GLOBAL ECONOMY | G20 Suspends poorer nations’ debt payment for 6 more months

RIYADH | SAUDI ARABIA – 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 governors of the G20 nations agreed at a virtual meeting organized by the Saudi Presidency in Riyadh to extend debt suspensions 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 benefit 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’ plan.

‘It is about time private investors also participated in the debt suspension. I encourage them to do so’, Al-Jadaan urged.

The official communiqué 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 communiqué 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.

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

NEWS ALERT | Oman To Get Its First Crown Prince In Constitutional Overhaul

MILAN – – Oman’s sultan announced on Monday  a constitutional shakeup that includes the appointment of crown price for the first time and new rules on how parliament will work, state media said. A new basic law issued by Sultan Haitham Bin Tariq al – Said also emphasizes the role of the state in guaranteeing … Continue reading NEWS ALERT | Oman To Get Its First Crown Prince In Constitutional Overhaul

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