Council of Arab Economic Unity Meets in Khartoum, Discusses Food Security

 A picture shows a view of The Nile river at the bridge of Tuti Island in the center of Sudan's capital Khartoum at sunset, on September 15, 2022. (AFP)
A picture shows a view of The Nile river at the bridge of Tuti Island in the center of Sudan's capital Khartoum at sunset, on September 15, 2022. (AFP)
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Council of Arab Economic Unity Meets in Khartoum, Discusses Food Security

 A picture shows a view of The Nile river at the bridge of Tuti Island in the center of Sudan's capital Khartoum at sunset, on September 15, 2022. (AFP)
A picture shows a view of The Nile river at the bridge of Tuti Island in the center of Sudan's capital Khartoum at sunset, on September 15, 2022. (AFP)

The Council of Arab Economic Unity (CAEU) kicked off in Khartoum on Monday its 144th session with the participation of Arab ambassadors, representatives of Arab federations, and undersecretaries of ministries in Sudanese officials.

The Council will hold its meetings until next Thursday under the slogan "Towards Closer Cooperation to Sustain Arab Food Security."

Sudan's Finance Minister Gibril Ibrahim said the meeting is being held under extraordinary economic circumstances due to the coronavirus pandemic, the Russian-Ukrainian war, climate change and its impact on food supply chains, economic growth, unemployment, and other factors.

Ibrahim explained that the challenges require solidarity and joint efforts to counter their impact.

The Council played a role in coordinating and mobilizing efforts of the public and private sectors to collectively face these challenges, taking advantage of the available opportunities and resources to create an attractive environment for Arab and international investments, he added.

The minister noted that in light of the regional and global economic conditions, collective action was the only way to resolve the issues, stressing that the public sector alone cannot face these challenges.

He called for empowering the private sector to play its role in leading Arab economies and activating and representing the economic effort.

Ibrahim called on Arab countries to seize Sudan's unlimited opportunities and potential in agriculture, livestock, agricultural industrialization, and infrastructure related to food supply chains.

Sudan is fully prepared to receive investors and facilitate all obstacles, he stressed, calling on Arab countries to invest in electricity.

Meanwhile, CAEU Secretary General Ambassador Mohammadi Ahmadi al-Ni urged the Arab private sector to invest in Sudan, saying the Council is seeking to achieve Arab food security given the socioeconomic crises and climate changes.

Sudan has all the agricultural potential and expertise that qualifies it to provide food security in the Arab region.

He called for legislative reforms to address the obstacles that are hindering the Arab private sector and foreign investors and adopt policies to strengthen the national economy in partnership between the public and private sectors.

In November, the Arab League summit in Algeria adopted Sudan's food security initiative.

The Council is one of the specialized technical bodies that assist in the administrative work of the Arab League concerned with the complete economic unity of the Arab countries.

The Council of Arab Economic Unity (CAEU) was founded by Egypt, Iraq, Jordan, Kuwait, Libya, Mauritania, Palestine, Saudi Arabia, Sudan, Tunisia, Syria, UAE, and Yemen in 1964, following an agreement in 1957 by the Economic Council of the Arab League.



Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.