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World Bank Seeks to Spread Saudi Arabia’s Reform Experience

Saudi Arabia was chosen as a knowledge center thanks to its pioneering experience over the past years. (SPA)
Saudi Arabia was chosen as a knowledge center thanks to its pioneering experience over the past years. (SPA)
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World Bank Seeks to Spread Saudi Arabia’s Reform Experience

Saudi Arabia was chosen as a knowledge center thanks to its pioneering experience over the past years. (SPA)
Saudi Arabia was chosen as a knowledge center thanks to its pioneering experience over the past years. (SPA)

The World Bank, in cooperation with Saudi Arabia, intends to establish a knowledge center in the Kingdom to support countries in implementing necessary economic reforms to bolster their competitive capabilities.

The center, which was announced in Washington on the sidelines of the spring meetings of the International Monetary Fund (IMF) and the World Bank, aims to spread the culture of economic reforms undertaken by the Kingdom in view of its experience during the last seven years since the announcement of Vision 2030, which established the rules for economic diversification in the country.

Saudi Arabia ranked 17th globally in the Global Competitiveness Yearbook (WCY) report, issued by the Global Competitiveness Center. It advanced seven places in the 2023 edition, supported by strong economic and financial performance in 2022.

According to economists who spoke to Asharq Al-Awsat, the center will boost the transformation of Riyadh into an incubator for global centers and regional headquarters for international companies.

It will also contribute to the sustainability of the ongoing development process and stimulate all sectors to achieve competitiveness as a basis for economic development.

Speaking from Washington on Friday, Saudi Minister of Commerce Dr. Majid Al-Qasabi said this step emphasizes the great progress his country has achieved in global competitiveness reports and indicators, thanks to economic reforms implemented with the support and directives of Prince Mohammed bin Salman, Crown Prince and Prime Minister.

Minister of Economy and Planning Faisal Al-Ibrahim said the World Bank Group’s announcement that it had chosen the Kingdom as a knowledge center reflected Saudi Arabia’s pioneering role and its constant efforts to enable countries to build institutional capabilities to adapt economically to global changes.

Member of the Shura Council and Economic Expert Fadl Al-Buainain told Asharq Al-Awsat: “The Kingdom today is reaping the fruits of its economic reforms that it launched with Vision 2030 in 2016.”

“All the transformation and diversification plans that the economy is witnessing, in addition to the completion of the legislative frameworks related to the economic sectors, is the result of radical reforms led by Crown Prince Mohammed and implemented by government agencies according to a strategic vision and specific goals,” he stressed.

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Taiwan Says It Has Assurances over LNG Supplies from 'Major' Country

The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)
The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)
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Taiwan Says It Has Assurances over LNG Supplies from 'Major' Country

The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)
The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)

Taiwan has received ‌supply assurances from the energy minister of a "major" liquefied natural gas-producing country, the island's economy minister said on Saturday, speaking about the Iran war's impact on Middle East energy imports.

Taiwan, a major semiconductor producer, had relied on Qatar for around a third of its LNG before the conflict, and has said it has secured alternate supplies for the months ahead from countries including Australia and the United States, said Reuters.

Speaking to ‌reporters in Taipei, ‌Economy Minister Kung Ming-hsin said that ‌because ⁠Taiwan has good ⁠relationships with its crude oil and natural gas suppliers, neither adjusting shipment origins nor purchasing additional spot cargoes would be a problem.

Kung said that about two weeks ago the energy minister of a certain "major energy-producing country" proactively contacted him.

The person "explained to us that they ⁠would fully support our natural gas needs. ‌If we have any ‌demand, we can let them know," he added.

"Another country even ‌said that some countries have released strategic petroleum ‌reserves, and they could also help coordinate matters if Taiwan needs assistance," Kung said.

"This shows that Taiwan has in fact earned considerable goodwill internationally through the long-term trust ‌it has built over the years," he said.

He declined to name the countries involved.

Angela ⁠Lin, ⁠spokesperson for state-owned refiner CPC, said at the same news conference that crude oil inventories were being maintained at pre-conflict levels and overall petrochemical feedstock supplies have remained stable.

CPC Chairman Fang Jeng-zen said that to reduce dependence on the Middle East, a new contract with the US will see 1.2 million metric tons of LNG supplied annually, with even more to come in the future, including eventually from Alaska.

However, Taiwan is not considering importing crude or LNG from Russia, he added.

Business

India Says Crude Oil Supplies Secured, No Payment Issues for Iran Imports

The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
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India Says Crude Oil Supplies Secured, No Payment Issues for Iran Imports

The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI

India's petroleum ministry said in a post on X on ‌Saturday ‌that the ‌country's ⁠refiners have secured their ⁠crude requirements, including from Iran, ⁠and ‌there are ‌no payment hurdles ‌for ‌Iranian imports.

India's crude oil ‌requirements remain fully secured ⁠for the coming ⁠months, the ministry added.

Business

From Asia to the Americas: Governments Race to Contain Energy Shock

A gas station in Los Angeles, California (AFP) 
A gas station in Los Angeles, California (AFP) 
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From Asia to the Americas: Governments Race to Contain Energy Shock

A gas station in Los Angeles, California (AFP) 
A gas station in Los Angeles, California (AFP) 

Governments worldwide are moving swiftly to contain the fallout from a sharp rise in energy costs, as global supply disruptions linked to the US-Israeli war on Iran rattle markets.

Surging fuel and electricity prices have prompted urgent steps to protect consumers and secure supplies, with mounting pressure on economies.

In Asia, India has taken measures to safeguard domestic supply, signaling a potential review of fuel exports if needed while prioritizing the local market. Requests from neighboring countries for fuel will be met only if surplus is available.

Authorities have also barred consumers connected to piped gas networks from using liquefied petroleum gas cylinders to manage demand. New Delhi has invoked emergency powers, directing refiners to maximize cooking gas output while cutting industrial supplies to meet household needs.

South Korea is boosting domestic energy production by easing restrictions on coal-fired plants and increasing nuclear utilization to 80 percent of capacity. It is also considering additional support vouchers for vulnerable households. To bolster supply, Seoul has begun implementing a ban on naphtha exports.

China has imposed restrictions on refined fuel exports as a precaution against domestic shortages, while allowing drawdowns from fertilizer reserves to support agriculture ahead of the spring season.

In Southeast Asia, Singapore will accelerate previously announced budget support measures to ease pressure on households and businesses. Indonesia aims to increase coal output, is weighing export taxes, and plans a biofuel program using a diesel–palm oil blend. Cambodia is importing additional fuel from Singapore and Malaysia to offset shortages.

Japan will temporarily ease restrictions to expand coal-fired power generation for one year and has called for coordination through the Group of Seven and the International Energy Agency to stabilize markets. It has also asked Australia to boost liquefied natural gas output.

Elsewhere, the Philippines has suspended wholesale spot electricity trading due to price volatility and supply risks, while activating a 20 billion peso emergency fund.

Vietnam is accelerating a shift to ethanol-blended gasoline, and Australia is drawing on fuel reserves to address shortages, particularly in rural areas, while warning of prolonged economic impacts. Authorities have urged reduced fuel use, including greater reliance on public transport.

Europe acts

European Union institutions have called for temporary measures, including cuts to electricity taxes and network charges, alongside direct support for households.

Italy is considering reducing fuel levies and may impose windfall taxes on companies benefiting from the crisis. Spain is preparing aid and tax relief for households and hard-hit sectors.

In Eastern Europe, Romania has cut diesel excise duties. Serbia has reduced fees on crude oil and extended a ban on exports of oil and derivatives. Slovenia has imposed temporary limits on fuel purchases.

Greece announced 300 million euros in support for fuel and fertilizers, along with reduced maritime transport costs to ease pressure on consumers and farmers.

Americas, Africa respond

In Latin America, Argentina has postponed fuel tax increases. Brazil has scrapped federal diesel taxes, imposed a levy on oil exports and unveiled plans to support fuel imports at the state level.

In Africa, South Africa has temporarily reduced fuel taxes, Ethiopia has increased subsidies, and Namibia has cut fuel levies by 50 percent for three months. Other countries are considering similar steps.

In the Middle East and North Africa, Egypt has capped prices for unsubsidized bread and raised procurement prices for local wheat to strengthen strategic reserves.

Other measures include tax cuts in North Macedonia, energy-saving steps in Mauritius, efforts to secure additional supplies in Sri Lanka and a possible reduction in value-added tax on fuel in Poland.

The breadth of these actions underscores the scale of the global response, as governments seek to cushion households and economies from rising energy costs. Amid persistent geopolitical tensions, policymakers continue to adjust strategies to manage supply risks and price volatility.