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Saudi Health Fund’s 34 Agreements, Partnerships Shape 2023 Operations

From the participation of the Health Sector Fund in the previous year's International Healthcare Exhibition in Riyadh, Saudi Arabia (SPA)
From the participation of the Health Sector Fund in the previous year's International Healthcare Exhibition in Riyadh, Saudi Arabia (SPA)
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Saudi Health Fund’s 34 Agreements, Partnerships Shape 2023 Operations

From the participation of the Health Sector Fund in the previous year's International Healthcare Exhibition in Riyadh, Saudi Arabia (SPA)
From the participation of the Health Sector Fund in the previous year's International Healthcare Exhibition in Riyadh, Saudi Arabia (SPA)

The Saudi Health Sector Fund has shown how healthcare is changing during Ramadan, breaking previous records. More than 4 million individual donations were made, with 47 charitable initiatives and 34 partnerships contributing to this generosity.

Aligned with Saudi Vision 2030, the healthcare sector is working to improve people’s health and create vibrant communities. One key program is the Healthcare Sector Transformation Program, which is driving various initiatives to achieve these goals.

A standout initiative is the Health Endowment Fund, the Kingdom’s first independent healthcare fund. It supports access to healthcare for the most vulnerable and involves the community in helping those in need through partnerships.

To ensure transparency and effectiveness, the fund is working with specialized auditing firms. It’s also partnering with financial experts to manage investments for financial sustainability.

Another important effort is the development of primary healthcare centers. This involves improving infrastructure, upgrading equipment, and using technology to enhance healthcare services and patient experiences.

These initiatives reflect the Fund’s commitment to improving healthcare across the sector and providing swift assistance to those in need. Overall, the fund aims to build a model healthcare endowment that can address health challenges effectively with the help of the community.

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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.