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IMF, South Sudan in Pact for Emergency Funds of $112.7 Mln

Sacs of corn are loaded onto trucks in the Sudanese Red Sea city of Port Sudan, as part of the US support for Sudan in the field of humanitarian aid, on November 20, 2022. (AFP)
Sacs of corn are loaded onto trucks in the Sudanese Red Sea city of Port Sudan, as part of the US support for Sudan in the field of humanitarian aid, on November 20, 2022. (AFP)
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IMF, South Sudan in Pact for Emergency Funds of $112.7 Mln

Sacs of corn are loaded onto trucks in the Sudanese Red Sea city of Port Sudan, as part of the US support for Sudan in the field of humanitarian aid, on November 20, 2022. (AFP)
Sacs of corn are loaded onto trucks in the Sudanese Red Sea city of Port Sudan, as part of the US support for Sudan in the field of humanitarian aid, on November 20, 2022. (AFP)

The International Monetary Fund and South Sudan have reached a staff-level agreement for the release of about $112.7 million in emergency financing, the fund said on Tuesday. 

"This emergency financing under the new Food Shock Window will help South Sudan address food insecurity, support social spending, and boost international reserves," the IMF said in a statement. 

The IMF's executive board will approve the financing in coming weeks, the fund said. 

In early-November, United Nations agencies said up to 7.8 million people in South Sudan, two-third of the population, may face severe food shortages during next year's April-to-July lean season due to floods, drought and conflict. 

On Tuesday, the IMF put the number of people experiencing severe food insecurity at an estimated 8.3 million. 

"The combination of continued localized conflict, four consecutive years of severe flooding, and the rising price of staple commodities from Russia's war in Ukraine has increased the number of people experiencing severe food insecurity," it said. 

South Sudan erupted into civil war shortly after getting independence from Sudan in 2011 and while a peace agreement signed four years ago is largely holding, the transitional government has been slow to unify various military factions. 

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Saudi Arabia Plans to Establish Specialized Courts to Boost Investment Climate

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Plans to Establish Specialized Courts to Boost Investment Climate

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)

Saudi Arabia is exploring the establishment of specialized courts to enhance its investment environment, aligning with the goals of the National Investment Strategy and Vision 2030. This initiative aims to support development and improvement efforts tailored to the needs and aspirations of investors.
The Kingdom has undergone an unprecedented transformation, implementing over 800 reforms to date. These include the Civil Transactions Law, the Bankruptcy Law, the Public-Private Partnership Program, and the Government Tenders and Procurement Law, which have collectively positioned Saudi Arabia as the 16th most competitive nation globally, according to the IMD World Competitiveness Index.
According to information available to Asharq Al-Awsat, the Ministry of Investment is currently consulting public and private entities to assess the necessity of specialized investment courts. This initiative focuses on improving investors’ interactions with the Kingdom’s judicial system amidst rapid legislative advancements, with the aim of bolstering Saudi Arabia’s status as a leading regional and global investment destination.
To ensure effective planning, the Ministry is working closely with key government agencies operating in strategic sectors. It has requested detailed input from relevant bodies, involving decision-makers to contribute to the project.
In August 2024, Saudi Arabia announced an updated investment law set to take effect in early 2025. This framework is designed to attract global investments, enhance the competitiveness of the local investment climate, support economic diversification, and create job opportunities, all in alignment with Vision 2030 and the National Investment Strategy.
The updated law is a cornerstone of the National Investment Strategy launched by Crown Prince Mohammed bin Salman. It aims to drive development, diversify the economy, and attract more than $100 billion annually in foreign direct investment by 2030.
The law enhances investor rights by ensuring fair treatment, protecting intellectual property, and allowing freedom in investment management and seamless capital transfers. It also provides transparency and clarity in processes, aligning with global best practices to foster a trustworthy investment environment. Simplified procedures now replace the previous licensing system, offering greater protection, flexibility, and confidence to investors conducting business in the Kingdom.
Saudi Minister of Investment Khalid Al-Falih emphasized that the updated law is part of broader reforms demonstrating the Kingdom’s commitment to creating a supportive and secure environment for both local and foreign investors. These efforts include adopting global best practices and revising the Foreign Investment Law, which was introduced 25 years ago, to develop a comprehensive investment framework that serves both Saudi and foreign investors.