Saudi National Center for Privatization Awarded Over 60 Contracts in 8 Targeted Sectors 

Saudi Minister of Finance and chairman of the board of directors of the National Center for Privatization (NCP) Mohammed Al-Jadaan. (SPA)
Saudi Minister of Finance and chairman of the board of directors of the National Center for Privatization (NCP) Mohammed Al-Jadaan. (SPA)
TT

Saudi National Center for Privatization Awarded Over 60 Contracts in 8 Targeted Sectors 

Saudi Minister of Finance and chairman of the board of directors of the National Center for Privatization (NCP) Mohammed Al-Jadaan. (SPA)
Saudi Minister of Finance and chairman of the board of directors of the National Center for Privatization (NCP) Mohammed Al-Jadaan. (SPA)

Saudi Minister of Finance and chairman of the board of directors of the National Center for Privatization (NCP) Mohammed Al-Jadaan took part in Beijing on Tuesday in a roundtable meeting organized by NCP in cooperation with the Industrial and Commercial Bank of China.

Senior officials of Chinese companies interested in private-sector projects and public-private partnerships (PPPs) were also present.

Al-Jadaan noted the depth of the historical relationship between Saudi Arabia and China that are based on trust and continuous cooperation in various fields, said a Finance Ministry statement.

He added that NCP has since its inception awarded over 60 privatization and partnership contracts in eight targeted sectors, with a capital cost of over $10 billion.

It has also sought to strengthen its work by adopting the privatization law and complementary statutory tools that contribute to accelerating the implementation of PPP projects, he went on to say.

He praised the role played by the Industrial and Commercial Bank of China in supporting NCP efforts to present privatization and partnership opportunities and initiatives to Chinese investors and companies.

Participants at the meeting presented privatization and PPP opportunities in the infrastructure sector and how companies and investors can participate in privatization and partnership projects in several areas, most notably in construction, roads, water, and airports.



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
TT

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.