DUBAI: Financial leaders of the world’s biggest economies claimed a “historic achievement” in reaching a framework to deal with heavily indebted poorer countries, which have been severely impacted by the coronavirus pandemic.
The finance ministers and central bank governors of the G20 nations agreed at a virtual meeting organized by the Saudi presidency in Riyadh to extend debt suspension for these countries by a further six months until June 2021.
Saudi Finance Minister Mohammed Al-Jadaan said the extension, as well as agreement on a “common framework” for handling insolvency issues for poorer countries, was a “major breakthrough in the global debt agenda.”
He added that some 73 poorer countries were eligible for debt suspension under the G20 scheme, and that 46 had already benefitted from the provisions.
Debt suspension could be extended even further, until the end of next year, and will be discussed again at a special meeting of G20 finance leaders next month at the time of the main summit.
But the Saudi finance minister was critical of some of the private investors holding poorer-country debt who have so far not gone along with the G20 governments’ plans.
“It is about time private investors also participated in the debt suspension. I encourage them to do so,” Al-Jadaan urged.
The official communique of the ministers and governors said they were “disappointed” with the response from the private sector on debt relief.
Al-Jadaan said the finance leaders had considered “all policy options” in their efforts to counter the economic effects of the pandemic — which has sent the global economy into a nosedive — but still needed to do more, especially with regard to emerging countries.
The communique noted that progress toward a “globally fair, sustainable, and modern international tax system” — especially relating to the digital economy — had been impacted by the G20’s focus on pandemic relief.
Member countries have pledged $11 trillion in fiscal and monetary stimulus to counter the pandemic.
Ahmed Al-Kholifey, governor of the Saudi Arabian Monetary Authority (SAMA), told journalists that the Kingdom’s economy had been contracting “like any other” in the first half of the year, but he hoped that the second half would be “less severe.”
He added: “SAMA has used monetary and fiscal tools, and we are seeing some positive numbers now.”
One worry, he admitted, was about the quality of assets within the economy. “We are watching that,” he said.
G20 suspends poorer nations’ debt payments for 6 more months
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G20 suspends poorer nations’ debt payments for 6 more months
- Saudi finance minister urges private sector to participate in debt suspension scheme
- Al-Jadaan said some 73 poorer countries were eligible for debt suspension under the G20 scheme
Work to save Historic Jeddah District buildings completed with SR50m donation from crown prince
RIYADH: Historic buildings in Jeddah on the verge of collapse have been saved by a Ministry of Culture project, funded by Crown Prince Mohammed bin Salman, Saudi Press Agency reported on Thursday.
The ministry, through its Historic Jeddah Program, announced the completion of the work on the “architecturally important” buildings
The project was completed with the support of SR50 million riyals at the private expense of the crown prince, SPA reported.
The Historic Jeddah District contains more than 600 buildings, including 36 historical mosques and five old market sites, as well as ancient squares and sites with important historical connotations, such as the Waterfront, which were main routes for Muslim pilgrims.
They are being rebuilt and redeveloped to tell visitors of the story of the Hajj since the dawn of Islam.
As per directives from the crown prince, the work was carried out by five specialist companies based in Saudi Arabia, under the supervision of technicians with experience in preserving historical buildings.
The project was carried out according to the unique design and distinctive urban structure of the Historic Jeddah District and required expert technicals as some buildings, which belong to established Jeddah families, contain archaeological features dating back 500 years.
Saudi Arabia to be guest of honor at Beijing Book Fair
BEIJING: The Saudi Literature, Publishing and Translation Commission and the China National Publications Import and Export Group Corporation have signed a contract to host Saudi Arabia as the guest of honor at the Beijing International Book Fair, to be held this year between June 19 and 23 in the Chinese capital.
The signing ceremony was attended by Saudi Minister of Culture Prince Badr bin Abdullah bin Farhan, Literature, Publishing, and Translation Commission CEO Dr. Mohammed Hasan Alwan, and officials from the Chinese side.
Saudi participation in the fair is astep toward strengthening cultural exchange, boosting cooperation in literature, culture, and the arts, and promoting dialogue and boosting friendship and cooperation between the two countries.
Several other Saudi entities will participate in the fair to highlight the heritage, knowledge, and cultural diversity of the Kingdom through a diverse cultural program, including seminars, dialogue sessions, workshops, and artistic performances.
The Kingdom was the guest of honor at the New Delhi International Book Fair, held between Feb. 10 and 18; and will be the guest of honor, after Beijing, at the Seoul International Book Fair, from June 26 to 30, 2024.
Saudi Green Initiative in Makkah aims to promote sustainable development, afforestation
RIYADH: The State Properties General Authority has provided the Ministry of Environment, Water and Agriculture, and the Alahyaa Centers Association with seedlings produced at its agricultural nursery in Makkah.
The contribution is part of the authority’s efforts to support sustainable development and afforestation while upgrading the vegetation cover, and took place on Saudi Green Initiative Day on March 27.
Schemes include building and operating an agricultural nursery and equipping it with the newest systems to enhance production capacity and create an enabling environment for plant growth.
The project has led to the creation of 110,000 square meters of green spaces within the authority’s government compounds in Makkah, in addition to the distribution of plants, large trees and shrubs to more than 40 government entities.
The authority said that the nursery’s annual production includes 1.2 million plants that bloom in winter and in summer; 200,000 perennials and vines; 20,000 outdoor trees; 30,000 shrubs; and 5,000 indoor plants.
Saudi, Azerbaijani ministers discussed climate action cooperation
Saudi Minister of Energy Prince Abdulaziz bin Salman met in Jeddah Mukhtar Babayev, Azerbaijan’s minister of ecology and natural resources, and also president of the 29th session of the Conference of the Parties to the UN’s Framework Convention on Climate Change.
The COP29 Conference takes place in November in Baku, Azerbaijan.
The two ministers discussed opportunities for cooperation in the field of climate action. They also spoke about working together to achieve the goals and principles of the UN’s Framework Convention on Climate Change, and the Paris Agreement.
The parties also looked at the Kingdom’s efforts and initiatives to address the effects of climate change.
Saudi Arabia announces cultural cooperation award with China
- The Prince Mohammed bin Salman Award for Cultural Cooperation culminate in an annual ceremony honoring the two countries’ shared cultural talent
RIYADH: The Saudi Ministry of Culture announced on Thursday the launch of the Prince Mohammed bin Salman Award for Cultural Cooperation between Saudi Arabia and China, at the King Abdulaziz Public Library branch in Beijing, Saudi Press Agency reported.
This award aims to acknowledge the efforts of researchers, artists and translators from both countries, offering grants to support their continuing work. It is designed to spur enhanced collaboration and shared creative efforts.
The award includes several categories — cultural research and studies, artistic and creative works, translations, and a cultural personality of the year from each country, recognizing significant contributions to culture.
Additional categories target young researchers, creators and translators, encouraging youth engagement in cross-cultural communication. An annual ceremony will highlight the cultural achievements and award winners.
The award will promote creative cooperation and cultural dialogue between Saudi Arabia and China by highlighting the two countries’ achievements in the academic, cultural, media, literary and artistic communities.
It will culminate in an annual ceremony honoring the two countries’ shared cultural talent and announcing the winners in each category.
Saudi Culture Minister Prince Bader bin Abdullah said that the award was a critical component in bridging cultural divides and strengthening ties between China and Saudi Arabia through the arts, literature and academic research.
Individuals from Saudi Arabia and China, as well as government, private and non-profit institutions, may submit nominations. They can be submitted by filling out the nomination form, which will be posted on the award website.
On the same day, the Saudi Film Commission, a government body under the culture ministry, signed a framework memorandum of understanding with China’s Bona Film Group to explore collaborative opportunities in movie distribution, exhibition and talent development.
Bona Film Group, founded in 1999, has emerged as one of China’s leading movie distribution and production companies.
The signing ceremony in Beijing was attended by Prince Badr, Film Commission CEO Abdullah Al-Eyaf, and Bona Film Group CFO Qi Zhi.
The MoU outlines key areas of cooperation, such as investment in the film industry, the possibility of establishing a joint film fund dedicated to cinematic endeavors, and collaboration on Saudi film distribution in China. It also looks into talent development opportunities for Saudi filmmakers through Bona Film Group productions and Chinese film education institutions.
In accordance with this agreement, the Film Commission intends to develop the movie industry, improve local production and showcase Saudi productions. The commission also promotes investment, content production, talent development and regulatory frameworks.
The historic agreement reflects the commission’s commitment to fostering global partnerships and leveraging cultural exchanges as a key component of Saudi Vision 2030 objectives.