ATHENS: The International Monetary Fund (IMF), a key creditor in Greece’s bailout, will not participate in any further rescues of the debt-wracked country, Germany’s finance minister told a Greek newspaper Saturday.
“We have all acknowledged (euro zone and the IMF) that the third Greek (bailout) payment will be the last with the participation of the IMF,” Wolfgang Schaeuble told Greek daily Ta Nea.
The German finance chief has been inflexible on the issue of Greek debt relief, in opposition to the IMF, which says it needs to be done to breathe new life into Greece’s floundering economy.
An agreement was reached last month to pay the third tranche of Greece’s €86 billion ($97 billion) bailout, after being held up for months by a row over its need for debt relief which has pitted bailout-weary Germany against the IMF.
After participating in two previous international loans to save Greece from bankruptcy, the IMF is still set to take part in a third bailout. But for the moment, it has held back its contribution over the issue of whether the euro zone will decide to ease Greek debt — currently at 180 percent of gross domestic product (GDP).
Since 2010, the international bailouts accompanied by tough austerity measures “have obtained some results but have not resolved the problem,” said Schaeuble, who hopes a solution can be reached by the end of the current program in 2018.
Under pressure especially from Berlin, Greece’s 18 other euro partners have not yet broached the issue of debt relief, preferring to push that hot-button topic to next year.
But IMF chief Christine Lagarde has warned that Greece’s debt is not sustainable and that the country requires significant debt relief from Europe.
In the interview, Schaeuble pointed to the European Stability Mechanism (ESM), a bailout fund for euro zone countries, as a way to respond to the future needs of countries sharing the single currency.
Meanwhile, in another Greek newspaper, ESM chief Klaus Regling appeared to share that view, saying there is “a discussion in Europe on reinforcing the monetary union.”
Speaking to the Efimerida ton syntakton (Journal of Editors), Regling said the euro zone had to become “less vulnerable” and that he was certain that “the ESM will play a very important role” if a new financial crisis arises.
“We can assume some of the responsibilities the IMF has undertaken over these past few years and I think there is a wide consensus for that in the future,” he said.
“If the reforms continue over the next 14 months, Greece will be able to return to the international markets,” he added.
IMF to participate for ‘last time’ in Greek bailout: Schaeuble
IMF to participate for ‘last time’ in Greek bailout: Schaeuble
Acwa signs key terms to develop 5GW of renewable energy capacity in Turkiye
JEDDAH: Saudi utility giant Acwa has signed key investment agreements with Turkiye’s Ministry of Energy and Natural Resources to develop up to 5 gigawatts of renewable energy capacity, starting with 2GW of solar power across two plants in Sivas and Taseli.
Under the investment agreement, Acwa will develop, finance, and construct, as well as commission and operate both facilities, according to a press release.
The program builds on the company’s first investment in Turkiye, the 927-megawatt Kirikkale Independent Power Plant, valued at $930 million, which offsets approximately 1.8 million tonnes of carbon dioxide annually, the statement added.
A separate power purchase agreement has been concluded with Elektrik Uretim Anonim Sirketi for the sale of electricity generated by each facility.
Turkiye aims to boost solar and wind capacity to 120GW by 2035, supported by around $80 billion in investment, while recent projects have already helped prevent 12.5 million tonnes of CO2 emissions and reduced reliance on imported natural gas.
Turkiye’s energy sector has undergone a rapid transformation in recent years, with renewable power emerging as a central pillar of its strategy.
Raad Al-Saady, vice chairman and managing director of ACWA, said: “The signing of the IA (implementation agreement) and PPA key terms marks a pivotal moment in Acwa’s partnership with Turkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse.”
He added: “Building on our long-standing presence, including the 927MW Kirikkale Power Plant commissioned in 2017, this step elevates our partnership to a new level,” Al-Saady said.
In its statement, Acwa said the 5GW renewable energy program will deliver electricity at fixed prices, enhancing predictability for grid planning and supporting long-term industrial investment.
By replacing imported fossil fuels with domestically generated clean energy, the initiative is expected to reduce Turkiye’s exposure to global energy market volatility, strengthening energy security and lowering long-term power costs.
The company added that the economic impact will extend beyond the anticipated investment of up to $5 billion in foreign direct investment, with thousands of jobs expected during the construction phase and hundreds of high-skilled roles created during operations.
The energy firm concluded that its existing progress in Turkiye reflects a strong appreciation for Turkish engineering, construction, and manufacturing capacity, adding that localization has been a strategic priority, and it has already achieved 100 percent local employment at its developments in the country.
