The head of the Group of 24 countries, Adama Kulibari, called on Tuesday for canceling the debts of poor countries, especially African ones.

This came in a speech delivered by Kulibari, who is also the Minister of Finance of Côte d’Ivoire, during a press conference held by the Group of 24 concerned with international monetary affairs and development during the meetings of the International Monetary Fund in Morocco.

He said that poor countries suffer from a problem in financing their economies, especially African ones. “If we do not find sufficient funding, how will Africa achieve progress?”

He added: “The group needs easy conditions to access international financing, especially since many countries find it difficult to obtain this financing.”

Founded in 1971, the group includes 29 countries, not 24 as it is called, with new members joining.

The members are: Algeria, Côte d’Ivoire, Democratic Republic of the Congo, Egypt, Ethiopia, Gabon, Ghana, Kenya, Morocco, Nigeria, South Africa, Argentina, Brazil, Colombia, Ecuador, Guatemala, Haiti, Mexico.

It also includes Peru, Trinidad and Tobago, Venezuela, China, India, Iran, Lebanon, Pakistan, Philippines, Sri Lanka, Syria; It also includes 4 countries and 11 other international and international organizations as observers.

The value of the external debt of poor and middle-income countries jumped to 8 trillion and 700 billion dollars, which is its highest level ever, according to World Bank estimates.

This year, 91 of the poorest countries in the world will be forced to use 16 percent of their revenues to pay off part of their debts due to the sharp rise in global loan costs, according to the bank.

The annual fall meetings of the World Bank and the International Monetary Fund this year began on Monday, from October 9 to 15, in the Moroccan city of Marrakesh.

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The World Bank’s Board of Executive Directors plans to provide $549 million in financing to increase the use of renewable energy in Turkey.

The World Bank stated in a statement on Wednesday that the “Renewable Energy Project for the Public Sector and Municipalities” will accelerate the use of renewable energy in government facilities and municipal facilities in Turkey.

It noted that the funding allocated within the scope of the $549 million project will contribute to energy security, accelerate the use of renewable energy in Turkey, and fulfill the country’s commitments on climate change.

The World Bank’s country director in Turkey, Humberto Lopez, who devoted space to the statement, said that the project will benefit the Turkish economy and the environment.

He explained that renewable energy in public utilities would help Turkey meet its climate commitments and mitigate the impact of high energy prices on municipal bills.

He stated that “the construction sector is one of the sectors that consumes the largest amount of energy and causes the most carbon emissions, which directly affects the health of citizens.”

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The World Bank on Wednesday approved a $512.2 million loan to Turkey aimed at further strengthening housing and infrastructure against natural and climatic hazards.

A statement issued by the World Bank stated that the loan was provided to finance economic development projects and to strengthen housing to increase their ability to resist earthquakes, climate change and protect lives.

He explained that $338.5 million in funding will be used to strengthen or rebuild families’ homes in order to increase their resilience to earthquakes and climate change.

He added that the remaining amount of $173.6 million will be provided to municipalities to build infrastructure more resistant to earthquakes and disasters.

The statement pointed out that 32,000 people will benefit from the loans provided for the reconstruction or enhancement of dangerous residential buildings, while more than one million people will benefit from the developed infrastructure.

He stated that the project will focus on urban areas in the states of Istanbul, Izmir, Kahramanmaras, Manisa and Tekirdag.

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Gold and the US dollar rose together on Friday in a rare move for two competing assets, amid uncertainty in the directions of the Federal Reserve (the US central bank) during the next stage.

The minutes of the last meeting of the Federal Reserve on June 15-16, published on Wednesday, revealed the division of the Jerusalem Policy Committee over its path in the next stage in light of the increasing inflationary pressures.

According to the minutes, some members of the committee believed that the risks of the repercussions of the Corona pandemic still cast a shadow on the American economy.

Others argue that accelerating inflation necessitates a shift towards tighter monetary policy.

The Federal Reserve has already begun to dispose of its portfolio of ETF bonds, which are worth more than $13 billion.

But he remains committed to the program of buying Treasury and corporate mortgage bonds.

US interest rates and inflation play a decisive role in the direction of the movement of gold and the dollar.

And by 7:40 (GMT), gold prices in spot transactions rose by 0.08 percent to $ 1804.3 an ounce.

And it increased US futures contracts by 0.16 percent to $ 1803.15 an ounce, but the rise of the dollar limits the gains of the precious metal.

The dollar index, which measures the performance of the US currency against a basket of six major competing currencies, rose 0.6 percent to 92.46 points.

On Thursday, gold rose by 0.4 percent in spot trading and 0.7 percent in futures contracts.

Benefiting from the dollar’s decline of 0.1 percent and the decline in US bond yields to the lowest level in four months.

Inflationary pressures support gold prices as a hedge against inflation while losing their luster with the rise of the dollar, as the cost of its acquisition for holders of other currencies increases.

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Crude oil prices moved in a narrow range between low and high on Friday, as it received support from a sharp decrease in US inventories, while it was frustrated by the crisis within the “OPEC +” alliance.

By 7:00 (GMT), the benchmark Brent crude contracts for September delivery were trading at 74.22 dollars a barrel, up 10 cents, or 0.13 percent.

And US West Texas Intermediate crude contracts for August delivery rose 22 cents, or 0.3 percent, to $73.16 a barrel.

The two benchmarks compensated for a loss in early trading by about 0.4 percent for Brent blend, and 0.3 percent for US crude.

On Thursday, crude prices recorded strong gains, reaching 1.5 percent when they settled.

This is after data from the US Energy Information Administration showed a sharp decline in crude and gasoline stocks, by 6.9 million barrels and 6.1 million barrels, respectively.

This sharp decline in US inventories for the seventh consecutive week reflects the increasing demand for fuel with the acceleration of the recovery of the largest economy in the world.

But crude prices are still about three dollars lower than they closed Monday’s trading.

The day it was announced that the “OPEC +” alliance meetings had been canceled after the member states failed to reach an agreement on production policy for the remainder of 2021.

Since then, crude prices have started a strong downward wave, and are heading towards a weekly loss of about 3 percent.

The frustration resulting from the failure of the “OPEC +” meetings is fueling the growing fears of the fast-spreading new Corona mutator, “Delta.”

The “delta” boom prompted many countries to re-tighten restrictions on economic activities, especially on travel.

This is after things were heading towards a near-normal return to passenger traffic during the summer of this year, especially in advanced economies with the progress of vaccination campaigns.​

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The Saudi Electricity Company, the monopoly of service in the country, has signed a green credit facility agreement worth $500 million for 12 years, financed and guaranteed by the Japan Bank for International Cooperation.

According to a company statement on the local stock exchange website on Thursday, the agreement was signed with 8 Japanese banks.

The facilities will be used to finance projects in the field of transmission and distribution networks, linking renewable energy plants and energy efficiency.

And “Saudi Electricity” is 81.22 percent owned by the government, 74.3 percent for the Public Investment Fund (the country’s sovereign fund), and 6.92% for Saudi Aramco.

Last December, the company announced the completion of an international green sukuk issuance worth $1.3 billion.

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Global gold prices rose on Tuesday to a three-week high, surpassing $1,800 an ounce, supported by a drop in the dollar index.

And at (7:25 GMT), the yellow metal rose in spot trading by $ 14, or 0.78 percent.

To trade at $1805.81 an ounce, the highest level since the June 16 session.

And gold futures prices increased from August by $22.7, or 1.27 percent, to $1,806 an ounce.

Gold prices benefited from a decline in the dollar index by 0.37 percent against six major currencies to 92.078.

The market is awaiting the results of the last Fed meeting, in which it expected the start of raising interest rates by 2023, as the minutes of the meeting will be revealed tomorrow, Wednesday.

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IHS Market International Research said that the Purchasing Managers’ Index in the UAE (which monitors the performance of the non-oil private sector) fell to its lowest level in 4 months, in light of the slowdown in the recovery of new orders.

The company added in a report on Monday that the decline was due to the measures related to the Coronavirus and the cancellation of flights, which led to a sharp decline in sales from abroad.

The report stated that the shortage of raw materials hindered the growth of production, and this shortage led to the rise in the prices of production inputs at the fastest rate in three months.

“This prompted companies to increase production prices for only the second time in nearly three years,” the report continued.

On the other hand, expectations of future activity improved for the seventh consecutive month, supporting the first increase in the employment rate since last January.

The report noted that continued uncertainty about the course of the epidemic meant that optimism remained relatively moderate.

The UAE PMI fell from 52.3 points last May to 52.2 points in June 2021.

A rise in the index above the level of 50 points means that there is expansion inactivity, and a decrease below it means that there is a contraction.

According to the report, the production growth rate was unchanged at the end of the second quarter, as the increased activity associated with higher inflows of new orders was often offset by the lack of supply of raw materials.

According to the report, price pressures due to supply problems increased in June, with the latest data indicating the fastest rise in purchase costs in three months.

The PMI is based on five main pillars: new orders, inventory levels, production, supplier delivery volume, and the employment and work environment.

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The group of oil producers “OPEC +” decided on Friday to postpone its meeting until Monday after it failed for the second day in a row to reach a production agreement.

The group said in a brief statement: “The 18th ministerial meeting of OPEC and non-OPEC ministers (OPEC +) has been postponed today, and will resume on Monday, July 5, 2021.”

And on Thursday, the meeting of “OPEC +” ministers began, but they decided to suspend it after talks that lasted for more than 5 hours without reaching an agreement, which was repeated today as well.

The postponement of the meeting for the second day in a row reflects the depth of differences between the group’s countries regarding oil production policy during the next stage.

This is at a time when global markets are facing an increase in demand and a shortage in supply.

And the US agency “Bloomberg” quoted sources in the group as saying.

The main reason for its failure to reach an agreement “was the UAE’s opposition to a Russian-Saudi proposal to gradually raise production.”

According to the agency, the proposal provides for “a monthly increase during the period from August until the end of 2021, at a rate of 400,000 barrels per day each month.”

The proposal also provides for “extending production restrictions in force from April 2020 until the end of 2022, instead of the end of next April, as stipulated in the original agreement.”

And according to “Bloomberg”, the UAE “demands to raise the baseline of production on which the coalition is based in calculating its share of the cuts.

And to reach 3.8 million barrels per day instead of the current baseline of 3 million and 150 thousand barrels.

Raising the baseline means allowing the UAE to pump more crude oil into global markets.

Oil-consuming countries, led by India, the third-largest consumer of crude in the world, are calling on the “OPEC +” countries to pump more crude into the markets, with the acceleration of the global economic recovery from the repercussions of the Corona pandemic.

Consumer countries believe that withholding millions of barrels of oil from the market, and prices exceeding the $75 barrier, will increase inflationary pressures and impede global growth.

In May 2020, the “OPEC +” countries began unprecedented production cuts by 9.7 million barrels per day, which constitutes 10 percent of global consumption of crude.

Since then, those cuts have been scaled back, down to the current 5.8 million barrels per day.

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Rare stamps remain a favorite of collectors, and the “Mauritius Red” stamp for sale by an auction house in Germany found a buyer for 85 million lire.

Gartner Auctions in Ludwigsburg, Germany have offered the rare stamp for sale at public auction.

The auction started with 42 million pounds, as the red stamp and one of the most expensive postage stamps in the world was purchased for 85 million pounds, and the identity of the new owner of the stamp was not revealed.

There are only 3 in the world

The special stamp red was first used on an invitation envelope sent for a fancy dress ball, while there are 3 of these cutest stamps in the world.

One of the other two envelopes not sold is a Queen of England II stamp, and the other is in the British Library in London, England.

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