World Bank Promises ‘Concessionality’ in Debt Restructuring

World Bank President David Malpass speaks during an event about trade at the headquarters of the World Bank February 14, 2023, in Washington, DC. (AFP)
World Bank President David Malpass speaks during an event about trade at the headquarters of the World Bank February 14, 2023, in Washington, DC. (AFP)
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World Bank Promises ‘Concessionality’ in Debt Restructuring

World Bank President David Malpass speaks during an event about trade at the headquarters of the World Bank February 14, 2023, in Washington, DC. (AFP)
World Bank President David Malpass speaks during an event about trade at the headquarters of the World Bank February 14, 2023, in Washington, DC. (AFP)

The World Bank will "provide as much concessionality to the debt treatment" for distressed economies as possible, its president told a meeting with the International Monetary Fund, India, China, and other creditor nations on Saturday.

The remarks come amid calls by China, the world's largest bilateral creditor, that global lenders should take haircuts on loans extended to developing nations hurt by the impact of the Russia-Ukraine war and the COVID-19 pandemic.

The United States, meanwhile, has repeatedly criticized China over its "foot-dragging" on debt relief for dozens of low-and middle-income countries.

"The World Bank is committed to providing net positive flows in a way that maximizes concessionality in the restructuring process," David Malpass said at the Global Sovereign Debt Roundtable in India's Bengaluru city on the sidelines of the G20 financial leaders' meet.

"We will provide as much concessionality to the debt treatment as possible."

Malpass also said that he noted "constructive remarks" by a deputy China central bank governor at a G20 meeting on Friday that "gave room to move forward" on settlement of debt issues.

Reuters reported earlier this month that India, the current president of the G20 bloc, is drafting a proposal for G20 countries to help debtor nations by asking lenders to take a large haircut on loans.

On Friday, Chinese Finance Minister Liu Kun told the G20 financial leaders that international financial institutions and commercial creditors should follow the principle of "joint action, fair burden" in debt settlements.



Saudi Arabia Boosts Food Security

An agricultural farm in Saudi Arabia (SPA)
An agricultural farm in Saudi Arabia (SPA)
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Saudi Arabia Boosts Food Security

An agricultural farm in Saudi Arabia (SPA)
An agricultural farm in Saudi Arabia (SPA)

Saudi Arabia is accelerating efforts to strengthen food security, a strategic objective rooted in the Kingdom’s founding and shaped by its desert geography and limited water resources.

As part of its Vision 2030, the Kingdom has placed food security among its top priorities, implementing a national strategy to boost local production and promote long-term agricultural sustainability.

The agricultural sector’s contribution to GDP rose to SAR114 billion ($30.4 billion) in 2024, up from SAR109 billion ($29 billion) the previous year, according to the latest Vision 2030 annual report.

Government support, particularly through the Agricultural Development Fund, has fueled the sector’s growth. Agricultural loans increased by 54% between 2018 and 2024, reaching SAR5 billion ($1.33 billion).

Saudi Arabia has achieved higher self-sufficiency rates across several key products. Domestic production in 2024 included 2.95 million tons of fruit, 3.38 million tons of vegetables, 1.83 million tons of grains, 399,000 tons of eggs, 2.7 million tons of milk, 274,000 tons of red meat, 1.15 million tons of poultry, 217,000 tons of fish, and 8,500 tons of honey.

Aquaculture has seen significant growth, with fish production rising from 40,000 tons in 2016 to over 246,000 tons in 2024, driven by investments in sustainable technologies and marine projects. Saudi Arabia is positioning itself as an emerging regional hub for aquaculture.

The Kingdom’s progress reflects its long-term commitment to food security, supported by initiatives to enhance supply chains, stimulate private sector investment, and advance research and innovation in modern farming technologies. Authorities say the achievements so far signal Saudi Arabia’s ability to continue advancing toward self-sufficiency in a more resilient and sustainable agricultural environment.