Jakarta, April 18 (IANS) The International Monetary Fund (IMF) has called on the Philippines to adopt a more targeted fiscal response to its ongoing energy crisis, warning that limited budget buffers constrain the government’s ability to provide broad economic support, especially to the vulnerable sectors, local media reported on Saturday. According to local media reports on Saturday, Krishna Srinivasan, director of the IMF’s Asia and Pacific Department, said at a press conference recently that …
Latest Energy Crisis News & Updates
Washington, April 15 (IANS) The global economy is facing a sharp slowdown and rising inflation risks as the war in the Middle East disrupts energy supplies, the International Monetary Fund (IMF) warned on Tuesday, signalling heightened uncertainty for policymakers and markets.Presenting the latest World Economic Outlook, IMF Chief Economist Pierre-Olivier Gourinchas said the conflict has “halted” earlier growth momentum and raised the risk of a major energy shock, with oil and gas prices sur…
Antananarivo, April 8 (IANS) The Malagasy government declared a state of energy emergency across the entire territory for a period of 15 days to address a major energy supply crisis currently affecting the country.According to a presidential communique, this situation is attributable in particular to the repercussions of the conflict in the Middle East, which have disrupted energy supplies and public services in Madagascar.The government said that this state of emergency would allow for the impl…
Cairo, April 5 (IANS) Egypt’s Ministry of Electricity and Renewable Energy announced price hikes for commercial and residential electricity consumption effective this April, citing the global energy crisis triggered by the US-Israeli conflict with Iran. In a statement issued late Saturday (local time), the ministry said that the current “acute and unprecedented global crisis” across all energy resources, caused by the ongoing war in the Gulf region, has necessitated price increases for certain c…
New Delhi, April 3 (IANS) Pakistan’s LNG supplies are expected to fall to near zero from next month, removing a source that contributes more than one-fifth of total power generation, while coal availability is also under pressure, jointly affecting close to 30 per cent of supply, an article in the local media said.The fallback option, furnace oil, comes at a steep cost, with generation expenses significantly higher than gas or coal-based alternatives. These are structural shocks that no policy…
Belgrade, March 30 (IANS) Serbian President Aleksandar Vucic announced on Monday that he has secured a highly favourable extension of natural gas supplies from Russia following a 50-minute phone conversation with Russian President Vladimir Putin, while also warning Europe of a potential energy crisis. Speaking at a press conference in Belgrade, Vucic said the new agreement extends Serbia’s current gas contract by an additional three months under existing below-market terms, Xinhua News Agency re…
New Delhi, March 24 (IANS) Prime Minister Narendra Modi on Tuesday said that as the West Asia conflict continues to escalate, it is essential that a “united voice of peace and dialogue” emanates from the Indian Parliament to the entire world. He said that India’s aim is to restore peace in the region through dialogue and diplomacy.Speaking in the Rajya Sabha on the ongoing West Asia conflict, PM Modi said, “We all are aware of the West Asia conflict… This conflict has been ongoing for over thr…
New Delhi, March 23 (IANS) The International Energy Agency (IEA) chief Fatih Birol has warned that the global economy is facing a major threat due to the energy turmoil due to the escalating Middle East tensions.The IEA chief said the current situation in West Asia poses serious risks to economies worldwide.The global economy is facing a major, major threat today, and I very much hope that this issue will be resolved as soon as possible, Birol said while speaking at a media event in Australia. T…
Seoul, March 21 (IANS) South Korea is in close talks with countries, including Iran, to ensure a swift normalisation of the Strait of Hormuz after Tehran said it is ready to allow Japan-bound vessels to pass through the sea route virtually closed in the wake of the Middle East crisis, a foreign ministry official said on Saturday.”The government is closely monitoring developments in the Middle East while exploring ways to protect our citizens and secure energy transport routes,” the official said…
Thiruvananthapuram, March 21 (IANS) Kerala Chief Minister Pinarayi Vijayan on Saturday launched a sharp attack on successive central governments led by the Congress and the BJP, holding their policy decisions responsible for the country’s worsening energy crisis. In a strongly worded statement, Vijayan alleged that policies shaped under American influence over the years have undermined India’s long-term energy security.He said the ongoing conflict in West Asia has only aggravated the situati…