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Arab Countries Urge Saudi Industry to Meet their Needs

Arab countries urge Saudi factories to more effectively contribute to the production of vital commodities during pandemic
Arab countries urge Saudi factories to more effectively contribute to the production of vital commodities during pandemic
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Arab Countries Urge Saudi Industry to Meet their Needs

Arab countries urge Saudi factories to more effectively contribute to the production of vital commodities during pandemic
Arab countries urge Saudi factories to more effectively contribute to the production of vital commodities during pandemic

Arab countries have urged Saudi factories to more effectively contribute to the production of vital commodities necessary for exports to the Arab world.

This appeal comes as the coronavirus pandemic has had a largescale economic impact.

The Council of Saudi Chambers (CSC) called on operating companies to meet the needs of Arab states in food and medical products.

In April, the Arab Industrial Development and Mining Organization (AIDMO) launched an interactive platform on offers of Arab industrial products that would serve as a commercial knowledge base.

This platform is aimed at supporting and coordinating efforts of Arab member states to face the impact of the pandemic on Arab industry.

The CSC requested the data of companies and institutions that have a production capacity to meet the needs of the Arab world.

The platform will be updated on a regular basis in line with regional and international developments in order to monitor the implications of the pandemic on the industrial sector.

The Chambers of Commerce and Industry across the Kingdom have directed factories, plants and companies to benefit from the platform.

The Organization stressed that the pandemic represents one of the major challenges facing Arab states, mainly in the import and export of commodities necessary to confront the disease and meet basic food needs.

The e-platform includes requests and offers available on official websites to meet the needs of Arab countries in food, health and medical goods.

It also suggests to some Arab companies and factories that have the necessary production capabilities to meet those needs.

Interested government agencies and private sector institutions can contribute to the platform by registering data and submitting requests and offers.

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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.