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Saudi Arabia Investigates First Stockpiling Attempt

Saudi Arabia Investigates First Stockpiling Attempt, Asharq Al-Awsat
Saudi Arabia Investigates First Stockpiling Attempt, Asharq Al-Awsat
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Saudi Arabia Investigates First Stockpiling Attempt

Saudi Arabia Investigates First Stockpiling Attempt, Asharq Al-Awsat
Saudi Arabia Investigates First Stockpiling Attempt, Asharq Al-Awsat

Saudi market regulators struck with an iron fist as they started investigating the first case of illegal stockpiling of medical preventative products and price hiking. Authorities have been conducting inspections to prevent market manipulation amid the coronavirus crisis.

The Ministry of Commerce and Investment and the General Authority for Competition revealed that they are investigating several market violations related to the coronavirus crisis. Among these violations was the stockpiling of sterilizers and protective face masks and an agreement among suppliers to hoard large quantities of products and sell them at a higher price later.

The ministry and authority reaffirmed that coordination of efforts to the protection of the consumer and preserve healthy market competition are ongoing.

In a statement, the two entities asked consumers to file complaints from the new online app created, “Balagh Tijari,” through relevant websites, or by calling the joint call center.

Oversight teams from the ministry continued to follow-up on the markets in all regions of the Kingdom.

On Monday, they conducted 8,000 inspection visits in Riyadh to verify the availability of goods and asses the stocks in markets and outlets.

They had received 12,000 reports and complaints in the Riyadh region that included the hiking of prices of products and other commercial irregularities. The violations were addressed swiftly with violators receiving the just penalties.

In other news, the Saudi General Authority of Civil Aviation (GACA), in cooperation with the concerned authorities, announced that all of the Kingdom’s airports will continue to work as usual in the reception of air freight cargo around the clock.

The measures taken by GACA include requiring all relevant authorities and air freight companies operating in the Kingdom's airports to comply with health and safety requirements and precautionary measures to combat the novel coronavirus (Covid-19).

All the concerned departments have taken all the necessary precautions to sterilize and disinfect all the air cargo stations at the Kingdom's airports. Furthermore, medical checkpoints have been established in all stations for staff and visitors alike. This in addition to providing the working teams with all means of protection and prevention measures to ensure the flow of goods and services to all the Kingdom’s cities safely and securely.

GACA has called on all air cargo companies operating in the Kingdom's airports to implement the precautionary and preventive measures implemented at the Kingdom’s airports. This in addition to adhering to strict health guidelines followed in the Kingdom of Saudi Arabia to prevent the emergence of Covid-19.

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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.