Connect with us

VenturesNow

Europe turns to Botswana for Coal as Russia/Ukraine war bites harder

Published

on

As the effect of the Russia/Ukraine war bites harder in Europe, the continent is exploring alternatives for products it once relied on Russia for, one of such is coal, and Africa is once again considered the go-to spot for energy resources.

President Mokgweetsi Masisi of Botswana on Tuesday claimed the ongoing war has forced Europe to pivot more to Africa for energy resources.

“We have received inquiries from Europe and so we want to (export),” Masisi said in an interview in Cape Town, where he was a key speaker at the Mining Indaba conference.

Masisi said Botswana has seen demand from both governments and the private sector in Europe and estimates that demand from Europe could reach more than 50,000 tonnes a month.

Botswana holds 106 million tons (MMst) of proven coal reserves as of 2016, ranking 59th in the world and accounting for about 0% of the world’s total coal reserves of 1,139,471 million tons (MMst). Botswana has proven reserves equivalent to 78.4 times its annual consumption.

Lefoko Moagi, Minister of Mineral Resources, Green Technology, and Energy Security, said in the same interview that Botswana could meet that demand, while Masisi said it wanted to do so “as soon as possible.”

“Typically what we’ve been getting is 50,000 tonnes a month is what they want to get, but we’ve also had others (inquiring about) long-term contracts, (we are) looking at a million tonnes a year from individual countries (combined),” Moagi said.

However, President Masisi emphasized that all parties were committed to reducing carbon emissions in line with the Paris Agreement on climate change.

“So, clearly, there will be some responsibility arrangements in how to use the coal so that we don’t cause a lot of pollution,” he said.

Botswana has been bombarded with inquiries to supply coal to Europe and estimates that demand from Western countries could top a million tonnes a year.

VenturesNow

IMF, Egypt reach agreement for fourth review of Egypt’s $1.2 billion loan request

Published

on

Egypt and the International Monetary Fund (IMF) have reached a staff-level agreement over the fourth review of the Extended Fund Facility arrangement, which might lead to a $1.2 billion payout under the program.

In March, Egypt, struggling with rising inflation and cash shortages, consented to the $8 billion, 46-month facility. Its economic problems were made worse by a precipitous drop in Suez Canal revenue over the last year due to regional tensions.

Over the next two years, Egypt’s government has committed to raising its tax-to-revenue ratio by 2% of GDP, according to the IMF, emphasising removing exemptions rather than raising taxes.

According to a statement from the IMF, this would allow it to expand social expenditure to support vulnerable populations.

“While the authorities’ plans to streamline and simplify the tax system are commendable, further reforms will be needed to enhance domestic revenue mobilization efforts,” the statement said.

According to the IMF statement, Egypt had also committed to maintaining its commitment to a flexible currency rate and to taking more urgent action to guarantee that the private sector became the primary driver of development.

The IMF’s executive board still has to accept the fourth review’s staff-level agreement.

Continue Reading

VenturesNow

Libya’s eastern govt accepts petrol subsidy elimination

Published

on

In a recent statement, the eastern government of Libya claimed it had reached a consensus on a plan to eliminate gasoline subsidies and would draft a mechanism to carry out the accord.

Additional information on the idea was not released by the administration led by Osama Hamad, a challenger to the internationally acknowledged Tripoli-based government.

However, it is uncertain if Hamad’s government would be able to carry out the plan in the divided nation.

According to the Global Petrol Prices online tracker, a litre of gasoline costs just 0.150 Libyan dinars ($0.03) in OPEC member Libya, making it the second-cheapest in the world.

Following an uprising against former ruler Muammar Gaddafi in 2011, smuggling networks have thrived in the ensuing political unrest and armed fighting. In 2014, conflicting eastern and western governments separated the nation.

A World Bank analysis estimates that the annual value of fuel smuggling from Libya is at least $5 billion.

In a meeting with Mari Barrasi, the deputy governor of the Central Bank of Libya (CBL), located in Tripoli, and four members of the bank’s board of directors, Hamad in Benghazi supported the idea of removing subsidies.

The CBL’s Benghazi branch offices served as the venue for the conference.

The eastern parliament appointed Hamad in 2023 to succeed Abdulhamid Dbeibah, who had been put in position in 2021 under a U.N.-backed procedure that the parliament said had lost its legitimacy.

Dbeibah, who is located in Tripoli, stated in January that he will conduct a public poll on the topic of eliminating gasoline subsidies, but he hasn’t done anything about it since.

According to CBL figures, gasoline subsidies cost 12.8 billion Libyan dinars between January and November of this year. 4.8 Libyan dinars to $1 is the official exchange rate.

 

Continue Reading

EDITOR’S PICK

Metro11 hours ago

Niger citizen knocks President Tchiani for neglecting critical issues at home to peddle rumours against Nigeria 

A citizen of Niger Republic has slammed the country’s military leader, President Abdourahmane Tchiani, for neglecting critical issues facing the...

Culture19 hours ago

Moroccan tourist arrivals hit record-breaking 16 million

The year 2024 has seen Morocco celebrate a record-breaking 16 million tourist arrivals, surpassing the 12 million mark set in...

Tech19 hours ago

Safaricom Ethiopia launches 4G network in Gambella

Ethiopia’s second largest telecom provider, Safaricom Telecommunications Ethiopia P.L.C., has announced the official launching of its 4G network services in...

Sports20 hours ago

Dumping England for Nigeria the best decision of my life— Ademola Lookman

Current African Men’s Footballer of the Year, Ademola Lookman, has attributed his rise in the football echelon to his decision...

Metro1 day ago

Zambian NGOs rate President Hichilema’s reforms as not far-reaching

Two Non-Governmental Organizations (NGOs) in Zambia, the Transparency International-Zambia (TI-Z) and the Continental Leadership Research Institute (CLRI), have rated the...

VenturesNow2 days ago

IMF, Egypt reach agreement for fourth review of Egypt’s $1.2 billion loan request

Egypt and the International Monetary Fund (IMF) have reached a staff-level agreement over the fourth review of the Extended Fund...

VenturesNow2 days ago

Libya’s eastern govt accepts petrol subsidy elimination

In a recent statement, the eastern government of Libya claimed it had reached a consensus on a plan to eliminate...

Musings From Abroad2 days ago

World Bank suspends loan fees for impoverished countries

To lower borrowing costs for vulnerable nations, the World Bank has announced the elimination of several loan fees. The action...

Politics2 days ago

Mozambique’s top court affirms governing party’s victory in recent election

The highest court in Mozambique affirmed Monday that the incumbent Frelimo party won the October election, sparking widespread demonstrations from...

VenturesNow2 days ago

Nigeria resumes mining in Zamfara state

According to the mining minister, Nigeria has removed a five-year restriction on mining exploration in the northwest state of Zamfara,...

Trending