Ah, no, without his era, these are top stories. Chinese communist party has begun. Its congress against a backdrop of mounting challenges. The well 2nd biggest economy for some reason being is delivering the opening address in beijing. He said the event is happening at a critical moment. For china chem, in fiji, we have pursued reform at a swift and steady pace. I made solid progress and developing a peoples democracy and advanced law based governments across all fields of endeavor. We have developed an advanced socialist culture and have ensured improved public well being as a matter of priority and pulled resources to wage a battle against poverty. Anger at the political and economic situation. And she nidia has grown into major protests. Thousands turned out on saturday as wyvil opposition groups held parallel. Ronnies against president chi said theyve been turkey a morning. The deaths of 41 coal miners who were killed in an underground explosion on friday night. President jap, type around, visited the site and met survivors. And bowed to bring an end to mining accidents, send him car. So glue has more from amazon. Its been a very tough day for the family then for the with the last night. I finally the last buddy of the work who was found in prisons. Ardon announced that i had been found and evacuated from the side for 4 to one people. Most of them have been very sick this morning and the families are very upset. They dont want to talk the press, we try to get in touch with them. Russia says, 11 people have been killed in a shooting at a military Training Ground in belgrade, near the crane border. As, as the assailants are from an unnamed format, soviet nation or some forces of bond, a number of times we capture by ukrainian troops incur son, Ukrainian Military toll down desert. It suspects the russian attacks are to secure air defense points and ammunition depos, but not to advance. Aarons government says a fire that broke out at even prison into iran has been brought under control. Gunshots will also heard video showed smoke rising from the prison. If they know with all the headlines counting, the cost is next becoming a Living Legend that a young age was simply not enough. He transformed his influence on the pitch in the political clout that brought peace to the ivory coast hosted by eric confidant, football rebels. The life of did yet drop by the football who succeeded with politicians at north da da drop by the ivory and civil war on al jazeera. I hello, im hasnt seeka. This is counting the cost on edge ozetta. Your weekly look at the world of business and economics. This week, it was seen as a slap in the face to president biden. Opec plus is moved to cut oil output has drawn angry criticism from washington. Why did they do it . And how will a u. S. Respond also this week, the worlds financial fire fighter, a few people like its harsh lending conditions. We look at the role of the International Monetary fund in his gloomy Economic Times isnt losing relevance. And while some african countries arent ready yet to let go of fossil fuels, others are turning to Green Energy Sources to lower their carbon footprints. Ah, of months President Joe Biden has lobbied saudi arabia and the other Oil Producing countries to help ease Energy Prices by pumping more oil into the market. But in a major policy reversal opec plus that includes russia, decided to cut output by 2000000. 00 barrels a day in november. The u. S. Is calling the decision short sighted. It is accused the kingdom of siding with moscow, which relies heavily on its oil revenues. Opec plus says the move is purely economic, a response to uncertainty about future demand for oil. Our priority now is stabilizing market. Now, we could be accused of wanting to influence market in negative way. Everybodys broke, if well and others. Well see how we conduct our sales in the months to come. A biden has vowed what he calls, consequences, full saudi arabia over the opec plus decision to slash output. It is the biggest reduction by the group since the height of the pandemic in 2020. But actual costs are likely to be smaller because many opec members arent meeting their targets. The price of a ballad brent crude jumped to more than 93. 00 after the announcement last week. It was on a downward trend in late september from highs of about 130. 00. The u. S. Has pledged to release 10000000. 00 barrels from its stockpiles next month in an attempt to Keep Oil Prices down. And the u. S. Is considering steps to reduce opecs control over Energy Prices. Include the no Oil Producing and exporting cartels or no peck build. Its meant to protect American Consumers and businesses from engineered oil spikes. Its been debated for more than 2 decades in a Senate Judiciary committee passed it in may, but it needs to pass the full senate and house and signed by the president to become a law. The bill would enable us to revoke the sovereign immunity, which protects ok, plus members, and they are National Oil Companies from losses. The u. S. Attorney general would have the option to sue the oil Cartel Members in federal court. So to discuss all of this, im joined now from new york by antwan, how former chief oil analyst at the International Energy agency. And currently an Adjunct Senior Research scholar at the center on Global Energy policy at columbia university. And the co founder and chief or analyst at k ross. Good to have you with us. So im opec, and now the o. Thank plus alliance has never cut out. Put this much in this quickly. Why now it might seem surprising. Its a much more proactive cast than weve seen in the past. If you look at her satellites or imaging over inventories today, theres no sign of overhang. Theres no, all the supplies there. Oh, stuck have been fairly flat for the last few weeks. But i think this concerns that they are going to increase. Theres concerns about the looming we session. And the fact that stops up in flood might be seen as a warning signal because normally stocks globally tend to decrease in september in october. So its, its somewhat surprising its, its unusual for opec to cat supply in the, in the face of a recession. Typically the language is more that the opec is willing to take a price cut to have the economy. But its understanding, and i think most people who are watching balance is supplied in my balances. Were expecting a fairly significant cut, obviously is taken. The u. S. Government by supplies for our pike passed says its trying to get ahead of the curve. But are there any indications of. 5 a slumping demand and how soon could that happen . Theres clearly severe impacts from the, the ruddy in that for gas prices and the, and the constraints on the gas market. If you look at industrial, the activity in europe, in germany and other countries in europe, theres been a very sharp decline in activity on see man cadence on most didnt is on the consumer side on the oil side. Specifically, the impact is less flagrant. Right now. Theres been a bit of a lack of a boost in demand in the summer. For example, the summer driving demand in the us in europe with a weak airline demand is due to very, very, or diminished. And they all concerns looking forward. So they are, they are sudden the expectations of a decline. Its a hasnt really materialized in the oil market as much as in other aspects of the energy spectrum. But theres concerns about future contraction. Thats for sure. But the cuts are likely to be less than 2000000. 00 barrels, because many countries are meeting output targets. So how effective is this rock reduction going to be on prices then . Yeah, nobody expects 2000000. 00 obviously in it is to me on paper. In fact, case is going to be less than 1000000. 00 expectations very from 700. 00 to 8900000. 00. But that, thats going to be less than the this. The shock at the shock value, the sticker shock of the 2000000. 00 is not going to be mass in practice. And if you look at the market reaction, the price does not increase so much. So i think the market participants, ive had a comfortable that the, the, the market can take these kind of get an, a u. S. Is accusing saudi arabia siding with russia in, in making this decision. So how much would these cuts then benefit moscow . Well, any case this is beneficial to moscow because theres a reduction in export. So even if theres no reduction in exports to price increase, we obviously have moscow maintain export revenue and finance. Its worth it. So theres obviously concerns there. And the russian economy has got the resilience 2 sections that hasnt been cut ups in the, in the, in the russian economy. But the size of fiction, of tension. And i think over time mosque was clearly going to feel the impact of sanctions and of the impact of its worth it on his own budget. And the usaa saying that it could release oil from its National Stockpiles as appropriate. It says, but how much could they release and how much of a difference is that going to make them prices where the u. S. S. P r is to very large, is the last us in the world, and theres a significant for drawing capacity in the u. S, the u. S. Has been drawing on its on this reserves and has accelerated the pace of these talking at the s p r since march. I think that was a great decision mister the count, the mark. Ready when the market was concerned about an abrupt stop in the, in the question supply with that actually was, did not happen. And probably the u. S. Should that stuff have been more as i in adjusting in the pace of the stocking . Of course, from the earlier on. Now the s p r cathy is completely offset by dia, the opec production cut. The s p r releases is completely offset the us obviously it has the option of increasing the pace of the stocking. I dont think it would be necessarily a wise idea. It would deplete the reserve and it would not really serve any purpose. Not bring any benefit right now, but its an option if the market gets too tight and no peck bill, the so called no peck bill thats being considered in the, in the us right now. Could that, could that become a law and i mean what, what difference will it make . I mean, is, is it going to affect opecs dominance on the, the Energy Prices isnt. Theres clearly an apple in washington, a sense of her to sense of pain or an eagerness to examine what kind of policy to what kind of measures could be taken to express displeasure. And no back is, it is one of those tumors its, its a bit ironic because it just 2 years ago, everybody in the u. S. Was begging opec to catch apply from the president to, to producers, to local authorities. And was willing to participate in the supply in the supply cuts at the height of the could be panoramic. So i dont think based on this recent experience that the, that the legislation has any legs, but it certainly can be a nuisance, can be a distraction. And can, can, in, can be an irritant in the relationship, and theres a strong likelihood that this is going to be a sustained interest in reviving this piece of a decision. What other options does the us have if any, at this point to, to get what price is down, where to get all places done, it doesnt need to really bring them down in a big way that could suddenly increase the s p. All the good. Theres no the industry could pick up the pace of fucking in the shade touch and there could be an effort to, to bring supply from areas that have been restricted like been is where the like you on. And i think its no coincidence that we have some interest in trying to leave the foot on the pedal or business within sections of the money and negotiations are continuing. And theres now some strong interest on the market sense in bringing them to fruition. All right, anton house. Good to get your analysis, thanking me, but i, the International Monetary fund is often called the lender of last resort. Countries look to it for Financial Assistance in times of crisis. It was created more than 7 decades ago to promote economic stability. After world war 2, but the world has changed a great deal since then. And now the pandemic as well as the war in ukraine are threatening Economic Conditions around the world. Its leading many people to question the i m. S. Relevance in 2022. A critics have taken aim at its demand for reforms and austerity in exchange for bailout loans for many countries at risk of defaulting on that that are still seeking financial help from the i. M. F. Pakistan has political turmoil and devastating floods to deal with. They just secured a loan of around 1000000000. 00. Sri lanka is close to finalizing almost 3000000000. 00, while egypt is also in talks for a new loan. And lending programs are expected to increase as the i m. F paints, a gloomy outlook for the global economy. The institution has cut Global Growth for cost the next year to 2. 7 percent, and warns the worst is yet to come. In many blames rushes invasion of ukraine. The cost of living crisis and chinas economic slowed down for the downturn. The m. F predicts the worlds output will shrink by 4 trillion dollars between now and 2026. That is almost the size of the german economy. More than a 100 nations requested bailouts from the i m f. More than 2 years ago at the height of the cobra. 1900 health crisis. And the institution has around a 140000000000. 00 in our standing loans to 44. 00 member countries. Argentina is the biggest data with a total outstanding amount of more than 42000000000. 00, followed by egypt that around 17000000000. 00. The m. S. S. 60 percent of low Income Countries are now at high risk already in debt distress, and a growing number of middle Income Countries of suffering from High Debt Service birds. The u. N. Estimates 54 countries. Thats more than half the worlds poorest people need immediate debt relief to avoid extreme poverty. For washington d. C. Im joined now by scott morris, senior fellow at the center for global development. Good to have you were to scott. So 1st off we lanka pockets on are among the did the countries facing debt distress. What is that . What has led us to this point with them . Well, i think you have a very difficult combination of factors for both countries and some of them, hong grown in terms of their own policy decisions, frankly, entry long because case really, you know, really deep problems in governance to some degree with pakistan as well. But frankly, also Global Forces that are in play right now that are exacerbating the situation. Rising Interest Rates, the ongoing effects of the pandemic. So it really is this confluence of forces that are, that are hitting both countries very hard and all the i m f loans helping countries like this or do they make things worse . Well, you know, to some degree, i think the mouth gets a Bad Reputation in part because it does show up at times when countries are pe seem there, there were situations in terms of crisis. But on the other hand, i think there is a long history of the i am not always getting things right in terms of the judgment they make. And i think you know this, this can happen in a couple of different ways. One, i think there have been periods where the i am has in those conditions on their loans that are more harms and help too much austerity in some situations. Too much reach into the Decision Making of the government across a wide range of issues. There are also times, frankly, when the, i enough, its too easy and here i think that applies more to the position of other creditors to these countries where the i and that allows the creditors, you know, too much position in the bargaining. Because oftentimes with these countries need, certainly if we look at re longer right now, their creditors are going to have to take care cut. Theyre gonna have to write down some of those that. And the in the plays an Important Role in helping navigate that situation. Making sure that everyone is bearing a fair share of the cost of working out of these crises. So do you see the i am if adapting its approach at all to the current circumstances. So we look back to 2020 and the the panoramic as a trigger for a lot of economic problems in the world. You know, the, i really did step up, they, they, they opened their, their lending windows. They did it quickly with low conditionality. So we saw a lot of money flowing out of the institution, but frankly, since that time we, we havent seen that kind of stands from the Foreign Countries have, has not been been borrowing. So it remains be seen. I think we, you know, these 2 countries that you named are probably on the front end to frontage of what will be a growing number of countries and crisis. And it really will be important to see how the response will they provide quicker access to their money. Will they set aside traditional conditionality to ensure that countries have the financing that they need to, to, to whether thats crisis. Now there are a number of countries in the world that are facing some level of debt distress. Do you think the i m f is doing enough to help the global south . I think to their credit, you know, theyre showing signs of preparing. So theyre creating new, new lending windows, some focused on Food Security, distress right now, which is, is, is certainly laudable. Theyve created a new Resilience Trust fund. So all these trust funds theyve been spending time setting up, but we havent seen them perform yet. And these are, they are particularly targeted low Income Countries because if they are tapped, they offer much easier terms. Financial terms, very low Interest Rates. But we just dont, we havent seen yet large volumes of fund flowing out of these facilities. And i, i think the real test will be one of scale. As you say, we are likely to see significantly a larger number of countries, many of them among the poorest countries in the world. And you know, for, for a large number of these countries, you know, this truly is a shock that is not of their own making. Whether its the Food Security issues associated with the war and ukraine, ongoing issues and the pandemic. None of these things were problems created by these countries or their governments. So, you know, the issue around conditionality is, is, is a key one here. This is not, not necessarily the moment to try to leverage policy reforms in these governance when theyre trying to deal with crises that were not of their own making. And of course, each country has its own monetary policies dealing with its own set of challenges. But do you think the i m f is doing enough to promote the stability of the, of the International Monetary system as a whole . Yeah, well, this is a key question right now. And this has more to do with the relationship with its rich country members. So obviously theres a lot of attention on the Federal Reserve here in the u. S. And their actions, which are guided by domestic requirements and domestic law. But clearly there are ramifications and significant negative ramifications for other countries in the world, in terms of the Interest Rate of facts. So what we would like to see, what we want to see is, is coordination between the u. S, between european governments and the im out on ways in which they can deal with this Collateral Damage for other countries. And weve seen that impacts prices on the Federal Reserve has opened swap lines with other Central Banks in the world. I think, you know, that is in coordination with the i and that, and im wondering china today we, weve seen them at least put on the offer of these kinds of swap line from their central bank. Its not clear yet if the terms of that offer are flexible enough for countries to make use of them, sri lanka was one case where there was a swap line open with china. But the, you know, the president ial standards of that arrangement were too, too rigid in a way that trail longer could not make use of it before the default. Scott morris could to get your perspective. Thank you. My pleasure. Now the race to green energy is going to fast for some oil which developing nations, nigeria is africas biggest exporter of oil, and it isnt ready to let go. Its huge reserves that have fueled its consumption and Economic Growth for more than half a century. Just as many dream reports from port harcourt. This of show rig pumps, oil and gas, off the cost of many jerry and for more than 60 years, petroleum has been the pillar of its economy. And for men, here, life without oil, is simply unimaginable. We know for sure that even by 2050 i wasnt where i was still account for my 50 percent of energy and production in you will not be that wasnt well is not going to go away, but to going to be combated too much. Martina enough . Well, and thats really our focus. Petroleum contributes more than half of nigeria budget, and more than 90 percent of its forwarding. Its jeff jennings, experts say ditching it could devastate the economy. The world banks has 9 years dependence on oil is greater than that of many other major producers. More than half of africa, 1300000000 people have no access to power. Here in the figure is more than 45 percent of vicious. Yes. And they want to increase access to electricity, especially by holding the countries portland gases also fitting coverage growth. Industry experts say africas oil will still find a ready market on the continent. Even if the rest of the world shut its doors. Africa needs energy. We are not selling energy outside because we dont need it. We are selling energy else i because we, i miss, we have misplaced priorities. Nigeria wants to be seen as playing it to fought in reducing global warming. 2 years ago, the government declared print to 20. 00 to 2030 as a decayed of gas, a 10 year period to shift focus from oil, and more to natural gas as a cleaner transition fuel. But that doesnt mean the country will abandon its 37000000000 barrels of crude oil reserves. Altogether a kenya is making major changes to its Energy Supply system. The country is now harvesting geothermal, steam consultants on the projects they will cut Greenhouse Gas emissions, but also lift millions of people out of poverty. Katherine sawyer reports from the all cardiac power plants in nova last love immense hits dot dozens of vents in the great rift valley. The steam is so hot, you can boil an egg in it to appreciate the power of this heat. There is no, were better to look the northwest of kenyas capital nairobi. This energy is coming from the off and its essentially limitless. Anom one is exploring for new geothermal drill sites for the countries. Electricity Generating Company is producing 962 megawatts of power, but could do a great deal more fantasy harnessing gill samo power for electricity is simple. Theme from the ground on a channel line, and the steam lines and not offline. And thats seen, of course, the 2 separate federal where the liquid face, if they can inject it back into the ground. And the theme dr. Seem hes picking up off and runs the top by General Electric kenya derives most of its energy from clean forces. It has some of the worlds largest, your thumb, were wells and plants. It is also the largest producer of wind and Geothermal Energy on the continent. I think africa stands out now as a viable option to bring about the change so that africa will make the, the necessary contribution to green me the environment. And thats why you find Major Economies having an interest in chaos specifically and in africa basically to invite the facts of what is happening elsewhere in francis korea, he was recently connected to the greed through a Rural Electrification program, sat on them, one guy. Now we have light, we also have fewer cases of test at night, but there are still people in darkness. We need to light up the entire village. In most parts, people are now enjoying the benefits of renewable energy. Many kenyans are connected to the national green, while others have installed wireless system. The government says it wants to ensure every home has electricity in the next 10 years. The idea is, and its schools is not just to live top the country, but the whole continent. And that is our show for this week run by you can get in touch with us by treating me as has a speaker, and do use the hash tag a speak and see when you do or drop an e mail, counting the cost as just the dot net is our address, as well for you online at as in a dot. Com slash ctc. That will take you straight to our page, which has individual reports, link an entire episode for you to catch up on that is it for this edition of counting . The cost hasnt speak from the whole team. Yes, thanks for joining us. The news on it is next the ah, ah. The Chinese Communist party holds it. 20th congress. Delegates will meet to discuss constitutional change, economic challenges, and Foreign Policy with president gene pain likely to secure at that time. Will he be given even more power to pursue his vision for the future . Follow the story on al jazeera. Ah