Colombia to Suspend Coal Sales to Israel Over Gaza War

The move is an escalation in a clash between two countries that have historically had warm relations, and which have had a free-trade agreement in force since 2020.Photographer: Jack Guez/AFP/Getty Images
The move is an escalation in a clash between two countries that have historically had warm relations, and which have had a free-trade agreement in force since 2020.Photographer: Jack Guez/AFP/Getty Images
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Colombia to Suspend Coal Sales to Israel Over Gaza War

The move is an escalation in a clash between two countries that have historically had warm relations, and which have had a free-trade agreement in force since 2020.Photographer: Jack Guez/AFP/Getty Images
The move is an escalation in a clash between two countries that have historically had warm relations, and which have had a free-trade agreement in force since 2020.Photographer: Jack Guez/AFP/Getty Images

Colombian President Gustavo Petro announced Saturday that his country will suspend coal exports to Israel as a rebuke against its deadly war against Hamas in Gaza.

Colombia is Israel's main coal supplier with exports of some $450 million in 2023, according to the Israeli embassy in Bogota, which remains operational despite Petro's government severing diplomatic ties in May, AFP reported.

Petro, Colombia's first leftist president and a fierce critic of Israeli Prime Minister Benjamin Netanyahu, said Saturday on X that coal exports to Israel would be suspended "until the genocide stops."

A government decree specified that the restrictions would remain "until the orders of provisional measures issued by the International Court of Justice (ICJ)... are fully complied with."

In late May, as part of a pending case brought by South Africa, the ICJ ordered Israel to halt its offensive on the southern Gaza city of Rafah, while also demanding the release of hostages and the "unhindered provision" of humanitarian aid into the Palestinian territory.

According to the Colombian government, the coal export ban will enter into force five days after the decree is published in the official gazette and will not affect goods that have already been authorized for shipment.

Bogota underscored coal's role as "a "strategic resource for the manufacture of weapons, the mobilization of troops and the manufacture of provisions for military operations."

Petro also said Colombia would stop purchasing weapons made by Israel, one of the main suppliers of the South American country's security forces.

On Thursday, the Colombian Mining Association expressed concern over the possibility of exports being suspended, noting a trade treaty between the two nations in place since 2020.

"Israel is a key destination for Colombia's thermal coal exports," the organization said in a statement, adding that banning shipments "jeopardizes confidence in markets and foreign investment."

Petro announced Colombia would sever ties with Israel in May over the Gaza conflict and open an embassy in Ramallah in the Palestinian territories.



Kuwait Finance Minister Forecasts $85 Bn Deficit Over Next Four Years

Kuwait’s Finance and Investment Minister Dr. Anwar Al-Mudhaf (Asharq Al-Awsat)
Kuwait’s Finance and Investment Minister Dr. Anwar Al-Mudhaf (Asharq Al-Awsat)
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Kuwait Finance Minister Forecasts $85 Bn Deficit Over Next Four Years

Kuwait’s Finance and Investment Minister Dr. Anwar Al-Mudhaf (Asharq Al-Awsat)
Kuwait’s Finance and Investment Minister Dr. Anwar Al-Mudhaf (Asharq Al-Awsat)

Kuwait’s Finance and Investment Minister, Dr. Anwar Al-Mudhaf, anticipates a budget deficit of 26 billion dinars ($85 billion) over the next four years. Speaking to Kuwait TV, he revealed that in the past decade alone, Kuwait accumulated a deficit of 33 billion dinars ($107.7 billion), financed from state reserves.

Looking ahead to the 2024-2025 fiscal year, Kuwait expects revenues of 18.9 billion dinars ($61.7 billion) against expenditures of 24.5 billion dinars ($80 billion), resulting in a projected deficit of 5.6 billion dinars ($18.2 billion).

Al-Mudhaf emphasized the need for economic reforms, focusing on fiscal sustainability and diversifying non-oil revenues to strengthen Kuwait’s economy.

He outlined nine initiatives aimed at restructuring the budget and increasing non-oil income, stressing that these reforms are essential and supported by the country's leadership.

Regarding social support, Al-Mudhaf assured that citizens’ salaries will be unaffected, with subsidies directed more equitably to those in genuine need. He highlighted the importance of fair distribution of support, addressing disparities between individual and corporate beneficiaries.

Al-Mudhaf reaffirmed Kuwait’s commitment to economic reform through initiatives aimed at enhancing trade, tourism, and financial sectors while preserving reserves for future generations.

Moreover, the minister emphasized that the country’s ruler has directed clear efforts to boost new investment opportunities, refuting claims of impending salary or bonus cuts as untrue. He urged people not to trust social media rumors about the Ministry of Finance or any other ministry.

Regarding foreign investments, the Al-Mudhaf said: “We have multiple agreements with Chinese firms and are working on developing free trade zones.”

“The Chinese government has assigned a company to handle and represent its interests in Kuwait, particularly at Mubarak Port. Additionally, there are agreements concerning the Shaqaya project, housing developments, and the northern region,” he clarified.

Al-Mudhaf also stressed the importance of supporting the private sector, expanding trade, and diversifying financial tools.