WEF President Highlights Saudi Arabia's Development, Economic Ambition

 President of the World Economic Forum Borge Brende speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. (Reuters)
President of the World Economic Forum Borge Brende speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. (Reuters)
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WEF President Highlights Saudi Arabia's Development, Economic Ambition

 President of the World Economic Forum Borge Brende speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. (Reuters)
President of the World Economic Forum Borge Brende speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. (Reuters)

President of the World Economic Forum (WEF) Borge Brende expressed on Sunday his appreciation to the government of Saudi Arabia for hosting the WEF's special meeting under the theme "Global Collaboration, Growth and Energy for Development."

During a speech at the special WEF meeting in Riyadh, Brende highlighted the developments witnessed by Saudi Arabia in recent years, which reflect its global economic ambition, reported the Saudi Press Agency.

He stressed the importance of finding solutions to address economic challenges that boost international cooperation and discussed challenges, including energy shortages in some countries.

He stressed the importance of finding cooperative solutions to reshape the future of energy worldwide,

The forum has attracted participants from 92 countries and more than 500 companies, institutions, and non-profit organizations for discussions on achieving a sustainable future.



IMF Board Approves Argentina Payout of Almost $800 Mn

Argentina's president Javier Milei has vowed to get inflation back down - AFP
Argentina's president Javier Milei has vowed to get inflation back down - AFP
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IMF Board Approves Argentina Payout of Almost $800 Mn

Argentina's president Javier Milei has vowed to get inflation back down - AFP
Argentina's president Javier Milei has vowed to get inflation back down - AFP

The IMF executive board voted to approve a payout of almost $800 million for Argentina as it continues a program of drastic economic reforms under its libertarian president, Javier Milei.

A self-declared "anarcho-capitalist," Milei has vowed to halt Argentina's economic decline and reduce the budget deficit to zero, and has embarked on a program to slash public spending and bring down inflation, which remains at an annual rate of more than 275 percent, AFP reported.

"The Executive Board assessed the program to be firmly on track, with all quantitative performance criteria through end-March 2024 met with margins," the International Monetary Fund said in a statement.

The decision by the IMF executive board to approve the eighth review of its loan program with the Latin American nation will allow for the disbursement of just over $793 million, bringing the total disbursements under the existing program to more than $41 billion.

"The Board emphasized that sustaining the strong progress requires improving the quality of fiscal adjustment, initiating steps towards an enhanced monetary and FX (foreign exchange) policy framework, and implementing the structural agenda," the IMF said.

"Continued efforts to support the vulnerable, broaden political support and ensure agile policymaking will also be necessary," it added.

"The good news continues," Milei wrote on X, sharing the IMF statement.

The payout approval follows an announcement earlier in the day that Argentine inflation came in at 4.2 percent in May, the lowest in two-and-a-half years, according to the INDEC statistics agency.