BUSINESS | G20 Finance Officials Poised To Recommend Extension Of Debt Freeze

RIYADH | SAUDI ARABIA – Finance Officials from the Group of 20 major economies are poised to recommend extending a freeze in official bilateral debt payments by the world’s poorest countries, according to a source briefed on a virtual G20 meeting taking place Saturday.

Multiple sources said there was strong support for extending the Debt Service Suspension Initiative agreed in April into 2021, but the move would not be finalized until later in the year, when G20 leaders are due to meet.

World Bank chief economist Carmen Reinhart told reporters on Friday that the move was ‘highly probable’ since the novel coronavirus pandemic was more severe and taking longer to overcome than initially expected.

The debt standstill, which is due to expire at the end of 2020, has proven challenging to implement, with only 41 of 73 eligible countries expressing interest, while some official bilateral creditors like China have failed to participate fully.

The private sector has also failed to match the freeze thus far.

The initiative would save $12 billion in service payments on official bilateral debt through the end of year, but finance officials in developing countries say they will need far more help to weather the pandemic and its economic fallout.

Top international officials, industry leaders and civil society groups have called for extending the debt freeze – which is intended to let the poorest nations focus on fighting the pandemic, nor serving their debts – and expanding it to include other countries hit by the crisi.

More than 200 religious, labor, human rights, environmental and development groups signed a separate letter spearheaded by Jubilee USA Network that was sent to G20 leaders, the White House and the International Monetary Fund this week.

‘The G20 will make decisions this weekend that affect the survival of billions of vulnerable people confronting the pandemic’, said Eric LeCompte, the group’s executive director.

‘We need to mobilize a lot more resource for people to confront the crisis’.


BREAKING NEWS | Saudi Crown Prince Receives Phone Call From French President Macron

RIYADH – – Saudi Arabia’s Crown Prince Mohammed bin Salman has received a phone call from French President Emmanuel Macron in which they discussed bilateral relations. ‘During the call, they reviewed relations between the two countries and opportunities for joint cooperation. Regional and international developments were discussed, and a number of issues of common interest … Continue reading BREAKING NEWS | Saudi Crown Prince Receives Phone Call From French President Macron

BREAKING NEWS | Saudi To Reopen Qatar Embassy In Coming Days – Saudi Minister

RIYADH – – Saudi Arabia expects to re-open its embassy in Qatar in the coming days, Saudi’s foreign minister said on Saturday, following a U.S.-backed détente last week in a three – year-old dispute between Arab states. It is just a matter a logistics, Saudi Arabia’s Foreign Minister Faisal bin Farhan told journalists in Riyadh … Continue reading BREAKING NEWS | Saudi To Reopen Qatar Embassy In Coming Days – Saudi Minister

SPORTS | Formula One Season Set To Start In Bahrain After Australian Grand Prix Postponement

MILAN – – The start of the Formula One season has been delayed after the Australian Grand Prix was postponed from March to November because of the COVID-19 pandemic.The Australian race in Melbourne has been rescheduled from March 21 to November 21. The Chinese GP has also been delayed but no new date has been … Continue reading SPORTS | Formula One Season Set To Start In Bahrain After Australian Grand Prix Postponement

BREAKING NEWS | Investments In Saudi Arabia’s Economy Will Reach Six Trillion Dollars: Crown Prince

AL ULA – – Saudi Arabia’s Crown Prince Mohammed bin Salman says major investment opportunities in Saudi Arabia will amount to six trillion dollars over the next ten years, including 3 trillion dollars in investments in new projects, within the framework of the opportunities provided by Vision 2030, reported Saudi Press Agency. Saudi Arabia’s Crown … Continue reading BREAKING NEWS | Investments In Saudi Arabia’s Economy Will Reach Six Trillion Dollars: Crown Prince

TRAVEL | Saudi Arabia Warns Citizens Against Travel To 12 Countries Without Approval Over Virus Fears

RIYADH – – Saudi Arabia warned on Wednesday its citizens against travel without prior approval to 12 countries where the coronavirus pandemic is still not under control.The Interior Ministry said the countries were Libya, Syria, Lebanon, Yemen, Iran, Turkey, Somalia, Armenia, Congo, Afghanistan, Venezuela and Belarus.It added that the same permission applies to other countries … Continue reading TRAVEL | Saudi Arabia Warns Citizens Against Travel To 12 Countries Without Approval Over Virus Fears

ROYALS | Oman Sultan’s Eldest Son Dhi Yazan To Succeed Him, Becoming First Crown Prince

RIYADH – – Oman’s Sultan Haitham will be succeeded by his eldest son Dhi Yazan, according to a new basic law published on Tuesday that creates a new position of crown prince and established succession from ruler to the eldest son. Sultan Haitham bin Tariq Al-Said has announced plans for the constitutional change on Monday, … Continue reading ROYALS | Oman Sultan’s Eldest Son Dhi Yazan To Succeed Him, Becoming First Crown Prince

SOCIAL MEDIA | YouTube Suspends Trump’s Channel After Violating Policy On Inciting Violence

Alphabet Inc.’s YouTube said on Tuesday it has suspended Donald Trump’s channel as it violated policies for inciting violence after last week’s assault on the U.S. Capitol by the president’s supporters. Online platforms and social media companies are distancing themselves from, and taking action against, those that encouraged or engaged in the violence in Washington, … Continue reading SOCIAL MEDIA | YouTube Suspends Trump’s Channel After Violating Policy On Inciting Violence

BREAKING NEWS | Saudi Crown Prince Congratulates Romanian PM, On Winning President, Parliament Confidence

RIYADH – – HRH Prince Mohammad bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, has sent a cable of congratulations to Prime Minister of Romanian Florin Citu on obtaining the confidence of the Romanian President as well as the parliament for the office of the prime minister.  HRH … Continue reading BREAKING NEWS | Saudi Crown Prince Congratulates Romanian PM, On Winning President, Parliament Confidence

BREAKING NEWS | Saudi King Congratulates Romanian PM, on Winning President, Parliament Confidence

RIYADH — The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud sent a cable of congratulations to the Romanian Prime Minister Florin Citu, on obtaining the confidence of His Excellency Romanian President as well as the parliament for the office of the Prime Minister. In his cable, the King expressed sincere … Continue reading BREAKING NEWS | Saudi King Congratulates Romanian PM, on Winning President, Parliament Confidence

BREAKING NEWS | Saudi Arabia Welcomes Washington’s Designation Of Houthis As Terrorist

RIYADH – – Saudi Arabia welcomed on Monday the American admiration’s decision to designate the Iran – backed Houthi militias and their leaders as terrorist. In a statement, the Foreign Ministry said the move is in line with the ‘demands of the legitimate Yemeni government to rein in the Houthis over their violations that have … Continue reading BREAKING NEWS | Saudi Arabia Welcomes Washington’s Designation Of Houthis As Terrorist

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