Aramco international listing ‘still on the cards’: Saudi finance minister

Saudi Finance Minister Mohammed Al-Jadaan at the World Economic Forum's annual meeting in Davos, Switzerland on Wednesday. (Photo: Screenshot)
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Updated 23 January 2020

Aramco international listing ‘still on the cards’: Saudi finance minister

  • The minister said that he was “very confident” that the Saudi economy was picking up speed
  • He said that international investors had responded positively to ongoing reforms in the Kingdom

LONDON: Saudi Finance Minister Mohammed Al-Jadaan said that an international listing of Saudi Aramco was “still on the cards” but likely won’t happen soon.
He made the disclosure in an interview with Bloomberg News at the World Economic Forum’s annual meeting in Davos, Switzerland on Wednesday.
The minister also said that he was “very confident” that the Saudi economy was picking up speed, as the Kingdom successfully completed a $5 billion bond sale this week after receiving orders for four times as much.
“Yesterday showed very clearly that demand for Saudi credit is very high and very healthy. We are very pleased not only with the level of debt but also the pricing,” he said. “Demand is very positive. We are starting seeing results of Vision 2030. The numbers are proving that reform is working. We are basically cashing on the successes.
The minister said that international investors had responded positively to ongoing reforms in the Kingdom.
“I think investors are focusing on fundamentals,” he said. “They see the growth they see the potential. We are seeing a growth in FDI, a growth in the number of applications for licenses. The confidence is back in a strong way.”


IMF extends visit to crisis-hit Lebanon: sources

Updated 24 February 2020

IMF extends visit to crisis-hit Lebanon: sources

  • The IMF began meetings with Lebanese authorities on February 20 to provide broad technical advice
  • Lebanon is grappling with an acute liquidity crunch that has prompted banks fearing capital flight to impose strict controls

BEIRUT: The International Monetary Fund (IMF) will continue meetings with Lebanese authorities on Monday, sources familiar with the process said, extending a visit to provide technical advice that was expected to end on Sunday.
The IMF began meetings with Lebanese authorities on Feb. 20 to provide broad technical advice on how to tackle the country’s crippling financial and economic crisis. The fund had said its team would stay until Feb. 23.
Lebanon has not requested financial assistance from the IMF as it draws up a rescue plan to tackle a long-brewing financial crisis that spiraled last year as capital inflows slowed and protests erupted against the ruling elite.

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The sources familiar with the meetings said talks would continue until the Lebanese government made a decision on issues related to the technical assistance. The results of the meetings were “positive,” they added, without specifying further.
Lebanon is grappling with an acute liquidity crunch that has prompted banks fearing capital flight to impose strict controls. The Lebanese pound has slumped by about 60 percent on a parallel market, hiking inflation.
Saddled with one of the highest public debt burdens in the world, Beirut must decide quickly what to do about fast-approaching debt payments including a $1.2 billion Eurobond maturing on March 9.
Global credit ratings agencies Standard & Poor’s (S&P) and Moody’s downgraded Lebanon’s credit rating deeper into junk territory on Friday, citing anticipated losses to creditors from what they said was a likely debt restructuring.