WASHINGTON: The International Monetary Fund’s executive board on Friday discussed a proposed $650 billion expansion of its emergency reserves, marking the next step in a process expected to be completed in August, the IMF said in a statement.
The new allocation of the IMF’s reserve currency, or Special Drawing Rights, would be the largest in its history, IMF spokesman Gerry Rice said in a statement. It is aimed at helping the most vulnerable members of the global lender weather the COVID-19 pandemic and its economic fallout.
G7 leaders this month welcomed the proposed expansion of the IMF’s emergency reserves, and backed a global target of providing $100 billion to the most vulnerable countries.
Following Friday’s board discussion, IMF Managing Director Kristalina Georgieva will now prepare a report on the reserve expansion for the IMF’s board of governors, which is expected to be considered by the executive board around mid-July.
If the board approves, it would go to the board of governors for a vote, with an eye to having the allocation of new SDRs take effect in late August.
The Group of 20 major economies endorsed the reserve expansion in April, amid signs that advanced economies are recovering much faster from the pandemic, while developing countries are lagging far behind.
Because the IMF’s cash gets split among all its members, based on their shareholdings in the lender, rich ones will benefit most, with only 7 percent or $42 billion of the total going to the 44 poorer nations.
To help poorer countries, the United States and other Group of Seven nations have called for richer countries to raise $100 billion by channeling some of their newly created reserves or through straight budget loans.
IMF says board discussed $650b expansion of reserves, process to be completed in August
IMF says board discussed $650b expansion of reserves, process to be completed in August
Saudi Arabia opens real estate market to foreign buyers
RIYADH: Saudi Arabia’s Real Estate General Authority has announced that the regulatory system governing property ownership by foreigners officially came into effect on Jan. 22, with all provisions now enforceable under the national real estate framework.
The authority said applications for property ownership by non-Saudis can be submitted through the official digital platform, Saudi Arabia Real Estate. The system applies to residents and non-residents, as well as foreign companies and entities, in accordance with established legal procedures.
According to the authority, the application process varies by ownership category. Foreign residents in Saudi Arabia may apply directly through the portal using their residence permit, with legal requirements verified automatically and the process completed electronically.
Non-residents are required to initiate their applications through Saudi embassies and consulates abroad to obtain a digital identification number, which enables them to finalize the process via the platform.
Foreign companies and entities without a presence in the Kingdom must first register with the Ministry of Investment through the “Invest Saudi” platform and obtain a unified registration number (700) before completing ownership procedures electronically.
The authority confirmed that the system allows foreign individuals, companies, and entities to own property across Saudi Arabia, with ownership permitted in major cities including Riyadh and Jeddah.
However, property ownership in Makkah and Madinah remains restricted to Saudi companies and Muslim individuals, in line with a regulatory framework based on the Geographic Zones document, which is scheduled to be announced in the first quarter of 2026.
The authority noted that the Saudi Arabia Real Estate portal serves as the official digital gateway for all ownership procedures, ensuring regulatory compliance and direct integration with the national real estate registry to enhance transparency and protect property rights.
It added that the new system is expected to improve the quality of real estate projects by attracting international developers and specialized firms, stimulating growth in the residential, commercial, industrial, and tourism sectors, and creating employment opportunities for Saudi citizens.
The initiative is also expected to strengthen the real estate sector’s sustainable contribution to the Kingdom’s non-oil gross domestic product.
