Saudi ‘Mawani’… Destination of Global Navigation Routes

Giant crane to lift containers in a Saudi port. Asharq Al-Awsat
Giant crane to lift containers in a Saudi port. Asharq Al-Awsat
TT

Saudi ‘Mawani’… Destination of Global Navigation Routes

Giant crane to lift containers in a Saudi port. Asharq Al-Awsat
Giant crane to lift containers in a Saudi port. Asharq Al-Awsat

The total number of transshipment containers in Saudi ports have increased by more than 19 percent in the first half of 2018.

This new indicator confirms the performance, productivity and logistical and operational capacities of Saudi ports.

In this regard, Saudi Ports Authority, Mawani, reported that the total number of transshipment containers in the Saudi ports during the first half of this year has amounted to 1.03 million, an increase of 19.35% compared to 867,000 containers during the same period last year.

The increase comes within Mawani's efforts to enhance the Saudi port services, productivity and operational and logistic capabilities to achieve the Kingdom’s Vision 2030.

Transshipment is the process of transferring containers from one vessel to another through the port to transport it to its final destination, which is more like a transit.

It is a value-added service that world major ports seek to add by attracting regular international shipping routes.

These developments come as a statistical report issued by Mawani has revealed that more than six million transshipment and standard containers were delivered during 2017, a high figure reflecting the vitality of the Saudi economy.

According to the same statistical report, the number of standard containers delivered during 2017 amounted to 4.47 million standard containers while the number of transshipment containers reached 1.93 million.

The report pointed out that the Saudi ports have witnessed a noticeable increase in performance and productivity indicators during 2017 compared to 2016.

This improvement is attributed to the efforts exerted by the ports and related parties that aim to strengthen the national economy and enhance the Kingdom's commercial position to achieve the Kingdom’s Vision 2030 by strengthening Saudi Arabia’s status as a global logistics center.



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
TT

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.