Saudi Crown Prince Mohammed bin Salman met with Chinese Vice Premier Han Zheng at the Great Hall of the People on Friday before attending a China-Saudi cooperation forum.
The forum was followed by a ceremony to sign agreements including those on petroleum, the chemical industry, investment, renewable energy and anti-terrorism.
Saudi Arabia is one of China’s top crude oil suppliers and an important market for its exports. Mohammed bin Salman is scheduled to meet with Chinese President Xi Jinping later on Friday.
The Crown Prince’s visit is the third leg of his Asia tour, which has taken him to India and Pakistan.
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Saudi Crown Prince meets Chinese vice premier
Saudi Crown Prince meets Chinese vice premier
PM, president vow to end malaria, leading cause of illness and death in Pakistan
- Over 3.4 million suspected cases of malaria reported in Pakistan between Jan-Aug 2022
- Rapid upsurge observed in Balochistan and Sindh provinces after devastating floods in June 2022
ISLAMABAD: Pakistani top leaders on Thursday called on the government, international partners and organizations, health care professionals, and individuals to unite in their efforts to end malaria, one of the leading causes of illness and death in Pakistan according to the World Health Organization.
The Pakistani prime minister and president sent out the message on World Malaria Day, commemorated on April 25 each year to highlight the need for continued investment and sustained political commitment for malaria prevention and control. The day was instituted by WHO Member States during the World Health Assembly of 2007.
According to WHO data, from January through August 2022, more than 3.4 million suspected cases of malaria were reported in Pakistan compared with the 2.6 million suspected cases reported in 2021. Over 170 000 cases were laboratory confirmed.
A rapid upsurge in cases was observed in Balochistan and Sindh provinces after devastating floods in mid-June 2022, together accounting for 78 percent of all confirmed cases. The risk was assessed by the WHO as very high considering the effect of the flood crisis on the capacity of the national health system.
“In his message on the occasion of World Malaria Day, PM emphasized collaborative efforts to strengthen health care systems, increase access to quality diagnosis and treatment, and raise awareness about the importance of prevention and control measures of malaria,” state-run Radio Pakistan said, reporting on Prime Minister Shehbaz Sharif’s message.
The PM called on research and academic institutions “to flag scientific advances to both experts and the general public, international partners, companies and foundations to showcase their efforts and reflect on how to further scale up malaria control interventions.”
He said Pakistan had significantly enhanced free malaria testing and treatment facilities in malaria-endemic districts across the country through collaboration between the health ministry, national and international partners, provincial counterparts, NGOs and private stakeholders.
In a separate message, President Asif Ali Zardari emphasized collective efforts to curb malaria and expressed concerns over the rise in malaria cases due to the 2022 floods.
“Zardari called upon the provincial governments and other stakeholders to unite to deal with this alarming situation. He also called for raising awareness about the disease,” Radio Pakistan said.
Pakistan was hit by devastating floods in June 2022 which resulted in over 33 million people being affected, 81 districts being declared as calamity-hit and the national health infrastructure being badly impacted.
An upsurge in reported malaria cases was observed after the floods. In Sindh province, confirmed malaria cases in August 2022 reached 69,123 compared to 19,826 cases reported in August 2021. In Balochistan province, 41,368 confirmed cases were reported in August 2022 compared to 22,032 confirmed cases in August 2021. These two provinces together accounted for 78 percent of all reported confirmed cases in Pakistan in 2022.
Reports from 62 high-burden districts indicated that additional 210,715 cases were reported in September 2022, compared to 178,657 cases reported in the same districts in August 2022.
Saudi NHC, Spain’s Urbas to construct almost 600 housing units in Al-Fursan suburb
RIYADH: Saudi Arabia’s Al-Fursan suburb will soon be home to 589 new residential units worth around SR1 billion ($266 million) thanks to a deal sealed by the National Housing Co.
Inked with Urbas Middle East Real Estate Co., a subsidiary of the Spanish Urbas Group, the agreement involves the development as well as construction of the housing units on an area spanning 150,000 sq. m, the Saudi Press Agency reported.
This collaboration marks a significant milestone in the development of the Al-Fursan suburb. It also promises to set new standards in property development.
“This agreement complements the efforts of the recent visit to Spain and continues to attract international investments with major companies to provide various housing products that fulfill and meet the desires of citizens,” Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail said in a post on X.
“As an extension of our journey in attracting the best international experiences and expertise in the real estate development industry, I was pleased to meet the CEO of the Spanish company Urbas, which is planned to be one of the companies developing the Al-Fursan neighborhood project in Riyadh,” Al-Hogail added.
The minister also highlighted how this step will contribute to providing innovative housing options and facilitate the exchange of experiences between Saudi and international developers.
IMF surcharges on borrowings exacerbate global inequities: report
BENGALURU: Countries, mostly middle and lower-income, have been burdened by surcharges on top of interest payments on their borrowings from the International Monetary Fund, widening global inequities, according to a report by US think tanks.
WHY IT’S IMPORTANT
Indebted member countries paid about $6.4 billion in surcharges between 2020-2023, the report from Boston University’s Global Development Policy Center and Columbia University’s Initiative for Policy Dialogue released on Tuesday showed.
And the number of countries paying these surcharges has more than doubled in the last four years.
The IMF is expected to charge an estimated $9.8 billion in surcharges in the next five years, according to an earlier report by the Center for Economic and Policy Research.
Critics of the policy argue that surcharges do not hasten repayment and instead punish countries already struggling with liquidity constraints, increase the risk of debt distress and divert scarce resources that could be used to boost the struggling economies.
BY THE NUMBERS
Countries such as Ukraine, Egypt, Argentina, Barbados and Pakistan pay the most in surcharges, the report showed, accounting for 90 percent of the IMF’s surcharge revenues.
These surcharges, levied on top of the fund’s increasingly steeper basic rate, are IMF’s single largest source of revenue, accounting for 50 percent of total revenue in 2023.
KEY QUOTES
“IMF surcharges are inherently pro-cyclical as they increase debt service payments when a borrowing country is most need of emergency financing," Global Development Policy Center’s Director Kevin Gallagher said.
“Increasing surcharges and global shocks are compounding the economic pressure on vulnerable countries.”
CONTEXT
Data published by the Institute of International Finance earlier this year showed global debt levels hit a record of $313 trillion in 2023, while the debt-to-GDP ratio — a reading indicating a country’s ability to pay back debts — across emerging economies also scaled fresh peaks.
IMF shareholders agreed last week on the importance of addressing challenges faced by low-income countries, Managing Director Kristalina Georgieva said on Friday.
China’s wealth fund joins with Bahrain’s Investcorp for $1bn Middle East investment
RIYADH: China’s growing interest in the Middle East continues as the country’s sovereign wealth fund partnered with Bahrain’s Investcorp to establish a $1 billion investment pot.
According to a press statement, Investcorp Golden Horizon fund will assist companies across Saudi Arabia, the wider Gulf Cooperation Council region and China.
The reserve will be anchored by reputable institutional and private investors from the GCC, as well as China Investment Corp.
The press statement revealed that target companies are expected to have high growth potential in sectors including consumer, health care, logistics and business services.
“During the past couple of years, we have built several bilateral funds with leading financial institutions to facilitate industrial cooperation between China and major economies in the world,” said Bin Qi, executive vice president and chief information officer at CIC.
He added: “Currently, we are working closely with Investcorp to build a similar bilateral fund to strengthen financial and industrial ties between China and GCC countries.”
This commitment from CIC comes when the GCC’s appeal to institutional investors is gathering pace, thanks to its stable regulatory environment and pro-business policies, driven by economic diversification efforts in the region and strategic privatization mandates.
“This commitment by CIC, one of the world’s largest sovereign wealth funds, is a testament to Investcorp’s unparalleled franchise in the GCC and reinforces the trust placed in the firm’s global platform and teams. We are looking forward to building on this relationship and growing our partnership in the future,” said Mohammed Al-Ardhi, executive chairman of Investcorp.
Co-CEO of Investcorp Hazem Ben-Gacem said the launch of the new fund will facilitate cross-border cooperation and investments between the GCC and China.
Trade and economic relationships between the Middle East and China have always been strong.
In 2023, China’s exports to Saudi Arabia and the UAE amounted to $42.86 billion and $55.68 billion respectively.
On the other hand, the Asian giant’s imports from Saudi Arabia totaled $64.36 billion in 2023.
In November, Saudi Arabia’s central bank, also known as SAMA, and the People’s Bank of China signed a local currency swap agreement worth $6.93 billion.
SAMA, in a statement, said that the three-year agreement “has been established in the context of financial cooperation between the Saudi Central Bank and the People’s Bank of China.”
The Asian country’s central bank said that the agreement will help strengthen financial cooperation between Saudi Arabia and China, promote the use of local currencies, and strengthen trade and investments between nations.
Moroccan director Asmae El-Moudir joins Cannes’ Un Certain Regard jury
DUBAI: The Cannes Film Festival announced on Thursday that Moroccan director, screenwriter and producer Asmae El-Moudir will be part of the Un Certain Regard jury at the 77th edition of the event, set to take place from May 14-25.
She will be joined by French Senegalese screenwriter and director Maïmouna Doucouré, German Luxembourg actress Vicky Krieps and American film critic, director, and writer Todd McCarthy.
Xavier Dolan will be the president of the Un Certain Regard jury.
The team will oversee the awarding of prizes for the Un Certain Regard section, which highlights art and discovery films by emerging auteurs, from a selection of 18 works, including eight debut films.
El-Moudir is the director of the critically acclaimed film “The Mother of All Lies.”
The movie took the honors in the Un Certain Regard section, as well as winning the prestigious L’oeil d’Or prize for best documentary at the festival in 2023. The film explores El-Moudir’s personal journey, unraveling the mysteries of her family’s history against the backdrop of the 1981 bread riots in Casablanca.
El-Moudir is not the only Arab joining the Cannes team.
Moroccan Belgian actress Lubna Azabal this week was appointed the president of the Short Film and La Cinef Jury of the festival. The La Cinef prizes are the festival’s selection dedicated to film schools.
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