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Category: Asia Pacific

  • MIL-OSI New Zealand: Speech to the BusinessNZ Health Forum

    Source: New Zealand Government

    Check against delivery.
     
    Kia ora koutou. Thank you, Phil, for the opportunity to speak to you today to the Business NZ Health Forum. Since my appointment as Health Minister, I’ve spent time where it matters most – on the frontline, listening to the people our health system is here to serve. Let me tell you about just a few stories I have heard.There are many positive stories of people receiving exceptional healthcare: 
     

    A Tauranga woman who recently shared her gratitude with me that her chemotherapy drug is now funded because of the Government’s record investment in new cancer drugs.  
    A young person in distress, whose family isn’t sure what to do, being helped by compassionate youth mental health services to work through how to cope.  
    A security guard I met who said he went to an Emergency Department and was seen and discharged in 2.5 hours.

    Review hospital systems from admission to discharge, ensuring patients flow smoothly.

     
    But some are more grim:
     

    An elderly man who requires hip and knee surgery and has been living in pain while they wait for their operations. 
    A cancer survivor who is overdue for their colonoscopy. 
    A person who is worried about a friend that has been waiting for surgery for over for 15 months, only to find out it has been cancelled. 

     
    The failure of our health system doesn’t stop at waiting lists. 

    I’ve heard of a grandmother sent home after waiting for hours in ED, only to return shortly after having had a stroke.

    A grandfather lying in a hospital ward for days, sick and in pain, not knowing when—or if—a doctor would come to see him and tell him what is wrong. 

    And I’ve heard far too many stories over the past five weeks of people who are alive today, not because the system looked after them, but because their wives, husbands, daughters, and sons had to make lots of noise until someone paid attention. 

    That’s not a health system that works.  And if you ask the doctors, nurses, midwives, and other health professionals who keep the system running, they’ll tell you the same thing.  They are just as frustrated—because they got into this job to care for people and provide world-class healthcare to New Zealanders. But the system is failing their patients and them too. Somewhere along the way, our health system became desensitised to patients.  There’s often too much focus on what the unions, the colleges, or professional lobby groups say, and not enough focus on what the patient says.  Because in healthcare, the customer is the patient—the mum with the newborn, the tradie, the farmer, the kaumātua, the grandmother.  They should be at the heart of every decision we make. People working in health have been conditioned to substandard management and conditioned to giving into groups which exert pressure on them.This is not the standard we should accept in New Zealand.  That’s why we must fix the system—so that every patient gets the care they deserve, and every healthcare professional is empowered to do the job they trained so long and hard for. New Zealanders expect better. And under this Government, we will deliver it. 

    A long-term problem made worse by Labour 

    Let’s be clear—this is not a new problem.  Our health system has been overloaded and under pressure for years. But the decisions of the previous government made it significantly worse. We inherited a health system in a state of turmoil.In the middle of a pandemic—when New Zealand needed stability—they ripped the entire structure apart.  They forced through one of the biggest bureaucratic restructures in our history, abolishing 20 District Health Boards overnight and replacing them with a single, centralised bureaucracy.  The reforms stripped decision-making away from regions and districts.They had no plan for how it would actually help patients. Key health targets – used to ensure the system was delivering for patients – were dumped.Instead of supporting frontline workers, they created another layer of bureaucratic management and confusion at the top.  Instead of focusing on patient care and ensuring people didn’t get sicker languishing on ballooning waiting lists, they produced internal reports and shuffled job titles in the head office.  Instead of keeping control of spending, they lost complete oversight of the system’s finances. To put it frankly, the previous government’s 2022 health reforms were rushed and poorly implemented, with disastrous results. Most importantly, those reforms eroded the trust and confidence of New Zealanders in getting access to the health services they need.It’s not just our view. It’s not just what frontline workers and patients say. It’s now documented fact. 
     
    The Deloitte Report – Labour’s health system failure in black and white 

    Today, a report by Deloitte titled the ‘Financial Review of Health New Zealand’—an independent report, not written by politicians, but by financial and operational experts – is being released on Health New Zealand’s website.It delivers a damning verdict on the state of our health system when we took office 16 months ago. The report shows, in black and white, that under the previous government, Health New Zealand lost control of the critical levers that drive financial and delivery outcomes.In simple terms: 

    The agency that was supposed to run our health system had no idea how it was spending its money or the results it was achieving.

    Costs spiralled out of control, with deficits mounting each month. 

    Basic financial oversight collapsed, meaning no accountability, no performance tracking, and no ability to measure success or failure. 

    No systems in place to manage funds appropriately.

     
    Meanwhile, Labour’s plan was to support unions over patients.  As I mentioned earlier, they scrapped health targets, so they didn’t even know what success looked like.
      
    The result? 

    Elective surgeries plummeted. In 2017, 1,037 people were waiting over four months for elective treatment. By the time Labour left office, that number had grown to 27,497. That’s an increase of over 2,551 percent. 

    Emergency department wait times blew out. When National left office, almost 90 percent of patients were seen within six hours. By 2023, that dropped below 70 percent. 

    Childhood immunisation rates collapsed. In 2017, 92.4 percent of children were fully immunised at 24 months. By 2023, that number hit 83 percent. 

    Primary healthcare was ignored. More people than ever couldn’t see a healthcare professional when they needed one. 

     
    This is a system under significant pressure and a system which was recklessly mismanaged under the past government, thrown into turmoil at the worst possible time, and left to drift without accountability. But that changes today. 
     
    Funding for Health

    There is always a need for more investment in health, but more money isn’t the only solution.This Government has invested a record funding boost of $16.68 billion (over three years) in health to help the sector plan for the future, and that includes funding expected growth. The funding boost provided by this Government is enabling Health New Zealand to retain capacity at the frontline and deliver more services to New Zealanders.There are more frontline staff, including more nurses than ever before and more medical staff, allied and scientific staff, and care and support staff.Since it was set up, Health New Zealand’s frontline staff grew by almost 6,500 people, alongside achieving back-office efficiencies. Remuneration for health workforces has also increased.Since 2014, average salaries for nurses and midwives have increased by almost 70 percent, while average salaries for teachers and police have only risen by approximately 35-40 percent over the same period. The average salary of a registered nurse (including senior nurses) is currently around $125,660, including overtime and allowances. This aligns with nurses in New South Wales.Yet we are not seeing the results we have invested in.Productivity is declining and has not kept pace with historic levels of funding and workforce growth.For example, in the decade between 2014 and 2024, core Health operating funding almost doubled, but the number of first specialist assessments undertaken only increased by 17 percent. The waiting list more than doubled during this period to almost 195,000 people.  And as at August last year, over 40 percent of adults needing to see a GP couldn’t get a consultation within a week of when they needed to see one. Every single dollar must deliver better outcomes for patients.  More money going in must mean more results coming out.  But under Labour, we saw more money with worse outcomes, longer waitlists, and declining service levels. That is simply unacceptable. 
     
    What we have done – A back-to-basics approach 

    Since being in office, this Government has been taking action and we are getting results: 

    We reinstated health targets—because what gets measured, gets done.  
    We’re doing more operations. Last year, the health system carried out over 144,000 elective procedures – 10,000 more than the previous 12 months. 
    We are moving resources back to the frontline, cutting wasteful bureaucracy.  
    The health workforce is being paid more. 
    We’re investing in health infrastructure—building new hospitals, upgrading existing ones, and modernising equipment. There are currently 66 Ministerially approved health infrastructure projects, worth a cumulative $6.3 billion in the pipeline. 
    We have begun stabilising the system, although there’s still a long way to go.

    But let me be clear—this is just the beginning.
     
    My five key priorities as Minister
    Healthcare is a top priority for everyone in New Zealand. I see it every day as an electorate MP, a father of three young children, and as Health Minister travelling the country. Yes, there will always be a need for more money in healthcare, and as Minister, I will fight every single day to invest more and deliver more for you.I am proud of the investment this Government is putting into health. However, I will also be holding the system to account to deliver more for the funding that is being invested.Investing in primary care and funding additional operations are at the heart of my five clear priorities as Health Minister. They are:
     

    Stabilising Health New Zealand’s governance and accountability allowing it to focus on delivering the basics
    Reducing emergency department wait times
    Delivering a boost in elective surgery volumes to get on top of the backlog and reduce waiting lists
    Fixing primary care to ensure easier access 
    Providing clarity on the health infrastructure investment pipeline.

     
    1. Focusing Health New Zealand on delivering the basics
    My first priority is getting the basics right. It follows years of worsening results being the only thing being delivered.We are going to turn this around by focusing on delivery and achieving targets. Our health targets matter because they demonstrate performance. But it’s not enough to have them on paper—we must deliver real results. Over the last few years, the previous Government’s decision to restructure in the middle of a pandemic—and to remove those targets—led us to where we are now. Too many people are waiting too long for critical assessments and treatments.Health New Zealand should run a health system, not a bureaucracy. Instead of focusing on patients, it got lost in process. That changes now.No more excuses. We measure success in one way: better outcomes for patients.Health New Zealand has struggled to come together as a cohesive team that supports the organisation to deliver for patients. Senior Leadership Team members have only just begun weekly in-person meetings, and have continued to operate from different offices, despite the majority living in Auckland and the organisation being two and a half years old.This has meant the organisation has failed to create a cohesive team to lead the organisation forward.Today, I’m outlining my expectations for Health NZ to deliver a nationally planned and consistent, but locally delivered, health system. I expect core services (infrastructure, data, digital, HR, comms) will sit at head office, with national executive leadership focused on national programmes, shared services, overall governance and planning and empowering districts. I have directed the Commissioner to accelerate the shift to local decision-making and service delivery, and set a requirement for local delivery plans to be developed. I expect this to be done by July.This will enable local leaders to plan effectively, be clear about their budgets, allocate resource to where it’s most needed, and deliver better outcomes for their communities.Because all healthcare is local.I expect there to be strong regional coordination to support local delivery, with singular lines of accountability flowing from the national executive level through to the frontline.Under Labour, financial controls vanished, clinical input was lost, and local districts were disempowered. We are restoring that.Today, I have issued a new letter of expectation and Health New Zealand has released its delivery plan to reflect this.I will also bring back a board for Health New Zealand. Now that the plan is set, it is time to begin the process of transitioning to traditional governance.In the coming weeks, nominations open for the new board. If you have passion for healthcare and a demonstrated track record of delivery, we need you.I’d like to take this opportunity to thank the Commissioners for their work to date and I look forward to working with them as they deliver on their plan and as we transition to a board.
     
    2. Fixing Primary Healthcare – easier access for everyone
    My second priority is ensuring timely GP access. New Zealand has a shortage of family doctors, who play an important role in helping Kiwis to stay well and out of emergency departments.But last year a third of GP practices had their books closed, forcing people to emergency departments. And if you can’t book in to see your GP or nurse when you need one, you end up in ED when you shouldn’t have to. No one should wait weeks to see a GP and we are set on fixing that.Historically, more funding has been invested in more costly hospital and specialist services at the expense of primary and community care. Over the past five years, hospital funding has increased at a higher rate than primary and community funding. Hospital funding went up by almost 53 percent, while primary and community funding increased by 41 percent.This means we’re missing opportunities for earlier and less costly interventions.We must shift the dial towards primary care, both to improve access for New Zealanders and because it is the fiscally responsible thing to do.We have already made a number of important announcements this week about how we will improve access to primary care including: 
     

    Making it easier for New Zealanders to see a doctor. We’re providing up to 100 clinical placements for overseas-trained doctors to work in primary care. This will support their transition into GP practices that need them most.  

    We are also ramping up the number of trainee GPs to give Kiwis better access to healthcare in their communities. We’re introducing a funded primary care pathway to registration for up to 50 New Zealand-trained graduate doctors each year from 2026.

    We’re training more new doctors. During the term of this Government, medical school placement have increased by 100 places each year.

    We’re investing to increase the number of nurses in primary care. This includes supporting GP practices and other providers outside hospitals to hire up to 400 graduate registered nurses a year from this year.

    Improving access to 24/7 digital care. This will provide all New Zealanders with better and faster access to video consultations with New Zealand-registered clinicians, such as GPs and nurse practitioners, for urgent problems, 24 hours a day, seven days a week. People will be able to be diagnosed, get prescriptions, be referred for lab tests or radiology, and have urgent referrals organised.

    These measures focus on giving our primary care workforce the numbers and support they need, so that when you or your whānau need to see a GP, you can—without facing weeks-long wait times or closed books.Strengthening urgent and after-hours care will also be a focus of mine as part of our plan to enable faster access to primary care, and work on this is underway.This week I also announced that Health New Zealand has agreed to deliver a $285 million uplift to funding over three years for general practice from 1 July, in addition to the capitation uplift general practice receives annually.This will be incentivise GPs to improve access and patient outcomes – especially around improved vaccination rates and supporting family doctors to undertake minor planned services. This is just the start – there is more to do. Health New Zealand has work underway to rethink how we fund primary care to make it faster, more accessible, and more sustainable. 

    3. Reducing ED wait times
    My third priority is emergency departments, which have seen lengthy wait times continue to increase since targets were scrapped. The ED target is not just about making sure patients are seen quickly but it pushes every part of the hospital to work smoothly.Emergency departments are the beating hearts of hospitals – if they are operating efficiently and effectively, that reflects the effectiveness and efficiency of every part of the hospital. If wait times are too slow in the ED department it indicates problems throughout the hospital. I expect Health New Zealand to: 

    Empower clinicians at local levels to fix bottlenecks in real time.
    Integrate the primary care reforms, so fewer preventable cases end up in ED. This will be done by hiring and training more doctors and nurses and ensuring New Zealanders have access to round-the-clock care.

    The relationship between our hospitals and primary care is critically important, but has broken down in recent years and needs to be fixed. Empowering the primary care sector can help keep people out of hospital and manage patients much more cost effectively in our communities.We need our hospitals working with our primary health care providers to achieve this, and we need many more hospital services delivered locally in communities rather than centrally in our hospitals. We are restoring a focus on ED shorter stay targets, forcing real improvements across the entire hospital. We want to see 95 percent of people admitted, discharged, or transferred from an emergency department within six hours. 

    4. Clearing the elective surgery backlog
    My fourth priority is elective surgeries, where 27,497 people were waiting more than four months for surgeries they desperately needed in September 2023—a number that was 1,037 under National in 2017. This backlog is unacceptable and has unfortunately grown since we came to Government.But we have arrested the decline in the number of operations. As I mentioned earlier, last financial year, the health system carried out 10,000 more elective procedures than in the previous 12 months. However, we must still urgently increase the volume of surgeries.The elective surgery wait list target isn’t just about measuring performance of the system, it is about people. Behind every number is an individual, a family, many waiting in pain and families anxious for their loved ones to have the surgery they need. We can’t keep doing things the way we currently do it. At the moment Health NZ undertakes both elective surgery, and also responds to acute need, with planned elective surgery often being disrupted by acute need, leaving patients waiting for treatment and waitlists continuing to grow. At the same time, the small amount of planned care that is outsourced to the private sector is often done on an ad hoc basis, meaning Health New Zealand is paying premium prices.This practice must stop. Kiwis waiting in pain for an operation aren’t worried about who is delivering the operation, they just want it done as quickly as possible. I want to see Health NZ both lifting its own performance on elective surgeries, but also partnering closely with the private sector to ensure we can get on top of the waitlists and get kiwis the operations they need as quickly as possible. By partnering with the private sector, we can ensure people get the care they need, and Health New Zealand can achieve value for money through long-term contracts with the private sector. I expect Health New Zealand to work closely with ACC – which already has many of these arrangements in place – to ensure value for money for taxpayers and faster treatment for patients.Today I am pleased to announce the first part of this plan with Health New Zealand investing $50 million between now and the end of June this year to reduce the backlog of people waiting for elective surgeries. That will see an extra 10,579 procedures carried out between now and the middle of this year, with work also underway now to negotiate longer term agreements. This will improve the quality of life of thousands of New Zealanders. It will mean people can return to work, take up hobbies again, and continue to build precious memories with loved ones. I can also announce that I have asked Health New Zealand to work with the private sector to agree a set of principles that will underpin future outsourcing contracts. This will include: 
     

    Ending the use of expensive ad hoc, shorter-term contracts for elective surgeries. 
    Negotiating longer-term, multi-year agreements to deliver better value for money and better outcomes for patients. 
    Agreeing on plans to recruit, share, and train staff which already bridge both the public and private hospitals. 

     
    Long term, I want as much planned care as possible to be delivered in partnership with the private sector, freeing public hospitals for acute needs. However, this needs to be done in a way which is mutually beneficial for our public health system and our workforce. To be clear, the system remains publicly funded, so everyone has access, but this will allow Health New Zealand to leverage private capacity to reduce wait times for patients. 
     
    5. Investing in health infrastructure – building for the future
    My fifth priority is infrastructure—physical and digital. Our hospitals and data systems are in dire need of upgrade. Health New Zealand is grappling with an outdated infrastructure that is inhibiting changes to models of care that improve patient outcomes and drive efficiencies.Currently: 

    Health New Zealand has about 1,200 buildings – some have significant seismic risks, other older buildings are not clinically fit for purpose. 
    Digital infrastructure is also fragmented. There are an estimated 6,000 applications and 100 digital networks. That equates to roughly one application for every 16 Health New Zealand staff members, which is unsustainable.

    We need solutions. That includes: 

    Investigating creating a separate Health Infrastructure Entity under Health New Zealand, to manage and deliver physical and digital assets. 
    Publishing a long-term plan for health infrastructure so Kiwis know what’s being upgraded across New Zealand and can see a 10-year pipeline of capital projects 
    Putting all funding and financing options on the table—this will require bold, sustainable investment.  

    Health infrastructure has been neglected for decades.We’re turning that around. There are currently health infrastructure projects, worth a cumulative $6.3 billion in the pipeline.That includes:
     

    A new hospital in Dunedin. 
    Modern cancer treatment facilities in Hawke’s Bay and Taranaki 
    The extensive facilities infrastructure remediation programme at Auckland City Hospital and Greenlane Clinical Centre, and 
    Manukau Health Park and Hillmorton specialist mental health services in Christchurch. 

    Hospitals don’t run on press releases; they run on real investment. We are delivering that. 
     
    Stripping out bureaucracy, demanding delivery
    At the end of the day, you can’t manage what you don’t measure. It comes down to results, accountabilities, and every single person in the health system playing their part. My message to Health New Zealand is simple: I expect delivery. I expect a back-to-basics approach, with less talk and more action.I expect a relentless focus on improving health outcomes for New Zealanders and for Health New Zealand to reallocate baseline funding to implement immediate action.We’ve had enough talk. It’s time to fix this system.
     
    A health system that delivers for every New Zealander
    New Zealanders don’t want more reports or more excuses—they want action: 

    Health targets are back.
    We’re taking action to stabilise surgery waitlists.
    More doctors and nurses are being trained and recruited.
    Hospitals are being upgraded.
    Primary care is being strengthened.

     
    This isn’t just talk; it’s real change. And I promise every New Zealander: we will not stop until our health system delivers timely, quality care to all.We are embarking on this shift with urgency.Patients come first. And this Government will not rest until that’s a reality.Thank you very much.

    MIL OSI New Zealand News –

  • MIL-Evening Report: Two polls predict a thumping victory for Labor in WA election, the first with a reformed upper house

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    The Western Australian state election will be held on Saturday, with polls closing at 9pm AEDT. A Newspoll, conducted February 27 to March 5 from a sample of 1,061, gave Labor a 57.5–42.5 lead, a 1.5-point gain for Labor since an early February WA Newspoll.

    Primary votes were 44% Labor (up two), 29% Liberals (down three), 5% Nationals (up two), 10% Greens (down two), 3% One Nation (down one) and 9% for all Others (up two).

    Labor Premier Roger Cook’s net approval was down one point to +17, with 55% satisfied and 38% dissatisfied. Liberal leader Libby Mettam’s net approval was up three to +1. Cook led as better premier by 53–34 (54–34 previously).

    The Poll Bludger reported Friday that a DemosAU poll for The West Australian, conducted March 4–5 from a sample of 1,126, gave Labor a 57–43 lead. Primary votes were 43% Labor, 30% Liberals, 5% Nationals, 11% Greens and 11% for all Others. Cook led as preferred premier over Mettam by 47–32. By 49–31, voters thought WA was headed in the right direction.

    At the March 2021 WA election, Labor won 53 of the 59 lower house seats on a two-party vote of 69.7–30.3, a record high for either major party at any state or federal election. Labor won 59.9% of the primary vote.

    Labor was never going to match the 2021 result at this election, but if the results on Saturday reflect the Newspoll and DemosAU polls, they will exceed their 2017 result, when Labor won 41 of the 59 seats on a two-party vote of 55.5–44.5.

    Upper house reforms

    Prior to this election, WA had six upper house regions that each returned six members. From the ABC’s 2021 WA election pages, there were three Perth regions and three non-metro regions. Perth had 75% of WA’s enrolled voters, but only 50% of upper house seats.

    Furthermore, the Mining & Pastoral region and Agricultural region had far fewer enrolled voters than the South West region. Combined, these two regions had just 10.1% of WA’s enrolled voters, but 33.3% of upper house seats.

    Labor’s huge 2021 win gave them a majority in the upper house for the first time in WA history, with 22 of the 36 seats. Labor used this opportunity to convert the upper house into a single statewide electorate that will return 37 members by proportional representation with optional voter-directed preferences.

    Under these reforms, a quota for election will be 1/38 of the vote or 2.63%. Parties that win about half the quota have a reasonable chance of winning a seat, so 1.3% could be enough to win. Labor also abolished group ticket voting (GTV), leaving Victoria as the only Australian jurisdiction that still uses this discredited system.

    The Poll Bludger reported on February 23 Liberal leader Libby Mettam has promised to try to revert back to the old very malapportioned system if the Liberals win the election, rejecting the principle of one vote, one value. The old system was biased towards the Liberal and National parties. Analyst Kevin Bonham has condemned the Liberals.

    ABC election analyst Antony Green said there will be 13 groups on the upper house ballot paper and a total of 146 candidates. To get a group box above the line, at least five candidates for that group were required. The number of candidates has been more than halved from 2021, when there were 325 upper house candidates. Group ticket voting encouraged a proliferation of micro parties and candidates.

    In the lower house, there will be a total of 398 candidates for the 59 seats, down from 463 in 2021. Labor, the Liberals and Greens will contest all seats, the Nationals will contest 20, the Australian Christians 54 and One Nation 41.

    Labor has huge lead in a SA state poll

    The next South Australian state election will be held in March 2026. A DemosAU poll, conducted February 18–23 from a sample of 1,004, gave Labor a 59–41 lead (54.6–45.4 to Labor at the March 2022 election). Primary votes were 43% Labor, 30% Liberals, 10% Greens and 17% for all Others.

    Labor incumbent Peter Malinauskas led the Liberals’ Vincent Tarzia as preferred premier by 51–23. By 53–33, voters thought SA was headed in the right direction.

    The Poll Bludger reported Monday electoral reforms have passed parliament that will allow postal and pre-poll votes to be counted on election night. At previous SA elections, only votes cast at ordinary election day booths were counted on election night, with other types of votes taking at least a few days to count.

    In the federal part of this poll, Labor led by 53–47 in SA (54.0–46.0 to Labor in SA at the 2022 federal election). Primary votes were 35% Coalition, 34% Labor, 11% Greens, 6% One Nation and 14% for all Others. Anthony Albanese led Peter Dutton as preferred prime minister by 39–33, and by 46–39 voters did not think Australia was headed in the right direction.

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

    – ref. Two polls predict a thumping victory for Labor in WA election, the first with a reformed upper house – https://theconversation.com/two-polls-predict-a-thumping-victory-for-labor-in-wa-election-the-first-with-a-reformed-upper-house-250264

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Video: RBNZ 35 years of flexible inflation targeting conference: Keynote address from Dr. Ben S. Bernanke

    Source: Reserve Bank of New Zealand (video statements)

    Opening remarks from Acting Governor Christian Hawkesby (00:08)

    Keynote address: On inflation targeting Ben S. Bernanke, Distinguished Senior Fellow, The Brookings Institution (10:10)

    https://www.youtube.com/watch?v=PFNPbDEx4As

    MIL OSI Video –

  • MIL-OSI Video: RBNZ 35 years of flexible inflation targeting conference: Session 2 – The Monetary Policy Stance

    Source: Reserve Bank of New Zealand (video statements)

    Targeted Taylor rules: some evidence and theory (01:26) – Boris Hofmann, Bank for International Settlements; Cristina Manea, Bank for International Settlements; Benoit Mojon, Bank for International Settlements.

    How important is global r-star for open economies? (41:39) – James Morley, University of Sydney; Benjamin Wong, Monash University

    https://www.youtube.com/watch?v=xNk4SWGZ7-c

    MIL OSI Video –

  • MIL-OSI United Kingdom: expert reaction to study looking at butter or vegetable oils and mortality, as published in JAMA Internal Medicine

    Source: United Kingdom – Executive Government & Departments

    Scientists comment on a study published in JAMA Internal Medicine looking at butter consumption, plant-based oil consumption, and all-cause, cancer-related and cardiovascular disease-related mortality.

    Prof Sarah Berry, Professor of Nutritional Sciences, King’s College London, said:

    “The study shows that high butter consumption is linked to increased cancer and total mortality, whereas plant-based oils are linked to a lower risk of overall mortality and death due to cardiovascular disease and cancer.

    “This research is very timely.  Social media is currently awash with influencers promoting butter as a health food and claiming that seed oils are deadly.  This large-scale, long-term study finds the reverse.  The authors produce further evidence that seed oil consumption is linked to improved health and that butter – delicious as it is – should only be consumed once in a while.

    “In a sane world, this study would give the butter bros and anti-seed oil brigade pause for thought, but I’m confident that their brand of nutri-nonsense will continue unabated.”

    Dr Louise Flanagan, Head of Research for the Stroke Association, said: 

    “Stroke is the fourth leading cause of death in the UK and a leading cause of adult disability – but, fortunately, nine out of 10 strokes can be prevented.  High blood pressure is the cause of around half of all strokes.

    “This study covered a wider range of plant oils than previous research to find that greater consumption of rapeseed oil, soybean oil or olive oil is associated with an overall lower risk of death.  It is positive to see other plant oils being considered in this way as olive oil has been a focus of much research in the past.

    “The suggestion to switch from butter to plant oils is achievable for many people.  However, it was only olive oil that was associated with a lower risk of death due to cardiovascular disease, including stroke.  Olive oil is typically more expensive than other oils like rapeseed which means that its potential health benefits could be out of financial reach for some.

    “The study didn’t consider what eating both butter and plant oils means in terms of health risks, which is likely to be what many people naturally do.  This is potentially something which could be considered in future studies.

    “The Stroke Association encourages people to maintain a healthy diet, exercise regularly, not smoke and monitor alcohol intake, which can help to maintain healthy blood pressure.  Anyone with concerns should speak to their GP.”

    Prof Parveen Yaqoob, professor of nutritional science at the University of Reading, said:

    “The link between diets high in saturated fat, particularly animal-based fat such as butter and lard, and higher mortality has been argued for decades.  I have seen American adverts from the 1960s extolling the virtues of American housewives “polyunsaturating” their husbands when they come home from work.  This is a fun historical reminder of the link between the food industry and dietary health messages, as well as showing how much woman have had to fight for social progress.

    “This latest research provides strong additional data to support the ‘healthier fats’ theory.  The research followed a large cohort of health workers in America over many years.  The use of food frequency questionnaires means that we are relying on the participants to remember what they have eaten and how much, which we know can be an unreliable indicator of actual dietary patterns.

    “The scientists for this study highlight that not all vegetable oils are equal.  Although butter was being replaced by corn oil and sunflower oil, which are polyunsaturated, in the 1960s and 70s, the oils they are talking about in the research – olive, canola and soybean – are mainly monounsaturated.  The researchers suggests that these are more beneficial than the polyunsaturated fats, and refer to the Mediterranean diet, which is higher in monounsaturated fats such as olive oil, for that reason.  While many Western diets shifted away from saturated fat to polyunsaturated fat in the 1970s, the oils that we consume more often now contain more monounsaturates, which seem to be more beneficial.  Given that there are some plant-based oils that are high in saturates – such as palm oil and coconut oil – it is important to consider them separately.

    “Recent dietary fads have suggested a re-examination of evidence on dietary fat.  People who are confused about these conflicting messages about their diet should focus on broader, well-established advice, which can be summarised as: eat more fresh vegetables.”

    Prof Tom Sanders, Professor emeritus of Nutrition and Dietetics, King’s College London, said:

    “This important study shows that people who chose to eat butter don’t live as long as those who chose to eat vegetable oils.  It is a well conducted prospective study of 221,054 health professionals who were in their fifties when enrolled and followed up for 33 years.  Dietary intakes were assessed every 4 years.  The study reports that those who had the highest intake of butter were 15% more likely to die prematurely (from both cardiovascular disease and cancer).  In comparison the opposite was true (a 16 % reduction in relative risk of all-cause mortality), for participants who had the highest intake of vegetable oil.  The same relationship was seen for olive oil, soybean oil and canola oil (rapeseed oil).

    “The strength of the study is the long period of follow-up, repeated measures of dietary intake and adjustment in the statistical analysis for other factors such as smoking habit and obesity.  The findings do not apply to sunflower, palm or coconut oils which were not consumed to any significant extent in this study.  The limitations are that this an observational study not a randomised controlled trial.  Furthermore, the findings with regard to health professionals may differ from the general population because they are better informed about healthy lifestyle choices.

    “Butter is high in saturated fat, contains some trans fatty acids but is very low in polyunsaturated fats.  Whereas unhydrogenated soybean, canola and olive oils are low in saturated fatty acids but high in unsaturated fats.  Replacement of butter with these vegetable oils is well documented to lower blood cholesterol, particularly that associated with low density lipoprotein (LDL) by about 10%.  This change in LDL cholesterol would be predicted to reduce the relative risk of death by about 3% which is much less than what was observed in this study.  It remains possible that a higher intake of polyunsaturated fatty acids (especially linoleic acid) from the vegetable oil may have played a role in reducing risk by a variety of mechanisms.  An alternative explanation may be that health professionals who are sensible follow prevailing healthy eating and lifestyle advice compared to those who don’t.

    “The take home message is that it is healthier to choose unsaturated vegetable oils rather than butter.  This is particularly relevant as there has been much negative publicity about vegetable oils on social media, which are based on unfounded claims of potential harmful effects, rather than deaths as described in the present study.”

    Prof George Davey Smith, FRS FMedSci, Professor of Clinical Epidemiology, University of Bristol, said:

    “Yet again these studies show that the exposure that is accompanied by large differences in other adverse health exposures – e.g. more than double the rate of cigarette smoking in the highest quartile vs lowest quartile of butter consumption is associated with worse health outcomes.  That these differences cannot be taken into account by the statistical models the authors use is well known; measurement error and unmeasured factors ensure this.  It is now more than 30 years since these authors published two high profile papers back to back in the New England Journal of Medicine claiming that vitamin E supplement use would reduce heart disease risk by 40%.  The claims were incorrect, but many people believed them – the story was the headline news in the New York Times – and started taking vitamin E supplements.  However randomised trials later showed this was nonsense: there was no benefit.  This is documented in the first few minutes of this recent talk https://www.youtube.com/watch?v=8IgpTT5ZXXU&t=2s  As in the conclusion of my blog1 on the same authors’ “dark chocolate” paper, the interesting question this paper raises is “why do supposedly legitimate journals keep publishing papers like this?”.”

    1 https://ieureka.blogs.bristol.ac.uk/2024/12/04/dark-chocolate-diabetes/

    * ‘Butter and Plant-Based Oils Intake and Mortality’ by Yu Zhang et al. will be published in JAMA Internal Medicine at 21:00 UK time on Thursday 6 March 2025, which is when the embargo will lift.

    DOI: 10.1001/jamainternmed.2025.0205

    Declared interests

    Prof Sarah Berry: “Sarah has received funding from the Almond Board of California, Malaysian Palm Oil Board and ZOE (Chief scientist at ZOE Ltd, options and consultancy at ZOE Ltd.).”

    Dr Louise Flanagan: “None.”

    Prof Parveen Yaqoob: “Professor Parveen Yaqoob is Deputy Vice-Chancellor, and Pro-Vice-Chancellor (Research & Innovation) of the University of Reading, and professor of nutritional science in the Department of Food and Nutritional Sciences, which has funding from public bodies, charities and businesses to conduct independent scientific research on food and nutrition.

    The Department has done work on dietary fat, including research co-authored by Parveen as part of the DIVAS project: https://research.reading.ac.uk/ifnh/cases/milk-dairy-consumption-risk-cardiovascular-diseases-cause-mortality/  Mostly government or UKRI funded, with industry partners.  The papers listed from that project list grant numbers.

    Work on reducing saturated fat in dairy was a REF case study, which includes grant numbers from BBSRC and MRC, and had industry partners throughout, which is one of the ways in which the research was considered to have impact.

    https://results2021.ref.ac.uk/impact/eefa0a3d-4ba8-4419-8c28-836e06b41eed?page=1.”

    Prof Tom Sanders: “I am a member of the Programme Advisory Committee of the Malaysia Palm Oil Board which involves the review of research projects proposed by the Malaysia government.

    I also used to be a member of the Scientific Advisory Committee of the Global Dairy Platform up until 2015.

    I did do some consultancy work on GRAS affirmation of high oleic palm oil for Archer Daniel Midland more than ten years ago.

    My research group received oils and fats free of charge from Unilever and Archer Daniel Midland for our Food Standards Agency Research.

    Tom was a member of the FAO/WHO Joint Expert Committee that recommended that trans fatty acids be removed from the human food chain.

    Member of the Science Committee British Nutrition Foundation.  Honorary Nutritional Director HEART UK.

    Before my retirement from King’s College London in 2014, I acted as a consultant to many companies and organisations involved in the manufacture of what are now designated ultraprocessed foods.

    I used to be a consultant to the Breakfast Cereals Advisory Board of the Food and Drink Federation.

    I used to be a consultant for aspartame more than a decade ago.

    When I was doing research at King’ College London, the following applied: Tom does not hold any grants or have any consultancies with companies involved in the production or marketing of sugar-sweetened drinks.  In reference to previous funding to Tom’s institution: £4.5 million was donated to King’s College London by Tate & Lyle in 2006; this funding finished in 2011. This money was given to the College and was in recognition of the discovery of the artificial sweetener sucralose by Prof Hough at the Queen Elizabeth College (QEC), which merged with King’s College London. The Tate & Lyle grant paid for the Clinical Research Centre at St Thomas’ that is run by the Guy’s & St Thomas’ Trust, it was not used to fund research on sugar. Tate & Lyle sold their sugar interests to American Sugar so the brand Tate & Lyle still exists but it is no longer linked to the company Tate & Lyle PLC, which gave the money to King’s College London in 2006.”

    Prof George Davey Smith: “No COIs.”

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: With Yemen Poised for Renewed Conflict, Insufficient Aid and Environmental Crisis, Security Council Hears Political Process, Humanitarian Funding Urgently Needed

    Source: United Nations General Assembly and Security Council

    “Numbers in My Next Briefings Will Be Worse,” Says Emergency Relief Coordinator

    Fear of Yemen plunging back into widespread conflict is “palpable”, the United Nations’ top official in that country told the Security Council today, calling on the parties to refrain from military posturing and instead agree on a nationwide ceasefire.

    “I see and hear the deep frustration of the Yemeni people who continue to bear the heavy burden of a decade of war” and whose grinding hardship “only deepens”, said Hans Grundberg, Special Envoy of the Secretary-General for Yemen.  He added that gross domestic product (GDP) per capita has more than halved, the Yemeni rial in Government-controlled areas has fallen by 50 per cent in the last year and poverty has surged across the country.

    Even though large-scale ground operations have not resumed since the UN-mediated truce was implemented in April 2022, he reported that military activity continues.  On that, he voiced concern over recent reports of shelling, drone attacks, infiltration attempts and mobilization campaigns recently witnessed in Ma’rib, Al Jawf, Shabwa and Ta’iz.  Relatedly, he warned against a rise in rhetoric from the parties, who are pre-positioning themselves publicly for military confrontation.  Words, intent and signals matter, and “escalatory discourse can have real consequences”, he added.

    Stressing that his team remains “undeterred” amid enormous challenges, he highlighted its recent, relentless engagement with both Yemeni and international stakeholders.  To settle the conflict, the parties must agree on a nationwide ceasefire and a mechanism to implement it.  Furthermore, he underlined the need for a political process that includes “a broad spectrum of Yemenis that will allow this conflict to settle once and for all”.

    While welcoming the continued cessation of attacks by Ansar Allah on vessels in the Red Sea and targets in Israel during the last month, he emphasized that “enabling environments for peace can be fragile and fleeting” and “positive developments must be put on a more-permanent footing”.  Reiterating his determination to convene the parties at any opportunity to end this decade-long conflict, he stated:  “We owe it to the millions of Yemenis not to waver or falter in our determination on this.”

    “I am not here to defend programmes, spreadsheets and institutions, but people,” said Tom Fletcher, Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator.  Severe funding cuts are a “body blow”, he stressed.  Humanitarian coordinators are analysing where to make dramatic cuts, as well as “the implications of the tough choices we are making on which lives not to save”, he added.  On the United States’ designation of the Houthis as a foreign terrorist organization, he said that it is vital to ensure civilians in Yemen have access to essential food and medicine — whether through commercial or humanitarian channels.

    Continuing, he observed that 9.6 million women and girls in Yemen are in severe need of life-saving humanitarian assistance, while 1.5 million girls remain out of school — preventing them from breaking cycles of discrimination.  “As your funding for Yemen evaporates, the numbers in my next briefings will be worse,” he warned, adding that more women will die and more will be forced into survival sex, begging, coerced prostitution, human trafficking and selling their children.  And yet, he noted, women remain on the frontlines of survival and recovery — 40 per cent of the Yemen Humanitarian Fund goes to women-led organizations, most of which are local.

    Also briefing the Council today was Nesmah M. Ali, civil-society representative from the Peace Track Initiative, who said that Yemen’s myriad crises have weakened State institutions, collapsed social protection systems and created multidimensional insecurities.  Recalling that she was forced to leave her hometown in 2020, she stated:  “I am a migrant of conflict and climate change.”  The war has devastated Yemen’s environment, she said, adding that attacks on oil refineries and ports, landmines in fields and coastal areas and destruction of power stations and water systems have left that country in ruins.

    And climate change is deepening Yemen’s crisis, she stressed, as floods displace landmines, complicate demining actions and exacerbate pre-war intertribal conflicts over scarce resources.  While women are disproportionately affected by climate change and more vulnerable to natural disasters, their stories of determination — “amid vanishing fish, ruined crops and deferred dreams” — highlight their unwavering strength, and she urged the Council to prioritize the impact of climate change and conflict on gender equality.

    Council Members Condemn Detentions

    In the ensuing discussion, many Council members condemned the ongoing detention by the Houthis — officially known as Ansar Allah — of UN personnel and the tragic death of a World Food Programme (WFP) staff member in their captivity.

    Among them was Panama’s delegate, who called for the immediate and unconditional release of all humanitarian and diplomatic personnel, as well as respect for their fundamental human rights.  The representative of France urged the Houthis to end all threats and disinformation campaigns against humanitarian actors.  Picking up that thread, the United Kingdom’s delegate expressed support for the UN’s decision to pause humanitarian operations in Saada, describing this pause as “a direct consequence” of the Houthi threat undermining the security and safety of aid workers.

    United States Designates Houthis as Terrorist Organization, Others Urge Dialogue

    The representative of the United States said that her country is taking concrete steps to eliminate the Houthis’ capabilities by designating them as a foreign terrorist organization and using targeted sanctions to deprive them of illicit revenues.  “Our sanctions seek to preserve space for legitimate activities that support Yemenis living in Houthi-controlled territory who bear no responsibility for the Houthis’ malign actions,” she stressed.  Washington, D.C., will also take steps to stop Iran’s support for Houthi terrorism, and she added:  “We will take action against the Houthis should they resume their reckless attacks in the Red Sea and surrounding waterways and on Israel.”

    However, her counterpart from the Russian Federation called on the United States Government to reconsider its decision to designate Ansar Allah as a terrorist organization, stressing that “openly antagonising one of the key sides to the conflict will do no good”.  The voices of all political forces must be considered, and the ineffective logic of maximum pressure abandoned, he stressed, drawing attention to Moscow’s proposal to create a framework for collective security in the Persian Gulf.

    Pakistan’s delegate also emphasized the critical role of dialogue, highlighting regional initiatives led by Saudi Arabia and Oman.  He also noted that there have been no new attacks on commercial shipping since the onset of the ceasefire in Gaza.  “While we unequivocally condemn such attacks,” he added that it is crucial to acknowledge that “the absence of the attacks coincides with the maintenance of the ceasefire in Gaza”. 

    While also welcoming the pause in attacks in the Red Sea and on Israel, the representative of the Republic of Korea voiced concern over the Houthis’ “repeatedly declared” readiness to resume such attacks if the hard-won ceasefire and hostage deal in Gaza breaks down.  “This is simply unacceptable,” he asserted.

    Speakers Underline Nexus between Conflict and Environment

    On the fragile situation on the ground, the speaker for Greece said that “the risk of military escalation has not eclipsed”.  As a historic seafaring nation, Greece supports the freedom of navigation and is committed to safeguarding maritime security in the region.  Highlighting the interconnectedness of climate, peace and security, he said that the FSO Safer and the Greek-flagged MV Sounion cases demonstrated the conflict’s environmental and humanitarian consequences.

    The convergence of prolonged conflict, environmental degradation and climate change has created a perfect storm of crises in Yemen, echoed Denmark’s delegate, Council President for March, speaking in her national capacity.  As the world’s third-most vulnerable country to climate change, Yemen is highly affected by climate-induced disasters, she observed, urging the Council to ensure that climate considerations are integrated into peacebuilding strategies, local mediation efforts and a future peace settlement process.

    Also highlighting the impact of climate change and conflict on food and water insecurity, the representative of Slovenia — whose country is a founding member of the Global Alliance to Spare Water from Armed Conflicts — called for the protection and development of water resources and infrastructure in Yemen.  “We strongly believe that water issues can be an entry point for grassroots dialogue and mutual understanding between parties, as well as empowering women,” he added. 

    Painting a grim picture of the dire humanitarian situation in Yemen, Sierra Leone’s delegate — who also spoke for Algeria, Guyana and Somalia — called for increased support for the 2025 Humanitarian Response Plan. “Despite shrinking aid budgets, we recognize the tireless efforts of humanitarian organizations and their personnel to meet the urgent needs of the Yemeni people,” he said.  China’s representative also urged States to increase humanitarian assistance and prioritize food security, emphasizing that “a political solution is a fundamental way out of the Yemeni issue”.

    Yemen’s Speaker Urges Aid Organizations Relocate to Aden

    As the conflict enters its eleventh year, the Yemeni people aspire to peace, said that country’s representative. However, these aspirations could not materialize due to the destructive approach of Iran-backed Houthi militias who rejected all efforts to that end, he said, welcoming the United States’ designation of the Houthis as a terrorist organization.  He underscored the importance of strategic partnerships to support the Government’s efforts to end the coup, restore State institutions and extend State authority over all Yemeni soil. 

    He further stressed that, despite the economic, humanitarian, social and institutional challenges caused by the war, the Government is making “tremendous efforts” to address currency depreciation and unemployment.  Condemning the ongoing detention of international personnel, he cautioned that the militias “will not stop their blackmailing of the international community”.  Accordingly, he urged the UN and other international organizations to transfer their headquarters to Aden, the temporary capital.

    MIL OSI United Nations News –

  • MIL-OSI Australia: Interview with FIVEAA Breakfast with David Penberthy and Will Goodings

    Source: Australian Government – Minister of Foreign Affairs

    Sonya Feldhoff, Host: This is a breakfast that is the biggest breakfast not only in South Australia. So, let’s get this right, this is all over the country and for the 23rd year running, it is hosted by Senator Penny Wong, who joins us now. Senator, thank you for your time.

    Penny Wong, Foreign Minister: Good morning to everybody. Happy, well, it’s not quite IWD because we hold this breakfast the closest day to, but happy almost International Women’s Day.

    Feldhoff: Now, this is your 23rd year as host, but I want to take a moment because this breakfast wouldn’t be without the person who founded it and led it for the first, what, 10 or 11 years? Senator Rosemary Crowley.

    Foreign Minister: Yes that’s right, who passed away just recently. And look, on International Women’s Day and at this breakfast, you’ve heard me talk about the importance of remembering and honouring women who’ve gone before and who’ve paved the way, as well as thinking about what more we have to do. And it’s really important for us to honour Rose today. I mean, she was the first woman the Labor Party sent to Canberra, elected in the early 80s, which seems remarkable that it took that long. First woman to be a Minister from South Australia in the Federal Parliament. And one of the things she did, as you said Sonya, was establish this breakfast. And I remember I was actually on her breakfast committee before I went into Parliament, helping organise it. It was smaller then and it’s grown year on year and it was something Rosemary was so committed to. So, it’s really wonderful to be able to honour her today.

    Feldhoff: And we talk about those important things that she did. But having sat next to her on several occasions, she had a fiery, fire in her belly. She had a sense of humour. She was an amazingly fun woman to be around.

    Foreign Minister: She really was. She had a great sense of humour, very witty, sometimes quite bawdy. I remember.

    Jules Schiller, Host: Bawdy.

    Foreign Minister: Bawdy, yes.

    Feldhoff: She was.

    Foreign Minister: I’d say Rose, Rose, I can’t say that.

    Feldhoff: She was an amazing woman. So, we remember her today and I think that she’ll be in the minds of many people today.

    Foreign Minister: Absolutely.

    Schiller: Let’s get to your portfolio, Penny.

    Foreign Minister: Can’t we just talk about this? This is much more, this is much more relaxed.

    Schiller: Well, I’ll hit you with a quote because I think this is a good quote to sum up what’s happened. Vladimir Lenin said ‘there are decades where nothing happens and there are weeks when decades happen.’ Does that sum up what’s happened this week with some momentous kind of tectonic plate shifting with alliances and, you know, support for Ukraine and not support for Ukraine? How are you handling everything?

    Foreign Minister: Okay, well, first, I don’t think the Australian Foreign Minister should be quoting Lenin. So, I’m just going to leave that with you. But you’re right, I mean, I think tectonic is probably the, you know, the phrase that people have been using which is, you know, this is a very different time. I’ve said for some time President Trump and the Trump administration have said they were going to do things differently. So, we ought not be surprised about that. And what’s important is that we remain cool headed and disciplined, work together and navigate what is a very changing world, in Australia’s national interests. And that’s certainly how I will approach it and how the Prime Minister is approaching it.

    Feldhoff: Is your job as Foreign Minister more difficult today than it was a week ago? Given what we’ve seen in the last week.

    Foreign Minister: I probably measure it in slightly longer terms. Before the election I did think a lot about what sort of world we were in and I talked about the fact that how many changes, how much there was moving in the international landscape and certainly since the election I think we’ve continued to see that. And it’s very important that one, to remain cool headed and calm and to work as we are to try and maximise Australia’s relationships, to elevate our presence in the region and to work with others across the world in support of those international rules which matter to us. I talk about relationships, rules and region, and that’s really defined what we have done this term and what I’ve done as your Foreign Minister.

    Schiller: We had Chinese warships obviously doing live fire exercises and that was big news. You know, Virgin flight kind of reported it and that was all. Have you been speaking to your Chinese counterparts about how that unfolded and maybe you’d like to see it happen differently next time?

    Foreign Minister: Oh, absolutely. I mean, I spoke to the Prime Minister when that happened and I was actually in South Africa for the G20 and had a bilateral meeting with Foreign Minister Wang Yi scheduled and we agreed that I would speak very directly and clearly to the Chinese about our views. Obviously, we also operate in international waters. Australia does, and we support the international laws which enable countries to operate in those waters, which are international waters. So, not Australia’s territorial waters. But when we do so, and if we engage in these sorts of exercises, we do give much more notice. You do issue what’s called a notice to airmen – still men, I’m afraid, Sonya – which is to ensure that all aircraft and vessels in the area are aware. But we also give earlier notice. And what I said very clearly to the Foreign Minister of China is that our expectation is that notice such as Australia would give in the South China Sea or elsewhere where we operate would be what we would expect.

    Feldhoff: You’re listening to 891 ABC Radio Adelaide. Sonya and Jules here with you for breakfast, broadcasting here from the Convention Centre which will host the International Women’s Day Breakfast, the biggest one in the country.

    Foreign Minister: I’m just going to tell your listeners that this is, we are sitting at a desk, being very good and talking to each other as these massive number of women and some men walk in and lots of school kids, I can see, who got up early. So, it’s pretty busy.

    Feldhoff: This is the thing, isn’t it? We’ve got a whole heap of school kids here and when we take it, look at the message for girls and women. But people generally, you know, I think a lot of us would have felt unsettled with the talk of nuclear weapons from Emmanuel Macron yesterday. As you talk to these women and men who will be in the room today, do you have a sense of optimism? Because I think there would be a lot of people at the moment for whom that would be far away.

    Foreign Minister: Well, first, just on the number of young women, that’s one of the things I have really sought to do as host, and that is to increase the number of schools that attend. And we’ve been really pleased at how that’s been taken up, because I think part of what matters today is that mix across generations and that you get women who’ve done a lot and been around a lot and have seen a lot engaging with girls, school kids who are at the beginning of their adult life and having that discussion. Optimism, I suppose. I think that we have agency so we have the capacity to do what we can do and we should do that. So, we should be talking about de-escalation, we should be talking about engagement and dialogue, because we know that to avert, to keep peace, you need both deterrence, but you also need reassurance and you need to engage as an international player in a way that provides both deterrence and reassurance. That’s how you ensure stability and peace. So, I suppose I think of it much more as what can we do? And we should focus on maximising what we can do rather than wringing our hands about what others are doing.

    Schiller: I know you have to go, Penny, but just message to women listening. I mean, I was thinking of younger women, especially because they’re facing – you’ve got Andrew Tate, they’ve got revenge porn, you know, all this, all these threats to, kind of things to overcome for them. Like, I guess women of your generation were. So, what’s your message to women on this day?

    Foreign Minister: Well, can I message both men and women? First I would say what I said about marriage equality. There’s nothing to fear from equality. Equality is about all of us having an opportunity and the world is a better place where we all have an opportunity. And what I’d say to young women is what I always say, is that women can do anything.

    Feldhoff: On that note, we’ll make sure you get to where you need to be to make sure you can do anything. Senator Penny Wong, who will be hosting this breakfast for the 23rd time consecutively. Thank you so much.

    Foreign Minister: Thank you. And can I just plug for the ABC? Know that they didn’t ask me to do this. Thank you so much for your support for this over so many years. It’s part of the, you know, what Adelaide does and we really appreciate the ABC support.

    Schiller: Thank you, Penny.

    MIL OSI News –

  • MIL-OSI Australia: Interview with ABC Adelaide Breakfast with Sonya Feldhoff and Jules Schiller

    Source: Australian Government – Minister of Foreign Affairs

    Sonya Feldhoff, Host: This is a breakfast that is the biggest breakfast not only in South Australia. So, let’s get this right, this is all over the country and for the 23rd year running, it is hosted by Senator Penny Wong, who joins us now. Senator, thank you for your time.

    Penny Wong, Foreign Minister: Good morning to everybody. Happy, well, it’s not quite IWD because we hold this breakfast the closest day to, but happy almost International Women’s Day.

    Feldhoff: Now, this is your 23rd year as host, but I want to take a moment because this breakfast wouldn’t be without the person who founded it and led it for the first, what, 10 or 11 years? Senator Rosemary Crowley.

    Foreign Minister: Yes that’s right, who passed away just recently. And look, on International Women’s Day and at this breakfast, you’ve heard me talk about the importance of remembering and honouring women who’ve gone before and who’ve paved the way, as well as thinking about what more we have to do. And it’s really important for us to honour Rose today. I mean, she was the first woman the Labor Party sent to Canberra, elected in the early 80s, which seems remarkable that it took that long. First woman to be a Minister from South Australia in the Federal Parliament. And one of the things she did, as you said Sonya, was establish this breakfast. And I remember I was actually on her breakfast committee before I went into Parliament, helping organise it. It was smaller then and it’s grown year on year and it was something Rosemary was so committed to. So, it’s really wonderful to be able to honour her today.

    Feldhoff: And we talk about those important things that she did. But having sat next to her on several occasions, she had a fiery, fire in her belly. She had a sense of humour. She was an amazingly fun woman to be around.

    Foreign Minister: She really was. She had a great sense of humour, very witty, sometimes quite bawdy. I remember.

    Jules Schiller, Host: Bawdy.

    Foreign Minister: Bawdy, yes.

    Feldhoff: She was.

    Foreign Minister: I’d say Rose, Rose, I can’t say that.

    Feldhoff: She was an amazing woman. So, we remember her today and I think that she’ll be in the minds of many people today.

    Foreign Minister: Absolutely.

    Schiller: Let’s get to your portfolio, Penny.

    Foreign Minister: Can’t we just talk about this? This is much more, this is much more relaxed.

    Schiller: Well, I’ll hit you with a quote because I think this is a good quote to sum up what’s happened. Vladimir Lenin said ‘there are decades where nothing happens and there are weeks when decades happen.’ Does that sum up what’s happened this week with some momentous kind of tectonic plate shifting with alliances and, you know, support for Ukraine and not support for Ukraine? How are you handling everything?

    Foreign Minister: Okay, well, first, I don’t think the Australian Foreign Minister should be quoting Lenin. So, I’m just going to leave that with you. But you’re right, I mean, I think tectonic is probably the, you know, the phrase that people have been using which is, you know, this is a very different time. I’ve said for some time President Trump and the Trump administration have said they were going to do things differently. So, we ought not be surprised about that. And what’s important is that we remain cool headed and disciplined, work together and navigate what is a very changing world, in Australia’s national interests. And that’s certainly how I will approach it and how the Prime Minister is approaching it.

    Feldhoff: Is your job as Foreign Minister more difficult today than it was a week ago? Given what we’ve seen in the last week.

    Foreign Minister: I probably measure it in slightly longer terms. Before the election I did think a lot about what sort of world we were in and I talked about the fact that how many changes, how much there was moving in the international landscape and certainly since the election I think we’ve continued to see that. And it’s very important that one, to remain cool headed and calm and to work as we are to try and maximise Australia’s relationships, to elevate our presence in the region and to work with others across the world in support of those international rules which matter to us. I talk about relationships, rules and region, and that’s really defined what we have done this term and what I’ve done as your Foreign Minister.

    Schiller: We had Chinese warships obviously doing live fire exercises and that was big news. You know, Virgin flight kind of reported it and that was all. Have you been speaking to your Chinese counterparts about how that unfolded and maybe you’d like to see it happen differently next time?

    Foreign Minister: Oh, absolutely. I mean, I spoke to the Prime Minister when that happened and I was actually in South Africa for the G20 and had a bilateral meeting with Foreign Minister Wang Yi scheduled and we agreed that I would speak very directly and clearly to the Chinese about our views. Obviously, we also operate in international waters. Australia does, and we support the international laws which enable countries to operate in those waters, which are international waters. So, not Australia’s territorial waters. But when we do so, and if we engage in these sorts of exercises, we do give much more notice. You do issue what’s called a notice to airmen – still men, I’m afraid, Sonya – which is to ensure that all aircraft and vessels in the area are aware. But we also give earlier notice. And what I said very clearly to the Foreign Minister of China is that our expectation is that notice such as Australia would give in the South China Sea or elsewhere where we operate would be what we would expect.

    Feldhoff: You’re listening to 891 ABC Radio Adelaide. Sonya and Jules here with you for breakfast, broadcasting here from the Convention Centre which will host the International Women’s Day Breakfast, the biggest one in the country.

    Foreign Minister: I’m just going to tell your listeners that this is, we are sitting at a desk, being very good and talking to each other as these massive number of women and some men walk in and lots of school kids, I can see, who got up early. So, it’s pretty busy.

    Feldhoff: This is the thing, isn’t it? We’ve got a whole heap of school kids here and when we take it, look at the message for girls and women. But people generally, you know, I think a lot of us would have felt unsettled with the talk of nuclear weapons from Emmanuel Macron yesterday. As you talk to these women and men who will be in the room today, do you have a sense of optimism? Because I think there would be a lot of people at the moment for whom that would be far away.

    Foreign Minister: Well, first, just on the number of young women, that’s one of the things I have really sought to do as host, and that is to increase the number of schools that attend. And we’ve been really pleased at how that’s been taken up, because I think part of what matters today is that mix across generations and that you get women who’ve done a lot and been around a lot and have seen a lot engaging with girls, school kids who are at the beginning of their adult life and having that discussion. Optimism, I suppose. I think that we have agency so we have the capacity to do what we can do and we should do that. So, we should be talking about de-escalation, we should be talking about engagement and dialogue, because we know that to avert, to keep peace, you need both deterrence, but you also need reassurance and you need to engage as an international player in a way that provides both deterrence and reassurance. That’s how you ensure stability and peace. So, I suppose I think of it much more as what can we do? And we should focus on maximising what we can do rather than wringing our hands about what others are doing.

    Schiller: I know you have to go, Penny, but just message to women listening. I mean, I was thinking of younger women, especially because they’re facing – you’ve got Andrew Tate, they’ve got revenge porn, you know, all this, all these threats to, kind of things to overcome for them. Like, I guess women of your generation were. So, what’s your message to women on this day?

    Foreign Minister: Well, can I message both men and women? First I would say what I said about marriage equality. There’s nothing to fear from equality. Equality is about all of us having an opportunity and the world is a better place where we all have an opportunity. And what I’d say to young women is what I always say, is that women can do anything.

    Feldhoff: On that note, we’ll make sure you get to where you need to be to make sure you can do anything. Senator Penny Wong, who will be hosting this breakfast for the 23rd time consecutively. Thank you so much.

    Foreign Minister: Thank you. And can I just plug for the ABC? Know that they didn’t ask me to do this. Thank you so much for your support for this over so many years. It’s part of the, you know, what Adelaide does and we really appreciate the ABC support.

    Schiller: Thank you, Penny.

    MIL OSI News –

  • MIL-OSI USA: MEDIA ADVISORY: House Foreign Affairs Subcommittee on East Asia and the Pacific Hearing

    Source: US House Committee on Foreign Affairs

    Media Contact 202-226-8467

    WASHINGTON, D.C. – The House Foreign Affairs Subcommittee on East Asia and the Pacific will hold a public hearing on reauthorizing the U.S. Development Finance Corporation on Tuesday, March 11, 2025.

     

    What: House Foreign Affairs Subcommittee on East Asia and the Pacific Hearing

    Date: Tuesday, March 11, 2025

    Time: 2:00 p.m. ET

    Location: 2172 Rayburn

    Subject: Reauthorizing the U.S. Development Finance Corporation

    Witnesses:

    The Honorable Ted Yoho, D.V.M.

    Former U.S. Representative

    Florida’s 3rd Congressional District

    Mr. Rob Mosbacher

    Former CEO

    Overseas Private Investment Corporation

    Ms. Erin Collinson

    Director of Policy Outreach

    Center for Global Development

    ***Check here for updates. The hearing will be webcast live here and open to the public and press. Members of the media who would like to attend in-person should RSVP with Joe Clark at joseph.clark@mail.house.gov by 5 p.m. Monday, March 10, 2025. ***

    MIL OSI USA News –

  • MIL-OSI Video: RBNZ 35 years of flexible inflation targeting conference: Session 3 – Survey evidence

    Source: Reserve Bank of New Zealand (video statements)

    What flattens the supply curve? – (01:10) Edvin Ahlander, Stockholm University; Mathias Klein, Sveriges Riksbank; Evi Pappa, Universidad Carlos III de Madrid.

    Low pass-through from inflation expectations to income growth expectations: why people dislike inflation – (38:20) Ina Hajdini, Federal Reserve Bank of Cleveland; Edward S. Knotek II, Federal Reserve Bank of Cleveland; John Leer, Morning Consult; Mathieu Pedemonte, Inter-American Development Bank; Robert Rich, Federal Reserve Bank of Cleveland; Raphael Schoenle, Brandeis University.

    How do households form inflation and wage expectations? – (01:14:45) Anthony Brassil; Yahdullah Haidari; Jonathan Hambur; Gulnara Nolan and Callum Ryan, Reserve Bank of Australia

    https://www.youtube.com/watch?v=R407W1wkWvk

    MIL OSI Video –

  • MIL-OSI Video: RBNZ 35 years of flexible inflation targeting conference: Session 1 – The Big Picture

    Source: Reserve Bank of New Zealand (video statements)

    Just do IT? An assessment of inflation targeting in a global comparative case study (02:01) – Roberto Duncan, Ohio University; Enrique Martínez García, Federal Reserve Bank of Dallas; Patricia Toledo, Ohio University.

    Central bank reviews (43:59) – Renee Fry-McKibbin, Australian National University; Hans Genberg, Asia School of Business; Özer Karagedikli, Asia School of Business; Warwick McKibbin, Australian National University; Tara Sinclair, George Washington University

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

    MIL OSI Video –

  • MIL-OSI New Zealand: RIF support for West Coast projects

    Source: New Zealand Government

    A total of $15.3 million from the Regional Infrastructure Fund will go towards upgrading Hokitika Airport and key port facilities at Greymouth and Westport, Regional Development Minister Shane Jones says.

    “Ensuring the West Coast continues to be well-connected, productive and resilient is important to the economic health of the region and the entire country,” Mr Jones says.

    Hokitika Airport, the largest airport on the West Coast and critically important to the region, will receive a $9.8m loan towards its $16.4m upgrade to help to reduce flight delays and cancellations, reduce aircraft maintenance costs and increase airport operational safety. Around 38 jobs will be created during construction.

    The West Coast Ports Infrastructure upgrade programme will receive a $5.5m loan to upgrade Westport Port and Greymouth Port.

    “These are the only port facilities of their kind on the West Coast between Nelson and Bluff, making them vitally important for the local fishing industry and minerals sector. The upgrades will make these ports more resilient and support the expansion of mineral extraction and fisheries operations, helping to drive the West Coast’s economic development,” Mr Jones says.

    “This work will help boost the New Zealand economy. Good regional infrastructure supports the efficient and sustainable movement of people and goods and facilitates trade and investment. We are committed to prioritising spending to areas where it matters most.

    “Resilient and enabling infrastructure is clearly needed on the West Coast and these investments from the Regional Infrastructure Fund are a strong statement that the Coalition Government is delivering to drive economic growth in the region.”

    Mr Jones also today welcomed the completion of a significant flood resilience project on the West Coast. 

    “It’s fantastic to see the completion of the Hokitika Floodwall. This is a key flood resilience project on the West Coast and was part of the Shovel-Ready Programme funded through the COVID-19 Response and Recovery Fund – Infrastructure Reference Group.

    “It will provide West Coast communities with greater protection during severe weather events,” Mr Jones says.

    Under-Secretary Jenny Marcroft spoke at the opening of the floodwall today.

    In Budget 2024, the Coalition Government announced a $101m investment from the Regional Infrastructure Fund to support 42 flood resilience projects across the country. Good progress is being made on these projects including 30 with shovels in the ground, all contracts signed with funding recipients, two projects complete, and six projects on track to be completed by June 2025.

    Since 2018, through Kānoa – Regional Development & Commercial Services, the New Zealand Government has approved more than $244.6m in funding toward projects on the West Coast.

    MIL OSI New Zealand News –

  • MIL-OSI: ArtGee Finance Fund: A Technological Revolution Redefining Crypto Asset Management—— A Financial Paradigm Shift Inspired by Artistic Genes

    Source: GlobeNewswire (MIL-OSI)

    Singapore, March 06, 2025 (GLOBE NEWSWIRE) — In 2017, when CryptoKitties first introduced the concept of NFTs to the mainstream, few realized how this digital art revolution would reshape financial infrastructure. Three years later, ArtGee Network broke down the barriers of the traditional art market with the first on-chain art asset protocol, while its twin, AGFF (ArtGee Finance Fund), was quietly taking shape.

    Initially launched as a community fund with just $4.7 million under management, AGFF uncovered a fundamental question during the value discovery process in the crypto art market: How can crypto-native technology reconstruct the underlying logic of asset management?

    By 2023, AGFF had delivered its answer—with $15 billion in assets under management and an annualized return exceeding industry benchmarks by 45%. Today, AGFF has built a three-pronged capability matrix encompassing technical architecture, ecosystem network, and risk management, setting a new standard for the crypto asset management industry through its innovative practices.

    1. Technological Revolution: From Data-Driven to Cognitive Leap

    While traditional asset management institutions still rely on historical data backtesting, AGFF’s Athena 2.0 system has achieved three major cognitive breakthroughs:

    ● Intent Inference Engine
    By utilizing machine learning to analyze on-chain address interaction fingerprints (such as gas fee payment patterns and DEX routing preferences), the system can predict the intent of whale accounts. For example, if a particular address conducts small test transactions in a Curve pool, the engine flags it as a potential arbitrage plan and adjusts asset weightings accordingly. In 2023, this system successfully intercepted 11 instances of market manipulation, preventing $89 million in losses.

    ● Multi-Modal Strategy Generation
    Investment managers can input market hypotheses using natural language (e.g., “ZK technology adoption will accelerate in Q3”), and within 5 seconds, the system generates a hedging portfolio incorporating LSD protocol tokens and volatility futures. The historical backtest yields a Sharpe ratio of 4.1. This “human-machine conversational strategy development” has improved investment decision-making efficiency by 300%.

    ● MEV-Resistant Architecture
    The system breaks down large orders into hundreds of cross-chain micro-transactions, using zero-knowledge proofs to verify execution integrity. This technology has reduced arbitrage strategy slippage losses by 83%, resulting in a 41% annualized return for high-frequency strategies in 2023, fundamentally rewriting the rules of the MEV game.

    2. Ecosystem Reconstruction: A Value Network Driven by Art Data

    AGFF’s artistic DNA extends beyond its origin story—it pioneers alternative data applications that redefine asset valuation and liquidity dynamics.

    ● Tokenization of NFT Creation Metadata
    By analyzing brushstroke frequency, color distribution, and other metadata from 420,000 on-chain artworks, AGFF built the world’s first art liquidity decay model. In a music copyright tokenization project, this model was used to set dynamic revenue-sharing parameters, increasing secondary market premiums by 89%.

    ● Cross-Chain Liquidity Federation
    AGFF co-founded the Art Liquidity Alliance (ALA) with Sui, Aptos, and eight other blockchains, enabling instant cross-chain settlement of fractionalized NFT tokens via a shared liquidity oracle. Users can stake a Bored Ape on BNB Chain and borrow USDT on TON Chain within 1.2 seconds, at just 1/5th the cost of traditional cross-chain bridges.

    ● Developer Revenue-Sharing Revolution
    By adopting the Revenue Sharing Token (RST) model, incubated projects convert 3-5% of their future income into on-chain tradable certificates. AGFF holders earn staking rewards from these revenue streams, generating $43 million in ecosystem-driven income in 2023, creating a self-sustaining value loop.

    3. Risk Immunity: A Native On-Chain Defense System

    AGFF’s risk management goes beyond traditional stop-loss mechanisms—it establishes an on-chain immunity system designed for proactive defense.

    ● Black Swan Oracle Network
    The system monitors 48 leading indicators in real-time, including stablecoin on-chain transfer velocity, CEX perpetual funding rate dispersion, and BTC holdings of U.S. government wallets. When three or more indicators breach preset thresholds, the system automatically rebalances portfolios. During the 2023 banking crisis, it issued a 9-hour early warning, limiting portfolio drawdowns to just 2.1% (compared to the industry average of 15.7%).

    ● RegTech Modular Architecture
    Each investment strategy is encapsulated into a compliance unit, automatically adjusting based on the user’s jurisdiction—such as disabling privacy coin trading or setting a 35% daily withdrawal limit. This design has reduced AGFF’s compliance costs by 67% while supporting operations across 134 countries and regions.

    ● DeFi Liquidation Alliance
    In collaboration with MakerDAO and Aave, AGFF co-founded an on-chain auction liquidation network, prioritizing on-chain market settlements when collateral values decline. In 2023 alone, it processed $1.1 billion in liquidations, achieving a 92% recovery rate (compared to 64% on CEXs), redefining risk management in the trillion-dollar DeFi market.

    4. Future Vision: The Next Decade of Crypto Asset Management

    With Hong Kong SFC Type 4/9 licenses and Cayman private fund qualifications, AGFF is rapidly expanding into EU’s MiCA framework with a dedicated art investment fund. Its quantum-resistant custody solution, developed in collaboration with Goldman Sachs, has already entered the mainnet testing phase.

    Even more exciting is the evolution of Liquidity DAO—where 120,000 community members participate in governance decisions through AI Bonds, redistributing asset management profits from institutions to creators.

    Through this wave of crypto financialization, AGFF has proven one fundamental truth: true innovation is not about predicting markets but about using technology to redefine the foundational rules of market operation. When art meets algorithms, and community will merges with machine intelligence, the future of asset management is being rewritten.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency trading involves risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI New Zealand: Stunning botanical gift for Aucklanders, forever

    Source: Auckland Council

    In an extraordinary act of generosity, Auckland philanthropist Rosemary Platt has gifted 5.63 hectares (approximately 14 acres) of ecologically significant land to the people of Tāmaki Makaurau.

    In exchange for this gift, Auckland Council has committed to protect the botanical site as a regional park in perpetuity so that future generations can access and enjoy its remarkable collection of trees and open space. 

    Mayor Wayne Brown says the newly acquired land will become an important destination in the Auckland regional parks network, once it can be opened to the public.

    “This is an overwhelmingly remarkable gift to the city. I’m delighted to be able to accept this impressive Greenhithe property on behalf of Aucklanders.

    “We will honour accordingly the vision and meticulous work Mrs Platt and her late husband Graeme Platt have put into it since they bought it back in 1983,” Mayor Brown says.

    “Thanks to Graeme’s pioneering expertise in horticulture, this property has become an impressive sanctuary of open space and rare tree specimens that are not found anywhere else.

    “It has one of the greatest collections of kauri trees in the country, including a forest grown from seed of the great Tāne Mahuta, as well as a genetic replica of the giant ‘God of the Forest’ kauri tree itself,” says Mayor Brown.

    “We are very lucky to be gifted these treasures and to receive the honour of looking after them into the future. It is a privilege to become part of such an inspirational story,” he adds.

    [embedded content]

    Te Kaunihera o Tāmaki Makaurau will continue to work in partnership with Te Kawerau ā Maki and Ngāti Whātua o Ōrākei on this project, given the significance of the property acquisition, the taonga species (flora and fauna) preserved within it, and its location.

    The whenua in this area holds deep historical connections to both iwi, with Tauhinu Pā once standing as a key stronghold nearby, overlooking Oruamo (Hellyers Creek) and the Upper Waitematā Harbour. Named Tauhinu after the native shrub that grew abundantly here, it was an important strategic defence and settlement site over hundreds of years. 

    The Platt family connection to the site stems backs to 1974, when Graeme and Rosemary opened Platts native plant nursery in Albany. The nursery quickly became the most popular supplier of quality native plants, and the couple became recognised as leading experts on growing native trees.

    Over the next 20 years, they introduced many of the well-known native plants still popular in gardens throughout New Zealand and supplied the Auckland Botanic Gardens with many native shrubs and trees on site that visitors enjoy today.

    Mrs Platt says her late husband went to great lengths to source superior genetic stock by travelling the country. He believed in harvesting seed from the very best parent stock, personally sourcing kauri cones himself and nurturing seedlings descended directly from Tāne Mahuta, which are now flourishing in Greenhithe.

    “He would be thrilled that his passion for ancient trees such as kauri and its relatives from other countries will be enjoyed by our community as they stroll amongst these magnificent trees and appreciate their rich history,” says Mrs Platt. 

    “As properties become smaller and lives busier, I think that public access to nature and open space is becoming even more important.  I am thrilled to know that this property will be cared for by the council so that people can find peace and respite amongst the trees,” she adds.

    Rosemary Platt at the Greenhithe property she has gifted to Aucklanders.

    After the couple had purchased the block of land in Greenhithe to set up their family home in 1983, Mr Platt set about planting an arboretum (tree collection) there, sourcing a selection of speciality trees that occur in countries that once formed the great ancient continent of Gondwana. It now features more than 1000 mature trees from counties including New Zealand, Australia, the Pacific Islands, and South America.

    Auckland Botanic Gardens Manager Jack Hobbs says many rare and special trees are showcased in this “absolutely remarkable collection”, including several that are threatened with extinction in their natural habitats. It is hoped to establish a volunteer programme to help care for these threatened species.

    “The property also has a series of connected open spaces that are beautifully laid out around a central pond, providing a range of exciting opportunities for future use,” says Mr Hobbs.

    “All of these unique qualities mean it could be developed as an excellent satellite botanic garden in the north, in keeping with the Auckland Botanic Gardens Management Plan.

    “I met Graeme about 45 years ago and it is fair to say his intellect and charismatic ability to inspire others with his passion for native plants made a huge impression on me,” says Mr Hobbs.

    “I regard him as one of the greatest influences on horticulture in this country, particularly through his promotion of the virtues of our native flora, and I am delighted his legacy continues with the gifting of this remarkable property. 

    “Rosemary is also a remarkable person, and her kindness and generosity in gifting this property is the most significant gesture I have encountered during my 50-year horticultural career,” he adds.

    Rosemary Platt welcomes Councillor Christine Fletcher, Mayor Wayne Brown and Auckland Botanic Gardens Manager Jack Hobbs to the site.

    Policy and Planning Committee Chair Councillor Richard Hills agrees that the land and its features provide a rare opportunity to establish a regional attraction that visitors from all over the world will eventually be able to enjoy.

    “It will take time for the property to be ready for public use, but it certainly offers exciting possibilities to provide a range of education and recreation opportunities in a fast-growing area,” says Cr Hills.

    In addition to its natural attractions, the Greenhithe property contains a three-bedroom house and large workshop shed. Both were built using carefully selected exotic timbers, as a high-quality sustainable alternative to native timber. The buildings also feature heritage bricks salvaged from the demolition of Auckland’s His Majesty’s Theatre in 1988.

    Albany Ward Councillor John Watson says the property’s location provides those living centrally a stunning escape from the pressures of daily life, being less than 30-minutes by car from the city centre and close to the motorway.

    “Having a unique open green space such as this bordering high-density housing will be a real attraction, allowing people to connect with nature in a magnificent environment,” Cr Watson says. “It is a quiet and tranquil oasis that is easily accessible to locals and other Aucklanders alike.”

    Upper Harbour Local Board chair Anna Atkinson agrees that opportunities to treasure our parks and open spaces will become increasingly important as the city grows over the next 30 years.

    “I can see this site bringing people of all ages together in the future, to learn more about conservation and the importance of protecting its unique features. It represents an exceptional gift towards future wellbeing,” Ms Atkinson says.  

    The next step will be to develop a plan for the new parkland to support its future use and enjoyment by the public.

    Essential infrastructure like additional carparking, signage and toilets will be needed before the site can open to the public.

    As well as gifting this magnificent property to Aucklanders, Mrs Platt recently purchased an artwork from the Auckland Botanic Gardens’ Sculpture in the Gardens exhibition, to go on display at the Greenhithe site.

    Moo by Jamie Pickernell is, as the name suggests, a cow that reflects the arboretum’s farming past and was one of the most popular works in this year’s Sculpture in the Gardens.

    In addition, Rosemary Platt has gifted a larger-than-life sized corten steel, wood and stainless steel cow artwork, named Moo, by Jamie Pickernell to permanently go on display at the Greenhithe property.

    Property information

    • The Platt’s gifted property has a council valuation of $10,190,000.
    • Friends of Auckland Botanic Gardens have committed $20,000 towards future planning, recognising its ecological significance.
    • The property is bordered by a Significant Ecological Area, with housing on three sides.
    • Two buildings on the site have beautiful exotic wood interiors and provide future opportunity for a café and education facility.
    • An initial council assessment recommends the site becomes a future satellite botanic garden.
    • Public access is not yet available to the site.

    A workshop in the shed showcases a range of exotic timber.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Greenpeace seamounts expedition sets off to uncover secrets of the deep

    Source: Greenpeace

    A Greenpeace expedition to survey seamounts and other deep sea habitats has set off this week.
    With two specialist marine scientists on board, Greenpeace is aiming to use remotely operated deep sea cameras to survey seamounts and other features in both New Zealand waters and the high seas of the South Pacific.
    Speaking from on board the vessel, the Greenpeace expedition leader Ellie Hooper said many of these deep sea areas have not been studied before.
    “We know that seamounts and other underwater hills, knolls and ridges are critical habitats for coral and sponges, as well as feeding and spawning grounds for other creatures further up the food chain. But we have big gaps in our knowledge,” says Hooper.
    “We’re heading out to the deep ocean to try and survey these vital habitats, some of which are threatened by bottom trawl fishing.”
    One of the sites the team plans to visit is the location where the New Zealand bottom trawler the Tasman Viking pulled up 37kg of deep sea coral in the Lord Howe Rise area, renowned for diverse marine life. The aim is to record the species at the site and document any damage.
    Requests from Greenpeace for the coordinates of the coral encounter area were declined by the New Zealand Government due to ‘commercial sensitivity,’ with the location eventually released to the Expedition’s Lead Researcher by Australian officials.
    Hooper has called the New Zealand government’s refusal to share the coordinates “ludicrous” and “a blatant example of the Luxon led government running interference for the fishing industry.”
    “We need more ocean research, not less. So often we have to rely on the bycatch that comes up in trawl nets to understand what lives in the deep sea, that’s why we’ve decided to conduct this work so we can better understand what’s out there.
    “We want to add to our collective understanding of these deep sea ecosystems, about which so little is known, and to shine a light in the dark.
    “This is a challenging mission, and like all deep sea work we’re at the mercy of the weather and the waves, but we’re committed to giving it a shot as part of our mission to protect the oceans better for the future.” 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Environment – Have your say on biological controls to combat noxious weed – EPA

    Source: Environmental Protection Authority

    The Environmental Protection Authority (EPA) wants people’s views on an application to release two biological control agents to combat Darwin’s barberry, an invasive weed.
    Environment Canterbury has applied to introduce Darwin’s barberry flower weevil ( Anthonomus kuscheli) and Darwin’s barberry rust fungus ( Puccinia berberidis-darwinii) to target this unwanted shrub. If approved, these agents could also be used to target Darwin’s barberry elsewhere in Aotearoa New Zealand.
    All organisms new to New Zealand must receive approval from the EPA as the national environmental regulator.
    Darwin’s barberry is a resilient noxious weed found in disturbed forests, pastures, shrubland and short tussock-land. It is a threat to indigenous ecosystems throughout the country, as well as to pastures where livestock graze.
    It is native to Chile and Argentina and was introduced to Aotearoa New Zealand as a garden plant in the 1940s. Fruit-eating birds deposit seeds far from the parent bush, increasing its spread.
    The plant can be found throughout New Zealand – particularly in the Canterbury, Otago, and Wellington regions.
    Both the flower weevil and the rust fungus proposed for introduction are native to South America.
    Dr Chris Hill, the EPA’s General Manager of Hazardous Substances and New Organisms, says the applicant’s risk assessment demonstrates these organisms are highly unlikely to harm native plants or animals.
    “The weevil doesn’t bite or sting, so there is no health risk to people. The rust fungus is similarly benign.
    “New Zealand has a track record of using biological control agents to reduce the environmental impact of invasive plants, with little to no adverse impact on the native ecology,” says Dr Hill.
    The consultation enables people in relevant industries, iwi and the public to provide additional information on the risks and benefits of introducing organisms to control the spread of Darwin’s barberry.
    “We really want to encourage anyone with an interest in combatting this weed, and the methods proposed to do so, to make a submission. Good decision-making on this proposal will be underpinned, in part, by diverse and considered feedback,” says Dr Hill.
    Submitters can provide information, make comments, and raise issues to contribute to the EPA decision-making process.
    Submissions close at 5.00pm on 22 April 2025.
    Read more about this application and how to submit here:

    MIL OSI New Zealand News –

  • MIL-OSI Australia: 3AW Drive, Melbourne

    Source: Australian Ministers for Regional Development

    JACQUI FELGATE [HOST]: We do speak a lot on this program about infrastructure spending in Victoria, so I do very much appreciate the time of the Infrastructure Minister, Catherine King. Good afternoon to you.

    CATHERINE KING [MINISTER]: Hi, Jacqui. Lovely to be with you.

    JACQUI FELGATE: Now, you’ve just announced, and I began the program by speaking about this, the $1.1 billion to revamp and fix up the Western Freeway. It is between Melton and Caroline Springs. But can I ask you, why now, given that this road – and we take call after call on the dangerous nature of this road – why now? Why not a year ago? Why not two years ago?

    CATHERINE KING: Yeah. So, the Western Highway’s been a long term project. I’ve been living, obviously, in the west of the state for a long time so I well remember many of the projects we’ve had to do the work on, whether it’s Anthony’s Cutting, the Deer Park Bypass, the duplication beyond Ballarat – we’ve still got work to do all the way up to Stawell. But what we’ve seen has been significant housing growth along that, sort, of Caroline Springs, Rockbank, between Melton and Bacchus Marsh corridor, and the traffic has really been building up over time. 

    So, just before the last election we announced we’d partner with Victorian State Government to do a business case to try and work out what are the alternatives, what can you actually do? The work that’s being done, obviously on the West Gate Tunnel, will improve things down that end so you’ve got traffic can flow through. But really, how do we manage these new housing estates? 

    Business case got handed to the Victorian Government just at the end of last year and so we’ve been working with them on, well, now what do we need to actually fund? And that’s why the announcement is happening today of the $1.1 billion.

    JACQUI FELGATE: Would you consider the road to be in acceptable condition, especially given you drive down it? What do you think when you drive along it?

    CATHERINE KING: Yeah. So, I think from a safety- you know, there’s good safety from, sort of, a barrier perspective. But when you hit- if you’re travelling really early in the morning I hit normally what should be an hour and 20-minute trip into town is nowhere near that. You end up getting caught when you hit Bacchus Marsh – the tailback now from those big housing estates, particularly as we get a lot of tradies coming on at 6:00am in the morning. So, from 6:00 to about 9:30 it really is quite congested, and then the reverse coming home. There’ll be people stuck in traffic now trying to get on those Melton on ramps, really, it tails back there as well. 

    It’s also pretty narrow. And also then in terms of some of the surface work, we’ve seen some work being done, which is about containing the road.

    JACQUI FELGATE: [Talks over] Is that- you mean potholes there.

    CATHERINE KING: Yeah.

    JACQUI FELGATE: So, what are the potholes like on the road?

    CATHERINE KING: They’ve got better but there’s been a lot of work done. And again, one of the things I’ve been pointing out, which shocked me a fair bit, was the previous government had frozen maintenance money from the Federal Government…

    JACQUI FELGATE: [Interrupts] We can’t keep blaming the previous government, though, Catherine.

    CATHERINE KING: [Indistinct]…

    JACQUI FELGATE: It’s banned on this program.

    CATHERINE KING: That’s why I’ve fixed it. So I will say, I’ve taken responsibility now. We’re in government and so we’ve fixed that and put more maintenance money in. But what this does, it does a few things. So, the business case has come up with a whole range of options, whether they’re from widening at some areas, whether it’s into better interchanges, whether it’s diamond interchanges, it’s come up with a range of options. 

    Now we’ve put the money on the table it allows the Victorian Government to go, okay, which project do we need to do first? Where are we going to go with this money particularly to really get that Caroline Springs to Melton area as resolved as we possibly can, because it’s just had such huge growth. So, that’s what’s happened today.

    JACQUI FELGATE: There is understandable frustration amongst the community, particularly from those in Victoria in the West, and some critics, myself included, would say that this is, basically, pork barrelling. Only now does the seat of Hawke and all of those seats that are now potentially going to swing the other way – only now do you come up with the money, because you’re in danger of losing those traditional Labor voters in the west.

    CATHERINE KING: Well, that’s a comment. And what I’d say is that we’ve recognised there’s a problem. We’ve been in government just on three years, or just under three years. Business case got handed to us at the end of last year, now’s the time to say, well, now how do we actually then work out what- we’ve actually worked out what we need to do to fix it, now we’re committing the money. 

    What I would point out is it’s been Labor Governments consistently that has invested in the Western Highway. As I’ve said, I’ve lived down here for a long time and I’ve seen Labor Governments and I advocated I remember when Martin Ferguson was minister, to actually get Anthony’s Cutting done and the Deer Park Bypass funded. The duplication of the road as well, again, that’s been really strong advocacy by Labor Governments to get this done. And really, that’s what the investment is about today.

    JACQUI FELGATE: Political support, both at a Federal and State Labor level has sunk over the past 18 months. You know, how worried are you that Victoria is going to be the state that becomes the battleground state this election?

    CATHERINE KING: Well, my job as Infrastructure Minister is to look after the whole of the country, and Victoria is no different. I am investing in the East, I’m investing in the North, the South and the West to make sure that Victoria has the infrastructure it needs. 

    When we came to office the spend for infrastructure for the Commonwealth Government to Victoria was $17 billion. It is much higher in other states. We’ve managed, in the three years we’ve been up to- in office, to get it up to $24 billion with these announcements certainly finishing today, and that’s been really important. Because Victoria, frankly, has pretty much for the last decade had to go on its own when it came to infrastructure building. And really, that wasn’t good enough, and that’s what we’ve tried to do. 

    So, everywhere matters to me, every community, every suburb. I grew up in the east of the state, spent most of the first half of my life there. I’ve seen huge growth there, and I now live in the west of the state. Everywhere matters to us.

    JACQUI FELGATE: And just on Sunshine. Speaking of the West, you would have seen the reports about the station up to $4 billion. Like, how can you spend $4 billion on a train station? It doesn’t…

    CATHERINE KING: Yeah, well, infrastructure. Infrastructure is really expensive. I wish it wasn’t. I wish was not expensive to build.

    JACQUI FELGATE: [Talks over] Is government infrastructure more expensive than private infrastructure?

    CATHERINE KING: No, it’s just the cost. It’s really- like, we’ve seen labour costs, the cost of steel, the cost of cement, the amount of time it takes for engineering, there’s shortages of labour, all of that. It is just really costly and it’s like that all around the country. So, I get- I got asked a very similar question in Queensland: why is it more expensive in Queensland to build. Well, you know, it’s not. It’s expensive everywhere. 

    So, what’s- the station is actually a really big project and it’s quite a few things. So, one of the things it does is it creates an entire new set of lines so that you’ve got- you separate completely the country trains out, and so that’s a big piece of infrastructure. You think about, we’re building Southern Cross, we’re literally building Southern Cross at Sunshine Station. It’s a big project, so it will cost lots of money.

    JACQUI FELGATE: Okay. I guess the frustration of people though is that government projects, whether they be federal or state and whether they be a Liberal or Labor project, they always blow out and they never finish on time. Certainly that is the experience in Victoria at the moment.

    CATHERINE KING: Well, one of the things we’ve been trying to do and it’s why I’ve had a lot of work done to reform Infrastructure Australia and also reform the way I make decisions about what we invest in, so you often see me announce, and sometimes people criticise me for this, but you often see me announce planning money first. And everyone goes, well, why are you doing that? Why don’t you just build it? The reason I invest planning money first is because I want to know how much is this going to cost? Can we do the geotechnical work, you know, dig in the ground first, find out whether there’s hard rock there, what is there, and then actually get a much better understanding of the costs.

    The other- and do that first before we commit construction money. So often, I will do that first and do that business planning work, which is what we’ve done with Western Highway. I’ve done that planning first. Everyone would have liked me three years ago just to fix the road but I wanted to know. I’m not an engineer. I need expert advice to tell me what are the treatments we need to do to actually fix this rather than just making the problem worse, which we sometimes can do when we put new lanes in, it just makes [indistinct]-

    JACQUI FELGATE: [Interrupts] What problems have we made worse?

    CATHERINE KING: Yeah. So, sometimes what happens when you actually say, okay, I’ll widen the lane, here, I’ll widen this road, it then narrows further down, it just moves the problem further down. So, some of the congestion busting that we saw in past years hasn’t always fixed the problem of actually getting congestion moving, or you just see new, more housing developments keep growing out. So, you’ve got to really think about how you do the planning work and then actually making sure you deliver the construction. And that’s what we’ve tried to do and tried to reform and working really closely with states. 

    States are now required to give me a 10-year pipeline of the projects that they think they’re going to need so that we’ve got a line of sight of where those investments need to be made. And we’ve worked really hard to try and make sure we build in things like more apprentices, more training, more of that staff.

    JACQUI FELGATE: [Interrupts] Yes. And speaking- can I just ask speaking, because I know I’ve only got you for a certain amount of time?

    CATHERINE KING: That’s all right.

    JACQUI FELGATE: But just on suburban rail and that 10-year pipeline, is that still a priority for you? And can you afford to do both airport rail and the first stage of suburban rail between Cheltenham and Box Hill? Do you have enough money?

    CATHERINE KING: Yeah. So, Suburban Rail Loop East is under construction now. We’ve put $2.2 billion in that. Infrastructure Australia has assessed that project for me which has allowed me to release that $2.2 billion. We’ll assess further requests as they come forward, they’ll need to go through Infrastructure Australia as well. 

    But what we’ve said, and the Prime Minister announced recently, is that we also think that that will go under construction, Victorian State Government has entered into contracts and it’s doing that. We also think that the airport rail, it is time that we actually got this off the books. We’ve had, both of us, have had $10 billion sitting on the table, literally not productively being used and we want to actually get this project done. So, we’ve now unlocked that by putting the extra $2 billion into Sunshine Precinct. We’ve been working really constructively with the airport and that’s been a bit of a deadlock between the three parties. And we’ve got- we’ll have a bit more to say about that shortly.

    JACQUI FELGATE: You talk about contracts. You mentioned the word that the state government had allocated contracts for Suburban Rail Loop, and then you just previously spoke to me about the importance of planning and the importance of allocating money where it should go in the right way. Given that the state government has already allocated contracts going forward that you are yet to put funding in, can you guarantee, like, are you still going to fund what has been contracted? Because the state government can’t do it all on their own.

    CATHERINE KING: Well I mean, Suburban Rail Loop East, we’ve been pretty clear. The commitment we made was to deliver $2.2 billion to that project, and we have now done that. Any further requests will need to be assessed by Infrastructure Australia, and that really is- I’ve been pretty firm about that. But obviously, the Victorian State Government is progressing that project, early works have been done. The tunnel boring machines, you’ll start to see those, I think, later this year, that’s been committed to. And we will consider further requests as they come in. 

    JACQUI FELGATE: Do you like that project, the Suburban Rail Loop? 

    CATHERINE KING: Yeah. Well, I grew up in the East. I grew up catching the train from Syndal Station into the city. Glen Waverley, that was my stomping ground from all my teenage years to my 20s, and I can absolutely recognise how difficult it is to get across and then what you’re trying to do at Monash, so trying to actually get public transport to Monash.

    JACQUI FELGATE: [Talks over] So, have you driven a lot from Cheltenham to Box Hill? 

    CATHERINE KING: Yeah, I have done, to be honest, on occasion. And then I was trying to get, because I grew up in Syndal, from Syndal to Monash and through there was always really difficult. But the other thing it unlocks is, if you live down Gippsland Way and you need to get your kid to the Children’s Hospital at Monash or you’re going to university, it also unlocks that. So, it’s actually got some really terrific benefits. 

    It’s also about building. If you look over- if anyone’s been over to WA, they’ve built this unbelievably huge Melbourne metro system which is unlocking new housing, new suburbs, new industrial precincts, and that’s what they’ve done there in recognition of the growth that is occurring. And so, that’s really what suburban rail sort of does. It provides that loop and that housing. 

    So, I think it’s a really- it’s seen as a necessary project. Infrastructure Australia says it’s an important project for the state. But there’s a little bit more work the state needs to do around the value capture proposition to convince Infrastructure Australia about where, how the money and the funding is all going to work together, and they’ll do that work over the course of the next year or so. 

    JACQUI FELGATE: One would hope. Catherine King is the Infrastructure Minister. Always appreciate your time.

    CATHERINE KING: Always happy to be with you. 

    JACQUI FELGATE: Thank you.

     

     

     

    MIL OSI News –

  • MIL-OSI USA: Governor Stein Issues Reminder About Upcoming Federal Deadlines For Hurricane Helene Support

    Source: US State of North Carolina

    Headline: Governor Stein Issues Reminder About Upcoming Federal Deadlines For Hurricane Helene Support

    Governor Stein Issues Reminder About Upcoming Federal Deadlines For Hurricane Helene Support
    lsaito

    Raleigh, NC

    To make sure North Carolinians have the resources they need to recover, Governor Josh Stein is encouraging anyone affected by Hurricane Helene to be aware of the upcoming application deadlines for federal support, including for individuals and small businesses.

    “As folks across western North Carolina continue to rebuild their lives and businesses after Hurricane Helene, it’s important to know what resources are available to support recovery,” said Governor Josh Stein. “Thousands of western North Carolinians have already taken advantage of these federal resources, but there is still time to apply. I encourage everyone to get the assistance they need from these programs.”

    Relevant deadlines:

    • March 8, 2025: FEMA Individual Assistance deadline for disaster survivors affected by Tropical Storm Helene. Survivors should apply for FEMA assistance online at disasterassistance.gov, by calling 1-800-621-3362, or by downloading the FEMA app. Available assistance may include funding for housing solutions, reimbursement for hotel costs, funds for repairs to your primary residence and privately-owned access routes, and reimbursement for disaster-causes expenses.
    • March 10, 2025: The deadline to apply for Disaster Unemployment Assistance (DUA) has been extended to March 10, 2025, for people in 39 North Carolina counties and for the Eastern Band of Cherokee Indians of North Carolina. This extension maintains consistency with the deadlines set by the Federal Emergency Management Agency and allows the Division of Employment Security to continue to provide temporary financial support to people impacted by Hurricane Helene. Visit: des.nc.gov/dua; for English, call 919-629-3857 or Spanish 919-276-5698, Monday – Friday 8 a.m. – 5 p.m.
    • March 29, 2025: DUA expiration date (last date for benefits to be paid). Visit: des.nc.gov/dua; for English, call 919-629-3857 or Spanish 919-276-5698, Monday – Friday 8 a.m. – 5 p.m.
    • April 27, 2025: The U.S. Small Business Administration (SBA) is extending the physical damage loan deadline for disaster declarations affected by the 2024 federal funding lapse. Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or send an email to disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Disaster assistance | U.S. Small Business Administration
    • June 30, 2025: The U.S. Small Business Administration (SBA) filing deadline to return economic injury applications is June 30, 2025. Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or send an email to disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Disaster assistance | U.S. Small Business Administration

    To apply, please visit a Disaster Recovery Center (DRC) to find the center location nearest you, fema.gov/drc. You can also go online to DisasterAssistance.gov., download the FEMA App for mobile devices., or call the FEMA helpline at 800-621-3362 between 7 a.m. and midnight.  

    Mar 6, 2025

    MIL OSI USA News –

  • MIL-OSI USA: Former Lawyer Sentenced for Paying for Sex Acts with Cambodian Children

    Source: US State of California

    A Florida man was sentenced today to nine years in prison for paying a child in a foreign country to engage in a commercial sex act with him.

    According to court documents, Rugh James Cline, 44, a former Florida-licensed attorney of Tampa, travelled to Cambodia and paid four Cambodian children to engage in sex acts with him on multiple occasions. Additionally, when he was arrested in Cambodia, Cline was found to be in possession of a laptop containing hundreds of images of child sexual abuse material.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Acting U.S. Attorney Sara C. Sweeney for the Middle District of Florida, and Special Agent in Charge Matthew Fodor of the FBI Tampa Field Office made the announcement.

    The FBI investigated the case. The U.S. Department of State, Cambodian National Police, and Justice Department’s Office of International Affairs provided assistance.

    Trial Attorney Gwendelynn Bills of the Criminal Division’s Child Exploitation and Obscenity Section (CEOS) and Assistant U.S. Attorneys Ilyssa Spergel and Courtney Derry for the Middle District of Florida prosecuted the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

    MIL OSI USA News –

  • MIL-OSI Security: Former Lawyer Sentenced for Paying for Sex Acts with Cambodian Children

    Source: United States Attorneys General

    A Florida man was sentenced today to nine years in prison for paying a child in a foreign country to engage in a commercial sex act with him.

    According to court documents, Rugh James Cline, 44, a former Florida-licensed attorney of Tampa, travelled to Cambodia and paid four Cambodian children to engage in sex acts with him on multiple occasions. Additionally, when he was arrested in Cambodia, Cline was found to be in possession of a laptop containing hundreds of images of child sexual abuse material.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Acting U.S. Attorney Sara C. Sweeney for the Middle District of Florida, and Special Agent in Charge Matthew Fodor of the FBI Tampa Field Office made the announcement.

    The FBI investigated the case. The U.S. Department of State, Cambodian National Police, and Justice Department’s Office of International Affairs provided assistance.

    Trial Attorney Gwendelynn Bills of the Criminal Division’s Child Exploitation and Obscenity Section (CEOS) and Assistant U.S. Attorneys Ilyssa Spergel and Courtney Derry for the Middle District of Florida prosecuted the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

    MIL Security OSI –

  • MIL-OSI Economics: Transcript of COM Regular Press Briefing, March 6, 2025

    Source: International Monetary Fund

    March 6, 2025

    SPEAKER:  Ms. Julie Kozack, Director of the Communications Department, IMF

     *  *  *  *  *

    MS. KOZACK: Good morning, everyone, and welcome to this IMF press briefing. It is very good to see you all, both those of you who are here in person and, of course, our colleagues online as well.

    I am Julie Kozak, Director of the Communications Department. As usual, this briefing is embargoed until 11 a.m. Eastern Time in the U.S. I will start with a short announcement and then take your questions in person on Webex and via the Press Center. 

    The 2025 Spring Meetings of the IMF and World Bank Group will take place from Monday, April 21 through Saturday, April 26. Press registration to attend the spring meetings in person in Washington D.C. is now open and you can register through www.IMFconnect.org. 

    And with that, I will now open the floor for your questions. For those connecting virtually, please turn on both your camera and microphone when speaking. And with that, over to you. 

    QUESTIONER: If the Congress does not approve the future agreement, as it is established by the local law, does the IMF give the money to Argentina? 

    MS. KOZACK: Okay, so that is a question on Argentina. Any other questions on Argentina? I do not see any hands up in the room. Let us go online. QUESTIONER: Do you think we are already in the final stage? And what remains to announce the Staff Agreement with the IMF?

    QUESTIONER: Good morning. I was wondering about also there have been versions of a new loan up to $20 billion and the first deployment of $8 billion this year. Can you confirm that, or can you give us an insight into the fresh funds that could be coming in the new agreement? And also, when can we expect a signing of the letter of intent? 

    QUESTIONER: So, my question is about the Congress. President Milei confirmed that the staff-level agreement must be approved by the Parliament as indicated by the Argentine law. So, is that also a requirement from the IMF itself or could the President sign a decree avoiding the current law that requires the staff-level agreement to be approved by Parliament. 

    QUESTIONER: I want to ask about the scope of the potential agreement with Argentina. There are reports out saying it could be as high, or there is an expectation it could be as high as $20 billion.

    QUESTIONER: I think a few people have already asked, but when [do] you expect to reach a staff-level agreement, whether, as the Argentine government has said, it is only the final numbers that need to be agreed and not other technical aspects? And whether the IMF requires that the entirety of the SLA be reviewed by Congress for approval or if whether a general outline produced by the government will be enough? 

    MS. KOZACK: Okay, very good. So, with that, let me go ahead and talk about Argentina. So, first, I just want to start by saying, as I think many of you know, both the Managing Director and the First Deputy Managing Director recently met with the Argentine authorities. And as they recently emphasized, we are continuing to make good progress toward a program, and we are working constructively with the Argentine authorities in this regard. The authorities’ stabilization and growth plan is delivering significant results.

    It has made notable strides in reducing inflation, stabilizing the economy, and fostering a return to growth in the country, and poverty is finally beginning to decline in Argentina. To sustain these early gains, there is a shared understanding about the need to continue to adopt a consistent set of fiscal, monetary and exchange rate policies, while very importantly, advancing growth enhancing reforms. And the new program would build on the progress achieved so far while also addressing Argentina’s remaining challenges. 

    Now, with respect to some of the questions regarding Congressional approval, we do take note of President Milei’s commitment to seek congressional support for a new IMF supported program. As we have often said in the past, strong ownership and broad support are key to the program’s success, 

    Here, I want to emphasize, though, that securing congressional support is a decision of the authorities as legislated in Argentine domestic law. And at the same time, of course, as I just noted, broad political and social support can enhance program implementation. Questions regarding the specific process on achieving or seeking congressional support should be addressed really to the Argentine authorities because it is a matter of domestic law. 

    From our side, as I noted, the negotiations are continuing in a constructive manner. In terms of the process from the IMF side. Once the negotiations are completed, as with any IMF program or proposed program, the final arrangement, the documents, will require approval of the IMF’s Executive Board. And we will provide further updates as we have them. 

    With respect to some of the questions about the details of the negotiations, the potential size of the program. All I can say right now is this is still under discussion as part of the ongoing and constructive dialogue that we are having with the authorities. And we will provide an update when we have more information that we can share with you. 

    QUESTIONER: On Lebanon, so following recent reports that the Lebanese government is in discussions with IMF over a potential deal on its financial default in public debt. I just want to see if the IMF can confirm these reports. If so, what does it look like? Are there any contingencies to this? And will there be an IMF mission visiting Lebanon? Thank you. 

    MS. KOZACK: So, what I can share on Lebanon is that an IMF team will visit Lebanon very soon, March 10th to 14th. This mission is aimed at, of course, meeting the new authorities, discussing Lebanon’s recent economic developments, its reconstruction needs, and the authorities’ economic priorities in the near-term. This is a fact-finding mission that will take place. But beyond this fact-finding mission, as we look ahead, future next steps could include helping the authorities to formulate a comprehensive economic reform program.

    Our staff continues to be closely engaged with the authorities. We are providing policy advice and capacity development to help the authorities’ efforts to rebuild Lebanon’s economy and institutions in coordination with other international partners. And that is what I have for now on Lebanon. 

    QUESTIONER: I wanted to ask you about what is happening in the United States. The trade wars have begun, and we are seeing some impact already, both in terms of market reaction and a lot of volatility in the markets, ups, and downs. We are also seeing some interesting developments in terms of bond markets and yields; it is going to increase the cost of borrowing. So, I wanted to ask you if you, at this point, I know we’ve asked this question before, but I wonder if you’ve got an additional assessment, as we’re now seeing some of these policies that had been promised taking effect, and whether you can say now whether you’re expecting an impact on the global economy and also on the U.S. economy and the affected economies that have been targeted thus far — China, Canada, Mexico. 

    QUESTIONER: As a follow up to [that] question, does the IMF consider that the ongoing developments of the U.S. tariffs and trade wars would push other nations to seek more trade relations and more alliances with other economic organizations and trade organizations such as BRICS, for example, or others? And broadly speaking, what is the IMF assessment of the global fragmentation that is going on right now? Do you see that it is slowing down or opposite it is moving faster, taking into account the latest developments in the United States?

    QUESTIONER: I would like to focus on the development of 10 years of U.S. bond yield movement. The 10-year bond yield now decreased, dropping substantially. And what does it mean? What is the implication of the movement? Does it represent some U.S. recession or U.S. economy? 

    QUESTIONER: With the tariffs actually now in place, has the IMF undertook a study to determine the potential impact on small island states that are heavily dependent on flows and goods and commodities coming out of the United States, more specifically, those countries within the Caribbean region who are very much dependent and could face significant inflationary pressures based on these tariffs?

    MS. KOZACK: So, first I want to just step back a little bit to recognize that we have seen now several new and significant developments over the past few days. The U.S. has imposed tariffs on Canada and Mexico as well as additional tariffs on China. Canada and China have, in response, announced tariffs on some U.S. goods and other measures. And Mexico has indicated that it will provide more details in the coming days.

    And as we have said before, you know, while assessing the full impact of tariffs on economic activity and inflation will depend on many factors, we do expect to provide an analysis of this, certainly at the global level and for the most affected countries at the time of our World Economic Outlook update in April. And of course we will also cover this issue, I imagine, in some of the regional updates where relevant. And I want to also emphasize that as part of our bilateral surveillance with countries, the individual Article IV reports this topic will also be covered to the extent that the countries are affected. 

    What I can say today is that if sustained the impact of the U.S. tariffs on Canada and Mexico can be expected to have a significant adverse economic impact on those countries given their very strong integration and exposure to the U.S. market. 

    Now, more broadly, there were some questions about financial market movements. So let me also just step back for a moment on some of these, and here I want to refer to some remarks that our Managing Director has been making recently. As she’s been saying, we are now in the midst of significant transformations, and these include the rapid advance of AI to changing patterns of capital flows and trade. She has also been mentioning that trade is no longer the engine of global growth that it used to be. 

    For example, during the period of 2000 to 2019, global trade growth reached nearly 6 percent on an annual basis, whereas over the more recent period of 2022 to 2024, global trade is growing closer to 3 percent. So global trade growth has been on a downward — has declined. And of course, it is in this more global context that governments are recalibrating their approaches and adjusting policies. 

    I also want to recognize, of course, that we have seen increased volatility in financial markets. We see that in indicators such as the VIX. We also have seen indicators of global uncertainty showing an increase. And what will be critical to assess what the economic impact of this will be — will be whether these trends are short-lived or whether they are sustained. Generally speaking, our research shows that both historically and across countries, sustained periods of elevated uncertainty can be associated with both households and firms holding back on consumption and investment decisions. And as I said, we will be providing a comprehensive analysis of our views on the global economy and individual economies as part of the World Economic Outlook that will be released in April. 

    On the specific question on U.S. bond yields, we do recognize of course, that U.S. bond yields have moved lower since the beginning of the year. And it does seem that on that basis markets may be reappraising or reassessing their views, particularly on the outlook for monetary policy. I will stop there and move on.

    QUESTIONER: When is the IMF Board expected to review and approve the next disbursement for Ukraine? Are there any remaining conditions or procedural steps that Ukraine must fulfill before approval? And the Ukrainian government is engaging in debt restructuring efforts with its creditors. How does the IMF assess Ukraine’s debt sustainability and what role does this play in bord’s decision making process regarding future disbursement announcements?

    QUESTIONER: So, to follow up on previous question. In February, you stated, that Ukraine would have access to about U.S. $900 million for the next review. Now we are speaking about $400 million. So, why the IMF has made a decision to adjust to the total sum of disbursement that will be provided to Ukraine?

    QUESTIONER: And do you think that it can impact financial stability of Ukrainian economy or there is no risk for them? 

    QUESTIONER: How do you expect the freezing of the U.S. aid for Ukraine might impact the program you have already on course right now? And how does this affect the global plan that had been made like a year ago or two years ago now? 

    QUESTIONER: I just want to follow up the last question about the impact — what the impact Trump administration is doing. Does this impact the IMF projections on Ukraine this and next year? 

    QUESTIONER: An adjacent question, maybe related to the prospect for ending the war. And, you know, we have seen economic developments in Russia continue to percolate along even though the war has been going on and there have been sanctions. Have you started to look at what the end of the war could mean for both the Russian and Ukrainian economies in terms of, you know, perhaps, you know, assuming that there would be an end of sanctions once there was a cessation of hostilities, whether that would give a boost to the Russian economy, maybe the European economy in general could lower costs, things like that? So just kind of walk us through what you are seeing there. 

    MS. KOZACK: Okay, let me go ahead on Ukraine. So, just to bring everyone up to speed. So, on February 28th, the IMF staff, and the Ukrainian authorities reached a staff-level agreement on the Seventh Review of the four-year EFF arrangement. This is subject to approval of the IMF’s Executive Board. Ukraine is expected to draw, as noted, about U.S. $400 million, and that would bring total disbursements under the program to U.S. $10.1 billion.

    I just want to note that program performance in Ukraine remains strong. All of the end December quantitative performance criteria were met, and understandings were reached between the Ukrainian authorities and IMF staff on a set of policies and reforms to sustain macroeconomic stability. The structural reform agenda in Ukraine is continuing to make good progress, and there are strong commitments from the Ukrainian authorities in a number of other areas. 

    Now on some of the specific questions, first on the matter of the disbursement, what I can say there is that it is not unusual over the life of a program for the pattern of disbursements to shift based on evolving balance of payments needs. And that is what has happened in this case. It is also important to emphasize that the overall size of the program, which is $15.6 billion, remains unchanged. And so that shift in disbursement pattern reflects the shifting balance of payments pattern for Ukraine. 

    So, on the issue the debt restructuring and debt process, what I can say there is that restoring debt sustainability in Ukraine hinges on continued implementation of the authority’s debt restructuring strategy, where completing the treatment of the GDP warrants remains important. And it also hinges very much on continuation of the revenue-based fiscal adjustment strategy, which is supported under the program. And as you know, Ukraine’s debt has been assessed in the last review to be sustainable on a forward-looking basis contingent on these two areas that I just mentioned. And of course, there will be a revised debt sustainability assessment as part of the ongoing review. 

    With respect to the other question, what I can say here is that the Ukrainian economy, you know, has shown continued resilience despite the challenges arising from the war. At the time of the Seventh Review, the last review, we estimated GDP growth to be 3.5 percent in 2024. But we did expect it at that time to moderate to 2 to 3 percent in 2025. And that was reflecting some headwinds from labor constraints and damage to energy infrastructure, given the ongoing war. It is the case in general for Ukraine, and we have been saying this throughout the life of the program, that the outlook remains exceptionally uncertain, especially as the war continues and it is taking a heavy toll on Ukraine’s people, economy, and infrastructure. 

    On the more recent developments that you were referring to, we are following these developments very closely. It is premature at the moment to comment on them, but we are following them, and we will make an assessment in due course.

    And on your question, the answer is essentially the same. We are following the developments very closely, and we will, as developments evolve, be undertaking obviously an assessment of what a peace deal could potentially look like and what would be the implications for all of the involved parties. 

    QUESTIONER: Julie, can you on the basis of having studied previous conflicts ending, can you just give us divorced from Ukraine and Russia, but just can you give us an indication of what generally happens when a conflict ends, what that means? And is there anything that we can draw on, at least just from history? 

    MS. KOZACK: So, I do not have, you know, off the top of my head a piece of research that I can kind of point to in terms of the interest analysis. What I certainly can say is that we always, for all of our member countries, hope for peace and stability in all of our member countries. And I think at that moment this is really what I can say. But I take note of the importance of your point, and we will, I have no doubt, in due course be conducting all of the necessary analysis as events unfold.

    QUESTIONER: I have two questions mainly on Egypt. as Egypt is scheduled for 10th of March for the discussion of the Fourth Review of the EFF for the country, what are we expecting from this meeting? And if you please, could you update us on the RSF facility worth $1.2 billion for the country? Thank you so much. 

    QUESTIONER: I would second exactly those questions. And just to add to that, I know it says on the IMF Executive Board calendar that the Board will be discussing waivers of non-observance for some of the performance criteria related to Egypt’s loan program and modifications for others. Are you able to tell us any more about exactly which criteria the Board will be looking at? And on the RSF, if you are able to give us any more detail about the prospective value of that. I know it has been put at $1 billion before. A related question, not on Egypt but on Gaza. I would be interested to know if the IMF has begun to think, whether internally or with partners in the region, about what its potential role would be in funding a reconstruction plan for Gaza given the $50 billion, upwards of $50 billion, cost of any reconstruction. 

    QUESTIONER: I may repeat questions about the value of current tranche to be given to Egypt and the timing of when the central bank of Egypt to receive it. And also, I have another question about the program of state assets selling. Will we witness some steps, new steps in that program? Could it be connected with the decision to be taken in March?

    MS. KOZACK: And any other questions on Egypt? All right. And then I have a question that came in through the Press Center. I am going to read it out loud – ’Does the IMF’s approval of the fourth tranche to Egypt require Egypt to implement some reforms? And when will the Fifth Review of the loan be held? What is the estimated size of the loan allocated to Egypt, and here will it be dispersed in installments or in one lump sum?’

    On Egypt – on March 10th, our Executive Board will be discussing Egypt’s Article IV consultation and the fourth review under the EFF. It will also be discussing at the same time Egypt’s request for an RSF, the Resilience and Sustainability Facility. Subject to completion by the Executive Board, the authorities, would have access to $1.2 billion under the EFF. So, under the EFF program. And then in addition, subject again to approval by our Executive Board, the size of the RSF would be about U.S. $1.3 billion. Regarding the RSF, like all of the IMF programs, the RSF is also delivered in tranches. So, it is not one lump sum up front. It is a phased program where tranches are dispersed on the basis of conditions being met. 

    And with respect to some of the other questions, what I can say today is just that we will provide, of course, more details following the Board meeting and on the question of waivers and modifications and also the questions on the state-owned enterprises. And again, the board meeting will be on March 10th. 

    QUESTIONER: I have two questions related to Japan. Firstly, amid rising uncertainty due to President Trump’s tariff policy, I would like to ask you — ask your thoughts on whether the Bank of Japan, currently in a rate hike phase, should continue raising rate or take more cautious approach in assessing the impact. And secondly, President Trump recently made remarks suggesting that Japan and China are engaging in currency devaluation. I would appreciate it if you share your views on Japan’s foreign exchange policy. Thank you. 

    MS. KOZACK: So, maybe just stepping back to give a bit of context on Japan. What I can say on Japan is that on the growth side, growth this year is expected to strengthen, and we also expect inflation to converge to the Bank of Japan’s 2 percent target by the end of 2025. 

    In 2024, growth in Japan slowed due to some temporary supply disruptions. But since then, we have seen a strengthening in growth driven by domestic demand, particular — particularly private consumption in Japan and rising wages. And we expect this to continue into 2025, where we project growth, at the time of the January WEO, we projected growth at 1.1 percent for Japan in 2025. And of course, just to say that we will be updating this projection as part of the April forecast. 

    Looking at inflation — headline and core inflation, as I said, are expected to decline gradually toward the 2 percent target. We have been supportive of the Bank of Japan’s recent monetary policy decisions. We believe that these decisions will help anchor inflation expectations at the 2 percent target but also given balance risks around inflation, our assessment has been that further hikes in the policy interest rate should continue to be data dependent, and they should proceed at a gradual pace over time. 

     With respect to the question on the exchange rate, what I can say there is that the Japanese authorities have affirmed their commitment to a flexible exchange rate regime. Japan’s flexible exchange rate regime has helped the country or has helped the economy absorb the impact of shocks. And it also supports the focus of monetary policy on price stability. And at the same time, what I can say is that that flexible exchange rate regime is helping maintain an external position that is in line with fundamentals. 

    QUESTIONER: Could you give us an update on the negotiations for Ethiopia, please? And on El Salvador, the deal that you agreed on in December and was approved a couple of weeks ago involves the government not increasing its exposure to Bitcoin. Government has continued to buy through the Office of Bitcoin, which is linked to the presidential palace. But yesterday the Fund said that these purchases do not increase the government’s exposure to Bitcoin. Could you please explain that? 

    QUESTIONER: Also on El Salvador, obviously he was saying to not to not buy it as a government reserve. I just wanted to, I guess, contrast to the U.S. I mean, President Trump has very much announced a digital assets reserve, including Ethereum and other coins, as well as Bitcoin. And I wondered if the IMF could – can you comment on the U.S. program or how would you distinguish the two countries and why the IMF might be taking a different approach?

    MS. KOZACK: All right, let me go ahead and take the El Salvador question in Ethiopia and then we will go back. I see many hands up online. 

    So, on El Salvador, as you know, last week our Executive Board approved a 40-month Extended Fund Facility, EFF, for U.S. $1.4 billion and with an immediate disbursement of $113 million. The program is expected to catalyze financial and technical support from other IFIs. And this will lead to a combined total over the program period of about U.S. $3.5 billion of support for El Salvador. The goals of the program are to restore fiscal sustainability, rebuild external and financial buffers, strengthen governance and transparency, and ultimately create the conditions for stronger and more resilient growth. 

    Regarding Bitcoin, in particular, the program aims to address the risks associated with the Bitcoin project to protect consumers and investors, as well as to limit potential fiscal costs. So, to start, there were recent legal reforms that have made the acceptance of Bitcoin voluntary, and taxes can be paid only in U.S. dollars. Under the program, the government has committed to not accumulate for their Bitcoins at the level of the overall public sector. 

    Regarding the recent increase in Bitcoin holding by the Strategic Bitcoin Reserve Fund, the authorities have confirmed that these are consistent with the agreed program conditionality, and we do remain engaged with the authorities on this important issue. 

    And then, to your question. We are obviously closely monitoring President Trump’s announcement in this area. The Presidential Working Group on Digital Asset Markets has not yet completed its work. So, we do not yet have details on the implementation of this proposal, but we will come back in due course. 

    And then turning to the question on Ethiopia. So just an update on Ethiopia. On January 17th, the IMF Executive Board completed the Second Review of the arrangement, the ECF arrangement for Ethiopia, and that allowed for a drawdown of about U.S. $245 million. The ECF arrangement supports the authorities’ reforms to address macroeconomic imbalances, restore external debt sustainability, and lay the foundation for strong private sector-led growth. 

    I can also just remind you that the Managing Director recently traveled to Ethiopia. She was there February 8th and 9th. She met with Prime Minister Abiy and his team to take stock of the economic reforms and the progress that is being made in the country. And she also took the opportunity to meet with other stakeholders, including representatives of the private sector. 

    QUESTIONER: My question is on USAID. USAID has now totally stopped its business. And to what extent do you see the impact, especially on lower income countries at the global level? And should you consider using your facility to support them just in case? 

    MS. KOZACK: So, on this issue, we are obviously again paying close attention to developments, and we are working with our country authorities. But it is, at the same time, it is too early to really say what the precise impact may be. And so, we will come back in due course. For now, we are monitoring.

    QUESTIONER: I have a question on Senegal. Following a recent audit of the country’s debt, it was found to be 99.7 percent of GDP. That was in 2023. And I know that IMF has said before that Senegal debt was stable even though it was high. I am wondering if that is the figure that you still consider sustainable. And then also with regards on talks of a new IMF program, I am wondering if Senegal could be asked to reimburse previous dispersion under this reporting period. 

    QUESTIONER: Still on Senegal, as soon as the report from the Audit Supreme Court was released, we saw rating agency downgrading Senegal sovereign notes. So, the country is now stuck. It cannot raise funds from the internal market, and it cannot go in a very comfortable position in international markets while they still face a lot of challenges. So, I am wondering why the IMF is working fast and bold to find a solution for Senegal in the midterm or even long-term. Is there any situation where IMF can provide a short-term, I mean, short-term relief to the country so they can go through these hard moments in a very soft way? 

    MS. KOZACK: So, on Senegal, what I can say is that we are actively engaged in discussions with the authorities with respect to the Court of Auditors Report and the associated misreporting under the IMF program. The Court of Auditors Report was released on February 12th. The Court confirmed that the fiscal deficit and debt were under reported during the period of 2019 to 2023.

    So, what we are doing is working closely with the authorities in their efforts to preserve fiscal and debt sustainability. We are working actively to advance on our discussions following the publication of the report, and we are also working with the authorities on measures to correct and remedy the misreporting that took place. What I can add is that the resolution of the misreporting in line with IMF policy is a precondition for discussions of any future financial assistance by the IMF.

    And with respect to potential consequences, I can say that the IMF does not impose any sanctions for misreporting cases. It is up to our Executive Board to decide on the next steps. And those next steps, you know, could include a waiver. And that waiver could — it could also include; it could be a waiver without a request for reimbursement. So, all of those discussions on Senegal are now underway. We are actively, very much working with the authorities, supporting as much as possible their efforts on fiscal and debt sustainability, as I said. And we will come back and report back when we have more information on Senegal. 

    I have a question here online that I am going to read. It came from the Press Center on Thailand. And the question is – ‘The upcoming World Bank IMF Annual Meetings in Thailand will bring significant attention to Southeast Asia’s economic outlook. From the from IMF’s perspective, how can Thailand best leverage this opportunity to address regional challenges such as digital transformation, climate change adaptation, and income inequality? And what collaborative initiatives between the IMF and Thailand are being planned to ensure lasting economic benefits for the country beyond the meetings themselves?’ 

    So, on this very important question, a very nice question, actually, what I can say is that we are very much looking forward to having Thailand host the annual meetings in 2026. So, this will be in October of 2026. Every three years, we do our Annual Meetings abroad. 2026, October will be Thailand. So, mark your calendar. I can also add that preparations are underway. The Fund, the IMF staff are working hand in hand with the Thai authorities to make this a highly successful event and showcasing the significant strides that Thailand has made since it last hosted our annual meetings in 1991. So, it will be 25 years when we get to 2026. 

    The Managing Director recently met with Bank of Thailand’s Governor Sethaput at the AlUla Conference in Saudi Arabia. They discussed the preparations for the annual meetings and agreed that it would be a very good opportunity to showcase on the global stage the region’s dynamism and economic activities. And of course, the meetings will also allow Thailand to position itself as a key contributor to the international economic dialogue and to gather views and experiences from countries throughout the membership of the IMF and the World Bank. 

    This ongoing close relationship leading up to and beyond, we hope, the Annual Meetings will focus on prioritizing reform reforms that are necessary to ensure the lasting benefits for Thailand and building the relationships and the shared policy, dialogue and experiences we hope will deepen our engagement, our excellent engagement and relationship with Thailand and will be sustained even past the Annual Meetings in 2026.

    QUESTIONER: My question is, what are the IMF growth projections for Jordan amid the ongoing impact of the Gaza war? And when will the Third Review under the EFF begin? And are any adjustments expected to the war’s region effect on Jordan’s economy? 

    MS. KOZACK: So, what I can share on Jordan is that the Executive Board on December 12th completed the Article IV Consultation with Jordan and the Second Review under the EFF arrangement. The mission for the next review, which will be the Third Review, is expected to take place in April.

    What I can also say is that Jordan has demonstrated resilience and maintained macroeconomic stability throughout the prolonged regional conflict. This resilience reflects the authority’s continued implementation of sound macroeconomic policies and progress with reforms. While recent developments in the region, particularly the ceasefire agreements, give rise to some cautious optimism, uncertainty, of course, in Jordan does remain high. And with respect to the growth projections, what I can say is that growth in 2024 was 2.3 percent. We are projecting growth at 2.5 percent in 2025 and a further increase in growth in 2026 to 3 percent. But like in all countries, we will be updating these projections as both part of our April World Economic Outlook Global Forecast, and also, of course, the team will be doing a full assessment of the Jordanian economy as part of their mission in April 

    And so, with this, I’m going to bring this press briefing to a close. Thank you all very much. Thank you very much for participating today. As a reminder, the briefing is embargoed until 11 a.m. Eastern Time in the U.S. The transcript, as always, will be made available later today on IMF.org. And in case of clarifications or additional questions, please reach out to my colleagues at media@IMF.org. And I wish everyone a wonderful day, and I look forward to seeing you next time. Thank you very much. 

     

    * * * * *

     

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

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

    MIL OSI Economics –

  • MIL-OSI Australia: 62-2025: Office availability – Tropical Cyclone Alfred

    Source: Australia Government Statements – Agriculture

    7 March 2025

    Who does this notice affect?

    All clients attending departmental offices in Brisbane.

    What has changed?

    Due to Tropical Cyclone Alfred only essential services are continuing from DAFF facilities in Brisbane on Friday 7 March 2025. Decisions about future closures will be made as the event unfolds and impacts are known.

    Online and telephone services continue to operate as normal.

    For Airport Operations please check the airline and airport…

    MIL OSI News –

  • MIL-OSI Australia: Australian Deputy PM: 3AW Drive, Melbourne

    Source: Minister of Infrastructure

    JACQUI FELGATE [HOST]: We do speak a lot on this program about infrastructure spending in Victoria, so I do very much appreciate the time of the Infrastructure Minister, Catherine King. Good afternoon to you.

    CATHERINE KING [MINISTER]: Hi, Jacqui. Lovely to be with you.

    JACQUI FELGATE: Now, you’ve just announced, and I began the program by speaking about this, the $1.1 billion to revamp and fix up the Western Freeway. It is between Melton and Caroline Springs. But can I ask you, why now, given that this road – and we take call after call on the dangerous nature of this road – why now? Why not a year ago? Why not two years ago?

    CATHERINE KING: Yeah. So, the Western Highway’s been a long term project. I’ve been living, obviously, in the west of the state for a long time so I well remember many of the projects we’ve had to do the work on, whether it’s Anthony’s Cutting, the Deer Park Bypass, the duplication beyond Ballarat – we’ve still got work to do all the way up to Stawell. But what we’ve seen has been significant housing growth along that, sort, of Caroline Springs, Rockbank, between Melton and Bacchus Marsh corridor, and the traffic has really been building up over time. 

    So, just before the last election we announced we’d partner with Victorian State Government to do a business case to try and work out what are the alternatives, what can you actually do? The work that’s being done, obviously on the West Gate Tunnel, will improve things down that end so you’ve got traffic can flow through. But really, how do we manage these new housing estates? 

    Business case got handed to the Victorian Government just at the end of last year and so we’ve been working with them on, well, now what do we need to actually fund? And that’s why the announcement is happening today of the $1.1 billion.

    JACQUI FELGATE: Would you consider the road to be in acceptable condition, especially given you drive down it? What do you think when you drive along it?

    CATHERINE KING: Yeah. So, I think from a safety- you know, there’s good safety from, sort of, a barrier perspective. But when you hit- if you’re travelling really early in the morning I hit normally what should be an hour and 20-minute trip into town is nowhere near that. You end up getting caught when you hit Bacchus Marsh – the tailback now from those big housing estates, particularly as we get a lot of tradies coming on at 6:00am in the morning. So, from 6:00 to about 9:30 it really is quite congested, and then the reverse coming home. There’ll be people stuck in traffic now trying to get on those Melton on ramps, really, it tails back there as well. 

    It’s also pretty narrow. And also then in terms of some of the surface work, we’ve seen some work being done, which is about containing the road.

    JACQUI FELGATE: [Talks over] Is that- you mean potholes there.

    CATHERINE KING: Yeah.

    JACQUI FELGATE: So, what are the potholes like on the road?

    CATHERINE KING: They’ve got better but there’s been a lot of work done. And again, one of the things I’ve been pointing out, which shocked me a fair bit, was the previous government had frozen maintenance money from the Federal Government…

    JACQUI FELGATE: [Interrupts] We can’t keep blaming the previous government, though, Catherine.

    CATHERINE KING: [Indistinct]…

    JACQUI FELGATE: It’s banned on this program.

    CATHERINE KING: That’s why I’ve fixed it. So I will say, I’ve taken responsibility now. We’re in government and so we’ve fixed that and put more maintenance money in. But what this does, it does a few things. So, the business case has come up with a whole range of options, whether they’re from widening at some areas, whether it’s into better interchanges, whether it’s diamond interchanges, it’s come up with a range of options. 

    Now we’ve put the money on the table it allows the Victorian Government to go, okay, which project do we need to do first? Where are we going to go with this money particularly to really get that Caroline Springs to Melton area as resolved as we possibly can, because it’s just had such huge growth. So, that’s what’s happened today.

    JACQUI FELGATE: There is understandable frustration amongst the community, particularly from those in Victoria in the West, and some critics, myself included, would say that this is, basically, pork barrelling. Only now does the seat of Hawke and all of those seats that are now potentially going to swing the other way – only now do you come up with the money, because you’re in danger of losing those traditional Labor voters in the west.

    CATHERINE KING: Well, that’s a comment. And what I’d say is that we’ve recognised there’s a problem. We’ve been in government just on three years, or just under three years. Business case got handed to us at the end of last year, now’s the time to say, well, now how do we actually then work out what- we’ve actually worked out what we need to do to fix it, now we’re committing the money. 

    What I would point out is it’s been Labor Governments consistently that has invested in the Western Highway. As I’ve said, I’ve lived down here for a long time and I’ve seen Labor Governments and I advocated I remember when Martin Ferguson was minister, to actually get Anthony’s Cutting done and the Deer Park Bypass funded. The duplication of the road as well, again, that’s been really strong advocacy by Labor Governments to get this done. And really, that’s what the investment is about today.

    JACQUI FELGATE: Political support, both at a Federal and State Labor level has sunk over the past 18 months. You know, how worried are you that Victoria is going to be the state that becomes the battleground state this election?

    CATHERINE KING: Well, my job as Infrastructure Minister is to look after the whole of the country, and Victoria is no different. I am investing in the East, I’m investing in the North, the South and the West to make sure that Victoria has the infrastructure it needs. 

    When we came to office the spend for infrastructure for the Commonwealth Government to Victoria was $17 billion. It is much higher in other states. We’ve managed, in the three years we’ve been up to- in office, to get it up to $24 billion with these announcements certainly finishing today, and that’s been really important. Because Victoria, frankly, has pretty much for the last decade had to go on its own when it came to infrastructure building. And really, that wasn’t good enough, and that’s what we’ve tried to do. 

    So, everywhere matters to me, every community, every suburb. I grew up in the east of the state, spent most of the first half of my life there. I’ve seen huge growth there, and I now live in the west of the state. Everywhere matters to us.

    JACQUI FELGATE: And just on Sunshine. Speaking of the West, you would have seen the reports about the station up to $4 billion. Like, how can you spend $4 billion on a train station? It doesn’t…

    CATHERINE KING: Yeah, well, infrastructure. Infrastructure is really expensive. I wish it wasn’t. I wish was not expensive to build.

    JACQUI FELGATE: [Talks over] Is government infrastructure more expensive than private infrastructure?

    CATHERINE KING: No, it’s just the cost. It’s really- like, we’ve seen labour costs, the cost of steel, the cost of cement, the amount of time it takes for engineering, there’s shortages of labour, all of that. It is just really costly and it’s like that all around the country. So, I get- I got asked a very similar question in Queensland: why is it more expensive in Queensland to build. Well, you know, it’s not. It’s expensive everywhere. 

    So, what’s- the station is actually a really big project and it’s quite a few things. So, one of the things it does is it creates an entire new set of lines so that you’ve got- you separate completely the country trains out, and so that’s a big piece of infrastructure. You think about, we’re building Southern Cross, we’re literally building Southern Cross at Sunshine Station. It’s a big project, so it will cost lots of money.

    JACQUI FELGATE: Okay. I guess the frustration of people though is that government projects, whether they be federal or state and whether they be a Liberal or Labor project, they always blow out and they never finish on time. Certainly that is the experience in Victoria at the moment.

    CATHERINE KING: Well, one of the things we’ve been trying to do and it’s why I’ve had a lot of work done to reform Infrastructure Australia and also reform the way I make decisions about what we invest in, so you often see me announce, and sometimes people criticise me for this, but you often see me announce planning money first. And everyone goes, well, why are you doing that? Why don’t you just build it? The reason I invest planning money first is because I want to know how much is this going to cost? Can we do the geotechnical work, you know, dig in the ground first, find out whether there’s hard rock there, what is there, and then actually get a much better understanding of the costs.

    The other- and do that first before we commit construction money. So often, I will do that first and do that business planning work, which is what we’ve done with Western Highway. I’ve done that planning first. Everyone would have liked me three years ago just to fix the road but I wanted to know. I’m not an engineer. I need expert advice to tell me what are the treatments we need to do to actually fix this rather than just making the problem worse, which we sometimes can do when we put new lanes in, it just makes [indistinct]-

    JACQUI FELGATE: [Interrupts] What problems have we made worse?

    CATHERINE KING: Yeah. So, sometimes what happens when you actually say, okay, I’ll widen the lane, here, I’ll widen this road, it then narrows further down, it just moves the problem further down. So, some of the congestion busting that we saw in past years hasn’t always fixed the problem of actually getting congestion moving, or you just see new, more housing developments keep growing out. So, you’ve got to really think about how you do the planning work and then actually making sure you deliver the construction. And that’s what we’ve tried to do and tried to reform and working really closely with states. 

    States are now required to give me a 10-year pipeline of the projects that they think they’re going to need so that we’ve got a line of sight of where those investments need to be made. And we’ve worked really hard to try and make sure we build in things like more apprentices, more training, more of that staff.

    JACQUI FELGATE: [Interrupts] Yes. And speaking- can I just ask speaking, because I know I’ve only got you for a certain amount of time?

    CATHERINE KING: That’s all right.

    JACQUI FELGATE: But just on suburban rail and that 10-year pipeline, is that still a priority for you? And can you afford to do both airport rail and the first stage of suburban rail between Cheltenham and Box Hill? Do you have enough money?

    CATHERINE KING: Yeah. So, Suburban Rail Loop East is under construction now. We’ve put $2.2 billion in that. Infrastructure Australia has assessed that project for me which has allowed me to release that $2.2 billion. We’ll assess further requests as they come forward, they’ll need to go through Infrastructure Australia as well. 

    But what we’ve said, and the Prime Minister announced recently, is that we also think that that will go under construction, Victorian State Government has entered into contracts and it’s doing that. We also think that the airport rail, it is time that we actually got this off the books. We’ve had, both of us, have had $10 billion sitting on the table, literally not productively being used and we want to actually get this project done. So, we’ve now unlocked that by putting the extra $2 billion into Sunshine Precinct. We’ve been working really constructively with the airport and that’s been a bit of a deadlock between the three parties. And we’ve got- we’ll have a bit more to say about that shortly.

    JACQUI FELGATE: You talk about contracts. You mentioned the word that the state government had allocated contracts for Suburban Rail Loop, and then you just previously spoke to me about the importance of planning and the importance of allocating money where it should go in the right way. Given that the state government has already allocated contracts going forward that you are yet to put funding in, can you guarantee, like, are you still going to fund what has been contracted? Because the state government can’t do it all on their own.

    CATHERINE KING: Well I mean, Suburban Rail Loop East, we’ve been pretty clear. The commitment we made was to deliver $2.2 billion to that project, and we have now done that. Any further requests will need to be assessed by Infrastructure Australia, and that really is- I’ve been pretty firm about that. But obviously, the Victorian State Government is progressing that project, early works have been done. The tunnel boring machines, you’ll start to see those, I think, later this year, that’s been committed to. And we will consider further requests as they come in. 

    JACQUI FELGATE: Do you like that project, the Suburban Rail Loop? 

    CATHERINE KING: Yeah. Well, I grew up in the East. I grew up catching the train from Syndal Station into the city. Glen Waverley, that was my stomping ground from all my teenage years to my 20s, and I can absolutely recognise how difficult it is to get across and then what you’re trying to do at Monash, so trying to actually get public transport to Monash.

    JACQUI FELGATE: [Talks over] So, have you driven a lot from Cheltenham to Box Hill? 

    CATHERINE KING: Yeah, I have done, to be honest, on occasion. And then I was trying to get, because I grew up in Syndal, from Syndal to Monash and through there was always really difficult. But the other thing it unlocks is, if you live down Gippsland Way and you need to get your kid to the Children’s Hospital at Monash or you’re going to university, it also unlocks that. So, it’s actually got some really terrific benefits. 

    It’s also about building. If you look over- if anyone’s been over to WA, they’ve built this unbelievably huge Melbourne metro system which is unlocking new housing, new suburbs, new industrial precincts, and that’s what they’ve done there in recognition of the growth that is occurring. And so, that’s really what suburban rail sort of does. It provides that loop and that housing. 

    So, I think it’s a really- it’s seen as a necessary project. Infrastructure Australia says it’s an important project for the state. But there’s a little bit more work the state needs to do around the value capture proposition to convince Infrastructure Australia about where, how the money and the funding is all going to work together, and they’ll do that work over the course of the next year or so. 

    JACQUI FELGATE: One would hope. Catherine King is the Infrastructure Minister. Always appreciate your time.

    CATHERINE KING: Always happy to be with you. 

    JACQUI FELGATE: Thank you.

     

     

     

    MIL OSI News –

  • MIL-OSI: Graphjet Technology Discloses Notice from Nasdaq

    Source: GlobeNewswire (MIL-OSI)

    Innovative technological leader to oversee all technical, operational, customer support and business development initiatives

    KUALA LUMPUR, Malaysia, March 06, 2025 (GLOBE NEWSWIRE) — Graphjet Technology (“Graphjet” or “the Company”) (Nasdaq:GTI), a leading developer of patented technologies to produce graphite and graphene directly from agricultural waste, today announced that it received a notice (“Notice”) on February 28, 2025 from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that, as a result of (i) the Company’s delay in filing its Quarterly Report on Form 10-K for the period ended September 30, 2024  (the “Initial Delinquent Filing”) with the Securities and Exchange Commission (the “SEC”), and (ii) the Company’s delay in filing its Annual Report on Form 10-Q for the period ended December 31, 2024 (the “Second Delinquent Filing”), the Company is not in compliance with the requirements for continued listing under Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”).

    The Notice has no immediate effect on the listing or trading of the Company’s ordinary shares on the Nasdaq Global Market. The Notice states that the Company has 60 calendar days, or until April 29, 2025, to submit a plan to regain compliance with the Listing Rule with respect to the delinquent reports. If Nasdaq accepts the Company’s plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of the Initial Delinquent Filing, or until July 14, 2025, to regain compliance.

    The Company continues to work diligently to complete the Form 10-K and the Form 10-Q.

    This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. 

    About Graphjet Technology Sdn. Bhd.

    Graphjet Technology Sdn. Bhd. (Nasdaq: GTI) was founded in 2019 in Malaysia as an innovative graphene and graphite producer. Graphjet Technology has the world’s first patented technology to recycle palm kernel shells generated in the production of palm seed oil to produce single layer graphene and artificial graphite. Graphjet’s sustainable production methods utilizing palm kernel shells, a waste agricultural product that is common in Malaysia, will set a new shift in graphite and graphene supply chain of the world. For more information, please visit https://www.graphjettech.com/.

    Cautionary Statement Regarding Forward-Looking Statements

    The information in this press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “aim,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Graphjet competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Graphjet will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) Graphjet is beginning the commercialization of its technology and it may not have an accurate estimate of future capital expenditures and future revenue; (iv) statements regarding Graphjet’s industry and market size; (v) financial condition and performance of Graphjet, including the anticipated benefits, the implied enterprise value, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Graphjet; (vi) Graphjet’s ability to develop and manufacture its graphene and graphite products; and (vii) those factors discussed in our filings with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of the documents to be filed by Graphjet from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and while Graphjet may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Graphjet does not give any assurance that Graphjet will achieve its expectations.

    Graphjet Technology Contacts

    Investors
    GraphjetIR@icrinc.com

    Media
    GraphjetPR@icrinc.com

    The MIL Network –

  • MIL-OSI USA: Markey, Warren, Wyden, Schumer, Lawmakers Seek IRS Watchdog Investigation Into Trump Administration’s Decision To Gut IRS

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Mass firings, office closures could delay taxpayers’ refunds, allow major abuses to go undetected or unaddressed
    “Reducing IRS staff will have profound effects, hindering the agency’s ability to process … tax returns … potentially causing delays for taxpayers waiting for refunds, and inhibiting the agency’s ability to conduct audits to catch wealthy tax cheats.”
    Text of Letter (PDF) 
    Washington (March 6, 2025) – Senator Edward J. Markey (D-Mass.) joined Senators Elizabeth Warren (D-Mass.) and Ron Wyden (D-Ore.), Ranking Member of the Senate Finance Committee, and their colleagues in sending a letter to the Acting Treasury Inspector General for Tax Administration (TIGTA), urging her to launch an investigation into the Trump Administration’s decision to fire nearly 7,000 Internal Revenue Service (IRS) employees and close over 100 Taxpayer Assistance Centers (TACs). The letter follows new reporting revealing that the IRS is preparing to gut half of its workforce, a decision that threatens to undermine the IRS’s ability to crack down on wealthy tax cheats and provide quality service for American taxpayers.
    The following 15 senators signed on: Minority Leader Schumer (D-N.Y.) and Senators Merkley (D-Ore.), King (I-M.E.), Shaheen (D-N.H.), Booker (D-N.J.), Blumenthal (D-Conn.), Durbin (D-Ill.), Kim (D-N.J.), Murray (D-Wash.), Sanders (I-Vt.), Van Hollen (D-Md.), Welch (D-Vt.), Whitehouse (D-R.I.), Reed (D-R.I.), and Hirono (D-Hawaii)
    “Given the implications these mass firings and office closures may have on the quality of service provided by the IRS, an evaluation by your office would be consistent with your mission of ‘conducting audits and investigations that improve IRS operations,’” explained the lawmakers.
    Before President Biden signed the Inflation Reduction Act (IRA), which provided the IRS with $80 billion over the next 10 years, the agency suffered from chronic underfunding and understaffing. This major investment allowed the IRS to recover $1.3 billion from tax cheats, improve access to IRS services, and launch more digital tools to help Americans file their taxes. 
    “These investments made through the IRA will—if not rolled back by President Trump and Republicans in Congress—pay for themselves many times over… every dollar (spent) on the IRS’s enforcement activities results in $5 to $9 of revenue to fund investments in programs for the American people,” wrote the lawmakers.
    Last month, the Trump Administration ordered the IRS to begin firing employees. The massive layoffs have already begun “shaking the foundations of the tax agency during filing season.” Reducing IRS staff and offices will profoundly affect Americans filing their taxes this season, slowing the agency’s ability to process the over 140 million expected individual tax returns and potentially causing delays for taxpayer refunds. The IRS also plans to close an additional 110 TACs around the country, which will harm Americans seeking to access critical taxpayer services.
    The senators asked the Acting Inspector General to determine if the Trump Administration’s recent decisions undermine the IRS’s progress, and if the firings and closures impact the agency’s mission to “(p)rovide America’s taxpayers top-quality service by helping them understand and meet their tax responsibilities and enforce the law with integrity and fairness to all.” 

    MIL OSI USA News –

  • MIL-OSI USA: Senate Indian Affairs Committee Advances Peters’ Bipartisan Legislation to Settle Longstanding Land Claims of the Keweenaw Bay Indian Community, Clear Title of Current Landowners

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    WASHINGTON, DC – The Senate Indian Affairs Committee advanced bipartisan, bicameral legislation authored by U.S. Senator Gary Peters (MI) to settle the longstanding land claims of the Keweenaw Bay Indian Community (KBIC).  
    “For years, the Keweenaw Bay Indian Community has worked to settle these land claims and provide clear title to those who currently own the property in question,” said Senator Peters. “Our Tribal partners and local community members agree – this legislation would help right this wrong, and I’m pleased it has now advanced to the full Senate.” 
    Through Treaties signed in 1842 and 1854, the KBIC was granted occupancy over a large area of land established as the L’Anse Reservation in Michigan’s Upper Peninsula. Despite those treaties, thousands of acres of reservation land were taken by the federal government without compensation and awarded to the State of Michigan between 1855 and 1937.  
    The Keweenaw Bay Indian Community Land Claim Settlement Act of 2025 – which Peters reintroduced with U.S. Senator Elissa Slotkin (MI) – would clear the title of current landowners in the community and provide compensation to the KBIC through the U.S. Department of Interior (DOI). U.S. Representative Jack Bergman (R-MI-01) introduced companion legislation in the House. 
    “This legislation represents our Community, our neighbors, and the Michigan delegation coming together to acknowledge the unlawful taking of our lands and provide a solution for a better future for the Tribe and our neighbors. This settlement has been generations in the making, and the Tribal Council and the Keweenaw Bay Indian Community share our sincere gratitude to Senator Peters, Senator Slotkin, and Representative Bergman for their leadership to right this historic wrong,” said KBIC President Robert “RD” Curtis, Jr. and the KBIC Tribal Council.
    The KBIC’s land claims involve the dispossession of between approximately 1,333 and 2,720 acres of land transferred by the United States government to the State of Michigan as compensation for the construction of the Sault Ste. Marie Canal, as well as approximately 2,743 acres of swamplands. The KBIC asserts that as a result of the 1842 and 1854 Treaties, these lands were not available for transfer and therefore transferred illegally. The KBIC contends that the inappropriate transfer of these lands has created substantial economic and other harm, through the loss of valuable land in prime locations along Lake Superior that could have been used for a variety of revenue-generating activities over the past 150 years. Meanwhile, non-Indian individuals, entities, and local governments have since acquired the land at issue – in good faith – and now seek to ensure they possess clear title to the land.   
    The bill – which unanimously passed the Senate last Congress – would authorize funds through the U.S. Department of Interior (DOI) that may be used by the KBIC for governmental services, economic development, natural resource protection, and land acquisition.  

    MIL OSI USA News –

  • MIL-OSI Global: New research shows bigger animals get more cancer, defying decades-old belief

    Source: The Conversation – UK – By Joanna Baker, Postdoctoral Researcher in Evolutionary Biology, University of Reading

    It’s not just size that matters. The speed of evolution can affect a species’ cancer prevalence too. Eric Isselee/Shutterstock

    A longstanding scientific belief about a link between cancer prevalence and animal body size has tested for the first time in our new study ranging across hundreds of animal species.

    If larger animals have more cells, and cancer comes from cells going rogue, then the largest animals on earth – like elephants and whales – should be riddled with tumours. Yet, for decades, there has been little evidence to support this idea.

    Many species seem to defy this expectation entirely. For example, budgies are notorious among pet owners for being prone to renal cancer despite weighing only 35g. Yet cancer only accounts for around 2% of mortality among roe deer (up to 35kg).

    Peto’s paradox is that bigger, longer-lived species should have higher cancer prevalence, yet they don’t seem to. Back in 1977, Professor Sir Richard Peto noted that, on a cell-by-cell basis, mice seem to have much higher susceptibility to cancer than humans. This has led to speculation that larger species must have evolved natural cancer defences.

    Several examples of these cancer defences have since been identified. For example, Asian elephants, a species with notably low cancer prevalence, have over 20 copies of a tumour suppressor gene (TP53) compared to our own lone copy. However, scientists are yet to find broader evidence across a range of animal species.



    Read more:
    Baleen whales are among the biggest creatures on Earth – science is revealing new secrets about their size

    Our new study challenges Peto’s paradox. We used a recently compiled dataset of cancer prevalence in over 260 species of amphibians, birds, mammals and reptiles from wildlife institutions. Then, using powerful modern statistical techniques, we compared cancer prevalence between the animals.

    Large species have a much greater risk of getting cancer (solid line), but faster evolution rates reduce that risk (dashed line).
    Jo Baker and George Butler, CC BY-NC-ND

    We found that larger species do, in fact, have more cancer compared to smaller ones. This holds across all four major vertebrate groups, meaning that the traditional interpretation of Peto’s paradox doesn’t hold up. But the story doesn’t end there.

    At first look, our findings seemed to be at odds with another long-standing scientific idea. Cope’s rule is that evolution has repeatedly favoured larger body sizes, because of advantages like improved predation and resilience. But why would natural selection drive species towards a trait that carries an inherent risk of cancer?

    The answer lies in how quickly body size evolves. We found that birds and mammals which reached large sizes more rapidly have reduced cancer prevalence. For example, the common dolphin, Delphinus delphis evolved to reach its large body size – along with most other whales and dolphins (referred to as cetaceans) about three times faster than other mammals. However, cetaceans tend to have less cancer than expected.

    Larger species face higher cancer risks but those that reached that size rapidly evolved mechanisms for mitigating it, such as lower mutation rates or enhanced DNA repair mechanisms. So rather than contradicting Cope’s rule, our findings refine it.

    Larger bodies often evolve, but not as quickly in groups where the burden of cancer is higher. This means that the threat of cancer may have shaped the pace of evolution.

    Common dolphins evolved rapidly.
    DesiDrewPhotography/Shutterstock

    Humans evolved to our current body size relatively rapidly. Based on this, we would expect humans and bats to have similar cancer prevalence, because we evolved at a much, much faster rate. However, it is important to note that our results can’t explain the actual prevalence of cancer in humans. Nor is that an easy statistic to estimate.

    Human cancer is a complicated story to unravel, with a plethora of types and many factors affecting its prevalence. For example, many humans not only have access to modern medicine but also varied lifestyles that affect cancer risk. For this reason, we did not include humans in our analysis.

    Fighting cancer

    Understanding how species naturally evolve cancer defences has important implications for human medicine. The naked mole rat, for example, is studied for its exceptionally low cancer prevalence in the hopes of uncovering new ways to prevent or treat cancer in humans. Only a few cancer cases have ever been observed in captive mole rats so, the exact mechanisms of their cancer resistance remain mostly a mystery.

    At the same time, our findings raise new questions. Although birds and mammals that evolved quickly seem to have stronger anti-cancer mechanisms, amphibians and reptiles didn’t show the same pattern. Larger species had higher cancer prevalence regardless of how quickly they evolved. This could be due to differences in their regenerative abilities. Some amphibians, like salamanders, can regenerate entire limbs – a process that involves lots of cell division, which cancer could exploit.

    Putting cancer into an evolutionary context allowed us to reveal that its prevalence does increase with body size. Studying this evolutionary arms race may unlock new insights into how nature fights cancer – and how we might do the same.

    George Butler receives funding from the Prostate Cancer Foundation and the US Department of Defense CDMRP/PCRP (HT9425-23-1-0157).

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

    – ref. New research shows bigger animals get more cancer, defying decades-old belief – https://theconversation.com/new-research-shows-bigger-animals-get-more-cancer-defying-decades-old-belief-251287

    MIL OSI – Global Reports –

  • MIL-OSI Russia: Transcript of COM Regular Press Briefing, March 6, 2025

    Source: IMF – News in Russian

    March 6, 2025

    SPEAKER:  Ms. Julie Kozack, Director of the Communications Department, IMF

     *  *  *  *  *

    MS. KOZACK: Good morning, everyone, and welcome to this IMF press briefing. It is very good to see you all, both those of you who are here in person and, of course, our colleagues online as well.

    I am Julie Kozak, Director of the Communications Department. As usual, this briefing is embargoed until 11 a.m. Eastern Time in the U.S. I will start with a short announcement and then take your questions in person on Webex and via the Press Center. 

    The 2025 Spring Meetings of the IMF and World Bank Group will take place from Monday, April 21 through Saturday, April 26. Press registration to attend the spring meetings in person in Washington D.C. is now open and you can register through www.IMFconnect.org. 

    And with that, I will now open the floor for your questions. For those connecting virtually, please turn on both your camera and microphone when speaking. And with that, over to you. 

    QUESTIONER: If the Congress does not approve the future agreement, as it is established by the local law, does the IMF give the money to Argentina? 

    MS. KOZACK: Okay, so that is a question on Argentina. Any other questions on Argentina? I do not see any hands up in the room. Let us go online. QUESTIONER: Do you think we are already in the final stage? And what remains to announce the Staff Agreement with the IMF?

    QUESTIONER: Good morning. I was wondering about also there have been versions of a new loan up to $20 billion and the first deployment of $8 billion this year. Can you confirm that, or can you give us an insight into the fresh funds that could be coming in the new agreement? And also, when can we expect a signing of the letter of intent? 

    QUESTIONER: So, my question is about the Congress. President Milei confirmed that the staff-level agreement must be approved by the Parliament as indicated by the Argentine law. So, is that also a requirement from the IMF itself or could the President sign a decree avoiding the current law that requires the staff-level agreement to be approved by Parliament. 

    QUESTIONER: I want to ask about the scope of the potential agreement with Argentina. There are reports out saying it could be as high, or there is an expectation it could be as high as $20 billion.

    QUESTIONER: I think a few people have already asked, but when [do] you expect to reach a staff-level agreement, whether, as the Argentine government has said, it is only the final numbers that need to be agreed and not other technical aspects? And whether the IMF requires that the entirety of the SLA be reviewed by Congress for approval or if whether a general outline produced by the government will be enough? 

    MS. KOZACK: Okay, very good. So, with that, let me go ahead and talk about Argentina. So, first, I just want to start by saying, as I think many of you know, both the Managing Director and the First Deputy Managing Director recently met with the Argentine authorities. And as they recently emphasized, we are continuing to make good progress toward a program, and we are working constructively with the Argentine authorities in this regard. The authorities’ stabilization and growth plan is delivering significant results.

    It has made notable strides in reducing inflation, stabilizing the economy, and fostering a return to growth in the country, and poverty is finally beginning to decline in Argentina. To sustain these early gains, there is a shared understanding about the need to continue to adopt a consistent set of fiscal, monetary and exchange rate policies, while very importantly, advancing growth enhancing reforms. And the new program would build on the progress achieved so far while also addressing Argentina’s remaining challenges. 

    Now, with respect to some of the questions regarding Congressional approval, we do take note of President Milei’s commitment to seek congressional support for a new IMF supported program. As we have often said in the past, strong ownership and broad support are key to the program’s success, 

    Here, I want to emphasize, though, that securing congressional support is a decision of the authorities as legislated in Argentine domestic law. And at the same time, of course, as I just noted, broad political and social support can enhance program implementation. Questions regarding the specific process on achieving or seeking congressional support should be addressed really to the Argentine authorities because it is a matter of domestic law. 

    From our side, as I noted, the negotiations are continuing in a constructive manner. In terms of the process from the IMF side. Once the negotiations are completed, as with any IMF program or proposed program, the final arrangement, the documents, will require approval of the IMF’s Executive Board. And we will provide further updates as we have them. 

    With respect to some of the questions about the details of the negotiations, the potential size of the program. All I can say right now is this is still under discussion as part of the ongoing and constructive dialogue that we are having with the authorities. And we will provide an update when we have more information that we can share with you. 

    QUESTIONER: On Lebanon, so following recent reports that the Lebanese government is in discussions with IMF over a potential deal on its financial default in public debt. I just want to see if the IMF can confirm these reports. If so, what does it look like? Are there any contingencies to this? And will there be an IMF mission visiting Lebanon? Thank you. 

    MS. KOZACK: So, what I can share on Lebanon is that an IMF team will visit Lebanon very soon, March 10th to 14th. This mission is aimed at, of course, meeting the new authorities, discussing Lebanon’s recent economic developments, its reconstruction needs, and the authorities’ economic priorities in the near-term. This is a fact-finding mission that will take place. But beyond this fact-finding mission, as we look ahead, future next steps could include helping the authorities to formulate a comprehensive economic reform program.

    Our staff continues to be closely engaged with the authorities. We are providing policy advice and capacity development to help the authorities’ efforts to rebuild Lebanon’s economy and institutions in coordination with other international partners. And that is what I have for now on Lebanon. 

    QUESTIONER: I wanted to ask you about what is happening in the United States. The trade wars have begun, and we are seeing some impact already, both in terms of market reaction and a lot of volatility in the markets, ups, and downs. We are also seeing some interesting developments in terms of bond markets and yields; it is going to increase the cost of borrowing. So, I wanted to ask you if you, at this point, I know we’ve asked this question before, but I wonder if you’ve got an additional assessment, as we’re now seeing some of these policies that had been promised taking effect, and whether you can say now whether you’re expecting an impact on the global economy and also on the U.S. economy and the affected economies that have been targeted thus far — China, Canada, Mexico. 

    QUESTIONER: As a follow up to [that] question, does the IMF consider that the ongoing developments of the U.S. tariffs and trade wars would push other nations to seek more trade relations and more alliances with other economic organizations and trade organizations such as BRICS, for example, or others? And broadly speaking, what is the IMF assessment of the global fragmentation that is going on right now? Do you see that it is slowing down or opposite it is moving faster, taking into account the latest developments in the United States?

    QUESTIONER: I would like to focus on the development of 10 years of U.S. bond yield movement. The 10-year bond yield now decreased, dropping substantially. And what does it mean? What is the implication of the movement? Does it represent some U.S. recession or U.S. economy? 

    QUESTIONER: With the tariffs actually now in place, has the IMF undertook a study to determine the potential impact on small island states that are heavily dependent on flows and goods and commodities coming out of the United States, more specifically, those countries within the Caribbean region who are very much dependent and could face significant inflationary pressures based on these tariffs?

    MS. KOZACK: So, first I want to just step back a little bit to recognize that we have seen now several new and significant developments over the past few days. The U.S. has imposed tariffs on Canada and Mexico as well as additional tariffs on China. Canada and China have, in response, announced tariffs on some U.S. goods and other measures. And Mexico has indicated that it will provide more details in the coming days.

    And as we have said before, you know, while assessing the full impact of tariffs on economic activity and inflation will depend on many factors, we do expect to provide an analysis of this, certainly at the global level and for the most affected countries at the time of our World Economic Outlook update in April. And of course we will also cover this issue, I imagine, in some of the regional updates where relevant. And I want to also emphasize that as part of our bilateral surveillance with countries, the individual Article IV reports this topic will also be covered to the extent that the countries are affected. 

    What I can say today is that if sustained the impact of the U.S. tariffs on Canada and Mexico can be expected to have a significant adverse economic impact on those countries given their very strong integration and exposure to the U.S. market. 

    Now, more broadly, there were some questions about financial market movements. So let me also just step back for a moment on some of these, and here I want to refer to some remarks that our Managing Director has been making recently. As she’s been saying, we are now in the midst of significant transformations, and these include the rapid advance of AI to changing patterns of capital flows and trade. She has also been mentioning that trade is no longer the engine of global growth that it used to be. 

    For example, during the period of 2000 to 2019, global trade growth reached nearly 6 percent on an annual basis, whereas over the more recent period of 2022 to 2024, global trade is growing closer to 3 percent. So global trade growth has been on a downward — has declined. And of course, it is in this more global context that governments are recalibrating their approaches and adjusting policies. 

    I also want to recognize, of course, that we have seen increased volatility in financial markets. We see that in indicators such as the VIX. We also have seen indicators of global uncertainty showing an increase. And what will be critical to assess what the economic impact of this will be — will be whether these trends are short-lived or whether they are sustained. Generally speaking, our research shows that both historically and across countries, sustained periods of elevated uncertainty can be associated with both households and firms holding back on consumption and investment decisions. And as I said, we will be providing a comprehensive analysis of our views on the global economy and individual economies as part of the World Economic Outlook that will be released in April. 

    On the specific question on U.S. bond yields, we do recognize of course, that U.S. bond yields have moved lower since the beginning of the year. And it does seem that on that basis markets may be reappraising or reassessing their views, particularly on the outlook for monetary policy. I will stop there and move on.

    QUESTIONER: When is the IMF Board expected to review and approve the next disbursement for Ukraine? Are there any remaining conditions or procedural steps that Ukraine must fulfill before approval? And the Ukrainian government is engaging in debt restructuring efforts with its creditors. How does the IMF assess Ukraine’s debt sustainability and what role does this play in bord’s decision making process regarding future disbursement announcements?

    QUESTIONER: So, to follow up on previous question. In February, you stated, that Ukraine would have access to about U.S. $900 million for the next review. Now we are speaking about $400 million. So, why the IMF has made a decision to adjust to the total sum of disbursement that will be provided to Ukraine?

    QUESTIONER: And do you think that it can impact financial stability of Ukrainian economy or there is no risk for them? 

    QUESTIONER: How do you expect the freezing of the U.S. aid for Ukraine might impact the program you have already on course right now? And how does this affect the global plan that had been made like a year ago or two years ago now? 

    QUESTIONER: I just want to follow up the last question about the impact — what the impact Trump administration is doing. Does this impact the IMF projections on Ukraine this and next year? 

    QUESTIONER: An adjacent question, maybe related to the prospect for ending the war. And, you know, we have seen economic developments in Russia continue to percolate along even though the war has been going on and there have been sanctions. Have you started to look at what the end of the war could mean for both the Russian and Ukrainian economies in terms of, you know, perhaps, you know, assuming that there would be an end of sanctions once there was a cessation of hostilities, whether that would give a boost to the Russian economy, maybe the European economy in general could lower costs, things like that? So just kind of walk us through what you are seeing there. 

    MS. KOZACK: Okay, let me go ahead on Ukraine. So, just to bring everyone up to speed. So, on February 28th, the IMF staff, and the Ukrainian authorities reached a staff-level agreement on the Seventh Review of the four-year EFF arrangement. This is subject to approval of the IMF’s Executive Board. Ukraine is expected to draw, as noted, about U.S. $400 million, and that would bring total disbursements under the program to U.S. $10.1 billion.

    I just want to note that program performance in Ukraine remains strong. All of the end December quantitative performance criteria were met, and understandings were reached between the Ukrainian authorities and IMF staff on a set of policies and reforms to sustain macroeconomic stability. The structural reform agenda in Ukraine is continuing to make good progress, and there are strong commitments from the Ukrainian authorities in a number of other areas. 

    Now on some of the specific questions, first on the matter of the disbursement, what I can say there is that it is not unusual over the life of a program for the pattern of disbursements to shift based on evolving balance of payments needs. And that is what has happened in this case. It is also important to emphasize that the overall size of the program, which is $15.6 billion, remains unchanged. And so that shift in disbursement pattern reflects the shifting balance of payments pattern for Ukraine. 

    So, on the issue the debt restructuring and debt process, what I can say there is that restoring debt sustainability in Ukraine hinges on continued implementation of the authority’s debt restructuring strategy, where completing the treatment of the GDP warrants remains important. And it also hinges very much on continuation of the revenue-based fiscal adjustment strategy, which is supported under the program. And as you know, Ukraine’s debt has been assessed in the last review to be sustainable on a forward-looking basis contingent on these two areas that I just mentioned. And of course, there will be a revised debt sustainability assessment as part of the ongoing review. 

    With respect to the other question, what I can say here is that the Ukrainian economy, you know, has shown continued resilience despite the challenges arising from the war. At the time of the Seventh Review, the last review, we estimated GDP growth to be 3.5 percent in 2024. But we did expect it at that time to moderate to 2 to 3 percent in 2025. And that was reflecting some headwinds from labor constraints and damage to energy infrastructure, given the ongoing war. It is the case in general for Ukraine, and we have been saying this throughout the life of the program, that the outlook remains exceptionally uncertain, especially as the war continues and it is taking a heavy toll on Ukraine’s people, economy, and infrastructure. 

    On the more recent developments that you were referring to, we are following these developments very closely. It is premature at the moment to comment on them, but we are following them, and we will make an assessment in due course.

    And on your question, the answer is essentially the same. We are following the developments very closely, and we will, as developments evolve, be undertaking obviously an assessment of what a peace deal could potentially look like and what would be the implications for all of the involved parties. 

    QUESTIONER: Julie, can you on the basis of having studied previous conflicts ending, can you just give us divorced from Ukraine and Russia, but just can you give us an indication of what generally happens when a conflict ends, what that means? And is there anything that we can draw on, at least just from history? 

    MS. KOZACK: So, I do not have, you know, off the top of my head a piece of research that I can kind of point to in terms of the interest analysis. What I certainly can say is that we always, for all of our member countries, hope for peace and stability in all of our member countries. And I think at that moment this is really what I can say. But I take note of the importance of your point, and we will, I have no doubt, in due course be conducting all of the necessary analysis as events unfold.

    QUESTIONER: I have two questions mainly on Egypt. as Egypt is scheduled for 10th of March for the discussion of the Fourth Review of the EFF for the country, what are we expecting from this meeting? And if you please, could you update us on the RSF facility worth $1.2 billion for the country? Thank you so much. 

    QUESTIONER: I would second exactly those questions. And just to add to that, I know it says on the IMF Executive Board calendar that the Board will be discussing waivers of non-observance for some of the performance criteria related to Egypt’s loan program and modifications for others. Are you able to tell us any more about exactly which criteria the Board will be looking at? And on the RSF, if you are able to give us any more detail about the prospective value of that. I know it has been put at $1 billion before. A related question, not on Egypt but on Gaza. I would be interested to know if the IMF has begun to think, whether internally or with partners in the region, about what its potential role would be in funding a reconstruction plan for Gaza given the $50 billion, upwards of $50 billion, cost of any reconstruction. 

    QUESTIONER: I may repeat questions about the value of current tranche to be given to Egypt and the timing of when the central bank of Egypt to receive it. And also, I have another question about the program of state assets selling. Will we witness some steps, new steps in that program? Could it be connected with the decision to be taken in March?

    MS. KOZACK: And any other questions on Egypt? All right. And then I have a question that came in through the Press Center. I am going to read it out loud – ’Does the IMF’s approval of the fourth tranche to Egypt require Egypt to implement some reforms? And when will the Fifth Review of the loan be held? What is the estimated size of the loan allocated to Egypt, and here will it be dispersed in installments or in one lump sum?’

    On Egypt – on March 10th, our Executive Board will be discussing Egypt’s Article IV consultation and the fourth review under the EFF. It will also be discussing at the same time Egypt’s request for an RSF, the Resilience and Sustainability Facility. Subject to completion by the Executive Board, the authorities, would have access to $1.2 billion under the EFF. So, under the EFF program. And then in addition, subject again to approval by our Executive Board, the size of the RSF would be about U.S. $1.3 billion. Regarding the RSF, like all of the IMF programs, the RSF is also delivered in tranches. So, it is not one lump sum up front. It is a phased program where tranches are dispersed on the basis of conditions being met. 

    And with respect to some of the other questions, what I can say today is just that we will provide, of course, more details following the Board meeting and on the question of waivers and modifications and also the questions on the state-owned enterprises. And again, the board meeting will be on March 10th. 

    QUESTIONER: I have two questions related to Japan. Firstly, amid rising uncertainty due to President Trump’s tariff policy, I would like to ask you — ask your thoughts on whether the Bank of Japan, currently in a rate hike phase, should continue raising rate or take more cautious approach in assessing the impact. And secondly, President Trump recently made remarks suggesting that Japan and China are engaging in currency devaluation. I would appreciate it if you share your views on Japan’s foreign exchange policy. Thank you. 

    MS. KOZACK: So, maybe just stepping back to give a bit of context on Japan. What I can say on Japan is that on the growth side, growth this year is expected to strengthen, and we also expect inflation to converge to the Bank of Japan’s 2 percent target by the end of 2025. 

    In 2024, growth in Japan slowed due to some temporary supply disruptions. But since then, we have seen a strengthening in growth driven by domestic demand, particular — particularly private consumption in Japan and rising wages. And we expect this to continue into 2025, where we project growth, at the time of the January WEO, we projected growth at 1.1 percent for Japan in 2025. And of course, just to say that we will be updating this projection as part of the April forecast. 

    Looking at inflation — headline and core inflation, as I said, are expected to decline gradually toward the 2 percent target. We have been supportive of the Bank of Japan’s recent monetary policy decisions. We believe that these decisions will help anchor inflation expectations at the 2 percent target but also given balance risks around inflation, our assessment has been that further hikes in the policy interest rate should continue to be data dependent, and they should proceed at a gradual pace over time. 

     With respect to the question on the exchange rate, what I can say there is that the Japanese authorities have affirmed their commitment to a flexible exchange rate regime. Japan’s flexible exchange rate regime has helped the country or has helped the economy absorb the impact of shocks. And it also supports the focus of monetary policy on price stability. And at the same time, what I can say is that that flexible exchange rate regime is helping maintain an external position that is in line with fundamentals. 

    QUESTIONER: Could you give us an update on the negotiations for Ethiopia, please? And on El Salvador, the deal that you agreed on in December and was approved a couple of weeks ago involves the government not increasing its exposure to Bitcoin. Government has continued to buy through the Office of Bitcoin, which is linked to the presidential palace. But yesterday the Fund said that these purchases do not increase the government’s exposure to Bitcoin. Could you please explain that? 

    QUESTIONER: Also on El Salvador, obviously he was saying to not to not buy it as a government reserve. I just wanted to, I guess, contrast to the U.S. I mean, President Trump has very much announced a digital assets reserve, including Ethereum and other coins, as well as Bitcoin. And I wondered if the IMF could – can you comment on the U.S. program or how would you distinguish the two countries and why the IMF might be taking a different approach?

    MS. KOZACK: All right, let me go ahead and take the El Salvador question in Ethiopia and then we will go back. I see many hands up online. 

    So, on El Salvador, as you know, last week our Executive Board approved a 40-month Extended Fund Facility, EFF, for U.S. $1.4 billion and with an immediate disbursement of $113 million. The program is expected to catalyze financial and technical support from other IFIs. And this will lead to a combined total over the program period of about U.S. $3.5 billion of support for El Salvador. The goals of the program are to restore fiscal sustainability, rebuild external and financial buffers, strengthen governance and transparency, and ultimately create the conditions for stronger and more resilient growth. 

    Regarding Bitcoin, in particular, the program aims to address the risks associated with the Bitcoin project to protect consumers and investors, as well as to limit potential fiscal costs. So, to start, there were recent legal reforms that have made the acceptance of Bitcoin voluntary, and taxes can be paid only in U.S. dollars. Under the program, the government has committed to not accumulate for their Bitcoins at the level of the overall public sector. 

    Regarding the recent increase in Bitcoin holding by the Strategic Bitcoin Reserve Fund, the authorities have confirmed that these are consistent with the agreed program conditionality, and we do remain engaged with the authorities on this important issue. 

    And then, to your question. We are obviously closely monitoring President Trump’s announcement in this area. The Presidential Working Group on Digital Asset Markets has not yet completed its work. So, we do not yet have details on the implementation of this proposal, but we will come back in due course. 

    And then turning to the question on Ethiopia. So just an update on Ethiopia. On January 17th, the IMF Executive Board completed the Second Review of the arrangement, the ECF arrangement for Ethiopia, and that allowed for a drawdown of about U.S. $245 million. The ECF arrangement supports the authorities’ reforms to address macroeconomic imbalances, restore external debt sustainability, and lay the foundation for strong private sector-led growth. 

    I can also just remind you that the Managing Director recently traveled to Ethiopia. She was there February 8th and 9th. She met with Prime Minister Abiy and his team to take stock of the economic reforms and the progress that is being made in the country. And she also took the opportunity to meet with other stakeholders, including representatives of the private sector. 

    QUESTIONER: My question is on USAID. USAID has now totally stopped its business. And to what extent do you see the impact, especially on lower income countries at the global level? And should you consider using your facility to support them just in case? 

    MS. KOZACK: So, on this issue, we are obviously again paying close attention to developments, and we are working with our country authorities. But it is, at the same time, it is too early to really say what the precise impact may be. And so, we will come back in due course. For now, we are monitoring.

    QUESTIONER: I have a question on Senegal. Following a recent audit of the country’s debt, it was found to be 99.7 percent of GDP. That was in 2023. And I know that IMF has said before that Senegal debt was stable even though it was high. I am wondering if that is the figure that you still consider sustainable. And then also with regards on talks of a new IMF program, I am wondering if Senegal could be asked to reimburse previous dispersion under this reporting period. 

    QUESTIONER: Still on Senegal, as soon as the report from the Audit Supreme Court was released, we saw rating agency downgrading Senegal sovereign notes. So, the country is now stuck. It cannot raise funds from the internal market, and it cannot go in a very comfortable position in international markets while they still face a lot of challenges. So, I am wondering why the IMF is working fast and bold to find a solution for Senegal in the midterm or even long-term. Is there any situation where IMF can provide a short-term, I mean, short-term relief to the country so they can go through these hard moments in a very soft way? 

    MS. KOZACK: So, on Senegal, what I can say is that we are actively engaged in discussions with the authorities with respect to the Court of Auditors Report and the associated misreporting under the IMF program. The Court of Auditors Report was released on February 12th. The Court confirmed that the fiscal deficit and debt were under reported during the period of 2019 to 2023.

    So, what we are doing is working closely with the authorities in their efforts to preserve fiscal and debt sustainability. We are working actively to advance on our discussions following the publication of the report, and we are also working with the authorities on measures to correct and remedy the misreporting that took place. What I can add is that the resolution of the misreporting in line with IMF policy is a precondition for discussions of any future financial assistance by the IMF.

    And with respect to potential consequences, I can say that the IMF does not impose any sanctions for misreporting cases. It is up to our Executive Board to decide on the next steps. And those next steps, you know, could include a waiver. And that waiver could — it could also include; it could be a waiver without a request for reimbursement. So, all of those discussions on Senegal are now underway. We are actively, very much working with the authorities, supporting as much as possible their efforts on fiscal and debt sustainability, as I said. And we will come back and report back when we have more information on Senegal. 

    I have a question here online that I am going to read. It came from the Press Center on Thailand. And the question is – ‘The upcoming World Bank IMF Annual Meetings in Thailand will bring significant attention to Southeast Asia’s economic outlook. From the from IMF’s perspective, how can Thailand best leverage this opportunity to address regional challenges such as digital transformation, climate change adaptation, and income inequality? And what collaborative initiatives between the IMF and Thailand are being planned to ensure lasting economic benefits for the country beyond the meetings themselves?’ 

    So, on this very important question, a very nice question, actually, what I can say is that we are very much looking forward to having Thailand host the annual meetings in 2026. So, this will be in October of 2026. Every three years, we do our Annual Meetings abroad. 2026, October will be Thailand. So, mark your calendar. I can also add that preparations are underway. The Fund, the IMF staff are working hand in hand with the Thai authorities to make this a highly successful event and showcasing the significant strides that Thailand has made since it last hosted our annual meetings in 1991. So, it will be 25 years when we get to 2026. 

    The Managing Director recently met with Bank of Thailand’s Governor Sethaput at the AlUla Conference in Saudi Arabia. They discussed the preparations for the annual meetings and agreed that it would be a very good opportunity to showcase on the global stage the region’s dynamism and economic activities. And of course, the meetings will also allow Thailand to position itself as a key contributor to the international economic dialogue and to gather views and experiences from countries throughout the membership of the IMF and the World Bank. 

    This ongoing close relationship leading up to and beyond, we hope, the Annual Meetings will focus on prioritizing reform reforms that are necessary to ensure the lasting benefits for Thailand and building the relationships and the shared policy, dialogue and experiences we hope will deepen our engagement, our excellent engagement and relationship with Thailand and will be sustained even past the Annual Meetings in 2026.

    QUESTIONER: My question is, what are the IMF growth projections for Jordan amid the ongoing impact of the Gaza war? And when will the Third Review under the EFF begin? And are any adjustments expected to the war’s region effect on Jordan’s economy? 

    MS. KOZACK: So, what I can share on Jordan is that the Executive Board on December 12th completed the Article IV Consultation with Jordan and the Second Review under the EFF arrangement. The mission for the next review, which will be the Third Review, is expected to take place in April.

    What I can also say is that Jordan has demonstrated resilience and maintained macroeconomic stability throughout the prolonged regional conflict. This resilience reflects the authority’s continued implementation of sound macroeconomic policies and progress with reforms. While recent developments in the region, particularly the ceasefire agreements, give rise to some cautious optimism, uncertainty, of course, in Jordan does remain high. And with respect to the growth projections, what I can say is that growth in 2024 was 2.3 percent. We are projecting growth at 2.5 percent in 2025 and a further increase in growth in 2026 to 3 percent. But like in all countries, we will be updating these projections as both part of our April World Economic Outlook Global Forecast, and also, of course, the team will be doing a full assessment of the Jordanian economy as part of their mission in April 

    And so, with this, I’m going to bring this press briefing to a close. Thank you all very much. Thank you very much for participating today. As a reminder, the briefing is embargoed until 11 a.m. Eastern Time in the U.S. The transcript, as always, will be made available later today on IMF.org. And in case of clarifications or additional questions, please reach out to my colleagues at media@IMF.org. And I wish everyone a wonderful day, and I look forward to seeing you next time. Thank you very much. 

     

    * * * * *

     

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

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

    https://www.imf.org/en/News/Articles/2025/03/06/tr030625-transcript-of-com-regular-press-briefing

    MIL OSI

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  • MIL-OSI Australia: $13 million partnership to address gender-based violence in Northern Territory

    Source: Ministers for Social Services

    Joint with:

    The Hon Amanda Rishworth MP
    Minister for Social Services 
    Minister for the National Disability Insurance Scheme
    Member for Kingston

    The Hon Robyn Cahill OAM
    Minister for the Prevention of Domestic Violence
    Minister for Children and Families
    Minister for Child Protection
    Member for Port Darwin

    The Albanese Labor Government is partnering with the Northern Territory Government to boost funding for frontline critical family, domestic and sexual violence services in the territory.

    Both governments have reaffirmed their shared commitment to ending gender-based violence in the Northern Territory through the renewed five-year National Partnership Agreement on Family, Domestic and Sexual Violence Responses.

    Under the plan, both governments will deliver more than $13 million in funding in total for frontline and targeted family, domestic and sexual violence services.

    This brings the total Australian Government investment under the National Partnership to nearly $20 million for the Northern Territory since 2022.

    Minister for Social Services, Amanda Rishworth, said the renewed partnership demonstrates the strong commitment of all governments to ending gender-based violence in Australia in one generation.

    “Ending gender-based violence in one generation will only happen if all governments across the country work together in partnership and combine our efforts,” Minister Rishworth said.

    “Longer-term funding recognises the importance of funding stability for frontline services and demonstrates our shared commitment to people impacted by family, domestic and sexual violence in the Northern Territory and the services that support them.

    “We do not accept any level of domestic and family violence, and by working in partnership with the Northern Territory government we will drive safer outcomes for First Nations women together.”

    The NT Government’s Minister for Prevention of Domestic Violence, Robyn Cahill, welcomed the announcement saying “with the incidence of domestic, family and sexual violence in the northern territory occurring at seven times the national average funding support from the Federal Government is critical.

    “This partnership delivers much needed funding to front line service providers who work to support victim-survivors of domestic violence. It will also assist as we work to address the root causes of this scourge on our community to break what at times seems a relentless cycle of violence,” Minister Cahill said.

    The renewed FDSV National Partnership will deliver over $700 million across all jurisdictions in new, matched investments from the Commonwealth and states and territories, supporting frontline FDSV services, including specialist services for women and children impacted by FDSV, and men’s behaviour change programs.

    An additional $1 million will also be used for an independent evaluation of the renewed FDSV National Partnership.

    More information on the FDSV National Partnership Agreement is available on the Federal Financial Relations website.

    If you or someone you know is experiencing, or at risk of experiencing domestic, family and sexual violence, you can call 1800RESPECT on 1800 737 732, text 0458 737 732 or visit www.1800respect.org.au for online chat and video call services:

    • Available 24/7: Call, text or online chat
    • Mon-Fri, 9am – midnight AEST (except national public holidays): Video call (no appointment needed)

    If you are concerned about your behaviour or use of violence, you can contact the Men’s Referral Service on 1300 766 491 or visit www.ntv.org.au

    Feeling worried or no good? Connect with 13YARN Aboriginal & Torres Strait Islander Crisis Supporters on 13 92 76, available 24/7 from any mobile or pay phone, or visit www.13yarn.org.au No shame, no judgement, safe place to yarn.

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  • MIL-OSI Global: ‘Pay to help’ is a new trend which could change the future of volunteering

    Source: The Conversation – UK – By Xiaoyan Liang, Associate Professor of Strategic Management, Xi’an Jiaotong-Liverpool University

    Gorodenkoff/Shutterstock

    Volunteering is a popular way for people to give something back to society. Whether it’s joining a tree-planting group, or helping out at a charity shop, spending time contributing to a cause is something valued by almost a billion people across the world.

    Some businesses have picked up on this in a positive way, by allowing staff to take paid time away from their jobs to volunteer. And research suggests that doing so makes those firms more attractive employers, with happier employees.

    But in a surprising new trend, some non-profit organisations have started charging companies for access to their volunteering programmes.

    Usually this “pay-to-volunteer” approach involves non-profits setting a fee for companies to send groups of employees to lend a hand. And although there are no official statistics available about how widespread this is, we found plenty of examples in the UK, the US and Australia.

    For instance, one Australian non-profit organisation we looked at charges businesses AU$600 (£302) for three employees to volunteer for a day stacking shelves and serving customers in a food bank.

    Another charges AU$1200 (£605) for up to ten volunteering employees to pack grocery boxes, and a similar fee for up to five people to distribute food to communities in a minibus. A third invoices AU$130 (£65) per person for a shift making meals for people who struggle to afford food.

    This kind of arrangement could redefine the traditional relationship between corporations and charitable organisations. So why switch to such a potentially disruptive model?

    Our research on some Australian examples suggests that it come down to how much a particular non-profit organisation prioritises the transactional value of volunteering arrangements with businesses.

    They might argue that charging a fee generates revenue, which helps to cover the costs of running volunteer programmes, as well as funding the organisation itself. They may also believe that any fees can be justified by the numerous benefits volunteering can bring to the companies which choose to pay them. These include enhanced employee morale and engagement, as well as the associated effects on the company’s image and reputation.

    By contrast, the non-profits who reject the idea of charging companies tend to be more interested in the symbolic value of volunteering. They would argue that a cost to access volunteering contradicts the selfless spirit of the whole exercise.

    Valuable volunteers

    For our research into the trend, we focused on the “food rescue” sector – non-profits dedicated to distributing usable but surplus and unsold food to those in need. One of the non-profit executives we spoke to stressed that volunteering should be “time given at no cost”.

    He added: “I just think the people who are charging organisations to come in to their operations are short-sighted and completely missing the point.

    “The opportunity is to build a relationship [with a business] and then understand where the best value can be driven from that relationship. It is not presenting an invoice as people walk out the door.”

    Others raised concerns that the “pay to help” model creates a two-tier system which depends entirely on a firm’s financial capacity. This could alienate and exclude smaller businesses unable to meet these costs.

    We also heard concerns voiced about implications for the future of the volunteering sector as a whole. If paying to volunteer becomes widespread, will it increase or reduce the overall volunteer base?

    Volunteering is a valuable work benefit.
    maxim ibragimov/Shutterstock

    Another manager we spoke to said the idea of paying to volunteer risked undermining the experience of corporate volunteering, as fees might bring unhelpful expectations. Would knowing that their volunteering activity was being paid for lead to some employees expecting privileges or certain outcomes for example, altering the dynamic between them and the people they are supposed to be helping?

    It was also suggested that non-profits might feel obliged to ensure the satisfaction of their fee-paying corporate volunteers, to the detriment of the charitable work they are doing.

    There are implications for non-paying volunteers too. The presence of volunteers whose employers are paying for them to be there might diminish the meaning of volunteering work more generally.

    So without fully engaging with these questions, non-profits should approach this new model of charging for volunteers with caution. Introducing a financial component may dampen employees’ enthusiasm and lead to companies reducing their volunteering projects. It could even change people’s overall perception of non-profits more generally, affecting the support – and donations – they may rely upon.

    Dr.Jianwen ZHENG does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

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

    – ref. ‘Pay to help’ is a new trend which could change the future of volunteering – https://theconversation.com/pay-to-help-is-a-new-trend-which-could-change-the-future-of-volunteering-245980

    MIL OSI – Global Reports –