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Saudi-French Agreement to Boost Economnic Cooperation

Franck Riester, French minister delegate for foreign trade and economic attractiveness (L) and Khalid Al-Falih, Minister of Investment of Saudi Arabia (R).
Franck Riester, French minister delegate for foreign trade and economic attractiveness (L) and Khalid Al-Falih, Minister of Investment of Saudi Arabia (R).
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Saudi-French Agreement to Boost Economnic Cooperation

Franck Riester, French minister delegate for foreign trade and economic attractiveness (L) and Khalid Al-Falih, Minister of Investment of Saudi Arabia (R).
Franck Riester, French minister delegate for foreign trade and economic attractiveness (L) and Khalid Al-Falih, Minister of Investment of Saudi Arabia (R).

A French delegation of government officials, diplomats, and investors concluded their visit to Saudi Arabia by signing an agreement to boost bilateral investment relations and support long-term partnerships in emerging sectors.

The delegation included French Minister Delegate for Foreign Trade and Economic Attractiveness Franck Riester and French Ambassador to Saudi Arabia Ludovic Pouille.

The framework cooperation deal was signed between the Ministry of Investment of Saudi Arabia (MISA) and MEDEF International, which is a French non-profit responsible for promoting the French private sector internationally.

Commenting on the agreement, Laurent Germain, chairman of the Saudi-French Business Council of MEDEF International, said: “I am delighted to have signed the framework cooperation agreement between MEDEF International and the Saudi Ministry of Investment, which will serve as an important step in deepening Saudi-French economic ties."

"Over the past couple of days, we held insightful and productive meetings with Saudi ministers, government officials, CEOs, and investors, and we thank our Saudi partners for hosting us.”

Speaking on the occasion, the French minister said: “French companies are ready and willing to be major partners in the Kingdom’s giga-projects. Thanks to their world-renowned know-how and unmatched expertise, they are ideally suited to meet the high expectations of the Kingdom.”

The meetings were held in Riyadh and were attended by several Saudi government entities, including officials from the Ministry of Tourism, Ministry of Transport, Ministry of Commerce, and the Public Investment Fund (PIF).

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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.