innovation and technological solutions.

Al-Dakhil commended initiatives launched by Saudi Arabia to curb food waste in the Kingdom.

According to the spokesperson, these plans have reduced food waste in the Kingdom by 30%.

Saudi companies, both public and private, have invested in over 27 countries to secure food supplies, resulting in a 10% increase in agricultural production.

Al-Dakhil noted that the Kingdom achieved food self-sufficiency, as evidenced during the coronavirus pandemic when many countries faced shortages of food supplies and commodities.

He also highlighted the ministry’s launch of sustainable agriculture programs, emphasizing the significant achievements they have brought about.

Al-Dakhil acknowledged that agricultural marketing remains one of the major challenges that relevant authorities are working to find solutions for.

Some programs have been introduced to promote maximizing benefits between producers and consumers. This has led to the creation of several successful partnerships, encouraging sector investors to increase their production while maintaining quality.



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.