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Saudi Investment Minister Emphasizes Role of Transportation, Logistics in Driving Global Development

Officials take part in the panel discussion at the Global Logistics Forum 2024. (SPA)
Officials take part in the panel discussion at the Global Logistics Forum 2024. (SPA)
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Saudi Investment Minister Emphasizes Role of Transportation, Logistics in Driving Global Development

Officials take part in the panel discussion at the Global Logistics Forum 2024. (SPA)
Officials take part in the panel discussion at the Global Logistics Forum 2024. (SPA)

Saudi Minister of Investment Khalid Al-Falih emphasized on Sunday the crucial role of transportation and logistics in driving global development.

During the opening session of the Global Logistics Forum 2024, Al-Falih highlighted the strategic significance of the Middle East, which serves as a pivotal link between East and West due to its prime geographical location.

He acknowledged the rapid advancements in Saudi Arabia’s transportation and logistics sectors, underscoring their direct impact on investment and the national economy.

Speaking on the goals of the Kingdom’s Vision 2030, Al-Falih pointed out that the development of the transportation and logistics sectors is key to achieving a qualitative transformation both locally and regionally, empowering the private sector to play a more significant role in these sectors.

The session, “Logistics Builds Nations, and Nations Build Logistics”, included participation from leading Arab ministers, including Saudi Arabia’s Minister of Transport and Logistic Services Saleh Al-Jasser; Egypt’s Minister of Transport Major General Kamel Al-Wazir; the UAE’s Minister of Energy and Infrastructure, Suhail Al Mazrouei; and Oman’s Minister of Transport, Communications, and Information Technology Eng. Saeed Al-Maawali.

Al-Jasser emphasized that the logistics sector is crucial for realizing the objectives of Vision 2030 by prioritizing and enabling projects across various sectors, such as Hajj and Umrah, tourism, trade, industry, and quality of life. Aligning these priorities has significantly contributed to economic growth and development in the Kingdom.

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IMF to Lower Member Borrowing Costs… Egypt among Beneficiary Countries

IMF Managing Director Kristalina Georgieva (Reuters)
IMF Managing Director Kristalina Georgieva (Reuters)
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IMF to Lower Member Borrowing Costs… Egypt among Beneficiary Countries

IMF Managing Director Kristalina Georgieva (Reuters)
IMF Managing Director Kristalina Georgieva (Reuters)

The International Monetary Fund on Friday approved measures that will reduce its members' borrowing costs by about $1.2 billion annually, the fund's Managing Director Kristalina Georgieva said.
According to research from Boston University's Global Development Policy Center, the five countries paying the highest surcharges are Ukraine, Egypt, Argentina, Ecuador and Pakistan.
“The approved measures will lower IMF borrowing costs for members by 36%, or about $1.2 billion annually,” Georgieva said in a statement.
“The expected number of countries subject to surcharges in fiscal year 2026 will fall from 20 to 13,” she added.
This year, the IMF decided to review its policy on charges and surcharges for the first time since 2016, as higher interest rates globally have pushed borrowing costs higher.
The fund charges regular interest, plus surcharges for loans above a certain threshold or duration, and commitment fees for precautionary arrangements.
“While substantially lowered, charges and surcharges remain an essential part of the IMF's cooperative lending and risk management framework, where all members contribute and all can benefit from support when needed,” Georgieva said.
The changes will take effect on November 1.
Argentina, currently the IMF's largest debtor, will save over $3 billion with the changes, according to the country’s Finance Secretary Pablo Quirno.
But Friday's announcement falls short of calls by academics, non-profit groups and other economists, who have argued for a full cancellation of IMF surcharges, which they say place extra burdens on borrowing countries at a time when they are in dire economic circumstances and counteract the impact of IMF lending.