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UAE, Indonesia Sign MoU on Tourism

UAE and Indonesia seal agreements to enhance cooperation in the field of creative economy and increase mutual support in the fields of architecture, fashion, design, and fine arts between the two countries - WAM
UAE and Indonesia seal agreements to enhance cooperation in the field of creative economy and increase mutual support in the fields of architecture, fashion, design, and fine arts between the two countries - WAM
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UAE, Indonesia Sign MoU on Tourism

UAE and Indonesia seal agreements to enhance cooperation in the field of creative economy and increase mutual support in the fields of architecture, fashion, design, and fine arts between the two countries - WAM
UAE and Indonesia seal agreements to enhance cooperation in the field of creative economy and increase mutual support in the fields of architecture, fashion, design, and fine arts between the two countries - WAM

The United Arab Emirates signed on Wednesday a Memorandum of Understanding (MoU) and technical agreement with the Republic of Indonesia to support cooperation in the areas of creative economy, tourism, environmental conservation and logistics at the UAE-Indonesia Business Forum entitled "Amazing Week 2021".

The deal aims to enhance cooperation in the field of creative economy and increase mutual support in the fields of architecture, fashion, design, and fine arts between the two countries.

This comes in addition to exchanging experiences on developing methods of financing the creative economy, state news agency WAM reported.

The UAE delegation included Suhail Al Mazrouei, Minister of Energy and Infrastructure, Noura bint Mohammed Al Kaabi, Minister of Culture and Youth, Sultan Ahmed bin Sulayem, Chief Executive Officer of DP World, Mubarak Al Nakhi, Undersecretary of the Ministry of Culture and Youth, and representatives from a number of high-level entities in the UAE.

Noura Al Kaabi and Sandiaga Salahuddin Uno, Minister of Tourism and Creative Economy of the Republic of Indonesia, signed the MoU on cooperation in the field of creative economy.

Mubarak Al Nakhi and Wisnu Bawa Tarunajaya, Deputy Minister for Resources and Institutionality, signed the technical agreement on hosting the World Creative Economy Conference 2021 in Dubai as part of Expo 2020 Dubai, scheduled in October 2021.

The conference will include a meeting of officials, academics, business owners, and representatives of governments, international bodies, and the media to shape future creative economic policies.

Following the signature of the MoU, Al Kaabi said: "The UAE and Indonesia are exemplars of religious and cultural diversity, tolerance and moderation. These are the values that bind us together and enable us to cooperate for our common interests, especially in the sphere of creative economy, which is a pillar of sustainable economic growth."

"As the world is going through a challenging time due to the COVID-19 pandemic, we need to turn challenges into opportunities for innovation,'' Al Kaaber added.

''The MoU signed between our two countries will provide us a new opportunity to strengthen our bilateral ties and mutual cooperation in various spheres, including in the cultural and creative sectors,"

For his part, Hussein Baqis, Indonesian Ambassador to the UAE, said: "I believe the MoU on cooperation in the field of creative economy will open many opportunities between both countries to share ideas as well as experiences for the advancement of creative economy industries in both countries. I am optimistic that Indonesia and the UAE can play a bigger role in economic recovery through creative economy industries."

Other agreements signed between the two sides included industrial and commercial cooperation agreements, a logistics passport agreement with businesses in the UAE, and a joint venture development agreement with DP World.

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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.