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IFAD President: Saudi Arabia Key Partner in Global Efforts Against Climate Challenges

President of the International Fund for Agricultural Development (IFAD) Alvaro Lario (Asharq Al-Awsat)
President of the International Fund for Agricultural Development (IFAD) Alvaro Lario (Asharq Al-Awsat)
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IFAD President: Saudi Arabia Key Partner in Global Efforts Against Climate Challenges

President of the International Fund for Agricultural Development (IFAD) Alvaro Lario (Asharq Al-Awsat)
President of the International Fund for Agricultural Development (IFAD) Alvaro Lario (Asharq Al-Awsat)

In a time where warnings about overlooking the crises of climate change, food scarcity, and water scarcity are prevalent, Alvaro Lario, the President of the International Fund for Agricultural Development (IFAD), emphasized that the Fund is effectively addressing these challenges.
Lario underscored the pivotal role of the Kingdom of Saudi Arabia as a key player in specialized international efforts, reflecting positively on the outcomes of agricultural development strategies.
Speaking to Asharq Al-Awsat, Lario said: “Saudi Arabia holds fundamental importance within United Nations organizations, especially concerning IFAD’s agricultural development plans.”
He pointed out that IFAD is currently implementing a developmental project in the Jazan region, focusing on coffee and mango farms, with hopes of launching additional projects in the near future.
Lario explained that the Kingdom is making substantial efforts aligned with the international strategy to confront climate change and environmental pollution.
Initiatives such as the “Green Saudi Initiative” and the “Green Middle East Initiative” attest to Saudi Arabia’s commitment, along with its support for agricultural development plans that align with IFAD’s direction.
Lario affirmed IFAD’s readiness to enhance its partnership with Saudi Arabia in agricultural sectors, investing in the industry’s development, improving efficiency, and implementing sustainable practices.
The goal is to contribute to supporting safe and sustainable food, fortifying food security, enhancing agricultural sector efficiency, establishing projects for rural and remote farmers, and exchanging expertise with Saudi institutions like the Saudi Agricultural Development Fund.
According to Lario, IFAD is working to strengthen its capabilities to increase the resilience of small rural producers.
He emphasized that IFAD’s investments contribute to adapting to climate change and sustainable food systems, achieving numerous sustainable development goals.
Lario highlighted the alignment of IFAD’s work with the ethos of the “Green Middle East Initiative,” which seeks to restore the ecosystem through tree planting.
Beyond addressing short-term shocks, IFAD aims to lay the foundation for the future by assisting small farmers in sustaining their work with nature. Hence, water management becomes a crucial element for them.
Lario also noted that addressing major climate events is vital, as it is an urgent issue that unites governments, private sector institutions, and civil society.

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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.