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Saudi Arabia, Russia Discuss Project to Enter Africa’s Agricultural Market

Saudi Minister of Environment, Water and Agriculture Abdulrahman al-Fadley. (SPA)
Saudi Minister of Environment, Water and Agriculture Abdulrahman al-Fadley. (SPA)
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Saudi Arabia, Russia Discuss Project to Enter Africa’s Agricultural Market

Saudi Minister of Environment, Water and Agriculture Abdulrahman al-Fadley. (SPA)
Saudi Minister of Environment, Water and Agriculture Abdulrahman al-Fadley. (SPA)

Saudi Arabia and Russia expressed on Monday their desire to cooperate in agriculture investments that could later on enter Africa. Top agriculture officials from both sides confirmed that the partnership between the two countries enables engaging in such initiatives and achieving access to African markets.

Saudi Minister of Environment, Water and Agriculture Abdulrahman al-Fadley said the Kingdom is strategically positioned to implement such projects, stressing that part of the strategic vision of the Kingdom is to increase the added value of the product and services, benefit all stakeholders and to benefit from present comparative advantages.

He pointed out that opportunity exists for agriculture production and trade to be carried out externally. This means that the Kingdom can receive agricultural commodities from Russia and then prepare them for re-export to other markets.

Russian Agriculture Minister Dmitry Patrushev revealed his country’s desire to attract Saudi investments in the wide field of agriculture, which includes food staples, meat, dairy products and vegetable and fruit crops.

Patrushev added that Russia has land plots ready for investment, as well as qualified and professional companies in the agricultural field.

The minister also lauded Russian companies and farmers for achieving tangible successes in conserving land fertility and developing fertilizers.

SALIC, formed in 2011 to secure food supplies for the Kingdom through mass production and foreign investments, has been looking at expanding in Russia and Ukraine, both major Black Sea grain producers and exporters, for several years.

SALIC is considering investing in Russian agriculture projects near the Black Sea, the RIA news agency quoted SALIC Managing Director Khaled al-Aboodi as saying.

“We believe that the Black Sea region of Russia is a very important region, and we want to invest there,” he said.

Patrushev was in Saudi Arabia on Monday as a part of a delegation that was accompanying Russian President Vladimir Putin to the Kingdom, on his first visit in 12 years.

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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.