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Africa: IMF to African Oil Exporters - Create Fiscal Buffers Now
Vanguard, 21 December 2022
The International Monetary Fund, (IMF) has advised oil exporting countries in Africa to, as a matter of urgency, create fiscal buffers, against possible future oil price falls. Read more »
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Africa: Savings From Oil Revenues Could Help Africa's Producers Manage Price Swings
IMF, 19 December 2022
Buffers insure against volatile crude prices and lower debt risks Read more »
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Africa: Namibia, Senegal Join African Petroleum Producers Group
The Exchange, 9 November 2022
Namibia and Senegal have become the latest members to join the African Petroleum Producers' Organization Read more »
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Africa: Oil Exporters Make Markets, Not War
IPS, 1 November 2022
The decision to cut oil production by the Organization of Petroleum Exporting Countries (OPEC) and its allies as of Nov. 1 comes in response to the need to face a shrinking market,… Read more »
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Africa: Opec+ Oil Cuts - A Mixed Bag of Fortunes for African Economies
The Exchange, 1 November 2022
The decision by the Organization of the Petroleum Exporting Countries and allies (OPEC+) to steep oil production cuts, has shoved the energy market in a conundrum that could very… Read more »
IMF Tasks African Oil Exporters to Save Against Price Swings
The International Monetary Fund (IMF) has advised oil exporting countries in Africa to, as a matter of urgency, create fiscal buffers of between 5% and 10% of gross domestic product (GDP) to manage a possible downward pricing of oil in the future.
For many countries, this means they will need to maintain annual fiscal surpluses of up to 1% per annum over a 10-year period. However, the IMF said that most oil exporters in the region hadn't accumulated enough savings to insure against unpredictable oil price changes.
The organization also warned that as countries move away from oil to clean energy, African countries that currently depend on oil revenue as their economic mainstay, could run into serious financial problems as oil revenue declines. The IMF tasked oil exporters in the region to build buffers to help them cushion the effects a cleaner adaptation would have on the oil industry.
InFocus
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The European Union (EU) and its development finance institutions will provide Nigeria with U.S.$1.3 billion to help the country diversify its economy away from oil. According ... Read more »
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The United Nations and partners have launched two new initiatives to accelerate action towards achieving clean, affordable energy for all, and the ambitious goal of net-zero Read more »
