WASHINGTON: Pakistan has received “significant financing assurances” from China, Saudi Arabia and the United Arab Emirates linked to a new International Monetary Fund program that go beyond a deal to roll over $12 billion in bilateral loans owed to them by Islamabad, an IMF official said on Thursday.
IMF Pakistan Mission Chief Nathan Porter declined to provide details of additional financing amounts committed by the three countries but said they would come on top of the debt rollover.
“I won’t go into the specifics, but UAE, China, and the Kingdom of Saudi Arabia all provided significant financing assurances joined up in this program,” Porter told reporters on a conference call.
The IMF’s Executive Board on Wednesday approved a new $7 billion, 37-month loan agreement for Pakistan that requires “sound policies and reforms” to strengthen macroeconomic stability. The approval releases an immediate $1 billion disbursement to Islamabad.
The crisis-wracked South Asian country has had 22 previous IMF bailout programs since 1958.
Porter said Pakistan has staged a “really remarkable” economic turnaround since mid-2023, with inflation down dramatically, stable exchange rates and foreign reserves that have more than doubled.
“So what we’ve seen is the benefits of undertaking good policies,” Porter said, adding that the challenge now was to build stronger and sustained growth by keeping monetary, fiscal and exchange rate policy consistent, raising more taxes and improving public spending.
Last year, Pakistan achieved its first primary budget surplus in 20 years, and the program calls for growing that to 2 percent of gross domestic product. Porter said it depends in part on reforms to improve collections from under-taxed sectors such as retailers.
The next review of the loan would likely take place in March or April of 2025, based on end-2024 performance criteria, Porter said.
IMF official says Pakistan won more financing assurances from China, UAE, Saudi Arabia
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IMF official says Pakistan won more financing assurances from China, UAE, Saudi Arabia
- Nathan Porter says the three countries rolled over $12 billion in bilateral loans to help Pakistan
- The IMF official describes Pakistan’s economic turnaround since mid-2023 as ‘really remarkable’
Saudi Arabia sets first-ever rules for beach operators on Red Sea coast
RIYADH: Saudi Arabia’s Red Sea tourism regulator has issued its first set of beach operating rules, laying out licensing, safety and environmental standards as the Kingdom moves to commercialize its coastline.
The Saudi Red Sea Authority said the new Beach Operators’ Requirements and Conditions establish a regulatory framework for beach operations, covering areas such as security, public health, environmental protection and infrastructure standards.
The rules are intended to support investment in coastal tourism while ensuring compliance with sustainability and safety benchmarks, as Saudi Arabia expands leisure and hospitality offerings along its western coast as part of Vision 2030.
The move builds on earlier efforts to position coastal tourism as a key economic pillar. In 2024, the authority and the Ministry of Investment released an “Invest in Coastal Tourism” report that identified the Red Sea coastline as central to Vision 2030 plans, including a target of attracting 19 million visitors.
In a release, the authority stated: “These requirements serve as a comprehensive operational and regulatory framework for issuing beach operation licenses. They define conditions related to security, safety, public health, and environmental protection, establishing a new phase governed by high-quality standards aligned with international best practices and experiences.”
It added: “This framework aims to deliver an optimal beach experience for visitors and, in the long term, enhance service quality, safety standards, beach sustainability, marine environmental protection, and overall attractiveness. The requirements are designed to act as an official reference for operators seeking to develop or operate beaches.”
The requirements also address beach design, development, and construction in line with the Saudi Building Code, ensuring architectural and structural compliance. They include accessibility for people with disabilities, enforcement of safety, security, and environmental measures, and alignment with high-quality standards, including those of the Blue Flag eco-label.
The regulations outline licensing procedures and documentation requirements, including commercial registration, environmental permits, marine zoning approvals, beach safety plans and capacity assessments. Operators must also separate swimming areas from other marine activities, provide safety and rescue equipment, ensure trained lifeguards are on duty and install clear signage.
“The requirements further impose strict environmental controls, including the prevention of pollutant discharge, effective waste management, the use of environmentally friendly materials, activation of environmental monitoring mechanisms, and immediate reporting of any environmental incident to preserve ecological balance,” it added.
The rules will come into force one month after their announcement, with existing beach operators granted a one-year transition period to comply with the new technical and environmental standards.
Saudi Arabia aims for coastal tourism in the Red Sea region to contribute about SR85 billion ($22.6 billion) to gross domestic product by 2030, generate more than 210,000 jobs, and capture a significant share of leisure tourism and entertainment spending.
