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Saudi Arabia Calls for Mechanism to Guarantee Commitment to Inter-Arab Trade Deals

Saudi Minister of Finance Mohammed al-Jadaan. (Reuters)
Saudi Minister of Finance Mohammed al-Jadaan. (Reuters)
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Saudi Arabia Calls for Mechanism to Guarantee Commitment to Inter-Arab Trade Deals

Saudi Minister of Finance Mohammed al-Jadaan. (Reuters)
Saudi Minister of Finance Mohammed al-Jadaan. (Reuters)

Saudi Minister of Finance Mohammed al-Jadaan said that intra-Arab trade suffered from some tariff and non-tariff barriers, pointing to signs of non-compliance by some countries in the implementation of exemptions on exchanged goods, while other countries adopted protectionist trade policies.
 
Addressing the meeting of Arab Ministers of Economy and Social Affairs on Thursday in preparation for the 29th Arab Summit scheduled for April 15, Jadaan called for finding the proper mechanism to ensure the commitment of member states to the agreed measures.
 
On a different note, the Saudi minister underlined the importance of the Arab Document for the Protection and the Development of the Environment, which calls for protecting the environment from negative influences, mainly the harming effects of industrial progress.
 
Jadaan presented the achievements of the Economic and Social Council over the last fifty years, noting that the Council has forged several agreements in the economic and social fields and worked on the implementation of the convention to facilitate the development of trade between Arab countries through the adoption of an executive program and the establishment of the Greater Arab Free Trade Area.
 
Ahmed Aboul Gheit, Secretary-General of the Arab League, stressed the need to promote Arab economic integration and joint Arab action in the economic and social fields.
 
In his address to the meeting, Aboul Gheit noted that crises that have plagued the Arab region since 2011 did not only affect a particular country, but had dangerous consequences on the entire region, with regards to the high cost of protecting borders and safeguarding domestic security from the dangers of terrorism on one hand, and the heavy influx of refugees, which has inflicted serious economic and social burdens on host countries on the other hand.
 
Aboul Gheit emphasized that in light of the current situation, Arab countries are required to engage in two parallel battles, with the same degree of determination; the battle to eliminate terrorism from Arab territories and the quest for economic and social development and modernization.

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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.