major personnel changes in china, the personality of different leaders at different levels to have major impact among those on their way out of premier leeker chung, who manages the world's 2nd largest economy and lo, her president, she's top economic adviser both as seen as pro market reformists it's hard to say who could step in to fill those shoes, decision making for the leadership reshuffle a made behind closed doors, but many political and let's believe incoming candidates will be she lawyer less with a more state driven economic approach. another question is whether the re show for war, throw up any potential success or to she can pick some fear. the president's consolidation of power may divert attention away from the most pressing problem. jayden went, is the economic problem seems to have been cast aside. beijing is now focusing on the power shift on the establishment of a totalitarian system. i believe china's economy in the long run will find it

difficult to escape from the prospect of recession, treading the willows. to prevent that from happening and over all of china's covert 19 policy could be crucial, but there's little indication as it stands of any significant change. patrick, fog, al jazeera beijing. ah ha, again, i'm fully battle with the headlines on al jazeera, at least 40 people have been killed during an explosion at a turkish coal mine. a rescue operation continues for one person still trapped in the black sea town of a master officials in nigeria. here they are struggling to get food and fuel to areas affected by the west floods in a decade. more than 500 people have died and about 90000 homes are under water. 27 of nigeria is 36 states have been hits. the u. k is new chance there is warning of difficult decisions ahead,

including an increase in taxes. prime minister list trust her satcher, previous chancellor and ditch her new government. her government's economic strategy under simon says more from london. he's been pressured on what he thinks of his new ball slot. so really the main issue list truss in a desperately a difficult situation. no question marks over whether she could go in the coming days. he has stayed around that sir, a quite diplomatically, and basically said she needs time. he says that the true test of all of their policies will come up probably in 2024 when there's a scheduled general election. although some people are saying, particularly the labor party and opposition, the should be an election right now. a ukrainian official says, russia's call for people to flee the course on reaching amounts to deportation. not evacuation as kremlin appointed leader has been urging people to get outstanding. it's because of daily walk it attacks by ukrainian troops which keep denies.

thousands of students and parents in hungary have rallied in support of striking teachers. they're demanding higher wages and are calling for civil disobedience. and the opposition national salvation fund. indonesia is protesting against deteriorating political and economic conditions. crash gathered in the center of the capital tunis. their leaders have called on them to reject next years legislative elections. those are the headlines on al jazeera coming up next year. is counting the cost. which side is winning chaos or control? i what does the new forever proxy war mean for america and nato? as long as americans keep consuming? prices are going to keep going up. why didn't joe biden see inflation comics? how did we get so much wrong? the quizzical look with us politics, the bottom line. ah,

hello, i'm hasn't seeka. this is counting the cost on edge, your weekly look at the world of business and economics. this week, it was seen as a flap in the face to president biden. opec plus is moved to cut oil output has grown angry criticism from washington. why did they do it, and how will us respond? also this week, the world's financial firefighter, a few people like it's harsh lending condition. we look at the role of the international monetary fund in his gloomy economic time, isn't losing relevance. and while some african countries aren't ready yet to let go of fossil fuels are, those are turning to green energy sources to lower the carbon footprint. ah, of

a month 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 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. everybody's broke, we'll and others, we'll see how we conduct our sales in the months to come. a button has vowed what he calls, consequences for 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 aren't meeting their targets. the price of about 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 opec's control over energy prices. include the know oil producing and exporting cartels or no peck built. it's meant to protect american consumers and businesses from engineered oil spikes. it's been debated for more than 2 decades in a senate judiciary committee passed it in may, but in the past the full senate and house and signed by the president to become law . the bill would enable us to revoke the sovereign immunity,

which protects opec plus members and their national oil companies from lawsuits. the u. s. attorney general would have the option to sue the oil cartel members in federal court. so to discuss all of this, i'm 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 i'm opec, and now the own thank plus alliance has never cut out. put this much in this quickly. why now it might seem surprising. it's a much more proactive cast than we've seen in the past. if you look at her satellites or imaging over inventories today, there's no sign of overhang. there's no, all the supply to the stuff. have been fairly flat for the last few weeks. but i

think this concerns that they are going to increase. there's concerns about the looming we session. and the fact that stops, i've been flat, might be seen as a warning signal because normally stocks globally tend to decrease in september in october. so it's, it's somewhat surprising it's, it's unusual for opec to cat supply in the, in the face of a recession. but typically the language is more that the opec is willing to take a price cut to have the economy. but it's understanding, and i think most people who are watching balance is supplied to my balances. we're expecting a fairly significant cut, obviously taken the u. s. government by supplies. opec past says it's trying to get ahead of the curve. but are there any indications of. 5 a slumping demand and how soon could that happen? there's clearly severe impacts from the, the rally in natural 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, there's been a very sharp decline in activity on seaman. it's fun most didn't is on the consumer side. on the other side, specifically, the impact is less flagrant. like now there's 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. it's a hasn't really materialized in the oil market as much as in other aspects of the energy spectrum. but there's concerns about future contraction. that's for sure. but the cuts are, 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 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, that's 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 has not increased so much. so i think the market participants, i've had a comfortable that the, the market can take this 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 there's a reduction in export. so even if there's no reduction in export to price increase, we obviously have moscow maintain export revenue and finance. it's worth it. so there's obviously concerns there. and the russian economy has got the resilience 2

sections that hasn't 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 it's 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 with the u. s. s p r is to very large, is the largest in the world, and there's a significant for drawing capacity in the u. s. the u. s. has been drawing on it's on this reserves and has accelerated the pace of these talking of the s p r since march. i think that was a great decision, mr. the can't the market when the market was concerned about in the bus 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 account is completely offset by the opec production cut. the s p r releases is completely offset the us obviously it has the option of increasing the base of the stocking. i don't 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 it's an option if the market gets too tight and there's no peck bill, the so called no peck bill that's being considered in the, in the u. s. 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 opec's dominance on the, the energy prices isn't. there's 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 2 was is, is 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 don't 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, can be an irritant in the relationship, and there's 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 an oil prices down where to get all places done, it doesn't need to really bring them down in a big way that could suddenly increase the s p. all the good. there's no the industry could pick up the pace of fucking in the shade patch and there could be an effort to, to bring supply from areas that have been restricted like venezuela,

like you on. and i think it's no coincidence that we have some interest in trying to leave the, the foot on the pedal when is when in sections the iranian negotiations are continuing and there are some strong interests on the market sense in bringing them to fruition. all right, anton house. good to get your analysis. thank. he added 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. it's leading many people to question the i m. s. relevance in 2022. the 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. a lending programs are expected to increase as the i m. f paint's, 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. it may need blames rushes invasion of ukraine. the cost of living crisis and china's economic slowdown for the downturn. the i'm f predicts, the world's 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. 900 health crisis. and the institution has around a $140000000000.00 in our standing loans to $44.00 member countries. argentina is the biggest that there was a total outstanding amount of more than $42000000000.00 followed by egypt at 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 are suffering from high debt service. birds. the u. n. estimates 54 countries. that's more than half the world's poorest people need immediate debt relief to avoid extreme poverty. for washington, d. c. i'm joined now by scott morris, senior fellow at the center for global development. good to have you were to scott . so 1st off, we, lank pakistan 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. some of them home 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, i am out gets a bad reputation in part because it does show up at times when countries are pay

seem they're, they're worth situations in terms of crisis. but on the other hand, i think there is a long history of the, i'm 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 iron 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, it's too easy and here i think that applies more to the position of other creditors, the 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 cuts. they're 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 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 haven't seen that kind of stands from the foreign countries have,

has not been in borrowing. so it remains be seen. i think we, you know, these 2 countries that you named are probably on the front angel frontage. what will be a growing number of countries in crisis. and it really will be important to see how the response will they provide quicker access to their money. well, they set aside traditional conditionality to ensure that countries have the financing that they need to, to, to whether that's 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, they're showing signs of preparing. so they're creating new, new lending windows. some focused on food security. distress right now, which is is, is certainly laudable. they've created

a new resilience trust fund, so all these trust funds they've been spending time setting up, but we haven't 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 don't, we haven't 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 it's the food security issues associated with the war and ukraine. ongoing issues of 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 they're trying to deal with prices 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? well, this is a key question right now. and this has more to do with the relationship with its rich country members. so obviously there's 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 i'm out on ways in which they can deal with this collateral damage for other countries. and we've 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 i'm wondering china today we, we've seen them at least put on the offer of these kinds of swap line from their central bank. it's 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 presidential standards of that arrangement were too, too rigid in a way that 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 africa's biggest exporter of oil, and it isn't ready to let go. it's huge reserves that have fueled its consumption and economic growth for more than half a century. just as many dream reports from port hawk or this off shall rig pumps, oil and gas off the coast of nigeria. for more than 60 years, petroleum has been the pillar of its economy. and for men, here live without oil, is simply unimaginable. we know for sure that even by 2050 i wasn't where i was still account for my 50 percent of energy and production into would not be that wasn't well is not going to go away, but to going to be combated to much more cleaner enough. well,

and that is really our focus. petroleum contributes more than half of nigeria budget, and more than 90 percent of its sporting it's jennings, expert, se, ditching, it could devastate the economy. the world banks has 9 units 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 australia, the figure is more than 45 percent averages. yes. and they want to increase access to electricity, especially by holding the countries portland gas was also getting coverage growth. industry experts say africa's 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 don't need it. we are selling energy also because we are miss, we have misplaced priorities. nigeria wants to be seen as playing it to pot 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 doesn't mean the country will abandon it's 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 project site will cut greenhouse gas emissions, but also lift millions of people out of poverty. katherine sawyer reports from the old cardiac power plant in neva, blasts of immense heat 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, we're better to look the north west of kenya's capital nairobi. this energy is

coming from the off and it's essentially limitless. anom one g is exploring for new geothermal drill sites for the countries electricity generating company. it is producing $962.00 megawatts of power, but could do a great deal more. santi, c, harnessing geothermal power for electricity is simple. there steam from the ground is one if i know of him a steam lines and the steam lines and up in up our place. and that steam, of course it is separated where the liquid face ice, the can injected back into the ground. and the steam dry steam is thick into a power plant and runs at out by generating electricity can yet derives most of its energy from clean sources. it has some of the world's largest geothermal wealth 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 greeny, the environment. and that's why you'll find major economies having an interest in, in, in, in canyon specifically. and in africa, basically, to hurry vos, the effects of what is happening elsewhere. you 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 is told us system. the government says it wants to ensure every

home has electricity in the next 10 years. the idea is, and it school 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 tweeting me as has a seeker and to use the hash tag a see to see when you do or drop us an email, counting the cost at as just the dot net is our address, as well for you online at as in a dot. com slash ctc. that'll take you straight to a page which has individual report links, an entire episode for you to catch up on that is it for this edition of counting? the cost hasn't speak from the whole team. yes, thanks for joining us. the news on it is next. the indonesia, your investment destination, the world's 10th largest economy,

is busy transforming, ready to beat your business, partner with a robust talent pool, politically and economically stable and strong policies. being the powerhouse indonesia is confirmed by the g. 20 presidency. bringing opportunities for you in vest indonesia, now a society's progress is dependent on the quality of its experts. we need more and find out professionals. i talk parity needs to moderate new generation to study, find new teaching methods, or infusing tie students to become the agents of change, taking them out of the classroom to solve problems in their local communities. ready level education, inspiring science thailand on al jazeera ah .