Fossil fuel subsidies hit $1.3trillion despite government pledges to end them
Despite repeated government pledges to cut back on fossil fuel subsidies, a new report found such subsidies surged to a record $1.3 trillion last year.
International Monetary Fund (IMF)
Pharos faces squeeze as Egyptian pound tumbles
The company warned that it would keep watch on its receivables. This, it said, may “impact the capital available for development”.
Vitol reaches debt deal with fire-ravaged Cameroon refiner
Cameroon has renegotiated its refinery debt with trader Vitol, bringing it into line with an agreement reached last year with domestic banks.
Zambia talks oil with Saudi, as IMF steps in to support plans
Zambia is in talks with Saudi Arabia to secure fuel supplies, while also seeking support from the International Monetary Fund (IMF).
IMF counsels end to subsidies, as Nigeria talks extensions
Nigeria is benefiting from higher oil prices, the International Monetary Fund (IMF) has said, but its deficit will widen this year.
High Court challenge to Mozambique LNG funding begins
A case has begun this morning in the High Court as Friends of the Earth (FoE) challenges the UK government’s support for Mozambique LNG.
Mozambique, Nigeria talk gas at French summit
France held a summit on May 18 for African leaders, with discussions around debt, security and energy.
IMF tips oil rich Guyana to be world’s fourth-largest growing economy in 2021
A global financial institution has forecasted that Guyana’s economy will be among the frontrunners for growth this year.
Restructuring Sonara debt crucial to reconstruction
The cost to repair the fire-damaged Sonara refinery in Cameroon is 250 billion Central African francs ($461.8 million).