The Finance World Magazine| Edition: April 2023

Global News
Saudi Arabia to allocate $800M in loans to least developed countries
Saudi Arabia has announced that it
will allocate $800M in loans to the
least developed countries in an
effort to support their economies
and development projects. The initiative
was launched by Saudi Arabia’s King
Salman Humanitarian Aid and Relief
Centre and is aimed at supporting
countries in need, particularly those
affected by conflict, natural disasters, or
other crises. The loans will be provided
through the Saudi Fund for Development
and will focus on funding projects in
areas such as infrastructure, health,
education, and agriculture. This move
is part of Saudi Arabia’s ongoing efforts
to contribute to global development and
address humanitarian issues around
the world.
Jerome Powell
previews tougher rate
hike path starting soon
Federal Reserve Chair Jerome
Powell has hinted at a halfpoint
increase in interest rates
at the upcoming rate-setting
meeting, and updated forecasts that
feature a high point for rates above
the 5.1% projected in December. Since
the last meeting, economic data has
consistently surprised on the upside,
suggesting that the 4.5 percentage points
of rate hikes since March 2022 have
yet to sufficiently slow the economy
to beat back inflation. Powell stressed
that the data shows the Fed still has
work to do, and just how high and how
fast rates will increase will depend
on several key reports ahead of the
meeting.
Saudi Arabia chairs WTO Trade Policy Review Body
The World Trade Organization’s
General Council has approved
Saqer bin Abdullah Al-Moqbel,
the Kingdom’s Permanent
Representative, as president of the
organization’s Trade Policy Review
Body for the 2023-2024 term. This makes
Al-Moqbel the first Arab permanent
representative to hold the position,
which works to enhance integrity
in national trade policies through
review mechanisms based on each
member state’s economy. The Kingdom’s
presidency of the TPRB reinforces its
The French government
expects a “quarter of antiinflation”
in food prices,
aiming to slow down rising
inflation and address the increasing
cost of living. The measures include
increasing market surveillance and
the reinforcement of competition
authorities, alongside creating an
online price comparison tool for
products sold in supermarkets. The
French agriculture minister suggested
the period of lower food prices could
last until the end of June 2023. The
move comes as inflation across the
eurozone hit 4.4% in February, the
highest level since 2008, fuelled by
leading role within the WTO and other
global organizations.
France expects a quarter of lower food prices
to fight inflation
rising energy costs and supply chain
disruption due to the pandemic.
98 www.thefinanceworld.com April 2023