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Justice Minister Highlights Legislative Framework for Sustainable Business at Saudi Law Conference

The Saudi Law Conference is being held in Riyadh from October 15 to 17 under the theme “Legal Environment for Sustainable Business”. (SPA)
The Saudi Law Conference is being held in Riyadh from October 15 to 17 under the theme “Legal Environment for Sustainable Business”. (SPA)
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Justice Minister Highlights Legislative Framework for Sustainable Business at Saudi Law Conference

The Saudi Law Conference is being held in Riyadh from October 15 to 17 under the theme “Legal Environment for Sustainable Business”. (SPA)
The Saudi Law Conference is being held in Riyadh from October 15 to 17 under the theme “Legal Environment for Sustainable Business”. (SPA)

Saudi Justice Minister Walid Al-Samaani highlighted the Kingdom’s legislative development at the Saudi Law Conference that is being held in Riyadh from October 15 to 17 under the theme “Legal Environment for Sustainable Business”.

The minister said the law protects rights and the stability of the business environment. He discussed the specialized legislative system, including the Law of Civil Transactions, which underlines contractual freedom, in line with the Kingdom’s rapid progress, which requires flexibility in reaching contracts and stability in transactions.

Al-Samaani stressed the importance of attaining legal qualification and specialization, in line with the digital transformation, which necessitates training professionals in the use of technology.

He explained preventive justice and its role in protecting rights and resolving disputes without litigation, as well as in reassuring the parties of the validity of their contracts and obligations.

The minister expressed gratitude for the support Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman, Crown Prince and Prime Minister, have been showing to the judiciary.

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Ukraine Receives New IMF Loan 1,000 Days into War

A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)
A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)
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Ukraine Receives New IMF Loan 1,000 Days into War

A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)
A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)

The International Monetary Fund (IMF) and Ukrainian authorities have reached an agreement that would give Ukraine access to about $1.1 billion, the IMF said on Tuesday, adding that its executive board must still weigh in on the deal.

If approved, the agreement would bring the total amount disbursed to Ukraine under the program to $9.8 billion, the IMF statement said, adding that the board was expected to review the deal in coming weeks.

“The outlook remains exceptionally uncertain and Russia's war in Ukraine continues to take a heavy toll on Ukraine's people, economy, and infrastructure,” the funds' staff wrote, adding that despite those challenges the program “remains on track.”

“The economy has continued to show resilience despite the devastating challenges arising from Russia’s war in Ukraine, which has now lasted 1,000 days,” it added.

“However, risks remain exceptionally high given uncertainty on the intensity and duration of the war, including from the continued attacks on energy infrastructure.”

IMF staff, which met with Ukrainian officials Nov. 11-18, said the country's real GDP growth was expected to be 4% this year but slow to 2.5%-3.5% in 2025 amid energy infrastructure damage and labor shortages.

Inflation in Ukraine also reached 9.7% year-over-year in October over rising food and labor costs “but inflation expectations remain well anchored,” IMF staff concluded.