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Saudi Arabia Says Determined to Cooperate with Int’l Partners to Achieve Sustainable Development Goals

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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Saudi Arabia Says Determined to Cooperate with Int’l Partners to Achieve Sustainable Development Goals

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

Saudi Minister of Economy and Planning Faisal Alibrahim affirmed that the Kingdom's efforts in international forums and its role as an effective partner in the G20 have contributed to developing policies and programs that help enhance global economic stability and reduce development gaps between countries.

In a statement to the Saudi Press Agency (SPA) on the occasion of the G20 Leaders' Summit that was held on November 18-19, Alibrahim said the G20 countries share development visions and aspirations, and that member states endeavor to increase international cooperation and build strategic partnerships that contribute to achieving the sustainable development goals.

The group also seeks to use member countries’ expertise in various fields when setting the agenda of the G20 Leaders' Summit every year, to urgently respond to accelerating global challenges and provide innovative solutions that contribute to enhancing the well-being of individuals and societies.

Alibrahim pointed out, in his statement, that the Development Working Group focused during the Brazilian presidency in 2024 on addressing the most prominent global issues and challenges facing developing countries, most notably reducing gender inequality, and ensuring the provision of water and basic services, adding that the Kingdom was keen to present a balanced approach that seeks to provide the necessary means of support to help developing countries advance and build their economic and social capabilities, and achieve equal opportunity.
Alibrahim stressed that empowering women is one of the most prominent achievements of the Kingdom, which strives to achieve gender equality and equal opportunity, and pointed to the concerted efforts in the Kingdom to create a supportive and enabling environment through regulatory and procedural reforms, and innovative programs, adding that labor market statistics indicate a 34.6% increase in the rate of women participation in the Kingdom’s workforce by the end of the fourth quarter of 2023, and that they made up 42.3% of the middle management in 2023.
Alibrahim said Saudi Arabia is committed to activating the G20 dialogue on water issues, which was launched under the Kingdom’s G20 Presidency in 2020, pointing to the country’s efforts to support environmental initiatives and employ technology, research, and innovation in the water sector, citing the Global Water Organization initiative that was launched by the Crown Prince last year.
Alibrahim praised the Brazilian presidency’s proposal, which included a comprehensive approach based on national, financial, and knowledge pillars, which highlighted the need to enact evidence-based policies, develop innovative financial solutions, and have countries share best practices, based on proactive policies and measures.
The Kingdom has also worked on a number of structural reforms that have had a positive impact on its fiscal and monetary policies, targeted social support and subsidy programs, and active investment strategies. It seeks to increase international cooperation and build global partnerships, said Alibrahim, mentioning its investment in the Brazilian food company BRF, a global company concerned with the environment, social development, and sustainable consumption, and its partnership with the World Economic Forum’s open innovation platform Uplink, which aims to increase commitment to environmental regulations, adopt environmentally friendly practices, and invest in innovative technologies to address sustainable development challenges.
Alibrahim stressed that the Kingdom is moving with determination and confidence on its path toward building a prosperous and sustainable economy capable of facing global challenges, and contributing to achieving sustainable development, in cooperation with its international partners.

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UK Inflation Jumps to 2.3%

FILE PHOTO: A view of HSBC building in Canary Wharf financial district in London, Britain, August 1, 2023. REUTERS/Susannah Ireland/File Photo
FILE PHOTO: A view of HSBC building in Canary Wharf financial district in London, Britain, August 1, 2023. REUTERS/Susannah Ireland/File Photo
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UK Inflation Jumps to 2.3%

FILE PHOTO: A view of HSBC building in Canary Wharf financial district in London, Britain, August 1, 2023. REUTERS/Susannah Ireland/File Photo
FILE PHOTO: A view of HSBC building in Canary Wharf financial district in London, Britain, August 1, 2023. REUTERS/Susannah Ireland/File Photo

British inflation jumped by more than expected last month to rise back above the Bank of England's 2% target and underlying price growth gathered speed too, showing why the BoE is moving cautiously on interest rate cuts.

Consumer prices rose by an annual 2.3% in October, pushed up almost entirely by an increase in regulated domestic energy tariffs, after a 1.7% rise in September which was the first time the inflation rate had fallen below the BoE's target since 2021, Reuters reported.

Sterling strengthened by almost a third of a cent against the US dollar after the data was published before giving back most of that rise. Interest rate futures priced in a slightly slower pace of rate cuts and bond prices fell.
The BoE's most recent forecast and a Reuters poll of economists had both pointed to a weaker CPI reading of 2.2%.

James Smith, research director at the Resolution Foundation think tank, said a rise had been expected as last year's energy price falls dropped out of the annual calculation and the price cap increased in October.
"But the clean sweep of higher headline, core and services inflation has delivered a triple dose of bad news for families and policymakers alike," he said.
The increase took inflation to a six-month high and represented the biggest month-to-month rise in the annual CPI rate since inflation peaked in October 2022.
Services inflation - which the BoE views as a key measure of domestically generated price pressure - rose to 5.0% in October from 4.9% in September, the Office for National Statistics said, in line with BoE and market expectations.
But core inflation, which excludes energy, food, alcohol and tobacco prices, picked up to 3.3% from September's 3.2%, bucking market expectations for a fall.
The BoE said this month it expected headline inflation to tick up to 2.4% and 2.5% in November and December. Price growth is likely to approach 3% in the second half of next year, it says. Some private-sector economists think inflation will rise close to 3% in early 2025.
GLOBAL UNCERTAINTY
The BoE has said the first budget of Britain's new government will probably add to inflation next year and US President-elect Donald Trump's threat to impose sweeping import tariffs adds to uncertainty about the outlook.
Monica George Michail, an associate economist at Britain's National Institute of Economic and Social Research think tank, said interest rates might stay elevated for longer.
"This outlook reflects forecasted inflationary pressures stemming from the recently announced budget, in addition to heightened global uncertainty, particularly surrounding the Trump presidency," she said.
The new government of Prime Minister Keir Starmer has promised to speed up Britain's economic growth but has come under fire from employers for the higher employment taxes that they will have to pay from April next year.
The BoE has said that could lead to higher prices as well as job losses.
Chief Secretary to the Treasury Darren Jones said the government was trying to reduce the impact of the higher cost of living, including with a latest increase in the minimum wage, "but we know there is more to do."
Mel Stride, the Conservative opposition's would-be finance minister, said the government's fiscal watchdog had already been predicting higher inflation as a result of the budget.
"What is worrying about today's announcement is that inflation is running ahead of expectations and official forecasts state these figures are not expected to improve," he said.
There is also upward pressure on prices from the jobs market where many employers face a shortage of candidates.
Data last week showed British pay grew at its slowest pace in more than two years in the three months to the end of September. But BoE Chief Economist Huw Pill said wage growth was stuck at levels that were too high for the central bank.
Investors on Wednesday were pricing around 60 basis points of BoE rate reductions by the end of 2025, equivalent to between two and three cuts, down from about 65 basis points of cuts expected by investors before the inflation data.
Two-year British government bond yields, which are sensitive to interest rate speculation, rose by around 4 basis points.
Governor Andrew Bailey on Tuesday stressed the BoE's message that borrowing costs are likely to come down only gradually.
There were signs of some weaker inflation pressures in the pipeline. Prices charged by factories for their goods fell by 0.8% in the 12 months to October, the biggest drop since October 2020 during the COVID pandemic.