Category: Banking

  • MIL-OSI USA: Secretary of Defense Hegseth Testifies Before Senate Committee on Base Defense, Importance of Air Superiority in Conflicts

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)
    ***Click here to download video. Click here for audio.***
    WASHINGTON, D.C. – The Senate Armed Services Committee (SASC) held a hearing today to review the U.S. Department of Defense’s (DOD) budget request for Fiscal Year 2026. During the hearing, members received testimony from Secretary of Defense Pete Hegseth; Chairman of the Joint Chiefs of Staff General Dan Caine; and Bryn Woollacott MacDonnell, who is performing the duties of the Under Secretary of Defense (Comptroller) and Chief Financial Officer.
    U.S. Senator Kevin Cramer, Chairman of the SASC Airland Subcommittee, asked the witnesses about the importance of protecting U.S. military bases from attacks and the strategic role air superiority plays in modern conflicts.
    [embedded content]
    Cramer noted the Obama administration’s nuclear deal with Iran licensed its nuclear aspirations, creating a serious problem still affecting our nation.
    Regarding the ongoing conflict between Israel and Iran, Cramer asked Gen. Caine about the importance of air superiority over Iran and in future fights.
    “Well, sir, we could spend hours talking about the advocacy of air power,” said Gen. Caine. “I think the freedom of maneuver that it creates is a great example of that. If you look at the two theaters right now, with the Israeli Air Force striking at will at this point, over Iran, juxtaposed with the challenges that we’re having with a frozen forward line of troops in Europe, is a great case study of it. You know, the great thinkers, air power thinkers, are looking at the advancement in technologies from both theaters, the advancement of first person view drones and things like that. I think folks are going to have to think clearly about what does the future of air superiority look like, and how does it evolve to make sure that we’re protecting those essential teammates that are on the ground fighting in order to prevent frozen FLOTs, forward lines of troops, in the future.”
    Cramer said there have been two recent examples of covert operations where drones act deep within enemy territory to destroy critical capabilities which were previously considered safe from harm.  
    Ukraine recently conducted a surprise drone attack called “Operation Spider’s Web” against Russia, targeting airfields in multiple regions across the country. The Center for Strategic and International Studies reported this attack showcased Ukraine’s “tactical ingenuity” and “illuminated the broader technological and strategic shifts reshaping modern warfare.” 
    “We’ve seen some pretty spectacular displays of the ability to go […] covertly, deep within the enemy’s territory, and take out some pretty significant assets, both in Russia and in Iran,” said Cramer. “A lot of us fear we’re vulnerable, as well. You spoke very briefly, a reference, I think, in response to one of Senator Gillibrand’s questions about the importance of policy. So, when we talk about the United States itself and our bases here in the country, policy is a bigger challenge than weapons, to be honest. But what about responsibility?”
    Cramer questioned Hegseth about ways DOD is ensuring American military bases are protected from attacks. He also asked which services are responsible for a base’s air defense and for leading the effort on capabilities to counter this kind of attack.
    “Senator, you’re right to ask the question,” said Hegseth. “We met on this very topic two days ago, because you’re right, we’ve already made initial efforts, but I liken it to the effort that was made around IEDs [improvised explosive devices] in Iraq and Afghanistan, where it couldn’t be a service only response. It needed to be across the joint force. It needed to be immediate, and the capabilities had to be prepared to adapt in real time to adjustments the enemy was making, and you saw that in […] counter-IED technology. We need the same type of effort in counter-UAS, not just forward deployed, because right now you do it with what you have, but also at home, considering the authority. So, that is something the Department is doing in real time.” 
    Earlier today, Cramer introduced the Protect Our Bases Act with Senate Banking Committee Chairman Tim Scott (R-SC), which would strengthen national security by ensuring the Committee on Foreign Investment in the United States (CFIUS) can effectively review foreign land purchases near sensitive military, intelligence, and national laboratory sites. 

    MIL OSI USA News

  • MIL-OSI USA: Lankford Urges EPA to Investigate Environmental Risks of Abortion Drug Mifepristone

    US Senate News:

    Source: United States Senator for Oklahoma James Lankford

    WASHINGTON, DC — US Senator James Lankford (R-OK) and Congressman Josh Brecheen (R-OK) are urging the Environmental Protection Agency (EPA) to investigate the environmental and public health risks of the abortion drug mifepristone, warning that its chemical byproducts may be contaminating the nation’s water supply.

    “Federal regulators are rightfully eager to study the health effects of many chemicals in our water and septic systems, but they haven’t examinedthe environmental and public health risks of chemical abortion drugs like mifepristone in those same systems,” said Lankford.  “Scientific research on the health effects of water sources where there are trace amounts of a chemical that is designed to end the life of a child in the womb should not be controversial.”

    “Abortion is one of the defining evils of our time,” said Brecheen. “The Biden-Harris administration worked tirelessly to promote this evil, repeatedly lying about the ‘safety’ of the abortion pill and ignoring legitimate concerns about mifepristone’s widespread availability. We recognize that the greatest tragedy of every abortion is the murder of the innocent. But we are also concerned that activist bureaucrats overlooked real public health risks posed by mifepristone in their crusade to expand abortion access. With chemical abortion now the most common abortion method in America, the public deserves answers about how these potent hormone disruptors affect our water supply and contribute to our nation’s rising infertility rates.”

    Lankford was joined on the letter by Senators Cynthia Lummis (R-WY), Jim Banks (R-IN), and Bernie Moreno (R-OH), and Representatives Andy Harris (R-MD), Robert Aderholt (R-AL), Kat Cammack (R-FL), Chip Roy (R-TX), Diana Harshbarger (R-TN), Andy Biggs (R-AZ), Brandon Gill (R-TX), Richard Hudson (R-NC), Michael Cloud (R-TX), Paul Gosar (R-AZ), Michael Guest (R-MS), Andrew Clyde (R-GA), Eli Crane (R-AZ), Ben Cline (R-VA), Mary Miller (R-IL), Mark Harris (R-NC), Barry Moore (R-AL), Riley Moore (R-WV), Sheri Biggs (R-SC), and Eric Burlison (R-MO).

    View the full text of the letter here or below:

    Dear Administrator Zeldin,

    We commend this administration’s dedication to protecting life and safeguarding public health. In light of these commitments, we write to express our concerns regarding mifepristone and its potential contaminant effects on our nation’s waters. In 2023, medication abortions accounted for more than 60% of all clinician-provided abortions that took place within the US health care system—totaling roughly 648,500 medication abortions.  These numbers do not reflect the unrecorded number of at-home medication abortions that were performed without the oversight of a clinician. It is imperative that the US Environmental Protection Agency (EPA) considers evaluating the potential contaminant effects of this drug as the agency develops the Unregulated Contaminant Monitoring Rule 6 (UCMR 6). 

    Mifepristone is the first step in a two-step drug regimen designed to facilitate an abortion. The drug blocks progesterone, a hormone necessary to support pregnancy and development of the child in the womb. A second drug, misoprostol, is taken 24 to 48 hours later to induce uterine contractions and expel the child and other placental tissue. 

    In 1996, the Center for Drug Evaluation and Research (CDER) issued an environmental assessment for mifepristone stating, “Mifepristone may enter the environment from excretion by patients, from disposal of pharmaceutical waste, or from emissions from manufacturing sites,” but declared that the drug could be “used and disposed of without any expected adverse environmental effects.” However, this assessment was conducted nearly three decades ago, long before the exponential rise in at-home chemical abortions and widespread use of mifepristone. Despite the CDER’s acknowledgement that mifepristone enters the environment, the EPA has yet to review its potential contaminant effects. We request that the EPA study the impact of the “byproducts” of mifepristone, such as the active metabolites that are entering our nation’s water system and threatening access to safe drinking water. 

    Furthermore, mifepristone is a potent progesterone blocker that disrupts hormonal balance in pregnant women to induce abortion. This raises questions about the drug’s potential endocrine-disrupting effects when present in drinking water supplies. If residual amounts of the drug and its metabolites persist in wastewater, prolonged exposure could potentially interfere with a person’s fertility, regardless of sex. We believe it is reckless to allow a known progesterone blocker to be flushed into America’s drinking water without knowing definitively if it impacts fertility rates. 

    The American people deserve to know what contaminants might be present in their drinking water and their potential impacts on public health. We ask for your response to the following questions no later than August 17, 2025. Please provide a separate response to each question, rather than a narrative response.

    • Does the EPA believe mifepristone should be considered for regulation under the Safe Drinking Water Act based on potential health and environmental risks? If not, why? 
    • Has the EPA considered adding mifepristone to UCMR 6? If the agency has not, why? 
      • How does the EPA select which pharmaceuticals are studied under UCMR? 
    • Has the EPA considered adding mifepristone to CCL 6?
    • Has the EPA conducted or reviewed any research on the presence of mifepristone or its metabolites in drinking water supplies? If not, what gaps currently exist that might prevent this kind of assessment? 
    • A recent study of insurance claims revealed that over 10% of women experience sepsis, infection, hemorrhaging, or another serious adverse event within 45 days of an abortion using mifepristone—at least 22 times higher than is reported on the drug label. Is the EPA aware of this study? If so, would this data have an impact on the agency’s consideration of adding mifepristone to CCL 6 or UCMR 6? 
    • Are there existing EPA-approved methods for detecting mifepristone and its active metabolites in water supplies? If not, what resources are needed to develop these testing methods? 
    • Has the EPA assessed whether exposure to mifepristone and its active metabolites could contribute to hormonal imbalances or infertility in both men and women? Why or why not? If so, has the EPA collaborated with other agencies to make these assessments? 
    • How are aquatic species affected by exposure to mifepristone and its active metabolites? 

    Thank you for your attention to this important matter. We look forward to working with you to ensure the health and safety of the American people.  

    Sincerely, 

    Background

    Lankford remains the leading pro-life voice in the Senate, standing firm in defense of life following the Supreme Court’s ruling in Dobbs v. Jackson Women’s Health Organization to return decisions about abortions to the people’s elected representatives. Every year, Lankford takes to the Senate floor to share his full and unwavering support for life in our nation and to ask his fellow Senators a simple question: when does life begin? 

    In 2024, Lankford led his colleagues in filing an amicus brief in a case before the US Supreme Court challenging the FDA’s deregulation of chemical abortion drugs, including allowing mail-order distribution without doctor oversight.

    You can read the exclusive published in the Daily Wire HERE.

    MIL OSI USA News

  • MIL-OSI USA: Kennedy, Tim Scott, colleagues introduce bill to protect U.S. secrets from foreign adversaries

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today joined Sen. Tim Scott (R-S.C.) and 10 colleagues in introducing the Protect Our Bases Act, which would strengthen the Committee on Foreign Investment in the United States’ (CFIUS) ability to review foreign land purchases near sensitive military, intelligence and national laboratory sites by requiring member agencies to annually update and review their lists of these sites.

    The Chinese Communist Party’s land buildup near our most critical military and government facilities poses a grave threat to our national security. The Protect Our Bases Act would help safeguard our nation and fight back against Communist China’s spying on American soil,” said Kennedy.

    “The Chinese Communist Party’s efforts to infiltrate and surveil all parts of the U.S. national security apparatus requires vigilance from our national security agencies. This legislation will enhance the review of foreign real estate transactions near critical national security installations, helping ensure CFIUS has the information it needs to protect our homeland and keep our nation safe,” said Scott.

    Sens. Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), Katie Britt (R-Ala.), Pete Ricketts (R-Neb.), Jim Banks (R-Ind.), Kevin Cramer (R-N.D.), Bernie Moreno (R-Ohio) and Dave McCormick (R-Pa.) also cosponsored the bill.

    Background: 

    • In 2022, Fufeng Group, a Chinese company with ties to the Chinese Communist Party, announced it would purchase land near Grand Forks Air Force Base in North Dakota. 
    • CFIUS determined that it could not evaluate the transaction for national security risks because the Department of Defense had not listed the base as a sensitive area for national security purposes.
    • Although the City of Grand Forks ultimately blocked the transaction, this incident demonstrated a serious flaw in the review process of foreign land purchases.

    The Protect Our Bases Act would:

    • require agencies represented on CFIUS to provide CFIUS with records of the military, intelligence and national laboratory facilities that should be considered sensitive areas for national security purposes annually.
    • require CFIUS to submit an annual report to Congress certifying the completion of these reviews and detailing the accuracy of its real estate listings.

    Full text of the Protect Our Bases Act is available here.

    MIL OSI USA News

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with the Republic of Uzbekistan

    Source: IMF – News in Russian

    June 18, 2025

    • Uzbekistan’s economic performance has remained strong, with robust growth, narrowing consolidated fiscal and current account deficits, and ample international reserves.
    • Despite elevated external uncertainty, growth is projected to stay robust amid ongoing reforms and strong remittances, while inflation is expected to moderate under tight macroeconomic and macroprudential policies.
    • The priorities ahead are to cement macro-financial stability and continue with the economic reform agenda to reduce the state’s footprint while fostering private sector-led and inclusive growth.

    Washington, DC: On June 16, 2025, the Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for the Republic of Uzbekistan.[1] The authorities have consented to the publication of the Staff Report prepared for this consultation.[2]

    Uzbekistan’s economic performance has remained strong. Real GDP growth stood at 6.5 percent in 2024, underpinned by robust domestic demand, and remained buoyant at 6.8 percent year-on-year in the first quarter of 2025. Inflation had trended downward through end-April 2024 but rose to 10.6 percent year-on-year in May 2024 that saw the implementation of needed energy price reform. By end-April 2025, it has only marginally eased to 10.1 percent. The current account deficit narrowed by 2.6 percentage points of GDP to about 5.0 percent in 2024, driven by strong remittances, rapidly growing non-gold exports, favorable commodity prices, and the unwinding of a one-off spike in imports in 2023. International reserves have remained ample. The consolidated fiscal deficit narrowed by 1.7 percentage points of GDP to 3.2 percent of GDP in 2024, largely on the back of growth-friendly expenditure measures, although borrowing and spending from the broader public sector were higher than anticipated.  

    The outlook remains broadly positive. Despite heightened global trade policy uncertainty, real GDP growth is projected to remain robust under the baseline, at close to 6 percent this year and next, supported by sustained strength in private consumption, investment, and advancement of structural reforms. The latter, continued tight monetary and macroprudential policies, and solidified fiscal discipline are expected to reduce inflation to the Central Bank of Uzbekistan’s (CBU) 5 percent target by end-2027. The external current account deficit is foreseen to stay at or slightly below 5 percent over 2025-26 while international reserves are expected to remain adequate, at 9.2 months of imports by end-2026.

    Downside risks to the outlook include prolonged and deeper trade policy shocks, more volatile commodity prices, tighter external financing, and contingent liabilities from state-owned enterprises and banks, and public-private partnerships. On the upside, opportunities stem from faster implementation of structural reforms, stronger inflows of income and capital, and favorable commodity prices.

    Executive Board Assessment[3]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Uzbekistan’s positive economic outlook amid continued progress in the transition to a market-oriented economy. Directors noted, however, that significant vulnerabilities persist, including from the still large state footprint in the economy and rising external uncertainty. Against this background, they emphasized the importance of sustaining the momentum in structural and institutional reforms, supported by Fund technical assistance, to entrench macroeconomic stability and maintain robust and resilient growth.

    Directors commended the authorities for the significant fiscal consolidation achieved. They broadly called for reversing the decline in the tax-to-GDP ratio and improving expenditure efficiency to create fiscal space for priority social and development needs. Directors stressed the importance of adhering to external borrowing limits and avoiding government spending procyclicality in response to high gold prices to support inflation reduction. They also advised improving monitoring and management of fiscal risks from SOEs and public-private partnerships and further strengthening PFM and fiscal transparency.

    Directors welcomed the commitment of the Central Bank of Uzbekistan (CBU) to reduce inflation. They agreed that monetary policy should remain data driven and be tightened further if core inflation or inflation expectations do not decline. Directors encouraged the CBU to continue strengthening communication and monetary policy transmission. They also recommended adopting greater exchange rate flexibility and implementing outstanding safeguards recommendations to strengthen central bank governance and independence. 

    Directors called for enhancing bank supervision and regulation to safeguard financial stability, while reducing the state’s role in the financial sector. In this regard, they recommended bolstering the commercial orientation of state banks and their corporate governance, phasing out directed and preferential lending, and expediting and expanding privatization efforts. Directors also advised the authorities to strengthen asset classification, NPL reporting and resolution, and the regulatory, supervisory, crisis management, and AML/CFT frameworks following the recommendations of the country’s first Financial Sector Assessment Program. Additional macroprudential measures could help mitigate risks from rapid growth in microcredit. 

    Directors encouraged deepening and accelerating structural reforms. While welcoming the progress with WTO accession and energy sector reform, they emphasized that it will be essential to complete price and trade liberalization, phase out support to SOEs, and accelerate privatizations while carrying them out in line with international best practices. Directors called on the authorities to make further progress in governance reforms, including improvements in transparency and accountability and the approval of the National Anti-Corruption Strategy. Closing data gaps and improving data quality remain priorities. 

    It is expected that the next Article IV consultation with Uzbekistan will be held on the standard 12-month cycle.

    Uzbekistan: Selected Economic Indicators 2022-2026

    2022

    2023

    2024

    2025

    2026

    Est.

    Proj.

    Proj.

    National income 1/

    Real GDP growth (percent change)

    6.0

    6.3

    6.5

    5.9

    5.8

    Nominal GDP (in trillions of Sum)

    996

    1,204

    1,455

    1,733

    2,005

    GDP per capita (in U.S. dollars)

    2,555

    2,849

    3,113

    3,487

    3,805

    Population (in millions)

    35.3

    36.0

    36.9

    37.7

    38.5

    Prices

    (Percent change)

    Consumer price inflation (end of period) 2/

    12.3

    8.7

    9.8

    8.4

    6.5

    GDP deflator

    14.5

    13.8

    13.3

    12.5

    9.4

    External sector

    (Percent of GDP)

    Current account balance

    -3.2

    -7.6

    -5.0

    -5.0

    -4.8

    External debt

    49.2

    54.5

    56.2

    55.4

    55.2

                     (Level)

    Exchange rate (in sums per U.S. dollar; end of period)

    11,225

    12,339

    12,920

    Real effective exchange rate

           

    (ave, 2015 =100, decline = depreciation)

    61.8

    58.8

    55.4

    Government finance

    (Percent of GDP)

    Consolidated budget revenues

    28.8

    26.7

    26.5

    26.3

    26.4

    Consolidated budget expenditures

    32.3

    31.6

    29.7

    29.3

    29.4

    Consolidated budget balance

    -3.5

    -4.9

    -3.2

    -3.0

    -3.0

    Adjusted revenues 3/

    27.7

    25.9

    25.5

    25.3

    25.5

    Adjusted expenditures 3/

    31.3

    29.9

    27.8

    27.3

    27.8

    Adjusted fiscal balance

    -3.7

    -4.0

    -2.3

    -2.0

    -2.3

    Policy-based lending

    -0.1

    0.9

    0.9

    1.0

    0.7

    Overall fiscal balance 3/

    -3.5

    -4.9

    -3.2

    -3.0

    -3.0

    Public debt

    30.5

    32.2

    32.6

    33.3

    33.2

    Money and credit

    (Percent Change)

    Reserve money

    31.4

    4.9

    9.5

    9.2

    8.8

    Broad money

    30.2

    12.2

    30.6

    19.4

    16.3

    Credit to the economy

    21.4

    23.2

    4.0

    19.3

    16.0

    Sources: Country authorities; and IMF staff estimates.

    1/ Incorporates latest revision to national accounts data, which raised the average nominal GDP for 2017-2023 by about 11 percent. 

    2/ The CPI projection incorporates the effect of the announced increases in energy prices in 2024 and 2025.

    3/ IMF staff adjusts budget revenues and expenditures for financing operations, such as equity injections, policy lending, and privatization of state enterprises. The overall fiscal balance until 2021 is more negative than the consolidated budget balance as the latter excluded privatization receipts. Since 2022, there is no difference as the authorities started including all privatization receipts as financing.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/Uzbekistan page.

    [3] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Wafa Amr

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

    https://www.imf.org/en/News/Articles/2025/06/18/pr-25206-uzbekistan-imf-executive-board-concludes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI: First Bank Announces Completion of $35 Million Subordinated Debt Offering

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, N.J., June 18, 2025 (GLOBE NEWSWIRE) — First Bank (the “Bank”) (NASDAQ: FRBA) today announced the closing of a $35.0 million private placement of fixed-to-floating rate subordinated notes. The Bank plans to use the proceeds to redeem its outstanding $30.0 million of subordinated notes and for general corporate purposes.

    The notes have a maturity date of June 30, 2035, and carry a fixed rate of interest of 7.125% for the first five years. Thereafter, the notes will pay interest at a floating rate, reset quarterly, equal to the then current three-month Secured Overnight Financing Rate (“SOFR”) plus 343 basis points. The notes may be redeemed at the option of the Bank, without penalty, on or after June 30, 2030. The notes have been structured to qualify as Tier 2 capital for regulatory purposes.

    President and Chief Executive Officer Patrick L. Ryan discussed the offering: “We are pleased to announce the successful completion of our subordinated debt offering. This new capital will allow us to retire our existing subordinated notes at a lower interest rate and enhance our capital base to support our continued growth without the dilutive impact of issuing additional shares of common stock. Furthermore, the tax-deductible nature of the instrument, combined with low interest rate, makes the overall cost of capital quite attractive.”

    Piper Sandler & Co. served as sole placement agent for the private offering. First Bank was advised by Luse Gorman, PC and Piper Sandler & Co. was advised by Silver, Freedman, Taff & Tiernan LLP.

    About First Bank
    First Bank is a New Jersey state-chartered bank with 27 full-service branches in Cinnaminson, Delanco, Denville, Ewing, Fairfield, Flemington, Hamilton, Lawrence, Monroe, Pennington, Randolph, Somerset, Trenton, Williamstown, Morristown and Summit, New Jersey, Doylestown, Trevose, Warminster, West Chester, Paoli, Malvern, Coventry, Devon, Lionville, Media, Pennsylvania, and Palm Beach, Florida. With $3.88 billion in assets as of March 31, 2025, First Bank offers a traditional range of deposit and loan products to individuals and businesses mainly throughout the New York City to Philadelphia corridor. First Bank’s common stock is listed on the Nasdaq Global Market exchange under the symbol “FRBA”.

    This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond First Bank’s control and could impede its ability to achieve these goals. These factors include those listed under Item 1A-Risk Factors in our Annual Report on Form 10-K for the period ended December 31, 2024 and our Quarterly Report on Form 10-Q for the period ended March 31 2025, many of which are out of our control. If one or more events related to these or other risks or uncertainties materialize, or if First Bank’s underlying assumptions prove to be incorrect, actual results may differ materially from what First Bank anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements.

    Contact
    Andrew Hibshman, Chief Financial Officer
    (609) 643-0058, andrew.hibshman@firstbanknj.com

    The MIL Network

  • MIL-OSI: First Bank Announces Completion of $35 Million Subordinated Debt Offering

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, N.J., June 18, 2025 (GLOBE NEWSWIRE) — First Bank (the “Bank”) (NASDAQ: FRBA) today announced the closing of a $35.0 million private placement of fixed-to-floating rate subordinated notes. The Bank plans to use the proceeds to redeem its outstanding $30.0 million of subordinated notes and for general corporate purposes.

    The notes have a maturity date of June 30, 2035, and carry a fixed rate of interest of 7.125% for the first five years. Thereafter, the notes will pay interest at a floating rate, reset quarterly, equal to the then current three-month Secured Overnight Financing Rate (“SOFR”) plus 343 basis points. The notes may be redeemed at the option of the Bank, without penalty, on or after June 30, 2030. The notes have been structured to qualify as Tier 2 capital for regulatory purposes.

    President and Chief Executive Officer Patrick L. Ryan discussed the offering: “We are pleased to announce the successful completion of our subordinated debt offering. This new capital will allow us to retire our existing subordinated notes at a lower interest rate and enhance our capital base to support our continued growth without the dilutive impact of issuing additional shares of common stock. Furthermore, the tax-deductible nature of the instrument, combined with low interest rate, makes the overall cost of capital quite attractive.”

    Piper Sandler & Co. served as sole placement agent for the private offering. First Bank was advised by Luse Gorman, PC and Piper Sandler & Co. was advised by Silver, Freedman, Taff & Tiernan LLP.

    About First Bank
    First Bank is a New Jersey state-chartered bank with 27 full-service branches in Cinnaminson, Delanco, Denville, Ewing, Fairfield, Flemington, Hamilton, Lawrence, Monroe, Pennington, Randolph, Somerset, Trenton, Williamstown, Morristown and Summit, New Jersey, Doylestown, Trevose, Warminster, West Chester, Paoli, Malvern, Coventry, Devon, Lionville, Media, Pennsylvania, and Palm Beach, Florida. With $3.88 billion in assets as of March 31, 2025, First Bank offers a traditional range of deposit and loan products to individuals and businesses mainly throughout the New York City to Philadelphia corridor. First Bank’s common stock is listed on the Nasdaq Global Market exchange under the symbol “FRBA”.

    This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond First Bank’s control and could impede its ability to achieve these goals. These factors include those listed under Item 1A-Risk Factors in our Annual Report on Form 10-K for the period ended December 31, 2024 and our Quarterly Report on Form 10-Q for the period ended March 31 2025, many of which are out of our control. If one or more events related to these or other risks or uncertainties materialize, or if First Bank’s underlying assumptions prove to be incorrect, actual results may differ materially from what First Bank anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements.

    Contact
    Andrew Hibshman, Chief Financial Officer
    (609) 643-0058, andrew.hibshman@firstbanknj.com

    The MIL Network

  • MIL-Evening Report: Would you cheat on your tax? It’s a risky move, the tax office knows a lot about you

    Source: The Conversation (Au and NZ) – By Robert B Whait, Senior Lecturer in Taxation Law, University of South Australia

    Soon, more than 15 million Australians should be lodging a tax return with the Australian Taxation Office in the hope of receiving at least a small refund.

    About 60% of taxpayers use an accountant to prepare their tax return while the other 40% lodge their returns via their MyGov account. This links them to the tax office, Medicare and other government services.

    The tax office receives about 1000 tip-offs a week from people who know or suspect evasion. Of these, the office deems about 90% warrant further investigation.

    What to remember when preparing your tax return

    These days, the tax office prefills much of your income information. The ATO will let you know through your MyGov account when your income statements from your employer are “tax ready”.

    But other income including bank interest, dividends and managed investment funds distributions may take longer to appear, so don’t rush to complete and lodge your tax return on July 1 if these aren’t there. When these items prefill, check them for accuracy and correct any errors.

    The tax office does not know about all your income so remember to provide details of other sources including capital gains on investments and income from other jobs for which you have an Australian Business Number.

    Some items, such as private health insurance information, are only partially pre-filled so be sure to check that all questions have been answered and all necessary information provided.

    How to claim deductions

    To claim a deduction you must have spent the money yourself and were not reimbursed from another source.

    The expense must be directly related to earning your income from either employment or services provided, from investments such as shares or a rental property, or from a business you operate.

    And you must have a record to prove your expense. This usually needs to be in the form of a receipt or a diary.

    If you don’t know how to record your deductions, an easy option is to use the tax office myDeductions app. You can scan receipts and allocate them to the correct section of your return.

    What the tax office will be looking for in 2025

    Each year the tax office targets particular areas. For 2025, these are:

    Working from home expenses: you can choose between two methods: the fixed rate method or the actual cost method.

    The fixed rate method allows you to claim 70 cents for each hour worked from home during the year. You do not need to keep receipts, but you must keep a record of the hours worked at home.

    The actual cost method allows you to claim the costs of working from home, but taxpayers must have a dedicated room set aside for the office and remove all private use.

    You cannot claim personal items like interest on a home loan or rent expenses unless you are operating a business from home.

    Personal items, such as coffee machines, are not claimable even if you use them while working from home. Mobile phone and internet costs are included in the 70 cents per hour fixed rate. The ATO will be looking for taxpayers who claim these twice – for example, on their return and from their employer.

    The 70 cents per hour rate does not include depreciation of work-related technology and office furniture, cleaning of the home office and repairs to these items. So these amounts can be claimed separately.

    Motor vehicle expenses: there are also two methods to work out this claim. The log book method requires you to have kept a record for 12 weeks. You then need to work out the percentage you used your car for work or business which is applied to your expenses.

    The cents per kilometre method allows you to claim 88 cents for each kilometre up to 5,000 km of work or business travel. No receipts need to be kept for this method, but you must be able to justify the total kilometres that you have claimed.

    If you use the cents per kilometre method, do not double dip by claiming additional motor vehicle expenses.

    Rental properties: make sure the expenses you claim do not include your personal costs. For example, the interest expenses must only be for the rental property and not interest from your personal home.

    Also, if you own 50% of the rental you can only claim 50% of the expenses, even if your taxable income is higher than the other owner. If you have a holiday home you can only claim expenses for when that home was rented out, not the whole year.

    Cryptocurrency: many taxpayers are buying and selling cryptocurrency. These transactions need to be reported in your tax return when they are sold as a capital gain or capital loss.

    Other forms of income: if you earn money through the sharing or gig economies, you must include all income from these activities in your return. If you sell goods online, the tax office may consider it to be a business, and it will expect the income to be declared.

    Don’t be tempted to cheat

    The ATO already knows a lot about your tax situation, which makes it harder than ever to cheat.

    The tax office uses data matching to check information you include in your return against data provided by other parties including share registries and your health insurer. It also gathers information from the internet.

    If the data doesn’t match your return, or your claim is considered excessive, the ATO may contact you. You may be asked to explain why and, if your explanation is unsatisfactory, you might be audited.

    Penalties of 25% to 75% of the tax owed may apply for falsely claiming deductions. The more dishonest the claim, the higher the penalty).

    The link between what you claim and what you earn has to be real. So do not claim the cost of your Armani suit as a work uniform or your pet as a mascot for your business. Even the cost of a massage chair to relieve work stress cannot be claimed.

    Dubious claims received by the tax office in recent years are many and varied. They have included Lego, school uniforms and sporting equipment purchased for kids, $9000 worth of wine bought by a wine expert while on a European holiday, for personal consumption, and a claim using receipts lodged by a doctor for an overseas conference he didn’t attend.

    What if I make a mistake or the ATO finds an error?

    If you make a mistake in your tax return, you can always amend it via MyTax.

    The tax office will not fine you unless you did not take reasonable care, but you will have to pay back the shortfall in tax.

    The due date to lodge your own return is October 31. If you are having trouble meeting this date, contact the tax office and ask for an extension.


    Disclaimer: this is general information only and not to be taken as financial or tax advice.

    Robert B Whait receives funding from the Federal Government as part of the National Tax Clinic Program, Financial Literacy Australia (now Ecstra Foundation), ANZ Bank, and the Consumer Policy Research Centre (CPRC). He is affiliated with the Tax Institute of Australia and Chartered Accountants Australia and New Zealand.

    Connie Vitale receives funding from the Federal Government as part of the National Tax Clinic Program. She is affiliated with the Institute of Public Accountants and Chartered Accountants Australia and New Zealand.

    ref. Would you cheat on your tax? It’s a risky move, the tax office knows a lot about you – https://theconversation.com/would-you-cheat-on-your-tax-its-a-risky-move-the-tax-office-knows-a-lot-about-you-258587

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Would you cheat on your tax? It’s a risky move, the tax office knows a lot about you

    Source: The Conversation (Au and NZ) – By Robert B Whait, Senior Lecturer in Taxation Law, University of South Australia

    Soon, more than 15 million Australians should be lodging a tax return with the Australian Taxation Office in the hope of receiving at least a small refund.

    About 60% of taxpayers use an accountant to prepare their tax return while the other 40% lodge their returns via their MyGov account. This links them to the tax office, Medicare and other government services.

    The tax office receives about 1000 tip-offs a week from people who know or suspect evasion. Of these, the office deems about 90% warrant further investigation.

    What to remember when preparing your tax return

    These days, the tax office prefills much of your income information. The ATO will let you know through your MyGov account when your income statements from your employer are “tax ready”.

    But other income including bank interest, dividends and managed investment funds distributions may take longer to appear, so don’t rush to complete and lodge your tax return on July 1 if these aren’t there. When these items prefill, check them for accuracy and correct any errors.

    The tax office does not know about all your income so remember to provide details of other sources including capital gains on investments and income from other jobs for which you have an Australian Business Number.

    Some items, such as private health insurance information, are only partially pre-filled so be sure to check that all questions have been answered and all necessary information provided.

    How to claim deductions

    To claim a deduction you must have spent the money yourself and were not reimbursed from another source.

    The expense must be directly related to earning your income from either employment or services provided, from investments such as shares or a rental property, or from a business you operate.

    And you must have a record to prove your expense. This usually needs to be in the form of a receipt or a diary.

    If you don’t know how to record your deductions, an easy option is to use the tax office myDeductions app. You can scan receipts and allocate them to the correct section of your return.

    What the tax office will be looking for in 2025

    Each year the tax office targets particular areas. For 2025, these are:

    Working from home expenses: you can choose between two methods: the fixed rate method or the actual cost method.

    The fixed rate method allows you to claim 70 cents for each hour worked from home during the year. You do not need to keep receipts, but you must keep a record of the hours worked at home.

    The actual cost method allows you to claim the costs of working from home, but taxpayers must have a dedicated room set aside for the office and remove all private use.

    You cannot claim personal items like interest on a home loan or rent expenses unless you are operating a business from home.

    Personal items, such as coffee machines, are not claimable even if you use them while working from home. Mobile phone and internet costs are included in the 70 cents per hour fixed rate. The ATO will be looking for taxpayers who claim these twice – for example, on their return and from their employer.

    The 70 cents per hour rate does not include depreciation of work-related technology and office furniture, cleaning of the home office and repairs to these items. So these amounts can be claimed separately.

    Motor vehicle expenses: there are also two methods to work out this claim. The log book method requires you to have kept a record for 12 weeks. You then need to work out the percentage you used your car for work or business which is applied to your expenses.

    The cents per kilometre method allows you to claim 88 cents for each kilometre up to 5,000 km of work or business travel. No receipts need to be kept for this method, but you must be able to justify the total kilometres that you have claimed.

    If you use the cents per kilometre method, do not double dip by claiming additional motor vehicle expenses.

    Rental properties: make sure the expenses you claim do not include your personal costs. For example, the interest expenses must only be for the rental property and not interest from your personal home.

    Also, if you own 50% of the rental you can only claim 50% of the expenses, even if your taxable income is higher than the other owner. If you have a holiday home you can only claim expenses for when that home was rented out, not the whole year.

    Cryptocurrency: many taxpayers are buying and selling cryptocurrency. These transactions need to be reported in your tax return when they are sold as a capital gain or capital loss.

    Other forms of income: if you earn money through the sharing or gig economies, you must include all income from these activities in your return. If you sell goods online, the tax office may consider it to be a business, and it will expect the income to be declared.

    Don’t be tempted to cheat

    The ATO already knows a lot about your tax situation, which makes it harder than ever to cheat.

    The tax office uses data matching to check information you include in your return against data provided by other parties including share registries and your health insurer. It also gathers information from the internet.

    If the data doesn’t match your return, or your claim is considered excessive, the ATO may contact you. You may be asked to explain why and, if your explanation is unsatisfactory, you might be audited.

    Penalties of 25% to 75% of the tax owed may apply for falsely claiming deductions. The more dishonest the claim, the higher the penalty).

    The link between what you claim and what you earn has to be real. So do not claim the cost of your Armani suit as a work uniform or your pet as a mascot for your business. Even the cost of a massage chair to relieve work stress cannot be claimed.

    Dubious claims received by the tax office in recent years are many and varied. They have included Lego, school uniforms and sporting equipment purchased for kids, $9000 worth of wine bought by a wine expert while on a European holiday, for personal consumption, and a claim using receipts lodged by a doctor for an overseas conference he didn’t attend.

    What if I make a mistake or the ATO finds an error?

    If you make a mistake in your tax return, you can always amend it via MyTax.

    The tax office will not fine you unless you did not take reasonable care, but you will have to pay back the shortfall in tax.

    The due date to lodge your own return is October 31. If you are having trouble meeting this date, contact the tax office and ask for an extension.


    Disclaimer: this is general information only and not to be taken as financial or tax advice.

    Robert B Whait receives funding from the Federal Government as part of the National Tax Clinic Program, Financial Literacy Australia (now Ecstra Foundation), ANZ Bank, and the Consumer Policy Research Centre (CPRC). He is affiliated with the Tax Institute of Australia and Chartered Accountants Australia and New Zealand.

    Connie Vitale receives funding from the Federal Government as part of the National Tax Clinic Program. She is affiliated with the Institute of Public Accountants and Chartered Accountants Australia and New Zealand.

    ref. Would you cheat on your tax? It’s a risky move, the tax office knows a lot about you – https://theconversation.com/would-you-cheat-on-your-tax-its-a-risky-move-the-tax-office-knows-a-lot-about-you-258587

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: Greystone Housing Impact Investors LP Extends General Line of Credit Facility

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., June 18, 2025 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced today that on June 12, 2025, it amended its existing $50 million secured revolving Line of Credit facility (“LOC”). The LOC is secured by the Partnership’s joint venture equity investments. BankUnited, N.A. serves as sole arranger and administrative agent.

    The amendment extended the maturity date to June 2027, with two additional one-year extension options, increased the maximum allowable seniors housing joint venture equity investments the Partnership can make to 30% of eligible encumbered assets, and increased the Partnership’s maximum allowable limited guaranties of debt associated with its joint venture equity investments.

    An affiliate of the Partnership’s general partner provides a deficiency guaranty for the facility. The affiliate does not charge the Partnership a fee for the deficiency guaranty.

    “The amendment to our general LOC provides valuable liquidity and enhances our operational flexibility to make additional joint venture equity investments in the seniors housing segment,” said Kenneth C. Rogozinski, Chief Executive Officer of the Partnership.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

    Safe Harbor Statement

    Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    MEDIA CONTACT:
    Karen Marotta
    Greystone
    212-896-9149
    Karen.Marotta@greyco.com

    INVESTOR CONTACT:
    Andy Grier
    Senior Vice President
    402-952-1235

    The MIL Network

  • MIL-OSI: John Pucin Appointed to Board of Directors of NSTS Bancorp, Inc. and North Shore Trust and Savings

    Source: GlobeNewswire (MIL-OSI)

    WAUKEGAN, Ill., June 18, 2025 (GLOBE NEWSWIRE) — NSTS Bancorp, Inc. (the “Company”), the holding company for North Shore Trust and Savings (the “Bank”), announced today that Mr. John S. Pucin has been appointed to the Board of Directors of both the Company and the Bank. Mr. Pucin was appointed to fill the vacancy in the class of directors whose term expires at the Company’s annual stockholder meeting in 2027.

    Mr. Pucin currently serves as Senior Vice President and Corporate Counsel for Caine & Weiner Company, Inc. and the managing partner of the Law Office of John S. Pucin, P.C. He graduated from Xavier University with a B.S.B.A./Finance and from the Capital University Law School with a Juris Doctor degree. Mr. Pucin has been a member of the Commercial Law League for over twenty years and is a past chair of the Midwest Region.

    “We are excited to have Mr. Pucin join our board. Mr. Pucin’s legal and management experience makes him a valuable resource and a qualified addition to the Company,” said Mr. Stephen G. Lear, Chairman, President and Chief Executive Officer of the Company.

    About NSTS Bancorp, Inc. and North Shore Trusts and Savings

    NSTS Bancorp Inc. is the holding company of North Shore Trust and Savings. As of March 31, 2025, North Shore Trust and Savings had approximately $282.7 million in assets and operates from its headquarters and main banking office in Waukegan, Illinois, as well as two additional full-service branch offices located in Waukegan and Lindenhurst, Illinois, respectively. For over 100 years, North Shore Trust and Savings has served the local communities where it operates and has deep and longstanding relationships with its businesses and retail customers as well as local municipalities.

    Contact:

    Stephen G. Lear
    Chairman, President and Chief Executive Officer
    slear@northshoretrust.com 
    (847) 336-4430

    The MIL Network

  • MIL-OSI: John Pucin Appointed to Board of Directors of NSTS Bancorp, Inc. and North Shore Trust and Savings

    Source: GlobeNewswire (MIL-OSI)

    WAUKEGAN, Ill., June 18, 2025 (GLOBE NEWSWIRE) — NSTS Bancorp, Inc. (the “Company”), the holding company for North Shore Trust and Savings (the “Bank”), announced today that Mr. John S. Pucin has been appointed to the Board of Directors of both the Company and the Bank. Mr. Pucin was appointed to fill the vacancy in the class of directors whose term expires at the Company’s annual stockholder meeting in 2027.

    Mr. Pucin currently serves as Senior Vice President and Corporate Counsel for Caine & Weiner Company, Inc. and the managing partner of the Law Office of John S. Pucin, P.C. He graduated from Xavier University with a B.S.B.A./Finance and from the Capital University Law School with a Juris Doctor degree. Mr. Pucin has been a member of the Commercial Law League for over twenty years and is a past chair of the Midwest Region.

    “We are excited to have Mr. Pucin join our board. Mr. Pucin’s legal and management experience makes him a valuable resource and a qualified addition to the Company,” said Mr. Stephen G. Lear, Chairman, President and Chief Executive Officer of the Company.

    About NSTS Bancorp, Inc. and North Shore Trusts and Savings

    NSTS Bancorp Inc. is the holding company of North Shore Trust and Savings. As of March 31, 2025, North Shore Trust and Savings had approximately $282.7 million in assets and operates from its headquarters and main banking office in Waukegan, Illinois, as well as two additional full-service branch offices located in Waukegan and Lindenhurst, Illinois, respectively. For over 100 years, North Shore Trust and Savings has served the local communities where it operates and has deep and longstanding relationships with its businesses and retail customers as well as local municipalities.

    Contact:

    Stephen G. Lear
    Chairman, President and Chief Executive Officer
    slear@northshoretrust.com 
    (847) 336-4430

    The MIL Network

  • MIL-OSI Africa: Gabonese President Brice Oligui Nguema and African Development Bank’s (AfDB) Akinwumi Adesina Inaugurate Water Pumping Station for Greater Libreville

    • “Ten years without clean water: erased! Ten years without hope: forgotten! Ten years of suffering: over!”—Adesina to residents of Libreville’s outlying neighborhoods.
    • Adesina Receives Gabon’s Highest Civilian Honor

    Gabonese President Brice Oligui Nguema and African Development Bank Group President Dr. Akinwumi Adesina (www.AfDB.org) on Monday jointly inaugurated a new drinking water pumping station, marking the end of a decade-long water crisis in PK5, a densely populated district of Libreville.

    The new PK5 pumping station, with a daily capacity of 57,600 cubic meters, is designed to deliver clean water to 128,000 residents across seven northern districts of the capital.

    “These past few weeks, we’ve finally felt like citizens of real capital. Water is flowing from our taps at last,” said Sandrine Onanga, a 33-year-old mother living in PK5. “It has been eight years since we last saw a drop of water. We had even forgotten what a tap looked like,” added Astrid Momboukou, who joined the crowd to witness the inauguration of the facility.

    For years, taps had run dry in parts of Libreville. “That’s all behind us now. No more lugging water jugs for kilometers. No more waiting late into the night for police tankers to deliver water every two or three days,” said Sandrine, smiling under the light rain that fell over Libreville that Monday.

    The new station was inaugurated in the presence of senior government officials, members of the diplomatic corps, development partners, and an enthusiastic local population. It forms part of the Integrated Drinking Water Supply and Sanitation Program for Libreville (PAIEPAL). The program, with a total investment of €117.4 million, is financed through a €75.4 million loan from the African Development Bank and a €42 million loan from the Africa Growing Together Fund (AGTF), backed by the People’s Bank of China and administered by the Bank.

    The program aims to improve access to potable water and sanitation services in Libreville, strengthen sector governance, and build capacity for long-term transformation.

    The initiative ensures that more than 300,000 people—approximately 31% of Libreville’s 967,095 residents—now have sustainable and permanent access to clean water. The beneficiary communes include Libreville, Akanda, Owendo, and Ntoum.

    Adesina emphasized the life-changing impact of the new pumping station: “Ten years without drinking water: erased! Ten years without hope: forgotten! Ten years of suffering: ended!”

    The Bank, a reliable and strategic partner for Gabon

    Adesina also highlighted the Bank’s unwavering development support for Gabon during his ten-year tenure. “From 1974 to 2014, the Bank approved $1 billion in financing for Gabon. Since my election in 2015, we have committed an additional $1.5 billion—1.5 times the previous 40-year total,” he said.

    According to Philippe Tonangoye, Gabon’s Minister for Universal Access to Water and Energy, the project has significantly improved water infrastructure. It involved renewing 150 kilometers of pipelines, upgrading and extending another 150 kilometers of distribution networks, building and rehabilitating multiple water towers, and installing around 60 public standpipes across Libreville and surrounding areas.

    “The African Development Bank spared no effort to make this program a reality,” said Minister Tonangoye. “Some of these installations had not seen a single drop of water in ten years. My gratitude goes to the Bank for its commitment to Gabon.”

    President Adesina receives top Gabonese honor

    Ahead of the inauguration, Gabonese President Oligui Nguema conferred on Adesina the insignia of Grand Officer of the Order of the Gabonese Merit, one of Gabon’s highest civilian honors, in a ceremony witnessed by his wife, Grace Adesina.

    Recognized for his visionary leadership, Akinwumi Adesina—dubbed “Africa’s Chief Optimist”—will complete his second and final ten-year term as President of the African Development Bank Group on 31 August. Since 2015, he has led transformative projects across Africa under the Bank’s five strategic priorities, the “High 5s” (https://apo-opa.co/4n9ysad).

    Through these priorities, 565 million people have seen their lives transformed. In the water sector alone, 63 million people gained access to clean water and 34 million to sanitation services.

    Flagship projects in Gabon

    For decades, the Bank has supported Gabon’s socioeconomic development by helping diversify strategic sectors. It is now Gabon’s leading infrastructure partner.

    Among flagship projects, the Bank financed the New Owendo International Port. With a capacity of four million tonnes per year, this multi-purpose port (minerals, timber, containers) has reduced handling costs by 30% and become a critical link in Gabon’s logistics chain. In this context, the Gabonese President took Dr. Adesina on a tour of the La Baie des Rois Special Investment Zone, located 18 km from the port. The maritime façade of the Gabonese capital aims to be modern to attract international real estate investors to revitalize the country’s economy and create wealth for the population.

    The Bank is also helping Gabon develop the Kinguélé Aval hydroelectric power station—the country’s first energy PPP—which will add 40 megawatts of reliable, affordable, and clean energy. It is also financing the Ndende-Doussala road, a key segment of the Libreville-Brazzaville corridor that will connect Gabon and Congo and boost regional integration.

    With an active portfolio of $61.26 million, the African Development Bank Group’s strategy in Gabon focuses on two priority areas: supporting the development of sustainable infrastructure to drive industrialization, and strengthening economic governance and the business climate to promote social inclusion.

    Following the inauguration, President Oligui Nguema and Akinwumi Adesina visited two families in separate districts that were once severely impacted by water shortages. They also toured the National School for Hearing-Impaired Children, which serves hundreds of students. Since gaining access to clean drinking water, the school has seen a significant improvement in hygiene conditions.

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Contact: 
    Romaric Ollo Hien
    Communication and External Relations Department
    media@afdb.org

    About the African Development Bank Group:
    The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 44 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states.

    For more information: www.AfDB.org

    MIL OSI Africa

  • MIL-OSI USA: Bank of Labor: 100 Years of Banking with Purpose

    Source: US International Brotherhood of Boilermakers

    In a world where people ask, ‘Who is standing with Labor?’—we are.

    Bill Miller, Chairman and CEO, Bank of Labor

    Bank of Labor, which is celebrating its 100th year of service, is a unique financial institution in the American banking landscape—founded on principles of solidarity, fairness, and service to working people. Established in 1924 as Brotherhood State Bank, it was initially chartered by the International Brotherhood of Boilermakers to provide union members and labor organizations with reliable, trusted banking services versus the mainstream financial institutions that often excluded or exploited working-class people. Bank of Labor represented a business model of economic independence, self-determination and shared values.

    “In those days, banks didn’t want to do business with American workers,” said Chairman and CEO of Bank of Labor Bill Miller. “Their needs and financial resources weren’t considered substantial enough to meet banks’ profitability threshold. Bank of Labor’s message, working hard for hardworking people, reinforces banking solutions to help workers.”

    Today, Bank of Labor is headquartered in Overland Park, Kansas, and remains deeply rooted in its mission. It offers a full range of financial services to individuals, labor unions, pension funds and related institutions across the country.

    “We couldn’t exist without labor,” Miller said. “And we’re here to make labor stronger.”

    Unlike profit-driven banks that may invest in companies or causes that are contrary to workers’ interests, Bank of Labor emphasizes transparency, ethical practices and a strong social conscience.

    “We don’t invest in things that undermine labor rights,” Miller said. “We partner with businesses and organizations that demonstrate a commitment to labor and our community.”

    In 2012, the bank built a platform that would expand their mission of serving the labor movement across the nation, rebranding itself from Brotherhood Bank and Trust to Bank of Labor. This transition marked a significant step in its evolution from a regional bank into an institution with a national footprint, poised to amplify labor’s voice in the financial world.

    “For the last 100 years, we’ve found a way not only to remain relevant but to compete with any bank in the United States,” Miller said. “Last year we achieved a billion-dollar threshold in assets. We believe that important milestone is now in our rearview mirror.”

    The bank also plays a crucial role in labor-focused financial services, offering specific programs for union treasurers, such as electronic dues collection and tools to help manage pension and benefit funds. It has earned the trust of major labor organizations such as the AFL-CIO, IAM, UFCW, LIUNA and IBEW, to name a few.

    Yet perhaps what sets Bank of Labor most apart is its people-first culture and value-driven approach.

    “We really work hard to bring a personal approach to everything we do,” Bank of Labor President Bob McCall said. “When someone calls, our employees take a personal interest in fulfilling the reason for the phone call. We’re not saying you can operate without tech—but you can’t provide a high level of consistent good service without interested and capable people. We tend to take things personally, but in a good way.”

    International Brotherhood of Boilermakers’ International President Tim Simmons said, “Banking with the bank we formed 100 years ago to support labor is more than a financial decision, it’s a show of solidarity and financial acuity. While the first 100 years have been successful, I’m more excited about Bank of Labor’s readiness to support and strengthen labor for the next 100 years.”

    Bank of Labor exists because of the Boilermakers, and it remains majority-owned by the union today.

    “Labor unions are focused on helping their membership,” Miller says. “We’re here to be a financial partner by providing financial tools that keeps labor’s capital working for labor.”

    After a century of service, Bank of Labor continues to prosper as a labor-owned, union-loyal institution, driven not by Wall Street profits, but by the economic well-being of the people who build America. Bank of Labor further reinforced their union support by partnering with the United Mine Workers of America to organize their employees, so they’d enjoy the benefits of union representation.

    In a banking industry dominated by corporate giants, Bank of Labor remains a powerful example of what solidarity and vision can achieve.

     “In a world where people ask, ‘Who is standing with labor?’—we are!” Miller said.

    MIL OSI USA News

  • MIL-OSI: Canadian Life Companies Split Corp. Overnight Offering Announced

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 18, 2025 (GLOBE NEWSWIRE) — Canadian Life Companies Split Corp. (“the Company”) is pleased to announce it will undertake an offering of Preferred Shares (TSX: LFE.PR.B) and Class A Shares (TSX: LFE) of the Company. The offering will be led by National Bank Financial Inc.

    The sales period of this overnight offering will end at 9:00 a.m. EST on June 19, 2025. The offering is expected to close on or about June 26, 2025 and is subject to certain closing conditions including approval by the TSX.

    The Preferred Shares will be offered at a price of $10.55 per Preferred Share to yield 6.64% and the Class A Shares will be offered at a price of $6.35 per Class A Share to yield 18.90%.

    The closing price on the TSX of each of the Preferred Shares and Class A Shares on June 17, 2025 was $10.71 and $6.39, respectively.

    Since inception of the Company, the aggregate dividends declared on the Preferred Shares have been $12.44 per share and the aggregate dividends declared on the Class A Shares have been $9.15 per share, for a combined total of $21.59 per unit. All distributions paid to date have been made in tax advantage eligible Canadian dividends or capital gains dividends.

    The net proceeds of the offering will be used by the Company to invest in an actively managed portfolio primarily consisting of four publicly traded Canadian life insurance companies as follows: Great‐West Lifeco Inc., Industrial Alliance Insurance & Financial Services Inc., Manulife Financial Corporation and Sun Life Financial Inc.

    The Company’s investment objectives are:

    Preferred Shares:

    1. to provide holders of the Preferred Shares with fixed, cumulative preferential monthly cash dividends at a rate equal to the greater of: 7.00% OR Prime Rate plus 2% (max of 9%) annually based on the $10.00 original issue price, and;
    2. on or about December 1, 2030 (subject to further 6 year extensions), to pay the holders of the Preferred Shares the original $10 issue price of those shares.

    Class A Shares:

    1. to provide holders of the Class A Shares with regular monthly cash dividends as the directors of the Company may from time to time determine; and
    2. on or about December 1, 2030 (subject to further 6 year extensions), to pay the holders of Class A Shares such amounts as remain after paying the holders of the Preferred shares the amounts owing to them.


    A prospectus supplement to the Company’s short form base shelf prospectus dated May 1, 2024, containing important detailed information about the Preferred Shares and the Class A Shares being offered will be filed with securities commissions or similar authorities in all provinces of Canada. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the agents listed above. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the Securities Commissions or similar authorities in each of the provinces of Canada.

    Investor Relations: 1-877-478-2372
    Local: 416-304-4443
    www.lifesplit.com
    info@quadravest.com  

    The MIL Network

  • MIL-OSI Russia: Financial news: Inflation continues to decline.

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    In May, the seasonally adjusted monthly price growth slowed to 4.5% on an annualized basis. Non-food items fell in price for the second month in a row. The rate of price increases for basic food products, household and medical services remained high.

    Annual inflation also continued to decline in May, but was still significantly above the target. The Bank of Russia intends to return inflation to 4.0% in 2026 and keep it close to this level thereafter.

    For more details, read the Bank of Russia’s information and analytical commentary “Dynamics of consumer prices”.

    Preview photo: Nejron Photo / Shutterstock / Fotodom

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //vv. KBR.ru/Press/Event/? ID = 24714

    MIL OSI Russia News

  • MIL-OSI USA: Reimaging Rochester with Bull’s Head Empowerment Center

    Source: US State of New York

    overnor Kathy Hochul today announced a transformational $23.6 million project to establish the Bull’s Head Empowerment Center on Clifton Street in Rochester. The Empowerment Center, located within the City’s 12.8-acre Bull’s Head Neighborhood Brownfield Opportunity Area, will see the adaptive reuse and expansion of an existing building into a fully occupied mixed-use center that will house workforce development programming, not-for-profit services, and local businesses. Confirmed tenants include a construction workforce development center, two construction firms, and several non-profit organizations, a 24-hour daycare operated by Action for a Better Community, and a proposed coffee shop. New York State is providing $3 million for the project through the Regional Revitalization Partnership (RRP) initiative.

    “The public-private Regional Revitalization Partnership is serving as a national model and catalyst for economic development,” Governor Hochul said. “This investment in the Bull’s Head Empowerment Center in Rochester represents another shining example of the initiative’s success. By targeting these neighborhoods in Rochester, Buffalo and Niagara Falls, New York State is lifting up and transforming disadvantaged communities, building a more equitable future for all New Yorkers.”

    The project, led by USC Builds, a certified New York State Minority and Women-Owned Business Enterprise (MWBE) member, serves as an early anchor for the City’s $350 million Bull’s Head Revitalization Plan aimed at helping to create equitable and enhanced job and business opportunities, provide quality housing and improved public infrastructure. The center is expected to be operational in the spring of 2027.

    USC Builds President Melissa Suchodolski said, “We are deeply grateful to Empire State Development for this $3 million investment in the Bull’s Head Empowerment Center. This support marks a meaningful step toward realizing our vision for 160 Clifton Street — a space where equity and economic opportunity can take root. By bringing workforce training, affordable childcare and local business support under one roof, we’re laying the foundation for a community resource designed to meet real needs in one of Rochester’s most historically disinvested neighborhoods.”

    Action for a Better Community President and CEO Jerome Underwood said, “For anyone who has lived in Rochester for the past 30 years the revitalization of the Bulls Head Plaza has been a long time coming. As we mark Action for a Better Community’s 60th anniversary of services to the Rochester community we are thrilled to be an integral part of this development. ABC looks forward to providing high quality and affordable childcare to those who so desperately need it. We applaud the vision of the development team and the wisdom of the State to fund this crucial project.”

    The Empowerment Center is directly adjacent to the West Main Gateway project, which received an RRP investment of $10 million. The project is designed to help revitalize the West Main Street Corridor from West Genesee Street to West Broad Street, a historically significant but long-underinvested area of Rochester.

    Phase one of Rochester’s approved RRP includes 14 projects totaling over $40 million in investment across key commercial corridors, riverfront activation, and workforce development. A full list of projects can be found here.

    Overall, Rochester is set to receive a combined $80 million RRP investment, which includes major additional investments in the City’s ongoing waterfront efforts, such as ROC the Riverway and High Falls State Park; further support for multi-faceted workforce training programs and facilities; and targeted small business assistance along commercial corridors in that city’s most disadvantaged neighborhoods. OneROC serves as the regional intermediary for the RRP in Greater Rochester, ensuring that investments are strategically aligned, collaborative, and impactful.

    Rochester Mayor Malik D. Evans said, “The Bull’s Head Empowerment Center will play a critical role to restore the historic Bull’s Head neighborhood to its place of prominence as Rochester’s western gateway. I want to thank Governor Kathy Hochul and Empire State Development President Hope Knight for making the critical investments to make this project a reality. I’m also grateful for the leadership of USC Builds owner Melissa Suchodolski, who was born and raised in the 19th Ward, for her determination to move this project forward and provide the people of Bulls Head the signs of progress that they deserve.”

    The RRP is a $300 million public-private partnership designed to maximize social and economic impact efforts in Rochester, Buffalo and Niagara Falls, by co-investing in projects and programs aimed at improving economic conditions to benefit these communities’ residents and businesses. Overall, New York State has committed $200 million for the initiative and Ralph C. Wilson, Jr. Foundation, along with other philanthropic and corporate partners, have committed $81 million. The remaining $19 million is coming from city and county governments.

    The Three Pillars of the Program:

    • Fostering small businesses, by providing programs to help improve and grow these enterprises, especially those owned by women and people of color, which expand choices for goods and services to these neighborhoods, revenue and income for community members, and job opportunities.
    • Investing in placemaking, by funding improvements to local business districts, rebuilding community anchors and revitalizing neighborhoods.
    • Preparing our workforce, by enhancing local residents’ skills and improving their access to opportunities for good-paying jobs.

    Additional information is available regarding RRP funding available here.

    Empire State Development President, Commissioner and CEO Hope Knight said, “The Regional Revitalization Partnership is a game-changing initiative. This targeted investment in Rochester’s Bull’s Head neighborhood will support the people, places, and businesses that are dedicated to ensuring that this neglected area can now truly thrive. This inclusive, collaborative effort is stimulating economic revitalization in Rochester, Buffalo and Niagara Falls, creating real opportunity for hope one community at a time.”

    State Senator Jeremy Cooney said, “The Bull’s Head Empowerment Center will be a gamechanger for workforce development, small businesses, and the continued revitalization of the surrounding neighborhood. I want to thank Governor Hochul and the work of the Regional Revitalization Partnership to make this project a reality and deliver on behalf of our community.”

    Assemblymember Harry Bronson said, “The Bull’s Head Empowerment Center represents the transformative impact of partnerships between public and private stakeholders, helping to grow our middle class through workforce development programs, expanding employment opportunities, bolstering our economy, and strengthening our neighborhoods. We must have an economy that works for everyone, and the Regional Revitalization Partnership’s investment creates a multiplier effect that uplifts residents and small businesses.”

    Assemblymember Demond Meeks said, “The Bull’s Head Empowerment Center is a long-overdue investment that will help revitalize one of Rochester’s most historic yet underserved neighborhoods. By transforming vacant space into a hub for workforce training, childcare, and local business support, this project will breathe new life into the Bull’s Head area. It’s about restoring pride, creating opportunity, and making sure longtime residents see real, lasting change in their community.”

    Monroe County Executive Adam Bello said, “This investment in the Bull’s Head neighborhood will build upon the revitalization of this important section of the West Main Street corridor. The Bull’s Head Empowerment Center will serve as a cornerstone for area residents, providing workforce training, retail businesses and support services. I want to thank Governor Kathy Hochul, Empire State Development President & CEO Hope Knight and the team at USC Builds for coming together to support the redevelopment of this historic neighborhood.”

    OneROC President and CEO Joe Stefko said, “The Bull’s Head Empowerment Center embodies exactly what the Regional Revitalization Partnership was designed to do – align public, private, and philanthropic partners to invest in transformational projects and maximize community impact. Thank you to Governor Hochul and Empire State Development for their continued leadership and commitment to bringing new life to a storied Rochester neighborhood and creating space for small businesses, workforce training, and vital community services. OneROC is proud to work alongside USC Builds and the City of Rochester to build on the new West Main Gateway project and make this bold vision a reality.”

    About the Regional Revitalization Partnership (RRP)

    The Regional Revitalization Partnership (RRP) is a $300M comprehensive economic development strategy and public-private partnership that maximizes impact and leverages additional investment for Buffalo’s East Side, Niagara Falls and Rochester. This community-driven, collaborative strategy takes a holistic approach to economic development and is designed to build community wealth through multiple paths. The RRP was developed in collaboration with New York State Governor Kathy Hochul and Empire State Development (ESD) and is supported by ESL, Evans Bank, Max and Marian Farash Charitable Foundation, Five Star Bank, John R. Oishei Foundation, KeyBank/First Niagara Foundation, William & Sheila Konar Foundation, M&T Bank, Ralph C. Wilson, Jr. Foundation, and partners in the cities of Buffalo, Niagara Falls, and Rochester. RRP program implementation is led by the Center for Regional Strategies.

    Accelerating Economic Development in the Finger Lakes

    Today’s announcement complements “Finger Lakes Forward,” the region’s comprehensive strategy to generate robust economic growth and community development. The regionally designed plan focuses on investing in key industries including photonics, agriculture‎ and food production, and advanced manufacturing. More information is available here.

    MIL OSI USA News

  • MIL-Evening Report: What happens when aid is cut to a large refugee camp? Kenyan study paints a bleak picture

    Source: The Conversation (Au and NZ) – By Olivier Sterck, Associate professor, University of Oxford

    Humanitarian needs are rising around the world. At the same time, major donors such as the US and the UK are pulling back support, placing increasing strain on already overstretched aid systems.

    Global humanitarian needs have quadrupled since 2015, driven by new conflicts in Sudan, Ukraine and Gaza. Added to these are protracted crises in Yemen, Somalia, South Sudan, and DR Congo, among others. Yet donor funding has failed to keep pace, covering less than half of the requested US$50 billion in 2024, leaving millions without assistance.

    Notably, the US recently slashed billions of US dollars from global relief efforts. The slashed contributions once made up to half of all public humanitarian funding and over a fifth of the UN’s budget. Other donors have been cutting aid as well.

    As funding shortfalls widen, humanitarian agencies increasingly face tough choices: reducing the scale of operations, pausing essential services, or cancelling programmes altogether. Disruptions to aid delivery have become a routine feature of humanitarian operations.

    Yet few rigorous studies have provided hard evidence of the consequences for affected populations.

    A recent study from one of the world’s largest refugee camps in Kenya fills this gap.

    Our research team from the University of Oxford and the University of Antwerp was already studying Kakuma camp and then had an opportunity to see what happened when aid was cut. We observed the impact of a 20% aid cut that occurred in 2023.

    The study reveals that cuts to humanitarian assistance had dramatic impacts on hunger and psychological distress, with cascading effects on local credit systems and prices of goods.

    Kakuma refugee camp

    Kakuma is home to more than 300,000 refugees, who mostly came from South Sudan (49%), Somalia (16%), and the Democratic Republic of Congo (DRC) (10%). They have been housed here since 1992. With widespread poverty, lack of income opportunities, and aid making up over 90% of household income, survival in the camp hinges on humanitarian support from UN organisations.

    When the research began in late 2022, most refugees in Kakuma received a combination of in-kind and cash transfers from the World Food Programme. Transfers were worth US$17 per person per month, barely enough to cover the bare essentials: food, firewood and medicine.

    Over the span of a year, the research team tracked 622 South Sudanese refugee households, interviewing them monthly to monitor how their living conditions evolved in response to the timing and level of aid they received. We also gathered weekly price data on 70 essential goods and conducted more than 250 in-depth interviews with refugees, shopkeepers, and humanitarian staff to understand the broader impacts.

    Then came the cut. In July 2023, assistance was reduced by 20%, just as the research team was conducting its eighth round of data collection. This sudden reduction in humanitarian aid created a rare opportunity to assess the effects of an aid cut on both recipients and the markets they depend on.

    Consequences of aid cut

    The 20% cut in humanitarian aid had cascading effects, affecting not just hunger, but local credit systems, prices, and well-being.

    1. Hunger got worse. As a Somali refugee interviewed by the researchers put it: “After the aid reduction, the lives of refugees become hard. That was the money sustaining them. […] Things are insufficient, and hunger is visible.”

    Food insecurity was already widespread before the cut, with more than 90% of refugees classified as food insecure. Average caloric intake stood below 1,900 kcal per person per day – well under the World Food Programme’s 2,100 kcal target and about half the average daily calorie supply available to a US citizen.

    Food insecurity further increased following the aid cut, with caloric intake falling by 145 kcal, a 7% decrease. The share of households eating one meal or less increased by 8 percentage points, from about 29% to 37%. At the same time, dietary diversity narrowed, indicating that households tried to mitigate the negative impacts of the aid cut by reducing the variety of foods they consumed.

    2. Credit collapsed. As a refugee shopkeeper of Ethiopian origin reported: “When we give out credit we have a limit; since the aid is reduced, the credit is also reduced.”

    Cash assistance in Kakuma is delivered through aid cards, which refugees routinely use as collateral to access food on credit. When transfers are delayed or unexpected expenses arise, refugees hand over their aid cards as a guarantee to trusted shopkeepers, allowing them to borrow food against next month’s aid.

    But when assistance was cut, the value of this informal collateral plummeted. Retailers, fearing default, reduced lending or refused lending altogether. Informal credit from shopkeepers shrank by 9%. Many refugees reported being refused food on credit or having to repay past debt before receiving any new goods.

    3. Households liquidated assets. With no access to credit, households began selling off possessions and drawing down food reserves. The average value of household assets fell by over 6% after the aid cut.

    4. Psychological distress increased. The aid cut reduced self-reported sleep quality and happiness, indicating that reductions in aid go beyond physical impacts and also have psychological effects.

    5. Prices fell. With reduced expenditure and purchasing power, the demand for food dropped, and food prices went down, partially offsetting the negative effects of the aid cut.

    Implications

    The study carries two major policy implications.

    First, aid in contexts like Kakuma should not be treated as optional or discretionary, but as a structural necessity. It is the backbone of daily life. Mechanisms are needed to protect it from abrupt donor withdrawals.

    Second, informal credit is not peripheral, it is central to economic life in refugee settings. In many camps, shopkeepers act as retailers and de facto financial institutions. When aid transfers serve as both income and collateral, cutting them risks collapsing this fragile credit system. Cash transfer programmes must therefore be designed with these dynamics in mind.

    Olivier Sterck receives research funding from the IKEA Foundation, the World Bank, and The Research Foundation – Flanders (FWO).

    Vittorio Bruni is affiliated with Oxford University

    ref. What happens when aid is cut to a large refugee camp? Kenyan study paints a bleak picture – https://theconversation.com/what-happens-when-aid-is-cut-to-a-large-refugee-camp-kenyan-study-paints-a-bleak-picture-259055

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: What happens when aid is cut to a large refugee camp? Kenyan study paints a bleak picture

    Source: The Conversation (Au and NZ) – By Olivier Sterck, Associate professor, University of Oxford

    Humanitarian needs are rising around the world. At the same time, major donors such as the US and the UK are pulling back support, placing increasing strain on already overstretched aid systems.

    Global humanitarian needs have quadrupled since 2015, driven by new conflicts in Sudan, Ukraine and Gaza. Added to these are protracted crises in Yemen, Somalia, South Sudan, and DR Congo, among others. Yet donor funding has failed to keep pace, covering less than half of the requested US$50 billion in 2024, leaving millions without assistance.

    Notably, the US recently slashed billions of US dollars from global relief efforts. The slashed contributions once made up to half of all public humanitarian funding and over a fifth of the UN’s budget. Other donors have been cutting aid as well.

    As funding shortfalls widen, humanitarian agencies increasingly face tough choices: reducing the scale of operations, pausing essential services, or cancelling programmes altogether. Disruptions to aid delivery have become a routine feature of humanitarian operations.

    Yet few rigorous studies have provided hard evidence of the consequences for affected populations.

    A recent study from one of the world’s largest refugee camps in Kenya fills this gap.

    Our research team from the University of Oxford and the University of Antwerp was already studying Kakuma camp and then had an opportunity to see what happened when aid was cut. We observed the impact of a 20% aid cut that occurred in 2023.

    The study reveals that cuts to humanitarian assistance had dramatic impacts on hunger and psychological distress, with cascading effects on local credit systems and prices of goods.

    Kakuma refugee camp

    Kakuma is home to more than 300,000 refugees, who mostly came from South Sudan (49%), Somalia (16%), and the Democratic Republic of Congo (DRC) (10%). They have been housed here since 1992. With widespread poverty, lack of income opportunities, and aid making up over 90% of household income, survival in the camp hinges on humanitarian support from UN organisations.

    When the research began in late 2022, most refugees in Kakuma received a combination of in-kind and cash transfers from the World Food Programme. Transfers were worth US$17 per person per month, barely enough to cover the bare essentials: food, firewood and medicine.

    Over the span of a year, the research team tracked 622 South Sudanese refugee households, interviewing them monthly to monitor how their living conditions evolved in response to the timing and level of aid they received. We also gathered weekly price data on 70 essential goods and conducted more than 250 in-depth interviews with refugees, shopkeepers, and humanitarian staff to understand the broader impacts.

    Then came the cut. In July 2023, assistance was reduced by 20%, just as the research team was conducting its eighth round of data collection. This sudden reduction in humanitarian aid created a rare opportunity to assess the effects of an aid cut on both recipients and the markets they depend on.

    Consequences of aid cut

    The 20% cut in humanitarian aid had cascading effects, affecting not just hunger, but local credit systems, prices, and well-being.

    1. Hunger got worse. As a Somali refugee interviewed by the researchers put it: “After the aid reduction, the lives of refugees become hard. That was the money sustaining them. […] Things are insufficient, and hunger is visible.”

    Food insecurity was already widespread before the cut, with more than 90% of refugees classified as food insecure. Average caloric intake stood below 1,900 kcal per person per day – well under the World Food Programme’s 2,100 kcal target and about half the average daily calorie supply available to a US citizen.

    Food insecurity further increased following the aid cut, with caloric intake falling by 145 kcal, a 7% decrease. The share of households eating one meal or less increased by 8 percentage points, from about 29% to 37%. At the same time, dietary diversity narrowed, indicating that households tried to mitigate the negative impacts of the aid cut by reducing the variety of foods they consumed.

    2. Credit collapsed. As a refugee shopkeeper of Ethiopian origin reported: “When we give out credit we have a limit; since the aid is reduced, the credit is also reduced.”

    Cash assistance in Kakuma is delivered through aid cards, which refugees routinely use as collateral to access food on credit. When transfers are delayed or unexpected expenses arise, refugees hand over their aid cards as a guarantee to trusted shopkeepers, allowing them to borrow food against next month’s aid.

    But when assistance was cut, the value of this informal collateral plummeted. Retailers, fearing default, reduced lending or refused lending altogether. Informal credit from shopkeepers shrank by 9%. Many refugees reported being refused food on credit or having to repay past debt before receiving any new goods.

    3. Households liquidated assets. With no access to credit, households began selling off possessions and drawing down food reserves. The average value of household assets fell by over 6% after the aid cut.

    4. Psychological distress increased. The aid cut reduced self-reported sleep quality and happiness, indicating that reductions in aid go beyond physical impacts and also have psychological effects.

    5. Prices fell. With reduced expenditure and purchasing power, the demand for food dropped, and food prices went down, partially offsetting the negative effects of the aid cut.

    Implications

    The study carries two major policy implications.

    First, aid in contexts like Kakuma should not be treated as optional or discretionary, but as a structural necessity. It is the backbone of daily life. Mechanisms are needed to protect it from abrupt donor withdrawals.

    Second, informal credit is not peripheral, it is central to economic life in refugee settings. In many camps, shopkeepers act as retailers and de facto financial institutions. When aid transfers serve as both income and collateral, cutting them risks collapsing this fragile credit system. Cash transfer programmes must therefore be designed with these dynamics in mind.

    Olivier Sterck receives research funding from the IKEA Foundation, the World Bank, and The Research Foundation – Flanders (FWO).

    Vittorio Bruni is affiliated with Oxford University

    ref. What happens when aid is cut to a large refugee camp? Kenyan study paints a bleak picture – https://theconversation.com/what-happens-when-aid-is-cut-to-a-large-refugee-camp-kenyan-study-paints-a-bleak-picture-259055

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Russia: Djibouti Implements the Enhanced General Data Dissemination System (e-GDDS)

    Source: IMF – News in Russian

    June 18, 2025

    Washington, DC: With the successful launch of the new data portal—the National Summary Data Page (NSDP)—Djibouti has implemented a key recommendation of the IMF’s Enhanced General Data Dissemination System (e-GDDS) to publish essential macroeconomic and financial data. The e-GDDS is the first tier of the IMF Data Standards Initiatives that promote transparency as a global public good and encourages countries to voluntarily publish timely data that is essential for monitoring and analyzing economic performance.

    The launch of the NSDP is a testament to the Djibouti’s commitment to data transparency. It serves as a one-stop portal for disseminating various macroeconomic data compiled by multiple statistical agencies. The published data include statistics on national accounts, prices, government operations, debt, the monetary and financial sector, and the external sector.

    The launch of the NSDP was supported by an IMF technical assistance mission, financed by the Government of Japan through the Japan Administered Account for Selected Fund Activities, and conducted in collaboration with the African Development Bank from June 9 to 12, 2025. The mission was hosted by the Central Bank of Djibouti in close collaboration with the Ministry of Budget, the Ministry of Economy and Finance, as well as the National Statistics Institute of Djibouti.

    With this reform, Djibouti will join 75 countries worldwide and 35 countries in Africa using the e-GDDS to disseminate standardized data.  

    Mr. Bert Kroese, Chief Statistician and Data Officer, and Director of the IMF’s Statistics Department, commended the authorities for this major milestone in the Djibouti’s statistical development. He also emphasized that Djibouti would benefit from using the e-GDDS participation as a tool to further improve data transparency. The IMF stands ready to “continue supporting the authorities in further developing their statistical systems.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

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

    https://www.imf.org/en/News/Articles/2025/06/18/pr-25205-djibouti-djibouti-implements-the-e-gdds

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI NGOs: Israel-Iran: Urgent call to end ‘reckless military action’ and protect civilians amid growing hostilities

    Source: Amnesty International –

    Israeli and Iranian authorities repeatedly demonstrate utter disregard for international human rights and humanitarian law with impunity

    Escalation masks Israel’s deepening starvation of Gaza and West Bank oppression in ongoing apartheid

    Iran responds to Israeli attacks by imposing internet restrictions, arresting journalists, and executing a man for alleged espionage

    ‘Instead of cheering on one party to the conflict over another as if civilian suffering is a mere sideshow, governments must ensure the protection of civilians’ – Agnès Callamard

    As civilians continue to suffer the devastating impact of the escalating hostilities between Iran and Israel since 13 June, and with threats of further violence looming, Amnesty International is calling on both governments to uphold their obligations under international humanitarian law and ensure the protection of civilians.

    Agnès Callamard, Secretary General of Amnesty International, said:

    “As the number of deaths and injuries continue to rise, both parties must comply with their obligations and ensure that civilians in both countries do not further pay the price of reckless military action.

    “Further escalation of these hostilities’ risks unleashing devastating and far-reaching consequences for civilians across the region and beyond.

    “Statements by the US and the G7 so far have failed to recognise the catastrophic impact this escalation will have on civilians in both countries.

    “Instead of cheering on one party to the conflict over another as if civilian suffering is a mere sideshow, governments must ensure the protection of civilians. Preventing further suffering must be the priority – not the pursuit of military or geopolitical goals.

    “Both Israeli and Iranian authorities have time and again demonstrated their utter disregard for international human rights and humanitarian law, committing grave international crimes with impunity.

    “The world must not allow Israel to use this military escalation to divert attention away from its ongoing genocide against Palestinians in the occupied Gaza Strip, its illegal occupation of the whole Occupied Palestinian Territory and its system of apartheid against Palestinians.

    “Likewise, the international community must not ignore the suffering that decades of crimes under international law by the Iranian authorities have inflicted upon people inside Iran, that is now being compounded by relentless bombardment.”

    International law prohibits attacks on civilians

    Under international humanitarian law, all parties must take all feasible precautions to spare civilians and minimise their suffering and casualties.

    International humanitarian law strictly prohibits attacks directed at civilians and civilian objects, as well as attacks which do not distinguish between military targets and civilians or civilian infrastructure.

    Weapons that are extremely inaccurate and have large warheads that produce large area effects, such as ballistic missiles, should never be used in areas with large populations of civilians. Attacks on military objectives that are likely to result in disproportionate civilian casualties or destruction of civilian objects are also prohibited.

    In the shadow of this latest escalation, Israeli authorities continue to forcibly displace and starve Palestinians in the occupied Gaza Strip as part of their ongoing genocide. They have imposed a full closure on the West Bank, where state-backed settler violence continues to rise, further entrenching Israel’s illegal occupation and apartheid system.

    Meanwhile, Iranian authorities have responded to Israel’s latest military attacks by imposing internet restrictions, arresting journalists and dissidents within the country. They have also restricted prisoners’ communication with the outside world, including those in prisons near sites of the bombings. On 16 June, the Iranian authorities executed a man for alleged espionage for Israel, raising concerns about the fate of others on death row for similar charges. The Iranian authorities must release all human rights defenders and others arbitrarily detained.

    Sinister and fear-inducing ‘warnings’

    Over the past three days, Israeli officials, including Prime Minister Benjamin Netanyahu, Minister of Defence Israel Katz, and Persian-language spokesperson of the Israeli army Kamal Pinchasi have issued alarming threats and overly broad, ineffective evacuation warnings to millions of civilians in Tehran a major city with a population of around 10 million people, located in Tehran province which is home to around 19 million people. In some cases, warnings were issued in the middle of the night when residents were asleep or did not clarify if they referred to the city or the province of Tehran.

    On 16 June, Israel Katz, Israel’s Minister of Defense threatened on X that “the residents of Tehran will be forced to pay the price” for the actions of the Iranian authorities. Hours later, the Israeli military’s Persian-language spokesperson warned civilians to evacuate Tehran’s District Three – an area of approximately 30 square km and home to over 350,000 people via a video showing unclear danger zones. The video included a map indicating danger zones for civilians but did not clearly specify targeted locations or areas of blast and fragmentation hazard, leaving residents uncertain about which areas to avoid. Iranian civil society activists later republished the map with cleared boundaries and locations named.

    Prior to the “evacuation” warnings on 16 June, the Israeli army had issued another overly broad warning in Persian, instructing people across the country to  “immediately leave areas … [housing] military weapons manufacturing facilities and their support institutions”. The statement sowed panic and confusion among people, as the locations of military facilities are not known to the general public, and no clear guidance was provided on where civilians should or should not go to ensure their safety.

    Evacuation warnings do not release Israel from its other obligations under international humanitarian law. They must not treat as open-fire zones areas for which they have issued warnings. Millions of people in Tehran cannot leave, either because they have no alternative residences outside the city or due to limited mobility, disability, blocked roads, fuel shortages or other constraints. Israel has an obligation to take all feasible precautions to minimise harm to these civilians.

    Early morning Tehran time on 17 June, US President Donald Trump caused further panic with a Truth Social post stating: “Everyone should immediately evacuate Tehran.” US Secretary of State Marco Rubio and the White House amplified the message on X, amid media reports that the United States may join Israel in striking Iran. 

    In reaction to the Israeli warnings, Iranian state media reported on 15 June that the Iranian armed forces had issued warnings urging residents of Tel Aviv to evacuate. In a video aired on state media, Reza Sayed, spokesperson of the Communication Center of the General Staff of the Armed Forces stated: “Leave the occupied territories [referring to Israel and the OPT], as they will undoubtedly become uninhabitable for you in the future. Parties to armed conflicts are prohibited from issuing threats of violence which are designed to spread terror among the civilian population. They cannot hide behind overly general warnings to claim that they have met their obligations under international law.

    In Israel, these Iranian warnings have not triggered the same level of chaos and mass evacuation, largely due to the presence of the Iron Dome defense system and available shelters.  However, there have been cases where civilians, particularly Palestinian citizens of Israel and Bedouin communities, who do not have access to underground shelters, such as the Khatib family in the Palestinian town of Tamra, were killed as a result of an Iranian missile strike. Israeli civil society groups are calling on the government to urgently address the chronic lack of protected space for non-Jewish Israeli citizens. 

    Internet shutdowns and media censorship

    In Iran, the authorities have disrupted access to the Internet and instant messaging applications, preventing millions of people caught up in the conflict from accessing essential information and communicating with loved ones both inside and outside the country and thereby exacerbating their suffering.

    The Israeli authorities are also using vague security pretexts to target people over social media posts or sharing videos deemed to breach strict censorship rules.

    Agnès Callamard added:

    “Access to the Internet is essential to protect human rights, especially in times of armed conflict where communications blackouts would prevent people from finding safe routes, accessing life-saving resources, and staying informed. The Iranian authorities must immediately ensure full restoration of internet and communication services in all of Iran. 

    “Israeli authorities must refrain from using military escalations, as they have done in the past, as a further pretext to crack down on freedom of expression, disproportionately targeting Palestinian citizens of Israel, including through arbitrary detention over unsubstantiated allegations of incitement.”

    MIL OSI NGO

  • MIL-OSI NGOs: Urgent need to protect civilians amid unprecedented escalation in hostilities between Israel and Iran

    Source: Amnesty International –


    As more and more civilians bear the cruel toll of the terrifying military escalation in Iran and Israel since 13 June 2025, and amid threats of further escalation in the conflict, Amnesty International is urging the Israeli and Iranian authorities to abide by their obligations under international humanitarian law to protect civilians.

    On 16 June, an Iranian government spokesperson reported that Israeli attacks had killed at least 224 people, including 74 women and children, without specifying how many of them were civilians. The health ministry also stated 1,800 people have been injured.

    In Israel, the Israeli Military Home Front reported that Iranian attacks had killed at least 24 people, including women and children, stating that they were all civilians, with nearly 600 injured.

    “As the number of deaths and injuries continue to rise, Amnesty International is urging both parties to comply with their obligations and ensure that civilians in both countries do not further pay the price of reckless military action,” said Agnès Callamard, Secretary General of Amnesty International. 

    “Further escalation of these hostilities risks unleashing devastating and far-reaching consequences for civilians across the region and beyond.

    As the number of deaths and injuries continue to rise, Amnesty International is urging both parties to comply with their obligations and ensure that civilians in both countries do not further pay the price of reckless military action

    Agnès Callamard, Secretary General of Amnesty International

    “Statements by the US and the G7 so far have failed to recognize the catastrophic impact this escalation will have on civilians in both countries.

    “Instead of cheering on one party to the conflict over another as if civilian suffering is a mere sideshow, states must ensure the protection of civilians. Preventing further suffering must be the priority – not the pursuit of military or geopolitical goals.

    “Both Israeli and Iranian authorities have time and again demonstrated their utter disregard for international human rights and humanitarian law, committing grave international crimes with impunity.

    “The world must not allow Israel to use this military escalation to divert attention away from its ongoing genocide against Palestinians in the occupied Gaza Strip, its illegal occupation of the whole Occupied Palestinian Territory (OPT) and its system of apartheid against Palestinians.

    “Likewise, the international community must not ignore the suffering that decades of crimes under international law by the Iranian authorities have inflicted upon people inside Iran, that is now being compounded by relentless bombardment.”

    Under international humanitarian law, all parties must take all feasible precautions to spare civilians and minimize their suffering and casualties. International humanitarian law strictly prohibits attacks directed at civilians and civilian objects, as well as attacks which do not distinguish between military targets and civilians or civilian infrastructure.

    For this reason, weapons that are extremely inaccurate and have large warheads that produce large area effects, such as ballistic missiles, should never be used in areas with large populations of civilians. Attacks on military objectives that are likely to result in disproportionate civilian casualties or destruction of civilian objects are also prohibited.

    In the deadliest incident in Israel, eight people including three children, were killed in Bat Yam, south of Tel Aviv, on 15 June.

    In Iran, at least 12 people including children and a pregnant woman were killed in one attack in Tajrish square in Tehran on 15 June.

    In the shadow of this latest escalation, Israeli authorities continue to forcibly displace and starve Palestinians in the occupied Gaza Strip as part of their ongoing genocide. They have imposed a full closure on the West Bank, where state-backed settler violence continues to rise, further entrenching Israel’s illegal occupation and apartheid system.

    Meanwhile, Iranian authorities have responded to Israel’s latest military attacks by imposing internet restrictions, arresting journalists and dissidents within the country. They have also restricted prisoners’ communication with the outside world, including those in prisons near sites of the bombings. On 16 June, the Iranian authorities executed a man for alleged espionage for Israel, raising concerns about the fate of others on death row for similar charges. The Iranian authorities must release all human rights defenders and others arbitrarily detained and should relocate other prisoners away from locations at risk of being attacked by Israel.

    Sinister and fear-inducing ‘warnings’

    Over the past three days, Israeli officials, including Prime Minister Benjamin Netanyahu, Minister of Defence Israel Katz, and Persian-language spokesperson of the Israeli army Kamal Pinchasi have issued alarming threats and overly broad, ineffective evacuation warnings to millions of civilians in Tehran a major city with a population of around 10 million people, located in Tehran province which is home to around 19 million people. In some cases, warnings were issued in the middle of the night when residents were asleep or did not clarify if they referred to the city or the province of Tehran.

    On 16 June, Israel Katz, Israel’s Minister of Defense threatened  on X that “the residents of Tehran will be forced to pay the price” for the actions of the Iranian authorities. Hours later, the Israeli military’s Persian-language spokesperson warned civilians to evacuate Tehran’s District Three – an area of approximately 30 square km and home to over 350,000 people- via a video showing unclear danger zones. The video included a map indicating danger zones for civilians but did not clearly specify targeted locations or areas of blast and fragmentation hazard, leaving residents uncertain about which areas to avoid. Iranian civil society activists later republished the map with cleared boundaries and locations named.

    Prior to the “evacuation” warnings on 16 June, the Israeli army had issued another overly broad warning in Persian, instructing people across the country to  “immediately leave areas … [housing] military weapons manufacturing facilities and their support institutions”. The statement sowed panic and confusion among people, as the locations of military facilities are not known to the general public, and no clear guidance was provided on where civilians should or should not go to ensure their safety.

    Evacuation warnings, even if detailed and effective, do not release Israel from its other obligations under international humanitarian law. They must not treat as open-fire zones areas for which they have issued warnings. Millions of people in Tehran cannot leave, either because they have no alternative residences outside the city or due to limited mobility, disability, blocked roads, fuel shortages or other constraints. Israel has an obligation to take all feasible precautions to minimize harm to these civilians.

    Early morning Tehran time on 17 June, US President Donald Trump caused further panic with a Truth Social post stating: “Everyone should immediately evacuate Tehran.” US Secretary of State Marco Rubio and the White House amplified the message on X, amid media reports that the United States may join Israel in striking Iran. 

    In reaction to the Israeli warnings, Iranian state media reported on 15 June that the Iranian armed forces had issued warnings urging residents of Tel Aviv to evacuate. In a video aired on state media, Reza Sayed, spokesperson of the Communication Center of the General Staff of the Armed Forces stated: “Leave the occupied territories [referring to Israel and the OPT], as they will undoubtedly become uninhabitable for you in the future … Do not allow the criminal regime to use you as human shields. Avoid residing or moving near the aforementioned locations and know that even underground shelters will not provide you with safety.”

    In Israel, these Iranian warnings have not triggered the same level of chaos and mass evacuation, largely due to the presence of the Iron Dome defense system and available shelters.  However, there have been cases where civilians, particularly Palestinian citizens of Israel and Bedouin communities, who do not have access to underground shelters, such as the Khatib family in the Palestinian town of Tamra, were killed as a result of an Iranian missile strike. Israeli civil society groups are calling on the government to urgently address the chronic lack of protected space for non-Jewish Israeli citizens

    Parties to armed conflicts are prohibited from issuing threats of violence which are designed to spread terror among the civilian population. They cannot hide behind overly general warnings to claim that they have met their obligations under international law. To constitute effective warnings under international humanitarian law, parties must provide civilians with clear and practical instructions on moving away from military objectives that will be targeted rather than unlawfully calling for the mass exodus of millions – an approach that appears designed more to incite panic and terror among civilians than to ensure their protection.

    Internet shutdowns and media censorship

    In Iran, the authorities have disrupted access to the Internet and instant messaging applications, preventing millions of people caught up in the conflict from accessing essential information and communicating with loved ones both inside and outside the country and thereby exacerbating their suffering.

    “Access to the Internet is essential to protect human rights, especially in times of armed conflict where communications blackouts would prevent people from finding safe routes, accessing life-saving resources, and staying informed. The Iranian authorities must immediately ensure full restoration of internet and communication services in all of Iran,” said Agnès Callamard.

    The Israeli authorities are also using vague security pretexts to target people over social media posts or sharing videos deemed to breach strict censorship rules.

    “Israeli authorities must refrain from using military escalations, as they have done in the past, as a further pretext to crack down on freedom of expression, disproportionately targeting Palestinian citizens of Israel, including through arbitrary detention over unsubstantiated allegations of incitement,” said Agnès Callamard.

    Background

    On 13 June 2025, Israeli authorities launched air and drone strikes against Iranian territory. Shortly afterwards, Israeli officials announced that they launched the operation to target Iranian nuclear and ballistic missile capabilities and decapitate Iran’s military leadership. The Israeli strikes began as Iran and the US were in the process of negotiating a new deal to limit Iran’s nuclear program and enrichment activities in exchange for sanctions relief.

    Iranian authorities have retaliated by launching hundreds of missiles and drones against Israeli territory.

    Israeli attacks have struck cities in multiple provinces across Iran, including the provinces of Alborz, East Azerbaijan, Esfahan, Fars, Kermanshah, Hamedan, Lorestan, Ilam, Markazi, Qom, Tehran, West Azerbaijan and Khorasan Razavi.

    Iranian attacks have struck several urban areas in Israel, such as Tel Aviv, Bat Yam, Tamra, Petah Tikva, Bnei Brak, Haifa, Herzliya.

    MIL OSI NGO

  • MIL-OSI Banking: WTO members review six regional trade agreements, discuss transparency issues

    Source: WTO

    Headline: WTO members review six regional trade agreements, discuss transparency issues

    The Committee considered the following Agreements:

    The Chair of the Committee, Ambassador José Valencia of Ecuador, noted that 61 RTAs in force have still not been notified to the WTO up to 2 June 2025 – up from 58 RTAs on the previous list.
    The Chair outlined the informal consultations he recently held with members on the issues of  non-notified RTAs, factual presentations, and possible inputs for the 14th WTO Ministerial Conference to be held in Yaoundé, Cameroon, on 26-29 March 2026.
    Ambassador Valencia shared a report summarizing members’ views, with background context provided primarily by the Secretariat, and his own suggestions for action. The report was presented under the Chair’s own responsibility and without prejudice to members’ views. Further informal consultations are planned after the summer to facilitate deeper discussions on the report’s content and future actions.
    Under other business, Brazil sought clarification on the trade deal recently announced by the United States and the United Kingdom. The US and the UK said they would relay the questions to capitals and revert back.
    Next meeting
    The next Committee meeting is scheduled for 10 November.

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  • MIL-OSI Banking: The European Space Agency, Thales Alenia Space and Blue Origin to explore collaboration opportunities

    Source: Thales Group

    Headline: The European Space Agency, Thales Alenia Space and Blue Origin to explore collaboration opportunities

    The cooperation will cover human spaceflight, science, technology and commercial capabilities

    Paris Air Show, June 18th 2025 – The European Space Agency (ESA) has signed a Memorandum of Understanding (MoU) with Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), and Blue Origin to foster and facilitate commercial and industrial advancements in the area of space exploration in Low Earth Orbit.

    Signature Ceremony – from left to right: Giampiero Di Paolo,Deputy CEO and Senior Vice President of Observation, Exploration, and Navigation at Thales Alenia Space, Daniel Neuenschwander, Director of Human and Robotic Exploration at ESA and Pat Remias, Vice President, Advanced Concepts and Enterprise Engineering, Blue Origin © ESA

    The signatories will explore opportunities for European payloads and/or crew members to utilize on a non-exclusive basis the low-Earth orbit (LEO) space station Orbital Reef which will offer end-to-end services, including transportation of crew and cargo, astronaut accommodations, and payload utilization services.

    Through this MoU, the European Space Agency intends to develop a closer relationship with Blue Origin and Thales Alenia Space for the development of Orbital Reef, that could provide services meeting Europe’s long-term research and commercial needs in alignment with ESA’s recently announced requirements. 

    The MoU will also support European industry in preparing to supply modules, systems, subsystems, and equipment for Orbital Reef, and conducting risk-mitigation activities. Furthermore, Thales Alenia Space and Blue Origin are considering using future qualified European LEO cargo and/or crew transportation services under commercially viable terms and conditions as a means to transport astronauts and supplies to and from the station.

    “I am thrilled to witness an opening of a new economic dimension on Low Earth Orbit, to which this MoU is contributing,” said Daniel Neuenschwander, Director of Human and Robotic Exploration at ESA. “Our core mission at ESA is to support our Member States’ ambitions, and to do so, we are always keen to investigate potential collaborations in a renewed ecosystem with a growing commercial segment.” 

    “We’re truly honored that ESA has placed its trust in our company to explore opportunities in the LEO ecosystem together with Blue Origin to meet Europe’s commercial needs,” said Giampiero Di Paolo, Deputy CEO and Senior Vice President of Observation, Exploration, and Navigation at Thales Alenia Space.“Thales Alenia Space has played a key role in achieving humanity’s ambitions in LEO in recent years. By leveraging our expertise in space exploration infrastructures and vehicles, we’re committed to competing and investing in the development of technological solutions to empower Europe’s plans for the commercialization of low-Earth orbit. We’re excited about our collaboration with Blue Origin and are ready to implement whatever’s required to prepare for human presence and life in space, laying the groundwork for the post-ISS era while addressing new economic needs for research and science.”

    “This alliance is a unique opportunity to not only enable a new era of research and progress in orbit, but to welcome the broadest spectrum of partners in constructing humanity’s future beyond Earth,” said Pat Remias, Vice President, Advanced Concepts and Enterprise Engineering, Blue Origin. “Together, we are building foundations for industries and missions yet to be imagined.” 

    About the European Space Agency

    The European Space Agency (ESA) provides Europe’s gateway to space.
    ESA is an intergovernmental organisation, created in 1975, with the mission to shape the development of Europe’s space capability and ensure that investment in space delivers benefits to the citizens of Europe and the world. 
    ESA has 23 Member States: Austria, Belgium, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, Slovenia, Spain, Sweden, Switzerland and the United Kingdom. Latvia, Lithuania and Slovakia are Associate Members. 
    ESA has established formal cooperation with other four Member States of the EU. Canada takes part in some ESA programmes under a Cooperation Agreement. 

    By coordinating the financial and intellectual resources of its members, ESA can undertake programmes and activities far beyond the scope of any single European country. It is working in particular with the EU on advancing the Galileo and Copernicus programmes as well as with Eumetsat for the development of meteorological missions. 

    About Thales Alenia Space

    Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental monitoring, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources, and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the Space Alliance, which offers a complete range of solutions including services. Thales Alenia Space posted consolidated revenues of €2.23 billion in 2024 and has more than 8,100 employees in 7 countries with 15 sites in Europe.

    About Blue Origin

    We are building a road to space for the benefit of Earth, humanity’s blue origin. Our team is focused on radically reducing the cost of access to space and harnessing its vast resources while mobilizing future generations to realize this mission. Blue Origin builds and operates reusable rocket engines, launch vehicles, in-space systems, and lunar landers. 
     

    MIL OSI Global Banks

  • MIL-OSI Banking: Trade Policy Review: Colombia

    Source: World Trade Organization

    The following documents are available:

    Secretariat report

    A detailed report written independently by the WTO Secretariat.

    Government report

    A policy statement by the government of the member under review.

    From the meeting

    The Secretariat and Government reports are discussed by the WTO’s full membership in the Trade Policy Review Body (TPRB).

    Background

    Trade Policy Reviews are an exercise, mandated in the WTO agreements, in which member countries’ trade and related policies are examined and evaluated at regular intervals. Significant developments that may have an impact on the global trading system are also monitored. All WTO members are subject to review, with the frequency of review depending on the country’s size.

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  • MIL-OSI USA: Warren, Schumer, Wyden, Gallego Lead Democratic Caucus In Rejecting Republicans’ Tax Cuts for the Wealthy

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    June 17, 2025

    Trump’s “Big, Beautiful Bill” would raise costs on 40% of American families, while the top 0.1% would see their taxes cut by an average of $400k per year

    Text of Letter (PDF)

    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking Committee, and Minority Leader Chuck Schumer (D-N.Y.), along with Senators Ron Wyden (D-Ore.), Ranking Member of the Senate Finance Committee, and Ruben Gallego (D-Ariz.), led the entire Senate Democratic caucus in urging Republican Leader John Thune (R-S.D.) and Senate Finance Chairman Mike Crapo (R-Ind.) to abandon their plan to cut taxes for billionaires and instead work together to help American families.

    “Senate Democrats oppose efforts to give the richest Americans a tax break, especially at a time when ordinary Americans are struggling to make ends meet because of this administration’s reckless economic actions,” wrote the senators.  

    Trump promised to lower costs for American families “on day one.” Instead, the Republican agenda raises costs on families while showering benefits on billionaires. 

    Their “Big, Beautiful Bill” takes away health insurance from 16 million Americans and makes it harder for families to put food on the table. Meanwhile, the average person in the top 0.1% would get a tax cut of nearly $400,000 in 2026. When combined with Trump’s tariff tax, which he has suggested helps pay for the bill, the Republican agenda raises costs on 80 percent of American families, funneling its benefits solely to the most affluent.

    “If Republicans continue down the path of slashing taxes for the ultra-wealthy and destroying vital benefits for working families, we will stand opposed to those efforts—and so will the American people,” the caucus concluded

    MIL OSI USA News

  • MIL-OSI Europe: In-Depth Analysis – The silent hand of central banking: collateral framework – 18-06-2025

    Source: European Parliament

    In light of the upcoming review of the European Central Bank’s monetary policy strategy, this briefing highlights the strategic relevance of a frequently underestimated component of the central banking toolkit: the collateral framework. While it typically attracts less attention than interest rate decisions or balance sheet policies, the framework plays a key role in shaping liquidity conditions and influencing market incentives by setting the eligibility criteria and terms for assets used in central bank operations. This paper examines its significance, particularly with regard to green and sovereign bonds, and underscores its often-neglected political implications, along with the need for greater transparency and scrutiny.

    MIL OSI Europe News

  • MIL-OSI Banking: Strengthening The Rules-Based Fiscal Framework in Papua New Guinea: Papua New Guinea

    Source: International Monetary Fund

    Preview Citation

    Format: Chicago

    Yue Zhou, and Bryn Welham. “Strengthening The Rules-Based Fiscal Framework in Papua New Guinea: Papua New Guinea”, Selected Issues Papers 2025, 084 (2025), accessed June 18, 2025, https://doi.org/10.5089/9798229012164.018

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    Summary

    Papua New Guinea’s public debt has increased significantly in recent years, leading to a high risk of debt distress and exposing significant gaps in the existing fiscal setting. This paper proposes to strengthen the authorities’ fiscal framework by introducing a clear public debt anchor and a primary balance rule. Specifically, we consider setting the medium-term debt anchor at between 30 and 40 percent of GDP to ensure that the debt limit of 60 percent is not breached under most scenarios, and using the primary balance as an operational policy instrument to facilitate the convergence of public debt to its anchor.

    Subject: Asset and liability management, Debt limits, Expenditure, Fiscal governance, Fiscal policy, Fiscal rules, Fiscal stance, Public debt

    Keywords: Debt anchor, Debt limits, Fiscal governance, Fiscal rule, Fiscal rules, Fiscal stance, Papua New Guinea, Public debt

    Publication Details

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  • MIL-OSI Europe: France: The EIB and Banque Populaire and Caisse d’Epargne sign an agreement to support French small and medium-sized enterprises in the defence sector

    Source: European Investment Bank

    EIB

    • A €300 million loan from the European Investment Bank will enable the BPCE banking group, through its network made of Banque Populaire and Caisse d’Epargne, to increase its financing to the sector.
    • This operation is the first signed by the EIB in France, and the second in Europe, under the new €3 billion envelope dedicated to European SMEs active in security and defence.
    • The objective is to facilitate access to financing for SMEs investing in strategic areas such as cybersecurity, surveillance, resilience, and defence technologies.

    The European Investment Bank (EIB) and the BPCE banking group have signed a €300 million loan agreement in favor of small and medium-sized enterprises (SMEs) in the security and defence sector in France.

    This is the first operation signed by the EIB in France as part of the recently announced €3 billion envelope to support companies active in the defence value chain. The EIB has increased intermediated loans and guarantees available for key defence-industry segment to €3 billion from €1 billion originally, and has signed a first deal with Deutsche Bank last week.

    The loan granted to BPCE is specifically intended to address the financing needs of French SMEs investing in cybersecurity, surveillance, resilience, and new technologies related to defence.

    Ambroise Fayolle, Vice-President of the EIB responsible for operations in France: “We are delighted to sign with BPCE the first agreement in France to support small and medium-sized enterprises active in the security and defence industry. To ensure the security of our continent, we must support the entire ecosystem of the defence industry, including companies present in the value chain, as they often have a significant impact on their territory in terms of innovation and employment.”

    Robert de Groot, Vice-President of the EIB responsible for security and defence: “In the space of one week, two major operations have been signed between the EIB and European banking partners to support SMEs active in security and defence. Facilitating financing is a critical step toward unlocking the full potential of these companies in strengthening Europe’s strategic capabilities.”

    Cédric Glorieux, Head of Products and Solutions Banque Populaire and Caisse d’Epargne: « We are very pleased that BPCE, through its network Banque Populaire and Caisse d’Epargne, is the first banking group in France to sign this strategic agreement with the EIB. This agreement underlines our determination to step up our support for French small and medium-sized enterprises in the defence sector. Thanks to this €300 million financing envelope, BPCE will play a key role in strengthening the competitiveness and innovation of French companies, while meeting the challenges of our country’s sovereignty. » 

    The €3 billion EIB envelope also follows the agreement between the EIB and the promotional institutions of France, Germany, Italy, Poland, and Spain to explore co-financing opportunities in support of the European security and defence industry. This cooperation, announced on June 6, aims to promote a pan-European vision in areas such as research, industrial capabilities, and infrastructure.

    Background information

    EIB
    The European Investment Bank (EIB), whose shareholders are the Member States of the European Union (EU), is the EU’s long-term financing institution. Across eight major priorities, we support investments that contribute to achieving the EU’s key objectives. In 2024, the EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing in support of more than 900 high-impact projects, thereby strengthening Europe’s competitiveness and security. In France, the EIB Group signed more than one hundred operations in 2024 for a total amount of €12.6 billion, which made it possible to mobilize €62 billion in investments in the real economy. Nearly 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation and adaptation. More information about the EIB Group financing for security and defence is available here.

    Media services can find recent high-resolution photos of our headquarters in Luxembourg here.

    Groupe BPCE

    Groupe BPCE is the second-largest banking group in France and the fourth-largest in the euro zone in terms of capital. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group’s financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

     

    MIL OSI Europe News

  • MIL-OSI Russia: IMF Staff Completes 2025 Article IV Mission to Zimbabwe

    Source: IMF – News in Russian

    June 18, 2025

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussions and decision.

    Harare, Zimbabwe: An International Monetary Fund (IMF) staff team led by Mr. Wojciech Maliszewski visited Harare from June 4 to June 18, 2025, to conduct the 2025 Article IV Consultation.

    At the conclusion of the IMF mission, Mr. Maliszewski issued the following statement:

    “Zimbabwe is experiencing a degree of macroeconomic stability despite lingering policy challenges. Following successive bouts of hyperinflation over the past few years, more disciplined policies—including halting and transferring to the Treasury the quasi-fiscal operations (QFOs) of the Reserve Bank of Zimbabwe (RBZ) and tighter monetary policy despite fiscal pressures—have helped stabilize the local currency (the ‘ZiG’) and reduce inflation. Growth this year is recovering following a sharp slowdown in 2024, which was affected by a drought that lowered agricultural output by 15 percent. Electricity production also fell, and declining prices for platinum and lithium weighed on the mining output. During the first half of 2025, better climate conditions and historically high gold prices have boosted agricultural and mining activity, strengthening the current account and contributing to the recovery, with growth projected at 6 percent in 2025.

    “Buoyed by the growth recovery and policy measures—a reduction in VAT tax reliefs, increased fees and levies, taxation of the COVID public servant allowance, and steps to reduce smuggling—revenue ratio increased sharply to 18 percent of GDP. That said, fiscal pressures intensified in 2024 and in the first months of 2025 as higher revenues proved insufficient to meet growing spending needs. These came notably from higher public sector wages, capital outlays related to a SADC summit, debt servicing costs on past QFOs by the RBZ taken over by the Treasury, and servicing liabilities related to the acquisition of assets for the Mutapa Investment Fund. The fiscal deficit was financed by T-bills issuance and direct borrowing from the RBZ’s overdraft facility to service debt, contributing to the expansion of domestic liquidity and an overnight drop in the value of the ZiG in September 2024, and a significant buildup of expenditure arrears that continued into 2025.

    “Following the overnight drop in the value of the ZiG, inflation spiked in October 2024 then declined significantly as both the willing-buyer willing-seller (WBWS) and parallel market rates have since stabilized, helping to bring month-on-month inflation down to an average of 0.5 percent over the period February to May 2025. At the same time, the gap between the WBWS and parallel market rates has narrowed significantly, but remains at around 20 percent. In this context, the mission welcomed the repeal of Statutory Instrument 81A of 2024—which had mandated the formal sector to use the WBWS rate in the pricing of goods and services, contributing to an increase in dollarization and informality.

    “To support the authorities’ stabilization efforts, key Article IV recommendations include: in the near term, fiscal policy actions to center on closing the financing gap without recourse to monetary financing and further domestic arrears buildup, while safeguarding social spending, and delivering a durable fiscal adjustment in the longer term; monetary and FX policy to focus on supporting a transition to stable national currency, with an effective monetary policy framework and market-determined exchange rate policy; and, to boost growth, structural and economic governance reforms. In this context, policy priorities include:

    • Fiscal. Closing a substantial fiscal financing gap for 2025 in a way consistent with available sustainable and non-inflationary financing. This would require rationalizing spending and increasing the effectiveness of the authorities’ strategy to run a cash budget through better planning and stronger political commitment to control spending. This would also require strengthening the public spending commitment control system to avoid further arrears accumulation; and a close monitoring of domestic arrears (including through an audit of remaining arrears). The 2026 Budget will be critical to establish a policy track record, and measures will be needed to close the fiscal gap in 2026. Over the medium term, fiscal adjustment should be accompanied by fiscal-structural policies to strengthen public financial management (PFM), expenditure controls, and budget credibility.
    • Monetary and FX. The mission recommends improving the functioning of the WBWS market through a more transparent price-setting mechanism and by gradually replacing surrender requirements with a requirement to convert export proceeds directly into the market through Authorized Dealers, while focusing the RBZ’s FX interventions to managing excessive volatility in the exchange rate. Monetary policy can be enhanced by the introduction of an effective deposit facility at the RBZ, followed by fully introducing indirect market instruments and phasing out direct instruments. In the longer-term, a comprehensive package of macroeconomic, financial, and structural policies should be pursued to allow for a gradual relaxation of other Capital Flow Management Measures (CFMs) and elimination of undesirable exchange restrictions noted by the Article VIII mission.
    • Mutapa Investment Fund and State-owned enterprises (SOEs). To mitigate fiscal risks, the mission recommends strengthening the governance framework for the Mutapa Investment Fund—including strengthening its reporting, audit, disclosure, and oversight requirements in line with international best practices—and the overall public sector transparency and reporting.

    “The authorities have also announced their plan to transition to a mono-currency system by 2030. The mission emphasized the need to continue strengthening the monetary and FX market framework in line with IMF staff recommendations. This should be complemented by measures to enhance the demand for ZiG in the domestic economy—most notably, increasing the share of Treasury’s operations (revenues and expenditures) in ZiG. To reduce any uncertainty weighing on financial intermediation, the authorities should provide more clarity on the operational implications of the transition plan, including clarifying that the use of a mono-currency will be limited to domestic transactions, allowing for bank deposits to remain denominated in both currencies.

    “In the context of the requested SMP, IMF staff stands ready to resume discussions in due course once decisive steps have been taken by authorities to address the key policy issues highlighted by the mission.

    “International reengagement remains critical for debt resolution and arrears clearance, which would open the door for access to external financing. In this context, the authorities’ reengagement efforts, through the Structured Dialogue Platform, are key for attaining debt sustainability and gaining access to concessional external financing.

    “The IMF maintains an active engagement with Zimbabwe and continues to provide policy advice and extensive technical assistance in the areas of revenue mobilization, expenditure control, financial supervision, debt management, economic governance, as well as macroeconomic statistics. However, the IMF is currently precluded from providing financial support to Zimbabwe due to its unsustainable debt situation—based on the IMF’s Debt Sustainability Analysis (DSA)—and official external arrears. An IMF financial arrangement would require a clear path to comprehensive restructuring of Zimbabwe’s external debt, including the clearance of arrears and a reform plan that is consistent with durably restoring macroeconomic stability; enhancing inclusive growth; lowering poverty; and strengthening economic governance.

    “IMF staff held meetings with His Excellency President Emmerson Mnangagwa; Minister of Finance, Economic Development and Investment Promotion Honorable Professor Mthuli Ncube, his Deputy Minister of Finance, Economic Development and Investment Promotion Honorable David Mnangagwa and his Permanent Secretary Mr. George Guvamatanga; Reserve Bank of Zimbabwe Governor Dr. John Mushayavanhu; Mr. Willard Manungo, Deputy Chief Secretary to the President and Cabinet; other senior government and RBZ officials; honorable members of Parliament; and representatives of the private sector, civil society, and Zimbabwe’s development partners.

    “The IMF staff would like to thank the Zimbabwean authorities and other stakeholders for constructive discussions and support during the 2025 Article IV consultation process.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Wafa Amr

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

    https://www.imf.org/en/News/Articles/2025/06/18/pr-25203-zimbabwe-imf-completes-2025-article-iv-mission

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  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Iceland

    Source: IMF – News in Russian

    June 18, 2025

    • Growth decelerated in 2024 but is expected to rise to 1.6 percent in 2025 and 2.2 percent in 2026, while inflation is projected to decline to the Central Bank of Iceland’s 2.5 percent target in the second half of 2026. The direct impact of escalating global trade tensions is projected to be limited.
    • The authorities’ plans to turn the fiscal deficit in 2024 into a surplus by 2028 are appropriate given the need to rebuild buffers; details on the planned fiscal measures to achieve these targets have enhanced the credibility of the consolidation. Monetary policy is suitably tight given still elevated inflation, but the monetary stance should be reduced as inflation declines. Efforts to raise foreign exchange reserve coverage are welcome.
    • Investments in physical and human capital, alongside continued efforts to promote innovation and reduce skills mismatches are needed to support medium-term growth. Taxation can play a supportive role in reducing housing market imbalances.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Iceland.[1] The authorities have consented to the publication of the Staff Report prepared for this consultation.[2]

    The economy decelerated in 2024 to 0.5 percent due largely to weak exports from a disappointing fishing season and constraints on energy supply that curtailed aluminum production. Growth is expected to rebound to 1.6 percent in 2025 and 2.2 percent in 2026, driven by a recovery in exports, higher real wages, and continued monetary easing that more than offsets the impact of a moderately contractionary fiscal impulse. The impact of escalating global trade tensions is projected to be limited given that most goods exports are destined for Europe. Inflation is expected to gradually decline to the Central Bank of Iceland’s 2.5 percent target in the second half of 2026. Medium-term prospects are favorable, with continued diversification of the economy toward higher value-added export-oriented sectors anticipated to bolster productivity growth and inflows of foreign labor expected to support a modest increase in employment growth.

    Risks to growth are tilted to the downside while risks to inflation are broadly balanced. In particular, the impact of rising global trade tensions could be larger than anticipated if tariffs are extended to currently exempted items (e.g., pharmaceuticals) or if a reduction in travel to and from the US negatively affects tourism. Inflation could increase if trade tensions trigger supply disruptions or capital outflows, if a premature loosening of monetary policy further de-anchors inflation expectations, or as result of second-round effects from higher wage growth. Conversely, capital inflows could result in an appreciation of the exchange rate that would weaken competitiveness and put downward pressure on inflation.

    Executive Board Assessment[3]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed the prudent macroeconomic policies, which have helped to reduce imbalances. While noting that medium‑term growth prospects are favorable, Directors observed that risks are tilted to the downside, notably from rising trade tensions. They emphasized the need to ensure macroeconomic stability and gradually rebuild fiscal buffers, while supporting stronger growth and reducing vulnerability to shocks.

    Directors welcomed the ambitious fiscal targets and the improved transparency and credibility around the planned consolidation. They highlighted that increased infrastructure spending would help to close gaps in transport and energy and bolster growth prospects. Directors saw merit in implementing additional measures, if necessary, to achieve fiscal objectives. Noting the need to reduce procyclicality in fiscal policy, Directors supported the planned activation of revised fiscal rules in 2026. They also recommended measures to strengthen the Fiscal Council and increase the coverage and frequency of fiscal data. 

    Directors noted that price pressures remain elevated and agreed that tight monetary policy remained appropriate. They encouraged the Central Bank of Iceland (CBI) to gradually loosen the policy stance as inflation declines towards target and expectations become reanchored. Directors saw merit in transitioning to a more forecast‑based inflation targeting framework as uncertainty declines. Noting the importance of increasing reserves to more prudent levels, Directors welcomed the CBI’s decision to commence regular purchases of foreign exchange.  

    Directors welcomed that systemic risks in the financial sector are contained. They highlighted the need to remain vigilant to potential vulnerabilities in the housing market and the corporate sector, and to continue strengthening operational resilience. Directors saw scope to ease macroprudential policies should systemic risks recede as anticipated. While welcoming the progress on implementing FSAP recommendations, Directors urged further efforts to enhance pension fund governance, strengthen AML/CFT supervision of banks, and safeguard the independence and effectiveness of the CBI’s supervisory activities. 

    Directors emphasized the importance of reforms to bolster productivity and diversify the economy, including by improving infrastructure and supporting innovation. Important measures include reducing skill mismatches, maximizing the efficiency of R&D incentives, and promoting AI while mitigating related risks. Directors welcomed plans to increase housing supply and improve housing affordability. 

    It is expected that the next Article IV consultation with Iceland will be held on the standard 12‑month cycle. 

    Table 1. Iceland: Selected Economic Indicators, 2024–30

     

    2024

    2025

    2026

    2027

    2028

    2029

    2030

       

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.

     

    (Percentage change unless otherwise indicated)

    National Accounts (constant prices)

                 

    Gross domestic product

    0.5

    1.6

    2.2

    2.4

    2.4

    2.4

    2.4

    Total domestic demand

    2.3

    1.5

    0.6

    2.2

    2.4

    2.4

    2.3

    Private consumption

    0.6

    2.2

    2.4

    2.5

    2.6

    2.6

    2.6

    Public consumption

    2.5

    1.5

    1.3

    1.0

    1.0

    1.0

    1.0

    Gross fixed investment

    7.5

    4.1

    -3.2

    2.8

    3.2

    3.2

    3.2

    Net exports (contribution to growth)

    -1.8

    -0.3

    1.6

    0.3

    0.1

    0.0

    0.2

    Exports of goods and services

    -1.2

    3.3

    3.0

    3.3

    3.1

    3.0

    3.2

    Imports of goods and services

    2.7

    3.9

    -0.7

    2.7

    2.9

    2.9

    2.9

    Output gap (percent of potential output)

    1.0

    0.2

    0.0

    0.0

    0.0

    0.0

    0.0

                   

    Selected Indicators

                 

    Unemployment rate (percent of labor force)

    3.4

    3.9

    4.0

    4.0

    4.0

    4.0

    4.0

    Employment

    4.1

    0.4

    0.9

    1.1

    1.1

    1.1

    1.1

    Labor productivity

    -3.3

    1.2

    1.3

    1.3

    1.3

    1.3

    1.3

    Real wages

    0.5

    1.4

    1.3

    1.3

    1.3

    1.3

    1.3

    Nominal wages

    6.4

    4.9

    4.4

    3.8

    3.8

    3.9

    3.8

    Consumer price index (average)

    5.9

    3.5

    3.0

    2.5

    2.5

    2.5

    2.5

    Consumer price index (end period)

    4.7

    3.6

    2.5

    2.5

    2.5

    2.5

    2.5

    ISK/€ (average)

    164

     

     

    Money and Credit (end period)

                 

    Credit to nonfinancial private sector

    8.1

    5.6

    5.6

    5.6

    5.6

    5.6

    5.7

    Central bank 7 day term deposit rate 1/

    8.50

    7.50

     

    (Percent of GDP unless otherwise indicated)

    General Government Finances 2/

    Revenue

    42.8

    43.2

    42.4

    42.4

    42.4

    42.5

    42.6

    Expenditure

    46.3

    44.5

    43.2

    42.9

    42.8

    42.7

    42.7

    Overall balance 3/

    -3.5

    -1.3

    -0.7

    -0.5

    -0.3

    -0.2

    -0.1

    Cyclically-adjusted primary balance

    -1.5

    0.7

    0.9

    1.2

    1.4

    1.6

    1.7

    Structural primary balance 4/

    0.7

    1.1

    1.1

    1.3

    1.4

    1.6

    1.7

    Gross debt

    59.1

    47.7

    45.4

    43.6

    41.7

    39.9

    38.1

                   

    Balance of Payments

                 

    Current account balance

    -2.5

    -2.6

    -0.5

    0.0

    0.4

    0.7

    1.0

    Gross external debt

    67.0

    65.4

    61.6

    58.5

    55.4

    52.4

    49.5

    Sources: Central Bank of Iceland; Ministry of Finance; Statistics Iceland; and IMF staff projections.

    1/ For 2025, policy rate as of May.

    2/ In April 2025, an agreement was reached on the settlement of remaining outstanding liabilities in the IL Fund (HFF).

    3/ For 2024, the deficit now includes 1.2 percent of GDP in costs related to the purchase of houses in Grindavík that in the 2024 Article IV were classified below the line due to uncertainty about the correct statistical treatment.

    4/ Cyclically-adjusted primary balance excluding one offs.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/iceland page.

    [3] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

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    https://www.imf.org/en/News/Articles/2025/06/18/pr-25201-iceland-imf-executive-board-concludes-2025-article-iv-consultation

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