NewzIntel.com

Category: Americas

  • MIL-OSI Economics: Transcript of IMFC Press Conference 2024 IMF Annual Meetings October 2024

    Source: International Monetary Fund

    October 25, 2024

    Speakers:

    Kristalina Georgieva, Managing Director, IMF

    Mohammed Aljadaan, Chair, IMFC

    Moderator: Julie Kozack, Director of the Communications Department, IMF

    *****

    Ms. Kozack: Good afternoon, everyone. Thank you for joining us this afternoon. My name is Julie Kozack. I’m the Director of communications at the IMF. Welcome to this press briefing of the IMFC. And I am delighted to have with us here today the Chair of the IMFC, His Excellency Mohammed Aljadaan, Minister of Finance of Saudi Arabia, and also our Managing Director, Kristalina Georgieva. They will first share with you a few takeaways from the IMFC meeting that just concluded, and then we will have time for your questions.

    Your Excellency, the floor is yours.

    Mr. Aljadaan: Thank you. Thank you very much, and thank you to all of you for being here. And thank you, Julie. Good afternoon, everyone.

    I would like to thank all the IMFC members for their strong and focused collaboration. I would also like to congratulate Kristalina for her second term as Managing Director. We wish her every success. And I must say that personally, I would congratulate myself and the members for her accepting, actually, to spend the next five years with us.

    It’s important to note that the IMF was established 80 years ago at Bretton Woods. Since 1944, the world has changed dramatically, and the IMF and the World Bank have evolved along with that.

    The evolution continues, as we respond to many challenges facing the global financial system. Above all, our approach seeks common ground to achieve the common good for all. The IMFC members are pleased to report that the global economy has moved closer to a soft landing. Global growth is steady, and inflation continues to moderate. However, progress has been uneven across members. There is uncertainty, with risks tilted to the downside; medium‑term growth prospects remain muted; and global public debt has reached a record high.

    Going forward, we will work to further secure a soft landing, while stepping up our reform efforts to shift away from the low growth/high debt path.

    I want to report on a few developments very quickly.

    The IMFC members welcomed the completion of the review of the Poverty Reduction and Growth Trust, ensuring that the IMF is supporting low‑income countries to address balance of payments challenges. We encourage the IMF and the World Bank to further develop their proposal to support countries with sustainable debt but experiencing liquidity challenges. We supported the IMF’s efforts to strengthen its capacity development assistance and to secure appropriate financing. We welcomed the new 25th chair in the IMF’s Executive Board for sub‑Saharan Africa, which will strengthen the voice and the representation of the region. We also welcomed the new member, Liechtenstein, as our 191st member. That makes the IMF almost universal, short of possibly one or two members. And we reaffirmed our commitment to a strong, quota‑based, and adequately resourced IMF at the center of the Global Financial Safety Net.

    We have secured or are working to secure domestic approvals for our consent to the quota increase under the Sixteenth General Review of Quotas by mid‑November this year, as well as relevant adjustments under the New Arrangements to Borrow.

    Of particular importance is the commitment to improve the Common Framework for sovereign debt relief in low‑income countries so it is implemented in a more predictable, timely, and coordinated manner. Also, we appreciate the reforms of the Fund’s lending toolkit, particularly for the PRGT.

    Finally, I would note the review of the charges and the surcharges policy, which will alleviate the financial cost of the Fund’s lending for borrowing countries, while preserving their intended incentives and safeguarding the Fund’s financial soundness.

    The IMFC has achieved some important milestones in this meeting. This shows that the IMF is essential to that spirit of multilateralism born at the Bretton Woods, as we seek common ground to assure progress and prosperity for all IMF members.

    Now I will turn it to you, Your Excellency. Please, Kristalina.

    Ms. Georgieva: Thank you very much. Thank you very much, Minister Aljadaan. Congratulations for chairing another very engaged, substantive, and successful meeting and, again, one that starts right on time and finishes on the dot. You bring this discipline symbolically, as we have no time to waste. There are very important topics to bring the membership together on.

    You have presented the substance of the meeting and the achievements of the meeting. I would like to add to that three points.

    First, to recognize the good balance that was achieved between confidence and caution. Confidence that the world economy has proven resilient. Inflation is in retreat. And this is being done without a risk of recession. Caution, that the problems that we need to address are still in front of us. They are complex. We have to attend to the concerns of people that maybe inflation is going down, but price levels are high. We have to recognize that in front of us is a prospect for low growth and high debt, a burden that is particularly heavy on low‑income countries, and that we are operating in an environment that is more impacted by forces of fragmentation. They are driven by wars that are happening and still going on. They are driven by security concerns in countries. They are driven by concerns about competitiveness.

    And in this environment, the second observation I would like to make is the good balance between attention to the short‑term priorities and what needs to happen in the medium to long term. For the short term, the focus is on two things. One, how to‑‑for central banks to remain attentive, be evidence‑based, carefully monitor data to make sure that they don’t cut either too early or too late, and that the monetary policy continues to be well communicated so expectations are anchored on the basis of this communication. And also, two, in the short term, a focus on the fiscal side as an immediate priority. Fiscal buffers have been exhausted, yet fiscal pressures are high. And that attention to medium‑term fiscal consolidation that starts now‑‑is not delayed‑‑came through for many of our members.

    And in terms of the medium to long term, not surprisingly, a very substantive, deep discussion on what can be done to lift up growth prospects in countries; what can enhance productivity; what can be a factor for countries to achieve better outcomes for their people but also attention to the role a more vibrant global economy can play for this higher‑‑higher growth trajectory.

    And my third point is going to be about debt. This was an issue that a majority of members addressed. Recognizing that you cannot‑‑actually, one of the Ministers quoted me from a previous engagement, me saying “you cannot borrow your way out of debt.” The topic of debt was particularly important in terms of the work the Bank and the Fund are undertaking on our so‑called three‑pillar approach; and I want to update you on it, since it gained a lot of interest.

    The three‑pillar approach we are proposing‑‑it is in the context of the Global Sovereign Debt Roundtable and the broader work on debt‑‑is to support countries that are not yet in a position that requires debt restructuring but are faced with significant liquidity problems that, if not addressed‑‑if they’re not addressed, can turn into a risk for solvency in the future.

    Pillar I, reforms to boost growth and mobilize domestic revenues. Pillar II, adequate financing, including from international financial institutions and a call on us to work together. Pillar III, crowding-in private financing at a lower cost.

    I felt that that strong endorsement of this three‑pillar approach is going to give the Bank and the Fund the guidance and encouragement to do our best. You will see us identifying countries in which we apply that three‑pillar approach.

    You walked us through all the important achievements. To us, the staff of the Fund, what we particularly cherish is that over the last months, we agreed on three historic firsts‑‑never done before. First time in our history, reaching our precautionary balances target. First time ever reducing charges and surcharges that would save $1.2 billion to borrowing members, a 36 percent reduction. First time deploying net income to boost our lending capacity for low‑income countries.

    Mr. Aljadaan: Kristalina, I think this is just a very clear illustration that, despite all the discussion about fragmentation, three firsts are agreed by the members, very important firsts. So it just shows, really, that there is a lot of support to management and the Fund from the members.

    Sorry, continue.

    Ms. Georgieva: Oh, no. Thank you. And they have been agreed unanimously.

    So my heart goes to all the staff of the Fund and all the members of the Fund. My gratitude to them. And a very special thanks to Brazil, Poland, Saudi Arabia, the UAE, and the U.S. for contributions to the PRGT; and the UAE for a contribution to the Resilience and Sustainability Trust. And I want to thank the U.K. for committing in the meeting to directly transfer its share of the GRA income distribution to the PRGT, and they called for others to follow.

    So, all in all, what we can say is that the meeting demonstrates, when there are forces of fragmentation, bridges become even more important. And we, the IMF, we are a bridgebuilder. Thank you.

    Ms. Kozack: Thank you very much, Minister, Managing Director. We will now turn to your questions. Please do raise your hand if you have a question, and please do identify yourself. Let’s see. I’m going to start all the way over on this side of the room. There’s a gentleman in the fourth row. Yep. Let’s start there.

    QUESTION: Good afternoon. Actually, I have two questions for today. My first question is for the Managing Director. As you reflect on the Annual Meetings, how do you assess the global economy, the main challenges and opportunities? My second question will be for Your Excellency, Minister Mohammed Aljadaan. What are the pressing IMFC issues and objectives for the coming years? Thank you.

    Ms. Georgieva: Thank you for your question. The meetings have been very useful to see the unanimous understanding on the progress we have made and quite a close view across members on the challenges ahead.

    The achievements in terms of bringing inflation down to open up, again, space for a reduction of interest rates that can contribute to better growth prospects in countries was recognized by a vast majority of our members. And at the same time, there was no sense of complacency. Why? Because the conditions of the world economy are good‑‑growth at 3.2 percent, inflation down‑‑but risks are tilted to the downside. And they are both in terms of the importance of monetary policy to remain vigilant and avoid a risk of misjudgment in the direction of interest rate policies and also risks that stem from a more fragmented world economy.

    In terms of challenges, three stood out throughout the meetings.

    First, the fiscal challenge. How to bring fiscal balance after these multiple shocks and years in which fiscal resources had to be deployed more actively? How to do that without undercutting prospects for investing in growth.

    Second, how to identify and put in place structural reforms that can rapidly build prospects for higher productivity, higher growth in terms of labor market reforms, product market reforms, as well as reforms that can allow an acceleration of the green and digital transformation.

    And three, how to build more resilience to future shocks. What we learned over these last years is that we are in a more shock‑prone world, and that requires building resilience in our economies for the future.

    Ms. Kozack: Thank you. Minister.

    Mr. Aljadaan: I will make it very quickly, actually, because they are very much related; so I will not repeat what the Managing Director has said. But the IMFC is basically the Governors’ body of this institution. And the whole idea of the IMFC meeting is, A, to exchange views on, what can we then do together collectively, really, to help the world economy but also to give steer to the management of the institution. And that’s really the point that you mentioned, whether it is ensuring that we actually do the last mile of dealing with inflation properly. Second is trying to ensure that we find ways out of the high debt/low growth and to more productivity growth and a more coordinated approach. We also wanted to make sure that we also provide the right support to the institution through finalizing our legislative approvals for the quota increase, making sure that we also provide the support that the Fund needs. And whether it is the PRGT or the trust fund or otherwise, I think there is the pure IMFC technical work that happens, but then there is a lot of coordination between management, the IMFC, and then the regional funds, multilateral development institutions; that we need to make sure that they all also connect.

    Ms. Kozack: Very good. Thank you. All right. Let’s go to the middle. I am going to go to the second row, gentleman, gray jacket, white shirt. Yep, you.

    QUESTION: I thought I had grabbed the wrong jacket. Managing Director, it’s been a long set of meetings. There are a lot of issues to get through, but one of the things that’s been kind of hanging over this set of meetings has been the U.S. election. And I am just wondering if you could describe sort of how this has been discussed in these meetings, what you’re thinking about it. And you know, there could be a major turn inward by the United States as a result of this. How do you avoid‑‑how do you deal with that? What do you tell people to do about it? Thank you.

    Ms. Georgieva: The discussions ‑‑ we had a total of four meetings in different formats and themes. And the discussions in the meetings were about the problems we collectively face and how to go about them. In other words, the sentiment of the membership is, elections are for the American people. What is for us is to identify, what are the challenges and how the IMF can constructively address these challenges.

    Mr. Aljadaan: I agree.

    Ms. Georgieva: So, yeah‑‑

    Mr. Aljadaan: Go ahead.

    Ms. Georgieva: I was just going to say, it was what‑‑what are the problems of the world in advanced economies, in emerging markets, in low‑income countries? What can the IMF do to help different parts of the membership to address these problems?

    Mr. Aljadaan: I think, basically, the institution ‑‑ I think there is a clear recognition the institution has, you know, existed for the last 80 years. It worked with multiple administrations from both sides and has managed to have a very good relationship with our host. So, we just need to make sure that we continue that dialogue.

    Ms. Kozack: Very good. I will go to this side. Second row, gentleman in the gray shirt, at the end.

    QUESTION: Good afternoon. My question is meant for the IMF MD. I would like to know what the IMF doing to increase Africa’s voice on your Board. And like the Minister said earlier, they have added one more seat for Africa. I don’t think that is enough. What are you doing that to raise that to maybe two or three? Thank you.

    Ms. Georgieva: Thank you very much for this question.

    The most significant step we have taken to increase the voice and representation of Africa is to add a third chair for sub‑Saharan Africa around the Board table at the Fund. So up to November 1, we have 24 Executive Directors, representing 190, soon to be 19‑‑well, no. There are already 191 members. And as of November 1, we will have 25 Executive Directors. That means that the sub‑Saharan African countries will have a better representation of their issues. And these are, as you know, that’s a diverse group of countries. When we only have two Directors, that means constituencies that have 23, 22 countries, it is very difficult for this Executive Director to voice the concerns of each and every one of the members. Now they will have three Directors, and that brings them at par with other parts of the world. We have Executive Directors representing‑‑one represents 16 countries, another one representing 13. So now sub‑Saharan Africa is not going to be an outlier. And that would allow the‑‑and that, of course, means an Executive Director but also offices with advisors and Alternative Executive Directors from the constituency.

    Beyond that, this is really important‑‑ So imagine you sit around this Board table, and now you have more voice.

    Beyond that, there are two other things we do at the Fund. One is to work very hard to have diversity of our staff. So we actually are very proud. We set a target for sub‑Saharan Africa. We have exceeded it. So we have more people coming from this part of the world.

    And the second one is how we engage with these countries. We have, over time, built offices in a number of countries, including training centers. And that brings us closer, makes it easier to hear the concerns of citizens and authorities.

    Actually, next to us‑‑when we had the meetings, next to us was a proud son of Kenya.

    Where is Ceda? Is he here, or no?

    The Secretary of our Board is from Kenya. So Africa was very visible. We can say we had the Arab world. We had emerging markets, Europe; and we had Africa.

    Mr. Aljadaan: I think, to be honest, Africa is very important. And it is not only about how many chairs in the Board that represent Africa. Actually, a lot of voices within the Board and there are a lot of voices within the IMFC, in the Governors‑‑even if they are not from Africa, they actually do a lot of work for Africa. And I can say, I am one of them. I have absolutely the full dedication to making sure low‑income countries, and particularly in Africa, are supported and provided ‑‑ not only financial support but also technical support to‑‑you know, for them to graduate from low‑income country status.

    Ms. Georgieva: Yep. Half of the countries in sub‑Saharan Africa have programs with the Fund. And these programs are not just about the financing; they are about bringing capacity development, bringing excitement about growth for the future in these countries.

    Ms. Kozack: And I know many of you have questions. Unfortunately, we do have to bring this press briefing to an end. I want to thank you very much for joining us today. The full transcript of this press briefing will be made available on our website. And of course, if you have further questions, please do reach out to my time at Media Relations. Thank you so much for joining us.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    @IMFSpokesperson

    MIL OSI Economics –

  • MIL-OSI Canada: G7 Finance Ministers’ Statement on Extraordinary Revenue Acceleration (ERA) Loan Initiative

    Source: Government of Canada News

    G7 Finance Ministers’ Statement on Extraordinary Revenue Acceleration (ERA) Loan Initiative

    Washington, DC, 25 October 2024

    We, the G7 Finance Ministers, met in Washington, DC earlier today and were joined by Ukraine’s Finance Minister Sergii Marchenko.

    In line with the mandate we were given by G7 Leaders at the Apulia Summit in June, we are glad to announce our agreement on the operationalisation of the ERA Loan initiative for the benefit of Ukraine. We recall the G7 Leaders’ pledge that, consistent with all applicable laws and our respective legal systems, Russia’s sovereign assets will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine. We will stand by Ukraine for as long as it takes. 

    Today we approved the principles and technical features of the Extraordinary Revenue Acceleration (ERA) Loan initiative for the benefit of Ukraine that was announced by G7 Leaders at the Apulia Summit in June.

    The ERA Loan initiative will disburse approximately USD 50 billion (EUR 45 billion) for the benefit of Ukraine. Principal and interest will be repaid by extraordinary revenues stemming from the immobilisation of Russian sovereign assets (RSA) held in European Union (EU) jurisdictions, and possibly in other G7 countries, in line with our respective legal systems and international law, and by any other voluntary contributions.

    The ERA Loan initiative will comprise bilateral loans from G7 members. Today’s G7 approval of the principles and technical features will ensure consistency and coordination between constituent loans, while providing sufficient flexibility to account for the legal and institutional specificities of each lender. 

    The distribution of the flow of extraordinary revenues stemming from Russian sovereign assets to repay ERA lenders will be managed via the Ukraine Loan Cooperation Mechanism (ULCM) that was recently agreed by EU co-legislators. The distribution to repay G7 lenders will be proportional to the committed principal amount of each bilateral loan.

    Each bilateral loan will enter into force no later than 30 June 2025. Bilateral loans will be fully disbursed to the benefit of Ukraine between 1 December 2024 and 31 December 2027, in instalments that will reflect Ukraine’s urgent financing needs. The support from ERA loans is in addition to other sources of official support, including the EU Ukraine Facility and the IMF Extended Fund Facility. The loan proceeds will be disbursed through multiple channels. These include, but are not limited to, a Macro-Financial Assistance (MFA) loan from the EU, the IMF’s Multi-Donor Administered Account for Ukraine, and the new Financial Intermediary Fund for Ukraine at the World Bank.

    G7 members commit to closely cooperate to ensure coordination and consistency between constituent bilateral loans throughout the entire life of the ERA Loan initiative for the benefit of Ukraine.

    The term sheet with the key technical features of the ERA Loan initiative will be published in the coming days.

    MIL OSI Canada News –

  • MIL-OSI Canada: Statement by the Deputy Prime Minister and Minister of Finance on the Extraordinary Revenue Acceleration Loan Mechanism and Russian Sovereign Assets

    Source: Government of Canada News

    Statement by the Deputy Prime Minister and Minister of Finance on the Extraordinary Revenue Acceleration Loan Mechanism and Russian Sovereign Assets

    October 25, 2024 – Washington, D.C., United States of America

    Today, G7 Finance Ministers announced a final agreement on the Extraordinary Revenue Acceleration Loan Mechanism, which leverages frozen Russian Central Bank assets to ensure Ukraine’s victory and reconstruction from Russia’s illegal invasion.

    Following this announcement, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, issued the following statement:

    “At the beginning of Russia’s full-scale invasion of Ukraine, Canada and our allies took the unprecedented step of immobilizing close to C$381 billion (US$280 billion) in Russian sovereign assets, depleting Putin’s war chest. Within the G7, all countries have agreed that Russian sovereign assets will remain immobilized until Russia pays for the damage it continues to inflict on Ukraine.

    “Today, the G7 reached a final agreement to support Ukraine in its brave fight with an additional C$68 billion (US$50 billion), backed by future interest that will be accrued on frozen Russian assets. Canada was the first country to advocate for using these assets to support Ukraine, and we are proud to be providing the largest per capita contribution: C$5 billion (US$3.7 billion).

    “Canada’s firm position has always been that Russia, the aggressor, must pay for the destruction it has caused. It cannot be the sole duty of democracies and their citizens or of the brave people of Ukraine to pay for Putin’s war of aggression. Today’s announcement is historic because it accomplishes this; it guarantees frozen Russian Central Bank assets will be used to support the people of Ukraine.”

    MIL OSI Canada News –

  • MIL-OSI Canada: People encouraged to prepare for seasonal weather

    Source: Government of Canada regional news

    As weather in British Columbia transitions into fall, people can expect seasonal stormy conditions and are encouraged to take steps to prepare for cooler temperatures and the increased possibility of rain, snow and flooding.

    Currently, there are no active flood warnings or advisories in the province. However, Environment and Climate Change Canada (ECCC) forecasts a storm arriving Friday evening, bringing precipitation throughout B.C. through the weekend. This storm is anticipated to be weaker than last weekend’s atmospheric river event, and will likely bring generally moderate precipitation to coastal regions and parts of the Columbia-Kootenays. There are no anticipated widespread flood hazards at this time, but saturated ground conditions in low-lying areas could lead to reduced drainage and faster runoff.

    Wind warnings are in effect for Haida Gwaii and northern Vancouver Island. Strong winds are also expected for southern Vancouver Island, the southern Gulf Islands, east Vancouver Island, Sunshine Coast, the Strait of Juan De Fuca and Strait of Georgia.

    Seasonal freezing levels in the Interior could result in snow at mid and high elevations.

    While the current weekend’s forecast for wet and stormy weather is seasonally typical, as the fall/winter storm season is underway, the Province continues to monitor conditions closely and works with communities to support preparedness and response actions.

    The B.C. River Forecast Centre continues to closely monitor forecasts and will issue updates as conditions warrant.

    The Province is taking a number of actions to keep people and communities safe in the event of flooding at all times of the year, including:

    • The Ministry of Emergency Management and Climate Readiness (EMCR) is working closely with communities on preparedness activities, including weekly natural hazard information calls with First Nations, communities and partner agencies.
    • The forecast centre is monitoring weather patterns and river conditions and remains vigilant for any shifts toward extreme wet weather.
    • The Ministry of Transportation and Infrastructure will have maintenance contractors monitoring conditions, clearing culverts, and pre-positioning crews and equipment to respond quickly to potential flooding or debris buildup during this weather event, to ensure safe and clear roadways.
    • EMCR is prepared to release four million sandbags to communities to protect homes and public infrastructure.
    • EMCR is prepared to deploy or pre-position sandbag machines to areas of flood concern or potential flood concern throughout the province.
    • EMCR is prepared to deploy 12 kilometres of gabions, wall-like structures filled with sand, and 30 kilometres of tiger dams, which are stackable orange tubes filled with water.
    • EMCR is able to issue broadcast intrusive alerts as requested by First Nations and local governments to warn people in areas where there may be imminent threats due to flooding.

    People are asked to take precautions this season to ensure personal safety, including developing a household plan, putting together emergency kits, connecting with neighbours and learning about the local government emergency response plan for their area.

    If you are placed under evacuation alert for any reason, you should immediately:

    • Get prepared to leave your home on short notice.
    • Get your grab-and-go bags ready (which should include several days of clothing, toiletries and medications), your emergency plan, copies of important documents (including flood and home insurance) and important mementos.
    • Listen to local emergency officials for further information on the situation.

    If you are placed under evacuation order for any reason, you must:

    • Leave the area immediately.
    • Follow the directions of local emergency officials and evacuate using the route(s) they have identified.
    • Do not return home until you have been advised that the evacuation order has been rescinded.

    Following any disaster, property owners and residents are advised to contact their insurance provider immediately to obtain advice about their next steps in cleanup and repairs resulting from the disaster.

    As well, people can take the following steps:

    Protect your home:
    People are advised to prepare for possible flooding of low-lying areas by moving equipment and other assets to higher ground, where possible. Clear perimeter drains, eavestroughs and gutters. Sandbags also help and can be made available through your local government.

    Create grab-and-go bags:
    Assemble an individual grab-and-go bag for each member of the household with the essentials they will need if asked to evacuate.

    Recognize the danger signs:
    If you live near a waterway, a change in water colour or rapid change in water level, especially a drop, could indicate a problem upstream. Call your local fire, police or public works department immediately if you suspect something is out of the ordinary.

    If you face a threatening flood, park vehicles away from streams and waterways, move electrical appliances to upper floors and make sure to anchor fuel supplies. Listen to local officials if you are asked to evacuate.

    In the event of flooding, some tips about what to avoid:

    Steer clear of river shorelines:
    Keep away from river edges and shorelines. During periods of high flow, river banks may be unstable and more prone to sudden collapse. Stay away and keep young children and pets away from the banks of fast-flowing streams and flooded areas or bridges.

    Do not drive through flood water:
    Extensive water pooling on roads can be expected. Never attempt to drive or walk in flood water. Approximately 15 centimetres (six inches) of fast-moving water can knock over an adult, and 61 cm (two feet) of rushing water can carry away most vehicles, including SUVs and pickup trucks.

    Landslide risk:
    Heavy rain may contribute to landslides and dangerous debris in creeks and waterways. Be safe and do not go to watch the rushing water. If you notice trees beginning to lean or bend near your home, or cracks developing in the hillside, consult an engineer or contact local authorities.

    There are more details in PreparedBC’s Flood Preparedness Guide. The guide contains useful information to help British Columbians better protect themselves and their homes and understand what to do if their home or community is at risk of flooding.

    Driving safety:
    Crashes can be prevented when motorists are prepared. Some helpful tips for travelling in wet weather and winter driving conditions:

    • Research road conditions before you leave at DriveBC’s website. More than 1,000 highway webcam views are available at more than 450 locations throughout the province.
    • Check the weather forecast and consider postponing travel. If travel is necessary, wait until conditions improve.
    • Wear comfortable clothing that does not restrict movement while driving. Bring warm clothing, such as winter boots, coat, gloves and hat, in case you need to get out of the vehicle.
    • Have an emergency plan. Ensure your vehicle is equipped with a full tank of fuel, a windshield scraper and snow brush, food and water, a first-aid kit and other emergency supplies.
    • Do not panic if you get stuck or stranded. Stay with your vehicle for safety and warmth.
    • If you have a cellphone, call for roadside assistance. For emergencies, call 911.

    Learn More:

    Flood-risk information and active evacuation alerts and orders can be found at @EmergencyInfoBC on X (formerly Twitter), or: https://www.emergencyinfobc.gov.bc.ca/

    River Forecast Centre: http://bcrfc.env.gov.bc.ca/

    Environment and Climate Change Canada for up-to-date forecasts and alerts: http://www.weather.gc.ca

    PreparedBC Flood Preparedness Guide: https://www.preparedbc.ca/floods  

    For tips about how to create an evacuation plan and prepare grab-and-go bags, visit: https://preparedbc.ca/EmergencyReady  

    To pre-register with Emergency Support Services, visit: https://ess.gov.bc.ca/

    For the latest road conditions, visit: http://www.drivebc.ca

    MIL OSI Canada News –

  • MIL-OSI USA: Read More (Grijalva Statement on President Biden’s Formal Apology on Indian Boarding Schools)

    Source: United States House of Representatives – Congressman Raul M Grijalva (D-AZ)

    Grijalva Statement on President Biden’s Formal Apology on Indian Boarding Schools

    WASHINGTON – U.S. House Natural Resources Committee Ranking Member Raúl M. Grijalva (D-Ariz.) today issued the following statement on President Biden’s issuance of a formal apology to Native Americans for the federal government’s role in Indian boarding schools. For more than 150 years, the U.S. government removed Native American children from their homes and communities, forcing them to attend boarding schools, where they were physically, sexually, and psychological abused in an effort to erase their cultural identity.

    “Today’s apology brings into light one of the darkest chapters in our nation’s history,” said Ranking Member Grijalva. “While there are no words or actions that can ever return to Indigenous peoples all that was taken from them or right the atrocities committed against them, a formal acknowledgment is a much needed and long overdue step in the path to healing. I want to thank President Biden and Secretary Haaland for their continued commitment to supporting Indian Country. But even more so, I want to express my deep reverence to Native communities for their resilience through pain, loss, and mourning in pursuing a true and full account of our history.”

    On May 12, 2022, under the leadership of then-Chair Grijalva, the Natural Resources Committee led the first-ever congressional hearing on the Indian boarding school era. The hearing featured testimony from boarding school survivors. U.S. Department of the Interior Secretary Haaland has also led the first Federal Indian Boarding School Initiative to investigate the forced assimilation efforts and injustices committed by the federal government through these schools. In this work, the Biden-Harris administration released reports in 2022 and 2024 that outlined the current and intergenerational impact of boarding schools and made policy recommendations.

    ADDITIONAL BACKGROUND

    During today’s visit to Gila River Indian community, President Biden also spoke to the administration’s many executive actions to support Indian Country, including the 2022 Memorandum on Uniform Standards for Tribal Consultation, which closely mirrors Ranking Member Grijalva’s landmark RESPECT Act.

    The Biden-Harris administration has also deployed historic investments in tribal communities through the American Rescue Plan, Inflation Reduction Act (IRA), and Infrastructure Investment and Jobs Act (IIJA). Ranking Member Grijalva and Natural Resources Committee Democrats were instrumental in securing these investments, including $2.5 billion for tribal water rights settlements, $216 million for climate adaptation and community relocation efforts, and $200 million to improve dams, water sanitation, and other facilities in the IIJA, as well as $235 million for climate resilience and $216 million for emergency drought relief in the IRA.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Preliminary Injunction Entered in Justice Department Suit to Stop Virginia’s Systematic Removal of Voters from Registration Rolls

    Source: US State of Vermont

    Virginia is Required to Stop Removals Between Now and Election Day and Must Return Unlawfully Canceled Voters to the Voter Rolls

    A federal court in the Eastern District of Virginia has entered an order requiring the Commonwealth of Virginia to cease a program to remove voters from Virginia’s voting rolls between now and the Nov. 5 general election. The court further ordered the Commonwealth to issue guidance to all Virginia general registrars to immediately restore voters whose registrations were canceled because of the program unless those voters requested removal or are subject to removal for other reasons.

    The department filed a lawsuit against the Commonwealth of Virginia, its State Board of Elections and its Commissioner of Elections on Oct. 11 alleging that the Commonwealth’s voter list maintenance program, as announced by Virginia’s Governor on Aug. 7, violated Section 8(c)(2) of the National Voter Registration Act of 1993 (NVRA) by conducting a program intending to systematically remove ineligible voters within 90 days of a federal election. The court’s order requires the Commonwealth of Virginia to send a remedial mailing to each registrant canceled as part of the voter removal process who has not submitted a request to be removed from the voter rolls and alert these voters that they have been returned to the voter rolls.

    The injunction also requires the Commonwealth to ensure that affected voters are notified that their inclusion in the Commonwealth’s wayward removal program does not establish their ineligibility to vote or subject them to criminal prosecution for registering to vote or for voting. The remedial mailing ordered by the court must advise all registrants canceled as part of the voter removal process that if they are a U.S. citizen and otherwise meet voter qualifications, they have the right to vote.

    Individuals who are eligible voters and believe that they may have been wrongly removed from the voter rolls as a result of Virginia’s — or any other state’s — systematic removal process should contact the Civil Rights Division’s Voting Section through the internet reporting portal at http://www.civilrights.justice.gov or by telephone at 1-800-253-3931. More information about voting and elections, including guidance documents on the NVRA and other statutes, is available at http://www.justice.gov/voting. Learn more about the NVRA and other federal voting laws at http://www.justice.gov/crt/voting-section. Complaints about possible violations of federal voting rights laws can be submitted at http://www.civilrights.justice.gov or by telephone at 1-800-253-3931.

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Gabe Vasquez Hosts Discussion on Immigrant Workforce Development, Outdoor Equity

    Source: United States House of Representatives – Representative Gabe Vasquez’s (NM-02)

    LAS CRUCES, N.M. – On Thursday, October 17, U.S. Representative Gabe Vasquez (NM-02) hosted a roundtable discussion with local immigration and advocacy organizations to address workforce challenges facing immigrant communities. The conversation highlighted the essential role immigrant workers play in New Mexico’s economy, particularly in industries like health care, agriculture, education and energy. The event featured leaders from the Center for Civic Policy, The Semilla Project, OLÉ and Organized Power in Numbers. 

    “New Mexico’s economy depends on immigrant workers, whether it’s the farmworkers in Deming, the health care professionals in Albuquerque, or the teachers shaping the future of our state. If we want New Mexico to thrive, we need policies that reflect the realities of our workforce,” said Vasquez. “In Congress, I am committed to finding common sense solutions to meet the moment and create more opportunities for our communities.”

    Vasquez emphasized his Strengthening Our Workforce Act, a bill that would create a pathway for immigrants working in essential industries to remain in the U.S. legally. In addition to workforce challenges, the discussion touched on humane immigration policies. Vasquez also spoke about his Humane Accountability Act, which would hold detention centers accountable and ensure that families seeking asylum are treated with dignity.  

    Outdoor equity was also a prominent theme in the discussion. Vasquez strongly believes that everyone deserves access to the outdoors. Throughout his career in public service, Vasquez has led efforts to protect our lands, water and wildlife. That’s why, before serving in Congress, he created the nation’s first Outdoor Equity Fund, a program that is getting more Latinos outdoors all across New Mexico. 

    “After our enlightening discussion during the ‘Building Pathways’ event, it’s clear that our collaboration with leaders like Congressman Vasquez and Representative Small is pivotal,” said Jared Berenice Estrada, Advocacy & Programs Director at The Semilla Project. “This engagement highlights our commitment to integrating outdoor equity with clean energy and workforce development, ensuring that all communities, especially the underrepresented, have access to promising, sustainable career paths. The insights shared today energize our ongoing efforts to advocate for inclusive growth and environmental stewardship.”

    “Just a few weeks ago, I finally received my work permit through the Labor Based Deferred Action program (DALE). For the first time, I felt like I had control over my future. I now have the freedom to explore opportunities. I can go to school, start a business, and even join a union,” said Ruben Munoz, DALE work permit recipient. “I can also start a pre-apprenticeship with the New Mexico Building Trades as early as December. Their promise is to train me up so I can fulfill one of these clean energy jobs as a union apprentice and one day, union member. We need more programs like DALE and DACA to give people these opportunities. Everyone should have the right to work, to live without fear, and to contribute to their community.” 

    “We already have the workers New Mexico needs, and they are ready to be trained. Our real problem is not a labor shortage problem, it’s a worker authorization shortage problem,” said Janyce Cardenas, Campaign Manager at Organized Power in Numbers. “We, at Organized Power in Numbers believe the answer is to create more pathways to worker permits and citizenship so that the union good jobs with good pay and benefits that will be created by the clean energy industry are not only providing stability for workers and their families, but also will ensure New Mexico thrives for generations to come.” 

    The event was part of Vasquez’s ongoing efforts to engage with local and community leaders on how federal policies impact New Mexico’s diverse communities. He reaffirmed his commitment to pursuing immigration reform that strengthens the state’s economy while ensuring fair and humane treatment for all. 

    ###

    MIL OSI USA News –

  • MIL-OSI USA: USDA Heeds Rep. Gabe Vasquez’s Call to Protect Wildlife and Support Private Landowners

    Source: United States House of Representatives – Representative Gabe Vasquez’s (NM-02)

    LAS CRUCES, N.M. – U.S. Representative Gabe Vasquez (NM-02) applauded the U.S. Department of Agriculture (USDA) for its new initiative to enhance wildlife habitat connectivity on farms and ranches. This commitment aligns closely with the provisions in his bipartisan Habitat Connectivity on Working Lands Act. This announcement underscores the importance of collaboration between the USDA and private landowners, a core tenet of Vasquez’s legislation.

    “USDA’s announcement to prioritize habitat connectivity and support private landowners directly aligns with the measures I proposed in my bipartisan Habitat Connectivity on Working Lands Act,” said Vasquez. “I introduced this bill to create meaningful partnerships between conservation efforts and agricultural producers, and I’m proud to see the USDA heeding my call to action. This framework not only protects our vital wildlife corridors but also uplifts those who steward our land.”

    USDA’s new directive includes several key initiatives that echo the goals of Vasquez’s bill, such as enhanced inter-agency coordination to improve communication between USDA and state, Tribal and federal partners. This will facilitate better management of wildlife corridors and animal movement, addressing jurisdictional boundaries that have hindered conservation efforts. 

    Additionally, USDA will allow farmers to participate in multiple conservation programs simultaneously, such as the Environmental Quality Incentives Program (EQIP) and Grassland Conservation Reserve Program (CRP), without the penalty of losing eligibility. This change will help farmers tackle critical issues like invasive species and erosion while enhancing wildlife habitats.

    Furthermore, USDA is providing financial assistance for innovative practices, such as virtual fencing, enabling farmers to implement effective wildlife protection measures. Conventional fencing across the West results in wildlife entanglement, which is often lethal. These efforts align with Vasquez’s commitment to ensuring that agricultural practices are compatible with wildlife conservation, a crucial step for the ecological health of New Mexico and beyond.

    Vasquez’s bill is endorsed by Backcountry Hunters and Anglers, Center for Large Landscape Conservation, Montana Wildlife Federation, National Audubon Society, National Cattlemen’s Beef Association, National Parks Conservation Association, National Wildlife Federation, New Mexico Wildlife Federation, North American Grouse Partnership, Pheasants Forever, Public Lands Council, Quail Forever, Rocky Mountain Farmers Union, The Pew Charitable Trusts, Theodore Roosevelt Conservation Partnership, Western Landowners Alliance and the Wildlands Network.

    The Habitat Connectivity on Working Lands Act builds on Vasquez’s longtime support for connecting wildlife corridors. In December, Vasquez announced a $480,000 investment for the Mescalero Apache Tribe from the Department of Transportation’s (DOT) new Wildlife Crossings Pilot Program to improve wildlife crossings along US-70. 

    Recognizing the vital role of working lands and the dedicated farmers and ranchers who steward them, Vasquez is fighting to ensure conservation and agriculture work hand in hand. Vasquez looks forward to working closely with USDA to further these goals and ensure that New Mexico’s natural resources are preserved for future generations.

     ###

    MIL OSI USA News –

  • MIL-OSI USA: Affordable Housing Boost in Albuquerque: Rep. Gabe Vasquez, Homewise Break Ground on 72 New Townhomes

    Source: United States House of Representatives – Representative Gabe Vasquez’s (NM-02)

    ALBUQUERQUE, N.M. – On Thursday, October 24, U.S. Representative Gabe Vasquez (NM-02) celebrated the groundbreaking of Homewise Inc.’s first all-electric development project in Albuquerque. The project, consisting of 72 townhomes, marks a significant step forward in expanding affordable, high-quality housing opportunities for New Mexicans.

    “Housing is a human right, and when we invest in homes, we invest in the health, well-being and future of our communities,” said Vasquez. “Homewise’s project is about more than just putting roofs over people’s heads—it’s about creating stability, dignity and a sense of belonging. Every family deserves that.”

    The groundbreaking celebrates the construction of 72 townhomes, including 55 three-bedroom and 17 two-bedroom units. The project will meet the needs of first-time homebuyers with additional subsidies to assist low- and moderate-income families along with units at market-rate. The development also benefits from $500,000 in down payment assistance funding from the Mortgage Finance Authority and $550,000 in state capital outlay for infrastructure.

    “At Homewise, we’ve seen first-hand that homeownership is the foundation for building stronger communities,” said Mike Loftin, CEO of Homewise. “We are proud to partner with U.S. Representative Gabe Vasquez to bring much-needed housing options to Albuquerque and support more families in achieving the dream of owning a home.”

    Homewise, a nonprofit organization focused on housing access, is a leader in affordable housing initiatives across New Mexico, primarily in Santa Fe and Albuquerque. Their services include homebuyer education, mortgage lending and financial coaching, all aimed at helping families achieve homeownership. The townhomes are expected to begin construction by early summer 2025.

    “We are excited to help individuals and families become homeowners by building new high quality starter homes that help meet the deep need for homeownership opportunities in Albuquerque,” said Lisa Huval, Senior Director of Real Estate Development at Homewise.

    Vasquez also highlighted his efforts in Congress to address housing affordability. He is a champion of the HOME Act, which stops corporate landlords from price-gouging and taking advantage of renters and first-time buyers. He is also a leader in advancing the Family Stability and Opportunity Vouchers Act, which would create 250,000 new housing vouchers to help low-income families move to communities with better schools and opportunities. Vasquez is committed to working to create more affordable housing opportunities for hard-working New Mexicans.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Gabe Vasquez Statement on the Administration’s Indian Boarding School Apology

    Source: United States House of Representatives – Representative Gabe Vasquez’s (NM-02)

    LAS CRUCES, N.M. – On Friday, October 25, 2024, U.S. Representative Gabe Vasquez (N.M.-02) released this statement following President Biden’s apology for the atrocities that occurred during the Indian boarding school era:

    “During the Indian boarding school era, more than 95 indigenous children died at schools across New Mexico and thousands of other children were taken from their families. Today’s formal apology on behalf of the United States government is an important step towards healing these wounds and providing acknowledgement to survivors and their families. We must continue to support our Tribal communities in their efforts to heal and recover.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Meeting FEMA’s Federal Flood Insurance Requirement

    Source: US Federal Emergency Management Agency

    Headline: Meeting FEMA’s Federal Flood Insurance Requirement

    Meeting FEMA’s Federal Flood Insurance Requirement

    Recovering from a presidentially declared disaster like Tropical Storm Helene can be emotionally overwhelming and financially difficult.The most common financial support option available to you is a federal disaster grant from FEMA’s Individuals and Households Program. If you received funds from this program, you may be required by law to purchase flood insurance. FEMA requires you to have flood insurance for buildings and personal property that were damaged by a flood disaster in a high-risk flood area, also known as a Special Flood Hazard Area. This is to protect you and the life you’ve built against future financial devastation in the aftermath of a flood, whether or not there is a presidential disaster declaration for that event.In Tennessee, President Biden approved a major disaster declaration on Oct. 2, designating Carter, Cocke, Greene, Hamblen, Hawkins, Johnson, Unicoi and Washington counties as eligible to apply for federal assistance.There are three ways to meet the flood insurance requirement:FEMA may purchase a Group Flood Insurance policy on your behalf to start your coverage;You may purchase a Standard Flood Insurance Policy; orYou may purchase a private flood insurance policy.The first two options are available through FEMA’s National Flood Insurance Program. Congress created the program to provide financial protection from flood damage. It offers property owners, renters and businesses access to government-backed flood insurance policies in participating communities. Visit fema.gov/cis/TN.html to see if your community is one of 402 communities in Tennessee that participate in the program.  FEMA’s Group Flood Insurance PolicyA Group Flood Insurance Policy from FEMA is issued only after a presidentially declared disaster and is only for people who receive federal assistance through FEMA’s Individuals and Households Program. There is no out-of-pocket expense to get a group policy. FEMA will pay the cost of the policy (currently about $2,400 for a three-year term) to the National Flood Insurance Program from your Individuals and Households Program grant. The policy takes effect 60 days after the major disaster was declared, or on Oct. 2. If the cost of the group policy is greater than what you were awarded, you will not be eligible for the policy and you will have to purchase flood insurance on your own.A FEMA group policy covers both buildings and contents (each with a $200 deductible), or just contents if you are a renter. The coverage amount varies from year to year but is currently about $85,000. The deductible is subtracted from your FEMA award before you are paid. Standard Flood Insurance PolicyA standard flood insurance policy is available through the National Flood Insurance Program, with coverage up to $250,000 for a building and up to $100,000 for its contents. It is available through NFIP Direct or companies participating in the NFIP’s Write Your Own Program.Private Flood Insurance Policy  Private insurance companies write and service their own flood insurance policies, separate from the federal government. They are responsible for processing claims and paying losses themselves. Premiums vary from carrier to carrier as do coverage amounts. Contact your insurance agent to learn more.The requirement to maintain flood insurance coverage as a recipient of federal assistance is tied to the property. If you are the homeowner and sell your property, you must inform the new owner of the requirement to maintain flood insurance. In most cases, an existing insurance policy should transfer to a new owner, with no lapse in coverage. If you are a renter and move to another property, the policy does not transfer to the new tenant and that tenant must purchase their own flood insurance.Failure to comply with the mandatory federal flood insurance requirement can make you ineligible for future federal disaster assistance.  To learn more about the National Flood Insurance Program, participating communities and policy types, or to purchase a policy, visit floodsmart.gov or call the NFIP Direct Helpline at 800-638-6620. 
    kwei.nwaogu
    Fri, 10/25/2024 – 21:30

    MIL OSI USA News –

  • MIL-OSI USA: Reminder! Check Heating Systems and Appliances Before Winter

    Source: US Federal Emergency Management Agency

    Headline: Reminder! Check Heating Systems and Appliances Before Winter

    Reminder! Check Heating Systems and Appliances Before Winter

    SPRINGFIELD – As temperatures drop and winter approaches, FEMA suggests making sure your heating system, water heater, furnace, and other electrical appliances in your home are in good working condition if you were impacted by the July 13 – July 16 severe storms. If not, you may be able to receive help from FEMA to get them working again.If floodwaters reached your home heating system, you should have them checked for operating safety by an experienced repair personnel. Homeowners with storm-damaged essential appliances and systems may be able to receive funds from FEMA to get them repaired or replaced. When you apply with FEMA, make sure to report this damage in your application and keep any receipts or estimates.After applying, a FEMA housing inspector may contact you to schedule an appointment to verify damage you reported on your application. FEMA inspectors do not decide if you will receive funds. After the home inspection is completed, FEMA specialists review your application, the results of the inspection and/or documentation submitted to determine all damage and losses that may be eligible. A FEMA decision letter will be sent to you by email or U.S. postal service mail.Appealing a FEMA Decision with New DocumentationIf you received a FEMA grant to repair your furnace and/or water heater and later discover those items need to be replaced, you may choose to appeal to FEMA for additional grant funds. Appeals must be submitted within 60 days of the date on the decision letter.Your FEMA letter will detail information on what will need to be provided if you choose to appeal FEMA’s decision. Your decision letter also includes an Appeal Request Form that may be used to help provide additional information like copies of supporting documents including proof of your disaster-caused losses. All submitted documents, receipts, bills, and estimates must include contact information of the service provider/contractor.Your appeal may be submitted by fax or mail, in-person, or online if you have a FEMA online account. To set up a FEMA online account, visit DisasterAssistance.gov, click on “Apply Online” and follow the directions.By mail: FEMA National Processing Service Center, P.O. Box 10055, Hyattsville, MD 20782-7055By fax: 800-827-8112, Attention: FEMAIn-person: Visit any Disaster Recovery Center to submit your appeal. Find a center here: fema.gov/DRC.To learn more about FEMA’s appeal process, visit http://www.fema.gov/assistance/individual/after-applying/appeals.Survivors who have not yet applied for FEMA assistance should apply online at DisasterAssistance.gov, use the FEMA App on your phone, visit a Disaster Recovery Center or call 800-621-3362. If you use video relay service, captioned telephone service or others, give FEMA your number for that service.The deadline to apply for FEMA assistance is November 19. For even more information about the disaster recovery operation in Illinois, visit http://www.fema.gov/disaster/4819.
    kimberly.keblish
    Fri, 10/25/2024 – 22:01

    MIL OSI USA News –

  • MIL-OSI USA: New Disaster Recovery Center Opens in Buncombe County

    Source: US Federal Emergency Management Agency

    Headline: New Disaster Recovery Center Opens in Buncombe County

    New Disaster Recovery Center Opens in Buncombe County

    RALEIGH, N.C. –  A new Disaster Recovery Center (DRC) will open Saturday, Oct. 26 in Fairview (Buncombe County) to assist North Carolina survivors who experienced loss from Tropical Storm Helene. The Buncombe County DRC is located at:  Cane Creek Pool590 Lower Brush Creek Rd.Fairview, NC 28730Open: 8 a.m. – 7 p.m., Monday through SundayIn addition to the fixed site, Mobile Disaster Recovery Centers (M-DRCs) are open in Buncombe County for a limited time to provide in-person support. M-DRCs can be found at the following locations and operational hours:Swannanoa Fire Rescue – Bee Tree Fire Sub Station510 Bee Tree Rd. Swannanoa, NC 28778Open: 8 a.m. – 7 p.m., Oct. 25 – 27Buncombe County Sports Park (Parking Lot)58 Apac Dr. Asheville, NC 28806Open: 8 a.m. – 7 p.m., Oct. 28 – 31A DRC is a one-stop shop where survivors can meet face-to-face with FEMA representatives, apply for FEMA assistance, receive referrals to local assistance in their area, apply with the U.S. Small Business Administration (SBA) for low-interest disaster loans and much more.  FEMA financial assistance may include money for basic home repairs, personal property losses or other uninsured, disaster-related needs such as childcare, transportation, medical needs, funeral or dental expenses. Centers are already open in Bakersville, Boone, Brevard, Burnsville, Hendersonville, Lenoir, Marion, Marshall, Sylva, Waynesville, Jefferson, Newland, Old Fort, Sparta, Morganton and Charlotte. To find those center locations, go to fema.gov/drc or text “DRC” and a zip code to 43362. Additional recovery centers will be opening soon. All centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology.  Homeowners and renters in 39 North Carolina counties and tribal members of the Eastern Band of Cherokee Indians can visit any open center, including locations in other states. No appointment is needed.  It is not necessary to go to a center to apply for FEMA assistance. The fastest way to apply is online at DisasterAssistance.gov or via the FEMA app. You may also call 800-621-3362. If you use a relay service, such as video relay, captioned telephone or other service, give FEMA your number for that service. 
    barbara.murien…
    Fri, 10/25/2024 – 21:49

    MIL OSI USA News –

  • MIL-OSI USA: Friendly World Series Wager With Governor Newsom

    Source: US State of New York

    Governor Kathy Hochul today announced a friendly wager with California Governor Gavin Newsom ahead of the 2024 World Series between the New York Yankees and the Los Angeles Dodgers. If the Yankees win, Governor Newsom will display Yankees memorabilia in his office for one day. If the Dodgers win, Governor Hochul will display Dodgers memorabilia in her office for one day.

    “Here’s my wager to you Governor Newsom: If it turns out that I win — and I will — I’ll be requiring that you display some Yankees memorabilia in your office,” Governor Hochul said. “If the opposite occurs, we’ll talk about that then, but I’d have to do the same for you. Let’s play ball!”

    California Governor Gavin Newsom said, “Game on, Governor Hochul! While I respect the Yankees’ storied history, California knows how to win championships. As a proud San Franciscan, you won’t hear me say this often, but this year: Go Dodgers!”

    The bet was announced Friday on Governor Hochul and Governor Newsom’s Twitter/X accounts.

    The Yankees–Dodgers rivalry is one of baseball’s most storied, dating back to the 1940s when the Dodgers were based in Brooklyn and the Yankees in the Bronx. Since then, the teams have met 11 times in the World Series — more than any other matchup — with the Yankees winning eight of those championships. The 2024 World Series will mark the twelfth meeting between the two teams.

    MIL OSI USA News –

  • MIL-OSI: BlackRock® Canada Announces Final October Cash Distributions for the iShares® Premium Money Market ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 25, 2024 (GLOBE NEWSWIRE) — BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the final October 2024 cash distributions for the iShares Premium Money Market ETF. Unitholders of record on October 28, 2024 will receive cash distributions payable on October 31, 2024.

    Details regarding the final “per unit” distribution amounts are as follows:

    Fund Name Fund
    Ticker    		 Cash
    Distribution
    Per Unit
    iShares Premium Money Market ETF CMR $0.182

    Further information on the iShares ETFs can be found at http://www.blackrock.com/ca.

    About BlackRock

    BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit http://www.blackrock.com/corporate | Twitter: @BlackRockCA

    About iShares ETFs

    iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1400+ exchange traded funds (ETFs) and US$4.2 trillion in assets under management as of September 30, 2024, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

    iShares® ETFs are managed by BlackRock Asset Management Canada Limited.

    Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

    Contact for Media:
    Reem Jazar
    Email: reem.jazar@blackrock.com

    The MIL Network –

  • MIL-OSI Russia: Transcript of IMFC Press Conference 2024 IMF Annual Meetings October 2024

    Source: IMF – News in Russian

    October 25, 2024

    Speakers:

    Kristalina Georgieva, Managing Director, IMF

    Mohammed Aljadaan, Chair, IMFC

    Moderator: Julie Kozack, Director of the Communications Department, IMF

    *****

    Ms. Kozack: Good afternoon, everyone. Thank you for joining us this afternoon. My name is Julie Kozack. I’m the Director of communications at the IMF. Welcome to this press briefing of the IMFC. And I am delighted to have with us here today the Chair of the IMFC, His Excellency Mohammed Aljadaan, Minister of Finance of Saudi Arabia, and also our Managing Director, Kristalina Georgieva. They will first share with you a few takeaways from the IMFC meeting that just concluded, and then we will have time for your questions.

    Your Excellency, the floor is yours.

    Mr. Aljadaan: Thank you. Thank you very much, and thank you to all of you for being here. And thank you, Julie. Good afternoon, everyone.

    I would like to thank all the IMFC members for their strong and focused collaboration. I would also like to congratulate Kristalina for her second term as Managing Director. We wish her every success. And I must say that personally, I would congratulate myself and the members for her accepting, actually, to spend the next five years with us.

    It’s important to note that the IMF was established 80 years ago at Bretton Woods. Since 1944, the world has changed dramatically, and the IMF and the World Bank have evolved along with that.

    The evolution continues, as we respond to many challenges facing the global financial system. Above all, our approach seeks common ground to achieve the common good for all. The IMFC members are pleased to report that the global economy has moved closer to a soft landing. Global growth is steady, and inflation continues to moderate. However, progress has been uneven across members. There is uncertainty, with risks tilted to the downside; medium‑term growth prospects remain muted; and global public debt has reached a record high.

    Going forward, we will work to further secure a soft landing, while stepping up our reform efforts to shift away from the low growth/high debt path.

    I want to report on a few developments very quickly.

    The IMFC members welcomed the completion of the review of the Poverty Reduction and Growth Trust, ensuring that the IMF is supporting low‑income countries to address balance of payments challenges. We encourage the IMF and the World Bank to further develop their proposal to support countries with sustainable debt but experiencing liquidity challenges. We supported the IMF’s efforts to strengthen its capacity development assistance and to secure appropriate financing. We welcomed the new 25th chair in the IMF’s Executive Board for sub‑Saharan Africa, which will strengthen the voice and the representation of the region. We also welcomed the new member, Liechtenstein, as our 191st member. That makes the IMF almost universal, short of possibly one or two members. And we reaffirmed our commitment to a strong, quota‑based, and adequately resourced IMF at the center of the Global Financial Safety Net.

    We have secured or are working to secure domestic approvals for our consent to the quota increase under the Sixteenth General Review of Quotas by mid‑November this year, as well as relevant adjustments under the New Arrangements to Borrow.

    Of particular importance is the commitment to improve the Common Framework for sovereign debt relief in low‑income countries so it is implemented in a more predictable, timely, and coordinated manner. Also, we appreciate the reforms of the Fund’s lending toolkit, particularly for the PRGT.

    Finally, I would note the review of the charges and the surcharges policy, which will alleviate the financial cost of the Fund’s lending for borrowing countries, while preserving their intended incentives and safeguarding the Fund’s financial soundness.

    The IMFC has achieved some important milestones in this meeting. This shows that the IMF is essential to that spirit of multilateralism born at the Bretton Woods, as we seek common ground to assure progress and prosperity for all IMF members.

    Now I will turn it to you, Your Excellency. Please, Kristalina.

    Ms. Georgieva: Thank you very much. Thank you very much, Minister Aljadaan. Congratulations for chairing another very engaged, substantive, and successful meeting and, again, one that starts right on time and finishes on the dot. You bring this discipline symbolically, as we have no time to waste. There are very important topics to bring the membership together on.

    You have presented the substance of the meeting and the achievements of the meeting. I would like to add to that three points.

    First, to recognize the good balance that was achieved between confidence and caution. Confidence that the world economy has proven resilient. Inflation is in retreat. And this is being done without a risk of recession. Caution, that the problems that we need to address are still in front of us. They are complex. We have to attend to the concerns of people that maybe inflation is going down, but price levels are high. We have to recognize that in front of us is a prospect for low growth and high debt, a burden that is particularly heavy on low‑income countries, and that we are operating in an environment that is more impacted by forces of fragmentation. They are driven by wars that are happening and still going on. They are driven by security concerns in countries. They are driven by concerns about competitiveness.

    And in this environment, the second observation I would like to make is the good balance between attention to the short‑term priorities and what needs to happen in the medium to long term. For the short term, the focus is on two things. One, how to‑‑for central banks to remain attentive, be evidence‑based, carefully monitor data to make sure that they don’t cut either too early or too late, and that the monetary policy continues to be well communicated so expectations are anchored on the basis of this communication. And also, two, in the short term, a focus on the fiscal side as an immediate priority. Fiscal buffers have been exhausted, yet fiscal pressures are high. And that attention to medium‑term fiscal consolidation that starts now‑‑is not delayed‑‑came through for many of our members.

    And in terms of the medium to long term, not surprisingly, a very substantive, deep discussion on what can be done to lift up growth prospects in countries; what can enhance productivity; what can be a factor for countries to achieve better outcomes for their people but also attention to the role a more vibrant global economy can play for this higher‑‑higher growth trajectory.

    And my third point is going to be about debt. This was an issue that a majority of members addressed. Recognizing that you cannot‑‑actually, one of the Ministers quoted me from a previous engagement, me saying “you cannot borrow your way out of debt.” The topic of debt was particularly important in terms of the work the Bank and the Fund are undertaking on our so‑called three‑pillar approach; and I want to update you on it, since it gained a lot of interest.

    The three‑pillar approach we are proposing‑‑it is in the context of the Global Sovereign Debt Roundtable and the broader work on debt‑‑is to support countries that are not yet in a position that requires debt restructuring but are faced with significant liquidity problems that, if not addressed‑‑if they’re not addressed, can turn into a risk for solvency in the future.

    Pillar I, reforms to boost growth and mobilize domestic revenues. Pillar II, adequate financing, including from international financial institutions and a call on us to work together. Pillar III, crowding-in private financing at a lower cost.

    I felt that that strong endorsement of this three‑pillar approach is going to give the Bank and the Fund the guidance and encouragement to do our best. You will see us identifying countries in which we apply that three‑pillar approach.

    You walked us through all the important achievements. To us, the staff of the Fund, what we particularly cherish is that over the last months, we agreed on three historic firsts‑‑never done before. First time in our history, reaching our precautionary balances target. First time ever reducing charges and surcharges that would save $1.2 billion to borrowing members, a 36 percent reduction. First time deploying net income to boost our lending capacity for low‑income countries.

    Mr. Aljadaan: Kristalina, I think this is just a very clear illustration that, despite all the discussion about fragmentation, three firsts are agreed by the members, very important firsts. So it just shows, really, that there is a lot of support to management and the Fund from the members.

    Sorry, continue.

    Ms. Georgieva: Oh, no. Thank you. And they have been agreed unanimously.

    So my heart goes to all the staff of the Fund and all the members of the Fund. My gratitude to them. And a very special thanks to Brazil, Poland, Saudi Arabia, the UAE, and the U.S. for contributions to the PRGT; and the UAE for a contribution to the Resilience and Sustainability Trust. And I want to thank the U.K. for committing in the meeting to directly transfer its share of the GRA income distribution to the PRGT, and they called for others to follow.

    So, all in all, what we can say is that the meeting demonstrates, when there are forces of fragmentation, bridges become even more important. And we, the IMF, we are a bridgebuilder. Thank you.

    Ms. Kozack: Thank you very much, Minister, Managing Director. We will now turn to your questions. Please do raise your hand if you have a question, and please do identify yourself. Let’s see. I’m going to start all the way over on this side of the room. There’s a gentleman in the fourth row. Yep. Let’s start there.

    QUESTION: Good afternoon. Actually, I have two questions for today. My first question is for the Managing Director. As you reflect on the Annual Meetings, how do you assess the global economy, the main challenges and opportunities? My second question will be for Your Excellency, Minister Mohammed Aljadaan. What are the pressing IMFC issues and objectives for the coming years? Thank you.

    Ms. Georgieva: Thank you for your question. The meetings have been very useful to see the unanimous understanding on the progress we have made and quite a close view across members on the challenges ahead.

    The achievements in terms of bringing inflation down to open up, again, space for a reduction of interest rates that can contribute to better growth prospects in countries was recognized by a vast majority of our members. And at the same time, there was no sense of complacency. Why? Because the conditions of the world economy are good‑‑growth at 3.2 percent, inflation down‑‑but risks are tilted to the downside. And they are both in terms of the importance of monetary policy to remain vigilant and avoid a risk of misjudgment in the direction of interest rate policies and also risks that stem from a more fragmented world economy.

    In terms of challenges, three stood out throughout the meetings.

    First, the fiscal challenge. How to bring fiscal balance after these multiple shocks and years in which fiscal resources had to be deployed more actively? How to do that without undercutting prospects for investing in growth.

    Second, how to identify and put in place structural reforms that can rapidly build prospects for higher productivity, higher growth in terms of labor market reforms, product market reforms, as well as reforms that can allow an acceleration of the green and digital transformation.

    And three, how to build more resilience to future shocks. What we learned over these last years is that we are in a more shock‑prone world, and that requires building resilience in our economies for the future.

    Ms. Kozack: Thank you. Minister.

    Mr. Aljadaan: I will make it very quickly, actually, because they are very much related; so I will not repeat what the Managing Director has said. But the IMFC is basically the Governors’ body of this institution. And the whole idea of the IMFC meeting is, A, to exchange views on, what can we then do together collectively, really, to help the world economy but also to give steer to the management of the institution. And that’s really the point that you mentioned, whether it is ensuring that we actually do the last mile of dealing with inflation properly. Second is trying to ensure that we find ways out of the high debt/low growth and to more productivity growth and a more coordinated approach. We also wanted to make sure that we also provide the right support to the institution through finalizing our legislative approvals for the quota increase, making sure that we also provide the support that the Fund needs. And whether it is the PRGT or the trust fund or otherwise, I think there is the pure IMFC technical work that happens, but then there is a lot of coordination between management, the IMFC, and then the regional funds, multilateral development institutions; that we need to make sure that they all also connect.

    Ms. Kozack: Very good. Thank you. All right. Let’s go to the middle. I am going to go to the second row, gentleman, gray jacket, white shirt. Yep, you.

    QUESTION: I thought I had grabbed the wrong jacket. Managing Director, it’s been a long set of meetings. There are a lot of issues to get through, but one of the things that’s been kind of hanging over this set of meetings has been the U.S. election. And I am just wondering if you could describe sort of how this has been discussed in these meetings, what you’re thinking about it. And you know, there could be a major turn inward by the United States as a result of this. How do you avoid‑‑how do you deal with that? What do you tell people to do about it? Thank you.

    Ms. Georgieva: The discussions ‑‑ we had a total of four meetings in different formats and themes. And the discussions in the meetings were about the problems we collectively face and how to go about them. In other words, the sentiment of the membership is, elections are for the American people. What is for us is to identify, what are the challenges and how the IMF can constructively address these challenges.

    Mr. Aljadaan: I agree.

    Ms. Georgieva: So, yeah‑‑

    Mr. Aljadaan: Go ahead.

    Ms. Georgieva: I was just going to say, it was what‑‑what are the problems of the world in advanced economies, in emerging markets, in low‑income countries? What can the IMF do to help different parts of the membership to address these problems?

    Mr. Aljadaan: I think, basically, the institution ‑‑ I think there is a clear recognition the institution has, you know, existed for the last 80 years. It worked with multiple administrations from both sides and has managed to have a very good relationship with our host. So, we just need to make sure that we continue that dialogue.

    Ms. Kozack: Very good. I will go to this side. Second row, gentleman in the gray shirt, at the end.

    QUESTION: Good afternoon. My question is meant for the IMF MD. I would like to know what the IMF doing to increase Africa’s voice on your Board. And like the Minister said earlier, they have added one more seat for Africa. I don’t think that is enough. What are you doing that to raise that to maybe two or three? Thank you.

    Ms. Georgieva: Thank you very much for this question.

    The most significant step we have taken to increase the voice and representation of Africa is to add a third chair for sub‑Saharan Africa around the Board table at the Fund. So up to November 1, we have 24 Executive Directors, representing 190, soon to be 19‑‑well, no. There are already 191 members. And as of November 1, we will have 25 Executive Directors. That means that the sub‑Saharan African countries will have a better representation of their issues. And these are, as you know, that’s a diverse group of countries. When we only have two Directors, that means constituencies that have 23, 22 countries, it is very difficult for this Executive Director to voice the concerns of each and every one of the members. Now they will have three Directors, and that brings them at par with other parts of the world. We have Executive Directors representing‑‑one represents 16 countries, another one representing 13. So now sub‑Saharan Africa is not going to be an outlier. And that would allow the‑‑and that, of course, means an Executive Director but also offices with advisors and Alternative Executive Directors from the constituency.

    Beyond that, this is really important‑‑ So imagine you sit around this Board table, and now you have more voice.

    Beyond that, there are two other things we do at the Fund. One is to work very hard to have diversity of our staff. So we actually are very proud. We set a target for sub‑Saharan Africa. We have exceeded it. So we have more people coming from this part of the world.

    And the second one is how we engage with these countries. We have, over time, built offices in a number of countries, including training centers. And that brings us closer, makes it easier to hear the concerns of citizens and authorities.

    Actually, next to us‑‑when we had the meetings, next to us was a proud son of Kenya.

    Where is Ceda? Is he here, or no?

    The Secretary of our Board is from Kenya. So Africa was very visible. We can say we had the Arab world. We had emerging markets, Europe; and we had Africa.

    Mr. Aljadaan: I think, to be honest, Africa is very important. And it is not only about how many chairs in the Board that represent Africa. Actually, a lot of voices within the Board and there are a lot of voices within the IMFC, in the Governors‑‑even if they are not from Africa, they actually do a lot of work for Africa. And I can say, I am one of them. I have absolutely the full dedication to making sure low‑income countries, and particularly in Africa, are supported and provided ‑‑ not only financial support but also technical support to‑‑you know, for them to graduate from low‑income country status.

    Ms. Georgieva: Yep. Half of the countries in sub‑Saharan Africa have programs with the Fund. And these programs are not just about the financing; they are about bringing capacity development, bringing excitement about growth for the future in these countries.

    Ms. Kozack: And I know many of you have questions. Unfortunately, we do have to bring this press briefing to an end. I want to thank you very much for joining us today. The full transcript of this press briefing will be made available on our website. And of course, if you have further questions, please do reach out to my time at Media Relations. Thank you so much for joining us.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/25/tr102524-transcript-of-imfc-press-briefing

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Sols 4343-4344: Late Slide, Late Changes

    Source: NASA

    4 min read

    Earth planning date: Wednesday, Oct. 23, 2024

    Curiosity is driving along the western edge of the Gediz Vallis channel, heading for a good vantage point before turning westward and leaving the channel behind to explore the canyons beyond. The contact science for “Chuck Pass” on sol 4341 and backwards 30-meter drive (about 98 feet) on sol 4342 completed successfully. 

    This morning, planning started two hours later than usual. At the end of each rover plan is a baton pass involving Curiosity finishing its activities from the previous plan, transmitting its acquired data to a Mars-orbiting relay satellite passing over Gale Crater, and having that satellite send this data to the Deep Space Network on Earth. This dataset is crucial to our team’s decisions on Curiosity’s next activities. It is not always feasible for us to get our critical data transmitted before the preferred planning shift start time of 8 a.m. This leads to what we call a “late slide,” when our planning days start and end later than usual. 

    Today’s shift began as the “decisional downlink” arrived just before 10 a.m. PDT. The science planning team jumped into action as the data rolled in, completed plans for two sols of science activities, then had to quickly change those plans completely as the Rover Planners perusing new images from the decisional downlink determined that the position of Curiosity’s wheels after the drive would not support deployment of its arm, eliminating the planned use of APXS, MAHLI, and the DRT on interesting rocks in the workspace. However, the science team was able to pivot quickly and create an ambitious two-sol science plan for Curiosity with the other science instruments.

    On sols 4343-4344, Curiosity will focus on examining blocks of finely layered or “laminated” bedrocks in its workspace. The “Backbone Creek” target, which has an erosion resistant vertical fin of dark material, will be zapped by the ChemCam laser to determine composition, and photographed by Mastcam. “Backbone Creek” is named for a stream in the western foothills of the Sierra Nevada of California flowing through a Natural Research Area established to protect the endangered Carpenteria californica woodland shrub.  Curiosity is currently in the “Bishop” quadrangle on our map, so all targets in this area of Mount Sharp are named after places in the Sierra Nevada and Owens Valley of California. A neighboring target rock, “Fantail Lake,” which has horizontal fins among its layers, will also be imaged at high resolution by Mastcam. This target name honors a large alpine lake at nearly 10,000 feet just beyond the eastern boundary of Yosemite National Park. A fractured rock dubbed “Quarter Dome,” after a pair of Yosemite National Park’s spectacular granitic domes along the incomparable wall of Tenaya Canyon between Half Dome and Cloud’s Rest, will be the subject of mosaic images for both Mastcam and ChemCam RMI to obtain exquisite detail on delicate layers across its broken surface (see image).  The ChemCam RMI telescopic camera will look at light toned rocks on the upper Gediz Vallis ridge. Curiosity will also do a Navcam dust devil movie and mosaic of dust on the rover deck, then determine dust opacity in the atmosphere using Mastcam. 

    Following this science block, Curiosity will drive about 18 meters (about 59 feet) and perform post-drive imaging, including a MARDI image of the ground under the rover. On sol 4344, the rover will do Navcam large dust devil and deck surveys. It will then use both Navcam and ChemCam for an AEGIS observation of the new location. Presuming that Curiosity ends the drive on more solid footing than today’s location, it will do contact science during the weekend plan, then drive on towards the next fascinating waypoint on our journey towards the western canyons of Mount Sharp.

    Written by Deborah Padgett, OPGS Task Lead at NASA’s Jet Propulsion Laboratory

    MIL OSI USA News –

  • MIL-OSI Security: Illegal Possession of Ammunition Leads to 15 Year Prison Sentence for Little Rock Man

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

          LITTLE ROCK—James Kasmire, a multi-convicted felon, will spend the next 15 years in federal prison for being a felon in possession of ammunition. Jonathan D. Ross, United States Attorney for the Eastern District of Arkansas, announced the sentence, which was handed down today United States District Judge Lee P. Rudofsky.

          On January 4, 2023, Kasmire, 46, of Little Rock, pleaded guilty to being a felon in possession of ammunition. Judge Rudofsky also sentenced Kasmire to three years supervised release. Kasmire was indicted on October 4, 2022, in a superseding indicting on one count of being a felon in possession of a firearm and ammunition.

          An investigation revealed that on October 20, 2020, officers from the Sherwood Police Department conducted a traffic stop on a vehicle traveling at a high rate of speed on Jacksonville Cutoff Road. During the stop, officers detected the odor of marijuana and observed several open bottles of alcohol in the vehicle. Officers observed the passenger, Kasmire, who admitted there was marijuana in the vehicle, move his left hand near his seatbelt buckle. For the safety of the officers, he was then asked to step out of the vehicle. While conducting a search of Kasmire, officers located a 9mm Luger ammunition round in his pants pocket that he admitted belonged to him.

          During a search of the vehicle, officers located in the front passenger seat a bag containing methamphetamine and over 13 grams of marijuana. In between the seatbelt buckle and center console, officers located a Star, Bonifacio Echevarria S.A. model 30M1, PPU 9mm Parabellum caliber firearm. 

           Kasmire is classified as an armed career criminal offender due to his criminal history that includes violent and drug-trafficking offenses, including multiple convictions for delivery of cocaine, delivery of  marijuana, possession of cocaine with intent to deliver, conspiracy to deliver cocaine, possession of cocaine, possession of methamphetamine with intent to deliver, aggravated assault, domestic battery third degree, possession of Xanax, possession of drug paraphernalia, possession of Hydrocodone, and possession of firearms by certain persons. There is no parole in the federal system.

           The investigation was conducted by the Bureau of Alcohol, Tobacco, Firearms and Explosives with assistance from the Sherwood Police Department. This case was prosecuted by Assistant United States Attorney Julie Peters.

    # # #

    Additional information about the office of the

    United States Attorney for the Eastern District of Arkansas, is available online at

    https://www.justice.gov/edar

    X (formerly known as Twitter):

    @USAO_EDAR 

    MIL Security OSI –

  • MIL-OSI USA: Cantwell Statement on President Biden’s Formal Apology for Indian Boarding School Era

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    10.25.24
    Cantwell Statement on President Biden’s Formal Apology for Indian Boarding School Era
    YAKIMA, WA – Today, U.S. Senator Maria Cantwell (D-WA) released this statement regarding President Biden’s formal apology for the federal Indian Boarding School era.
    “The Indian Boarding School era left lasting, intergenerational scars on tribal families and communities. I hope President Biden’s actions today will serve as an important step towards addressing these historical wrongs and healing the pain indigenous communities have endured.”
    In 2023, Sen. Cantwell, along with 26 Senate colleagues, introduced the Truth and Healing Commission on Indian Boarding School Policies in the United States Act, which would establish a formal commission to investigate, document, and acknowledge the injustices of the federal government’s Indian boarding school policies.

    MIL OSI USA News –

  • MIL-OSI USA: Hagerty Raises Concerns Over Onerous FINRA Rules

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty

    NASHVILLE, TN—United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, today expressed concerns and requested information about the Financial Industry Regulatory Authority’s (FINRA) proposal to adopt its Rule 6500 Series, which would expand reporting requirements for broker-dealers. In a letter addressed to Securities and Exchange Commission (SEC) Chairman Gary Gensler and Robert Cook, CEO of FINRA, Senator Hagerty warned that the proposal would unnecessarily increase costs for retail investors and broker-dealers.

    “The Proposed Rules are yet another example of FINRA acting beyond its traditional mandate as a member-driven self-regulatory organization,” wrote Senator Hagerty. “Approving the Proposed Rules as currently constituted would harm market participants, including retail investors, violate legal requirements around public notice and comment, and sanction FINRA’s unnecessary and potentially harmful overreach with respect to the securities lending market,” Senator Hagerty concluded.

    The letter explains that the proposal lacks adequate economic analysis, depriving the public of transparency around the potential impacts of the rule on the broker-dealer industry, capital markets, and investors. It also emphasizes that the proposal raises confidentiality concerns for lenders and borrowers. The letter concludes by requesting answers concerning FINRA’s rulemaking process and its justification for the proposal.

    Read the full text of the letter here.

    MIL OSI USA News –

  • MIL-OSI USA: Manchin Tours Future Site of Nucor’s More Than $3 Billion Factory

    US Senate News:

    Source: United States Senator for West Virginia Joe Manchin

    October 25, 2024

    Apple Grove, WV – Today, Senator Joe Manchin III (I-WV), toured the future site of Nucor Steel’s factory in Mason County. The planned more than $3 billion factory represents the single largest private investment in West Virginia history, and when completed, the factory will be one of the largest in the state.

    “Since our state’s founding in 1863, West Virginians have mined the coal that forged the steel that helped turn our country into the greatest industrial power the world has ever seen,” said Senator Manchin. “Thanks to Nucor’s historic investment, West Virginians will once again step forward and build a stronger America for the future.”

    To view photos from the event, click here.

    MIL OSI USA News –

  • MIL-OSI USA: ERO Houston removes Honduran fugitive wanted for murder

    Source: US Immigration and Customs Enforcement

    HOUSTON — U.S. Immigration and Customs Enforcement’s Enforcement and Removal Operations Houston, with assistance from ERO Honduras and the Security Alliance for Fugitive Enforcement in Honduras, removed Fredy Rufino Aguilar-Hernandez, a 38-year-old unlawfully present Honduran national, from the United States Oct. 25. Aguilar-Hernandez is wanted in Honduras for murder.

    Aguilar-Hernandez was flown aboard a flight coordinated by ICE’s Air Operations Unit from the Alexandria Staging Facility in Alexandria, Louisiana, to the Ramon Villeda Morales International Airport in San Pedro Sula, Honduras. Upon arrival, he was transferred into the custody of Honduran authorities.

    On Sept. 12, 2018, Aguilar-Hernandez entered the United States as a nonimmigrant in Atlanta, Georgia. He was authorized to remain in the country until March 11, 2019, but failed to depart.

    On Jan. 29, 2019, ERO Houston was notified by the ICE National Criminal Analysis and Targeting Center that Aguilar-Hernandez was wanted in Honduras for murder. Based on that alert, ERO Houston fugitive operations officers immediately began actively working leads to locate him.

    On May 23, 2024, ERO Houston fugitive operations officers successfully located Aguilar-Hernandez at a residence in Galveston, Texas, and he was taken into custody. On July 31, an immigration judge with the Justice Department’s Executive Office for Immigration Review ordered Aguilar-Hernandez removed from the United States to Honduras. ICE officers carried out that order and he was removed to Honduras Oct. 25.

    “For more than five years, ERO Houston fugitive operations officers tirelessly pursued this foreign fugitive to eradicate any threat he might pose to public safety,” said ERO Houston Field Office Director Bret A. Bradford. “In May, they successfully tracked him down and safely took him into custody. As someone who knows first-hand the challenges that they face to execute our increasingly complex mission, it is humbling to watch the passion and dedication that they bring every day to their jobs. Without their unyielding commitment to uphold the integrity of our nation’s immigration system, this dangerous fugitive would still be free in the community and his alleged victims in Honduras would be deprived of the justice they deserve.”

    The SAFE Program is a fugitive enforcement and information sharing partnership that was created in 2012 to better use subject information derived from local in-country investigative resources and leads to locate, apprehend, detain and remove individuals residing in the United States illegally who were subject to foreign arrest warrants. The SAFE Program operates under the respective host nation’s AAR, which constructs a SAFE task force composed of relevant foreign law enforcement agencies, immigration authorities, attorneys general, and national identification repositories — as well as other regional, national, state and local government agencies. The managing AAR ensures that each task force member complies with SAFE policies and standards consistent with the program’s standard operating procedures. Once established, the AAR-led SAFE task force generates new leads and vets existing SAFE fugitive referrals for ERO action.

    Members of the public who have information about foreign fugitives should contact ICE by calling the ICE Tip Line at 866-347-2423 or internationally at 001-1802-872-6199. They can also file a tip online by completing ICE’s online tip form.

    For more news and information on how the ERO Houston field office carries out its immigration enforcement mission in Southeast Texas follow us on X, formerly known as Twitter, at @EROHouston.

    MIL OSI USA News –

  • MIL-OSI USA: Tenney, Stefanik Advocate for Fort Drum to Host Small Modular Reactor

    Source: United States House of Representatives – Congresswoman Claudia Tenney (NY-22)

    Oswego, New York – Congresswoman Claudia Tenney (NY-24) and Congresswoman Elise Stefanik (NY-21) sent a letter to Secretary of the Army Christine Wormuth advocating for the Army to host a small modular reactor (SMR) at Fort Drum.

    “As Mayor of the City of Watertown, I’m proud to express my support for Fort Drum’s nomination as the site for the Army’s first small modular reactor. Fort Drum is not only a cornerstone of national defense but also a vital partner to the North Country. We are grateful for the steadfast leadership of Congresswoman Claudia Tenney and Congresswoman Elise Stefanik, whose unwavering advocacy for Fort Drum and its soldiers has been instrumental in securing resources and opportunities that strengthen both the installation and our community.Establishing a secure, independent power source at Fort Drum would not only enhance military readiness but also bring lasting benefits to Watertown and the North Country by boosting energy security and economic stability, and I am pleased to support this critical initiative,” said Mayor Sarah Compo Pierce.

    “Advocate Drum stands firmly in support of Fort Drum being the initial location for the employment of an SMR as part of the Army’s Advanced Nuclear Power for Installations Plan,” said Executive Director of Advocate Drum Michael McFadden. “Energy independence is absolutely crucial to ensure Fort Drum remains the premier power projection platform for the United States military, and to enhance the combat readiness of the 10th Mountain Division.”

    In the letter, the lawmakers state, “Fort Drum stands out as an ideal location for an SMR due to the Army’s unique ownership of the utilities and infrastructure on the installation. This ownership would simplify the deployment of an SMR, making it far easier compared to other locations where the Army does not control the utilities. Additionally, Fort Drum has a skilled workforce with significant experience in on-site energy generation, thanks to years of operating its biomass facility. The installation’s power demands, and the extreme temperatures of the North Country would also offer valuable data for the SMR pilot program.”

    The lawmakers continued, “Fort Drum also enjoys robust support from its surrounding community to host the small modular reactor. This significant investment in Upstate New York will provide the Northeast’s power projection platform with independent and secure power, bolster U.S. energy security, and cement Fort Drum’s importance to the modernization efforts of the Army.”

    Read the full letter here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Casey Secures $40 Million to Support Conservation at PA Farms

    US Senate News:

    Source: United States Senator for Pennsylvania Bob Casey

    New investments will help PA farms improve water quality, reduce air and water pollution, and increase energy efficiency

    Funding made possible by the Farm Bill and Inflation Reduction Act, both of which Casey fought to pass

    Washington, D.C. – Today, U.S. Senator Bob Casey (D-PA) delivered $40 million to support conservation efforts at Pennsylvania farms. The funding will be divided between two projects in the Commonwealth, $21.2 million to Pennsylvania Department of Agriculture and Land O’ Lakes farmer cooperative to reduce greenhouse gas emissions and improve water quality on more than 50 farms across Pennsylvania, and $19.6 million to the National Hemp Association to implement conservation measures that will prevent water quality degradation in the Chesapeake Bay Watershed. The investments are from the U.S. Department of Agriculture’s Regional Conservation Partnership Program (RCPP), which was funded by Senator Casey’s votes for the Farm Bill and the Inflation Reduction Act.

    “Pennsylvania’s constitution guarantees our people clean air, pure water, and the preservation of our state’s natural beauty, and our farmers play a critical role in upholding this constitutional right,” said Senator Casey. “I fought for this funding to provide farmers the resources they need to implement conservation practices while simultaneously improving their bottom line. I will always fight to protect Pennsylvania’s environment and uplift our farming communities.”

    Senator Casey has long supported Pennsylvania farmers and their efforts to feed the Commonwealth. In 2018, Casey championed provisions in the Farm Bill to increase funding for the RCPP, expand dairy margin coverage, protect crop coverage, strengthen the community safety net, and make conservation programs more accessible. Senator Casey also established the Farm to Food Bank program to ensure farmers are able to recover some of the costs that would be lost otherwise from food waste. This program reimburses farmers for the costs to produce, harvest, process, and transport agricultural products that are donated to food banks. Since then, Casey has delivered historic investments to Pennsylvania farmers to support everything from climate-smart agriculture to reducing operational costs. Earlier this year, Casey introduced the Farm to Food Bank Reauthorization Act, to reauthorize a program he authored in the 2018 Farm Bill that reimburses farmers for their production when donating to local food banks.

    MIL OSI USA News –

  • MIL-OSI USA: Speaker Johnson and Leader McConnell: Vice President Harris Must End the Dangerous Rhetoric

    Source: United States House of Representatives – Representative Mike Johnson (LA-04)

    WASHINGTON — Speaker Johnson and Leader McConnell today issued the following statement after Kamala Harris compared President Trump to Adolf Hitler and called him a “fascist” during a CNN town hall even after multiple assassination attempts on his life this year.

    “This summer, after the first attempted assassination of a presidential candidate in more than a century, President Biden insisted that ‘we can’t allow this violence to be normalized.’ In September, after President Trump escaped yet another close call, Vice President Harris acknowledged that ‘we all must do our part to ensure that this incident does not lead to more violence.’

    “These words have proven hollow. In the weeks since that second sobering reminder, the Democratic nominee for President of the United States has only fanned the flames beneath a boiling cauldron of political animus. Her most recent and most reckless invocations of the darkest evil of the 20th century seem to dare it to boil over. The Vice President’s words more closely resemble those of President Trump’s second would-be assassin than her own earlier appeal to civility.

    “The man who was caught waiting in ambush in Florida left others with a chilling call to arms: ‘It is up to you now to finish the job’. Labeling a political opponent as a ‘fascist,’ risks inviting yet another would-be assassin to try robbing voters of their choice before Election Day.

    “Vice President Harris may want the American people to entrust her with the sacred duty of executive authority. But first, she must abandon the base and irresponsible rhetoric that endangers both American lives and institutions. We have both been briefed on the ongoing and persistent threats to former President Donald Trump by adversaries to the United States, and we call on the Vice President to take these threats seriously, stop escalating the threat environment, and help ensure President Trump has the necessary resources to be protected from those threats.”

    MIL OSI USA News –

  • MIL-OSI USA: Bennet, Neguse, Colorado Leaders Come Together to Oppose Hazardous Oil Trains Along the Colorado River

    US Senate News:

    Source: United States Senator for Colorado Michael Bennet

    Denver — Colorado U.S. Senator Michael Bennet and U.S. House Assistant Minority Leader Joe Neguse joined Colorado leaders to support Eagle County’s position before the U.S. Supreme Court in Seven County Infrastructure Coalition v. Eagle County, Colorado. Eagle County is urging the Court to uphold the August 2023 D.C. Circuit Court decision to overturn the Surface Transportation Board’s (STB) approval of the Uinta Basin Railway project based on flawed environmental review and violations of federal laws. Eagle County’s arguments are supported by amicus briefs filed by the Colorado Attorney General and a broad coalition of Colorado communities that would be affected by the proposed railway.

    “Anyone who has spent time along the Colorado River understands what the risks really are for our environment, our local economies, and our state. That’s why I’ve worked for years to urge federal agencies to adequately account for the full threat that the proposed Uinta Basin Railway poses to Colorado. This train has no business increasing the transport of hazardous oil from Utah through our state, and I’ll continue to stand with a broad coalition of local leaders and community members to oppose this dangerous project,” said Bennet. “I hope the Supreme Court seriously considers Eagle County’s arguments, the concerns raised by Colorado’s Attorney General and numerous local governments in their amicus briefs, and the implications for those most deeply affected by a potential derailment in the headwaters of the Colorado River.”

    “The Uinta Basin Railway Project poses a significant threat to our state’s water resources, wildlife habitats, outdoor recreation, and the broader interests of the Colorado River Basin. With these concerns and the well-being of our communities at the forefront, Senator Bennet and I have led an effort for years opposing this project,” said Neguse. “As the Supreme Court prepares to hear Seven County Infrastructure Coalition v. Eagle County, Colorado, we stand united with the community and local leaders in opposing this rail line and protecting our shared environment.” 

    In their brief, Eagle County argues that the National Environmental Policy Act (NEPA) has long required agencies to consider the “reasonably foreseeable” environmental consequences of their actions, which was codified in recent amendments to the Act. Eagle County further argues that the proposed railway project and the miles of oil trains traveling through Colorado each day will foreseeably affect Eagle County – namely, through increased wildfire risk and the potential for oil spills from train accidents.  

    If completed, the Uinta Basin Railway would enable the shipment of up to 4.6 billion gallons of waxy crude oil per year from Utah through Colorado to the Gulf Coast on as many as five trains per day. These trains would run over 100 miles directly alongside the headwaters of the Colorado River – a vital water supply for nearly 40 million Americans, 30 Tribal nations, and millions of acres of agricultural land. A train derailment that spills oil in the headwaters of the River would be catastrophic to Colorado’s water supplies, wildlife habitat, and outdoor recreation. In addition, an accident on the proposed railway would also increase wildfire risk as the West faces a 1,200-year drought.

    “The downline effects of the Uinta line within Eagle County, and our state as a whole, are potentially catastrophic. These potential impacts, including significant wildfire and safety risks, and pollution to the Colorado River, should be fully and thoughtfully considered. We are confident the Supreme Court will agree with the D.C. Circuit Court of Appeals decision to invalidate the Uinta approval for failing to consider those and other impacts,” said Matt Scherr, Commissioner, Eagle County.

    “The Colorado River is among the most critical natural resources in our state—and our most critical water source. The risk to our state and others from shipping hundreds of thousands of oil barrels along the river daily is significant—from wildfires caused by rail track sparks and oil car leaks contaminating the river to, at worst, derailments, and spills. The risk of harm to our state and mountain communities and others affected by this rail line are simply too great to ignore. The D.C. Circuit Court of Appeals was correct to throw out this project’s approval for not having fully grasped the magnitude of its impacts to the environment. The Supreme Court should apply the letter of our federal laws and uphold the appellate court’s decision,” said Colorado Attorney General Phil Weiser.

    “It is imperative that the Supreme Court recognize that communities along the Colorado River would be impacted by the proposed Uinta Basin Railway and the ensuing downline effects caused by additional miles-long trains filled with heavy waxy crude oil. As our amicus brief explains, the National Environmental Policy Act is a crucial tool giving voice to communities like Glenwood Springs that stand to bear the environmental and economic consequences that such a project can have on our rivers and public lands and the businesses that depend upon them. We hope that the justices will consider our communities’ unique perspectives in these vital economic matters,” said Ingrid Wussow, Mayor, City of Glenwood Springs.

    “Water is an important part of the Western Slope way of life. Protecting our waters is crucial for maintaining healthy ecosystems, supporting Colorado’s outdoor recreation industry, and ensuring the foundation for Colorado’s agricultural economy. The Uinta Basin Railway project will send hundreds of thousands of barrels of oil along the Colorado River, posing a major threat to this water source that over 40 million Americans rely on. A Supreme Court ruling will have significant implications for the future of the Colorado River, and I hope the justices consider the long-term impacts this project could have on Colorado’s environment and our communities,” said Julie McCluskie, Colorado State Representative and Speaker of the House.

    “I continue to stand in strong support of Eagle County’s demand for a robust environmental review of this proposed project and commend their efforts in bringing this need for accountability all the way to the U.S. Supreme Court,” said Dylan Roberts, Colorado State Senator. “My constituents in Eagle County and all along the Colorado River deserve the very highest protection of our water and I am proud to be amongst many national, state, and local leaders and governments in supporting Eagle County’s effort.”

    “The Colorado River is the heart of Garfield County. A train derailment from the Uinta Project would have catastrophic environmental consequences on our agricultural and recreational communities. Given the potential impacts to my constituents’ livelihoods, we need to alleviate people’s fear and provide a full environmental review before this project moves forward. I understand that energy security equals national security, however protecting the communities I represent is just as important,” said Perry Will, Colorado State Senator.

    “Water is the lifeblood of the Western Slope, supporting daily household needs, tourism, agriculture, local economies and everything in between. Keeping Colorado’s waterways clean is essential and the Uinta Basin Railway will jeopardize our freshwater supply. I stand alongside the people of Eagle County and the more than 40 million Americans who rely on the Colorado River for fresh, clean water – our way of life depends on it. I hope the Supreme Court recognizes the gravity of the situation and the impact their ruling will have on our community,” said Meghan Lukens, Colorado State Representative.

    “The people of my district would be hugely impacted, and they deserve better. The Uinta Basin Railway would double the amount of oil transported by rail in the U.S. and increase hazardous materials transport TENFOLD right through our communities. It puts our lives at risk: the potential for catastrophic wildfire, water contamination and accidents is too great. Our jobs, our wildlife, our ranches and our drinking water are threatened,” said Elizabeth Velasco, Colorado State Representative. “This project should never have been approved in the first place. I support Glenwood Springs filing an Amicus Brief to urge the Supreme Court to support our communities and the industries that rely on the Colorado River Basin and reject this dangerous effort to send significantly more shipments of oil through Glenwood Canyon, and through the heart of small towns in Garfield County.” 

    “Although we understand that oil needs to be transported from point A to point B, we are also the headwaters of the Colorado River. We have significant concerns about the impact a derailment and spill in Grand County would have on the ability to deliver clean, high-quality water to our own communities, and those throughout Colorado. Additionally, a waxy crude spill in Grand County would be catastrophic to our recreation- and ag-based economy,” said Merrit Linke, Chair of Board of County Commissioners, Grand County.

    “Routt County is proud to support Eagle County and their effort to ensure rail safety and the protection of the Colorado River Basin. As this case makes its way through the legal system, it is apparent that the approval process for the Uinta Basin Railway did not fully consider the significant risks to Colorado’s communities, our precious water resources, and the environment. Routt County continues to stand with so many of our local government colleagues in support of Eagle County,” said Sonja Macys, Commissioner, Routt County.

    “America doesn’t need Uinta’s low quality, dirty oil, and 40 million Americans who depend upon the Colorado River certainly do not need the catastrophic consequences of the inevitable oil train derailment in the Glenwood Canyon. Citizens of western Colorado and Utah deserve better. Pitkin County stands with Eagle County in defending our river and our livelihood from this train wreck of a plan,” said Greg Poschman, Chair of the Board of County Commissioners, Pitkin County. 

    “Boulder County is proud to stand with Eagle County and a bipartisan coalition of local governments and communities who oppose the construction of a railway that will bring railcars brimming with crude oil through pristine Colorado landscapes. The D.C. Circuit Court of Appeals correctly determined that the Surface Transportation Board violated the National Environmental Protection Act by failing to consider the environmental impacts of the proposed railway. Given the risks of train derailment for miles-long oil trains traveling through difficult mountainous terrain, Boulder County is justifiably concerned about accidents, wildfires, river contamination, and destruction of private property inevitably caused by the Surface Transportation Board’s decision. The briefing before the U.S. Supreme Court demonstrates that the D.C. Circuit court’s decision should be upheld and that federal law requires further evaluation and analysis before the railway can be approved,” said Claire Levy, Marta Loachamin, and Ashley Stolzmann, Commissioners, Boulder County. 

    “Chaffee County Board of County Commissioners wishes to reiterate our strong opposition to the proposed activation and expansion of the Uinta Basin Railway (UBR) Project. Chaffee County leadership share the common opinion of others directly within the path and “downline” of the UBR corridor that the risks of transporting hundreds-of-thousands of barrels of toxic waxy crude oil through our mountain communities are simply too great for our residents and for the millions of visitors that journey to experience our region each year.” said P.T. Wood, Commissioner, Chaffee County.

    “As representatives of the City of Grand Junction and its residents, we know the importance of ensuring that our community’s interests are considered during the regulatory process for any project with the potential to have a significant impact on communities like ours. We urge the honorable United States Supreme Court to uphold the rulings of two lower courts, and simply ensure that down-line impacts of the proposed project are taken into account during the NEPA process,” said Abram Herman, Mayor, City of Grand Junction.

    “Minturn is thankful for the ongoing support from Senator Bennet in his effort to protect our environmental future. The outcome of this issue is collectively important to the communities of Eagle County and Senator’s Bennet’s commitment to our goals has been outstanding,” said Earle Bidez, Mayor, Town of Minturn.

    “Opening up the rail line along the Colorado River for oil transportation is a guaranteed water quality catastrophe that will impact millions who are dependent on the Colorado River,” said Eric Heil, Manager, Town of Avon. 

    “Red Cliff, Colorado, a town of 280 residents nestled between Beaver Creek and Vail along the Colorado Scenic Byway (Highway 24), is deeply concerned about the potential impact of a railroad coming through our town, particularly near the waterways and natural areas we rely on. As a community surrounded by pristine wilderness, we understand all too well the dangers that a single wildfire can pose, not only to our tourism-based economy but also to the health and safety of our residents. The risk of a train derailment or sparks from passing trains igniting a wildfire is especially alarming, given the dense fuel loads in and around Red Cliff. Even more concerning is the potential derailment of trains carrying crude oil, which could result in catastrophic damage to our environment—particularly to our water quality, a vital resource for both residents and wildlife. Any of these types of events could devastate our water supply, cause landslides, debris flows, and road closures, and cripple our town’s economy for years to come. We urge policymakers to take these concerns seriously and prioritize measures that mitigate both wildfire risks and environmental threats posed by rail transport,” said Duke Gerber, Mayor, Town of Red Cliff.

    “The Town of Crested Butte has joined the amicus brief in support of Eagle County’s work to ensure appropriate environmental review of federal actions through the National Environmental Protection Act, or NEPA. It is understandable why the residents of Eagle County want to have full disclosure of federal decision-making. Trains traveling through a complicated mountain terrain will be carrying oil that if spilled, could pollute streams, increase the risk of wildfire, and undercut private property values. More generally, while NEPA does not require a particular outcome to a decision-making process, it has been fundamental to laying bare the logic of federal decisions. Why would anyone think that it is in the best interests of our communities and private property values to let the government make decisions without disclosing the impacts of those decisions? Anybody who is worried about the heavy hand of government should take pause with how the Surface Transportation Board failed to go through the NEPA process,” said Ian Billick, Mayor, Town of Crested Butte.

    “What happens in one place in the Colorado watershed affects all communities that are located within the watershed. That is why the Town of Basalt is proud to sign onto the amicus brief in support of Eagle County’s position before the Supreme Court. Protecting the waters that support our communities is paramount to our economy and our way of life. The proposed Uinta Basin Railway would jeopardize all of that,” said David Knight, Mayor, Town of Basalt. 

    “The Colorado River is one of our state’s most vital resources, and the risk posed by transporting large quantities of oil along its banks is too great to ignore. From potential fires and oil spills to devastating derailments, the consequences for our water, wildlife, and local economies could be catastrophic. The D.C. Circuit Court’s decision to reject the project’s approval was necessary to protect these resources, and we urge the Supreme Court to uphold it,” said Alyssa Shenk, Council Chair, Northwest Colorado Council of Governments.

    An amicus brief submitted in support of Eagle County was signed by the municipalities of Glenwood Springs, Grand Junction, Minturn, Avon, Red Cliff, Crested Butte, and Basalt, and Grand, Routt, Boulder, and Pitkin Counties, as well as the Northwest Colorado Council of Governments. 

    Bennet and Neguse have consistently raised concerns about the proposed Uinta Basin Railway and its risks to Colorado’s communities, water, land, air, and climate. In January, Bennet and Neguse applauded the U.S. Forest Service’s withdrawal of their Record of Decision that would have authorized the issuance of a special use permit for the Uinta Basin Railway. In August 2023, the lawmakers also welcomed the D.C. Circuit Court’s decision to overrule STB approval of the project, vacating their environmental review, and ordered a new review. Leading up to these decisions, Bennet and Neguse led several letters to federal agencies urging additional environmental review of the risks to Colorado from the proposed project – including to the Council on Environmental Quality in July 2022, and to the U.S. Department of Agriculture, the U.S. Department of Transportation, and the Environmental Protection Agency in March 2023.

    MIL OSI USA News –

  • MIL-OSI Canada: G7 Leaders’ Statement on Extraordinary Revenue Acceleration (ERA) Loans

    Source: Government of Canada – Prime Minister

    Today, we, the Leaders of the Group of Seven (G7), have reached a consensus on how to deliver approximately US$50 billion in Extraordinary Revenue Acceleration (ERA) loans to Ukraine.

    These loans will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian Sovereign Assets, in line with G7 respective legal systems and international law. The loan proceeds will be disbursed through multiple channels to support Ukraine’s budgetary, military and reconstruction assistance, as consistent with all applicable law and G7 members’ respective legal systems. Our aim is to begin disbursing the funds by the end of the year.

    We express our utmost appreciation for the timely implementation of this historic G7 Leaders’ decision by the Finance Ministers, who have agreed on a technical solution ensuring consistency, coordination, fair distribution of lending, and solidarity among all G7 partners. We are particularly grateful to the European Union and its Member States for their constructive engagement towards this remarkable result.

    Today’s announcement confirms that the G7 fulfills the commitment they made in June at the Apulia G7 Leaders’ Summit. Russian illegal and unprovoked aggression has caused untold harm to the people of Ukraine and to global peace and security. We will not tire in our resolve to give Ukraine the support it needs to prevail. Russia must end its illegal war of aggression and pay for the damage it has caused to Ukraine in line with international law.

    The G7 remains steadfast in its solidarity to support Ukraine’s fight for freedom, and its recovery and reconstruction. With the large amount of financing from the ERA loans to meet its pressing need, we have once again made clear our unwavering commitment to stand by Ukraine for as long as it takes. Time is not on President Putin’s side.

    MIL OSI Canada News –

  • MIL-OSI Economics: Transcript of Western Hemisphere Economic Outlook October 2024 Press Briefing

    Source: International Monetary Fund

    October 25, 2024

    PARTICIPANTS:

     

    RODRIGO VALDES

    Director of Western Hemisphere Department

    International Monetary Fund

     

    ANA CORBACHO

    Deputy Director ofWestern Hemisphere Department

    International Monetary Fund

     

    LUIS CUBEDDU

    Deputy DirectorWestern Hemisphere Department

    International Monetary Fund

     

    JULIE ZIEGLER

    Senior Communications Officer

    International Monetary Fund

     

      

    MS. ZIEGLER: Good morning.  Welcome everyone.  This is the press briefing for the Regional Economic Outlook for the Western Hemisphere.  My name is Julie Ziegler, and I am with the Communications Department at the Fund.  I’m going to introduce our panel today.  To my immediate left is Rodrigo Valdes, who.  the Director of the Western Hemisphere Department.  And he is joined by his Deputies, Ana Corbacho and Luis Cubeddu.  So, we are going to start with some opening remarks from Rodrigo, and then after that I will have some housekeeping items, and we will take your questions.  

     

    MR. VALDES: Thank you, Julie.  And good morning to everyone.  Welcome to this press briefing.  We have just released, and it is on the internet, our Annual Regional Economic Outlook for the Western Hemisphere.  This is a bit like the WEO, but for the region.  And here we have two important messages, two key messages.  

     

    The first one is that there is a need to rebalance macroeconomic policies in the region.  And the second one is the urgency to press on with structural reforms to boost potential output growth.  And I will explain this.  The monetary policy part of the first message, the rebalancing applies to several of the flexible exchange rate and inflation targeting countries in the region with different degrees of intensity.  The second message, the urgency to deepen reforms for growth, really applies to almost all economies in the region.  

     

    Over the last few years, the region has successfully weathered a series of major shocks in the world economy.  They showed resilience and they have adopted really macroeconomic policies in most countries that are at the top of the frontier of what we know.  And so far, largely the region has stayed in the sidelines, on the sidelines of global geopolitical tensions.  

     

    Now growth in the region is moderating as most economies are operating back near their potential.  What is concerning, however, growth in most countries is expected to return to its low historical average and this will not help with the region’s macroeconomic, fiscal and social challenges.  Overall, we expect growth in Latin America and the Caribbean — if we exclude Argentina, which has an important rebound next year, and Venezuela with its own dynamics — growth will moderate from 2.6 in 2023 to 2.2 in 2025, going through 2.6 also this year, 2024.  So we’re going back to the lower part of the 2 percent around these baseline projections.  We see the risks to near-term growth tilted to the downside, partly reflecting global risks, including importantly the persistent geopolitical tensions.

     

    Turning to inflation, in line with global trends and also reflecting the effect of tight policies, inflation has fallen markedly since the peak of mid-2022, and it is near the target in most countries.   However, it is not a target almost everywhere.  In the region, I would say that the last mile of this inflation has been rather long.   We expect to continue to see easing of monetary policy, but gradually on account of sticky services and inflation expectations not being perfectly re-anchored and also because inflation risks are generally tilted to the upside, reflecting basically commodity price volatility — the factors that I mentioned before of geopolitical risks and also new risks of fiscal slippages.  

     

    So, with the output gap and inflation gap mostly closed, what should policymakers do?  We think that they need to focus on rebuilding policy space and working on boosting potential growth – the messages I mentioned at the beginning.  This means rebalancing the policy mix and pushing forward with structural reforms.  

     

    Let me elaborate a bit more on the policy mix.   The current combination of macro policies is generally not everywhere, but generally tilted toward tight monetary policy while fiscal policy remains loose.  Although the earlier tightening of monetary policy by the region’s central banks was essential to bring inflation down, inflation is now close to target while monetary policy rates remain elevated in many countries.  At the same time, however, public debt levels are high and will continue raising if we do not have fiscal consolidation.  

     

    So, at this juncture it is necessary to rebalance policies, starting with strengthening public finances.  Most countries have quite ambitious fiscal consolidation plans, but their implementation –so from plans to reality — has been in such a way that they have been pushed back.  It is crucial in the region that these plans proceed without further delays to rebuild the buffers while protecting priority public spending, investment, and social spending.  Strengthening the current fiscal rules is also important so they can deliver these consolidation objectives.  

     

    A timely implementation of this fiscal consolidation is critical not only for fiscal sustainability, but also for supporting the normalization of monetary policy and the credibility of the frameworks more broadly.  With fiscal policy moving in the right direction, most central banks will be well placed to proceed with the monetary policy easing that we expect, while remaining on guard, of course, against risks of reemerging price pressures.  

     

    Let me now speak about the second point, that is the need to press with structural reforms and I will go from need to urgency.   As mentioned before, medium-term growth is expected to remain subdued, reflecting longstanding unresolved challenges which include low investment and especially low productivity growth.   Also, the region is suffering shifting demographics that will slow growth further.  The labor force is growing less than before, and this will weaken one essential engine for growth.  The impediments for growth are many and country specific, some are more common, and that reality is confronted with an ongoing reform agenda that is thin in many countries.  This could lead to a vicious cycle of low growth, social discontent and populist policies.  So greater efforts to advance with structural reforms are needed to boost potential growth and raise living standards.  

     

    We see that strengthening governance is a priority that cuts across all areas of growth.  This includes, for example, reinforcing the rule of law, improving government effectiveness, and, importantly, tackling crime more efficiently.   Improving the business environment and public investment is also needed to increase overall investment.  While reducing informality and making labor markets more attuned to more productivity gains is important.  This part of the labor market is also really important for women labor force participation, because this is one of the sources to offset the demographic headwinds.  

     

    These reforms will also be essential in positioning the region to fully harness the benefits of the global green transition and new technological advances.  It is disappointing that until now mining investment, for example, in the region has not picked up despite the new opportunities for green minerals.  This suggests, and I quote here, “we can do better,” as the IMF Managing Director stressed in her initial annual meeting speech, that also applies to our region.  

     

    From our side, through policy advice, capacity development, and financial support, we are ready to continue engaging, supporting countries in their efforts to strengthen their macroeconomic frameworks and increase economic resilience and growth opportunities.  

     

    With this, let me stop here and we are ready to take your questions.  Julie.

     

    MS. ZIEGLER: Thank you.  Before we take questions, let me please just go through a few housekeeping items.  I want to remind everyone first of all that this is on the record.  Also, as Rodrigo mentioned, the report has just been published for the Western Hemisphere Regional Economic Outlook and you can find it on imf.org.  

     

    So, when we go to your questions, I ask please that you raise your hand, that you state your name and your affiliation, and if you are online, please can you keep your cameras on.  We cannot go to you unless your camera is on.  So, I appreciate it if you keep your cameras on.

     

    Finally, please keep your questions brief.  We are going to start, as in practice in the past, with questions on the region, meaning the entire region, Western Hemisphere or the Caribbean.  We will get to country questions after that.  Please bear with us, but we would like to start with questions from the region — on the region.  

     

    Does anybody have a region-specific question?   Yes, please.  

     

    QUESTIONER: A question about protectionism.  How do you see the growing threat of resurgent protectionism, threat to macroeconomy and to markets as well?  And how do — how should the region prepare for that?   And then maybe another thing on insecurity, which is another theme as well.  How could it deter or curb investment in the region insecurity, please?   

     

    MS. ZIEGLER: Do we have any other questions on the region?  Please. The lady in the back.

     

    QUESTIONER: Thank you.  How are you analyzing the effect of the U.S. election and potential tariffs on emerging markets, particularly on interest rates and capital flows?  And on Latin America, do you think the fiscal stimulus measures in the region are compromising the efforts of central banks in combating inflation?  And does it endanger years of macro stabilization?   Thank you.  

     

    MS. ZIEGLER: Okay, one more.  

     

    QUESTIONER: I am sorry, The Financial Times has an article out just this morning saying that the EU is accelerating — well, within the block — accelerating or rating contingency plans for a possible Trump presidency.  The German Institute — Economic Institute — in Cologne says that a trade war could hit GDP growth in Germany by about 1.5 percent.  And I think Goldman Sachs has a forecast saying that the euro could fall by about 10 percent if those tariffs move forward.  So, I’m wondering if that is the biggest threat.  And then secondly, on outlook, I thought there would be a lot more optimism since inflation is decelerating — in the euro area and interest rates are being cut.  That — would lower the cost of borrowing and actually spur investment there.  So, if you could share your thoughts on that. Thank you.  

     

    MR. VALDES: Okay, so — let me start from the last question.  Why we are not more optimistic in the medium run given that inflation is coming to targets?  Reality is that there are two forces here.  The cycle around the trend and that part of the cycle has been readily well managed in the region.  We are back — to trend.  But that trend, unfortunately, is not very strong in terms of growth.  That does not depend on macro policies in the short run.  Macro policies can produce a stable environment, can facilitate that growth.  But ultimately it is investment.  It is the accumulation of capital, productivity, the labor force, what produces — that trend.  And there is this call for you need, the region, needs to refocus from micromanagement that was very important the last few years to this low trend because we are hitting capacity basically.  And this is across the region.  It’s the Caribbean.  It is Latin America.  Perhaps Central America.  A few countries are the higher growing countries right now because exactly that, because they have a bigger trend.  

     

    That brings me to the issue of trade for the region.  Trade is very important.  These are almost all open economies, small open economies.  I have to say, on trade at first, the region has been very protective of open trade.  If you look at measures against trade and across the globe, the region has been the ones that have put less constraints to that.  

    Second, in terms of the election, as we always say, we would not speculate on that.  No, that is not something that is a role of the Fund.  But what we can say is that open trade is good for the region depending on how is fragmentation at the end, if it happens.  Further fragmentation, where is the circles where is the near shoring, for example.  Some countries may even benefit, but others may suffer.  But we do not know yet.  What I can say though is that for this trend growth, open global economy is better for the region.  

     

    Two more things.  Security.  This is an issue that has been a new concern, I would say, for the macroeconomy.  We have — some estimates that this matters.  Matters for growth.  Matters for investment, and especially matters for the well-being of people.  So it’s something that in the region at least is top of mind — for households.  And . need to take it very, very seriously. It has macro impact in the region.  We will have a conference, by the way, in November on this precisely.  It’s not that we will become experts on this, but we want the financial community to be more on top of these issues.  

     

     And finally, let me mention this tension — fiscal-monetary policy.  I do not think it is the case that we are in a position that we are risking the two decades of very strong work that we have gained.   But at the same time, we are not well-balanced.  On average, some countries are better, some countries — less good.  A good balance between monetary policy and fiscal policy.   

     

    Debt dynamics are such that debt-to-GDP is increasing.  Plans are good, but they have been postponed in many countries.  So, we need to deliver on those.  And that will produce this opportunity to continue also easing monetary policy.  We have said that this is like a tango, and it is not an easy tango to have between the central bank and the Ministry of Finance.  But it is needed, this coordination. 

     

    Let me stop there. I do not know if my colleagues would like to add anything on this in general.  No?   Perfect.  

     

    MS. ZIEGLER: So before we go, just last call for regional.  These are on the region, not country specific All right, go ahead.  In the center.   

     

    QUESTIONER: Thanks very much. Just this is the 80th anniversary of the Bretton Woods institutions.  For most of that period, Washington-based financial institutions have had pretty much a monopoly on lending to Latin America.  We have just had a BRICS conference in Russia.  BRICS have a development bank.  There are other alternatives for Latin American countries for finance and development.  How does the IMF feel about that?  

     

    MS. ZIEGLER: Okay, maybe one more on the region. Okay, go ahead.  Right there.   

     

    QUESTIONER: Hi, good morning. Of course, there have been some glowing words about how Caribbean countries have handled their policies over the past couple of years.  But of course, we also know that several Caribbean countries are vulnerable, particularly as a result of climate change.  So, my question is, what policies or what reforms can we see that will help provide a buffer with regard to climate activity that has been affecting the Caribbean?  

     

    MS. ZIEGLER: Okay.

     

    MR. VALDES: Okay. Look, reality is that we have been working for years with other partners in terms of regional arrangements.   We have Development Banks in the region, the IADB, we have CAF, we have FLAR (Latin American Reserve Fund) as another arrangement that lends money to central banks.  So perhaps the issue here is not whether we have these new institutions, but how to coordinate well.  We are convinced that the more coordination, the less fragmentation, that everybody works together is better.  Nobody needs the monopoly of this, but we need to work together.

     

    In terms of the Caribbean, I will ask Ana to go a bit more in detail. But it is very important to face reality for the Caribbean.  And they are doing it.  There’s a striking number.  Countries in the Caribbean lose 2.5 percent of GDP in capital per year, on average.   It does not happen every year, but every 10 years you can have a 25 percent loss.  So, you have to be prepared for that.  And that means that fiscal policy has to be geared towards that.   This is a multilayer system.  You have to be careful with investment.   Investment has to be more resilient.   You have to work in the insurance side, in contingency bonds, for example.  So, there is a lot to do.  Some countries have been very good on that.  Let me take the case of Jamaica and the last hurricane.  They had some possibilities to use contingencies for that case.  

     

    But let me pass to Ana to add a bit.  

     

    MS. CORBACHO: Thank you.  Certainly, the Caribbean region is very vulnerable to climate change shocks.  And we are concerned that the patterns of these shocks may be changing, becoming more severe and more frequent, which certainly requires more action on the government side and the multilateral community to support Caribbean economies.   

     

    In particular on policy measures, what we have emphasized in our dialogue is the need to integrate better mitigation and adaptation strategies in public investment plans.  Also fostering more active participation of private finance in increasing investment for climate resilience, as well as reducing the consumption of fuels through electrification.  An upside for the Caribbean is the green energy transition.  It could certainly give countries a chance to enhance resilience by investing in renewable energies, and through that, boosting competitiveness and lower exposure to climate change shocks.  Thank you.  

     

    MS. ZIEGLER: Great. We are going to take some questions online.  She says the IMF reduced the growth prospects for Mexico.   Could you tell me about the greatest risk that my country faces and the possibilities to grow a little more?  

     

    We have another one. She said, is it possible for Mexico to achieve the reduction of the fiscal deficit from 6 percent to 3 percent as the government intends, while maintaining spending on social transfer programs and energy subsidies?  

     

    So, while we are on Mexico, anybody else on Mexico in the room?  Please go ahead.  Wait — for the mic, please.    

     

    QUESTIONER: A bit more about violence and the risk that it poses to all the general policies, the challenges.  

     

    MS. ZIEGLER: Thank you. 

     

    MR. VALDES: Well, let me first say that we are in the middle of the Article IV process with Mexico.  So you will have a lot of details after it goes through the Board and the Article IV is published.  You probably have seen also the concluding statement published a couple of weeks ago.  But I can add a couple of things here.  One, we see bottlenecks in certain areas, and energy is one.  Infrastructure more generally as something that is a constraint right now in Mexico to take more advantage of — the opportunities it has with nearshoring and other possibilities.  The government is working on this, and we support fully that these are constraints that need to be alleviated.  

     

    In terms of fiscal, I would not want to make any… I mean, let us wait — for the budget. There is always the possibility, as we mentioned in the concluding statement, of have revenue mobilization at some stage.  We see, though, very importantly that there are steps towards consolidation.

     

    In terms of violence.  Look, here, I think we need to recognize that macroeconomists at least do not know a lot about how violence has impacts on the economy and the economy on violence.  So, I think it is very important to invest more knowledge on this.  Our own estimates – and this is a broad estimate – it’s not for Mexico specifically, but if the region were able to cut by half the difference it has between homicides suffering to the level of the world economy, growth could increase about half a percentage point for a good 10 years.  And that is more or less aligned with other estimates that are around.  So, in terms of the macro, this is something that is important.  

     

    Now, easier said than done because then the next question is what to do.  And there is where I would not want to make any comment because — we really, as macroeconomists, know very little. But we know that it’s important.  

     

    QUESTIONER: Good morning.  Can you hear me?  

     

    MS. ZIEGLER: We can hear you.  If you bear with us, we can’t see you yet.

     

    QUESTIONER: Good morning, Julie. Good morning, Mr. Valdes. The projection for Ecuador is 0.3 percent in 2024.  We want to know if the projection includes the energy crisis in Ecuador that has worsened with power outages of up to 14 hours.  What impact can the energy crisis have in Ecuador?   And do you feel that it will affect the fiscal goals of the extended facility program that Ecuador has?  Is there a possibility of a recession this year?   

     

    MS. ZIEGLER: Thank you. We have also we had questions submitted on Ecuador from Evelyn Tapia from PROMESA.  Does Ecuador’s growth projection for 2024 and 2025 include the effects of the electricity crisis that the country is experiencing?  When is the review of the program’s goals expected to end so that the country can receive the second disbursement for the Fund?  And when would that disbursement be made effective?   

     

    Ecuador? Anything else?  Okay.

     

    MR. VALDES: Okay, so everybody to be on the same page. Ecuador has a program with the Fund, an EFF, and we are close to have the First Review of the program.  I will ask Ana to go into more details on the growth considerations and other considerations you may want to add.  But let me just say that the authorities have been implementing this very strongly.  So — we are very optimistic, at least from the side of the commitment from the authorities on their own program that has been supported — by the Fund.  There will be a mission soon for this Review.  And of course, this new shock about electricity that has to do with climate, again — is bad news.  At the same time, the first half of the year was a bit stronger than expected.  

     

    But let me ask Ana to elaborate.  

     

    MS. CORBACHO: Thank you, Rodrigo.  I want to emphasize, as Rodrigo did, that the authorities are making very strong progress in advancing their stabilization program.  They have taken very important fiscal measures that are already showing results with an improvement in their fiscal position.  And we also see liquidity conditions, and notably the reserve position of the country, being stronger than we had expected when we approved the program in May.  

     

    Now Ecuador faces a very difficult electricity crisis with the worst drought in many decades.  The situation is still unfolding, but we would expect that it would have an impact both on economic conditions and fiscal needs.  And as we have more information, we may need to revise then the growth outlook for ’24 and ’25.  As of now, because the first part of the year was stronger than we had expected, we actually increased our forecast for 2024 growth from 0.1 to 0.3 percent.  

     

    In terms of the program, we expect that this would be discussed at the board by the end of the year, and upon completion of that review, if it is successful, there would be availability of the second disbursement in the program of $500 million.  Thank you.  

     

    MS. ZIEGLER: Now let us turn to Argentina. And we will take a bunch of questions.  Don’t worry.  

     

    QUESTIONER: Hi, good morning.  Thank you very much for taking my question.  My first question will relate — related that yesterday Kristalina Georgieva had a meeting with our Economy Minister, Luis Caputo.  Can you tell us what were the conversation and is coming very soon a mission to Argentina?  Just to the review of Nine and Ten Review.  Thank you very much.  

     

    MS. ZIEGLER: Thank you. I am going to take a few questions in the room first.  Please go ahead.  

     

    QUESTIONER: Thank you.  Rodrigo, I wanted to ask you, after criticism from President Javier Milei decided to step aside from the day-to-day negotiations with Argentina, but I was hoping you could tell us if you’re still involved in the back office discussions with the rest of the team about the future program and the ongoing economic situation in Argentina.  And for Luis, you were in both meetings with Gita Gopinath and Kristalina Georgieva yesterday.  I wanted to know if, in your view, has the Argentine government gained enough credibility, you know, with the fiscal front and with the ongoing economic recovery to come to the Fund and ask for an increase in the exposition with a new program?  Thanks.  

     

    MS. ZIEGLER: Okay.  Let’s go online.

     

    QUESTIONER: So, question for Mr. Cubeddu.  My question is to know what was discussed in the meeting yesterday between Ms. Georgieva and Minister Caputo.  And also, if you could — well, if the IMF is concerned about the lack of reserve accumulation in the central bank in recent months, if is there the possibility of grant a waiver maybe in the Tenth Review?  Thank you.

     

    MS. ZIEGLER: Great, thanks.  Let’s take one more and we’ll pause after that.  The woman here in the red shirt, please.  

     

    QUESTIONER: Hello, good morning. I would like to know if — how important is for the Fund for Argentina to release its capital controls and if you are discussing new money to help that within a new program.  

     

    MS. ZIEGLER: Okay, let us pause, or maybe one.  I saw someone behind you had one more question, and then perhaps we can — yes, go ahead.  And then we will move on. 

     

    QUESTIONER: The IMF pointed out in its last — in its latest staff report that it was necessary to eliminate the exchange rate for exporters and move forward with the removal of exchange controls.  What is your opinion on what has been done so far?  And is it possible, as the — government claims to achieve growth without — with — capital controls?  

     

    MS. ZIEGLER: Okay.  

     

    MR. VALDES: Okay, thank you for the several questions in Argentina.  Let me start from one.  There were a couple of questions, that I just want to say that, as a matter of policy, we do not disclose the conversations between authorities and management.  No, this is not our job.  Second point I want to mention is that the teams have been interacting very actively and constructively for several weeks already.  Ana has mentioned, the authorities are here, and that engagement has continued.  

     

    And finally, I have delegated the Argentina case to Luis Cubeddu, as you know.  And really, I do not have anything else to add on this.  

     

    MR. CUBEDDU: Very good.  And to address a few questions on Argentina and perhaps maybe also to first mention, thank Rodrigo for the deep trust in this complex and important case.  This is obviously a team effort, and it involves the technical team in Western Hemisphere as well as other departments.  

     

    Maybe to stress from yesterday’s conversation, our management, both Kristalina and Gita, as well as us, staff, met with the Argentine authorities, with Minister Caputo and Central Bank President Bausili.  I think in our conversations we stressed and underscored the important progress that has been made, particularly in reducing inflation and establishing a very strong fiscal anchor.  We now have nine months of primary surpluses and overall balances under our belt.  I think we also underscored that this has also allowed an improvement in the central bank balance sheet as well as a strengthening of international reserves from extremely low levels. 

     

    In those conversations, we also emphasize that challenges remain and that sustaining the gains that we have seen so far will require that policies evolve and that appropriately balance domestic as well as external considerations and external objectives.  In this regard, — we discussed the need — to gradually unwind some of the existing ethics restrictions and controls.  But obviously, this should be done in a carefully calibrated way to ensure that the process is an orderly one.  

     

    With regards to moving forward and the questions related to the program.  I think our teams continue to work closely — with the Argentine authorities.  The — discussions — have deepened in an effort to better understand and fully understand their plans in the period ahead.  The engagement in which we are in is taking place within the context of the current EFF.  Although the authorities are also exploring the options whether to move to a new program.  Our hope is that we will be in a position to provide a bit more information on this in terms of the strategy of engagement over the coming weeks.  

     

    So, I think with this I tried to summarize some of your questions and, although happy to answer as needed.  Thank you.  

     

    MS. ZIEGLER: Okay, that is good.  Please go ahead.  

     

    QUESTIONER: So, there is a law of fair taxation that is awaiting approval in my country, Honduras.  How does the IMF evaluate the fiscal policies implemented by the Honduran government and their impact on the country macroeconomic stability?

     

    MS. ZIEGLER: Why do not you take that, and I will — I think we have a couple people online for Chile that will get queued up while you answer that question.  

     

    MR. VALDES: Anything else on Honduras?   No?  Okay.  

     

    QUESTIONER: The last week Honduras has been successful, passed [inaudible].  The program is technical.  An agreement, that has been reached.  My question is whether advantage or benefit will there be for the country with IMF — another multilateral organization?  Thank you.  

     

    MS. ZIEGLER: Okay.  

     

    MR. VALDES: Okay.  Do you want to go to Chile too?  

     

    MS. ZIEGLER: Sure.  We’re — getting near the end, so let’s take a couple of people online.   

     

    QUESTIONER: Hi, Julie.  

     

    MS. ZIEGLER: Hi.  

     

    QUESTIONER: This is a question for Mr. Valdes.   There’s two questions actually.   The first is there is some doubt here in Chile about the fiscal revenue for next year.  Now we are in the process of the law for the next year.  So specifically for the new tax compliance law, if it is going to get the fixed revenue that the government expects, how do you see that?  And you see there is a risk there?  And the second question is about the growth because the Central Bank of Chile expect the long-term GDP growth for Chile going to be nowhere in the next years, 10 years, to 1.8.  Little lower than the report that you report that you had foreseen.  Do you see some sign signal from the government for to actually increase the long-term growth?  Because you talk — in the report about streamline the process for investment permit, the [inaudible], I would say here, and the strength security.   I know you can talk a little longer about that.  That’s the question.  Thank you.   

     

    MS. ZIEGLER: Okay, I have one more to add on Chile: in the case of Chile, do you think there are any measures that are not on the government’s agenda that are relevant for growth?  And then what is your view of Chile’s fiscal accounts?  Just mentioning the S&P highlighted the country’s fiscal consolidation, and Fitch warned that Chile is unlikely to meet its fiscal deficit target for 2024.  So — let us take those, and I think those will be the last questions of the briefing.  

     

    MR. VALDES: Okay, thank you, Julie.  Well, let me start with — Honduras.  Honduras has a Fund-supported program.  It took some time to reach Staff-Level Agreement for the First and Second Reviews combined, but we managed to have Staff-Level Agreement a few days ago.  And we are now working to bring the program to the review to the Board.  

     

    What I can say is that this program it is very important to safeguard macroeconomic stability.  We are — we agree on the policies needed for that, and the commitment of the authorities is very important to do their part in terms of fiscal monetary policy and effects policies such that we safeguard the macroeconomic stability.  The review is also very important because it will facilitate the disbursement of different credits for from other partners.  So, for example, the IDB and the World Bank.  So overall, this review is important because we are agreeing on policies that are needed.

     

    In terms of the Ley de Justicia Tributaria, which is in Congress, first, let me say that this law, we understand that this proposal incorporates many suggestions from the position in the private sector, and we value enormously the dialogue that countries can have with the different partners on this, and we salute that.  

     

    Second, more to the content.  There are about 15 corporate income tax special regimes — in Honduras, and by any metric that is too high.  So, it is very important the effort that they are doing to consolidate and hopefully end into three regimes.  And also, it is important to say that Honduras has tax exemptions of around 7 percent of GDP.  That is way above also of what we observe in other places.  And it is also important to discuss whether those regimes, those exemptions, are worth having or not.  And this law exactly proposes some discipline, if you want, on this.  We estimate that it would yield about 1 percent of GDP in revenues in the medium run.  

     

    In terms of Chile, well, you know, I am a Chilean.  So, I will — and we have some rules at the Fund that we should not speak about our countries too much.  So, I will defer the questions to the Mission Chief Andrea, who is available for this.  Although I can say a couple of more broad issues.  I do not want to enter into the fiscal reform law or other things.  

     

    But let me just say that there are important measures taken in Chile align with this call that we have about potential output growth.  They are making efforts to make more predictable and to shorten also the process of permits for the different investments, and that’s — we value that enormously.  Also, there are initiatives to facilitate labor force participation for women.  And that is also something that the Fund for a long time has been advocating.  Of course, this is a marathon.  And in a marathon, you have to — you do not have one silver bullet until you get to the end of the marathon with a couple of measures.  It takes much more in Chile and all countries.  What to do is very country specific.  But as I mentioned before, around rule of law, around security, around predictability, around the labor market, are many other ideas that could be advanced.  Thank you.  

     

    MS. ZIEGLER: Take one more. I know you wanted to ask your questions.  

     

    QUESTIONER: Thank you for taking my question.  What are the IMF’s recommendations for Brazil given the worsening forecasts for public debt?  And the government is working on new measures to cut spending.  What is the importance of these measures?  And additionally, how will fiscal policies, you know, these new measures and higher interest rates, impact future growth?  Thanks.

     

    MS. ZIEGLER: Thanks.  And that is the last question.  

     

    MR. VALDES: Okay, so let me just react to — the question in the following sense.  Brazil has, as other countries, this challenge of how to implement a level of consolidation that is very important to stabilize debt and has a challenge that’s probably not everywhere.  And it is a difficult challenge.  Many of the expenditures are very rigid.  So politically speaking, it is more difficult.  You have to work in the taxation mechanisms that are there.  We understand that they are doing that.  We have recommended that for some time, and that should facilitate this.  

     

    Importantly, in this tango between the central bank and fiscal, we should not look only to the fiscal side.  We should also do it together with monetary policy.  So the growth effects of a consolidation should not be really bad.  First, it could be positive by itself by lowering risk premia, and second, opens up the possibility of — lower rates, and that is important.  

     

    Ana was the Mission Chief for Brazil and now is the reviewer of Brazil, so she may want to add something.  

     

    MS. CORBACHO: Yeah, I just want to say that in our baseline forecast, we do expect an improvement in the fiscal position of Brazil.  But what we have been emphasizing is that this improvement needs to be tackled and underpinned by very concrete revenue and spending measures.  Rodrigo mentioned the challenge of making the budget more flexible.  This will help Brazil have more space to respond to new spending priorities as well as shocks, unforeseen shocks.  It requires deep structural reforms in the big items of spending categories, in wages, in pensions, floors for certain items of the budget, and many more spending rigidities that are very particular to Brazil.  There’s also an agenda to foster revenue mobilization, particularly by reducing inefficient tax expenditures.  And after the groundbreaking VAT Reform, considering also reforms of personal income tax and corporate income tax.  Thank you.  

     

    MR. VALDES: If I just may add as a closing, that we will have the Regional Economic Outlook launch in Paraguay on November 4th.   The report has a couple of accompanying papers on fiscal and labor force participation, labor markets, that are pretty interesting, very detailed.  I hope useful.  Thank you.   

     

    MS. ZIEGLER: Thank you, Rodrigo.  Thank you, Ana.  Thank you, Luis.  This concludes the press briefing.  

     

    SPEAKER: Question on Colombia.

     

    MS. ZIEGLER: Okay.  We can take, if you agree, Colombia.   

     

    MR. VALDES: Yeah, but you should say it before.   Okay, go ahead.  

     

    QUESTIONER: You can do it in Spanish if it is easier for you.  And please, if you can answer in Spanish.   Dr. Rodrigo, for 11 years you have spoken about reforms, but I see that the reforms are really complicated.  Even today, Colombia has not been able to bring about a tax reform in order to collect $3 billion, a little billion dollars, which is just a minor amount at an international level.  What is truly recommended by the IMF so that the reforms will move forward and will not have to face the hurdles and the respective congresses, so that countries can improve their flow of investment and for the trade to truly be dynamic?  You know the history of Colombia.  We grew at 4 percent and now not even at 2 percent.  Thank you.  

     

    MR. VALDES: Thank you for the question.  I will answer in Spanish.  What you are showing is the difficulty in developing reforms.  And when we say, let us develop reforms, we do not do it in a vacuum without understanding that the policy is difficult and not because we face difficulties that would stop us from doing it.  It is key for the region to continue expediting, accelerating the development of reforms and hopefully for the benefit of growth and not only for other things.  And specifically, it is important to do it because of what you were saying, because the potential growth, even in the countries that grew faster 5 or 10 years ago, such as the Pacific Partnership or the Pacific Alliance, has reached an average again.  And we are worried that with that very low average, lower than emerging Europe and much lower than that of emerging Asia, obviously the social needs, the fiscal needs, will not be solved.  And therefore, the appeal is to double effort.  There’s no way of skipping the political effort.  

     

    MS. ZIEGLER: Okay.  If you — have any other questions, please feel free to reach out to us via email at media@imf.org.  Thank you all for attending.  

     

    *  *  *   *  *

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Julie Ziegler

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

    @IMFSpokesperson

    MIL OSI Economics –

  • MIL-OSI Russia: Transcript of Western Hemisphere Economic Outlook October 2024 Press Briefing

    Source: IMF – News in Russian

    October 25, 2024

    PARTICIPANTS:

     

    RODRIGO VALDES

    Director of Western Hemisphere Department

    International Monetary Fund

     

    ANA CORBACHO

    Deputy Director ofWestern Hemisphere Department

    International Monetary Fund

     

    LUIS CUBEDDU

    Deputy DirectorWestern Hemisphere Department

    International Monetary Fund

     

    JULIE ZIEGLER

    Senior Communications Officer

    International Monetary Fund

     

      

    MS. ZIEGLER: Good morning.  Welcome everyone.  This is the press briefing for the Regional Economic Outlook for the Western Hemisphere.  My name is Julie Ziegler, and I am with the Communications Department at the Fund.  I’m going to introduce our panel today.  To my immediate left is Rodrigo Valdes, who.  the Director of the Western Hemisphere Department.  And he is joined by his Deputies, Ana Corbacho and Luis Cubeddu.  So, we are going to start with some opening remarks from Rodrigo, and then after that I will have some housekeeping items, and we will take your questions.  

     

    MR. VALDES: Thank you, Julie.  And good morning to everyone.  Welcome to this press briefing.  We have just released, and it is on the internet, our Annual Regional Economic Outlook for the Western Hemisphere.  This is a bit like the WEO, but for the region.  And here we have two important messages, two key messages.  

     

    The first one is that there is a need to rebalance macroeconomic policies in the region.  And the second one is the urgency to press on with structural reforms to boost potential output growth.  And I will explain this.  The monetary policy part of the first message, the rebalancing applies to several of the flexible exchange rate and inflation targeting countries in the region with different degrees of intensity.  The second message, the urgency to deepen reforms for growth, really applies to almost all economies in the region.  

     

    Over the last few years, the region has successfully weathered a series of major shocks in the world economy.  They showed resilience and they have adopted really macroeconomic policies in most countries that are at the top of the frontier of what we know.  And so far, largely the region has stayed in the sidelines, on the sidelines of global geopolitical tensions.  

     

    Now growth in the region is moderating as most economies are operating back near their potential.  What is concerning, however, growth in most countries is expected to return to its low historical average and this will not help with the region’s macroeconomic, fiscal and social challenges.  Overall, we expect growth in Latin America and the Caribbean — if we exclude Argentina, which has an important rebound next year, and Venezuela with its own dynamics — growth will moderate from 2.6 in 2023 to 2.2 in 2025, going through 2.6 also this year, 2024.  So we’re going back to the lower part of the 2 percent around these baseline projections.  We see the risks to near-term growth tilted to the downside, partly reflecting global risks, including importantly the persistent geopolitical tensions.

     

    Turning to inflation, in line with global trends and also reflecting the effect of tight policies, inflation has fallen markedly since the peak of mid-2022, and it is near the target in most countries.   However, it is not a target almost everywhere.  In the region, I would say that the last mile of this inflation has been rather long.   We expect to continue to see easing of monetary policy, but gradually on account of sticky services and inflation expectations not being perfectly re-anchored and also because inflation risks are generally tilted to the upside, reflecting basically commodity price volatility — the factors that I mentioned before of geopolitical risks and also new risks of fiscal slippages.  

     

    So, with the output gap and inflation gap mostly closed, what should policymakers do?  We think that they need to focus on rebuilding policy space and working on boosting potential growth – the messages I mentioned at the beginning.  This means rebalancing the policy mix and pushing forward with structural reforms.  

     

    Let me elaborate a bit more on the policy mix.   The current combination of macro policies is generally not everywhere, but generally tilted toward tight monetary policy while fiscal policy remains loose.  Although the earlier tightening of monetary policy by the region’s central banks was essential to bring inflation down, inflation is now close to target while monetary policy rates remain elevated in many countries.  At the same time, however, public debt levels are high and will continue raising if we do not have fiscal consolidation.  

     

    So, at this juncture it is necessary to rebalance policies, starting with strengthening public finances.  Most countries have quite ambitious fiscal consolidation plans, but their implementation –so from plans to reality — has been in such a way that they have been pushed back.  It is crucial in the region that these plans proceed without further delays to rebuild the buffers while protecting priority public spending, investment, and social spending.  Strengthening the current fiscal rules is also important so they can deliver these consolidation objectives.  

     

    A timely implementation of this fiscal consolidation is critical not only for fiscal sustainability, but also for supporting the normalization of monetary policy and the credibility of the frameworks more broadly.  With fiscal policy moving in the right direction, most central banks will be well placed to proceed with the monetary policy easing that we expect, while remaining on guard, of course, against risks of reemerging price pressures.  

     

    Let me now speak about the second point, that is the need to press with structural reforms and I will go from need to urgency.   As mentioned before, medium-term growth is expected to remain subdued, reflecting longstanding unresolved challenges which include low investment and especially low productivity growth.   Also, the region is suffering shifting demographics that will slow growth further.  The labor force is growing less than before, and this will weaken one essential engine for growth.  The impediments for growth are many and country specific, some are more common, and that reality is confronted with an ongoing reform agenda that is thin in many countries.  This could lead to a vicious cycle of low growth, social discontent and populist policies.  So greater efforts to advance with structural reforms are needed to boost potential growth and raise living standards.  

     

    We see that strengthening governance is a priority that cuts across all areas of growth.  This includes, for example, reinforcing the rule of law, improving government effectiveness, and, importantly, tackling crime more efficiently.   Improving the business environment and public investment is also needed to increase overall investment.  While reducing informality and making labor markets more attuned to more productivity gains is important.  This part of the labor market is also really important for women labor force participation, because this is one of the sources to offset the demographic headwinds.  

     

    These reforms will also be essential in positioning the region to fully harness the benefits of the global green transition and new technological advances.  It is disappointing that until now mining investment, for example, in the region has not picked up despite the new opportunities for green minerals.  This suggests, and I quote here, “we can do better,” as the IMF Managing Director stressed in her initial annual meeting speech, that also applies to our region.  

     

    From our side, through policy advice, capacity development, and financial support, we are ready to continue engaging, supporting countries in their efforts to strengthen their macroeconomic frameworks and increase economic resilience and growth opportunities.  

     

    With this, let me stop here and we are ready to take your questions.  Julie.

     

    MS. ZIEGLER: Thank you.  Before we take questions, let me please just go through a few housekeeping items.  I want to remind everyone first of all that this is on the record.  Also, as Rodrigo mentioned, the report has just been published for the Western Hemisphere Regional Economic Outlook and you can find it on imf.org.  

     

    So, when we go to your questions, I ask please that you raise your hand, that you state your name and your affiliation, and if you are online, please can you keep your cameras on.  We cannot go to you unless your camera is on.  So, I appreciate it if you keep your cameras on.

     

    Finally, please keep your questions brief.  We are going to start, as in practice in the past, with questions on the region, meaning the entire region, Western Hemisphere or the Caribbean.  We will get to country questions after that.  Please bear with us, but we would like to start with questions from the region — on the region.  

     

    Does anybody have a region-specific question?   Yes, please.  

     

    QUESTIONER: A question about protectionism.  How do you see the growing threat of resurgent protectionism, threat to macroeconomy and to markets as well?  And how do — how should the region prepare for that?   And then maybe another thing on insecurity, which is another theme as well.  How could it deter or curb investment in the region insecurity, please?   

     

    MS. ZIEGLER: Do we have any other questions on the region?  Please. The lady in the back.

     

    QUESTIONER: Thank you.  How are you analyzing the effect of the U.S. election and potential tariffs on emerging markets, particularly on interest rates and capital flows?  And on Latin America, do you think the fiscal stimulus measures in the region are compromising the efforts of central banks in combating inflation?  And does it endanger years of macro stabilization?   Thank you.  

     

    MS. ZIEGLER: Okay, one more.  

     

    QUESTIONER: I am sorry, The Financial Times has an article out just this morning saying that the EU is accelerating — well, within the block — accelerating or rating contingency plans for a possible Trump presidency.  The German Institute — Economic Institute — in Cologne says that a trade war could hit GDP growth in Germany by about 1.5 percent.  And I think Goldman Sachs has a forecast saying that the euro could fall by about 10 percent if those tariffs move forward.  So, I’m wondering if that is the biggest threat.  And then secondly, on outlook, I thought there would be a lot more optimism since inflation is decelerating — in the euro area and interest rates are being cut.  That — would lower the cost of borrowing and actually spur investment there.  So, if you could share your thoughts on that. Thank you.  

     

    MR. VALDES: Okay, so — let me start from the last question.  Why we are not more optimistic in the medium run given that inflation is coming to targets?  Reality is that there are two forces here.  The cycle around the trend and that part of the cycle has been readily well managed in the region.  We are back — to trend.  But that trend, unfortunately, is not very strong in terms of growth.  That does not depend on macro policies in the short run.  Macro policies can produce a stable environment, can facilitate that growth.  But ultimately it is investment.  It is the accumulation of capital, productivity, the labor force, what produces — that trend.  And there is this call for you need, the region, needs to refocus from micromanagement that was very important the last few years to this low trend because we are hitting capacity basically.  And this is across the region.  It’s the Caribbean.  It is Latin America.  Perhaps Central America.  A few countries are the higher growing countries right now because exactly that, because they have a bigger trend.  

     

    That brings me to the issue of trade for the region.  Trade is very important.  These are almost all open economies, small open economies.  I have to say, on trade at first, the region has been very protective of open trade.  If you look at measures against trade and across the globe, the region has been the ones that have put less constraints to that.  

    Second, in terms of the election, as we always say, we would not speculate on that.  No, that is not something that is a role of the Fund.  But what we can say is that open trade is good for the region depending on how is fragmentation at the end, if it happens.  Further fragmentation, where is the circles where is the near shoring, for example.  Some countries may even benefit, but others may suffer.  But we do not know yet.  What I can say though is that for this trend growth, open global economy is better for the region.  

     

    Two more things.  Security.  This is an issue that has been a new concern, I would say, for the macroeconomy.  We have — some estimates that this matters.  Matters for growth.  Matters for investment, and especially matters for the well-being of people.  So it’s something that in the region at least is top of mind — for households.  And . need to take it very, very seriously. It has macro impact in the region.  We will have a conference, by the way, in November on this precisely.  It’s not that we will become experts on this, but we want the financial community to be more on top of these issues.  

     

     And finally, let me mention this tension — fiscal-monetary policy.  I do not think it is the case that we are in a position that we are risking the two decades of very strong work that we have gained.   But at the same time, we are not well-balanced.  On average, some countries are better, some countries — less good.  A good balance between monetary policy and fiscal policy.   

     

    Debt dynamics are such that debt-to-GDP is increasing.  Plans are good, but they have been postponed in many countries.  So, we need to deliver on those.  And that will produce this opportunity to continue also easing monetary policy.  We have said that this is like a tango, and it is not an easy tango to have between the central bank and the Ministry of Finance.  But it is needed, this coordination. 

     

    Let me stop there. I do not know if my colleagues would like to add anything on this in general.  No?   Perfect.  

     

    MS. ZIEGLER: So before we go, just last call for regional.  These are on the region, not country specific All right, go ahead.  In the center.   

     

    QUESTIONER: Thanks very much. Just this is the 80th anniversary of the Bretton Woods institutions.  For most of that period, Washington-based financial institutions have had pretty much a monopoly on lending to Latin America.  We have just had a BRICS conference in Russia.  BRICS have a development bank.  There are other alternatives for Latin American countries for finance and development.  How does the IMF feel about that?  

     

    MS. ZIEGLER: Okay, maybe one more on the region. Okay, go ahead.  Right there.   

     

    QUESTIONER: Hi, good morning. Of course, there have been some glowing words about how Caribbean countries have handled their policies over the past couple of years.  But of course, we also know that several Caribbean countries are vulnerable, particularly as a result of climate change.  So, my question is, what policies or what reforms can we see that will help provide a buffer with regard to climate activity that has been affecting the Caribbean?  

     

    MS. ZIEGLER: Okay.

     

    MR. VALDES: Okay. Look, reality is that we have been working for years with other partners in terms of regional arrangements.   We have Development Banks in the region, the IADB, we have CAF, we have FLAR (Latin American Reserve Fund) as another arrangement that lends money to central banks.  So perhaps the issue here is not whether we have these new institutions, but how to coordinate well.  We are convinced that the more coordination, the less fragmentation, that everybody works together is better.  Nobody needs the monopoly of this, but we need to work together.

     

    In terms of the Caribbean, I will ask Ana to go a bit more in detail. But it is very important to face reality for the Caribbean.  And they are doing it.  There’s a striking number.  Countries in the Caribbean lose 2.5 percent of GDP in capital per year, on average.   It does not happen every year, but every 10 years you can have a 25 percent loss.  So, you have to be prepared for that.  And that means that fiscal policy has to be geared towards that.   This is a multilayer system.  You have to be careful with investment.   Investment has to be more resilient.   You have to work in the insurance side, in contingency bonds, for example.  So, there is a lot to do.  Some countries have been very good on that.  Let me take the case of Jamaica and the last hurricane.  They had some possibilities to use contingencies for that case.  

     

    But let me pass to Ana to add a bit.  

     

    MS. CORBACHO: Thank you.  Certainly, the Caribbean region is very vulnerable to climate change shocks.  And we are concerned that the patterns of these shocks may be changing, becoming more severe and more frequent, which certainly requires more action on the government side and the multilateral community to support Caribbean economies.   

     

    In particular on policy measures, what we have emphasized in our dialogue is the need to integrate better mitigation and adaptation strategies in public investment plans.  Also fostering more active participation of private finance in increasing investment for climate resilience, as well as reducing the consumption of fuels through electrification.  An upside for the Caribbean is the green energy transition.  It could certainly give countries a chance to enhance resilience by investing in renewable energies, and through that, boosting competitiveness and lower exposure to climate change shocks.  Thank you.  

     

    MS. ZIEGLER: Great. We are going to take some questions online.  She says the IMF reduced the growth prospects for Mexico.   Could you tell me about the greatest risk that my country faces and the possibilities to grow a little more?  

     

    We have another one. She said, is it possible for Mexico to achieve the reduction of the fiscal deficit from 6 percent to 3 percent as the government intends, while maintaining spending on social transfer programs and energy subsidies?  

     

    So, while we are on Mexico, anybody else on Mexico in the room?  Please go ahead.  Wait — for the mic, please.    

     

    QUESTIONER: A bit more about violence and the risk that it poses to all the general policies, the challenges.  

     

    MS. ZIEGLER: Thank you. 

     

    MR. VALDES: Well, let me first say that we are in the middle of the Article IV process with Mexico.  So you will have a lot of details after it goes through the Board and the Article IV is published.  You probably have seen also the concluding statement published a couple of weeks ago.  But I can add a couple of things here.  One, we see bottlenecks in certain areas, and energy is one.  Infrastructure more generally as something that is a constraint right now in Mexico to take more advantage of — the opportunities it has with nearshoring and other possibilities.  The government is working on this, and we support fully that these are constraints that need to be alleviated.  

     

    In terms of fiscal, I would not want to make any… I mean, let us wait — for the budget. There is always the possibility, as we mentioned in the concluding statement, of have revenue mobilization at some stage.  We see, though, very importantly that there are steps towards consolidation.

     

    In terms of violence.  Look, here, I think we need to recognize that macroeconomists at least do not know a lot about how violence has impacts on the economy and the economy on violence.  So, I think it is very important to invest more knowledge on this.  Our own estimates – and this is a broad estimate – it’s not for Mexico specifically, but if the region were able to cut by half the difference it has between homicides suffering to the level of the world economy, growth could increase about half a percentage point for a good 10 years.  And that is more or less aligned with other estimates that are around.  So, in terms of the macro, this is something that is important.  

     

    Now, easier said than done because then the next question is what to do.  And there is where I would not want to make any comment because — we really, as macroeconomists, know very little. But we know that it’s important.  

     

    QUESTIONER: Good morning.  Can you hear me?  

     

    MS. ZIEGLER: We can hear you.  If you bear with us, we can’t see you yet.

     

    QUESTIONER: Good morning, Julie. Good morning, Mr. Valdes. The projection for Ecuador is 0.3 percent in 2024.  We want to know if the projection includes the energy crisis in Ecuador that has worsened with power outages of up to 14 hours.  What impact can the energy crisis have in Ecuador?   And do you feel that it will affect the fiscal goals of the extended facility program that Ecuador has?  Is there a possibility of a recession this year?   

     

    MS. ZIEGLER: Thank you. We have also we had questions submitted on Ecuador from Evelyn Tapia from PROMESA.  Does Ecuador’s growth projection for 2024 and 2025 include the effects of the electricity crisis that the country is experiencing?  When is the review of the program’s goals expected to end so that the country can receive the second disbursement for the Fund?  And when would that disbursement be made effective?   

     

    Ecuador? Anything else?  Okay.

     

    MR. VALDES: Okay, so everybody to be on the same page. Ecuador has a program with the Fund, an EFF, and we are close to have the First Review of the program.  I will ask Ana to go into more details on the growth considerations and other considerations you may want to add.  But let me just say that the authorities have been implementing this very strongly.  So — we are very optimistic, at least from the side of the commitment from the authorities on their own program that has been supported — by the Fund.  There will be a mission soon for this Review.  And of course, this new shock about electricity that has to do with climate, again — is bad news.  At the same time, the first half of the year was a bit stronger than expected.  

     

    But let me ask Ana to elaborate.  

     

    MS. CORBACHO: Thank you, Rodrigo.  I want to emphasize, as Rodrigo did, that the authorities are making very strong progress in advancing their stabilization program.  They have taken very important fiscal measures that are already showing results with an improvement in their fiscal position.  And we also see liquidity conditions, and notably the reserve position of the country, being stronger than we had expected when we approved the program in May.  

     

    Now Ecuador faces a very difficult electricity crisis with the worst drought in many decades.  The situation is still unfolding, but we would expect that it would have an impact both on economic conditions and fiscal needs.  And as we have more information, we may need to revise then the growth outlook for ’24 and ’25.  As of now, because the first part of the year was stronger than we had expected, we actually increased our forecast for 2024 growth from 0.1 to 0.3 percent.  

     

    In terms of the program, we expect that this would be discussed at the board by the end of the year, and upon completion of that review, if it is successful, there would be availability of the second disbursement in the program of $500 million.  Thank you.  

     

    MS. ZIEGLER: Now let us turn to Argentina. And we will take a bunch of questions.  Don’t worry.  

     

    QUESTIONER: Hi, good morning.  Thank you very much for taking my question.  My first question will relate — related that yesterday Kristalina Georgieva had a meeting with our Economy Minister, Luis Caputo.  Can you tell us what were the conversation and is coming very soon a mission to Argentina?  Just to the review of Nine and Ten Review.  Thank you very much.  

     

    MS. ZIEGLER: Thank you. I am going to take a few questions in the room first.  Please go ahead.  

     

    QUESTIONER: Thank you.  Rodrigo, I wanted to ask you, after criticism from President Javier Milei decided to step aside from the day-to-day negotiations with Argentina, but I was hoping you could tell us if you’re still involved in the back office discussions with the rest of the team about the future program and the ongoing economic situation in Argentina.  And for Luis, you were in both meetings with Gita Gopinath and Kristalina Georgieva yesterday.  I wanted to know if, in your view, has the Argentine government gained enough credibility, you know, with the fiscal front and with the ongoing economic recovery to come to the Fund and ask for an increase in the exposition with a new program?  Thanks.  

     

    MS. ZIEGLER: Okay.  Let’s go online.

     

    QUESTIONER: So, question for Mr. Cubeddu.  My question is to know what was discussed in the meeting yesterday between Ms. Georgieva and Minister Caputo.  And also, if you could — well, if the IMF is concerned about the lack of reserve accumulation in the central bank in recent months, if is there the possibility of grant a waiver maybe in the Tenth Review?  Thank you.

     

    MS. ZIEGLER: Great, thanks.  Let’s take one more and we’ll pause after that.  The woman here in the red shirt, please.  

     

    QUESTIONER: Hello, good morning. I would like to know if — how important is for the Fund for Argentina to release its capital controls and if you are discussing new money to help that within a new program.  

     

    MS. ZIEGLER: Okay, let us pause, or maybe one.  I saw someone behind you had one more question, and then perhaps we can — yes, go ahead.  And then we will move on. 

     

    QUESTIONER: The IMF pointed out in its last — in its latest staff report that it was necessary to eliminate the exchange rate for exporters and move forward with the removal of exchange controls.  What is your opinion on what has been done so far?  And is it possible, as the — government claims to achieve growth without — with — capital controls?  

     

    MS. ZIEGLER: Okay.  

     

    MR. VALDES: Okay, thank you for the several questions in Argentina.  Let me start from one.  There were a couple of questions, that I just want to say that, as a matter of policy, we do not disclose the conversations between authorities and management.  No, this is not our job.  Second point I want to mention is that the teams have been interacting very actively and constructively for several weeks already.  Ana has mentioned, the authorities are here, and that engagement has continued.  

     

    And finally, I have delegated the Argentina case to Luis Cubeddu, as you know.  And really, I do not have anything else to add on this.  

     

    MR. CUBEDDU: Very good.  And to address a few questions on Argentina and perhaps maybe also to first mention, thank Rodrigo for the deep trust in this complex and important case.  This is obviously a team effort, and it involves the technical team in Western Hemisphere as well as other departments.  

     

    Maybe to stress from yesterday’s conversation, our management, both Kristalina and Gita, as well as us, staff, met with the Argentine authorities, with Minister Caputo and Central Bank President Bausili.  I think in our conversations we stressed and underscored the important progress that has been made, particularly in reducing inflation and establishing a very strong fiscal anchor.  We now have nine months of primary surpluses and overall balances under our belt.  I think we also underscored that this has also allowed an improvement in the central bank balance sheet as well as a strengthening of international reserves from extremely low levels. 

     

    In those conversations, we also emphasize that challenges remain and that sustaining the gains that we have seen so far will require that policies evolve and that appropriately balance domestic as well as external considerations and external objectives.  In this regard, — we discussed the need — to gradually unwind some of the existing ethics restrictions and controls.  But obviously, this should be done in a carefully calibrated way to ensure that the process is an orderly one.  

     

    With regards to moving forward and the questions related to the program.  I think our teams continue to work closely — with the Argentine authorities.  The — discussions — have deepened in an effort to better understand and fully understand their plans in the period ahead.  The engagement in which we are in is taking place within the context of the current EFF.  Although the authorities are also exploring the options whether to move to a new program.  Our hope is that we will be in a position to provide a bit more information on this in terms of the strategy of engagement over the coming weeks.  

     

    So, I think with this I tried to summarize some of your questions and, although happy to answer as needed.  Thank you.  

     

    MS. ZIEGLER: Okay, that is good.  Please go ahead.  

     

    QUESTIONER: So, there is a law of fair taxation that is awaiting approval in my country, Honduras.  How does the IMF evaluate the fiscal policies implemented by the Honduran government and their impact on the country macroeconomic stability?

     

    MS. ZIEGLER: Why do not you take that, and I will — I think we have a couple people online for Chile that will get queued up while you answer that question.  

     

    MR. VALDES: Anything else on Honduras?   No?  Okay.  

     

    QUESTIONER: The last week Honduras has been successful, passed [inaudible].  The program is technical.  An agreement, that has been reached.  My question is whether advantage or benefit will there be for the country with IMF — another multilateral organization?  Thank you.  

     

    MS. ZIEGLER: Okay.  

     

    MR. VALDES: Okay.  Do you want to go to Chile too?  

     

    MS. ZIEGLER: Sure.  We’re — getting near the end, so let’s take a couple of people online.   

     

    QUESTIONER: Hi, Julie.  

     

    MS. ZIEGLER: Hi.  

     

    QUESTIONER: This is a question for Mr. Valdes.   There’s two questions actually.   The first is there is some doubt here in Chile about the fiscal revenue for next year.  Now we are in the process of the law for the next year.  So specifically for the new tax compliance law, if it is going to get the fixed revenue that the government expects, how do you see that?  And you see there is a risk there?  And the second question is about the growth because the Central Bank of Chile expect the long-term GDP growth for Chile going to be nowhere in the next years, 10 years, to 1.8.  Little lower than the report that you report that you had foreseen.  Do you see some sign signal from the government for to actually increase the long-term growth?  Because you talk — in the report about streamline the process for investment permit, the [inaudible], I would say here, and the strength security.   I know you can talk a little longer about that.  That’s the question.  Thank you.   

     

    MS. ZIEGLER: Okay, I have one more to add on Chile: in the case of Chile, do you think there are any measures that are not on the government’s agenda that are relevant for growth?  And then what is your view of Chile’s fiscal accounts?  Just mentioning the S&P highlighted the country’s fiscal consolidation, and Fitch warned that Chile is unlikely to meet its fiscal deficit target for 2024.  So — let us take those, and I think those will be the last questions of the briefing.  

     

    MR. VALDES: Okay, thank you, Julie.  Well, let me start with — Honduras.  Honduras has a Fund-supported program.  It took some time to reach Staff-Level Agreement for the First and Second Reviews combined, but we managed to have Staff-Level Agreement a few days ago.  And we are now working to bring the program to the review to the Board.  

     

    What I can say is that this program it is very important to safeguard macroeconomic stability.  We are — we agree on the policies needed for that, and the commitment of the authorities is very important to do their part in terms of fiscal monetary policy and effects policies such that we safeguard the macroeconomic stability.  The review is also very important because it will facilitate the disbursement of different credits for from other partners.  So, for example, the IDB and the World Bank.  So overall, this review is important because we are agreeing on policies that are needed.

     

    In terms of the Ley de Justicia Tributaria, which is in Congress, first, let me say that this law, we understand that this proposal incorporates many suggestions from the position in the private sector, and we value enormously the dialogue that countries can have with the different partners on this, and we salute that.  

     

    Second, more to the content.  There are about 15 corporate income tax special regimes — in Honduras, and by any metric that is too high.  So, it is very important the effort that they are doing to consolidate and hopefully end into three regimes.  And also, it is important to say that Honduras has tax exemptions of around 7 percent of GDP.  That is way above also of what we observe in other places.  And it is also important to discuss whether those regimes, those exemptions, are worth having or not.  And this law exactly proposes some discipline, if you want, on this.  We estimate that it would yield about 1 percent of GDP in revenues in the medium run.  

     

    In terms of Chile, well, you know, I am a Chilean.  So, I will — and we have some rules at the Fund that we should not speak about our countries too much.  So, I will defer the questions to the Mission Chief Andrea, who is available for this.  Although I can say a couple of more broad issues.  I do not want to enter into the fiscal reform law or other things.  

     

    But let me just say that there are important measures taken in Chile align with this call that we have about potential output growth.  They are making efforts to make more predictable and to shorten also the process of permits for the different investments, and that’s — we value that enormously.  Also, there are initiatives to facilitate labor force participation for women.  And that is also something that the Fund for a long time has been advocating.  Of course, this is a marathon.  And in a marathon, you have to — you do not have one silver bullet until you get to the end of the marathon with a couple of measures.  It takes much more in Chile and all countries.  What to do is very country specific.  But as I mentioned before, around rule of law, around security, around predictability, around the labor market, are many other ideas that could be advanced.  Thank you.  

     

    MS. ZIEGLER: Take one more. I know you wanted to ask your questions.  

     

    QUESTIONER: Thank you for taking my question.  What are the IMF’s recommendations for Brazil given the worsening forecasts for public debt?  And the government is working on new measures to cut spending.  What is the importance of these measures?  And additionally, how will fiscal policies, you know, these new measures and higher interest rates, impact future growth?  Thanks.

     

    MS. ZIEGLER: Thanks.  And that is the last question.  

     

    MR. VALDES: Okay, so let me just react to — the question in the following sense.  Brazil has, as other countries, this challenge of how to implement a level of consolidation that is very important to stabilize debt and has a challenge that’s probably not everywhere.  And it is a difficult challenge.  Many of the expenditures are very rigid.  So politically speaking, it is more difficult.  You have to work in the taxation mechanisms that are there.  We understand that they are doing that.  We have recommended that for some time, and that should facilitate this.  

     

    Importantly, in this tango between the central bank and fiscal, we should not look only to the fiscal side.  We should also do it together with monetary policy.  So the growth effects of a consolidation should not be really bad.  First, it could be positive by itself by lowering risk premia, and second, opens up the possibility of — lower rates, and that is important.  

     

    Ana was the Mission Chief for Brazil and now is the reviewer of Brazil, so she may want to add something.  

     

    MS. CORBACHO: Yeah, I just want to say that in our baseline forecast, we do expect an improvement in the fiscal position of Brazil.  But what we have been emphasizing is that this improvement needs to be tackled and underpinned by very concrete revenue and spending measures.  Rodrigo mentioned the challenge of making the budget more flexible.  This will help Brazil have more space to respond to new spending priorities as well as shocks, unforeseen shocks.  It requires deep structural reforms in the big items of spending categories, in wages, in pensions, floors for certain items of the budget, and many more spending rigidities that are very particular to Brazil.  There’s also an agenda to foster revenue mobilization, particularly by reducing inefficient tax expenditures.  And after the groundbreaking VAT Reform, considering also reforms of personal income tax and corporate income tax.  Thank you.  

     

    MR. VALDES: If I just may add as a closing, that we will have the Regional Economic Outlook launch in Paraguay on November 4th.   The report has a couple of accompanying papers on fiscal and labor force participation, labor markets, that are pretty interesting, very detailed.  I hope useful.  Thank you.   

     

    MS. ZIEGLER: Thank you, Rodrigo.  Thank you, Ana.  Thank you, Luis.  This concludes the press briefing.  

     

    SPEAKER: Question on Colombia.

     

    MS. ZIEGLER: Okay.  We can take, if you agree, Colombia.   

     

    MR. VALDES: Yeah, but you should say it before.   Okay, go ahead.  

     

    QUESTIONER: You can do it in Spanish if it is easier for you.  And please, if you can answer in Spanish.   Dr. Rodrigo, for 11 years you have spoken about reforms, but I see that the reforms are really complicated.  Even today, Colombia has not been able to bring about a tax reform in order to collect $3 billion, a little billion dollars, which is just a minor amount at an international level.  What is truly recommended by the IMF so that the reforms will move forward and will not have to face the hurdles and the respective congresses, so that countries can improve their flow of investment and for the trade to truly be dynamic?  You know the history of Colombia.  We grew at 4 percent and now not even at 2 percent.  Thank you.  

     

    MR. VALDES: Thank you for the question.  I will answer in Spanish.  What you are showing is the difficulty in developing reforms.  And when we say, let us develop reforms, we do not do it in a vacuum without understanding that the policy is difficult and not because we face difficulties that would stop us from doing it.  It is key for the region to continue expediting, accelerating the development of reforms and hopefully for the benefit of growth and not only for other things.  And specifically, it is important to do it because of what you were saying, because the potential growth, even in the countries that grew faster 5 or 10 years ago, such as the Pacific Partnership or the Pacific Alliance, has reached an average again.  And we are worried that with that very low average, lower than emerging Europe and much lower than that of emerging Asia, obviously the social needs, the fiscal needs, will not be solved.  And therefore, the appeal is to double effort.  There’s no way of skipping the political effort.  

     

    MS. ZIEGLER: Okay.  If you — have any other questions, please feel free to reach out to us via email at media@imf.org.  Thank you all for attending.  

     

    *  *  *   *  *

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Julie Ziegler

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/25/tr-102524-press-briefing-western-hemisphere-department

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: President Joseph R. Biden Jr. Approves Major Disaster Declaration for the Havasupai Tribe

    Source: US Federal Emergency Management Agency

    Headline: President Joseph R. Biden Jr. Approves Major Disaster Declaration for the Havasupai Tribe

    President Joseph R. Biden Jr. Approves Major Disaster Declaration for the Havasupai Tribe

    WASHINGTON– FEMA announced that federal disaster assistance is available to the Havasupai Tribe to supplement recovery efforts in the areas affected by flooding on August 22-23, 2024.The President’s action makes federal funding available to affected individuals of the Havasupai Tribe. Assistance can include grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses and other programs to help individuals and business owners recover from the effects of the disaster. Federal funding is available to the Havasupai Tribe and certain private nonprofit organizations on a cost-sharing basis for emergency work and the repair or replacement of facilities damaged by the flooding.Federal funding is also available on a cost-sharing basis for hazard mitigation measures for the Havasupai Tribe.Benigno Bern Ruiz has been named the Federal Coordinating Officer for federal recovery operations in the affected areas. Designations may be made at a later date if requested by the Tribal Nation and warranted by the results of further damage assessments. Residents and business owners who sustained losses can begin applying for assistance at http://www.DisasterAssistance.gov, by calling 800-621-FEMA (3362), or by using the FEMA App. Anyone using a relay service, such as video relay service (VRS), captioned telephone service or others, can give FEMA the number for that service.   
    amy.ashbridge
    Fri, 10/25/2024 – 23:08

    MIL OSI USA News –