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Saudi Minister of Industry Visits Columbia University, Engages with Saudi and International Students

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits Columbia University on Wednesday. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits Columbia University on Wednesday. (SPA)
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Saudi Minister of Industry Visits Columbia University, Engages with Saudi and International Students

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits Columbia University on Wednesday. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits Columbia University on Wednesday. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visited on Wednesday Columbia University in the United State, the oldest university in New York State.

He was briefed on the latest academic programs supporting the industrial and mining sectors and met with faculty members, as well as Saudi, American, and international students from around the world.

During an interactive discussion with academics and students, Alkhorayef discussed Saudi Arabia’s industrial and mining transformation journey, focusing on promising industrial sectors being developed and localized as part of the national industrial strategy.

He emphasized the goals of Vision 2030 to transform the Kingdom into a leading global industrial power by maximizing the economic contribution of the industrial and mining sectors, diversifying income sources, and increasing their contribution to the GDP.

Alkhorayef highlighted the importance of the scholarship program as a vital cultural bridge for fostering civilizational communication among nations.

He stressed that the Kingdom relies on and invests in its citizens to shape the future, citing the Custodian of the Two Holy Mosques' Scholarship Program and the Human Capacity Development Program, both aimed at developing national talents and equipping them with the skills needed to compete globally across various fields.

He noted that the industrial and mineral resources ecosystem is keen on engaging with scholarship students abroad, helping them explore future opportunities in the industrial and mining sectors through various programs and initiatives.

The visit to Columbia University is part of Alkhorayef's ongoing tour of the United States, which runs until September 28 and includes stops in New York, California, and Nevada. The tour aims to boost industrial and mining cooperation, attract quality investments to the Kingdom, and explore mutual opportunities in advanced industrial sectors.

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IMF: Pakistan Wins More Financing Assurances from Saudi Arabia, UAE, China

Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)
Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)
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IMF: Pakistan Wins More Financing Assurances from Saudi Arabia, UAE, China

Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)
Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)

Pakistan has received “significant financing assurances” from China, Saudi Arabia and the United Arab Emirates linked to a new International Monetary Fund (IMF) program that go beyond a deal to roll over $12 billion in bilateral loans owed to them by Islamabad, IMF Pakistan Mission Chief Nathan Porter said on Thursday.

Porter declined to provide details of additional financing amounts committed by the three countries but said they would come on top of the debt rollover.

The IMF's Executive Board on Wednesday approved a new $7 billion loan for cash-strapped Pakistan, more than two months after the two sides said they had reached an agreement.

The loan — which Islamabad will receive in installments over 37 months — is aimed at boosting Pakistan's ailing economy.

“I won't go into the specifics, but UAE, China and the Kingdom of Saudi Arabia all provided significant financing assurances joined up in this program,” Porter told reporters on a conference call.

The global lender said its immediate disbursement will be about $1 billion.

In a statement issued Thursday, the IMF praised Pakistan for taking key steps to restore economic stability. Growth has rebounded, inflation has fallen to single digits, and a calm foreign exchange market have allowed the rebuilding of reserve buffers.

But it also criticized authorities. The IMF warned that, despite the progress, Pakistan’s vulnerabilities and structural challenges remained formidable.

It said a difficult business environment, weak governance, and an outsized role of the state hindered investment, while the tax base remained too narrow.

“Spending on health and education has been insufficient to tackle persistent poverty, and inadequate infrastructure investment has limited economic potential and left Pakistan vulnerable to the impact of climate change,” it warned.

Prime Minister Shehbaz Sharif in a statement hailed the deal that his team had been negotiating with the IMF since June.

Sharif, on the sidelines of the United Nations General Assembly, told Pakistani media that the country had fulfilled all of the lender’s conditions, with help from China and Saudi Arabia.

“Without their support, this would not have been possible,” he said, without elaborating on what assistance Beijing and Riyadh had provided to get the deal over the line.

The Pakistani government has vowed to increase its tax intake, in line with IMF requirements, despite protests in recent months by retailers and some opposition parties over the new tax scheme and high electricity rates.

Pakistan for decades has been relying on IMF loans to meet its economic needs.

The latest economic crisis has been the most prolonged and has seen Pakistan facing its highest-ever inflation, pushing the country to the brink of a sovereign default last summer before an IMF bailout.

Inflation has since tempered, and credit ratings agency Moody’s has upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to “Caa2” from “Caa3”, citing improving macroeconomic conditions and moderately better government liquidity and external positions.