Category: Africa

  • MIL-OSI Europe: Answer to a written question – Serious violations of the human rights of people in northern Mozambique by the Mozambican military – P-001864/2024(ASW)

    Source: European Parliament

    The Commission and the High Representative/Vice-President have taken note of the article published by Politico on 26 September 2024 on the alleged actions of the Mozambican army against civilians in Cabo Delgado in summer 2021[1].

    The EU continues to stress the importance of good conduct and behaviour of the Mozambican armed forces towards local populations.

    In this context, trainings on human rights and international humanitarian law as well as women and children’s rights are part of the support to the Quick Reaction Forces of the Mozambican army provided by the EU military training mission in Mozambique and EU military assistance mission since their inception in November 2021 and September 2024 respectively.

    The EU, through its delegation on the ground, has engaged with the Government of Mozambique to provide information on these actions and has made it clear to the Mozambican authorities that it expects elements of clarification in order to shed light on the events described in the article.

    In a press statement released on 11 October 2024[2], the Ministry of Defense ‘regrets and refutes categorically the allegations mentioned in the article’.

    It stands ready ‘to accept a transparent and impartial investigation into the allegations in order to establish the truth’.

    Based on Directive (EU) 2024/1760[3] on corporate sustainability due diligence which will start applying in 2027, companies in scope will be required to identify and address adverse human rights and environmental impacts of their activities inside and outside Europe.

    Designated Member States’ authorities will enforce these rules and ensure that any victims receive compensation as foreseen by the directive. As such, TotalEnergies will have to comply with the directive should they decide to resume their operations in Cabo Delgado.

    • [1] https://www.politico.eu/article/totalenergies-mozambique-patrick-pouyanne-atrocites-afungi-palma-cabo-delgado-al-shabab-isis/
    • [2] https://mdn.gov.mz/index.php/noticias/2024-10-15-09-10-28
    • [3] https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L_202401760
    Last updated: 30 October 2024

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  • MIL-OSI Economics: Participants in the Netherlands Trainee Programme make study visit to The Hague

    Source: WTO

    Headline: Participants in the Netherlands Trainee Programme make study visit to The Hague

    The participants were accompanied on the study trip by Willie Chatsika, Head of the English-speaking Africa Regional Desk in the WTO’s Institute for Training and Technical Cooperation (ITTC).
    The NTP is a joint initiative of the WTO and the Government of the Kingdom of the Netherlands aimed at improving participants’ capacity through “learning by doing”. Officials taking part in this year’s edition are from Africa, Asia and the Pacific region.
    The study trip was coordinated by the Clingendael Institute, an independent academic and research institute engaged by the Ministry of Foreign Affairs of the Netherlands under the framework of the NTP. The main objectives of the study trip were to enhance the participants’ trade policy-making skills, enable them to gain insight into how the needs of different national stakeholders are translated into trade policy, and to learn more about the nexus between international trade and development.
    During the study trip, participants were given first-hand exposure to the formulation of trade policy during various presentations by officials from the International Trade Directorate of the Ministry of Foreign Affairs. The Clingendael Institute also organized sessions on negotiations and presentation skills, considered critical for trade negotiators.
    The study trip also included visits to selected institutions in The Hague which have an input in trade policy formulation. These were the Social and Economic Council (SER), the Confederation of Netherlands Industry and Employers (VNO-NCW) and the Horti Centre which brings together multiple enterprises in the horticultural sector to form a collective bargaining position for their products. A guided tour of the Port of Rotterdam, a major gateway for international trade, was another aspect of the study visit.  
    The group also had a visit to the Peace Palace, which houses the International Court of Justice (ICJ) and the Permanent Court of Arbitration (PCA). The PCA provided a detailed presentation of its structure and functions and allowed the group to access the chamber of the ICJ.
    The NTP is a ten-month internship programme funded by the Government of the Netherlands and undertaken in the WTO Secretariat, with the aim of assisting in the economic and social development of least developed countries (LDCs), other low-income countries and comparable small and vulnerable economies in areas related to trade policy, with a particular focus on Africa.
    The 2024 NTP cohort comprises 14 government officials, whose diversity reflects the different targets of the programme — a focus on LDCs and Africa, geographical diversity and gender balance. Eight of the participants are from Africa (Benin, Burkina Faso, Cameroon, Ghana, Lesotho, Namibia, Tunisia and Uganda), five are from Asia (Bangladesh, Bhutan, Cambodia, Myanmar and Pakistan) and one from the Pacific (Solomon Islands). Eight of the NTPs are from LDCs, and six out of the 14 are women.
    The NTP was launched in 2005 and has been regularly renewed. The current phase was launched in 2023 and will continue until 2028.

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  • MIL-OSI Economics: WTO members review safeguard actions during latest committee meeting

    Source: WTO

    Headline: WTO members review safeguard actions during latest committee meeting

    Japan and Australia took the floor to stress that safeguards are emergency measures, and members taking safeguard actions must ensure that they comply with the relevant rules.
    Review of legislative notifications
    The legislative notifications from Cabo Verde and the Solomon Islands were tabled at the meeting. Both members notified that they did not currently have regulations or administrative procedures relating to safeguard measures. The Committee also continued the review of legislative notifications from Liberia and from Ghana.
    Specific notifications of safeguard actions
    Notifications of various safeguard actions from the following members were reviewed by the Committee: the European Union (1 investigation); Ghana (1 investigation); India (1 investigation); Indonesia (8 investigations); Madagascar (3 investigations); the Philippines (1 investigation); South Africa (1 investigation); Türkiye (4 investigations); Ukraine (1 investigation), the United Kingdom (1 investigation); and the United States (2 investigations).
    Six members took the floor in respect to the European Union’s update of the status of its safeguard measure on certain steel products. One member referred to its proposal to suspend substantially equivalent concessions against European Union imports in reaction to the European Union’s measure.
    Five members took the floor to comment on the latest status of the United Kingdom’s safeguard measure on certain steel products, with several members recalling that the UK applies this measure having “transitioned” it from the EU following its departure from the European Union.
    Japan expressed concerns about two specific safeguards: Viet Nam’s safeguard measure on “certain semi-finished and finished products of alloy and non-alloy steel” and Indonesia’s safeguard measure on “articles of apparel and clothing accessories”.
    Indonesia’s request regarding Türkiye’s proposed suspension of concessions against its exports
    On 11 July 2024, Indonesia submitted, pursuant to Article 13.1 (e) of the Safeguards Agreement, a request in relation to Türkiye’s proposal to suspend substantially equivalent concessions or other obligations against imports from Indonesia. Türkiye had proposed the suspension of concessions in response to Indonesia’s safeguard measure on carpets and other textile floor coverings.
    Article 13.1 (e) of the Safeguards Agreement stipulates, as one of the functions of the Committee, to “review … whether proposals to suspend concessions or other obligations are ‘substantially equivalent’, and report as appropriate to the Council for Trade in Goods”. The Chair explained how he intends to move forward on this matter. Several members took the floor to describe their views, including with respect to the relevant period to use for the purpose of determining the value of the substantially equivalent concessions.
    Discussion Group regarding safeguard proceedings
    A member, on behalf of 13 other members, explained that a meeting of an informal discussion group regarding safeguard proceedings would take place after the Committee meeting. While it was not part of the Committee meeting, the discussion was open to all members. The idea behind this discussion group was to provide a broader perspective than in formal Committee meetings where members review particular notifications, and to focus more on each other’s experiences and to learn from each other.
    Creation of online portal for submission of safeguard notifications
    Under “Other Business”, the Chair provided an update regarding the creation by the WTO Secretariat of an online portal for the submission of safeguard notifications. The Chair reported that a prototype was now ready for delegations to test.
    Next meeting
    The next meeting of the Committee on Safeguards is scheduled for the week of 28 April 2025.
    Background
    Under the WTO rules, a member may apply measures to imports of a product temporarily (take “safeguard” actions) through higher tariffs or other measures if it determines through an investigation that increased imports of a product are causing or threatening to cause serious injury to its domestic industry. Unlike anti-dumping duties, safeguard measures cover imports from all sources, although imports from developing country members with a small share of imports are exempted through special and differential treatment provisions.
    More background on safeguards is available here.

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  • MIL-OSI United Nations: Experts of the Committee against Torture Commend Kuwait on Positive Measures to Prevent Torture, Raise Questions on the Independence of the Judiciary and the Death Penalty

    Source: United Nations – Geneva

    The Committee against Torture today concluded its consideration of the fourth periodic report of Kuwait, with Committee Experts commending the State on positive measures introduced to combat torture, while raising questions on the independence of the judiciary and the application of the death penalty. 

    Peter Vedel Kessing, Committee Expert and Rapporteur, commended Kuwait for all the positive measures taken, including new laws and regulations to prevent torture.

    Abdul Razzaq Rawan, Committee Expert and Rapporteur for Kuwait, asked if the State party could inform the Committee of any legislative amendments or developments aimed at establishing the judiciary as an authority that was independent of the executive authority, and granting it the full authority to manage the affairs of judges and supervise the preparation of relevant regulations? What measures had been taken to implement the constitutional principle guaranteeing the independence of the judiciary and to implement the requirements of article 163?

    Mr. Vedel Kessing said the number of death sentences and executions carried out had reportedly increased, particularly since 2022.  How many persons had been sentenced to death over the last five years and how many of those persons had been executed?  Was it correct that a person could be sentenced to death for crimes not involving intentional killing, for example drug-related crimes? Allegedly, the abolition of the death penalty would be incompatible with Islamic Sharia, which was the main source of all Kuwaiti domestic legislation, including criminal law.  Would this also apply to a moratorium for the execution of death sentences?   

    The delegation said judges needed to be fully competent and qualified in the field of law or Sharia and did not have the right to exercise political activities. Judges could not be removed from their posts unless disciplinary measures were issued against them.  If judges were related to the accused by four degrees, they were required to recuse themselves from proceedings.  The Ministry of Justice could not get involved in daily cases or the running of the judiciary.  The judiciary was fully independent; there was no involvement from the executive or the parliament in the judiciary.

    The delegation said the death penalty was one of last instance, the maximum penalty issued in the Criminal Code of Kuwait.  It was only enacted for the most serious crimes and was not in contradiction with Islamic Sharia.  At any stage of proceedings, the accused murderer could appeal, or ask for a lighter or reduced sentence, rather than the death penalty.  From 2022 to 2024, there were 80 penalties reduced from the death penalty to a lighter sentence, with people even being released in some cases. In the case of a woman who was pregnant, the death penalty could not be carried out until the child was born. Minors could not be subjected to the death penalty.

    Introducing the report, Naser Alhayen, Permanent Representative of Kuwait to the United Nations Office at Geneva and head of the delegation, said the accession of Kuwait to the Convention against Torture in 1996 was a pioneering step towards promoting rights and preserving freedoms.  Since the submission of the fourth periodic report, Kuwait had taken steps to strengthen the legislative framework related to combatting torture.  These efforts were represented in the issuance of decree-law no. 93 of 2024, which clearly stipulated the definition and prohibition of torture.  The new law tightened the penalties imposed on perpetrators of torture crimes, and strictly criminalised any act of discrimination or ill treatment.

    In closing remarks, Claude Heller, Committee Chairperson, thanked the delegation for the dialogue which had been very constructive.  The Committee aimed to contribute to the improvement of human rights in all States.

    Mr. Alhayen, in concluding remarks, thanked the Committee for the dialogue.  Kuwait was fully committed to the implementation of all international standards and human rights and would continue the constructive dialogue with the Committee and the international community. 

    The delegation of Kuwait consisted of representatives from the Ministry of Foreign Affairs; the Ministry of Justice; the Ministry of Interior; the Ministry of Defense; the Ministry of Social Affairs; the Ministry of Information; the Ministry of Health; the Ministry of Education; the Central System for the Remedy of Situations of Illegal Residents; the Public Authority of Manpower; and the Permanent Mission of Kuwait to the United Nations Office at Geneva.

    The Committee will issue concluding observations on the report of Kuwait at the end of its eighty-first session on 22 November. Those and other documents relating to the Committee’s work, including reports submitted by States parties, will be available on the session’s webpage.  Summaries of the public meetings of the Committee can be found here, and webcasts of the public meetings can be found here.

    The Committee will next meet in public on Thursday, 31 October at 3 p.m. to conclude its consideration of the third periodic report of Namibia (CAT/C/NAM/3).

    Report

    The Committee has before it the fourth periodic report of Kuwait (CAT/C/KWT/4).

    Presentation of Report

    NASER ALHAYEN, Permanent Representative of Kuwait to the United Nations Office at Geneva and head of the delegation, said the accession of Kuwait to the Convention against Torture in 1996 was a pioneering step towards promoting rights and preserving freedoms.  Since the submission of the fourth periodic report, Kuwait had taken steps to strengthen the legislative framework related to combatting torture. These efforts were represented in the issuance of decree-law no. 93 of 2024, which clearly stipulated the definition and prohibition of torture.  The new law tightened the penalties imposed on perpetrators of torture crimes, and strictly criminalised any act of discrimination or ill treatment.  This decree was a milestone in the State’s efforts to strengthen the rule of law and protect human rights, and it imposed severe penalties of up to life imprisonment for certain crimes.  A decree had also been adopted which redefined measures for receiving complaints relating to human rights.

    Kuwaiti legislation included comprehensive protection for women and criminalisation of all forms of violence against them.  The protection from domestic violence law no. 160 of 2020 was issued, which established shelters for victims of domestic violence, and the possibility of reporting violence.  A child protection centre was also established.  The Supreme Council for Family Affairs was working on establishing the third centre for protection from domestic violence and the rehabilitation of survivors.  Law no. 21 of 2015 guaranteed the rights of the child, prohibiting children from deliberately being subjected to any physical or psychological abuse and punishing those who violated these provisions. 

    Specialised enforcement departments had been established to implement family court rulings and settle family disputes.  Social security and insurance were provided to persons with disabilities.  Monthly financial allocations were provided, in addition to a cash allowance for hiring a domestic worker or a driver to meet their daily needs.  During the first half of 2024, the number of residents in social care homes reached 518 people, including 362 citizens and 165 non-citizens. These homes provided integrated rehabilitation and training programmes focused on reintegration.

    The protection of the rights of contracted workers was a top priority for Kuwait, and this was highlighted in law no. 68 of 2015 on the protection of the rights of contracted workers.  Since the adoption of the law, the situation of domestic workers had improved substantially, as strict laws had been imposed to prevent the exploitation of these workers and ensure them full legal protection.  Inspection campaigns were conducted periodically on domestic labour recruitment offices and agencies to ensure that they applied the law; these campaigns issued fines in the event procedures were not followed. 

    Law no. 91 of 2013 aimed to criminalise all forms of human trafficking and provide legal protection for victims.  The National Committee to Combat Trafficking in Persons was established, as well as a specialised prosecutor to investigate these cases.  There had been a significant decrease in the number of trafficking crimes committed from 82 cases in 2020 to nine cases in 2023. A special system had been established for the early identification of victims by training workers at border crossings and hospitals to detect signs of exploitation.  Victims were then transferred to care centres where they received medical, psychological and legal support. 

    Kuwait had adopted an approach that achieved more security for detainees by subjecting all prisons to the supervision of the judicial authority, represented by the Public Prosecution, which was an independent authority.  The current system guaranteed every detainee the right to access a lawyer from the first moment of detention, and ensured that all detainees obtained their legal rights, and were granted an independent medical examination. 

    Mechanisms had been developed which allowed detainees or their families to submit confidential complaints for immediate investigation, with any official found to be involved in ill treatment held accountable.  Advanced training programmes for police officers and prison staff had been developed in cooperation with the Office of the High Commissioner for Human Rights, with a special focus on practical aspects related to dealing with detainees.  Mr. Alhayen concluded by emphasising Kuwait’s full commitment to human rights and to cooperation with the international community. 

    Questions by Committee Experts

    ABDUL RAZZAQ RAWAN, Committee Expert and Rapporteur for Kuwait, congratulated Kuwait for the desire expressed with regards to continued cooperation and dialogue with the Committee.  The Committee congratulated Kuwait on announcing a number of important initiatives and legislation.  The Committee also congratulated the State party on the fact that half the delegation were women, and that the delegation represented multiple sectors, reflecting the importance of the Convention. 

    The Committee congratulated Kuwait for the work of the National Standing Committee on follow-up and communications that prepared the report, while asking for further clarification around the work of this body.  What was the number of organizations which attended consultations for preparing the report, and how did these consultations impact the report? Could the State party elaborate further on the place of the Convention within the national legal system, in particular article 70 of the Kuwaiti Constitution?  What was the impact of this jurisprudence in the country?  To what extent was there an application of the provisions of the Convention by law enforcement officers? 

    Decree-law no. 93 of 2024 amended some provisions of the Kuwaiti Penal Code, with a new article which stipulated that the punishment of a public official who caused physical or psychological harm to a person, or induced him to confess to committing a crime, would face imprisonment for a period not exceeding five years and a fine not exceeding 5,000 dinars.  Penalties for torture should be proportionate to the acts committed and the damage resulting from them.  Torture leading to death was a crime that should be treated as more severe than murder, and should have its own punishment to distinguish it from ordinary murder.  Could the State party comment on this? 

    Could the State party also comment regarding article 37 of the Code of Criminal Procedure, which allowed the use of “any means” during investigations to obtain evidence, provided that it was not contrary to public morals or infringed on the rights and freedoms of individuals?  What procedural safeguards prevented coercion to remove confessions during interrogations and pretrial detention?  What legal texts and legislative measures ensured the exclusion of torture from national legislation on amnesty and immunities?  What was being done to fill this gap at the legislative level and in practice?  The Convention obliged States parties to prevent and prohibit torture in all circumstances, including a state of emergency, war or any other exceptional circumstance.  What were the State’s planned future actions to implement this commitment?

    The Committee was satisfied with the provisions of paragraph 126 of the national report, in particular the requirements of articles 158 and 159 concerning the prohibition of coercion or inducement of the accused to make statements and the invalidity of a confession obtained under duress or torture.  Could current examples be provided of judicial decisions invalidating confessions of accused persons as a result of torture? 

    The Committee had questions regarding the right of detainees to challenge the lawfulness or necessity of their detention.  What actions had been taken to establish safeguards currently, or in the future, as well as the measures taken to enforce respect for them by law enforcement officials?  What measures had been taken with regard to the control of records in all places of deprivation of liberty?  Was there a centralised national information register that included all the data of the records in the detention centres in the country?

    The Committee had expressed concern that judges were appointed by the Supreme Judiciary Council. There was also concern about the independence of foreign judges due to a lack of career security.  Could the State party inform the Committee of any legislative amendments or developments aimed at establishing the judiciary as an authority that was independent of the executive authority, and granting it the full authority to manage the affairs of judges and supervise the preparation of relevant regulations?  This included the conditions for managing the judiciary, appointing judges, tracking their careers, including their dismissal and promotion, and the conditions for appointing foreign judges to ensure their job security.  What measures had been taken to implement the constitutional principle guaranteeing the independence of the judiciary and to implement the requirements of article 163?

    The Committee had previously recommended that the State party adopt a legislative and institutional framework that incorporated international standards on asylum.  Was this on the legislative agenda?  While noting the decisions reported in the report whereby the daily fines imposed in many cases had been abolished, what measures had been taken to give effect to the Committee’s previous recommendation to amend the laws imposing such fines?  What was the nature of cooperation with the Office of the United Nations High Commissioner for Refugees, and could any statistics be provided?   

    What measures were taken during the period under review to ensure that no person was returned to a country where they were in danger of being subjected to torture or ill treatment?  Were those concerned with expulsion, return or extradition informed that they were entitled to seek asylum and appeal against deportation decisions?  What legal and practical safeguards existed to ensure the right of persons for whom deportation orders had been issued, to have their cases reviewed by a competent judicial body?  How many cases of return, extradition and expulsion had been carried out by the State party during the reporting period in exchange for diplomatic assurances?

    Did Kuwaiti law and jurisprudence allow for universal jurisdiction, which was the following and prosecution of crimes of torture, so as to establish jurisdiction in all cases and to ensure that perpetrators did not go unpunished?  If the State received a request for extradition from a State where Kuwait had no extradition agreement or treaty, what were the legislative and administrative measures needed to ensure that the Convention could be invoked as a legal basis for extradition?  Had the State ever refused a request by another State for the extradition of an individual suspected of the crime of torture?  Had it initiated any criminal proceedings against that individual as a result?  If so, could information on the status and results of these proceedings be provided?

    Could the delegation provide the Committee with information on any specialised programmes aimed at raising awareness of law enforcement officials, including security and prison personnel, and the measures adopted by the State party to prevent torture?  Had any programmes been adopted and implemented to train police cadets and officers in non-coercive investigative techniques?  Could information be provided on the assessment, review and updating of interrogation rules for persons who had been subjected to any form of arrest, detention or imprisonment?  What did the State of Kuwait intend to do to fulfil the obligation of monitoring practices related to interrogation, methods of detention, and treatment of persons arrested?

    The Committee would appreciate receiving information on the cases in which the legal provisions on the protection of witnesses and medical professionals documenting acts of torture and ill treatment had applied, in particular cases where these provisions had not been respected and action that had been taken against persons who had violated these legal requirements?  Taking into account the legal amendments on torture, did Kuwait intend to accompany these amendments by allocating legal provisions related to the protection of victims, witnesses and medical experts in criminal law? 

    Article 14 of the Convention obligated States parties to provide a legislative framework for the right of victims to effective remedy and adequate compensation.  What measures would be taken to give effect to this commitment through the adoption of legislation and institutional requirements? What measures of reparation and compensation, including court-ordered rehabilitation methods, had been made available to victims of torture and ill treatment or their families since the consideration of the previous periodic report?  Were programmes being implemented to provide reparation to victims of torture and ill treatment, including health and psychological rehabilitation?

    PETER VEDEL KESSING, Committee Expert and Rapporteur, asked what progress had been made to establish a fully independent National Human Rights Institution in line with the Paris Principles?  Did the Government agree with reports that some law enforcement officers still engaged in abuse and ill treatment during arrest or interrogation? How many complaints of torture and ill treatment had been received over the last three years and what was the outcome of these complaints?

    Were the three institutions which could investigate allegations of torture – the Office of the Public Prosecution, the General Directorate for Oversights and Inspection in the Ministry of Interior, and the National Bureau for Human Rights – completely independent from the Government as required under the Convention?  Would the State party consider establishing a fully independent institution that could investigate violations of the Convention in an effective and impartial way?  How many complaints had the Bureau received over alleged torture and ill treatment over the last three years?  What was the outcome of these cases? 

    Overcrowding in prisons continued to be a significant problem, particularly in the central prison. The prison population was reported to be at an occupancy rate of 126 per cent in 2023.  What efforts that had been taken to improve the living conditions in prisons?  Was the Government considering additional efforts since the problem with overcrowding had not been solved?  What progress had been made on the building of the new prison? 

    A law reportedly allowed the use of shackling of hands and feet for up to a month and the deprivation of certain types of food for a week as disciplinary punishment.  How many detainees had been shackled over the last three years?  What kind of offence warranted this punishment?  How many detainees had been deprived of food over the last three years? 

     

    How could a prisoner make a complaint over ill treatment in the prison?  How many complaints of ill treatment had been received over the last three years and what was the outcome of these cases?  Was it correct that some officers only received a decrease in their salaries as a penalty for having subjected detainees to torture and other forms of ill treatment?  How many visits had the International Committee of the Red Cross undertaken to places of detention from 2019 and onwards?  How many announced and unannounced visits had the National Bureau for Human Rights carried out to places of detention over the last three years? How had Kuwait followed-up and implemented the recommendations from the independent institutions visiting places of detention in Kuwait?

    The number of death sentences and executions carried out had reportedly increased, particularly since 2022.  How many persons had been sentenced to death over the last five years and how many of those persons had been executed?  Was it correct that a person could be sentenced to death for crimes not involving intentional killing, for example drug-related crimes?  Allegedly, the abolition of the death penalty would be incompatible with Islamic Sharia, which was the main source of all Kuwaiti domestic legislation, including criminal law.  Did this also apply to a moratorium for the execution of death sentences?   

    The delegation had provided important information on steps taken to improve the protection of foreign workers, including reviewing the laws, improving working conditions, and criminalising trafficking, which were positive steps.  However, it was reported that there was a high death rate among migrant workers who carried out dangerous work, particularly in construction sites.  How many migrant workers had died in Kuwait over the last three years?  What measures were taken to protect migrant workers from ill treatment and exploitation?  Why was a domestic worker not allowed to freely resign and change workplace?  Why did they need the consent of or authorisation from the employer to change workplace?

    The Committee appreciated the steps taken by Kuwait to counter domestic and sexual violence. Could marital rape be punished in Kuwait?  Were there concrete court cases where martial rape had been punished as a criminal offence? What was the outcome of the court cases involving violence against women?  In how many cases were the accused persons convicted for a crime and what were the sentences?  Was the Government considering a ban on corporal punishment in all settings? 

    There had been reported concerns that Bidoon citizens were being denied access to education, health care and employment, and faced mass arrests, torture and abuse when trying to exercise their right to freedom of peaceful assembly.  Did the Government accept the criticism and recommendations from the United Nations Human Rights Committee and from other sources, and was it willing to improve conditions for the Bidoons?

    A Committee Expert said prolonged solitary confinement was proven to undermine the standards outlined in the Convention.  Under what circumstances was incommunicado detention authorised?  Would the State party consider abolishing incommunicado detention? 

    Responses by the Delegation 

    The delegation said the National Standing Committee on follow-up and communications was established in 2019.  This Committee was delegated to respond to reports regarding the human rights situation in Kuwait and was assigned with preparing periodic reports presented to international bodies, and coordinating with non-governmental organizations working in the field of human rights.  The Committee was operational and was present in the meeting.  Its staff received the necessary training to support its mandate. This Committee had been in contact and coordinated with the Office of the High Commissioner for Human Rights. 

    The promulgation of the 1996 law approving the adoption of the Convention meant that this instrument was part of the national legal framework in Kuwait.  A judge could invoke the Convention in the issuance of verdicts.  There was no need for another process or procedure for the Convention to be part of national legislation.  A new text in the legislation included a penalty for using torture to extract a confession.  A new law punished every official who had acquiesced to a request of torture. 

    Any official or service provider who inflicted physical or mental harm against a person or their family members, or forced them to provide statements thereof, could be found guilty of torture.  The punishment was a sentence of not more than five years and not less than 5,000 dinars. There was also a criminalisation of discrimination in connection with torture.  If torture led to death, then a person was charged with the crime of a deliberate murder.  The sentence was then death, and there was no harsher punishment. 

    The Public Prosecutor conducted investigations and interrogations into charges of torture. Defendants could deny such charges. Everything took place under the supervision of the courts.  A defendant could adhere to the invalidity of such a confession.  If a confession was obtained under torture, then it was dismissed by the court.  The court resorted to many principles related to the invalidity of confessions extracted under torture.  In a case when a police officer had forced a defendant to provide a confession, the defendant was acquitted.  Acquittal was premised on the examination of evidence in the case. 

    If a detainee requested a medical evacuation, medical care was provided under the supervision of the police.  Anyone sentenced to imprisonment had their names recorded in an electronic system which was supervised by multiple agencies.  If their detention period exceeded the terms stipulated in the law, there was a notification, and those in charge were held accountable. 

    Judicial safeguards were in place, including that the individual had the right to know the reason for their arrest.  If the individual could not appoint a lawyer, the State had the right to appoint a lawyer for them.  All questioning should be done by specialist bodies, and it was up to the judge to release the person or keep them in detention.  Detainees could appeal at any stage of the judgement.  Questioning could only be conducted by trained, specialised staff, not just the police.  The accused individual had the right to request an examination to ensure there were no injuries, which needed to be included in the investigation report. The arrested individual had the possibility of appointing somebody to witness this. 

    Judges needed to be fully competent and qualified in the field of law or Sharia and did not have the right to exercise political activities.  Judges could not be removed from their posts unless disciplinary measures were issued against them.  If judges were related to the accused by four degrees, they were required to recuse themselves from proceedings.  The Ministry of Justice could not get involved in daily cases or the running of the judiciary.  They could recommend the appointment of judges when necessary.  Kuwait had chosen to ensure a separation of powers.  The judiciary was fully independent; there was no involvement from the executive or the parliament in the judiciary. 

    Currently, there were no persons subject to a decision of exile or expulsion.  If such a decision was taken, it was implemented in cooperation with the United Nations High Commissioner for Refugees, allowing the affected persons to be supported.  All foreign individuals could not be exonerated from fines imposed upon them. Any individual who had received fines was obliged to pay them before being deported.  In cases where people were unable to pay the fines, they could pay them subsequently in cooperation with third parties. 

    Responses by the Delegation

    The delegation said the definition of the crime of torture was challenging, as there was a need to define what behaviours constituted torture.  For example, if an individual was compelled to disclose information under duress, this could equate to torture, even if they were not subject to physical constraint.  One did not have to be the perpetrator of torture to be covered by the acts under the law; individuals could be sanctioned as a standby witness.  Any physical act of torture was a crime and the Kuwaiti legislator had established as a minimum threshold, a three-year imprisonment.  If the acts committed had long-term impacts and were severe, the sanctions would be increased.  Pre-mediated crimes could be punished by life imprisonment or the death penalty.  The crime of torture was an absolute crime, and mitigating circumstances could not be used to downplay or excuse acts of torture. 

    Awareness campaigns had been rolled out on national radio and television stations to make the public aware of the serious nature of the act of torture.  Social media networks had published advertisements and short awareness-raising videos and clips.  The campaign aimed to ensure that violence was not seen as mainstream or normal, whether in schools or in the family.  All channels were used to repeat this point.  A robust checking system was in place to monitor campaigns and check results.  Steps were taken to ensure unjustified violence was never promoted or mainstreamed, and to crack down on misinformation which could foster unrest and discrimination.  Producers who violated requirements were held accountable.  There were rare cases where scenes of violence had been broadcast, for example during the COVID-19 pandemic.  These were immediately followed up on and assessed, and action was taken to hold those responsible to account. 

    Initiatives had been conducted to be conducive to awareness raising in schools, to ensure victims of violence could have access to support.  All measures were taken to support the psychological wellbeing of women. Around 60 clinics provided women victims of violence with psychological support.  Specialised non-governmental organizations worked with victims of domestic violence and conducted training for self-defence.  Each State had rules for interrogation and treating any person who was under arrest, in such a way to ensure there were no acts of torture involved.  There first needed to be a medical observation of the entire body of the arrested person prior to interrogation, and they were then given the opportunity to meet with a lawyer.  If the arrested person did not speak Arabic, they would receive the support of an interpreter. 

    In the cases of detention, the detainee was entitled to all communication tools, access to a lawyer, and the ability to communicate with their family members to inform about their whereabouts.  All cases involving compensation for acts of torture were actioned through a special administration.  From 2020 to 2023, there were only nine torture complaints.  Torture was not considered a phenomenon or a scourge in Kuwait. 

    The National Bureau for Human Rights conducted training and developed content to disseminate a general culture about human rights, and also contributed to building programmes on human rights training in schools.  The protection and promotion of human rights was promoted through a website, social media networks, and awareness raising campaigns.  This year, the Bureau participated in a conference on local and regional initiatives for human rights.  The Bureau supported rehabilitation and penitentiary centres and could conduct visits to places of detention, women’s shelters, and other institutions without any clearance needed.  Investigations against the police were conducted in the event of complaints.  If it was found that these complaints were legitimate, sanctions were imposed, including the loss of salary or job. 

    Twenty-one memorandums of understanding had been signed with other countries to govern the issue of domestic workers.  Kuwait heeded its commitments under the International Labour Organization conventions.  A hotline was provided to all workers, enabling them to file complaints at any time.  One hundred and fifty-three inspection campaigns had been conducted in July.  Seven violations against domestic workers had been recorded in 2024. 

    Any domestic worker could request a change of employment without requiring the approval of their previous employer.  An awareness campaign which targeted domestic workers was being rolled out, focused on raising awareness for current and prospective domestic workers about their rights, as well as promoting the hotlines and contact points they might need.  

    Being held incommunicado in isolation cells could only be imposed in specific circumstances, for example if the person was self-harming while in detention.  The death penalty was one of last instance, the maximum penalty issued in the Criminal Code of Kuwait.  It was only enacted for the most serious crimes and was not in contradiction with Islamic Sharia.  At any stage of proceedings, the accused murderer could appeal, or ask for a lighter or reduced sentence, rather than the death penalty.  From 2022 to 2024, there were 80 penalties reduced from the death penalty to a lighter sentence, with people even being released in some cases. In the case of a woman who was pregnant, the death penalty could not be carried out until the child was born. Minors could not be subjected to the death penalty. 

    The crime of rape was defined with the non-presence of consent.  Consent was a constant, including in a marriage.  If consent had not been given, this was recognised as being a rape and was defined as a rape in the Criminal Code.  If marital rape occurred, this was criminalised and the perpetrator was punished. This relied on the woman registering a complaint of rape.  The existing legislation in Kuwait did meet the requisite standards.  The sanctions and punishments were commensurate with the degree of harm suffered. 

    Crimes of sexual violence had multiplied, including rape and non-consensual sexual relationships with minors.  Some of the sentences handed down for these cases were life imprisonment, with the minimum sentences being 15 years in certain circumstances.  This highlighted that the justice system was working as it should in Kuwait, with perpetrators being duly sanctioned. 

    The State did not currently intend to lift its reservations to the Convention, as doing this would pose a risk to the State’s sovereignty.  Any detainee who had health concerns where their lives were at risk were assessed by doctors, and in some cases could be provided with a conditional release. 

    The Government was continuing its tireless efforts to address the issue of stateless persons.  An action plan had been adopted which served as a roadmap. There were 10,260 stateless persons in Kuwait who were currently in the regularisation process.  People undergoing this process received long-term resident permits and received medical insurance cards.

    Kuwait guaranteed the right to freedom of expression and peaceful assembly.  The country had signed 15 extradition agreements, which were bilateral agreements between Kuwait and third parties.  In the event no treaty was in place, Kuwait referred to the principle of reciprocity.

    Laws and regulations punished terrorist acts and crimes, money laundering, and the financing of terrorism. Kuwait had a specialised department on combatting terrorism, money laundering and terrorism financing. Twenty-eight terrorist cases had been registered over the past four years.  Thirty-five inmates currently were being held in prison for being associated with a group which presented a threat to the nation. 

    Kuwait had rehabilitation and mental health follow-up programmes for persons in institutions, which allowed these persons to avoid relapse.  Therapy sessions were conducted, in which persons were evaluated at the psycho-social level and evaluated from a general risk perspective before they were discharged. A social and family integration programme was in place for persons with disabilities.  Allowances were provided for personal assistants and drivers. Five hundred and eighteen persons were in social care institutions.  These included persons with severe psychological and motor disabilities. 

    Questions by Committee Experts

    ABDUL RAZZAQ RAWAN, Committee Expert and Rapporteur for Kuwait, said torture was a serious and grave crime within international human rights law.  Therefore, it was absurd that there were no provisions thereon, and the Committee insisted on this.  Mr. Rawan commended the provisions in the civic law of Kuwait, which provided for reparations.  Could the delegation explain in detail the course of the reforms undertaken by Kuwait? Were there any special education programmes to support the Convention among law enforcement officers? 

    All countries were recommended to provide training in the provisions of the Istanbul Protocol.  Did Kuwait provide such training?  Was there a law which governed the use of forensic medicine in Kuwait?  The Convention considered mechanisms monitoring deprivation of liberty as an effective means to combat torture.  It was hoped that Kuwait would ratify the Optional Protocol to the Convention. Regarding fundamental legal safeguards, it was vital for family members to be notified of one’s place of detention.  Could clarifications be provided on whether this was complied with?   

    PETER VEDEL KESSING, Committee Expert and Rapporteur, commended Kuwait for all the positive measures taken, including new laws and regulations to prevent torture.  It was understood that the State was willing to tighten the penalty for torture to more than five years, which was commensurate with the gravity of the crime.  This was commendable.  What was to process from here on?  When could it be hoped that there would be changes?  Would the Government apply for international accreditation for the National Bureau for Human Rights?  Was it common to have video or audio recordings of police interrogations?  If there were allegations against a police officer, who would investigate that complaint? 

    Could a domestic worker easily terminate a contract with a month’s notice, or were they always required to supply a reason?  It was encouraging to learn that Kuwait was considering a ban on the use of shackles. Could the State be more specific on the timeline?  Had the new prison been built to tackle the issue of overcrowding?  Could updated statistics be provided on deaths in custody? Had deaths in custody been investigated? What measures were being taken to prevent these kinds of deaths? 

    Responses by the Delegation

    The delegation said sovereignty was a sensitive issue, all the more so when international texts and treaties departed from national legislation.  The State of Kuwait was firmly resolved to prosecute and punish any act of torture, irrespective of the perpetrator of that act.  The law on protection from corporal punishment 2020 expressly prohibited any act of violence against a child.  A unit was set up which responded to complaints of ill treatment against children, including corporal punishment.  Immediate investigations were launched into allegations of abuse in schools.  Any report of abuse needed to be followed up on immediately. 

    The Office of the Prosecutor was mandated to prosecute crimes brought before it, including torture.  Once the Office was seized with a case of torture, an effective streamlined system ensured a rapid investigation into the reported case of torture.  The Public Prosecutor’s Office was also an independent, oversight body which enacted measures to ensure oversight of places of deprivation of liberty.  Since 2009, it had the right to carry out visits to verify the conditions of places of deprivation of liberty.  The visits were also used to ensure that there were not acts tantamount to torture, ill treatment or abuse being carried out. 

    If an act of torture had led to a loss of life, the sentence would be toughened up to the death penalty.  If a doctor believed a patient in hospital ran the risk of being tortured, they would report it to the police unit in the hospital which would take legal measures against the perpetrator. 

    Around 53,000 domestic workers had changed careers to jobs in the public sector.  When a suspect or defendant was under interrogation, they were informed of their rights.  Twenty-two cases of detention without grounds between 2020 and 2024 had been referred to the competent judicial authorities, who referred the cases to the competent courts. A decree regulated the suspension of a police officer, following reports of excessive use of force. 

    A study was being conducted to amend the article in regard to the use of discipline of inmates.  It was hoped that this amendment would see the light of day, and the article would then be in line with the Mandela and Bangkok Rules. Remand in custody was limited by law and could not be extended.  The provision of a hotline was a safeguard, which was open to Kuwaitis or non-Kuwaitis to lodge any abuse of their rights, including complaints against police officers. Kuwait would recommend that the National Bureau for Human Rights seek accreditation under the Global Alliance of National Human Rights Institutions.

    Question by a Committee Expert

    ABDUL RAZZAQ RAWAN, Committee Expert and Rapporteur for Kuwait, said the judiciary had a fundamental role in preventing torture and implementing the provisions of the Convention. It was hoped the State would take into account shortcomings which could impact the work of the judges and judiciary into account. 

    Responses by the Delegation

    The delegation said the judicial authority in Kuwait was fully independent of the executive and legislative authority; these were separate powers.  In practice, there was no interference whatsoever.  Rules might imply an interference, but in practice, this was not the reality.  The Kuwaiti judiciary and the Office of the Prosecutor General were fully independent from a technical standpoint. 

    Closing Remarks

    CLAUDE HELLER, Committee Chairperson, thanked the delegation for the dialogue which had been very constructive.  The Convention was respectful of sovereignty.  The Committee aimed to contribute to the improvement of human rights in all States. 

    NASER ALHAYEN, Permanent Representative of Kuwait to the United Nations Office at Geneva and head of the delegation, thanked the Committee for the dialogue.  Kuwait was fully committed to the implementation of all international standards and human rights and would continue the constructive dialogue with the Committee and the international community. 

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CAT24.019E

    MIL OSI United Nations News

  • MIL-OSI Video: Minister Godongwana presents the country’s fiscal outlook

    Source: Republic of South Africa (video statements-2)

    Minister Godongwana presents the country’s fiscal outlook

    https://www.youtube.com/watch?v=NmsR7TWQerQ

    MIL OSI Video

  • MIL-OSI Video: Minister Enoch Godongwana presents the Medium Term Budget Policy Statement

    Source: Republic of South Africa (video statements-2)

    Minister Enoch Godongwana presents the Medium Term Budget Policy Statement , 30 October 2024

    https://www.youtube.com/watch?v=tK8_n1wvgAM

    MIL OSI Video

  • MIL-OSI Video: MTBPS 2024 economic outlook

    Source: Republic of South Africa (video statements-2)

    Medium Term Budget Policy Statement on the economic outlook

    https://www.youtube.com/watch?v=b5-dlpxhOrg

    MIL OSI Video

  • MIL-OSI Video: Minister Enoch Godongwana on the revenue and expenditure adjustments

    Source: Republic of South Africa (video statements-2)

    Minister Enoch Godongwana on the revenue and expenditure adjustments

    https://www.youtube.com/watch?v=Oj2Itns4l8k

    MIL OSI Video

  • MIL-OSI Video: Minister Enoch Godongwana on the management of debt

    Source: Republic of South Africa (video statements-2)

    Minister Enoch Godongwana on the management of debt

    https://www.youtube.com/watch?v=j9VLqRyPruA

    MIL OSI Video

  • MIL-OSI New Zealand: Sudan – Over 2.8 million children under five forced from their home across Sudan – Save the Children

    Source: Save the Children

    More than 2.8 million babies, toddlers and preschoolers are now displaced across Sudan, said Save the Children, with new figures released by the IOM showing the world’s largest displacement crisis is rapidly deteriorating for children.
    About 11 million people in Sudan – or 30% of the population – have been forced from their homes, including those displaced before and since the most recent conflict escalated in April 2023. The numbers have risen by 200,000 in the last month alone, with more than 45,000 people displaced in Al Jazirah state including 27,000 children in the past seven days [1].
    New figures reveal over half of the 11 million displaced – or 5.8 million – are children under 18, and over one quarter – or 2.8 million – are children aged under five [2]. These small children are uniquely vulnerable, and while displaced many will miss out on early childhood essentials – including vaccinations, clean water, healthcare, nutritious food, and shelter from extreme heat and cold.
    While about half of these children are now living in host communities, the remaining half are living in desperate conditions, with 18% in displacement camps, 16% in informal settlements or out in the open, and 9% in cramped schools or other public buildings. Many of these children are sharing their space with adults they don’t know, and have limited or no access to water and sanitation.
    Girls are particularly at risk, with over 3.2 million of the displaced children girls under 18, who face particular threats of sexual violence, rape, or early or forced marriage.
    Red Sea state in the country’s east has the highest proportion of displaced children, with children making up 60% of all displaced people, followed by Central Darfur with 57%. More than a third of those children and families now displaced in Sudan are from the capital Khartoum, which has witnessed some of the fiercest fighting of the conflict, followed by South Darfur (19%) and North Darfur (15%).
    Mohamed Abdiladif, Interim Country Director for Save the Children in Sudan, said:
    “Babies, toddlers, preschoolers – millions of the world’s most vulnerable people are currently living in some of the world’s worst conditions. The world has a duty of care for children and we are failing them.
    “When people are forced to flee their homes due to violence, it’s usually the women and. children who go first – and we often see displacement camps filled with children. But the number of children displaced in Sudan – and in particular, their young age and vulnerability – is staggering.
    “The situation in Sudan is spiralling out of control and every day more and more lives are put at risk with killings, violence and displacement. This has become one of the world’s most devastating humanitarian crisis but the world is not taking notice.
    “In the past week alone at least 10 children have been killed , including children as young as 10, and at least 43 children injured in Al Jazirah state. The UN has reported girls as young as 13 subjected to rape and sexual assault. We have also heard reports of children being detained, the widespread destruction of homes, and massive displacement, with families walking for days to reach safety.
    “We are urgently calling on the international community to take meaningful and urgent political action to address this crisis, for an immediate ceasefire and progress towards a lasting peace agreement.”
    Save the Children has worked in Sudan since 1983 and is currently supporting children and their families across Sudan providing health, nutrition, education, child protection and food security and livelihoods support. Save the Children is also supporting refugees from Sudan in Egypt and South Sudan.
    Notes
    [1] On 28 October, UNICEF reported more than 9,000 households, including over 45,000 people, were forced from their homes in Tamboul and its surrounding villages between 20 and 27 October 2024. A calculation of a household includes 2 adults and 3 children, thus 27,000 children displaced.
    [2] Figures from Sudan Mobility Update 29 October 2024 https://dtm.iom.int/reports/dtm-sudan-mobility-update-10

    MIL OSI New Zealand News

  • MIL-OSI Economics: IMF Executive Board Concludes the Seventh and Eighth Reviews under the Extended Fund Facility and Extended Credit Facility and Review under the Resilience and Sustainability Facility Arrangement with Kenya

    Source: International Monetary Fund

    October 30, 2024

    • The Executive Board’s decision to complete the reviews enables a combined disbursement of around US$606 million to support the authorities’ efforts to rebuild fiscal and external buffers, including to enhance resilience to climate shocks.
    • Resolution of the exceptional external financing pressure earlier this year has revived market confidence, aided stabilization of the shilling, and enabled a faster buildup of foreign exchange reserves. However, large revenue shortfalls in FY2023/24 and pushback against revenue measures owing to governance concerns pose a challenge to the ongoing fiscal consolidation efforts.
    • The Kenyan authorities face a difficult balancing act of boosting domestic revenues to protect critical spending in priority areas while meeting heavy debt service obligations. Delivering on this would call for improving governance and transparency to restore public trust in the effective use of public resources.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded today the seventh and the eighth reviews under the extended arrangement under the Extended Fund Facility (EFF) and the arrangement under the Extended Credit Facility (ECF), approved in April 2021, and a review under the Resilience and Sustainability Facility (RSF) arrangement, approved in July 2023, with Kenya.

    The EFF/ECF arrangements aim to support Kenya’s program to address debt vulnerabilities while safeguarding resources for priority social and developmental needs; build resilience to shocks; improve governance and transparency; and support broader economic reforms to realize the country’s medium-term potential. The RSF arrangement aims to reinforce Kenya’s strong efforts to address climate-related challenges and catalyze further private climate finance.

    The Executive Board’s decision allows for the immediate disbursements of SDR365.28 million (about US$485.8 million) under the EFF/ECF arrangements and SDR90.47 million (about US$120.3 million) under the RSF arrangement. In addition, following the resolution of exceptional financing needs earlier this year, the Board approved a reduction in the total access under the EFF/ECF arrangements from exceptional access, approved in January 2024 (see PR24/12), to within the normal access limits and a rebalancing of access toward the zero-interest ECF arrangement. Together with the recent changes to the IMF’s charges and surcharges policy, these adjustments would lower Kenya’s interest payments to the IMF.

    Under the EFF/ECF arrangements, total IMF financial commitment stands at SDR2.714 billion (about US$3.61 billion), of which SDR2.343 billion (about US$3.12 billion) has been approved for disbursement. For the RSF arrangement, the corresponding amounts are SDR407.1 million (about US$541.3 million) and SDR135.70 million (about US$180.4 million), respectively.

    In completing the reviews, the Executive Board recognized that the resolution of the exceptional external financing pressure earlier this year has revived market confidence, supporting shilling stabilization and facilitating faster buildup of reserves. However, the fiscal consolidation efforts have faced headwinds following a sizable tax revenue shortfall in FY2023/24 and withdrawal of the 2024 Finance Bill after widespread public protests. Nevertheless, the EFF/ECF program has delivered on reducing inflation, strengthening external buffers, and stabilizing the exchange rate. In addition, the Board approved waivers of non-observance for the end-December 2023 tax revenue and the end-June 2024 primary budget balance and tax revenue targets based on the corrective action taken through the passage of the Supplementary FY2024/25 Budget, which together with medium-term fiscal consolidation would help reduce debt vulnerabilities, a core objective of the program. The Board also completed review under the RSF arrangement and approved the disbursements associated with two reform measures implemented.

    The Board emphasized that sustaining progress requires improving the quality of fiscal adjustment, addressing fiscal and financial sector vulnerabilities, advancing governance reforms, and implementing the structural agenda, including climate-related reforms. Continued efforts to support the vulnerable population, broadening the socio-political support for reforms, and ensuring agile policymaking will also be necessary.

    At the conclusion of the Executive Board’s discussion, Ms. Gita Gopinath, First Deputy Managing Director of the IMF and Acting Chair, made the following statement:

    “Kenya’s economy remains resilient, with growth above the regional average, inflation decelerating, and external inflows supporting the shilling and a buildup of external buffers, despite a difficult socio-economic environment.

    “The EFF/ECF and the RSF arrangements continue to support the authorities’ efforts to anchor macroeconomic stability, reduce debt vulnerabilities, promote reforms, and mitigate climate-related risks.

    “Performance since the last reviews of these arrangements has weakened. While accumulation of foreign exchange reserves and inflation were better than expected, the fiscal performance fell significantly short of the targets. The revenue and export underperformances increased debt vulnerabilities. Implementation of several reforms was also delayed.

    “In this context, a difficult adjustment path lies ahead. A credible fiscal consolidation strategy remains central to addressing debt vulnerabilities while protecting social and development spending. Reforms to make the tax regime more efficient, equitable, and progressive as well as strengthening accountability, transparency, and efficiency of public finances will help garner political and societal support for reforms. Clearly communicating the necessity and benefits of the reforms is paramount.

    “Given the elevated risks around the fiscal strategy, policymaking needs to be agile. Contingency planning remains critical, with policies adapting to evolving outcomes to safeguard stability and ensure that program objectives continue to be met.

    “The Central Bank of Kenya’s decisive actions have supported price stability and external sustainability, including through institutional changes to improve the functioning of the monetary policy operational framework and the money and foreign exchange markets. Exchange rate flexibility is vital to improve resilience to external shocks and competitiveness. Addressing banks’ deteriorating asset quality and emerging risks requires close monitoring and strengthened oversight.

    “Fast-tracking key reforms would raise medium-term potential. In particular, addressing deficiencies in governance, anti-corruption frameworks, and AML/CFT, including leveraging the requested governance diagnostic, is essential for garnering public trust and enhancing policy credibility, and for attracting fresh investments, including finance to build climate resilience.”

    Kenya: Selected Economic Indicators, 2021–2026

    2021

    2022

    2023

    2024

    2025

    2026

    Act.

    Act.

    Act.

    Est./ Proj.

    Proj.

    Proj.

    Output

    Real GDP growth (percent)

    7.6

    4.9

    5.6

    5.0

    5.0

    5.0

    Prices

    Inflation –average (percent)

    6.1

    7.6

    7.7

    5.0

    5.3

    5.1

    Central government finances (fiscal year)1

    Total revenue (percent of GDP)

    16.1

    17.5

    16.7

    17.2

    18.0

    18.7

    Expenditure and net lending (percent of GDP)

    24.4

    23.7

    22.5

    22.8

    22.3

    22.7

    Overall fiscal balance (percent of GDP)

    –8.3

    –6.2

    –5.6

    –5.3

    –4.3

    –4.0

    Public debt

    Gross nominal debt (percent of GDP)

    68.1

    67.8

    73.1

    67.0

    68.8

    68.8

    Gross external debt (percent of GDP)

    34.7

    34.6

    40.4

    34.9

    37.0

    37.4

    Money and Credit (end of period)

    Broad money (percent change)

    6.1

    7.1

    21.3

    5.6

    10.3

    10.2

    Credit to private sector (percent change)

    8.6

    12.5

    13.9

    3.3

    12.4

    11.2

    Policy rate, end-of-period (percent)

    7.0

    8.75

    12.50

    Balance of payments

    Current account balance (percent of GDP)

    –5.2

    –5.0

    –4.0

    –3.9

    –4.0

    –4.1

    Gross international reserves (in months of imports)

    4.7

    4.4

    3.8

    4.1

    4.1

    4.2

    Exchange rate

    REER (average percent change; positive = appreciation)

    –2.6

    2.2

    –8.3

    Sources: Kenyan authorities; and IMF staff estimates and projections.

    1 Based on fiscal year (i.e., 2025 represents fiscal year 2024/25, covering July 2024–June 2025).

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    MIL OSI Economics

  • MIL-OSI USA: The Pig Butchering Invasion Has Begun – Wired

    Source: United States Institute of Peace

    Scam compounds have also been broken up in Peru and Sri Lanka. And there has even been alleged trafficking in truly unexpected places like the Isle of Man, a British territory where almost 100 people were working between 2022 and 2023 as part of a pig butchering operation, according to a BBC investigation from August.

    “The People’s Republic of China–origin criminal groups that are behind these sophisticated forms of scamming are looking to build networks and hubs all around the globe simply because this is so lucrative,” says Jason Tower, the country director for Burma and a long-time security analyst covering China and Southeast Asia at the United States Institute of Peace.

    Pig butchering scam centers rely upon multiple layers of criminality to operate, encompassing the recruitment of trafficked people, running scam centers on a day-to-day basis, the development of technology to scam thousands of people, and the sophisticated money laundering required to process billions of dollars. As Chinese authorities have cracked down on Chinese-speaking criminal organizations operating scam centers across Southeast Asia, the groups have likely continued to spread their operations, albeit at a smaller scale.

    “I would say it was an intentional hedging strategy, seemingly to diversify the geographic basis of operation and ultimately ensure business continuity,” says John Wojcik, an organized crime analyst at the United Nations Office on Drugs and Crime. “But at the same time, I think it’s also an immediate reaction to mounting law enforcement pressure and regulatory tightening in this region.”

    In addition to the geographic spread of pig butchering operations, researchers note that there has also been a shift in the people targeted by traffickers to “work” in scam compounds. “Over the past two years, the countries targeted for recruitment have gradually shifted westward,” says Eric Heintz, a global analyst at human rights organization International Justice Mission.

    Many trafficking victims within the early years of pig butchering were based in Southeast Asian countries, but this soon shifted to South Asian nations such as India and Nepal, Heintz says. “We have since seen recruitment posts targeting East African nations like Kenya and Uganda, and then West African countries like Morocco, and then, most recently, we have seen posts targeting El Salvador.”

    As always, the spread and evolution of pig butchering is driven by how profitable it can be. Researchers say that another alarming trend involves people from around the world choosing to go work in scam centers or even being liberated from forced labor and returning to keep working voluntarily. As long as the money keeps coming in, pig butchering will keep spreading around the world.

    “Fraud is not being seen as a serious crime—not like drugs, not like terrorism,” Humanity Research Consultancy’s Chiang says. “Globally, we need to start shifting that idea, because it creates the same kind of damage, and maybe even more because the amount of money we’re talking about is so huge. We are racing against time.”

    MIL OSI USA News

  • MIL-OSI Russia: IMF Executive Board Concludes the Seventh and Eighth Reviews under the Extended Fund Facility and Extended Credit Facility and Review under the Resilience and Sustainability Facility Arrangement with Kenya

    Source: IMF – News in Russian

    October 30, 2024

    • The Executive Board’s decision to complete the reviews enables a combined disbursement of around US$606 million to support the authorities’ efforts to rebuild fiscal and external buffers, including to enhance resilience to climate shocks.
    • Resolution of the exceptional external financing pressure earlier this year has revived market confidence, aided stabilization of the shilling, and enabled a faster buildup of foreign exchange reserves. However, large revenue shortfalls in FY2023/24 and pushback against revenue measures owing to governance concerns pose a challenge to the ongoing fiscal consolidation efforts.
    • The Kenyan authorities face a difficult balancing act of boosting domestic revenues to protect critical spending in priority areas while meeting heavy debt service obligations. Delivering on this would call for improving governance and transparency to restore public trust in the effective use of public resources.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded today the seventh and the eighth reviews under the extended arrangement under the Extended Fund Facility (EFF) and the arrangement under the Extended Credit Facility (ECF), approved in April 2021, and a review under the Resilience and Sustainability Facility (RSF) arrangement, approved in July 2023, with Kenya.

    The EFF/ECF arrangements aim to support Kenya’s program to address debt vulnerabilities while safeguarding resources for priority social and developmental needs; build resilience to shocks; improve governance and transparency; and support broader economic reforms to realize the country’s medium-term potential. The RSF arrangement aims to reinforce Kenya’s strong efforts to address climate-related challenges and catalyze further private climate finance.

    The Executive Board’s decision allows for the immediate disbursements of SDR365.28 million (about US$485.8 million) under the EFF/ECF arrangements and SDR90.47 million (about US$120.3 million) under the RSF arrangement. In addition, following the resolution of exceptional financing needs earlier this year, the Board approved a reduction in the total access under the EFF/ECF arrangements from exceptional access, approved in January 2024 (see PR24/12), to within the normal access limits and a rebalancing of access toward the zero-interest ECF arrangement. Together with the recent changes to the IMF’s charges and surcharges policy, these adjustments would lower Kenya’s interest payments to the IMF.

    Under the EFF/ECF arrangements, total IMF financial commitment stands at SDR2.714 billion (about US$3.61 billion), of which SDR2.343 billion (about US$3.12 billion) has been approved for disbursement. For the RSF arrangement, the corresponding amounts are SDR407.1 million (about US$541.3 million) and SDR135.70 million (about US$180.4 million), respectively.

    In completing the reviews, the Executive Board recognized that the resolution of the exceptional external financing pressure earlier this year has revived market confidence, supporting shilling stabilization and facilitating faster buildup of reserves. However, the fiscal consolidation efforts have faced headwinds following a sizable tax revenue shortfall in FY2023/24 and withdrawal of the 2024 Finance Bill after widespread public protests. Nevertheless, the EFF/ECF program has delivered on reducing inflation, strengthening external buffers, and stabilizing the exchange rate. In addition, the Board approved waivers of non-observance for the end-December 2023 tax revenue and the end-June 2024 primary budget balance and tax revenue targets based on the corrective action taken through the passage of the Supplementary FY2024/25 Budget, which together with medium-term fiscal consolidation would help reduce debt vulnerabilities, a core objective of the program. The Board also completed review under the RSF arrangement and approved the disbursements associated with two reform measures implemented.

    The Board emphasized that sustaining progress requires improving the quality of fiscal adjustment, addressing fiscal and financial sector vulnerabilities, advancing governance reforms, and implementing the structural agenda, including climate-related reforms. Continued efforts to support the vulnerable population, broadening the socio-political support for reforms, and ensuring agile policymaking will also be necessary.

    At the conclusion of the Executive Board’s discussion, Ms. Gita Gopinath, First Deputy Managing Director of the IMF and Acting Chair, made the following statement:

    “Kenya’s economy remains resilient, with growth above the regional average, inflation decelerating, and external inflows supporting the shilling and a buildup of external buffers, despite a difficult socio-economic environment.

    “The EFF/ECF and the RSF arrangements continue to support the authorities’ efforts to anchor macroeconomic stability, reduce debt vulnerabilities, promote reforms, and mitigate climate-related risks.

    “Performance since the last reviews of these arrangements has weakened. While accumulation of foreign exchange reserves and inflation were better than expected, the fiscal performance fell significantly short of the targets. The revenue and export underperformances increased debt vulnerabilities. Implementation of several reforms was also delayed.

    “In this context, a difficult adjustment path lies ahead. A credible fiscal consolidation strategy remains central to addressing debt vulnerabilities while protecting social and development spending. Reforms to make the tax regime more efficient, equitable, and progressive as well as strengthening accountability, transparency, and efficiency of public finances will help garner political and societal support for reforms. Clearly communicating the necessity and benefits of the reforms is paramount.

    “Given the elevated risks around the fiscal strategy, policymaking needs to be agile. Contingency planning remains critical, with policies adapting to evolving outcomes to safeguard stability and ensure that program objectives continue to be met.

    “The Central Bank of Kenya’s decisive actions have supported price stability and external sustainability, including through institutional changes to improve the functioning of the monetary policy operational framework and the money and foreign exchange markets. Exchange rate flexibility is vital to improve resilience to external shocks and competitiveness. Addressing banks’ deteriorating asset quality and emerging risks requires close monitoring and strengthened oversight.

    “Fast-tracking key reforms would raise medium-term potential. In particular, addressing deficiencies in governance, anti-corruption frameworks, and AML/CFT, including leveraging the requested governance diagnostic, is essential for garnering public trust and enhancing policy credibility, and for attracting fresh investments, including finance to build climate resilience.”

    Kenya: Selected Economic Indicators, 2021–2026

    2021

    2022

    2023

    2024

    2025

    2026

    Act.

    Act.

    Act.

    Est./ Proj.

    Proj.

    Proj.

    Output

    Real GDP growth (percent)

    7.6

    4.9

    5.6

    5.0

    5.0

    5.0

    Prices

    Inflation –average (percent)

    6.1

    7.6

    7.7

    5.0

    5.3

    5.1

    Central government finances (fiscal year)1

    Total revenue (percent of GDP)

    16.1

    17.5

    16.7

    17.2

    18.0

    18.7

    Expenditure and net lending (percent of GDP)

    24.4

    23.7

    22.5

    22.8

    22.3

    22.7

    Overall fiscal balance (percent of GDP)

    –8.3

    –6.2

    –5.6

    –5.3

    –4.3

    –4.0

    Public debt

    Gross nominal debt (percent of GDP)

    68.1

    67.8

    73.1

    67.0

    68.8

    68.8

    Gross external debt (percent of GDP)

    34.7

    34.6

    40.4

    34.9

    37.0

    37.4

    Money and Credit (end of period)

    Broad money (percent change)

    6.1

    7.1

    21.3

    5.6

    10.3

    10.2

    Credit to private sector (percent change)

    8.6

    12.5

    13.9

    3.3

    12.4

    11.2

    Policy rate, end-of-period (percent)

    7.0

    8.75

    12.50

    Balance of payments

    Current account balance (percent of GDP)

    –5.2

    –5.0

    –4.0

    –3.9

    –4.0

    –4.1

    Gross international reserves (in months of imports)

    4.7

    4.4

    3.8

    4.1

    4.1

    4.2

    Exchange rate

    REER (average percent change; positive = appreciation)

    –2.6

    2.2

    –8.3

    Sources: Kenyan authorities; and IMF staff estimates and projections.

    1 Based on fiscal year (i.e., 2025 represents fiscal year 2024/25, covering July 2024–June 2025).

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/30/pr-24398-kenya-imf-concludes-7th-and-8th-rev-under-the-eff-and-ecf-and-rev-under-rsf-arrangement

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    MIL OSI Russia News

  • MIL-OSI Economics: African Development Bank Approves a $75 Million Participation in Export Trading Group’s Sustainability Linked Loan for Core Value Chain Financing…

    Source: African Development Bank Group

    The African Development Bank Group has approved a $75 million financing package to support Export Trading Group (ETG), a Mauritius-based conglomerate with extensive operations across Africa. ETG boasts a diverse portfolio spanning agricultural inputs, logistics, merchandising and processing, supply chain optimization, digital transformation, and energy.

    This package includes a $65 million participation from the Bank’s own resources, along with $10 million in concessional co-financing from the Agri-Food Catalytic Financing Mechanism (ACFM) into ETGs Sustainable Linked Loan facility for financing its core value chain assets. The Agri-Food Catalytic Financing Mechanism is an internally managed Special Fund, capitalized by Canada’s Department of Foreign Affairs, Trade and Development, to build markets and mobilize finance for gender-oriented and underserved agri-SMEs in Africa.

    Through participation in the Sustainable Linked Loan facility, the financing will be deployed to ETG’s core value chains in 14 countries, namely Benin, Ghana, Ivory Coast, Senegal, Nigeria, Burkina Faso, Ethiopia, Kenya, Tanzania, Uganda, Malawi, Mozambique, Zimbabwe, and Zambia. This will support ETG’s processing and packaging facilities and warehouses and provide farmers with fertilizers and other agri-inputs. The Bank’s financing may be deployed to up to 28 African countries based on ETG’s emerging needs.

    The Sustainable Linked Loan facility establishes annual sustainability key performance indicators and targets focused on decarbonization, reforestation, zero deforestation, farmer extension services, and gender empowerment with inherent direct financial consequences for non-compliance.

    “The African Development Bank Group is thrilled to expand our work with Export Trade Group and support its commitment to strengthen women’s economic development in Africa. Access to finance and training in agriculture will contribute to food security and economic growth,” said Dr. Beth Dunford, Bank Vice President for Agriculture, Human and Social Development.

    ETG plans to engage 600,000 smallholder farmers by 2027, with a 25 percent target for women farmers. This includes training on sustainable farming and improved access to resources. The project is expected to boost exports from Bank regional member countries and enhance intra-regional trade, particularly within the Economic Community of West African States, Southern African Development Community, and East African Community regional economic blocks.

    The Bank’s investment in ETG capitalizes on the Group’s proven track record and resilience in agriculture, aiming to mobilize private sector financing into a critical yet underserved sector of the economy. ETG will manage the project, with oversight from the company’s Board of Directors and support from specialized departments within the Group.

    The project aligns with the Bank’s ‘High 5’ priorities, specifically “Feed Africa,” “Integrate Africa,” and “Improve the quality of life for the people of Africa,” as well as the Bank’s Ten-Year Strategy 2024-2033. It is expected to contribute to Africa’s agricultural transformation into a business-oriented and commercially viable sector, driving the continent’s food self-sufficiency.

    “By partnering with ETG, the African Development Bank continues to champion strategic enterprises that operate across multiple countries, furthering its mission to support agricultural development and improve the livelihoods of millions across the continent. The decision to continue funding ETG is just not a financial transaction. It is a strategic collaboration with a purpose – a mission to transform African agriculture and a commitment to optimize the influence of their investments, “said Richard Ofori-Mante, Director of the Agricultural Finance and Rural Development Department at the Bank.

    “By tying loan conditions to performance indicators related to sustainability, ETG is more likely to engage in activities that advance the Sustainable Development Goals. This alignment will drive better environmental, social, and governance outcomes. The transaction not only promotes sustainable practices within ETG’s operations but also influences its supply chain and partners, amplifying the impact on sustainable development,” Ofori-Mante added.

    MIL OSI Economics

  • MIL-OSI Economics: Africa Investment Forum welcomes BADEA as new partner ahead of the December Market Days in Rabat

    Source: African Development Bank Group

    The Arab Bank for Economic Development in Africa (BADEA) has joined the Africa Investment Forum as a founding partner, marking a new phase in the Forum’s expansion and influence as a catalyst for mega investments into the continent.

    The official announcement came during a breakfast meeting of heads of the Africa Investment Forum Founding Partner institutions, convened by the African Development Bank in Washington, DC on the sidelines of the International Monetary Fund and World Bank’s annual meetings. During the meeting, the partners examined and adopted a new strategic framework to govern the forum. The meeting took place on Friday 25 October.

    In welcoming BADEA as a new partner, African Development Bank President Akinwumi Adesina said: “Since 2018, BADEA has been a steadfast supporter of the Africa Investment Forum, consistently contributing to the growth and success of this platform.”

    The Arab Bank for Economic Development in Africa is a multilateral development financial institution owned by 18 Arab countries. Its operations cover the entire Sub-Saharan African region.

    BADEA group president Dr. Sidi Ould Tah said the main shareholders of his bank had been working on a new mechanism to support investment flows to Africa. The group has sovereign funds under management with assets in the trillions of dollars, of which they had pledged to channel a part for Africa’s infrastructure needs.

    “The role of BADEA is to catalyse resources for Africa. BADEA will work with all the member countries of AIF to make this pledge a reality,” Tah said.                                 

    The addition of BADEA brings the AIF’s founding partners to nine:  the African Development Bank, Afreximbank, Africa Finance Corporation, Africa50, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank, and Trade and Development Bank.

    Meeting of AIF founding partners in Washington, DC October 2024

    Heads and representatives of each of the partners who attended the meeting included included Trade and Development Bank President and CEO Admassu Tadesse, Africa Finance Corporation’s CEO  Samaila Zubairu, Africa50  President Alain Ebobissé, European Investment Bank Vice President Ambroise Fayolle,  Hani Salem Sonbol  Chief Executive Officer of the International Islamic Trade Finance Corporation representing Islamic Development Bank President Dr. Muhammad Sulaiman Al Jasser, and Afreximbank’s Director for Export Development Oluranti Doherty, who represented its president.

    Adesina also commended the founding partners for their energy, drive and momentum which he described as a testament to their confidence in the Forum.

    The AIF’s Market Days events, held annually, have drawn sovereign and non-sovereign investors from around the world, enabling a shift in risk perception and fostering confidence in Africa’s investment landscape.

    The platform has actively supported women-led businesses under its Women as Investment Champions pillar with examples such as Mobihealth International Ltd (Healthcare, Nigeria) which was supported to access grant and loan funding for feasibility studies and pan-African expansion.

    From the African Development Bank, Senior Vice President Marie Laure Akin-Olugbade, Hassatou N’Sele Vice President for Finance and CFO, Beth Dunford, Vice President for Agriculture, Human and Social Development,  Nnenna Nwabufo, Vice President for Regional Development, Integration and Business Delivery and Kevin Urama, Chief Economist and Vice President, Economic Governance and Knowledge Management, also attended the meeting. The Senior Director of Syndications, the Africa Investment Forum and Client Solutions, Max Magor Ndiaye, and the Special Representative of President Adesina, Yacine Fall were also present.

    The 2024 Market Days will take place from 4-6 December 2024 in Rabat, Morocco, under the theme: “Leveraging Innovative Partnerships for Scale.”

    MIL OSI Economics

  • MIL-OSI Economics: Mozambique: African Development Bank approves $54 million loan for Mozambique’s first wind energy project

    Source: African Development Bank Group

    The Board of Directors of the African Development Bank has approved a loan of $54 million for a 120 MW onshore wind farm that will help position Mozambique as a regional energy hub.

    The Bank’s loan, which includes $12 million from the Sustainable Energy Fund for Africa (SEFA), is in addition to financing expected from International Finance Corporation (IFC), U.S. International Development Finance Corporation (DFC), the Emerging Africa and Asia Infrastructure Fund (EAAIF) and the Private Infrastructure Development Group’s Technical Assistance. The total project cost is estimated at $224.5 million.

    Mozambique’s national electricity utility, EDM, will be the sole off-taker from the wind farm, located 50 km west of Maputo, under a 25-year power purchase agreement.

    The wind farm will be Mozambique’s first utility-scale wind power project. It is expected to generate 331.6 GWh annually, supplying affordable, reliable, and clean energy to both local consumers and regional markets, diversifying Mozambique’s energy mix, and improving access to electricity. It will also position the country as a regional energy hub, capitalizing on increased energy trade through the Southern African Power Pool (SAPP).

    With Mozambique’s energy sources currently dominated by hydropower and gas, the Namaacha wind farm project will help reduce annual CO₂ emissions by approximately 71,816 tons, contributing to the country’s commitments under the Paris climate agreement.

    The project will support economic growth, job creation, and improved living standards. During construction it will create 600 jobs, of which its targeting about 120 will be for women, and 300 for youth. Once operational, 20 permanent jobs will be created, with a focus on gender and youth inclusion.

    Commenting on the project, Kevin Kariuki, Vice President for Power, Energy, Climate, and Green Growth at the African Development Bank, said, “This wind project represents a milestone for Mozambique and underscores the Bank’s strong commitment to advancing clean, renewable energy solutions in the region. It will not only enhance energy security but also facilitate regional electricity trade, benefiting Mozambique’s socio-economic development.”

    Wale Shonibare, Director of the Energy Financial Solutions, Policy, and Regulations Department at the African Development Bank stressed the technological impact of this milestone project. “As the first large-scale wind energy initiative in Mozambique, this project showcases the transformative potential of renewable technologies to drive sustainable growth. By leveraging Mozambique’s natural resources, we are creating pathways toward a diversified and resilient energy sector that not only meets current demands but is future-proofed to support an evolving economy,” he said.

    Globeleq is one of the project developers. Its CEO Jonathan Hoffman said: “The Namaacha Wind Farm is a significant milestone in Mozambique’s journey toward a diversified and sustainable energy landscape. We are proud to partner with EDM and Source Energia in contributing to the government’s ambitious ‘Energy for All by 2030’ program, which is rapidly transforming into a reality for countless Mozambicans. This project reflects our commitment to supporting Mozambique’s clean energy goals and bringing reliable power to the communities we serve.”

    Aligned with the Bank’s Ten-Year Strategy, the New Deal on Energy for Africa, and its High 5 objective of “Light Up and Power Africa,” the project underscores Mozambique’s dedication to renewable energy development and supports its goal of achieving universal access to electricity by 2030.

    The project complements the Bank’s earlier energy sector initiatives in Mozambique, including the Songo Matambo transmission line and the Mozambique Energy for All program.

    MIL OSI Economics

  • MIL-OSI USA: Suzy DiMont Works at the Intersection of Research and Action

    Source: US National Renewable Energy Laboratory

    Distinguished Member of Operations Staff Is Busy Making the World a Better Place


    Suzy DiMont is a force to be reckoned with.

    Suzy DiMont. Photo by Werner Slocum, NREL 

    Since she was hired at the National Renewable Energy Laboratory (NREL) in 2014, the Energy and Sustainability manager has evolved from an intern to a program manager and integral member of the Women’s Network Employee Resource Group (ERG). On the Intelligent Campus team, she is involved with all things sustainability, including the annual commuter survey, Site Sustainability Plan, and climate resilience planning and was also a key contributor to the NREL Smart Labs initiative, which NREL uses to meet sustainability goals.

    DiMont is actively engaged in her community and is always looking for ways to give back. Annually, she participates in the Bike MS NREL team ride to raise funds for multiple sclerosis (MS) research. As a member of the Women’s Network, she regularly mentors NREL peers and helps enable pathways for the professional advancement of women.

    Earlier this year, DiMont was named a Distinguished Member of Operations Staff for her “dedication to advancing NREL’s mission and making meaningful strides toward a sustainable and clean energy future.” As a member of the Intelligent Campus Program, she is the primary point of contact with the U.S. Department of Energy’s Golden Field Office and manages NREL’s electric vehicle supply equipment rollout and cost recovery program and NREL’s energy and water utility billing.

    When asked if she ever gets time to rest amid numerous projects, leadership roles, and community engagement activities, DiMont responded, “I do rest, I do rest. Well, I have a toddler now, so I don’t rest.”

    Then, always finding a way to make others shine, DiMont said, “It’s not just me doing it. I couldn’t do it by myself. I work with a lot of really great people all over the lab.”

    During her decade at the laboratory, DiMont has collaborated with diverse groups across NREL and is constantly getting involved with new projects related to sustainability. Although this line of work may seem custom fit, her path from student to educator to engineer to Sustainability manager was far from linear.

    Suzy DiMont, husband Neil, and Kosol Kiatreungwattana on their first Bike MS Ride. Photo by Suzy DiMont, NREL 

    A Lifelong Love for Learning

    As a child, DiMont did not long to settle into a perfect career. Instead, her innate curiosity sparked a desire to learn and participate in as many activities as possible.  

    “I don’t know if I ever really had a dream that I wanted to work,” DiMont said. “I always had a dream that I wanted to learn. I really liked school, I liked all topics, I liked everything. Math, reading, art, history, science—I wanted to do all of it.”

    DiMont’s desire to be a well-rounded learner drew her to a liberal arts education at Hamilton College in New York.

    At Hamilton, she explored a variety of majors—psychology, art, French, and archeology—before landing on anthropology and mathematics.

    Her first job after college was teaching math at the Solebury Boarding School in Pennsylvania. The role was intimidating because, although DiMont was a lifelong learner, she had no practice developing formal lesson plans for grade schoolers. She learned how to write tests that were appropriately challenging for students and experienced the joys of being a dorm mom for the girls on campus. DiMont also realized teaching was not her calling.

    After leaving Solebury, DiMont joined AmeriCorps, an independent U.S. government agency focused on service and volunteerism, and began working for the “I Have a Dream” Foundation. DiMont worked with students at under-resourced schools on dropout prevention and helped the students, known as “dreamers,” realize their aspirations and connected them with support.

    One of DiMont’s former dreamers, Anakary Valenzuela, is now a business support administrative associate for NREL’s Mechanical and Thermal Engineering Sciences (MTES) directorate. She remembers meeting DiMont as a sophomore at Centaurus High School in Lafayette, Colorado.

    Valenzuela had been a dreamer since second grade and was all too familiar with the influx of AmeriCorps members who served for a year then moved onto the next opportunity. DiMont was different. She stayed with the program for three years—long enough to see the cohort of students graduate high school—and she took a genuine interest in the lives of students she mentored.

    When Anakary Valenzuela was a student, the “I Have a Dream” Foundation hosted an event to celebrate high school graduation. Photo from Casie Zalud Photography

    “She was the best AmeriCorp we ever had,” Valenzuela said. “I would go to her for advice. She would mentor me. [She was] my counselor, my friend. She would always stay extra hours to talk to us if it had to do with homework or college prep or advising us on what type of college we should go to or major [we should declare]. And then she would drive us home.”

    Their friendship extended well beyond Valenzuela’s high school graduation as DiMont informally mentored Valenzuela throughout college and encouraged her to apply at NREL. After Valenzuela was hired, DiMont encouraged her to get involved with the Women’s Network and Hispanic and Latinx Alliance and invited her to ERG meetings and dinners to make friends and build her network.

    “She inspires me to do more. I feel like I am part of her family,” Valenzuela said. “I can always count on her, she’s always been there. I don’t know how she does everything, but I’m so grateful that we crossed paths in this lifetime.”

    From Educator to Engineer

    During her three years with AmeriCorps, DiMont realized she could pursue her dual loves for mathematics and community engagement with a career in engineering. Working with low-income students exposed disparities in the lack of access to civil infrastructure. She saw engineering as a way to make infrastructure and transportation equitable for all.

    DiMont enrolled in the Engineering and Developing Communities graduate program at the University of Colorado (CU) Boulder. DiMont got involved in the Renewable and Sustainable Energy Institute, known as the RASEI program, now a joint program between NREL and CU Boulder.

    The university was DiMont’s introduction to NREL, via one of the laboratory’s vocal supporters: former NREL research technician Marc Landry.

    “What an incredible human,” DiMont said. “He would not stop talking about NREL and what a wonderful place it was … an unbelievable mind.”

    During one of the first events DiMont attended as an intern in 2014, Xcel Energy awarded NREL the Self-Direct Achievement Award. Photo from Suzy DiMont, NREL 

    During graduate school, DiMont pondered a career in international development work. She and her then boyfriend, now husband, traveled to Bolivia with a South Dakota Engineers Without Borders program to participate in a water development project. Although the work was important, she felt it was better to stay in Boulder.

    “To do international development work well, you have to be part of that community, and you have to invest in that community and spend time there and be there,” DiMont said. “You can’t just swoop in with technology. It’s not kind; it’s not effective.”

    After hearing Landry sing NREL’s praises for so many years, DiMont decided to apply for a sustainability internship at NREL.

    ‘Sustainability Is a Marathon, not a Sprint’

    As DiMont evolved from an intern into her current role, much of her work folded into the Intelligent Campus program, which leverages NREL campuses to advance research and achieve operational excellence by deploying cutting-edge control and analytics technology. Or in DiMont’s words, her job “sits at the intersection of research and making things happen.”

    She focuses on creating programs and strategies to implement changes regarding energy efficiency, the kind of energy NREL uses, and getting to net zero. However, DiMont acknowledged that “sustainability is a marathon, not a sprint.” For NREL to achieve its sustainability goals, the right folks—including researchers, subject matter experts, communicators, and technicians—need to come together and stay excited about work ahead.

    “A lot of what we do won’t have an impact for a while. That’s why it’s important to keep a generational lens,” DiMont said. “It’s not always easy, but having a great team makes it possible. They can commiserate with you, they support you, they back you up.”

    The NREL Waste Reduction and Pollution Prevention Team was recognized for a DOE Sustainability Award in 2016. Right to left: Ali Mohagheghi, Kenneth Proc, Kevin Donovan, Ellen Fortier, Laura Justice, Nancy Stovall, Laurie Snyder, Suzy DiMont and Susan Chadwick. Photo by Dennis Schroeder, NREL

    Making the World a Better Place for All

    When it comes to making the world a better place, for DiMont, that starts with making NREL a better place. As an early member of the Women’s Network, Suzy advocates for diversity in STEM (science, technology, engineering, and mathematics). The Women’s Network is one of NREL’s 11 ERGs and provides a platform for promoting women in leadership and the workforce.

    “I think the Women’s Network is so important, because there is still, especially in research in STEM, so much discrimination against women, people of color, women with intersectional identities, folks that are marginalized in some way,” DiMont said.

    For many, the biggest hurdle is staying in a career field if you see few people who look like you or share your experiences.

    “It’s a huge loss, because these are the fields where we need a diversity of thought, people that don’t see the world the same way, that think about problems differently, people that lead differently,” DiMont said. “You need that diversity in a field where you’re looking for innovation and new things. To reach everyone on the planet, you must have that diversity to be successful.”

    During her tenure at NREL, DiMont has witnessed major changes in the ways NREL promotes diversity, equity, and inclusion and credits much of this change to NREL’s women in leadership, such as Bobi Garrett, NREL’s former chief operating officer, and Julie Baker, deputy laboratory director for Laboratory Operations.

    Suzy DiMont and her child Sebastian. Photo from Suzy DiMont, NREL

    “It’s incredible to be around these powerful women,” DiMont said. “It’s very inspiring.”

    As a mother, DiMont wants to make the world a better place for her child. Living in a world impacted by climate change causes many to feel anxious and depressed about the future. For DiMont, knowing that humans caused climate change means humans are also part of the solution. She hopes to impart this optimism onto the next generation.

    “I want my child to live in a world where he sees engineers and expects them to be women,” DiMont said. “I want him to feel like he has agency and can be part of these solutions.”

    It is a lot of work and the job is not easy, but for DiMont, making the world better for the next generation is what it is all about.

    “When do I rest?” DiMont asked. “I’ve got this time to do what I can do with it. I put in my energy when I can, then I unplug. I unplug and put my energy in other places. It’s just about being present for the things you are doing in that moment.”  

    Learn more about NREL’s commitments to sustainability and resilience.

    MIL OSI USA News

  • MIL-OSI: Amundi: Third quarter and nine-month 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Amundi: Third quarter and nine-month 2024 results

    Net income1,2up +16% Q3/Q3 and record assets under management at €2.2 trillion

    Strong growth in earnings and revenues   Q3 – adjusted net income1,2 at €337m, fast-growing: +16.1% Q3/Q3

    • Thanks to revenue growth (+10.5%) and positive jaws effect
    • Q3/Q3 cost/income ratio improvement at 52.9%3

    9 months – adjusted net income1,2 at €1,005m, up +10.4% 9M/9M

    Earnings per share2: €1.65 for Q3, €4.91 for 9M

         
    Record AuM
    & dynamic MLT inflows5
      Record assets under management3: €2,192bn at 30 September 2024, up +11% year-on-year

    Q3 net inflows3 of +€2.9bn, or +€14.5bn excluding the exit from a large, low-income institutional mandate4

    • +€9.1bn in MLT assets4,5,6
    • Solid commercial momentum of Asian JVs: +€5.3bn
         
    Continued strategic progress   ETFs6: +€8bn in Q3 net inflows, now more than €250bn in assets under management
    Third-party distribution: +€7bn Q3 net inflows, with contribution from all regions and asset classes

    Asia: +€7bn in Q3 net inflows, from JVs and direct distribution in Japan, Singapore, Hong Kong, Taiwan and China

    Technology: revenues +42% Q3/Q3

    Victory Capital: approval7 of the partnership with Amundi secured at EGM, transaction expected to close in Q1 2025

    Paris, 30 October 2024

    Amundi’s Board of Directors met on 29 October 2024 under the chairmanship of Philippe Brassac, and reviewed the financial statements for the third quarter and the first 9 months of 2024.

    Valérie Baudson, Chief Executive Officer, said:
    « Amundi’s results in the third quarter of 2024 demonstrate our ongoing strategic progress and continued growth potential. Our Q3 net profit1,2of €337m, increased by +16% compared to the same period in 2023 and exceeded one billion euros over 9 months. Assets under management reached a record level of €2.2 trillion.

    We have been able to support our clients whatever their profile and needs, which has resulted in a high level of net inflows in our strategic development areas, namely Asia, Third-Party Distributors, and ETFs.

    By putting clients at the heart of our strategy and by continuing to develop the areas of expertise that primarily seek to meet their needs, we are ideally positioned to seize growth opportunities in the savings industry. »

    * * * * *

    Further progress in achieving our 2025 Ambitions plan

    Q3 2024 saw key areas of focus under the “2025 Strategic Ambitions” plan contribute to activity and earnings growth.

    • ETFs exceeded €250bn in assets under management at the end of September, up +31% year-on-year, thanks in particular to very dynamic net inflows reaching +€17bn over 9 months, including +€8bn in Q3. This places Amundi in second place in the European market in terms of net inflows this quarter8. these inflows are well diversified across equity and fixed income products, with a high share of products classified as responsible investment9 in net inflows (+€3bn, or 34% market share in flows in this market segment). Amundi has had many commercial successes this quarter: for example, the Amundi ETF Stoxx Europe 600 is the best-selling (+€0.85bn) European equity ETFs in Q3, the Amundi ETF Euro Government Tilted Green Bond, launched last year, saw its assets under management exceed €3bn after gathering +€1.1bn since the beginning of the year, and the Amundi ETF Prime ACWI exceeded €1bn in assets under management 8 months after its launch.
    • Third-Party Distribution reached €377bn in assets under management at the end of September, up +24% year-on-year, with net inflows +€19bn for 9 months 2024, and +€7bn in Q3, thanks to contributions from all regions and asset classes, from ETFs, treasury products and active management;
    • Asia assets under management increased by +17% year-on-year to €458bn; net inflows for 9 months 2024 stood at +€30bn with a significant contribution from Amundi’s Indian JV SBI MF, which now has €278bn in assets, up +19% year-on-year (+€18bn in net inflows); €103bn of total Asian assets under management come from direct distribution excluding JVs (+20% year-on-year), with net inflows for 9 months 2024 standing at +€3bn in Japan, +€2.4bn Singapore, +€1.4bn Hong Kong and also +€1.7bn in China outside the two JVs, mainly with institutional clients;
    • The Technology & Services offering is also experiencing strong growth, with technology revenues of €54m over 9 months, up +28% compared to the same period in 2023, and even +42% Q3/Q3; the Fund Channel fund distribution platform exceeded €490bn in assets at the end of September 2024; during the quarter it signed a distribution agreement with ING Germany and integrated the fintech AirFund into its ecosystem to digitise access to private markets; Fund Channel was also ranked “Best Distribution Platform” for the third consecutive year by the consulting and research firm Platforum;
    • In fixed income expertise, Amundi now manages €1,160bn in assets10 across a wide range of solutions, from treasury products to target maturity funds, offering attractive returns and capital protection; fixed income net inflows stood at +€46bn10 over 9 months and +€14bn10 in Q3 thanks to sustained activity in active bond strategies (+€11bn excluding JV) and ETFs (+€2.5bn);
    • The partnership project with Victory Capital reached an important milestone with shareholder approval of resolutions7 necessary to finalise the transactions, expected in Q1 2025. As a reminder, this partnership aims at creating a larger US investment platform, via the contribution of Amundi US to Victory Capital in return for Amundi taking a 26%-stake of the combined entity as well as 15-year distribution agreements, to serve the clients of both companies; Amundi would thus have a greater number of US and global management expertise to offer its clients. The transaction, which involves no disbursement of cash, is expected to bring a low single-digit accretion for Amundi shareholders, with an increase in the contribution of our US operations to the adjusted net income and EPS.

    Activity

    Market environment

    In the third quarter of 2024, equity markets11 increased by +1.1% in average compared to the previous quarter and by +15.6% compared to Q3 2023. The European bond markets12 also rose, reflecting the shift in monetary policy and the ECB’s decision to cut rates. Year-on-year, our benchmark index12 increased by +6.3% in Q3 2024 compared to Q3 2023 and by +2.1% compared to Q2 2024. The market effect is therefore positive on the evolution of Amundi’s revenues and net income.

    When compared to the 2021 averages used as a reference for the 2025 Ambitions plan, the market effect is only slightly positive.

    The European asset management market continues its gradual recovery. Open-ended fund volumes13, at +€213bn in the third quarter, continued to be driven by treasury products (+€93bn) and passive management (+€75bn). Nevertheless, the third quarter recorded positive flows in medium- to long-term active management for the second quarter in a row (+€45bn), driven by fixed income strategies (+€69bn).

    High level of activity over the quarter in MLT assets5, assets under management at a record level of €2.2tn

    Activity this quarter continues to be marked, like the rest of the European market, by risk aversion among retail clients. However, Amundi performed well, driven in particular by ETFs, bond solutions, third-party distributors and Asia. Excluding the exceptional exit from a low-income insurance mandate4, net inflows were positive in all major medium- to long-term areas of expertise (passive, active, structured products and real assets), in all client segments (Retail, Institutional and JV), and in all major markets (France, Italy, Germany, Asia and the United States).

    Amundi’s assets under management at 30 September 2024 increased by +11.1% year-on-year (compared to the end of September 2023) and by +1.6% quarter-on-quarter (compared to the end of June 2024), to €2,192bn, an all-time high.

    In the third quarter of 2024, the market and currency effect amounted to +€32.5bn (+€175.9bn over a year) and Amundi generated positive net inflows of +€2.9bn. As announced at the time of the second quarter results publication, this amount includes the exit of a low-income multi-asset mandate4 with a European insurer, of €11.6bn.

    Adjusted for this exit4, net inflows for the quarter were +€14.4bn of which +€9.1bn in MLT Assets5. It was positive in active management (+€4.3bn) and ETFs (+€7.8bn), partially offset by outflows from index strategies. Structured products and real and alternative assets also recorded positive net inflows (+€0.8bn), while treasury products were flat (+€0.1bn).

    Finally, the JVs14continued their solid commercial momentum, with net inflows of +€5.3bn, reflecting a positive contribution from India (SBI MF, +€6.0bn) and South Korea (NH-Amundi, +€0.4bn), partially offset this quarter by slight net outflows in China (ABC-CA) despite continued open-ended net inflows.

    By Client Segment, Retail recorded net inflows of +€6.3bn, of which +€1.3bn in MLT assets5, with contrasting developments according to the sub-segments:

    • Third-Party Distributors had another very good quarter in terms of total net inflows (+€6.8bn); all regions contributed to these inflows, which were highly diversified across asset classes, with positive contributions from ETFs, treasury products but also active management (+€1.5bn);
    • Risk aversion has a larger impact on the activity of partner network clients in France (+€1.1bn) and outside France excluding Amundi BOC WM (-€0.9bn), despite the good performance of structured and treasury products as well as bond strategies; Sabadell’s network in Spain continues its sales momentum (+€0.4bn);
    • In China, Amundi BOC WM posted net outflows this quarter (-€0.7bn), as the maturities of fixed-term funds were not offset by open-ended fund subscriptions.

    Excluding the loss of the low-income insurance mandate already mentioned4, the Institutional segment recorded very positive inflows in MLT Assets5(+€7.8bn), in all sub-segments: Institutional & Sovereigns with +€4.4bn, CA & SG insurance mandates with +€2.4bn thanks to the continued recovery of the traditional life insurance Euro contracts this quarter, Corporates and Employee Savings (+€1.0bn) thanks to net inflows in short-term bond products from corporates. Net outflows in Treasury Products (-€4.9bn) are to a large extent seasonal.

    Results

    Sustained growth in net income, +16% Q3/Q3 to €337m, and more than €1bn in the 9 months of 2024

    Adjusted data2

    In the third quarter of 2024, adjusted net income2reached €337m, up +16.1% compared to the third quarter of 2023. Since the second quarter, it includes Alpha Associates, whose acquisition was finalised in early April.

    The growth in net income was mainly due to organic revenue growth, amplified by operating efficiency, which led to a positive jaws effect, and by the very strong momentum of Asian JVs. These results were achieved against the backdrop of continued client risk aversion, and inflation.

    Adjusted net revenues2 reached €862m, up +10.5% compared to the third quarter of 2023.

    • The sustained growth in net management fees, up +9.2% compared to the third quarter of 2023, to €805m, reflects the good level of activity and the increase in average assets under management excluding JVs (+8.6% over the same period);
    • Performance fees (€20m) doubled compared to the third quarter of 2023 (€10m), a low basis of comparison; however, they were down compared to the second quarter of 2024 (€50m) due to the lower level of crystallisation15 in the third quarter than in the second and fourth quarters, as it does every year; however, the performance of Amundi’s management is at a good level, with more than 71% of assets under management ranked in the first or second quartiles according to Morningstar16 over 1, 3 or 5 years and 257 Amundi funds rated 4 or 5 stars by Morningstar as of 30 September;
    • Amundi Technology’s revenues, at €20m, continued to grow steadily (+41.8% compared to the third quarter of 2023; +13.0% compared to the second quarter of 2024), confirming the development of this business;
    • Finally, the Financial and other income2 amounted to €17m, down slightly compared to the third quarter of 2023 and previous quarters.

    The increase in operating expenses2, by +7.4% compared to the third quarter of 2023, to €456m, remains lower than the increase in revenues (+10.5%) over the same period, thus generating a positive jaws effect which reflects the Group’s operational efficiency.

    The increase is mainly due to:

    • the first consolidation of Alpha Associates;
    • the provision for individual variable remuneration in line with the increase in results;
    • and finally the acceleration of investments in development initiatives according to the axes of the 2025 Ambitions Plan, particularly in technology.

    The Cost income ratio improved to 52.9% in adjusted data2 compared to the same quarter last year, and remains in line with the 2025 target and at the best level in the industry.

    The Adjusted gross operating income2(EBIT) amounted to €406m, up +14.2% compared to the third quarter of 2023, reflecting double-digit revenue growth amplified by operational efficiency.

    Income from equity-accounted companies, which reflects Amundi’s share of the net income of minority JVs in India (SBI MF), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), was up +36.5% compared to the third quarter of 2023, to €33m, representing 10% of adjusted net income, reflecting the good level of activity in India and Korea.

    Adjusted earnings per share2in the third quarter of 2024 reached €1.65, up +16.0%.

    Accounting data in the third quarter of 2024

    Accounting Net income Group share amounted to €320m and includes non-cash charges related to acquisitions, in particular the amortisation of intangible assets related to distribution and client contracts (-€24m before tax in the quarter including the corresponding new charges related to Alpha Associates, see details in p. 11), representing a total of -€17m after tax.

    Accounting earnings per share in the third quarter of 2024 reached €1.56.

    In the first 9 months of 2024, adjusted net income2amounted to €1,005m, up +10.4%, reflecting the same trends as in the third quarter:

    • Adjusted net revenues2 grew by +7.3% compared to the first 9 months of 2023, to €2,573m, reflecting as in the quarter the sustained growth in management fees (+6.6%) and the strong increase in Amundi Technology’s revenues (€54m, +28.2%) and financial and other income2 (€67m, +38.2%); performance fees, on the other hand, were down by -2.0% to €88m;
    • Adjusted operating expenses2 are well controlled with an increase of +5.9% compared to the first 9 months of 2023, at €1,356m, resulting in a positive jaws effect;
    • Adjusted cost income ratio2 stands at 52.7%.

    Adjusted gross operating income2 was €1,217m, up +8,9% compared to the first 9 months of 2023, showing a higher growth rate than revenue growth thanks to operating efficiency.

    Income from equity-accounted companies increased by +28.6% compared to the first 9 months of 2023, to €94m.

    Adjusted earnings per share2for the first 9 months of 2024 reached €4.91, up +10.1% compared to the first 9 months of 2023.

    Accounting data for the first 9 months of 2024

    Accounting Net income Group share amounted to €956m and includes non-cash charges related to acquisitions, in particular the amortisation of intangible assets related to distribution and client contracts (-€68m before tax in the 9 months including the corresponding new charges related to Alpha Associates, see details on p. 11), representing a total of -€49m after tax in the first 9 months of 2024.

    Accounting earnings per share for the first 9 months of 2024 reached €4.67.

    To be noted for the fourth quarter and full-year 2024

    Success of the capital increase reserved for employees – The capital increase reserved for employees “We Share Amundi”, announced on 23 September 2024, is expected to be completed tomorrow, 31 October 2024. This operation offered for the seventh consecutive year a subscription of shares at a discount.

    It was once again a great success this year: more than 2,000 employees in 15 countries subscribed to this capital increase, for a total amount of €36.3m. This represents nearly two out of three employees in France and more than two out of five worldwide.        
    This transaction, which is in line with the existing legal authorisations voted by the Shareholders’ Meeting on 12 May 2023, reflects Amundi’s desire to involve its employees not only in the development of the Company but also in the creation of economic value.

    The impact of this transaction on earnings per share will be very limited: the number of shares to be created will be 771,628 (i.e. ~0.4% of the share capital before the transaction).        
    This issue will bring the number of shares making up Amundi’s share capital to 205,419,262 as of 31 October 2024, i.e. a share capital increased to €513,548,155.        
    Employees will now hold around 1.7% of Amundi’s capital, compared to 1.3% before the transaction. In the fourth quarter of 2024, the Amundi Group will record in its consolidated financial statements a charge relating to the subscription discount of €12.3m before tax.

    On the basis of the Finance Bill presented by the French government, an exceptional tax contribution on the profits of large companies would apply to Amundi, whose turnover in France for tax purposes is more than €3bn.

    * * * * *

    APPENDICES

    Adjusted income statement2of the first 9 months of 2024 and 2023

    (€m)   9M 2024 9M 2023 % chg.
    9M/9M
             
    Net revenue – Adjusted   2,573 2,397 +7.3%
    Management fees   2,364 2,217 +6.6%
    Performance fees   88 89 -2.0%
    Technology   54 42 +28.2%
    Net financial & other net income   67 49 +38.2%
    Operating expenses – Adjusted   (1,356) (1,280) +5.9%
    Cost income ratio – Adjusted (%)   52.7% 53.4% -0.7pp
    Gross operating income – Adjusted   1,217, 1,117, +8.9%
    Cost of risk & other   (7) (5) +24.5%
    Equity-accounted companies   94 73 +28.6%
    Income before tax – Adjusted   1,305 1,185 +10.1%
    Corporate tax   (302) (277) +8.8%
    Non-controlling interests   2 3 -25.2%
    Net income, Group share – Adjusted   1,005 910 +10.4%
    Depreciation of intangible assets after tax   (49) (44) +11.6%
    Integration costs net of tax   0 0 NS
    Net income, Group share   956 866 +10.3%
    Earnings per share (€)   4.67 4.25 +10.0%
    Earnings per share – Adjusted (€)   4.91 4.46 +10.1%

    Adjusted income statement2of the third quarter of 2024

    (€m)   Q3 2024 Q3 2023 % chg.
    Q3/Q3
      Q2 2024 % chg.
    Q3/Q2
                   
    Net revenue – Adjusted   862 780 +10.5%   887 -2.9%
    Management fees   805 737 +9.2%   794 +1.3%
    Performance fees   20 10 +97.3%   50 -58.9%
    Technology   20 14 +41.8%   17 +13.0%
    Net financial & other net income   17 19 -10.6%   26 -34.0%
    Operating expenses – Adjusted   (456) (424) +7.4%   (461) -1.1%
    Cost income ratio – Adjusted (%)   52.9% 54.4% -1.5pp   51.9% +1.0pp
    Gross operating income – Adjusted   406 356 +14.2%   426 -4.8%
    Cost of risk & other   (2) (3) -36.0%   (5) -63.4%
    Equity-accounted companies   33 24 +36.5%   33 -0.1%
    Income before tax – Adjusted   437 377 +15.9%   454 -3.9%
    Corporate tax   (101) (88) +14.9%   (105) -3.8%
    Non-controlling interests   1 1 -23.5%   0 NS
    Net income, Group share – Adjusted   337 290 +16.1%   350 -3.7%
    Depreciation of intangible assets after tax   (17) (15) +17.9%   (17) +1.2%
    Integration costs net of tax   0 0 NS   0 NS
    Net income, Group share   320 276 +16.0%   333 -4.0%
    Earnings per share (€)   1.56 1.35 +15.9%   1.63 -4.0%
    Earnings per share – Adjusted (€)   1.65 1.42 +16.0%   1.71 -3.7%

    Evolution of assets under management from the end of 2020 to the end of September 202417

    (€bn) Assets under management Net

    inflows

    Market &

    Forex Effect

    Scope effect   Change in AuM
    vs. previous quarter
    As of 31/12/2020 1,729       / +4.0%
    Q1 2021   -12.7 +39.3   /  
    As of 31/03/2021 1,755       / +1.5%
    Q2 2021   +7.2 +31.4   /  
    As of 30/06/2021 1,794       / +2.2%
    Q3 2021   +0.2 +17.0   /  
    As of 30/09/2021 1,811       / +1.0%
    Q4 2021   +65.6 +39.1   +14818  
    As of 31/12/2021 2,064       / +14%
    Q1 2022   +3.2 -46.4   /  
    As of 31/03/2022 2,021       / -2.1%
    Q2 2022   +1.8 -97.75   /  
    As of 30/06/2022 1,925       / -4.8%
    Q3 2022   -12.9 -16.3   /  
    As of 30/09/2022 1,895       / -1.6%
    Q4 2022   +15.0 -6.2   /  
    As of 31/12/2022 1,904       / +0.5%
    Q1 2023   -11.1 +40.9   /  
    As of 31/03/2023 1,934       / +1.6%
    Q2 2023   +3.7 +23.8   /  
    As of 31/06/2023 1,961       / +1.4%
    Q3 2023   +13.7 -1.7   /  
    As of 30/09/2023 1,973       / +0.6%
    Q4 2023   +19.5 +63.8   -20  
    As of 31/12/2023 2,037       / +3.2%
    Q1 2024   +16.6 +63.0   /  
    As of 31/03/2024 2,116       / +3.9%
    Q2 2024   +15.5 +16.6   +8  
    30/06/2024 2,156         +1.9%
    Q3 2024   +2.9 +32.5   /  
    30/09/2024 2,192         +1.6%

    Total over one year between September 30, 2023 and September 30, 2024: +11.1%

    • Net inflows          +€54.5bn
    • Market & exchange rate effects        +€175.9bn
    • Scope effects        -€12.2bn
      (disposal of Lyxor Inc. in Q4 2023, first consolidation of Alpha Associates in Q2 2024)

    Details of assets under management and net inflows by client segments19

    (€bn) AuM

    30.09.2024

    AuM

    30.09.2023

    % change /30.09.2023 Net flows

    Q3 2024

    Net flows

    Q3 2023

    Net flows

    9M 2024

    Net flows

    9M 2023

    French networks 138 126 +9.1% +1.1 +0.9 +0.3 +4.6
    International networks 167 156 +7.1% -1.6 -1.0 -4.4 -3.2
    o/w Amundi BOC WM 3 4 -26.9% -0.7 -0.5 -0.5 -3.3
    Third-party distributors 377 305 +23.5% +6.8 +2.1 +19.2 +4.1
    Retail 681 587 +16.1% +6.3 +2.0 +15.1 +5.6
    Institutional & Sovereigns (*) 518 489 +6.0% -9.3 +17.9 +1.4 +14.4
    Corporates 113 97 +16.0% +2.3 -3.8 -5.8 -7.4
    Employee savings plans 92 84 +9.8% -0.5 -0.9 +2.5 +2.6
    CA & SG insurers 428 406 +5.3% -1.2 -3.9 +0.5 -9.6
    Institutional 1,151 1,076 +6.9% -8.7 +9.3 -1.4 +0.0
    JVs 360 310 +16.0% +5.3 +2.4 +21.3 +0.7
    Total 2,192 1,973 +11.1% +2.9 +13.7 +35.0 +6.3

    Details of assets under management and net inflows by asset classes19

    (€bn) AuM

    30.09.2024

    AuM

    30.09.2023

    % change /30.09.2023 Net flows

    Q3 2024

    Net flows

    Q3 2023

    Net flows

    9M 2024

    Net flows

    9M 2023

    Equity 527 443 +18.9% -0.7 +7.0 +0.0 +2.0
    Multi-assets 274 274 -0.0% -15.4 -5.9 -22.3 -17.0
    Bonds 732 624 +17.3% +12.8 +7.7 +36.8 +10.1
    Real, alternative & structured assets 114 124 -8.3% +0.8 -1.1 +1.5 +2.4
    MLT ASSETS excl. JVs 1,647 1,465 +12.4% -2.5 +7.8 +16.1 -2.4
    Treasury products excl. JVs 185 198 -6.5% +0.1 +3.5 -2.4 +8.0
    Assets excl. JVs 1,832 1,663 +10.1% -2.4 +11.3 +13.6 +5.6
    JVs 360 310 +16.0% +5.3 +2.4 +21.3 +0.7
    TOTAL 2,192 1,973 +11.1% +2.9 +13.7 +35.0 +6.3
    o/w MLT assets 1,973 1,745 +13.1% +3.4 +11.3 +34.9 -0.7
    o/w Treasury products 219 229 -4.2% -0.5 +2.5 +0.1 +7.1

    Details of assets under management and net inflows by management type and asset classes19

    (€bn) AuM

    30.09.2024

    AuM

    30.09.2023

    % change /30.09.2023 Net flows

    Q3 2024

    Net flows

    Q3 2023

    Net flows

    9M 2024

    Net flows

    9M 2023

    Active management 1,136 1,022 +11.1% -7.1 -1.9 +2.2 -15.6
    Equity 208 187 +11.4% -2.3 -1.6 -5.4 -2.5
    Multi-assets 263 265 -0.9% -15.7 -6.3 -23.4 -18.2
    Bonds 665 570 +16.6% +10.8 +6.1 +31.0 +5.1
    Structured products 43 35 +22.3% +0.8 -0.2 +2.7 +2.9
    Passive management 397 319 +24.5% +3.8 +10.8 +12.4 +10.8
    ETFs & ETC 251 192 +31.1% +7.8 +3.6 +17.3 +8.0
    Index & Smart Beta 146 127 +14.5% -4.0 +7.2 -5.0 +2.8
    Real & alternative assets 71 89 -20.5% +0.0 -0.9 -1.2 -0.5
    Real assets 67 63 +4.8% +0.2 -0.3 -0.1 +0.2
    Alternative assets 4 25 -83.8% -0.2 -0.6 -1.1 -0.7
    MLT ASSETS excl. JVs 1,647 1,465 +12.4% -2.5 +7.8 +16.1 -2.4
    Treasury products excl. JVs 185 198 -6.5% +0.1 +3.5 -2.4 +8.0
    TOTAL ASSETS excl. JVs 1,832 1,663 +10.1% -2.4 +11.3 +13.6 +5.6
    JVs 360 310 +16.0% +5.3 +2.4 +21.3 +0.7
    TOTAL 2,192 1,973 +11.1% +2.9 +13.7 +35.0 +6.3

    Details of assets under management and net inflows by geographical areas19

    (€bn) AuM

    30.09.2024

    AuM

    30.09.2023

    % change /30.09.2023 Net flows

    Q3 2024

    Net flows

    Q3 2023

    Net flows

    9M 2024

    Net flows

    9M 2023

    France 987 903 +9.3% +2.8 +4.1 +12.8 -1.2
    Italy 202 197 +2.7% -10.8 -1.5 -13.8 -2.2
    Europe excl. France & Italy 421 353 +19.2% +1.9 -0.8 +6.0 +6.0
    Asia 458 392 +17.0% +7.4 +3.4 +29.6 -0.3
    Rest of the world 124 129 -4.3% +1.7 +8.4 +0.4 +4.0
    TOTAL 2,192 1,973 +11.1% +2.9 +13.7 +35.0 +6.3
    TOTAL outside France 1,204 1,070 +12.5% +0.1 +9.6 +22.2 +7.5

    Methodology Appendix

    Accounting & adjusted data

    Accounting data – These include the amortization of intangible assets, recorded as other income, and since Q2 2024, other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; these expenses are recognized as deductions from net income, in finance costs.

    The aggregate amounts of these items are as follows for the different periods under review:

    • Q1 2023: -€20m before tax and -€15m after tax
    • Q2 2023: -€20m before tax and -€15m after tax
    • Q3 2023: -€20m before tax and -€15m after tax
    • 9M 2023: -€61m before tax and -€44m after tax
    • 2023: -€82m before tax and -€59m after tax
    • Q1 2024: -€20m before tax and -€15m after tax
    • Q2 2024: -€24m before tax and -€17m after tax
    • Q3 2024: -€24m pre-tax and -€17m after tax
    • 9M 2024: -€68m before tax and -€49m after tax

    There were no significant integration costs recorded in the third quarter as a result of the acquisition of Alpha Associates

    Adjusted data – in order to present an income statement closer to economic reality, the following adjustments are made: restatement of the amortization of distribution contracts with Bawag, UniCredit and Banco Sabadell, intangible assets representing the client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates; such depreciation and amortization and non-cash expenses are recorded as a deduction from net revenues.

    Acquisition of Alpha Associates

    In accordance with IFRS 3, recognition of Amundi’s balance sheet as at 01/04/2024:

    • goodwill of €290m;
    • an intangible asset of €50m representing client contracts, depreciable on a straight-line basis until the end of 2030;
    • a liability representing the conditional earn-out not yet paid, for €160m, including an actuarial discount of -€30m, which will be amortized over 6 years.

    In the Group’s income statement, the following is recorded:

    • amortization of intangible assets for a full-year expense of -€7.6m (-€6.1m after tax)
    • other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; These expenses are recorded as deductions from net income, as finance costs.

    In Q3 2024, the amortization of intangible assets was -€1.9m before tax (-€1.5m after tax) and non-cash expenses were -€1.4m before tax (i.e. -€1.1m after tax). Over the first 9 months of 2024, these expenses are respectively -€3.8m and -€2.9m (-€6.6m in total), since they only started in Q2.

    Alternative Performance Measures20

    In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that excludes the depreciation of intangible assets and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates.
    Adjusted, normalized data are reconciled with accounting data as follows:

    = accounting data
    = adjusted data
    (m€)   9M 2024 9M 2023   Q3 2024 Q3 2023   Q2 2024
                     
    Net operating income   2,452 2,307   825 747   844
    Technology   54 42   20 14   17
    Net financial income and other income   (1) (13)   (6) (1)   3
    Adjusted net financial income and other income   67 49   17 19   26
                     
    Net revenues (a)   2,505 2,336   838 760,   864,
    – Depreciation of intangible assets before tax   (65) (61)   (22) (20)   (22)
    – other non-cash charges relating to Alpha Associates   (3) 0   (1) 0   (1)
    Net revenues – Adjusted (b)   2,573 2,397   862, 780,   887
                     
    Operating expenses (c)   (1,356) (1,280)   (456) (424)   (461)
    – Integration costs before tax   0 0   0 0   0
    Operating expenses – Adjusted (d)   (1,356) (1,280)   (456) (424)   (461)
                     
    Gross operating income (e) = (a) + (c)   1,149 1,056   382 335   403
    Gross operating income – Adjusted (f) = (b) + (d)   1,217 1,117   406 356   426
    Cost-income ratio (%) -(c)/(a)   54.1% 54.8%   54.4% 55.9%   53.4%
    Cost-income ratio – Adjusted (%) -(d)/(b)   52.7% 53.4%   52.9% 54.4%   51.9%
    Cost of risk & other (g)   (7) (5)   (2) (3)   (5)
    Equity-accounted companies (h)   94 73   33 24   33
    Income before tax (i) = (e) + (g) + (h)   1,237 1,124   413 356   431
    Income before tax – Adjusted (j) = (f) + (g) + (h)   1,305 1,185   437 377   454
    Income tax (k)   (283) (260)   (94) (82)   (98)
    Income tax – Adjusted (l)   (302) (277)   (101) (88)   (105)
    Non-controlling interests (m)   2 3   1 1   0
    Net income, Group share (o) = (i)+(k)+(m)   956 866   320 276   333
    Net income, Group share – Adjusted (p) = (j)+(l)+(m)   1,005 910   337 290   350
                     
    Earnings per share (€)   4.67 4.25   1.56 1.35   1.63
    Adjusted earnings per share (€)   4.91 4.46   1.65 1.42   1.71

    Shareholding

        30 September 2023   31 December 2023   30 September 2024
    (units)   Number

    of shares

    % of share capital   Number

    of shares

    % of share capital   Number

    of shares

    % of share capital
    Crédit Agricole Group   141,057,399 68.93%   141,057,399 68.93%   141,057,399 68.93%
    Employees   3,042,292 1.49%   2,918,391 1.43%   2,751,891 1.34%
    Treasury shares   1,297,231 0.63%   1,247,998 0.61%   958,031 0.47%
    Free float   59,250,712 28.95%   59,423,846 29.04%   59,880,313 29.26%
                       
    Number of shares at end of period   204,647,634 100.0%   204,647,634 100.0%   204,647,634 100.0%
    Average number of shares year-to-date   204,050,516   204,201,023   204,647,634
    Average number of shares quarter-to-date   204,425,079   204,647,634   204,647,634

    Average number of shares on a pro rata basis.

    • The average number of shares is unchanged between Q2 and Q3 2024, it increased by +0.1% between Q3 2023 and Q3 2024 and by +0.3% between the first 9 months of 2023 and the same period of 2024;
    • A capital increase reserved for employees will be carried out on October 31, 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction), bringing the share of employees to about 1.7% of the capital, compared to 1.34% at September 30, 2024, before the transaction.                                        

    Financial communication calendar

    • Q4 and Full Year 2024 Results: February 4, 2025
    • Q1 2025 earnings release: April 29, 2025
    • Annual General Meeting: May 27, 2025
    • Q2 and H1 2025 earnings release: July 29, 2025
    • Q3 and 9-month 2025 results: October 28, 2025

    About Amundi

    Amundi, the leading European asset manager, ranking among the top 10 global players21, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.2 trillion of assets22.

    With its six international investment hubs23, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

    Amundi clients benefit from the expertise and advice of 5,500 employees in 35 countries.

    Amundi, a trusted partner, working every day in the interest of its clients and society.

    www.amundi.com  

    Press contacts:        
    Natacha Andermahr 
    Tel. +33 1 76 37 86 05
    natacha.andermahr@amundi.com 

    Corentin Henry
    Tel. +33 1 76 36 26 96
    corentin.henry@amundi.com

    Investor contacts:
    Cyril Meilland, CFA
    Tel. +33 1 76 32 62 67
    cyril.meilland@amundi.com 

    Thomas Lapeyre
    Tel. +33 1 76 33 70 54
    thomas.lapeyre@amundi.com 

    Annabelle Wiriath

    Tel. + 33 1 76 32 43 92

    annabelle.wiriath@amundi.com

    WARNING

    This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.

    This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.

    These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements. [In particular, conditions to completion of the announced transaction between Amundi and Victory Capital, may not be satisfied and such transaction may not be completed on schedule, or at all; risks relating to the expected benefits or impact of the transaction on Victory Capital’s and Amundi’s respective businesses are contained in their respective public filings.]

    Amundi undertakes no obligation to publicly revise or update any forward looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.

    The figures presented were prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date. The financial information set out herein do not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

    Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.

    The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.


    1        Net income Group share
    2        Adjusted data: excluding amortisation of intangible assets relating to distribution and client contracts as well as other non-cash charges relating to the acquisition of Alpha Associates recorded in net financial income (see note p. 11)
    3        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
    4        As announced at the time of the publication of the Q2 results, exit in Q3 from a large low-income mandate (€11.6 billion) with a European insurer, in multi-asset; including this exit, net inflows were positive by +€2.9bn in Q3 and +€35bn over 9 months
    5        Medium-Long Term Assets
    6        Excluding JVs
    7        Extraordinary General Meeting of Shareholders of Victory Capital, held on 11 October 2024
    8        Source: TrackInsight Q3 2024
    9        Classified as article 8 or 9 of the SFDR regulation of the European Union
    10        Including JV: €234bn in assets, +€12bn net inflows over 9 months and +€1bn in Q3
    11        50% MSCI World + 50% Eurostoxx 600 composite index for equity markets, average values over each period considered
    12        Bloomberg Euro Aggregate for bond markets, average values over each reporting period
    13        Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data as of the end of June 2024.
    14        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
    15        Anniversary dates of the funds triggering the recognition of these fees
    16        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, September 2024; as a percentage of the assets under management of the funds in question; the number of Amundi open-ended funds rated by Morningstar was 1063 at the end of September 2024. © 2024 Morningstar, all rights reserved
    17        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
    18        Lyxor, integrated as of 31/12/2021
    19        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV; as of 01/01/2024, reclassification of short-term bond strategies (€30 billion in outstandings) as Bonds previously classified as Treasury until that date; Outstanding amounts up to that date have not been reclassified in these tables
    20        See also the section 4.3 of the 2023 Universal Registration Document filed with the AMF on April 18, 2024
    21Source: IPE “Top 500 Asset Managers” published in June 2024, based on assets under management as at 31/12/2023
    22Amundi data at 30/09/2024
    23Boston, Dublin, London, Milan, Paris and Tokyo

    Attachment

    The MIL Network

  • MIL-OSI China: ​Foreign secondary school students compete in 17th ‘Chinese Bridge’ contest

    Source: China State Council Information Office 3

    On the evening of Oct. 28, the global finals and awarding ceremony for the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students and the 4th Chinese Bridge—Chinese Show for Foreign Primary School Students took place in Tianjin. The event was attended by officials from the Tianjin Municipal Government, the Center for Language Education and Cooperation of the Ministry of Education (MOE), and the Department of International Cooperation and Exchange of the MOE, along with the Kenyan Ambassador to China and representatives from the UAE’s Chinese Language Teaching “100 Schools Project.”

    The global finals of the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students. [Photo courtesy of Chinese Bridge]

    The finals opened with a visually stunning show titled “Jin·Cai Hua Zhang,” featuring outstanding primary and secondary school students from around the world, who gathered to communicate in Chinese and share their understanding of Chinese culture. After a series of rigorous selections during the overseas preliminary rounds, Chitpasong Souvanhxay from Laos, Irina Mei Li from Madagascar, Kuchinskaia Anastasiia from Russia, Rothschild Shiraz Palestrant from the U.S. and Blaom Oliver Garion from New Zealand emerged as continental champions to advance to the global finals. 

    Chitpasong Souvanhxay from Laos wins the global champion of the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students. [Photo courtesy of Chinese Bridge]

    During the finals, the five contestants competed in five rounds: “History of the Spring and Autumn Period,” “Books of the Qin and Han Dynasties,” “The Lasting Appeal of the Tang and Song Dynasties,” “Window to Modernity,” and “The Final Showdown.” Chitpasong Souvanhxay from Laos showcased exceptional skills and won the global championship. Guests at the event presented awards to the participants who received individual awards in the 4th Chinese Bridge–Chinese Show for Foreign Primary School Students, as well as to those who won individual awards and the first, second, and third prizes in the 17th Chinese Bridge–Chinese Proficiency Competition for Foreign Secondary School Students, along with the continental champions and the global champion.

    In the finals, contestants including Kiri Meier Werner from the U.S., Solo Uniacke from the U.K., Frida Quetzalli Garcia Lins from Mexico, Tessa Mir from Georgia and her mother shared personal stories about their experiences with the Chinese Bridge competition and the growth and benefits they gained from participating in the competition.

    This year, 181 primary and secondary school contestants from 102 countries gathered in Beijing and Tianjin for a grand celebration of Chinese language learning and cultural exchange. Over a period of 15 days filled with competitions and cultural activities, contestants explored iconic landmarks in China, including the Great Wall, the Summer Palace, the Forbidden City, and Tiananmen Square. They also experienced intangible cultural heritage such as Clay Figurine Zhang, Yangliuqing New Year paintings, shadow puppetry and traditional opera, allowing them to appreciate the development and heritage of Chinese culture and history. Additionally, contestants toured Tianjin, visiting attractions like the Tianjin Eye Ferris wheel, Haihe River, the historic Wudadao area (Five Great Avenues), Jingwu Town, the National Maritime Museum, and Tianjin Port, witnessing the city’s inclusiveness and application of intelligent technologies.

    At the award ceremony, primary and secondary school contestants from around the world, together with previous champions, sang the “Chinese Bridge” theme song. Through the medium of Chinese, they connected cultures, fostered lasting friendships, and strengthened global understanding of China.

    MIL OSI China News

  • MIL-OSI: Falcon Oil & Gas Ltd. – Results of Special Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    FALCON OIL & GAS LTD.

    (“Falcon)

    Results of Special Meeting of Shareholders

    30 October 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) held its special meeting of shareholders in Dublin, Ireland yesterday.

    All resolutions considered and voted upon by the shareholders were approved. The full text of each resolution was included in the Management Information Circular communicated in advance of the meeting to shareholders.

    Ends.

    CONTACT DETAILS:

    Falcon Oil & Gas Ltd.          +353 1 676 8702
    Philip O’Quigley, CEO +353 87 814 7042
    Anne Flynn, CFO +353 1 676 9162
     
    Cavendish Capital Markets Limited (NOMAD & Broker)
    Neil McDonald / Adam Rae +44 131 220 9771

    About Falcon Oil & Gas Ltd.

    Falcon Oil & Gas Ltd. is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd. is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

    For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network

  • MIL-OSI: INVL Technology Interim unaudited information for 9 months of 2024

    Source: GlobeNewswire (MIL-OSI)

    Equity of the Company and the Company’s net asset value as of 30 September 2024 was EUR 44.44 million or EUR 3.71 per share. At the end of 2023, these figures were EUR 43.53 million and EUR 3.61 respectively.

    Investments of the Company into managed companies amounted to EUR 44.83 million at the end of September 2024 and EUR 34.20 million at the end of September 2023.

    The net profit of the Company for 9 months of 2024 was EUR 1.11 million, the net loss of the Company for 9 months of 2023 amounted EUR 538 thousand.

    Additional information:

    INVL Technology, a company that invests in IT businesses, had an equity and a net asset value of EUR 44.44 million at the end of September this year, which is 2.1% more than at the start of the year. Their per share value of its equity and NAV was EUR 3.7067 and was up 2.8% from the start of the year.

    INVL Technology had an unaudited net profit of EUR 1.11 million in nine months of 2024, compared to a loss of EUR 0.538 million in the same period last year.

    “INVL Technology’s portfolio companies, which work in the areas of cybersecurity, artificial intelligence, and the development and deployment of supercomputers and information systems, are growing their revenues and profit. In selling the business, we hope to attract the interest of international and regional investors,” says Kazimieras Tonkūnas, INVL Technology’s managing partner.

    In mid-March this year, the company announced that it had signed an agreement with the Zurich branch of M&A intermediation service provider Corum Group’s Luxembourg-based unit Corum Group International, to advise and serve as M&A intermediary on the sale of the company’s portfolio of businesses.

    Performance of INVL Technology’s portfolio companies

    INVL Technology’s portfolio companies had aggregated revenues of EUR 47.60 million in the January-September, which is 12.5% more than in the same period last year. Their gross profit increased 14.5% in the same period of comparison to EUR 13.22 million, while their aggregated EBITDA grew 2.2 times larger to EUR 3.45 million.

    INVL Technology owns and manages the cybersecurity company NRD Cyber Security, the GovTech company NRD Companies, and the Baltic IT company Novian.

    NRD Cyber Security, which also owns NRD Bangladesh, in January-September of 2024 increased its consolidated revenue by 26.74% from the same period last year to EUR 5.853 million. The company’s gross profit grew 14.9% in the period of comparison to EUR 3 million, while its EBITDA rose 28.9% to EUR 941,000.

    NRD Companies had consolidated revenue of EUR 6.88 million in the first nine months of this year, which is 17.9% less than in the same period of 2023. The company earned a gross profit of EUR 3.3 million, or 9.3% more than in January-September last year, while the group’s EBITDA decreased by 2.1% to EUR 0.69 million. Norway-based NRD Companies has the subsidiaries Norway Registers Development in Norway, with a branch in Lithuania, and NRD Systems and Etronika in Lithuania.

    Novian had aggregated revenues of EUR 31.54 million in January-September 2024, 18.6% more than in the same period of 2023, while its gross profit of EUR 6.12 million was 24.2% larger than a year earlier. The Novian group’s EBITDA for the first three quarters of this year increased 6.7 times versus the same period of 2023 to EUR 1.799 million. The group consists of Novian in Lithuania with the technology-area businesses Novian Technologies, Zissor in Norway, Novian Eesti in Estonia, Andmevara in Moldova, and Novian Rwanda (earlier Norway Registers Development Rwanda) in Rwanda, and the software services businesses Novian Systems and Novian Pro in Lithuania.

    INVL Technology’s managing partner Kazimieras Tonkūnas notes that the companies are expected to deliver good results for the full year 2024 as well.

    INVL Technology, which is managed by INVL Asset Management, the leading alternative asset manager in the Baltics, is a closed-end investment company which must exit its investments no later than mid-July 2026 and distribute the money to shareholders.

    The person authorized to provide additional information:
    Kazimieras Tonkūnas
    INVL Technology Managing Partner
    E-mail k.tonkunas@invltechnology.lt

    Attachment

    The MIL Network

  • MIL-OSI Africa: Islamic Corporation for the Development of the Private Sector (ICD) Commits Eur 40 Million to Nakkas- Basaksehir Section of Türkiye’s Northern Marmara Highway Project

    Source: Africa Press Organisation – English (2) – Report:

    ISTANBUL, Turkey, October 30, 2024/APO Group/ —

    • ICD is investing EUR 40 million in the Nakkaş-Başakşehir section as part of a EUR 1.04 billion funding package.
    • The project incorporates solar energy and LED lighting, aiming to cut energy use and emissions significantly.
    • It’s backed by a consortium led by Rönesans Holding, with support from MDBs and ECAs.

    The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) has signed a EUR 40 million to co-finance the Nakkaş-Başakşehir section of Türkiye Northern Marmara Highway Project.

    The Project  aimes to enhance Istanbul’s east-west connectivity, improve road safety and reduce congestion. It is being developed under a build-operate-transfer agreement by a consortium led by Rönesans Holding A.Ş. in partnership with Samsung C&T Corporation and other Korean investors. It involves a 31.3-km toll road, including a 1.6-km cable-stayed bridge and multiple overpasses and underpasses.

    ICD’s EUR 40 million contribution is part of a broader EUR1.04 billion senior debt package, fully financed by international institutions, including the European Bank for Reconstruction and Development (EBRD), the Asian Infrastructure Investment Bank (AIIB), the Islamic Development Bank (IsDB), alongside Atradius and SERV as European export credit agencies, ICIEC, and a consortium of commercial lenders.

    Thanks to Solar Energy Production System to be installed within the scope of the Nakkaş-Başakşehir project, which has “sustainability” at the center of its design, the clean energy obtained from solar panels will meet the energy needs of the highway’s operation and management (O&M) center and service stations.

    The installation of over 4,500 LED lamps, replacing sodium lamps, will cut energy consumption by 37.5%, saving over 35 MWh. Within the scope of the project, in which all O&M highway vehicles are planned to be hybrid or electric, it is expected to save approximately 112 thousand liters of fuel annually.

    While the Nakkaş-Başakşehir Highway Project is expected to prevent 7.9 million tons of greenhouse gas (GHG) emissions in 30 years, in particular, it will reduce particulate matter (PM) emissions by 1,399 tons, nitrogen oxides (NOx) by 58,699 tons and sulfur dioxide (SO2) by 95 tons. tons reduction is aimed.

    MIL OSI Africa

  • MIL-OSI Security: Appeal to identify family of man fatally stabbed in Wandsworth

    Source: United Kingdom London Metropolitan Police

    Detectives are urgently appealing to the public for assistance in identifying family members of 18-year-old Issa Ali Musa Abdulrahman Barakat, who tragically lost his life following a fatal stabbing early on Monday morning.

    Issa was found injured at around 06:00hrs on 28 October on Laitwood Road, SW12, and though emergency responders did all they could to save him, he sadly died in hospital later the same day.

    On Monday, Salah Al-Mahmoodi [known as Salah Ahmed], 21 (02.01.03), of Wandsworth was arrested. He was charged on Tuesday, 29 October with Issa’s murder and is due to appear at Wimbledon Magistrates’ Court today (Wednesday, 30 October)

    Detective Chief Inspector Brian Howie, from the Met’s Specialist Crime Command, who is leading the investigation, said:

    “Our hearts go out to Issa and his family, a young man whose life was cruelly taken far too soon. It is devastating to think that his family may not yet know of his tragic passing, and we want to find them so we can offer them both support and answers.

    “Issa was a member of the Chadian community, and we hope that friends or extended family might help us in reaching his loved ones.”

    Anyone with information should call police via 101 or post on X @MetCC quoting CAD 1017/28Oct.

    MIL Security OSI

  • MIL-OSI China: US secretary of state orders pause on most of existing US foreign aid

    Source: China State Council Information Office

    U.S. Secretary of State Marco Rubio ordered a sweeping pause Friday on almost all of the State Department’s existing foreign aid grants, according to reports by U.S. and British media that obtained an internal memo specifying the order in the form of guidance.

    Effective immediately and valid for 90 days, Rubio’s guidance required State Department staffers to issue “stop-work orders” on nearly all “existing foreign assistance awards,” U.S. outlet Politico reported.

    For exceptions, the guidance allows foreign military financing for Egypt and Israel to continue and allows emergency food assistance and “legitimate expenses incurred prior to the date of this” guidance “under existing awards.”

    At points, it also says the decisions need to be “consistent with the terms of the relevant award,” the outlet added.

    “No new funds shall be obligated for new awards or extensions of existing awards until each proposed new award or extension has been reviewed and approved … as consistent with President Trump’s agenda,” The Guardian, a British newspaper that has also obtained the memo, cited the document as saying.

    The memo said senior officials “shall ensure that, to the maximum extent permitted by law, no new obligations shall be made for foreign assistance” until Rubio makes a decision after a review, according to The Guardian.

    In their respective reports, both Politico and The Guardian noticed the memo’s omission of current U.S. military assistance to Ukraine, which the reports said has sent shock waves across the State Department.

    MIL OSI China News

  • MIL-OSI Economics: Tech startups well placed to proliferate in Africa as digitalization enables growth in greenfield projects, says GlobalData

    Source: GlobalData

    Tech startups well placed to proliferate in Africa as digitalization enables growth in greenfield projects, says GlobalData

    Posted in Technology

    With digitalization as a key enabler of organic growth in greenfield projects in Africa, technology startups are well placed to capitalize on the desire of larger and established corporations wanting to move into various enterprise technologies in the region, according to research conducted by GlobalData, a leading data and analytics company.

    Recent tie ups – including Safaricom’s deal with Kenyan SaaS startup tappi, American security firm Unartificial Labs tapping Tunisian startup Enova Robotics, and British payment processing firm partnership and financial inclusion firm Paymentology partnering with Zambian fintech startup Union54 – point to this trend.

    Ismail Patel, Senior Analyst, Enterprise Technology and Services at GlobalData, says: “Africa remains a price-sensitive market not only for consumers but also for corporate buyers. This means that technology enablement beyond the deployment of costly physical infrastructure will be a space occupied by smaller vendors who are both less costly and seeking to build their own profiles in the region.”

    GlobalData analysis finds Africa is seeing burgeoning growth in the number of tech startups across cybersecurity, IoT, fintech, SaaS, APIs, analytics, blockchain, and AI. Mergers and acquisitions (M&A) activity associated with these startups has picked up over the past decade, and the number of contractual deals with startups, both inside Africa and beyond, is growing.

    The expectation is that this expansion will continue to grow as there is plenty of room for organic growth across key sectors, including rural communities and SMBs (small and medium businesses), where digitalization is a prime enabler for next-gen technology adoption and boosting national economies. Still, the key buyers for these startups will remain the large African corporate enterprises looking to either partner with them or bring them in-house via acquisition.

    Patel concludes: “Egypt, South Africa, Nigeria, Kenya, and Tunisia have emerged as the tech startup capitals across Africa. Tech enablement is being fueled by capital raising success stories across the board, from debt financing and governmental grants to angel and venture capital investments, all of which are encouraging the startup trends. In its own way, the region is responding to the global technological boom.”

    MIL OSI Economics

  • MIL-OSI Africa: Zambia: African Development Bank’s Sustainable Energy Fund for Africa approves $8 million for development of 25 MW Solar Plant

    Source: Africa Press Organisation – English (2) – Report:

    ABIDJAN, Ivory Coast, October 30, 2024/APO Group/ —

    The African Development Bank Group’s (www.AfDB.org) Board of Directors has approved an $8 million concessional loan to support the construction of a 25MW Solar Photovoltaic power plant in Zambia. The financing for the Ilute Plant will be sourced from the Sustainable Energy Fund for Africa (SEFA), a multi-donor Special Fund managed by the Bank. Ilute is expected to advance  Zambia’s sustainable development and help the country unlock its renewable energy potential.

    The venture has faced rising costs associated with  the COVID-19 pandemic and other challenges. Serengeti Energy Ltd (http://apo-opa.co/4hth8dE) and Western Solar Power Ltd (http://apo-opa.co/3YJBxUr) are leading the plant development in Zambia’s Sesheke District. Competitively selected by GreenCo Power Services Ltd (GreenCo) (http://apo-opa.co/4hiM3ci), this project will serve as a pilot for GreenCo’s energy aggregator model under the Zambia Electricity Supply Corporation Limited (ZESCO) (http://apo-opa.co/3YIpw1h) open grid access framework. Acting as an intermediary off-taker, GreenCo will purchase the generated electricity through a 25-year Power Purchase Agreement and sell it to the Southern African Power Pool Day-Ahead Market (http://apo-opa.co/3YELlih).

    “We are delighted to support the Ilute Solar PV project – which will be the first project to use Africa GreenCo as an intermediate off-taker. SEFA’s support has been instrumental in bridging the financing gap and will pave the way for future projects that contribute to Southern Africa’s energy transition,” said Dr Daniel Schroth, African Development Bank Director for Renewable Energy and Energy Efficiency.

    Anton-Louis Olivier, CEO of Serengeti Energy, acknowledged SEFA’s support. He said, “We appreciate the support from the African Development Bank Group and SEFA in helping us move the Ilute 25MW Solar PV project forward. This loan addresses the financial challenges we’ve faced due to the pandemic and rising costs. The Ilute project is a testament to innovative collaboration and serves as a pioneering model for future renewable energy initiatives in Zambia as well as the wider region.” Serengeti Energy is a leading renewable independent power producer specialising in the development, construction, and operation of utility-scale renewable energy plants tailored to the needs of both public and private off-takers.

    MIL OSI Africa

  • MIL-OSI Europe: Frontex reintegration assistance: supporting returnees in their home countries

    Source: Frontex

    Frontex is responsible for implementing the EU Reintegration Programme (EURP), which helps individuals who return both voluntarily and non-voluntarily to their home countries re-establish their lives. The programme provides a range of support services, from accommodation to starting a business, helping returnees to integrate into their communities and build a sustainable future. The Agency works closely with local partners to ensure the successful implementation of these services, while also monitoring the delivery to ensure they meet the EU standards.

    In the past months, Frontex has conducted several monitoring missions in different regions as part of its commitment to ensuring the effectiveness of the reintegration programme. These missions help the Agency assess the support provided to returnees, gather feedback from beneficiaries, and identify areas for improvement. Recent monitoring missions were carried out in Morocco, Bangladesh, and Armenia, offering valuable insights into the programme’s impact on returnees’ lives.

    Monitoring missions to Morocco, Bangladesh, and Armenia

    One of these missions took place in Morocco, where the Agency brought a visit to its local reintegration partner, Fondation Orient-Occident (FOO), to discuss technical issues encountered with the EURP delivery. The reintegration assistance provided in Morocco includes professional training and business start-up support, which helps returnees become self-sufficient and contribute to their local economy.

    During the mission, Frontex officers and fundamental right monitor had an opportunity to discuss with FOO staff daily challenges related to their work as well as its results. FOO workers explained that the reintegration programme helped the returnees to establish small businesses, using financial support to purchase equipment and launch their ventures. Despite some challenges with accessibility in rural areas, FOO colleagues ensured that EURP beneficiaries were satisfied in general with the assistance received, and in particular with  securing income-generating activities.

    “Reintegration support allows returnees to come back to their countries with a sense of dignity. NGOs working in the area of reintegration need to navigate a complex landscape to successfully provide the assistance,” shared Ewa, a reintegration specialist.  

    “Fondation Orient Occident impressed us with their premises and facilities at the Headquarter in Rabat, which invite people to discuss, learn, create, work, and simply spend time together. They have rooms dedicated to different activities such as crafting, music, conference room, as well as some dedicated to children care and education. Migrants have opportunity to expose and sell their products in a small marketplace situated in the heart of the FOO Headquarter,” added Karolina, a reintegration expert.

    In Bangladesh, the mission revealed the impact of the reintegration programme on returnees’ livelihoods. The local partner, BRAC, works with returnees to provide comprehensive support, including medical care, psychological services, and financial aid. Many returnees have used this financial assistance to start small businesses, with some beneficiaries investing in livestock, such as cows, to provide ongoing income for their families. One of the highlights of the mission was visiting a farm where returnees proudly showcased the cows they had purchased with funds from the programme, enabling them to support themselves and their communities.

    Frontex observed that the EU Reintegration Programme is successfully meeting returnees’ essential needs while offering them a path to sustainable reintegration. Returnees expressed their satisfaction with the support received, praising the programme for providing them with the means to rebuild their lives and establish stable incomes. The mission also identified opportunities for improving the programme’s delivery to ensure it continues to meet the needs of returnees in the most efficient way possible.

    “It was fascinating to see how reintegration assistance is implemented on the ground. Visiting cattle markets, meeting returnees at their farms or businesses, and witnessing the positive impact of the programme was very insightful. I was impressed by BRAC’s dedication and professionalism, going beyond the EURP provisions to support returnees, sometimes using their own resources. Seeing their work across all districts was truly inspiring,” said Robert, a reintegration expert.

    “Our visit allowed us to see the real people behind the program documentation, both the counsellors and the beneficiaries. The honesty with which they shared their experiences, successes, and challenges, as well as their migration stories allowed us to understand their reality better,” added Natalia, EURP reintegration specialist.

    “Living conditions in countries like Bangladesh are difficult. Reintegration programmes are essential to making a real impact, helping people stay and rebuild their lives,” concluded Grigorios Tsioukas, Frontex Deputy Fundamental Rights Officer.

    The most recent mission took place in Armenia to monitor the delivery of assistance to returnees provided by Frontex local reintegration partner, Armenian Caritas. The mission allowed Frontex to assess how financial assistance and economic counselling help returnees re-establish themselves in their communities. During the mission, the team met several returnees who had used financial assistance to launch small businesses, such as a returnee who opened a fruit and vegetable shop and a taxi driver.

    Returnees expressed satisfaction with the assistance they received, highlighting the importance of business support in helping them become self-sufficient. The mission team, which included a Fundamental Rights Monitor, found that Armenian Caritas’ services align with the programme specifications and EU standards.

    Katarzyna, EURP reintegration specialist explains how important support for vulnerable groups is: “To fully understand the reintegration processes, its essential to recognise the unique characteristics of Armenia, where the migration landscape primarily involves families with children and elderly. Support for vulnerable groups is especially important and requires communication and coordination between the Member State, Frontex and Reintegration Partner to ensure timely and tailored assistance. Armenian Caritas is a very well-established organisation able to refer returnees to other services for specialised support, such as medical clinics or social services.”

    More about Frontex reintegration assistance

    The EU Reintegration Programme offers comprehensive support to individuals returning voluntarily to their home countries, including financial aid, healthcare, vocational training, and psychological support. Frontex’s monitoring missions help ensure that these services meet returnees’ needs and meet the EU standards. The Agency works with local reintegration partners to ensure returnees can successfully rebuild their lives and become active members of their communities.

    Click here for more information.

    MIL OSI Europe News

  • MIL-OSI United Nations: IOM Expands Mpox Appeal to Reach Migrants and IDPs Across Africa 

    Source: International Organization for Migration (IOM)

    Geneva, 30 October 2024 – In response to the escalating number of people affected by the mpox outbreak, spreading across parts of Africa, the International Organization for Migration (IOM) is appealing for USD 27.8 million to protect and support migrants, internally displaced persons (IDPs), and mobile populations, from the disease, as well as the communities they interact with.  

    Since August 2024, the number of confirmed cases across Africa has risen sharply from over 2,800 in 12 countries to more than 9,300 in 34 countries as of 20 October 2024.  This appeal comes after an initial USD 18.5 million dollar request for funding for countries affected in East, Horn and Southern Africa, was issued in August 2024.  

    IOM has expanded the East, Horn and Southern Africa’s plan into a Multi-country mpox Preparedness and Response Plan for Africa, covering the period from September 2024 to February 2025. The Plan aims to address the health needs of migrants and IDPs by providing health screenings, risk communication and community engagement within affected communities, supporting cross-border coordination between governments and local communities, and supporting countries to strengthen response at key borders and points of entry in high-risk areas across Africa.   

    “By mobilizing support for this Plan, IOM will be able to support response and readiness measures from our Member States and partners to contain the outbreak and strengthen preparedness.” Said Dr Poonam Dhavan, IOM Director for Migration Health.  

    The virus, which spreads through close contact with infected persons, is disproportionately affecting IDPs, migrants, and highly mobile populations living in cross-border communities due to the absence of disease prevention, detection and control measures available to them. The risk is further heightened by their overcrowded and poor living and working conditions.   

    IOM has been responding to mpox since the recent outbreak and spread of the disease in Burundi, Democratic Republic of the Congo, Ghana, Guinea, Kenya, Nigeria, Rwanda, South Africa, Uganda, Zambia, Zimbabwe. Over 1,047,900 health screenings have been conducted in the DRC, Guinea, and Uganda for over four months. Nearly 2,300 border officials and community health workers have been trained in Burundi, Democratic Republic of the Congo Kenya, Libya, Mozambique, South Sudan, Uganda and Zimbabwe on early detection and case management.  In DRC, Mozambique, and Uganda, IOM has reached more than 27,500 individuals with mpox awareness messages since June 2024.  

    In the Democratic Republic of the Congo, the continent’s most affected country, IOM is strengthening mpox control in high-risk areas by supporting risk communication and community engagement in IDP camps and trained over 80 community health workers and community leaders to sensitize the camps.  

    IOM response plan seeks to address pressing health vulnerabilities exacerbated by high mobility across the continent. However, despite the work of IOM, the funding gap remains significantly low, with only USD 1 million secured from the USD 18.5 million. Without additional support, crucial activities at points of entry are likely to face disruptions. IOM appeals to international donors, governments, and partners to support the mpox response to protect the health and well-being of migration-affected communities.   

     

    Note to Editor  

    The IOM response plan is developed in coordination with the Africa Centers for Disease Control and Prevention (Africa CDC) and the World Health Organization (WHO).  

    The latest situation report is accessible here.  

     

    For more information, please contact:  

    Dorothy Njagi, dnjagi@iom.int  

    MIL OSI United Nations News

  • MIL-OSI Africa: South Africa’s fight against extreme poverty needs a new strategy – model shows how social grants could work

    Source: The Conversation – Africa – By Ramos Emmanuel Mabugu, Professor, Sol Plaatje University

    South Africa has been struggling for decades to reduce poverty, inequality and unemployment and raise the rate of economic growth.

    Economic growth has been slow since a recession in 2008. The annual growth rate averaged 1.1% between 2009 and 2021, slowing to 0.6% in 2023.

    Unemployment remains stubbornly above 30%. It was 32.9% in the first quarter of 2024.

    The country’s Gini coefficient, a measure of how income is distributed across the population, is estimated to be 0.63, one of the worst in the world. Poverty levels remain high too. A large number of people live in extreme poverty. According to Statistics South Africa, an estimated 40.0% of the population (or 25 million people) have a monthly consumption expenditure of below R9,096 (which is used as the lower-bound poverty line). And 55.5% of the population falls within the upper-bound poverty line, with monthly consumption expenditure of below R13,656.

    This is despite government’s extensive spending on social assistance and other support mechanisms. In the 2023/24 fiscal year, there were 18.8 million social grant beneficiaries (about 35% of the population) with an annual cost to the fiscus of R217.1 billion (US$12.2 billion). This is expected to increase to R259.3 billion (US$14.6 billion) in 2026/27.

    Social support also includes spending on health, education, social protection, community development and employment programmes which protect the most vulnerable groups. In addition, the government has extended the Social Relief of Distress Grant which was introduced during the COVID pandemic.

    Based on my research as an economist for the last 20 years, I believe the government won’t make much progress in reducing unemployment, inequality and poverty unless it adopts a different strategy – one that targets extreme poverty reduction explicitly.

    In a recent paper, colleagues and I identify key conditions for reducing extreme poverty through social transfers. We designed an economic simulation model to track the effect of increasing social grants to very poor South Africans to move them out of extreme poverty. This would be done by transferring an average of R4,020 (US$225) to every extremely poor South African. Based on our assumptions, about 25 million individuals would be eligible for this social transfer.

    Moving about 25 million South Africans out of extreme poverty would cost on average US$6.5 billion per year. We argue that this cost is worth carrying. Our model also showed that, under certain conditions, poverty-alleviation social transfers can be good for the broader economy.

    Additional benefits

    We know that social grants are important instruments to fight poverty and inequality in South Africa. They can produce sizeable multiplier effects in the economy.

    But we wanted to know more about how society benefits when a large share of the public budget is transferred to poor households.

    What makes the model we built to explore this different is that we simulated the economic implications of a hypothetical South Africa with lower poverty and inequality outcomes. More precisely, we set the poverty headcount rate at the lower-bound poverty line at 5.0% under both unconstrained and constrained scenarios. This is the conventionally accepted definition of extreme poverty eradication.

    The tool combined a macroeconomic model to project the economic impacts and a micro-simulation model to work out the poverty and inequality effects.

    We tested a combination of policy options, including social grants, and their multiplier effects and funding implications. We considered two financing scenarios: one that involved a budget deficit and one which was budget-neutral.

    Under a budget-neutral scenario, funding for interventions would be taken from budgets allocated for other purposes and put towards poverty alleviation instead.

    Key findings

    The model showed that the South African economy, measured by the level of gross domestic product (GDP), would grow faster (by 0.5 percentage points) when the transfer was designed to support poor people’s progressive engagement in economic participation rather than simply providing them with a basic cash grant. This can be done, for instance, by expanding and upgrading the current social assistance schemes such as the public work programmes. These have been shown to have positive outcomes for economic participation.

    When people who receive income transfers are able to work, they contribute to a higher supply of goods and services as well as to higher demand.

    The inflationary effects, in particular food price increases, are limited under this scenario.

    On the other hand, GDP deteriorates by 1 percentage point when there is no requirement or condition for participation (when grant recipients still don’t have a job). Under this scenario food demand increases and related price increases contribute to reducing consumers’ purchasing power.

    What needs to be done

    Our model shows how poverty-alleviation social transfers can have positive economic outcomes under two conditions.

    First, the expansion of the grant lifting approximately 25 million South Africans above the lower-bound poverty line of R9,606 has to be done under a budget-neutral funding arrangement.

    Second, the transfer has to be made with a requirement that there is an increase in the economic participation of extremely poor beneficiaries. In other words, the grant only has a positive effect if the very poor beneficiaries can find work or are required to participate in a certain kind of public work activity.

    The fiscal cost of the poverty alleviating grant transfer would be around 1.6% of GDP or 4.9% of public expenditure. This would mean increasing social spending by 4.9%. Alternatively, spending on other areas would have to be cut by the same proportion.

    In either scenario, the findings show that this constraint might even be relaxed if the fiscal transfer enabled poor people to get work or if the cash transfer was conditional on recipients doing certain work.

    In our view the benefits of this are massive in terms of extreme poverty eradication.

    – South Africa’s fight against extreme poverty needs a new strategy – model shows how social grants could work
    – https://theconversation.com/south-africas-fight-against-extreme-poverty-needs-a-new-strategy-model-shows-how-social-grants-could-work-241694

    MIL OSI Africa

  • MIL-OSI Global: South Africa’s fight against extreme poverty needs a new strategy – model shows how social grants could work

    Source: The Conversation – Africa – By Ramos Emmanuel Mabugu, Professor, Sol Plaatje University

    South Africa has been struggling for decades to reduce poverty, inequality and unemployment and raise the rate of economic growth.

    Economic growth has been slow since a recession in 2008. The annual growth rate averaged 1.1% between 2009 and 2021, slowing to 0.6% in 2023.

    Unemployment remains stubbornly above 30%. It was 32.9% in the first quarter of 2024.

    The country’s Gini coefficient, a measure of how income is distributed across the population, is estimated to be 0.63, one of the worst in the world. Poverty levels remain high too. A large number of people live in extreme poverty. According to Statistics South Africa, an estimated 40.0% of the population (or 25 million people) have a monthly consumption expenditure of below R9,096 (which is used as the lower-bound poverty line). And 55.5% of the population falls within the upper-bound poverty line, with monthly consumption expenditure of below R13,656.

    This is despite government’s extensive spending on social assistance and other support mechanisms. In the 2023/24 fiscal year, there were 18.8 million social grant beneficiaries (about 35% of the population) with an annual cost to the fiscus of R217.1 billion (US$12.2 billion). This is expected to increase to R259.3 billion (US$14.6 billion) in 2026/27.

    Social support also includes spending on health, education, social protection, community development and employment programmes which protect the most vulnerable groups. In addition, the government has extended the Social Relief of Distress Grant which was introduced during the COVID pandemic.

    Based on my research as an economist for the last 20 years, I believe the government won’t make much progress in reducing unemployment, inequality and poverty unless it adopts a different strategy – one that targets extreme poverty reduction explicitly.

    In a recent paper, colleagues and I identify key conditions for reducing extreme poverty through social transfers. We designed an economic simulation model to track the effect of increasing social grants to very poor South Africans to move them out of extreme poverty. This would be done by transferring an average of R4,020 (US$225) to every extremely poor South African. Based on our assumptions, about 25 million individuals would be eligible for this social transfer.

    Moving about 25 million South Africans out of extreme poverty would cost on average US$6.5 billion per year. We argue that this cost is worth carrying. Our model also showed that, under certain conditions, poverty-alleviation social transfers can be good for the broader economy.

    Additional benefits

    We know that social grants are important instruments to fight poverty and inequality in South Africa. They can produce sizeable multiplier effects in the economy.

    But we wanted to know more about how society benefits when a large share of the public budget is transferred to poor households.

    What makes the model we built to explore this different is that we simulated the economic implications of a hypothetical South Africa with lower poverty and inequality outcomes. More precisely, we set the poverty headcount rate at the lower-bound poverty line at 5.0% under both unconstrained and constrained scenarios. This is the conventionally accepted definition of extreme poverty eradication.

    The tool combined a macroeconomic model to project the economic impacts and a micro-simulation model to work out the poverty and inequality effects.

    We tested a combination of policy options, including social grants, and their multiplier effects and funding implications. We considered two financing scenarios: one that involved a budget deficit and one which was budget-neutral.

    Under a budget-neutral scenario, funding for interventions would be taken from budgets allocated for other purposes and put towards poverty alleviation instead.

    Key findings

    The model showed that the South African economy, measured by the level of gross domestic product (GDP), would grow faster (by 0.5 percentage points) when the transfer was designed to support poor people’s progressive engagement in economic participation rather than simply providing them with a basic cash grant. This can be done, for instance, by expanding and upgrading the current social assistance schemes such as the public work programmes. These have been shown to have positive outcomes for economic participation.

    When people who receive income transfers are able to work, they contribute to a higher supply of goods and services as well as to higher demand.

    The inflationary effects, in particular food price increases, are limited under this scenario.

    On the other hand, GDP deteriorates by 1 percentage point when there is no requirement or condition for participation (when grant recipients still don’t have a job). Under this scenario food demand increases and related price increases contribute to reducing consumers’ purchasing power.

    What needs to be done

    Our model shows how poverty-alleviation social transfers can have positive economic outcomes under two conditions.

    First, the expansion of the grant lifting approximately 25 million South Africans above the lower-bound poverty line of R9,606 has to be done under a budget-neutral funding arrangement.

    Second, the transfer has to be made with a requirement that there is an increase in the economic participation of extremely poor beneficiaries. In other words, the grant only has a positive effect if the very poor beneficiaries can find work or are required to participate in a certain kind of public work activity.

    The fiscal cost of the poverty alleviating grant transfer would be around 1.6% of GDP or 4.9% of public expenditure. This would mean increasing social spending by 4.9%. Alternatively, spending on other areas would have to be cut by the same proportion.

    In either scenario, the findings show that this constraint might even be relaxed if the fiscal transfer enabled poor people to get work or if the cash transfer was conditional on recipients doing certain work.

    In our view the benefits of this are massive in terms of extreme poverty eradication.

    Ramos Emmanuel Mabugu does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. South Africa’s fight against extreme poverty needs a new strategy – model shows how social grants could work – https://theconversation.com/south-africas-fight-against-extreme-poverty-needs-a-new-strategy-model-shows-how-social-grants-could-work-241694

    MIL OSI – Global Reports