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Saudi Arabia Files Charges against Automobile Establishments, Showrooms for Violating Competition Law

A vehicle showroom in Saudi Arabia (Asharq Al-Awsat)
A vehicle showroom in Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Files Charges against Automobile Establishments, Showrooms for Violating Competition Law

A vehicle showroom in Saudi Arabia (Asharq Al-Awsat)
A vehicle showroom in Saudi Arabia (Asharq Al-Awsat)

The Board of Directors of the General Authority for Competition (GAC) has given the green light to file charges against 79 establishments for violating the Competition Law and its executive regulations.

The board decided to initiate criminal cases against 64 establishments and study settlement requests by the remaining 15 entities.

Violations included agreeing to fix prices and dividing markets according to geographic regions, which led to reducing competition and affecting the interests of consumers.

On Wednesday, the GAC Board of Directors held its 85th meeting in Riyadh, during which it decided to initiate criminal proceedings against a number of establishments and study settlement requests for others in several sectors.

The board reviewed the results of a survey in the education and industry sectors, and agreed to implement the necessary measures against six establishments and ordering them to correct their conditions. It also approved settlement requests submitted by two establishments that provide cold and hot drinks and pastries, after reviewing the results of the study and investigation.

The board also examined the results of the study and investigation with 10 institutions operating in the field of contracting, and decided to dismiss the cases against them for lack of jurisdiction.

Moreover, the board reviewed the results of an inquiry pertaining to an establishment operating in the waste collection and transportation sector, and decided to close the case because it was not found to be in violation of the Competition Law and its executive regulations.

Similarly, results of a study concerning five companies operating in the retail sales and electronic devices sector, led to closing the case after it was not found to be in violation of the Competition Law and its executive regulations.

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IMF: Pakistan Wins More Financing Assurances from Saudi Arabia, UAE, China

Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)
Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)
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IMF: Pakistan Wins More Financing Assurances from Saudi Arabia, UAE, China

Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)
Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)

Pakistan has received “significant financing assurances” from China, Saudi Arabia and the United Arab Emirates linked to a new International Monetary Fund (IMF) program that go beyond a deal to roll over $12 billion in bilateral loans owed to them by Islamabad, IMF Pakistan Mission Chief Nathan Porter said on Thursday.

Porter declined to provide details of additional financing amounts committed by the three countries but said they would come on top of the debt rollover.

The IMF's Executive Board on Wednesday approved a new $7 billion loan for cash-strapped Pakistan, more than two months after the two sides said they had reached an agreement.

The loan — which Islamabad will receive in installments over 37 months — is aimed at boosting Pakistan's ailing economy.

“I won't go into the specifics, but UAE, China and the Kingdom of Saudi Arabia all provided significant financing assurances joined up in this program,” Porter told reporters on a conference call.

The global lender said its immediate disbursement will be about $1 billion.

In a statement issued Thursday, the IMF praised Pakistan for taking key steps to restore economic stability. Growth has rebounded, inflation has fallen to single digits, and a calm foreign exchange market have allowed the rebuilding of reserve buffers.

But it also criticized authorities. The IMF warned that, despite the progress, Pakistan’s vulnerabilities and structural challenges remained formidable.

It said a difficult business environment, weak governance, and an outsized role of the state hindered investment, while the tax base remained too narrow.

“Spending on health and education has been insufficient to tackle persistent poverty, and inadequate infrastructure investment has limited economic potential and left Pakistan vulnerable to the impact of climate change,” it warned.

Prime Minister Shehbaz Sharif in a statement hailed the deal that his team had been negotiating with the IMF since June.

Sharif, on the sidelines of the United Nations General Assembly, told Pakistani media that the country had fulfilled all of the lender’s conditions, with help from China and Saudi Arabia.

“Without their support, this would not have been possible,” he said, without elaborating on what assistance Beijing and Riyadh had provided to get the deal over the line.

The Pakistani government has vowed to increase its tax intake, in line with IMF requirements, despite protests in recent months by retailers and some opposition parties over the new tax scheme and high electricity rates.

Pakistan for decades has been relying on IMF loans to meet its economic needs.

The latest economic crisis has been the most prolonged and has seen Pakistan facing its highest-ever inflation, pushing the country to the brink of a sovereign default last summer before an IMF bailout.

Inflation has since tempered, and credit ratings agency Moody’s has upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to “Caa2” from “Caa3”, citing improving macroeconomic conditions and moderately better government liquidity and external positions.