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Egypt’s inflation rate hits 41.0 % in June

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Egypt’s economic crisis has deepened as its June inflation rate hit a record high 41.0 % in June. This raise comes after annual core inflation rose to 40.3% in May from 38.6% in April.
The inflation figures come after a recent bailout loan from the International Monetary Fund (IMF).
The Central Bank of Egypt calculated monthly core CPI inflation at 1.7 percent in June 2023 compared to 1.2 percent in the same month last year and 2.9 percent in May 2023.
According to rating agency, Moody’s, Egypt is one of the five nations in the world most at risk of defaulting on its external debt. In recent years, Egypt has relied heavily on bailouts from Gulf nations and the IMF.
The economy of Egypt has been declining recently. The nation is now placed 11th out of 14 nations in the Middle East and North Africa, and its overall score is lower than the average for the area and the entire world.
The region has continuously helped it. Egypt received $22 billion from Saudi Arabia, Qatar, and the United Arab Emirates last year to make up for its current account deficit.

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Uganda considers nuclear energy to meet increased electricity demand

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Uganda’s Ministry of Energy and Mineral Development announced on Tuesday that it was collaborating with the International Atomic Energy Agency (IAEA) to develop nuclear energy in the country as power demand rises.

Irene Batebe, permanent secretary of the ministry, stated that the government, with the assistance of the IAEA, is investigating and evaluating uranium deposits to ensure a sustainable supply of nuclear fuel for the projected nuclear power plants and research reactors.

“Uranium is the most widely used nuclear fuel material in nuclear power plants and research reactors and is required for Uganda’s nuclear power program.

“The planned nuclear power capacity will require about 4,000 tons of Uranium annually when fully operational. Thus, there is a need for sustainable sources of uranium,” she said at the opening of the nine-day meeting with the experts from the IAEA.

Batebe stated that the government is modifying the Atomic Energy Act of 2008 to tighten the legal framework for the exploration, mining, and processing of nuclear fuel reserves. She stated that even if completely exploited, the country’s electricity generation capacity from hydro, biomass, geothermal, and peat will fall short of Uganda Vision 2040 ambitions.

“To meet our development targets, nuclear energy among other sources must be integrated in the electricity generation mix,” she said.

The Cabinet approved the Energy Policy for Uganda, 2023 in April 2023, which envisions the long-term development of 52,481 MW of generation capacity to meet future demand, with nuclear power accounting for 24,000 MW.

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Shell investigates smoke at Gbaran oil plant in Nigeria

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Shell is investigating allegations of smoke near its Gbaran Ubie oil and gas complex in Nigeria’s coastal Bayelsa state. Residents reported hearing booms and seeing smoke in the region.

The Shell official stated that the event would not result in an immediate operational shutdown. Residents in the adjoining village reported a fire about 0600 GMT, claiming to have heard booms where pipeline repair work was underway.

The Gbaran facility, which started operations in 2010, is by far Nigeria’s most important LNG gas feedstock project, processing about 2 billion standard cubic feet of gas daily.

“We are actively monitoring reports of smoke detected near our Gbaran Central Processing Facility in Bayelsa State. While the source appears to be external to our facility, we are in close communication with regulatory authorities to look into the incident and ensure the safety of the surrounding communities,” a Shell spokesperson said in an emailed statement.

Shell did not immediately reply to reports from local people. Resident Ovie Ogbuku told journalists: “At about 7 a.m. I heard the sound so deafeningly and it shook the foundation of the earth and we ran for our dear lives. The result is the thick smoke you are seeing now.”

Another resident Uche Ede said; “We have no idea of the cause of the explosion but we are grateful no life was lost because it was far away from homes.”

Land operations in Nigeria’s oil-rich Niger Delta are vulnerable to sabotage, theft, and pipeline damage, leading oil companies to abandon such areas in favor of deepwater exploration.

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