A new Oxfam report released today says up to $41 billion in World Bank climate finance is unaccounted for due to poor record-keeping practices.

The report comes ahead of the World Bank and International Monetary Fund Annual meetings in Washington.

Thami Ngubeni spoke to Oxfam in Africa's David Abudho.

A new Oxfam report released today says up to $41 billion in World Bank climate finance is unaccounted for due to poor record-keeping practices.
The report comes ahead of the World Bank and International Monetary Fund Annual meetings in Washington.
Thami Ngubeni spoke to Oxfam in Africa's David Abudho.

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Africa in Business

Oxfam finds $41 billion in World Bank climate finance unaccounted for

Rising global oil prices have forced South Africa’s low‑cost airline, FlySafair, to introduce a temporary fuel surcharge as it grapples with sharply higher jet‑fuel costs linked to the ongoing crisis in the Middle East. The airline says the price of Jet A1 fuel at South Africa’s coastal airports has surged by about 70% in just one week.


With no clear end in sight to the conflict, and continued volatility in global energy markets, FlySafair says the surcharge is necessary to sustain its operations and maintain service levels without compromising safety.


Thami Ngubeni spoke to Aviation Analyst Dr Guy Leitch.

Rising global oil prices have forced South Africa&rsquo;s low‑cost airline, FlySafair, to introduce a temporary fuel surcharge as it grapples with sharply higher jet‑fuel costs linked to the ongoing crisis in the Middle East. The airline says the price of Jet A1 fuel at South Africa&rsquo;s coastal airports has surged by about 70% in just one week.
 With no clear end in sight to the conflict, and continued volatility in global energy markets, FlySafair says the surcharge is necessary to sustain its operations and maintain service levels without compromising safety.
 Thami Ngubeni spoke to Aviation Analyst Dr Guy Leitch.

Rising global oil prices force South Africa’s low‑cost airline FlySafair to introduce temporary fuel surcharge

The ongoing conflict in Iran is reverberating across global travel markets, with the World Travel & Tourism Council (WTTC) estimating daily losses of at least $600 million in international visitor spending across the Middle East. The crisis has disrupted air travel, shaken traveller confidence and placed additional strain on regional connectivity.


Africa’s tourism sector is already feeling the pressure, as safety concerns and flight disruptions through major Gulf transit hubs threaten inbound travel to the continent. Industry players warn that this could lead to declining visitor numbers and reduced tourism revenue, particularly for destinations heavily reliant on long‑haul travellers.


CEO of Cape Town Tourism, Enver Duminy, discusses the impact the Middle East conflict is having on tourism in Cape Town and the rest of South Africa.

The ongoing conflict in Iran is reverberating across global travel markets, with the World Travel &amp; Tourism Council (WTTC) estimating daily losses of at least $600 million in international visitor spending across the Middle East. The crisis has disrupted air travel, shaken traveller confidence and placed additional strain on regional connectivity.
 Africa&rsquo;s tourism sector is already feeling the pressure, as safety concerns and flight disruptions through major Gulf transit hubs threaten inbound travel to the continent. Industry players warn that this could lead to declining visitor numbers and reduced tourism revenue, particularly for destinations heavily reliant on long‑haul travellers.
 CEO of Cape Town Tourism, Enver Duminy, discusses the impact the Middle East conflict is having on tourism in Cape Town and the rest of South Africa.

Africa’s tourism sector feels the impact of Middle East conflict as flight disruptions through Gulf hubs threaten inbound travel

The World Bank estimates that Gabon’s economy grew by 2.9% in 2024, driven largely by the oil sector and public‑works projects. However, the Central African nation remains heavily dependent on a narrow export base, with 97% of its exports coming from oil, manganese and wood.


The Bank warns that declining oil revenues, combined with rising public expenditure, have weakened Gabon’s fiscal position, increasing fiscal risks and underscoring the urgent need for more sustainable economic management.


In response, Gabon has now formally requested a programme from the International Monetary Fund (IMF). The move is expected to help stabilise the country’s finances, improve transparency and strengthen governance across key economic sectors.


Thami Ngubeni spoke to Dr Tafadzwa Ruzive, a post‑doctoral researcher at the University of the Free State’s Office of International Affairs.

The World Bank estimates that Gabon&rsquo;s economy grew by 2.9% in 2024, driven largely by the oil sector and public‑works projects. However, the Central African nation remains heavily dependent on a narrow export base, with 97% of its exports coming from oil, manganese and wood.
 The Bank warns that declining oil revenues, combined with rising public expenditure, have weakened Gabon&rsquo;s fiscal position, increasing fiscal risks and underscoring the urgent need for more sustainable economic management.
 In response, Gabon has now formally requested a programme from the International Monetary Fund (IMF). The move is expected to help stabilise the country&rsquo;s finances, improve transparency and strengthen governance across key economic sectors.
 Thami Ngubeni spoke to Dr Tafadzwa Ruzive, a post‑doctoral researcher at the University of the Free State&rsquo;s Office of International Affairs.

Oxfam finds $41 billion in World Bank climate finance unaccounted for

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