Saudi Arabia's GDP will grow by 1.3% between 2024 and 2024
Preliminary government data released on Sunday showed that Saudi Arabia's economy will grow by 1.3% in 2024. This growth is due to increased non-oil activities and government initiatives. Data released by the General Authority for Statistics revealed that non-oil activities grew by 4.3%, government activities grew by 2.6% and oil activities decreased by 4.5%. According to government estimates, the fourth quarter GDP of the Kingdom increased by 4.5% compared to last year. Low oil prices will continue to affect government revenues, resulting in a slowdown in growth in the world's largest oil exporter.
World Bank and other lenders criticise Pakistan’s energy negotiations
A group of eight development financing institutions warned that Pakistan's unilateral renegotiation will damage investor confidence in the clean energy sector and harm its long-term prospects. Last year, Pakistan announced that it would renegotiate contracts with independent energy producers in order to reduce "unsustainable" electric tariffs. In a letter, the International Finance Corporation of the World Bank, the Asian Development Bank (ADB), the Islamic Development Bank (IDB) and…
Egypt rushes solar energy to catch up as gas prices soar
Egypt, with its few clouds, vast deserts, and well-developed electrical grid, has everything it needs to expand solar energy generation. It is only now that Egypt has begun to take advantage of these resources, as the price of imported natural gas has risen. Last year, a sharp drop in gas production and a growing demand caught the authorities by surprise. This led to rolling blackouts during the hot summer. Ahmed Mortada is the head of energy for the multilateral lender European Bank for Reconstruction and Development in Egypt.
IMF and World Bank leaders promise to work with Trump at UN climate summit
The World Bank and International Monetary Fund chiefs said on Tuesday that they would continue to work with Donald Trump's incoming administration in the United States to provide funding to countries affected by climate change. Kristalina Georgeieva, IMF's chief, told a panel at the U.N. COP29 Climate Summit in Azerbaijan the global lender worked with Trump under his previous administration and was looking forward to working with him again. Georgieva expressed her confidence that the U.S. Private sector will continue to invest green technologies.
Holiday schedule for US economic and other data
Veterans Day, a federal holiday, will impact the release of major economic, energy, and commodities reports that originated from Washington or were filed there during the week of November 10. The schedule is below. The times are in GMT/EST. Some Treasury announcements may be subject to change. Veterans Day holiday. Federal government offices and the bond market are closed. Stock markets, International Monetary Fund and Federal Reserve open. The U.S. Department of Agriculture publishes weekly U.S. Export Inspections for Grains, Oilseeds, 1110/1600. USDA releases weekly Crop Progress 1600/2100.
Sources say that Brazil is aiming to attract foreign investment through a green development platform.
Brazil will launch a new platform on Wednesday to attract more foreign investment into sustainable development. The platform will highlight $8 billion worth of promising private sector projects, and look to triple this portfolio within a year. Four Brazilian officials who spoke anonymously about the program before a Washington launch event, held on the sidelines the meetings of the International Monetary Fund (IMF) and World Bank, said it was a concrete example for Brazil's agenda in its role as G20 Chair this year and host country of the United Nations Climate Change Conference (2025).
IMF predicts a slowdown in the economic growth of Mexico between 2024 and 2025
The International Monetary Fund said on Tuesday that it expects Mexico's economy to grow at around 1.5% in this year. It cited capacity constraints and a tight monetary policy. The IMF stated in a press release that the growth rate is expected to slow down next year, reaching just 1.3%. At the same time, inflation is predicted to be close to the 3% target set by the central bank. Banxico is the name of Mexico's central banking institution. In a split decision, Banxico lowered its benchmark rate in September to 10.50%. The board expects inflation to ease, allowing for more rate cuts.
Senegal announces a 25-year plan for economic and social development
Senegal’s government released a 25-year plan of development on Monday. It said that the plan would lay the groundwork for economic sovereignty by focusing on competitiveness, resource management sustainability and good governance. The agenda was launched in March, seven months after the West African president Bassirou Diomaye Faye won a landslide victory at elections on the promise of improving livelihoods. He said: "Our... economic model has been neutralised because it relies on exploitation of raw materials, without significant local processing and valorisation.
Holiday schedule for US economic and other data
The Columbus/Indigenous Peoples Federal Holiday on Monday, October 14, will affect the release of major economic, energy, and commodities reports during the week of Oct. 13. Treasury Department will announce the release date of the Monthly Budget in October. Due to reporting requirements for the end of fiscal year, the September report was delayed. The schedule is below. The times are in EDT/GMT. Certains Treasury announcements may change. Columbus/Indigenous Peoples holiday. Bond markets, Federal Reserve, International Monetary Fund and federal government offices are closed. Stock markets are open.
Minister: Colombia and Germany in discussions over debt swaps
HAMBURG - On Monday, the Foreign Minister of Colombia, Luis Gilberto Murillo, said that the country is in discussions with Germany about a debt for nature swap to help fund a $40 billion plan by the country to move away from fossil fuels while protecting the environment. Last month, Colombia launched a new portfolio of investments for its climate-adaptation plans. It hopes to attract $40 billion. He declined to provide a timetable for the possible agreement but said that there was "tremendous" political will. Debt-for nature deals are a popular way to fund conservation in emerging economies.
Mozambique's election winner faces financial strain
The economy of Mozambique will be impacted by the worsening cyclones and insecurity as well as delays to gas projects, high debt levels, and delayed gas projects. Daniel Chapo, the candidate of the ruling party, is currently the frontrunner. However, there are also three other candidates who want to succeed Felipe Nyusi in the role of president for the nation. Mozambique is under pressure to adopt fiscal discipline due to rising borrowing costs, especially as it has run out of options for refinancing its debt. Its debt is almost as large as its annual GDP.
What are the main issues in Mozambique's elections?
Next week, Mozambicans are voting in legislative and presidential elections. It is almost certain that the Frelimo Party will extend its half-century in power. The party has been fighting a longstanding Islamist insurgency within one of Africa's biggest gas fields. Daniel Chapo is the candidate of the ruling party and a former law professor. He will replace Filipe Nyusi, who was previously a radio announcer. Here are the key issues that face one of the poorest countries in the world and its 34 million citizens as they head to elections.
Saudi firm plans a hydrogen-powered skyscraper for Egypt's new Capital
Saudi-controlled firm plans to start construction on 50-storey, $1 billion office tower in Egypt's capital early next year. The building will be powered by hydrogen and is the first of its type. Magnom Properties is a Saudi industrial group Rawabi Holding subsidiary. They bet that the sophisticated design and price tag will attract international clients to the new capital. A city of over 6 million people, being built in the desert east from Cairo, the new capital has been designed with a high-end look.
Oil Falls, OPEC Backs Deeper Supply Cuts
Oil fell on Thursday as the coronavirus epidemic showed no signs of slowing, with deaths mounting globally, and while major producers agreed on deeper output cuts to bolster prices, they could not immediately secure Russian support for the decision.Brent crude fell by 33 cents, or 0.6%, to $50.80 a barrel by 1338 GMT. U.S. West Texas Intermediate (WTI) was down 20 cents, or 0.4%, at $46.58.OPEC agreed to cut oil output by an extra 1.5 million barrels per day (bpd) in the second quarter…
Oil Market Shrugs Off Libya Crisis
Oil prices fell more than 1% on Tuesday on expectations that a well-supplied market would be able to absorb disruptions that have cut Libya's crude production to a trickle.Brent crude was down 97 cents at $64.23 a barrel by 1258 GMT, having risen to its highest in more than a week on Monday. U.S. West Texas Intermediate crude was down 75 cents at $57.79."Market participants appear to fret less about supply disruptions in the Middle East, or at least the risk of disruptions, thanks to the impressive growth we have seen in U.S.
Oil Traders Bet on Economic Upswing in 2020
Crude oil traders are betting the market will tighten significantly next year, even as the major statistical agencies predict production will outstrip consumption and oil inventories will rise.Most of the divergence can be explained by differing assumptions about global growth in 2020.The International Energy Agency (IEA), the U.S. Energy Information Administration (EIA) and the Organization of the Petroleum Exporting Countries are all projecting that the oil market will be in surplus…
Ecuador to Quit OPEC in 2020
Ecuador, one of the smallest members of the Organization of the Petroleum Exporting Countries, said on Tuesday it will leave the 14-nation bloc from Jan. 1 due to fiscal problems.The Andean nation is attempting to increase crude production to raise more income and has on multiple occasions broken its output quota fixed by OPEC."The decision is based on the issues and internal challenges that the country must take on related to fiscal sustainability," the energy ministry said in a statement…
Petronas Signs Offshore Deal with Gabon
Malaysian oil and gas company Petroliam Nasional Bhd (Petronas) has signed an agreement with Gabon for two exploration permits after the African country enacted a new oil law last month.A Bloomberg report quoted Noel Mboumba, Gabon’s petroleum minister saying that the deal follows the enactment of a revised hydrocarbons code last month, made with the support of the International Monetary Fund.The new code is more fiscally attractive than the previous one, the statement said citing Mboumba…
Argentina's Energy Chief Quits
Argentina's energy secretary resigned on Friday, the government said in a statement, less than 24 hours after news leaked that the administration of President Mauricio Macri plans to increase electricity prices by an average 35 percent next year.Higher power bills are sure to be unpopular as they would hit families already struggling with 47 percent inflation and a shrinking economy that has caused job losses and an increase in poverty.The statement announcing Energy Secretary Javier Iguacel was stepping down gave no reason for his resignation.
Oil Slips from Five-Month High
Oil slipped from a five-month high above $71 a barrel on Tuesday as Russian comments signalling the possible easing of a supply-cutting deal with OPEC countered concern that violence in Libya could further tighten global markets.Supply curbs led by the Organization of the Petroleum Exporting Countries have underpinned a more than 30 percent rally this year for Brent crude, despite downward pressure from fears of an economic slowdown and weaker demand.Brent, the global benchmark, rose to $71.34 a barrel, the highest since November, but by 1349 GMT was down 59 cents at $70.51. U.S.
