RIYADH: Saudi Arabia aims to support Sudan’s efforts to reduce its International Monetary Fund debts.
The Kingdom announced during the Paris Conference on Monday a $20 million grant to cover part of Sudan’s financing gap with the IMF, Al Arabiya reported.
Saudi Arabia also said it would also help the country deal with its arrears.
A Saudi official involved in debt restructuring talks for Sudan said that the Kingdom would encourage creditors to reach a broad agreement to reduce the African country’s $50 billion debt pile.
International Monetary Fund figures show that Saudi Arabia is the third largest creditor to Sudan, with about $4.6 billion outstanding.
Sudan is eligible for debt relief under the Heavily Indebted Poor Countries (HIPC) initiative.
The two-day Paris Conference to support Sudan comes as France writes off billions of dollars in Sudan debt.
“Reducing Sudan’s debt, which we are about to embark on, is a first result of reforms. This trend should be cemented, both economically and politically,” the French President said at the opening of the conference.
One of the goals of the Paris conference is to garner interest in investment in the country.
Billions of dollars in projects in energy, mining, infrastructure and agriculture will be proposed, said Sudan’s minister of cabinet affairs Khalid Omar Youssef.
“Sudan is a very rich country. We do not want charity, we want investments,” said Sudanese Prime Minister Abdullah Hamdok.
Saudi Arabia to help Sudan cut IMF debt
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Saudi Arabia to help Sudan cut IMF debt
- The Kingdom announced during the Paris Conference on Monday a $20 million grant to cover part of Sudan’s financing gap with the IMF
Education spending surges 251% as students return from autumn break: SAMA
RIYADH: Education spending in Saudi Arabia surged 251.3 percent in the week ending Dec. 6, reflecting the sharp uptick in purchases as students returned from the autumn break.
According to the latest data from the Saudi Central Bank, expenditure in the sector reached SR218.73 million ($58.2 million), with the number of transactions increasing by 61 percent to 233,000.
Despite this surge, overall point-of-sale spending fell 4.3 percent to SR14.45 billion, while the number of transactions dipped 1.7 percent to 236.18 million week on week.
The week saw mixed changes between the sectors. Spending on freight transport, postal and courier services saw the second-biggest uptick at 33.3 percent to SR60.93 million, followed by medical services, which saw an 8.1 percent increase to SR505.35 million.
Expenditure on apparel and clothing saw a decrease of 16.3 percent, followed by a 2 percent reduction in spending on telecommunication.
Jewelry outlays witnessed an 8.1 percent decline to reach SR325.90 million. Data revealed decreases across many other sectors, led by hotels, which saw the largest dip at 24.5 percent to reach SR335.98 million.
Spending on car rentals in the Kingdom fell by 12.6 percent, while airlines saw a 3.7 percent increase to SR46.28 million.
Expenditure on food and beverages saw a 1.7 percent increase to SR2.35 billion, claiming the largest share of the POS. Restaurants and cafes retained the second position despite a 12.6 percent dip to SR1.66 billion.
Saudi Arabia’s key urban centers mirrored the national decline. Riyadh, which accounted for the largest share of total POS spending, saw a 3.9 percent dip to SR4.89 billion, down from SR5.08 billion the previous week.
The number of transactions in the capital settled at 74.16 million, down 1.4 percent week on week.
In Jeddah, transaction values decreased by 5.9 percent to SR1.91 billion, while Dammam reported a 0.8 percent surge to SR713.71 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with the Kingdom’s Vision 2030 objectives, promoting electronic transactions and contributing to the nation’s broader digital economy.
