Month: April 2020

Commercial creditors need to support debt relief for the poorest countries and cannot just “free ride” on a suspension in debt payments by official bilateral creditors, World Bank President David Malpass said on Friday. Malpass told the World Bank’s Development Committee that the debt relief initiative agreed this week by the Group of 20 economies and the Paris Club was a “huge achievement” to help the poorest countries deal with the health and economic impact of the new coronavirus pandemic. He said the bank would look at ways of further…

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ISLAMABAD:  Pakistan’s public debt may rise to 90% of national economy or Rs37.7 trillion by June this year and its balance of payments situation may worsen due to severe health and economic shocks in the aftermath of the deadly pandemic, a new International Monetary Fund (IMF) report reveals. In its report, the IMF has disclosed that Pakistan will have to increase its collection of petroleum levy by 65% to Rs489 billion and tax collection by 31% to Rs5.1 trillion in the next fiscal year, if the country is keen to…

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The African Union Commission (AUC) and the International Renewable Energy Agency (IRENA) have agreed to work closely to advance renewable energy across the continent to bolster Africa’s response to Covid-19. The two organisations will focus on innovative solutions to drive the development of renewable energy including decentralised systems, and to increase access to energy across the continent. The cooperation aims to bolster Africa’s response to the pandemic by, inter alia, improving the ability of rural health centres and communities to deal with the health challenge using renewable energy to power…

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This year’s Africa Energy Forum (aef) (www.Africa-Energy-Forum.com) has been rescheduled to take place in Amsterdam, the Netherlands from 20-22 October 2020. Previously due to take place in July, the move comes in the interests of all attendees’ safety after monitoring the COVID-19 situation and its impact on global economies. The Forum, organised by EnergyNet, brings together decision-makers in Africa’s energy sector to form partnerships, identify opportunities and collectively move the industry forward. EnergyNet’s Managing Director Simon Gosling commented on the move; “This decision has not been taken lightly and we…

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The overall capacity of all wind turbines installed worldwide by the end of 2019 reached 650,8 Gigawatt, according to statistics presented today by the World Wind Energy Association (WWEA) during a webinar. 59’667 Megawatt were added in the year 2019, substantially more than in 2018 when only 50’252 Megawatt got erected. 2019 was the second strongest wind year in terms of market size, with a growth rate of 10,1 %, higher than the 9,3 % of the previous year but lower than in 2016 and 2017. All wind turbines installed…

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