IMF Says Staff Agreement with Ukraine Could Allow $900 Mln Disbursementhttps://english.aawsat.com/business/4661366-imf-says-staff-agreement-ukraine-could-allow-900-mln-disbursement
IMF Says Staff Agreement with Ukraine Could Allow $900 Mln Disbursement
The Parkovyi footbridge spanning over Dnieper river is illuminated in the evening in Kyiv, Ukraine, 10 November 2023, amid the Russian invasion. EPA/SERGEY DOLZHENKO
IMF Says Staff Agreement with Ukraine Could Allow $900 Mln Disbursement
The Parkovyi footbridge spanning over Dnieper river is illuminated in the evening in Kyiv, Ukraine, 10 November 2023, amid the Russian invasion. EPA/SERGEY DOLZHENKO
The International Monetary Fund on Friday announced a staff-level agreement with Ukraine on updated economic and financial policies, paving the way for a $900 million disbursement from its $15.6 billion lending program once approved by the board.
According to Reuters, the global lender said its executive board was expected to consider the agreement in coming weeks.
It said Ukraine met all quantitative performance criteria set for the end of June, and indicative targets for the end of September, as well as most of the structural benchmarks set under the IMF's Extended Fund Facility program.
The IMF said the Ukrainian economy continued to show "remarkable resilience" despite Russia's invasion in February 2022, and said recent economic developments pointed to a stronger-than-expected economic recovery in 2023 and continued growth in 2024, as well as substantial disinflation.
"Program performance has been broadly on track despite the extremely challenging backdrop," Gavin Gray, the IMF official who led discussions with Ukrainian officials in Poland from Nov. 6-10, said in a statement.
He said IMF staff had upgraded their forecast for real GDP growth in 2023 to 4.5% from the previous range of 1% to 3%, but expected growth to soften to a range of 3% to 4% in 2024.
“The war in Ukraine continues to have a devastating impact on the population and the economy as attacks on critical infrastructure and air strikes continue countrywide," he said.
Gray said Ukraine's fiscal deficit remained very high, reflecting the economic and social cost of the war, which left it with large, ongoing financing needs.
Global Logistics Forum in Riyadh Paves the Way for Strategic Partnershipshttps://english.aawsat.com/business/5071171-global-logistics-forum-riyadh-paves-way-strategic-partnerships
Global Logistics Forum in Riyadh Paves the Way for Strategic Partnerships
The Global Logistics Forum addressed key topics in the transport and logistics sector. (Asharq Al-Awsat)
The Global Logistics Forum, which concluded in Riyadh on Monday, saw the signing of over 60 strategic local and international partnerships and memorandums of understanding, with a total value exceeding SAR 16 billion ($4.3 billion).
In its 2024 edition, the forum aimed to boost international cooperation in the logistics sector, with the goal of reshaping the global logistics services map.
Saudi Deputy Minister of Transport and Logistics Services Dr. Rumaih Al-Rumaih stated that the forum “serves as a platform for collaboration” within the logistics system, with the goal of enhancing efficiency, resilience, sustainability, and profitability in today’s world.
According to Al-Rumaih, the agreements announced reflect the significance of the forum and its importance for the future of the sector, showcasing the transformative impact of cooperation and highlighting the Kingdom’s leadership role in the global logistics services sector.
“We aim to leverage our unique strategic position at the crossroads of three continents,” he added.
Medical supply agreements
The Ministry of Transport and Logistics Services, in collaboration with the Ministry of Investment, announced a series of significant agreements and memorandums of understanding.
Among the most prominent was a MoU with FedEx to explore investment opportunities in Saudi Arabia’s logistics and transport sector, agreements with Sadel Group to establish cold storage warehouses in Jeddah (western Saudi Arabia), and other agreements with Pacific International Lines and the Saudi Ports Authority (Mawani) to explore new opportunities in integrated logistics services and multimodal transport.
The Ministry of Transport and Logistics Services also announced the signing of memorandums of understanding with the National Unified Procurement Company for Medical Devices and Supplies (NUPCO) to establish new regional centers for supplying medical equipment and with the Saudi Industrial Development Fund to collaborate in developing transport and logistics services to support industrial transformation.
Key announcements and partnerships
The event witnessed major announcements from global sector leaders. Agility Logistics revealed the expansion of its warehouses in Saudi Arabia and signed an agreement with the Saudi Railways Company.
Additionally, Saudi Cargo signed a new partnership with the Second Airport Group to improve air cargo services.
New scholarship and training initiatives were launched during the event. The Ministry of Transport and Logistics Services announced agreements to send a group of national talents abroad for training and capacity-building to meet the needs of the sector in the Kingdom.
The agreements were made in collaboration with the Saudi Group, Airport Holding, The Helicopter Company, The Executive Company, and Saudi Railways Company.
The Saudi Logistics Academy also announced a series of training initiatives in cooperation with NEOM, Qassim University, and Al-Salihiya Logistics Agency.
Participants are seen at a panel discussion at the forum. (Asharq Al-Awsat)
Economic zones and hydrogen trains
The General Authority of Civil Aviation (GACA) unveiled a series of agreements with companies such as Alat, Bahri, and Danfoss.
It also granted licenses for integrated logistics service zones to several entities. The Economic Cities and Special Zones Authority awarded certificates to Tharawat Group and Masarat Logistics Services for establishing new centers in King Abdullah Economic City.
It also signed a memorandum of understanding with Saudi Post to develop a new addressing system that will facilitate business operations in Saudi Arabia’s special economic zones.
In addition, CEO of the Saudi Railways Company Dr. Bashar Al-Malik revealed the success of Saudi Arabia’s experiments with the first hydrogen-powered train aimed at evaluating the suitability of this technology for the Kingdom’s environment.
This comes after Prince Abdulaziz bin Salman, the Saudi Minister of Energy, announced last year during his speech at the opening of Climate Week that Saudi Arabia would have the first hydrogen-powered train in the Middle East.
The inaugural edition of the Global Logistics Forum addressed key topics in the transport and logistics sector, such as enabling global markets, investing in logistics infrastructure, enhancing the resilience of logistics services in the face of disruptions in the Red Sea region, in addition to discussing the “New Era of Energy Ports” and empowering talents to develop the industries of the future.
The event was held in the presence of a large number of ministers, senior officials, leaders of international organizations, industry associations, experts, academics, and analysts, and featured 130 speakers and 80 exhibitors from 30 countries.
