SMIIC Board of Directors Extends Saudi Arabia's Chairmanship

SMIIC board of directors extends Saudi Arabia's chairmanship. (Asharq Al-Awsat)
SMIIC board of directors extends Saudi Arabia's chairmanship. (Asharq Al-Awsat)
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SMIIC Board of Directors Extends Saudi Arabia's Chairmanship

SMIIC board of directors extends Saudi Arabia's chairmanship. (Asharq Al-Awsat)
SMIIC board of directors extends Saudi Arabia's chairmanship. (Asharq Al-Awsat)

The General Assembly of the Standards and Metrology Institute for Islamic Countries (SMIIC) agreed to postpone the institute's elections and to extend the term of the chairmanship of the Board of Directors of the Governor of the Saudi Standards, Metrology and Quality Organization Dr. Saad bin Abdullah Al-Qasabi until the end of 2021.

The decision was made as Al-Qasabi presided over the meetings of the SMIIC's General Assembly and Board of Directors, which were held virtually with the participation of delegations of 39 Islamic countries, and three other countries with observer membership.

The Kingdom took part in the summit through a delegation chaired by Saud bin Rashid Al Askar, deputy governor for conformity at Saudi Standards, Metrology and Quality Organization (SASO).

The meeting discussed several topics, to ensure business continuity and facilitation at the institute during the COVID-19 pandemic, as well as memberships of Yemen, Chad and Bangladesh.

The gatherers approved the strategic plan of the Islamic institution 2020-2021 and the budget for the year 2021, as well as countries’ contributions to the same year.



Russia is on the Verge of Recession, Says Economy Minister

The Russian flag waving in front of the Kremlin in Moscow, July 1, 2018. (AFP / Yuri Kadobnov)
The Russian flag waving in front of the Kremlin in Moscow, July 1, 2018. (AFP / Yuri Kadobnov)
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Russia is on the Verge of Recession, Says Economy Minister

The Russian flag waving in front of the Kremlin in Moscow, July 1, 2018. (AFP / Yuri Kadobnov)
The Russian flag waving in front of the Kremlin in Moscow, July 1, 2018. (AFP / Yuri Kadobnov)

Russia's economy is on the verge of sliding into recession, Economy Minister Maxim Reshetnikov said at the St Petersburg International Economic Forum on Thursday.

Russia this month cut interest rates for the first time since 2022, easing borrowing costs to 20% from 21%. But for months, businesses have complained of high rates stifling investment and economic growth has started to ease.

"According to the figures, there is a cooling, but all our figures are in the rear-view mirror," Reshetnikov said.

"According to the current feelings of businesses and business indicators, we are already, it seems to me, on the verge of going into recession. On the verge."

At the same session, Central Bank Governor Elvira Nabiullina said the current slowdown in GDP growth was "a way out of overheating".

Alexander Vedyakhin, First Deputy CEO of Russia's largest lender Sberbank said in an interview with Reuters this week that tight monetary policy was creating overcooling risks and said much lower interest rates of 12-14% would be acceptable to restart investment lending.

"There is a danger of the economy overcooling and that we will not be able to get out of this dip, and that further growth may be subdued," Vedyakhin said.