"We believe that enhancing competitiveness and ensuring that the nations offering the best products and services come out on top is more crucial than those offering the largest subsidies," he says, adding that from an economic standpoint, it is widely recognized that subsidies do not lead to the desired economic...

In a separate statement late Tuesday, the commerce ministry announced the total lifting of subsidies on petrol and a partial lifting of subsidies on fuel oil. As a result the price of petrol has risen to 8,000 pounds from 3,000 previously, and fuel oil to 2,000 pounds from 700 previously,...

Despite reaching an agreement in principle last October on a bailout package worth nearly $2 billion, talks with the IMF have stalled for months over demands to restructure public bodies and lift subsidies on basic goods. Saied said during a meeting with Prime Minister Najla Bouden that the current subsidy...

"Everybody sees this as an opportunity to bring their businesses here. Accessing capital can be challenging, but fortunately the government has established a substantial pool of subsidies, financing, and guarantees that are available for all entities looking to enter the market," he adds during the event in Abu Dhabi.

Brussels, Belgium -- The European Union approved a historic agreement banning harmful fisheries subsidies on Thursday, joining a small group of countries that include the United States. After more than two decades of negotiations towards banning subsidies that encourage overfishing and threaten the sustainability fish stocks worldwide, a deal, albeit...

European Commission President Ursula von der Leyen slammed what she described as "aggressive attempts" to convince Europe's clean technology operations to relocate to China through cheap labour and more lenient regulations.

GENEVA, SWITZERLAND– The current energy crisis is driving inflation, slowing economic growth, creating social turmoil and the world should not add to this crisis by actions which derail the energy transition, a World Economic Forum (WEF) report says. The report said that steps such as increasing production of electricity from...

The fund's comments, in its latest Fiscal Monitor report, come as food prices have surged by half since 2019 while energy bills have soared in the wake of Russia's invasion of Ukraine. Countries spent heavily to protect their economies during the pandemic, then faced supply chain issues as they emerged...

The World Trade Organization's ministerial conference will run over into a fifth day on Thursday in the hope of striking thus-far elusive deals on fishing subsidies, food security and combating Covid-19. The Geneva gathering of trade ministers "will go on for a fifth day until Thursday", the WTO announced on...

The WTO is hoping to keep criticism of Russia's war in Ukraine to the first day of talks, when many of the more than 100 ministers due to attend are expected to issue blistering statements.

Pakistani Prime Minister Shehbaz Sharif, who took power with a coalition that removed Khan in a no-confidence vote last month, has vowed to jumpstart the moribund economy

Governments across the world pay an estimated $640 billion in support to the fossil fuel industry.

Arsal town is home to 70,000 Syrian refugees. The cost of fuel families need to power their stoves has risen by around 350 percent after Lebanon lifted fuel subsidies.

During Algeria's transition to a market economy in the 1990s, subsidies replaced the fixed prices of a planned economy that had been in place since independence from France in 1962. Algeria's subsidy system has been financed by energy exports that account for about 95 percent of foreign revenues and 60...

The end to subsidies pushes the cost of filling a vehicle's tank to more than the monthly minimum wage in the poverty-stricken nation. Subsidies were gradually phased out over the past few months to shore up diminishing foreign currency reserves.

Governments should avoid using general subsidies as a way to soften the blow from recent high energy prices, said Paulo Medas from the IMF's Fiscal Affairs Department. Broad subsidies are expensive, so policymakers instead should use targeted aid to help low-income families, he added.

Blessed with year-round sunshine, North Africa has enormous potential for solar energy, but the huge investment and state subsidies required for large-scale projects are a challenge for cash-strapped governments. The IEA said North Africa increased its renewable energy production by 40 percent. But addiction to fossil fuels hasn't waned.