Saudi Consumers Guide Covers 1,000 Rights

The Consumer Reports Center at the Saudi Ministry of Commerce. (Asharq Al-Awsat)
The Consumer Reports Center at the Saudi Ministry of Commerce. (Asharq Al-Awsat)
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Saudi Consumers Guide Covers 1,000 Rights

The Consumer Reports Center at the Saudi Ministry of Commerce. (Asharq Al-Awsat)
The Consumer Reports Center at the Saudi Ministry of Commerce. (Asharq Al-Awsat)

The Saudi Consumer Protection Association issued the “Consumer Rights Comprehensive Guide”, which was recently updated to include 13 government agencies, including ministries, committees and institutions.

The guide covers around 1,000 rights to raise awareness among consumers on their rights and duties, in a way that preserves that of all parties.

The Association highlighted the consumer rights that have been approved by regulations through the guide, in recognition of the importance of increasing awareness among consumers of their guaranteed rights.

The Association's Director of Communication and Public Relations, Mohamad al-Ahmari, stated that the guide has collected nearly 1,000 rights.

The interest in developing the guide stemmed from the role of the association in achieving and increasing awareness.

Statistics showed that the Ministry of Commerce and Investment reported over 1.4 million consumer complaints last year, including 266,000 concerning online trading, 190,000 on online payment systems, and 55,000 on guarantees issues.

A member of the Board of Directors of Riyadh Chamber and Chairman of the E-Commerce Committee, Abdullah al-Ajlan, explained that the Ministry is making tremendous efforts in handling consumer reports, specifically with regard to e-commerce.

The ministry established the “Maarouf” platform as a useful service for sellers or buyers, which helps increase business confidence.

Ajlan indicated that users of e-commerce sites must first ensure that the facility is registered with the platform to guarantee their rights in the event of any issues that may arise during the purchase or in the after-sales period.

He stressed that consumers have become aware of their rights and duties and can now deal with such sites hoping to avoid any future problems.

The Saudi Central Bank facilitates online purchases through secured sites and applications and employed developed systems that follow best financial measures according to the security standards, according to Ajlan.

Ajlan also noted that the Chamber handled 266,000 reports during 2020, which confirms the increased confidence of clients and the safety of dealing business in the Kingdom.

In 1985, the United Nations General Assembly approved the eight consumer rights and assigned March 15 of each year as the World Consumers Rights Day.

Basic consumer rights ensure a level of protection for consumers owed by a supplier of goods or services. The eight rights include the right to safety, the right to be informed, the right to choose, the right to be heard, the right to satisfaction of basic needs, the right to redress, the right to consumer education and the right to a healthy environment.



IMF: Pakistan Wins More Financing Assurances from Saudi Arabia, UAE, China

Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)
Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)
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IMF: Pakistan Wins More Financing Assurances from Saudi Arabia, UAE, China

Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)
Pakistan’s Prime Minister Shehbaz Sharif (Asharq Al-Awsat)

Pakistan has received “significant financing assurances” from China, Saudi Arabia and the United Arab Emirates linked to a new International Monetary Fund (IMF) program that go beyond a deal to roll over $12 billion in bilateral loans owed to them by Islamabad, IMF Pakistan Mission Chief Nathan Porter said on Thursday.

Porter declined to provide details of additional financing amounts committed by the three countries but said they would come on top of the debt rollover.

The IMF's Executive Board on Wednesday approved a new $7 billion loan for cash-strapped Pakistan, more than two months after the two sides said they had reached an agreement.

The loan — which Islamabad will receive in installments over 37 months — is aimed at boosting Pakistan's ailing economy.

“I won't go into the specifics, but UAE, China and the Kingdom of Saudi Arabia all provided significant financing assurances joined up in this program,” Porter told reporters on a conference call.

The global lender said its immediate disbursement will be about $1 billion.

In a statement issued Thursday, the IMF praised Pakistan for taking key steps to restore economic stability. Growth has rebounded, inflation has fallen to single digits, and a calm foreign exchange market have allowed the rebuilding of reserve buffers.

But it also criticized authorities. The IMF warned that, despite the progress, Pakistan’s vulnerabilities and structural challenges remained formidable.

It said a difficult business environment, weak governance, and an outsized role of the state hindered investment, while the tax base remained too narrow.

“Spending on health and education has been insufficient to tackle persistent poverty, and inadequate infrastructure investment has limited economic potential and left Pakistan vulnerable to the impact of climate change,” it warned.

Prime Minister Shehbaz Sharif in a statement hailed the deal that his team had been negotiating with the IMF since June.

Sharif, on the sidelines of the United Nations General Assembly, told Pakistani media that the country had fulfilled all of the lender’s conditions, with help from China and Saudi Arabia.

“Without their support, this would not have been possible,” he said, without elaborating on what assistance Beijing and Riyadh had provided to get the deal over the line.

The Pakistani government has vowed to increase its tax intake, in line with IMF requirements, despite protests in recent months by retailers and some opposition parties over the new tax scheme and high electricity rates.

Pakistan for decades has been relying on IMF loans to meet its economic needs.

The latest economic crisis has been the most prolonged and has seen Pakistan facing its highest-ever inflation, pushing the country to the brink of a sovereign default last summer before an IMF bailout.

Inflation has since tempered, and credit ratings agency Moody’s has upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to “Caa2” from “Caa3”, citing improving macroeconomic conditions and moderately better government liquidity and external positions.