Aljadaan Heads Kingdom's Delegation to Saudi-Chinese Meetings in Beijing

Saudi Minister of Finance Mohammed Aljadaan. SPA
Saudi Minister of Finance Mohammed Aljadaan. SPA
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Aljadaan Heads Kingdom's Delegation to Saudi-Chinese Meetings in Beijing

Saudi Minister of Finance Mohammed Aljadaan. SPA
Saudi Minister of Finance Mohammed Aljadaan. SPA

The Saudi Minister of Finance, Mohammed Aljadaan, heads the Kingdom's delegation participating in the two-day Saudi-Chinese meetings to be held on Monday in Beijing.

The Saudi delegation includes the Vice Minister of Finance Abdulmuhsen Alkhalaf, as well as officials from the Ministry of Finance; the National Center For Privatization (NCP); the Saudi Central Bank (SAMA); the Saudi Capital Market Authority (CMA); the Zakat, Tax and Customs Authority (ZATCA); the National Development Fund (NDF); the Saudi Fund for Development (SFD); and the National Infrastructure Fund.

Aljadaan and the Chinese Minister of Finance, Lan Fo'an, will co-chair the third meeting of the Financial Sub-Committee for the High-level Chinese-Saudi Joint Committee.

Aljadaan will also participate in a roundtable meeting organized by the Saudi National Center for Privatization in cooperation with the Industrial and Commercial Bank of China.

Alkhalaf and the Chinese Vice Minister of Finance, Liao Min, will co-chair a roundtable meeting hosted by the Chinese Ministry of Finance, and organized by China Development Bank (CDB) and China Investment Corporation (CIC).

Aljadaan will also meet with several Chinese ministers, officials, and investors to discuss the latest economic and financial developments, topics of common interest, as well as investment opportunities in Saudi Arabia in light of Saudi Vision 2030.

These meetings come as an extension of efforts to strengthen cooperation and enhance relations between Saudi Arabia and China in various fields to promote global economic growth.



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.