Category: Banking

  • MIL-OSI Banking: Influencers sound alarm on US recession driven by tariff-induced economic turmoil, reveals GlobalData

    Source: GlobalData

    Influencers sound alarm on US recession driven by tariff-induced economic turmoil, reveals GlobalData

    Posted in Business Fundamentals

    In April 2025, discussions surrounding the recession topic on social media increased by nearly 70% compared to the previous month, driven by growing concerns over economic instability. This marked the highest level of discourse since January 2025, reflecting heightened public anxiety regarding the state of the economy, while influencer sentiment on the topic declined by 25% in April compared to the prior month, reveals the Social Media Analytics Platform of GlobalData, a leading data and analytics company.

    A key factor fueling this surge in discussions was the imposition of substantial US tariffs under the Trump administration, which drew parallels to the Smoot-Hawley Tariff Act of 1930, often linked to the onset of the Great Depression. Influencers cautioned that these tariffs, among the highest imposed since the 1920s, could lead to inflation, reduced consumer spending, and weakened global competitiveness, thereby increasing the risk of a recession.

    Shreyasee Majumder, Social Media Analyst at GlobalData, comments: “Influencers characterized the tariffs as a detrimental policy destabilizing the economy, increasing risks of stagflation or recession. They emphasized the uncertainty surrounding the tariffs’ duration, warning that prolonged enforcement could entrench economic downturn risks. Their discourse, conveyed with urgency, condemned the tariffs as reckless, forecasting severe recessionary or depression-like consequences. Influencers stressed on the tariffs’ immediate adverse effects, global trade implications, and disruption of prior economic stability as driving the recession narrative.”

    Below are a few popular influencer opinions captured by GlobalData’s Social Media Analytics Platform:

    1. Sadaf Sayeed, Chief Executive Officer at Muthoot Microfin Ltd:

    “Ultimately US consumers will end up paying for these tariffs. US will face massive inflation and crash of consumer confidence. Recession is certain.”

    1. Brett House, Economist:

    “I joined @kcalnews to explain why President Trump’s tariffs are a tax on American households—not a “liberation.” They’re set to raise costs, squeeze supply chains, and risk triggering the first White House-induced recession in the postwar era.”

    1. Lawrence H. Summers, Charles W. Eliot Professor and President Emeritus at Harvard:

    “This has probably been the least successful first hundred days of a presidency @realDonaldTrump on the economy in the last century. We have seen the stock market go down, the dollar go down, forecasts of unemployment go up, forecasts of inflation go up, forecasts on the odds of a recession go up. We’ve seen consumer confidence collapse. We’ve seen businesses take back all their previous earnings projections. So, this has been a disastrous hundred days for the US economy.”

    1. Robinson Meyer, Founding Executive Editor at Heatmap News:

    “What remains astonishing is that this isn’t a “natural” recession. There’s no cyclical slowdown or housing bubble. Consumers were holding up okay. This is about one man choosing to crash the economy because of a dumb idea, and 273 of his party’s lawmakers letting him do it.”

    1. Mehdi Hasan, Editor-in-chief and CEO of Zeteo News:

    “He inherited the fast growing economy in the western world, with one of the lowest unemployment rates, and he is now ‘fixing’ it by ushering in a global trade war and possible recession.”

    1. John Ashcroft, Founder at John Ashcroft and The Saturday Economist:

    “US tariffs ‘will push UK, Europe and Asia into recession’ Economists rip up forecasts for global growth as the White House increases average tariffs from 2.5% to 25% …  highest since the 1920s …”

    MIL OSI Global Banks

  • MIL-OSI Banking: Consumers switch to local products and value alternatives amid rising tariffs and price pressures, says GlobalData

    Source: GlobalData

    Consumers switch to local products and value alternatives amid rising tariffs and price pressures, says GlobalData

    Posted in Consumer

    In an increasingly complex global landscape shaped by inflation, rising tariffs, and political volatility, consumer behavior is undergoing a profound transformation. Cost-of-living pressures and trade policy disruptions are not only fueling economic anxiety but also prompting tangible shifts in how and why consumers shop. These forces are accelerating a move toward value-driven decision-making, increased scrutiny of product origin, and a growing preference for local alternatives, according to the Q1 2025 consumer survey* by GlobalData, a leading data and analytics company.

    Concerns over trade-related inflation are widespread. More than half (56%) of global consumers say they are “extremely” or “quite concerned” about the impact of trade wars and import tariffs on the prices of the products they buy. This concern is even more pronounced in countries directly affected by US trade policy, including Canada (66%) and Mexico (62%). Despite being at the center of trade friction, China stands out for its lower levels of concern, with 40% of respondents saying they are not worried about tariffs, highlighting regional differences in public perception and economic insulation.

    Prerana Manral, Senior Consumer Analyst at GlobalData, comments: “These concerns are not abstract. They are driving tangible changes in consumer behavior across everyday categories such as food, drinks, toiletries, clothing, and homewares. According to the survey, 54% of consumers are now checking or comparing prices online before making a purchase, and 47% are switching to cheaper brand alternatives.

    “Private labels are seeing a notable rise, with 33% of consumers saying they are buying more store-owned brands to manage costs. Additionally, 38% of shoppers are turning to discount retailers or cheaper outlets, while nearly one-third (32%) have stopped buying certain products altogether because they have become too expensive.”

    Manral continues: “Trade policy is no longer just an economic lever; it’s a force that is reshaping everyday consumer choices. What we’re seeing is a structural shift in how people engage with brands and pricing. Consumers are now making sharper, more value-conscious decisions, and many are actively abandoning higher-priced products or stores.”

    Beyond pricing responses, the survey highlights a growing ideological and environmental awareness in consumer preferences, particularly around product origin. On average, 68% of the respondents globally say they prefer to buy local products: 67% cite price, or 65% say environmental friendliness, as the main reasons, while 71% say they do so to support local brands.

    Political sentiment is also playing an influential role, with 58% of global consumers* reporting that recent political events have made them more attentive to the country of origin of products they purchase. This intersection of cost-consciousness and conscious consumerism is emerging as a powerful force in a politically volatile economy. While affordability remains the entry point, values such as environmental impact and national loyalty are increasingly determining purchasing behavior.

    Manral concludes: “As consumers increasingly respond to rising tariffs and price pressures by shifting toward local products and value-driven alternatives, FMCG companies must recognize this as a long-term behavioral shift rather than a temporary adjustment. To remain competitive and relevant, brands should invest in localized sourcing and production, expand affordable and private-label offerings, and strengthen communication around value, sustainability, and origin.”

    *GlobalData 2025 Q1 global consumer survey, 22,000 respondents across 42 countries

    MIL OSI Global Banks

  • MIL-OSI USA: Warner, Cramer Reintroduce Bipartisan Bill to Authorize Remote Online Notarizations Nationwide

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON – Despite significant advancements in digital technology, remote notarization has yet to be fully deployed and accepted on an interstate basis. While nearly every state allows for remote electronic notarization, regulations and recognition vary between states.
    U.S. Sens. Mark R. Warner (D-VA) and Kevin Cramer (R-ND) introduced their bipartisan Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act. This bill would permit the nationwide use of Remote Online Notarizations (RON), enabling notaries and signers to complete the process from different physical locations. It authorizes every notary in the United States to perform RON and provides certainty for interstate recognition of RON. The SECURE Notarization Act requires tamper-evident technology and fraud prevention measures through the use of multifactor authentication.
    “It’s time to finally bring the notarization process into the 21st century,” said Sen. Warner. “Remote notarizations have proven to be a safe and convenient way for individuals to complete essential services such as executing wills, completing financial documents, and buying or selling a home online. This legislation would continue to modernize this system by permitting nationwide use of Remote Online Notarization to complete important documents.”
    “We’ve made a lot of progress toward much more widespread use of online notarizations in the past few years, particularly through the pandemic,” said Sen. Cramer. “But this patchwork of state regulations really leaves consumers without consistent access to some notary services. Quite honestly, I think it violates, certainly, the spirit of interstate commerce. Our bill simply makes sure online notarizations are valid across [state] lines and allow every notary to perform them, and perform them in a very secure way.”
    The SECURE Notarization Act will complement state regulations, including those in North Dakota, which already allow for remote notarizations.
    The bill is endorsed by American Land Title Association (ALTA), Mortgage Bankers Association (MBA), National Association of REALTORS (NAR), and American Council of Life Insurers (ACLI).
    “Senators Cramer and Warner have been longstanding champions in recognizing the clear benefits of extending RON access to all Americans and leading this bipartisan legislation, which offers a safe and secure path to remotely close real estate and mortgage transactions,” said Diane Tomb, CEO of ALTA. “By passing the SECURE Notarization Act, Congress will embrace a proven innovation and modernize the notarization process with a secure system that meets consumer needs and expectations, including those of our military heroes overseas, the elderly, and homebuyers seeking convenience.”
    “The SECURE Notarization Act would make the mortgage closing process more convenient for consumers by creating federal minimum standards to allow notaries in all states to perform remote online notarization (RON) transactions,” said Bill Killmer, Senior Vice President of Legislative and Political Affairs at MBA. “MBA appreciates Senator Cramer and Warner’s commitment to enable nationwide use of RON technology. Their continued diligence and hard work on this critical issue will greatly simplify and improve mortgage transactions for all borrowers.”
    “The National Association of REALTORS applauds Senators Cramer and Warner for reintroducing the SECURE Notarization Act,” said Shannon McGhan, EVP & Chief Advocacy Officer for the National Association of REALTORS. “This commonsense, bipartisan bill will modernize an essential part of real estate transactions by allowing nationwide use of secure, remote online notarization. Reliable, accessible notarized records are the bedrock of real estate, and this technology ensures Americans can continue to buy, sell, and finance property with confidence in today’s digital age.”
    “Senators Cramer and Warner understand that families need practical, modern tools to plan for their financial futures,” said David Chavern, President and CEO of the ACLI. “During COVID, life insurers demonstrated how well remote online notarization works for consumers. Allowing its use nationwide is a smart, commonsense step to bring the notarization process into the 21st century.”

    MIL OSI USA News

  • MIL-OSI Australia: Man arrested after trying to evade police at Parafield Gardens

    Source: New South Wales – News

    A man has been arrested after trying to evade police at Parafield Gardens last night.

    At 8.30pm on Friday 2 May police spotted a red Holden sedan on Martins Road, Parafield Gardens and directed the driver to stop.

    The driver refused and took off at speed. The vehicle wasn’t pursued by police as fortunately PolAir was in the area and tracked the vehicle from above. The vehicle was tracked onto John Rice Avenue and the Grove Way where it will be alleged it reached speeds of 120 km/h.

    Patrols successfully spiked the vehicle on two occasions on the Grove Way.

    The vehicle continued into Fairview Park before stopping on Hamilton Road and the driver attempted to run from the car.

    He was swiftly arrested after a short foot chase.

    Checks revealed the 32-year-old driver from Banksia Park was currently disqualified from driving.

    He was arrested and charged with fail to stop, drive dangerously to escape police, speed dangerous, drive disqualified and resist police.

    His vehicle was impounded, and he was bailed to appear in the Elizabeth Magistrates Court on 18 June.

    MIL OSI News

  • MIL-OSI: Credicorp Ltd.: Credicorp’s Earnings Release and Conference Call 1Q25

    Source: GlobeNewswire (MIL-OSI)

    Lima, May 02, 2025 (GLOBE NEWSWIRE) — Lima, PERU, April, May 2nd, 2025 – Credicorp Ltd. announces to its shareholders and the market that its 1Q25 Earnings Release Report will be released on Thursday, May 15th, 2025, after market close.

    Credicorp’s Webcast / Conference Call to discuss such results will be held on Friday, May 16th, 2025, at 10:30 a.m. ET (9:30 a.m. Lima, Peru time).

    The call will be hosted by:
    Gianfranco Ferrari – Chief Executive Officer, – Alejandro Perez Reyes – Chief Financial Officer, Francesca Raffo – Chief Innovation Officer, Cesar Rios – Chief Risk Officer, Cesar Rivera – Head of Insurance and Pensions, Carlos Sotelo – Mibanco CFO and Investor Relations Team.

    We encourage participants to pre-register for the listen-only webcast presentation using the following link:
    https://dpregister.com/DiamondPassRegistration/register?confirmationNumber=10199249&linkSecurityString=ff0433990d

    Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

    Those unable to pre-register may dial in by calling:
    Participant dial-in (toll-free): 1 844 435 0321
    Participant international dial-in: 1 412 317 5615
    Participant Web Phone: Click Here
    Conference ID: Credicorp Conference Call

    The webcast will be archived for one year on our investor relations website at:
    https://credicorp.gcs-web.com/events-and-presentations/upcoming-events

    Credicorp reminds you that we filed our Annual Report on Form 20-F for the fiscal year ended December 31st, 2024 (2024 Form 20-F) with the Securities and Exchange Commission on April 25th, 2025. The 2024 Form 20-F includes audited consolidated financial statements of Credicorp and its subsidiaries as of December 31st, 2022, 2023 and 2024 under IFRS. Our 2024 Form 20-F can be downloaded from Credicorp’s website: https://credicorp.gcs-web.com/annual-materials Holders of Credicorp’s securities and any other interested parties may request a hard copy of our 2024 Form 20-F, free of charge, by filling out the form located on the link “mail request” on Credicorp’s website.

    About Credicorp

    Credicorp (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia, Bolivia, and Panama. Credicorp has a diversified business portfolio organized into four lines of business: Universal Banking, through Banco de Crédito del Peru (“BCP”) and Banco de Crédito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Management & Advisory, through Credicorp Capital, Wealth Management at BCP and ASB Bank Corp. Credicorp has a presence in Peru, Chile, Colombia, Bolivia, and Panama.

    For further information, please contact the IR team:

    investorrelations@credicorpperu.com

    Investor Relations
    Credicorp Ltd.

    The MIL Network

  • MIL-OSI Economics: Fossil Fuel Subsidy Reform Initiative focuses on key areas of 2025 workplan

    Source: World Trade Organization

    Ambassador Clare Kelly of New Zealand, coordinator of the FFSR Initiative, briefed participants on the outcomes of an informal planning meeting of co-sponsors in March, which had taken stock of progress made in 2024 and developed a plan to guide work across the three pillars in 2025.

    Under the third pillar — “identifying and addressing harmful fossil fuel subsidies” — dedicated sessions have been planned to deepen understanding of specific subsidy categories and to facilitate experience-sharing among members on practical reform pathways. In that context, one of the dedicated sessions, which followed on from an initial discussion in 2024, aimed to further examine the different types of production subsidies in order to explore their environmental and trade impacts.

    As part of this dedicated session, the Asian Development Bank presented its Energy Transition Mechanism and outlined efforts to support the accelerated retirement of coal-fired power plants in the Asia-Pacific region. Carbon Tracker, an independent financial think tank, provided an analysis of the impact of climate change on capital markets and fossil fuel investments and highlighted the risks and opportunities, as well as the potential pathways toward a low-carbon future. The non-governmental organization Beyond Fossil Fuels shared insights on Europe’s coal exit strategies.

    Under the first pillar — “enhanced transparency” — the WTO Secretariat provided an update on efforts to use the Trade Policy Review Mechanism to increase transparency with regard to fossil fuel subsidies and their reform, having documented an increase in questions about fossil fuel subsidies and their reform during 2024, with more than 46 questions asked during 15 trade policy reviews (TPRs). This clearly led to an increase in the extent of information being provided on this topic in TPRs. Additional WTO avenues for further stakeholder engagement are also being explored.

    Co-sponsors expressed support for the systematic inclusion of fossil fuel subsidy–related questions in the TPR process. They emphasized the value of transparency and of collecting a fuller and more comparable information base across a broader group of WTO members.

    Under the second pillar — “crisis support measures” — co-sponsors continued to share experiences concerning the design, adjustment and phase-out of temporary fossil fuel subsidies introduced in response to recent energy crises. Co-sponsors also continued to develop draft guidelines aimed at ensuring that such measures remain targeted, transparent and temporary.

    In addition to this work, the International Institute for Sustainable Development (IISD) presented a recent publication titled “Options for International Agreements on Fossil Fuel Subsidies”.

    In concluding, Ambassador Kelly noted that the next FFSR meeting, scheduled for 11 July 2025, will continue to facilitate experience-sharing and to deepen discussions on other categories of fossil fuel subsidies, in line with WTO members’ interests. She thanked participants for their engagement and encouraged continued collaboration in the lead-up to the 14th Ministerial Conference (MC14), to be held in Yaoundé, Cameroon, in March 2026.

    The FFSR initiative seeks to achieve the rationalization, phasing-out or elimination of harmful fossil fuel subsidies through the use of existing mechanisms or the development of new pathways to reform, and encourages WTO members to share information and experiences to advance discussions at the WTO. More information about the FFSR initiative is available here.

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    MIL OSI Economics

  • MIL-OSI Banking: Monetary and Capital Markets Department: Technical Assistance Handbook

    Source: International Monetary Fund

    Miscellaneous Publications

    Monetary and Capital Markets Department: Technical Assistance Handbook

    May 2025

    This online handbook: Why, what, and who for?

    Why?

    The Monetary and Capital Markets Department (MCM) has for many years provided technical assistance (TA) across a wide range of economic and financial issues. The application of these issues is often not well covered in reference material, particularly so regarding the recognition of challenges faced by authorities in emerging and low-income countries and in countries that manage substantial natural resource wealth. This handbook is motivated by the desire to distill, document and make widely available, the lessons learnt from MCM TA over a long period of time while also incorporating lessons learnt globally. It is intended to highlight and promote good practices and support the consistency of MCM’s advice. It is however stressed that one size solutions can not fit all, and all advice therefore needs to be tailored to country-specific circumstances.

    What?

    The handbook comprises self-contained, issue-specific chapters with cross-references on overlapping issues where needed. Chapters to the handbook will be added as they are available and may be updated as new lessons come to light.

    This handbook covers the following broad topics:

    • Monetary policy frameworks and transitions,
    • Forecasting and Policy Analysis Systems (FPAS),
    • Effective policy communications
    • Operational frameworks
    • Foreign exchange operations and intervention strategies
    • Financial market development,
    • International reserves management,
    • Central bank governance and risk management,
    • Cash currency management
    • Central bank accounting and audit,
    • Financial market infrastructures and payments.
    • Specific issues for resource-rich low-income countries
    • Who for?

      This handbook is targeted at those who provide TA on the identified issues (both IMF and non-IMF personnel), and practitioners in central banks and other relevant institutions.

      Individual chapters of the handbook are published on this website as soon as they become available.

    MIL OSI Global Banks

  • MIL-OSI Banking: CanREA industry leader member awarded two projects in SaskPower Procurement 

    Source: – Press Release/Statement:

    Headline: CanREA industry leader member awarded two projects in SaskPower Procurement 

    CanREA congratulates Potentia Renewables Inc. and its partners Meadow Lake Tribal Council and Mistawasis Nêhiyawak First Nation, on their success in this procurement. 

    Regina, May 2, 2025—The Canadian Renewable Energy Association (CanREA) congratulates Potentia Renewables Inc. and its partners Meadow Lake Tribal Council (MLTC) and Mistawasis Nêhiyawak First Nation on SaskPower’s selection of their Rose Valley Wind Project and Southern Springs Solar Project—two major renewable energy facilities in south-central Saskatchewan. The 300 MW procurement was announced yesterday.

    “These projects are a powerful example of what can be achieved when Indigenous communities and industry work together to deliver clean, reliable energy,” said Evan Wilson, CanREA’s Vice-President of Policy – Western Canada and National Affairs. “This is economic reconciliation in action, and it brings long-term benefits for communities, ratepayers and our electricity system.”

    SaskPower selected these partnerships to develop the 200-megawatt (MW) Rose Valley Wind Project, to be located east of Assiniboia, and the 100-MW Southern Springs Solar Project, to be located south of Coronach. The projects are being developed under long-term Power Purchase Agreements—30 years for the wind project and 25 years for the solar facility.  

    M-Squared (M2) Renewables, a partnership between MLTC and Mistawasis Nêhiyawak First Nation, will own a 51% share in both projects, marking the largest Indigenous ownership to date for renewable projects of this scale in the province. 

    “Saskatchewan’s clean energy future is being shaped by partnerships like this—where Indigenous leadership and private-sector expertise combine to deliver meaningful, affordable energy, and long-term regional benefits. This is a major milestone not just for the province, but for the entire Canadian energy landscape,” said Kelly Hall, CanREA’s Director for Saskatchewan and Indigenous Engagement. 

    CanREA applauds the leadership of Potentia Renewables Inc., MLTC, and Mistawasis Nêhiyawak First Nation in setting a new standard for Indigenous-led clean energy development in Saskatchewan and across Canada. 

    Quotes

    “These projects are a powerful example of what can be achieved when Indigenous communities and industry work together to deliver clean, reliable energy. This is economic reconciliation in action, and it brings long-term benefits for communities, ratepayers and our electricity system.” 
    –Evan Wilson, CanREA’s Vice-President of Policy – Western Canada and National Affairs 

    “Saskatchewan’s clean energy future is being shaped by partnerships like this—where Indigenous leadership and private-sector expertise combine to deliver meaningful, affordable energy, and long-term regional benefits. This is a major milestone not just for the province, but for the entire Canadian energy landscape.“
    –Kelly Hall, CanREA’s Director for Saskatchewan and Indigenous Engagement 

    For media inquiries or interview opportunities, please contact:

    Communications Canadian Renewable Energy Association 613-227-5378 communications@renewablesassociation.ca 

    About CanREA 

    The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vision.” Follow us on Twitter and LinkedIn. Subscribe to our newsletter here. Become a member here. Learn more at renewablesassociation.ca. 
    The post CanREA industry leader member awarded two projects in SaskPower Procurement  appeared first on Canadian Renewable Energy Association.

    MIL OSI Global Banks

  • MIL-OSI Asia-Pac: Repayment of ‘7.72% GS 2025’

    Source: Government of India

    Posted On: 02 MAY 2025 7:00PM by PIB Delhi

    The outstanding balance of ‘7.72% GS 2025’ is repayable at par on May 23, 2025 (May 24 and 25, 2025 being Non-working Saturday and Sunday respectively). No interest will accrue thereon from the said date. In the event of a holiday being declared on repayment day by any State Government under the Negotiable Instruments Act, 1881, the Loan/s will be repaid by the paying offices in that State on the previous working day.

    As per sub-regulations 24(2) and 24(3) of Government Securities Regulations, 2007 payment of maturity proceeds to the registered holder of Government Security held in the form of Subsidiary General Ledger or Constituent Subsidiary General Ledger account or Stock Certificate, shall be made by a pay order incorporating the relevant particulars of his bank account or by credit to the account of the holder in any bank having facility of receipt of funds through electronic means. For the purpose of making payment in respect of the securities, the original subscriber or the subsequent holders of such Government Securities, shall submit the relevant particulars of their bank account well in advance.

    However, in the absence of relevant particulars of bank account / mandate for receipt of funds through electronic means, to facilitate repayment of the loan on the due date, holders may tender the securities, duly discharged, at the Public Debt Offices, Treasuries/Sub-Treasuries and branches of State Bank of India (at which they are enfaced / registered for payment of interest) 20 days in advance of the due date for repayment.

    The details of the procedure for receiving the discharge value may be obtained from any of the aforesaid paying offices.

    ****

    NB/KMN

    (Release ID: 2126269) Visitor Counter : 41

    Read this release in: Hindi

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Final draft agenda – Monday, 5 May 2025 – Strasbourg

    Source: European Parliament

    41 Protection of the European Union’s financial interests – combating fraud – annual report 2023
    Gilles Boyer (A10-0049/2025
        – Amendments Wednesday, 30 April 2025, 13:00
    40 Control of the financial activities of the European Investment Bank – annual report 2023
    Ondřej Knotek (A10-0068/2025
        – Amendments Wednesday, 30 April 2025, 13:00
    Texts put to the vote on Tuesday Friday, 2 May 2025, 12:00
    Texts put to the vote on Wednesday Monday, 5 May 2025, 19:00
    Texts put to the vote on Thursday Tuesday, 6 May 2025, 19:00
    Motions for resolutions concerning debates on cases of breaches of human rights, democracy and the rule of law (Rule 150) Wednesday, 7 May 2025, 19:00

    MIL OSI Europe News

  • MIL-OSI Europe: Final draft agenda – Tuesday, 6 May 2025 – Strasbourg

    Source: European Parliament

    80 Border Regions’ instrument for development and growth (BRIDGEforEU)
    Sandro Gozi (A10-0058/2025     – Amendments Wednesday, 30 April 2025, 13:00 81 Amending Regulation (EU) 2016/1011 as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in a third country, and certain reporting requirements
    Jonás Fernández (A10-0060/2025     – Amendments Wednesday, 30 April 2025, 13:00 82 European Union labour market statistics on businesses
    Irene Tinagli (A10-0057/2025     – Amendments Wednesday, 30 April 2025, 13:00 60 Mobilisation of the European Globalisation Adjustment Fund for Displaced Workers: application EGF/2024/003 BE/Van Hool – Belgium
    Janusz Lewandowski (A10-0080/2025     – Amendments Wednesday, 30 April 2025, 13:00 41 Protection of the European Union’s financial interests – combating fraud – annual report 2023
    Gilles Boyer (A10-0049/2025     – Amendments Wednesday, 30 April 2025, 13:00 40 Control of the financial activities of the European Investment Bank – annual report 2023
    Ondřej Knotek (A10-0068/2025     – Amendments Wednesday, 30 April 2025, 13:00 20 A revamped long-term budget for the Union in a changing world
    Siegfried Mureşan, Carla Tavares (A10-0076/2025     – Amendments by the rapporteur, 71 MEPs at least; Alternative motions for resolutions Wednesday, 30 April 2025, 13:00     – Joint alternative motions for resolutions Friday, 2 May 2025, 10:00 66 Discharge 2023: EU general budget – Commission, executive agencies and European Development Funds
    Niclas Herbst (A10-0074/2025     – Amendments Wednesday, 30 April 2025, 13:00 68 Discharge 2023: EU general budget – European Council and Council
    Joachim Stanisław Brudziński (A10-0052/2025     – Amendments Wednesday, 30 April 2025, 13:00 69 Discharge 2023: EU general budget – Court of Justice of the European Union
    Cristian Terheş (A10-0050/2025     – Amendments Wednesday, 30 April 2025, 13:00 70 Discharge 2023: EU general budget – Court of Auditors
    Dick Erixon (A10-0047/2025     – Amendments Wednesday, 30 April 2025, 13:00 71 Discharge 2023: EU general budget – European Economic and Social Committee
    Joachim Stanisław Brudziński (A10-0054/2025     – Amendments Wednesday, 30 April 2025, 13:00 72 Discharge 2023: EU general budget – Committee of the Regions
    Joachim Stanisław Brudziński (A10-0046/2025     – Amendments Wednesday, 30 April 2025, 13:00 73 Discharge 2023: EU general budget – European Ombudsman
    Joachim Stanisław Brudziński (A10-0055/2025     – Amendments Wednesday, 30 April 2025, 13:00 74 Discharge 2023: EU general budget – European Data Protection Supervisor
    Joachim Stanisław Brudziński (A10-0053/2025     – Amendments Wednesday, 30 April 2025, 13:00 75 Discharge 2023: EU general budget – European External Action Service
    Joachim Stanisław Brudziński (A10-0069/2025     – Amendments Wednesday, 30 April 2025, 13:00 76 Discharge 2023: European Public Prosecutor’s Office
    Tomáš Zdechovský (A10-0051/2025     – Amendments Wednesday, 30 April 2025, 13:00 77 Discharge 2023: Agencies
    Erik Marquardt (A10-0065/2025     – Amendments Wednesday, 30 April 2025, 13:00 78 Discharge 2023: Joint Undertakings
    Michal Wiezik (A10-0056/2025     – Amendments Wednesday, 30 April 2025, 13:00 39 The European Water Resilience Strategy
    Thomas Bajada (A10-0073/2025     – Amendments by the rapporteur, 71 MEPs at least; Alternative motions for resolutions Wednesday, 30 April 2025, 13:00 43 2023 and 2024 reports on Türkiye
    Nacho Sánchez Amor (A10-0067/2025     – Amendments Wednesday, 30 April 2025, 13:00 102 2023 and 2024 reports on Serbia
    Tonino Picula (A10-0072/2025     – Amendments Friday, 2 May 2025, 12:00 104 2023 and 2024 reports on Kosovo
    Riho Terras (A10-0075/2025     – Amendments Friday, 2 May 2025, 12:00 Separate votes – Split votes – Roll-call votes Texts put to the vote on Tuesday Friday, 2 May 2025, 12:00 Texts put to the vote on Wednesday Monday, 5 May 2025, 19:00 Texts put to the vote on Thursday Tuesday, 6 May 2025, 19:00 Motions for resolutions concerning debates on cases of breaches of human rights, democracy and the rule of law (Rule 150) Wednesday, 7 May 2025, 19:00

    MIL OSI Europe News

  • MIL-OSI Europe: Final draft agenda – Wednesday, 7 May 2025 – Strasbourg

    Source: European Parliament

    66 Discharge 2023: EU general budget – Commission, executive agencies and European Development Funds
    Niclas Herbst (A10-0074/2025     – Amendments Wednesday, 30 April 2025, 13:00 68 Discharge 2023: EU general budget – European Council and Council
    Joachim Stanisław Brudziński (A10-0052/2025     – Amendments Wednesday, 30 April 2025, 13:00 69 Discharge 2023: EU general budget – Court of Justice of the European Union
    Cristian Terheş (A10-0050/2025     – Amendments Wednesday, 30 April 2025, 13:00 70 Discharge 2023: EU general budget – Court of Auditors
    Dick Erixon (A10-0047/2025     – Amendments Wednesday, 30 April 2025, 13:00 71 Discharge 2023: EU general budget – European Economic and Social Committee
    Joachim Stanisław Brudziński (A10-0054/2025     – Amendments Wednesday, 30 April 2025, 13:00 72 Discharge 2023: EU general budget – Committee of the Regions
    Joachim Stanisław Brudziński (A10-0046/2025     – Amendments Wednesday, 30 April 2025, 13:00 73 Discharge 2023: EU general budget – European Ombudsman
    Joachim Stanisław Brudziński (A10-0055/2025     – Amendments Wednesday, 30 April 2025, 13:00 74 Discharge 2023: EU general budget – European Data Protection Supervisor
    Joachim Stanisław Brudziński (A10-0053/2025     – Amendments Wednesday, 30 April 2025, 13:00 75 Discharge 2023: EU general budget – European External Action Service
    Joachim Stanisław Brudziński (A10-0069/2025     – Amendments Wednesday, 30 April 2025, 13:00 76 Discharge 2023: European Public Prosecutor’s Office
    Tomáš Zdechovský (A10-0051/2025     – Amendments Wednesday, 30 April 2025, 13:00 77 Discharge 2023: Agencies
    Erik Marquardt (A10-0065/2025     – Amendments Wednesday, 30 April 2025, 13:00 78 Discharge 2023: Joint Undertakings
    Michal Wiezik (A10-0056/2025     – Amendments Wednesday, 30 April 2025, 13:00 20 A revamped long-term budget for the Union in a changing world
    Siegfried Mureşan, Carla Tavares (A10-0076/2025     – Amendments by the rapporteur, 71 MEPs at least; Alternative motions for resolutions Wednesday, 30 April 2025, 13:00     – Joint alternative motions for resolutions Friday, 2 May 2025, 10:00 39 The European Water Resilience Strategy
    Thomas Bajada (A10-0073/2025     – Amendments by the rapporteur, 71 MEPs at least; Alternative motions for resolutions Wednesday, 30 April 2025, 13:00 43 2023 and 2024 reports on Türkiye
    Nacho Sánchez Amor (A10-0067/2025     – Amendments Wednesday, 30 April 2025, 13:00 102 2023 and 2024 reports on Serbia
    Tonino Picula (A10-0072/2025     – Amendments Friday, 2 May 2025, 12:00 104 2023 and 2024 reports on Kosovo
    Riho Terras (A10-0075/2025     – Amendments Friday, 2 May 2025, 12:00 57 Competition policy – annual report 2024
    Lara Wolters (A10-0071/2025     – Amendments Wednesday, 30 April 2025, 13:00 107 The role of gas storage for securing gas supplies ahead of the winter season
    Borys Budka (A10-0079/2025     – Amendments Friday, 2 May 2025, 12:00 21 Banking Union – annual report 2024
    Ralf Seekatz (A10-0044/2025     – Amendments Wednesday, 30 April 2025, 13:00 98 Arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania     – Motions for resolutions (Rule 150) Monday, 5 May 2025, 20:00     – Amendments to motions for resolutions; joint motions for resolutions (Rule 150) Wednesday, 7 May 2025, 13:00     – Amendments to joint motions for resolutions (Rule 150) Wednesday, 7 May 2025, 14:00 99 Return of Ukrainian children forcibly transferred and deported by Russia     – Motions for resolutions (Rule 150) Monday, 5 May 2025, 20:00     – Amendments to motions for resolutions; joint motions for resolutions (Rule 150) Wednesday, 7 May 2025, 13:00     – Amendments to joint motions for resolutions (Rule 150) Wednesday, 7 May 2025, 14:00 100 Violations of religious freedom in Tibet     – Motions for resolutions (Rule 150) Monday, 5 May 2025, 20:00     – Amendments to motions for resolutions; joint motions for resolutions (Rule 150) Wednesday, 7 May 2025, 13:00     – Amendments to joint motions for resolutions (Rule 150) Wednesday, 7 May 2025, 14:00 Separate votes – Split votes – Roll-call votes Texts put to the vote on Tuesday Friday, 2 May 2025, 12:00 Texts put to the vote on Wednesday Monday, 5 May 2025, 19:00 Texts put to the vote on Thursday Tuesday, 6 May 2025, 19:00 Motions for resolutions concerning debates on cases of breaches of human rights, democracy and the rule of law (Rule 150) Wednesday, 7 May 2025, 19:00

    MIL OSI Europe News

  • MIL-OSI Europe: Final draft agenda – Thursday, 8 May 2025 – Strasbourg

    Source: European Parliament

    110 Old challenges and new commercial practices in the internal market
    (O-000012/2025 – B10-0005/25)      – Motions for resolutions Monday, 5 May 2025, 19:00     – Amendments to motions for resolutions; joint motions for resolutions Tuesday, 6 May 2025, 19:00     – Amendments to joint motions for resolutions Tuesday, 6 May 2025, 20:00     – Requests for “separate”, “split” and “roll-call” votes Wednesday, 7 May 2025, 16:00 98 Arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania     – Motions for resolutions (Rule 150) Monday, 5 May 2025, 20:00     – Amendments to motions for resolutions; joint motions for resolutions (Rule 150) Wednesday, 7 May 2025, 13:00     – Amendments to joint motions for resolutions (Rule 150) Wednesday, 7 May 2025, 14:00 99 Return of Ukrainian children forcibly transferred and deported by Russia     – Motions for resolutions (Rule 150) Monday, 5 May 2025, 20:00     – Amendments to motions for resolutions; joint motions for resolutions (Rule 150) Wednesday, 7 May 2025, 13:00     – Amendments to joint motions for resolutions (Rule 150) Wednesday, 7 May 2025, 14:00 100 Violations of religious freedom in Tibet     – Motions for resolutions (Rule 150) Monday, 5 May 2025, 20:00     – Amendments to motions for resolutions; joint motions for resolutions (Rule 150) Wednesday, 7 May 2025, 13:00     – Amendments to joint motions for resolutions (Rule 150) Wednesday, 7 May 2025, 14:00 107 The role of gas storage for securing gas supplies ahead of the winter season
    Borys Budka (A10-0079/2025     – Amendments Friday, 2 May 2025, 12:00 109 Screening of foreign investments in the Union
    Raphaël Glucksmann (A10-0061/2025     – Amendments Friday, 2 May 2025, 12:00 108 Suspending certain parts of Regulation (EU) 2015/478 as regards imports of Ukrainian products into the European Union
    Karin Karlsbro (A10-0059/2025     – Amendments Friday, 2 May 2025, 12:00 57 Competition policy – annual report 2024
    Lara Wolters (A10-0071/2025     – Amendments Wednesday, 30 April 2025, 13:00 21 Banking Union – annual report 2024
    Ralf Seekatz (A10-0044/2025     – Amendments Wednesday, 30 April 2025, 13:00 106 Objection pursuant to Rule 115(2) and (3): genetically modified soybean MON 87705 × MON 87708 × MON 89788     – Amendments Friday, 2 May 2025, 12:00 Separate votes – Split votes – Roll-call votes Texts put to the vote on Tuesday Friday, 2 May 2025, 12:00 Texts put to the vote on Wednesday Monday, 5 May 2025, 19:00 Texts put to the vote on Thursday Tuesday, 6 May 2025, 19:00 Motions for resolutions concerning debates on cases of breaches of human rights, democracy and the rule of law (Rule 150) Wednesday, 7 May 2025, 19:00

    MIL OSI Europe News

  • MIL-OSI USA: Senate Democrats Demand Investigation into Elon Musk’s Alleged Abuse of White House Position for Personal Gain

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA), Vice Chairman of the Senate Select Committee on Intelligence, led a coalition of senior Senate Democrats in sending a letter to President Donald J. Trump demanding an investigation into reports that senior White House advisor Elon Musk has used his government role to improperly advance his personal business interests abroad. The senators cited recent reporting on a disturbing pattern in which Musk allegedly leveraged high-level access to U.S. trade policy to pressure foreign governments – including India, South Africa, Bangladesh, Vietnam, Pakistan, and Lesotho – into granting favorable treatment to his satellite internet provider Starlink in apparent exchange for U.S. policy concessions. These allegations, if true, would constitute a serious violation of federal ethics laws and a profound breach of public trust.
    “Public servants must serve Americans, not their own bank accounts,” the senators wrote. “These alleged actions are an egregious breach of public trust, degrade our credibility with allies and partners, and potentially violate U.S. laws.”
    In addition to Warner, the letter was signed by Sens. Elizabeth Warren (D-MA), Ranking Member, Senate Committee on Banking, Housing, and Urban Affairs; Ron Wyden (D-OR), Ranking Member, Senate Finance Committee; Patty Murray (D-WA), Vice Chair, Senate Appropriations Committee; Jeff Merkley (D-OR), Ranking Member, Senate Budget Committee; Jack Reed (D-RI), Ranking Member, Senate Armed Services Committee; Chris Coons (D-DE), Ranking Member, Senate Appropriations Subcommittee on Defense; Brian Schatz (D-HI), Ranking Member, Senate Appropriations Subcommittee on State, Foreign Operations, and Related Programs; Ed Markey (D-MA), Ranking Member, Senate Committee on Small Business and Entrepreneurship; Sheldon Whitehouse (D-RI), Ranking Member, Senate Committee on Environment and Public Works; Amy Klobuchar (D-MN), Ranking Member, Senate Agriculture Committee; Jeanne Shaheen (D-NH), Ranking Member, Senate Foreign Relations Committee; and Richard Blumenthal (D-CT), Ranking Member, Senate Committee on Homeland Security and Government Affairs Permanent Subcommittee on Investigations.
    The letter details instances of Musk meeting with foreign leaders – including those from India and Bangladesh – inside the White House complex and the Blair House, shortly before their governments fast-tracked regulatory approvals for Starlink. In one example, the Bangladesh Telecommunication Regulatory Commission issued what was described as “the swiftest recommendation” in its history for a Starlink license shortly after officials requested a delay in U.S.-imposed tariffs and met with Musk on White House grounds.
    The senators noted that these developments came amid ongoing U.S. trade negotiations, raising serious questions about potential quid pro quo arrangements. The senators further warned that allowing a special government employee to influence foreign trade decisions to benefit their private ventures represents not only a potential legal violation but a corrosion of America’s international credibility.
    The senators also condemned the misuse of taxpayer-funded government properties for personal business dealings, writing, “The White House and the Blair House are not merely buildings – they are enduring symbols of American democracy and service. To use this public property for personal enrichment is not only a betrayal of the public trust – it also sends a dangerous signal that power is not a solemn responsibility, but an asset to be exploited for personal gain.”
    The lawmakers called on President Trump to launch a full investigation into Musk’s conduct, to publicly disclose the findings, and to provide Congress with a complete account of Musk and his associates’ use of government positions for personal benefit.
    A copy of the letter is available here.

    MIL OSI USA News

  • MIL-OSI USA: MarketWatch: Elizabeth Warren presses Bessent for answers after his remarks at private Wall Street event

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    April 25, 2025
    Sen. Elizabeth Warren, the ranking Democrat on the Senate Banking Committee, on Friday pressed Treasury Secretary Scott Bessent to explain why he gave “inside information” on President Donald Trump’s tariff plans to Wall Street insiders and not the broader public.
    Speaking at a closed-door, invitation-only event hosted by JPMorgan Chase on Tuesday, Bessent said that the tariff standoff between China and the U.S. would soon de-escalate. When reports of his remarks leaked to the press, it caused stocks to rocket higher. Trump then spoke to reporters, essentially confirming Bessent’s remarks.

    Read the full article here.
    By:  Greg RobbSource: MarketWatch

    MIL OSI USA News

  • MIL-OSI USA: Rep. Smith Statement on Israel’s Role in Middle East

    Source: United States House of Representatives – Congressman Adam Smith (9th District of Washington)

    WASHINGTON, DC – Representative Adam Smith (D-Wash.) today issued the following statement:

    In this current moment, there is a crucial opportunity to bring partners together to blunt the influence of Iran and other extremist groups like ISIS and bring stability to the region. I recently led a congressional delegation to the Middle East and saw firsthand that we have partners who are ready and willing to work with us and with Israel to achieve this goal. However, Israel’s current actions in Syria, Gaza, the West Bank and Lebanon run the risk of making these efforts at stability in the region much more difficult to achieve.

    “Israel is blocking the delivery of humanitarian aid into Gaza, enabling rapid settlement expansion and settler violence in the West Bank, and delegitimizing the new governments in Lebanon and Syria with military operations. I understand that Israel must defend itself against Hezbollah, Hamas and other Iranian proxies, but these extremist groups thrive in chaos and are able to recruit and gain support where populations in Gaza, the West Bank, Syria and Lebanon continue to suffer in active war zones. The only long-term hope is for stable governments to emerge in these places.

    “Israel must immediately allow humanitarian assistance back into Gaza. It should do far more to stop settler violence in the West Bank, and, crucially, it must work with Arab partners in the region to support Palestinian leadership that can be an alternative to Hamas and give all the Palestinian people some hope for the future. Additionally, Israel’s continued attacks on and occupations of land in Lebanon and Syria threaten to undermine the fragile, fledgling efforts of each to build new peaceful and stable governments.

    “Bringing a coalition of partners together as a deterrence to Iran is the only way out of this cycle of regional conflict that has been devastating to the civilian population. Israel must immediately let humanitarian aid in, stop legitimizing settlements in the West Bank, and halt military actions that continue to contribute to the chaos in the region. Israel must change course or we risk losing this opportunity to achieve security and stability in the Middle East.”

    ###

    MIL OSI USA News

  • MIL-OSI Russia: Tajikistan: Staff Concluding Statement for the 2025 Article IV Mission

    Source: IMF – News in Russian

    May 2, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. 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 Executive Board for discussion and decision.

    Washington, DC: An International Monetary Fund (IMF) mission led by Mr. Matthew Gaertner held the 2025 Article IV consultation and discussions on the second review under the Policy Coordination Instrument (PCI) with the Tajikistan authorities during April 2-15, 2025, in Dushanbe. At the conclusion of the mission, Mr. Gaertner issued the following statement:

    Economic Developments, Outlook and Risks

    Strong broad-based growth continued in 2024, and the external position remained favorable. Real GDP increased 8.4 percent in 2024, marking the fourth consecutive year of growth above 8 percent, as strong momentum in mining, manufacturing and agriculture was underpinned by public and private investment. Strong financial inflows, including remittances, have also supported domestic demand and liquidity and contributed to a current account surplus of 6.2 percent of GDP in 2024. This alongside the NBT’s purchases of domestic gold production has boosted FX reserves from $3.6 billion at end-2023 to $4.7 billion at the end of February 2025, amounting to 7 months import coverage.

    Inflation remains well contained within the NBT’s target range. Twelve-month inflation stood at 3.7 percent in February, within the NBT’s updated target range of 5 percent (±2 percent) for 2025, reflecting stable prices for imported food and fuel and an appreciation of the somoni against key trading partner currencies. Reserve money growth has moderated since mid-2024 as the NBT stepped up its sterilization efforts but remained strong at 32 percent (y/y) in February, boosted by the NBT’s gold purchases.

    Banks’ asset quality continued to improve in 2024, amid strong growth in consumer lending. Banks’ NPL ratio declined to 7.0 percent in February as they continued to clean up their balance sheets, largely through write-offs of legacy NPLs. Credit to the private sector grew at 29 percent (y/y) in February, boosted by a continued expansion of banks’ deposit base. This has been primarily driven by household loans in local currency, supported by the introduction of new retail lending products.

    The medium-term outlook appears positive. Real GDP is projected to increase by 7 percent in 2025, retaining the current strong momentum. Twelve-month inflation (y/y) is projected to remain close to the mid-point of the NBT’s target range in 2025 and 2026, in line with stable inflation expectations. The current account surplus is expected to narrow in 2025 as financial inflows stabilize, with FX reserves projected to remain at comfortable levels. Financial inflows are expected to normalize over the medium term after the strong inflows experienced since 2022, heightening the importance of continuing to advance structural reforms to strengthen potential growth over the medium-term.

    Risks to the outlook are tilted to the downside, in the context of significant regional and global uncertainty. A pronounced decline in financial inflows due to a less favorable environment for remittances or a slowdown in Tajikistan’s key trading partners would adversely affect growth, fiscal performance, and the banking sector. More frequent and severe natural disasters and heightened security risks can also strain budget resources. On the upside, continued strength in gold prices and rising demand for rare earth metals could attract increased investment in the mining sector.

    Fiscal Policy

    Fiscal performance remained well within the program target in 2024, with a fiscal surplus of 0.3 percent. The favorable fiscal outturn was underpinned by stable revenue growth despite a reduction in the VAT rate from 15 to 14 percent, while externally financed capital spending was lower than planned. Revenue collection reflected continued improvements in tax and customs administration supported by digitalization measures. The 2025 budget envisages a fiscal deficit of up to 2.5 percent of GDP, conditional on available financing. In this context, continuing to expand the domestic debt market is key to diversifying sources of financing. The MOF successfully launched market-based auctions of government securities in 2024; establishing a robust secondary market for these instruments will help to expand the investor base and further deepen the market.

    The fiscal deficit target of 2.5 percent of GDP remains an important anchor to ensure that debt remains on a favorable medium-term trajectory. Prudent fiscal policy coupled with strong GDP growth has contributed to a notable reduction in the public debt ratio over the past few years, with public debt declining to 25 percent of GDP at the end of 2024. Public debt is assessed as sustainable but remains at high risk of distress due to large debt service obligations during 2025-2027; the first semi-annual Eurobond repayment was completed as planned in March. Building fiscal buffers is key to mitigating fiscal risks from potential shocks to revenue and expenditure in the context of the uncertain external environment, with contingency plans for spending reprioritization to protect social assistance and other critical spending.

    Improved revenue mobilization and spending efficiency are key to increasing fiscal space for priority social and development projects. The Medium-Term Revenue Plan (MTRP) aims to raise total revenues by at least 2 percentage points to 26 percent of GDP in 2026 through a combination of tax policy, tax administration and SOE reform measures. In line with the MTRP, the MOF has taken steps to improve revenue mobilization through the expansion of digitalization of payments. Moreover, tax exemptions granted to several large investment projects were discontinued in 2024. A time-bound action plan is essential to anchor a further streamlining of tax exemptions and customs preferences over the medium-term. On the expenditure side, strengthening appraisal, selection and oversight of internally financed capital projects are crucial for enhancing the efficiency of public investment.

    Strong corporate governance and oversight is essential to strengthen SOE efficiency and minimize fiscal risks. Recent reforms include the expansion of the MOF’s financial monitoring coverage from 27 SOEs to 77 entities with state participation, and amendments to the regulations for SOE board composition to ensure that board members are appointed through transparent and competitive procedures in line with best practices. The MOF has also continued to expand the scope of the annual fiscal risk statement, which provides an overview of SOE performance, including profitability, leverage, and budget allocations to SOEs. The publication of an updated SOE list and completion of the ongoing sectorization exercise will also improve monitoring and oversight.

    Greater efforts are needed to improve the financial performance of the electricity sector. Low collection rates for key electricity consumers, together with high technical and commercial losses and end-user tariffs that are below cost recovery levels has led the state electricity generation company Barki Tojik to accumulate sizable arrears to suppliers and creditors. Reducing quasi-fiscal losses in the electricity sector will require sustained efforts to improve collection rates for the largest electricity consumers, as well as implementation of the authorities’ strategy to roll-out smart metering, increase penalties for electricity theft and improve cost controls across the electricity sector. The electricity tariff was increased by about 15 percent in April 2025, and further annual tariff adjustments are envisaged to reach cost recovery by 2027.

    Monetary, Exchange Rate and Financial Sector Policies

    Inflation remains well contained, but strong credit growth warrants continued vigilance. The NBT lowered its inflation target from 6 to 5 percent (±2 percent) for 2025 to reflect well-anchored inflation expectations, and the policy rate was lowered by 25 basis points to 8.75 percent in February 2025 as inflation remains close to the lower bound. Although the real policy rate is still relatively high at about 5 percent (based on realized inflation), monetary policy should remain data-driven and vigilant to potential upward demand pressure on inflation from strong credit growth and robust financial inflows. Proactive liquidity management also remains essential to moderate the impact of the NBT’s gold purchases and FX interventions on the money supply.

    Enhancing exchange rate flexibility is essential to build resilience to external shocks. The NBT has taken several measures to modernize the local FX market, including ending auctions of inward transfers improving the mechanism for executing public sector FX transactions; enhancing the dissemination of information on FX rates; and introducing price-based auctions for FX interventions to facilitate price discovery. The NBT should also aim to limit its FX operations only to avoid disorderly market conditions to facilitate development of the FX market and further support greater exchange rate flexibility.

    Strong macroprudential oversight and banking supervision are key to mitigating external risks to financial stability. The banking system has strengthened its balance sheet following the resolution of two troubled banks but may face possible challenges from the volatile external environment and any reversal of recent inflows. Strong lending to households warrants careful oversight of macroprudential norms to ensure prudent lending standards, and close monitoring of maturity mismatches and funding- and asset-side concentration risk. The planned introduction of macroprudential tools and forward-looking stress tests is essential to manage risks posed by strong credit growth.

    Structural Reforms

    Governance and transparency reforms across economic sectors aim to foster sustainable and inclusive growth. Structural reforms are underway to close existing governance gaps across the public and private sectors through upgrades to the legal and regulatory frameworks. The reforms aim to (i) improve public sector efficiency; (ii) foster financial and private sector development; and (iii) promote an enabling investment climate for private sector-led growth.

    Transparent governance and policy frameworks and robust financial safety nets are key to further strengthen trust in public institutions. Good governance fosters macro-financial stability both directly and indirectly by enhancing the credibility and effectiveness of macroeconomic policies. Transparent corporate ownership is critical to promote an enabling business climate based on the rule of law and prudent AML-CFT standards.

    Timely and comprehensive macroeconomic data is essential to economic policymaking. The authorities have started publishing fiscal statistics in line with GFS standards and broadened the coverage of state-owned enterprises. Compilation of quarterly demand-side GDP data and expanding the use of GFS-based fiscal data would further strengthen data quality.

    Discussions on the policies to complete the second review under the PCI are well advanced and will continue following this mission. The mission would like to thank the Tajik authorities for their hospitality and close collaboration and express its appreciation for the constructive and insightful discussions.

     

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Angham Al Shami

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

    https://www.imf.org/en/News/Articles/2025/05/02/mcs-tajikistan-staff-concluding-statement-for-the-2025-article-iv-mission

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI: Embassy Bank Honored as “Best Bank & Mortgage Company” in Lehigh Valley for Fourth Consecutive Year

    Source: GlobeNewswire (MIL-OSI)

    BETHLEHEM, Pa., May 02, 2025 (GLOBE NEWSWIRE) — Embassy Bank For the Lehigh Valley is proud to announce that it has once again been named Best Bank & Mortgage Company by the Who’s Who in Business survey, featured in Lehigh Valley Style magazine. This marks the fourth consecutive year that Embassy has received this distinguished recognition.

    The Who’s Who in Business survey is conducted by FieldGoals.US, a Harrisburg-based firm and the nation’s largest consumer and voter research collective. Thousands of residents across the Lehigh Valley participate annually, offering feedback on their personal experiences and identifying businesses that consistently deliver outstanding service, value, and a commitment to quality.

    “This award is especially meaningful because it reflects the voices of the Lehigh Valley community we proudly serve,” said Dave Lobach, Chairman, President and CEO, Embassy Bank. “As an independent community bank, we are deeply rooted in this region, and being recognized by our neighbors is the highest honor. We remain committed to building trusted relationships through personalized, reliable financial solutions delivered with the care and service only a true community bank can provide.”

    Embassy’s continued recognition speaks to the hard work of its team and its unwavering focus on fostering positive customer experiences.

    About Embassy Bank

    Embassy Bank For the Lehigh Valley is a full-service community bank operating ten branch offices in the Lehigh Valley area of Pennsylvania. The Bank is the largest Lehigh Valley headquartered community bank and, as of June 30, 2024, the Federal Deposit Insurance Corporation’s Summary of Deposits indicates that the Bank holds the 4th spot in deposit market share in Lehigh and Northampton Counties combined. For more information, visit www.embassybank.com.

    Contact:
    David M. Lobach, Jr.
    Chairman, President and CEO
    (610) 882-8800

    The MIL Network

  • MIL-OSI Security: Northwest Arkansas Business Owners Plead Guilty to Scheme to Defraud Pandemic Relief Loan Programs

    Source: Federal Bureau of Investigation (FBI) State Crime News

    FAYETTEVILLE —A Florida couple, formerly of Northwest Arkansas, pleaded guilty Monday to defrauding Pandemic Relief Loan Programs. U.S. District Judge Timothy L. Brooks presided over the plea hearing, in which Fawaad Welch, age 41, and Julia Youngblood, age 41, both waived indictment and pleaded guilty to a criminal information.  Welch pled to wire fraud and Youngblood pled to misprision of a felony related to the scheme.

    According to court documents and statements made in court, between May of 2020 through October of 2021, Welch and Youngblood applied for Pandemic Relief Loan Programs through their Arkansas business, Slipstream Creative, LLC, which was a Northwest Arkansas advertising and marketing company located in Fayetteville, Arkansas.

    Throughout the applications, Welch provided the lenders with false statements regarding their assets and liabilities and the intended use of funds received through the SBA7(a), Economic Injury Disaster Loan and Main Street Loan Programs.  Youngblood them signed those application on behalf of the business.   According to the information filed by the Government, after receiving the loan funds, Welch then diverted large parts of the loan proceeds for the personal benefit of the couple.  For example, in the applications submitted for these loans, the couple failed to disclose material information such as tax liabilities and the fact that they were receiving loans from the other loan programs.  Also, within months of receiving $1.5 million in “working capital” Economic Injury Disaster Loan funds in October 2021, Welch transferred $1.3 million of that loan to the couple’s personal bank account.  The couple then purchased a home in Florida using $445,000 of those Government program loan funds.  

    According to the plea agreement entered into by Welch, after being asked by Generations Bank officials if Welch and Youngblood take salaries and informed that “the Fed restricts changes to your salaries with the [Main Street Loan Program] and doesn’t allow distributions, Welch replied, “Yes sir we do at 10k a month so all is good there.  5k a piece.”  After receiving the $3 million in program funds, within a month Welch had transferred $950,000 in Main Street Loan Program funds out of the business and to himself. 

    In the plea agreements with the Government, the couple agrees that pursuant to this scheme, they should be held accountable for more than $3.5 million but less than $9.0 million in intended loss.

    Following the preparation of a presentence investigation report by the U.S. Probation Office, Welch and Youngblood will be scheduled to be sentenced at a later date. Welch faces a maximum penalty of twenty (20) years in prison, and Youngblood faces a maximum penalty of three (3) years in prison.  Both individuals will also be assessed a period of supervised release, monetary penalties, and restitution. U.S. District Judge Timothy L. Brooks will determine the couple’s sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    United States Attorney David Clay Fowlkes announced the change of plea hearings.

    The Federal Bureau of Investigation, Office of Inspector General for the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau, and the Special Inspector General for Pandemic Relief investigated the case.

    U. S. Attorney David Clay Fowlkes and Assistant U.S. Attorney Ben Wulff are prosecuting the case for the United States.

    The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the Paycheck Protection Program (PPP). Since the inception of the CARES Act, the Fraud Section has prosecuted over 150 defendants in more than 95 criminal cases and has seized over $75 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at

    Justice.gov/OPA/pr/justice-department-takes-action-against-covid-19-fraud.

    Related court documents may be found on the Public Access to Electronic Records website at www.pacer.gov.

    MIL Security OSI

  • MIL-OSI Banking: Foreign Exchange and Liquidity and Monthly Balance Sheet, April 2025

    Source: Danmarks Nationalbank

    THE FOREIGN-EXCHANGE RESERVE

    In April 2025, the foreign-exchange reserve increased by kr. 5.5 billion to kr. 661.4 billion. The increase reflects Danmarks Nationalbank’s net purchase of foreign exchange for kr. 6.3 billion, and the central government’s net repayment of foreign debt for kr. 0.8 billion, cf. table 1.

    For settlement in April, Danmarks Nationalbank has not intervened in the foreign exchange market.

    Danmarks Nationalbank’s net foreign-exchange purchases and the change in the foreign-exchange reserve – table 1

    Kr. billion April 2025 January 2025 – April 2025
    Danmarks Nationalbank’s interventions* to purchase foreign exchange, net 0.0 0.0
    Other** 6.3 6.2
    Danmarks Nationalbank’s net foreign-exchange purchases 6.3 6.2
    The central government’s net foreign borrowing*** -0.8 0.8
    Change in the foreign-exchange reserve 5.5 6.9

    Note: Details may not add because of rounding and previously published figure may have been revised. All transactions as per settlement date.

    * Intervention takes place when Danmarks Nationalbank purchases and sells foreign exchange for Danish kroner in the foreign-exchange market in order to stabilise the exchange rate.

    ** Comprises e.g. interest accrued on the foreign-exchange reserve, the central government’s net payments in foreign exchange, and changes in the banks’ deposits in euro-denominated accounts at Danmarks Nationalbank.

    *** Including net payments to the central government in foreign exchange as a result of currency swaps.

    DEVELOPMENT IN LIQUIDITY

    In April, the central government’s net financing requirement amounted to kr. 30.7 billion. Since the turn of the year, the central government’s net financing requirement has been kr. -39.0 billion, cf. table 2.

    The net position of the banks and mortgage-credit institutes vis-à-vis Danmarks Nationalbank increased by kr. 29.7 billion in April, to an outstanding amount of kr. 226.7 billion. In April, the central government’s liquidity impact increased the net position by kr. 24.9 billion.

    Impact of various factors on the net position of the banks and mortgage-credit institutes via-a-vis Danmarks Nationalbank – table 2

    Kr. billion April 2025 January 2025 – April 2025
    The central government’s net financing 30.7 -39.0
    Redemption on domestic central-government debt* 2.5 25.9
    Net bond purchases by the government funds and own portfolio and financing of social housing -2.4 -3.2
    Other** 0.1 0.9
    The central government’s gross domestic financing requirement 30.9 -15.4
    The central government’s gross domestic borrowing*** 6.0 26.2
    The central government’s liquidity impact 24.9 -41.6
    Danmarks Nationalbank’s net foreign-exchange purchases 6.3 6.2
    Danmarks Nationalbank’s net bond purchases -1.5 -1.0
    Other factors**** 0.1 2.6
    Change in net position 29.7 -33.8

    Note: Details may not add because of rounding and previously published figure may have been revised. All transactions as per settlement date.

    * Including krone-denominated payments by the central government in currency swaps.

    ** Comprises foreign net financing requirement and changes in net collateral for the government’s swap portfolio.

    *** Gross long-term borrowing, net short-term borrowing and krone-denominated payments to the central government in currency swaps.

    **** Comprises e.g. changes in banknotes and coins in circulation.

    DANMARKS NATIONALBANK’S INTEREST RATES

    Since 22 April 2025 the discount rate has been 1.85 pct. p.a., since 22 April 2025 the current-account interest rate has been 1.85 pct. p.a., since 22 April 2025 the lending rate has been 2 pct. p.a. and since 22 April 2025 the rate of interest on certificates of deposit has been 1.85 pct. p.a.

    Enquiries can be directed to press advisor Teis Hald Jensen on tel. +45 3363 6066.

    BALANCE SHEET OF DANMARKS NATIONALBANK 30 APRIL 2025

    Assets 2025 2025
    1000 kr. 30/04 31/03
    Stock of gold 40,309,044 40,309,044
    Foreign assets 567,242,187 566,903,540
    Claims on the International Monetary Fund 59,630,332 58,795,259
    Claims related to banks’ and mortgage credit institutes’ TARGET accounts in ECB 35,894 31,871
    Monetary-policy lending 1,000 42,500,000
    Other lending 1,160,292 1,115,648
    – Banks’1) 1,160,292 1,115,648
    – Miscellaneous loans
    Domestic bonds 32,869,523 34,339,090
    Financial fixed assets, etc. 131,550 131,550
    Tangible and intangible fixed assets 715,435 713,929
    Other assets 5,170,251 4,708,505
    707,265,508 749,548,436

    1) Other lending to banks include loans for cash deposits.

    Liabilities 2025 2025
    1000 kr. 30/04 31/03
    Banknotes 46,730,241 46,643,535
    Coins 6,088,949 6,099,641
    Monetary-policy deposits 226,668,294 239,426,941
    – Current accounts 226,668,294 239,426,941
    – Certificates of deposit
    Other deposits 15,175,216 14,825,201
    – Deposits related to banks’ and mortgage credit institutes’ TARGET accounts in ECB 35,894 31,871
    – Other deposits from banks’ and mortgage credit institutes’ 947,726 1,105,229
    – Miscellaneous deposits 14,191,596 13,688,101
    Central government 254,056,564 279,684,059
    Foreign liabilities 5,801,316 10,131,593
    Counterpart of Special Drawing Rights allocated by the IMF (SDR) 45,039,776 45,039,776
    Other liabilities 6,866,227 6,858,765
    Capital and reserves 100,838,925 100,838,925
    707,265,508 749,548,436

    Note: The monthly balance sheet is calculated at beginning of year values +/- accumulated transaction values. The monthly balance does not include value adjustments and accruals, as these are only calculated at year-end, cf. Danmarks Nationalbank’s accounting principles.

    MIL OSI Global Banks

  • MIL-OSI USA: A Call for New Research in the Area of Nutritional Standards in SNAP

    Source: US Congressional Budget Office

    The Supplemental Nutrition Assistance Program (SNAP) provides benefits that help eligible low-income households purchase food. Most enrolled households supplement SNAP benefits with personal funds (Tiehen, Newman, and Kirlin 2017). The Congressional Budget Office estimates that in 2025, an average of 42.5 million people will receive SNAP benefits each month, with an average monthly benefit of $188 per recipient (CBO 2025).

    SNAP benefits can be used to buy many foods, although some items, such as hot prepared meals, are excluded. Lawmakers have asked CBO how adding nutritional standards to SNAP might affect the federal budget. Such standards would restrict purchases of foods linked to poor health outcomes, such as sugar-sweetened beverages, using SNAP benefits. New research would help the agency assess their budgetary effects.

    How Would Nutritional Standards in SNAP Affect the Federal Budget?

    To assess the budgetary effects of adding nutritional standards to SNAP, CBO would estimate:

    • The costs of implementing the policy,
    • Any offsetting savings resulting from the improved health of SNAP recipients, and
    • Any savings from reduced participation in the program.

    Estimating savings from improved health requires evidence about changes in food purchases and consumption and how those changes affect diet quality, health outcomes, and spending on health care. The federal budgetary effects would depend on SNAP recipients’ health insurance coverage and federal subsidies for that coverage. Although CBO’s cost estimates focus on a 10-year period, the agency would, if practicable, assess longer-term budgetary effects.

    To gather that evidence, the agency examined two main types of research: randomized controlled trials (RCTs) and simulation models specific to the SNAP population. In CBO’s assessment, that research literature has limitations stemming from the relatively small number of existing studies and from differences in conclusions among studies that have used different methodological approaches.

    CBO also reviewed the literature on how taxes on sugar-sweetened beverages affect food consumption, health, and health care spending. If restrictions on SNAP purchases effectively raise the prices of targeted items, people may respond much as they do to those taxes. Although other interventions also aim to reduce the consumption of unhealthy foods, CBO focused on sugar-sweetened beverage taxes because of the strength and depth of the evidence in that area.

    What Have RCTs Found About the Effects of Nutritional Standards in SNAP or Similar Programs on Diet Quality?

    In CBO’s assessment, the evidence on how SNAP beneficiaries would respond to restrictions on items that are eligible for purchase with SNAP benefits is unclear. Two RCTs found that restrictions on sugary foods alone did not improve the diets of low-income households receiving SNAP-like benefits (Harnack and others 2024; Harnack and others 2016). The lack of an effect may have been due to recipients’ use of their own funds to buy restricted items or their substitution of similar foods.

    Those studies also examined the combined effects of restrictions and incentives (that is, additional funds for the purchase of healthier foods), with mixed results. The 2016 study showed improved diet quality, but the 2024 study found no improvement. Methodological differences could explain those inconsistent findings.

    Direct evidence that incentives can improve food consumption among SNAP recipients has come from the Healthy Incentives Pilot, a 2011 RCT involving a large group of SNAP recipients. In that study, participants who received an additional 30 cents for every SNAP dollar spent on certain fruits and vegetables consumed about 25 percent more of those items daily than participants who received standard SNAP benefits (Bartlett and others 2014).

    What Do Simulation Models Suggest About the Effects of Nutritional Standards in SNAP on Health and Health Care Spending?

    Diet quality can affect health. For certain populations, such as people with diet-related chronic diseases, dietary improvements can have clear benefits in the near term (see, for example, Estruch and others 2018; Appel and others 1997). For other populations, such as children, some evidence suggests that improvements in diet quality, including lower exposure to sugar, can improve health over the longer term (Gracner, Boone, and Gertler 2024; Gertler and Gracner 2022).

    Three simulation studies have estimated how nutritional restrictions in SNAP would affect health and health care spending (Choi, Wright, and Bleich 2021; Mozaffarian and others 2018; Basu and others 2014). Those studies modeled how SNAP recipients would change their consumption behavior in response to changes in program rules, accounting for the fact that recipients often shift some spending between SNAP benefits and personal funds when SNAP policies change. The studies linked the projected changes in consumption to expected health outcomes and health care costs, using evidence from prior research.

    Findings from those simulation studies suggest that restricting purchases of sugar-sweetened beverages with SNAP dollars would improve health outcomes. One study found that restrictions would lead to lower obesity rates and lower incidence of type 2 diabetes (Basu and others 2014). Another suggested that restrictions would reduce cases of cardiovascular disease and health care spending (Mozaffarian and others 2018). The third study found that restricting purchases of sugar-sweetened beverages would reduce dental cavities among children, but the effects on obesity would vary depending on food substitutions (Choi, Wright, and Bleich 2021).

    Two of those three studies also modeled the effects of incentives alone, with mixed results: One found that incentives on their own would not change health outcomes (Basu and others 2014), whereas the other found that incentives would lead to improvements in health and reductions in health care spending (Mozaffarian and others 2018).

    What Have Research Studies Found About the Effects of Sugar-Sweetened Beverage Taxes on Health?

    Eight cities or areas in the United States have imposed taxes on sugar-sweetened beverages (World Bank 2023). There is substantial evidence showing that taxes reduce sales of such beverages but limited evidence linking those reductions in sales to improvements in health (Hoffer and Macumber-Rosin 2025; Cawley and Frisvold 2023). Improvements in health may be limited because people substitute the taxed beverages with other high-calorie products or travel to areas without such taxes to purchase them (Hoffer and Macumber-Rosin 2025; Cawley and others 2019).

    SNAP participants may respond to restrictions on unhealthy food purchases similarly to how consumers react to sugar-sweetened beverage taxes—by reducing consumption—if they perceive those restrictions as price increases. That perception depends on whether participants view SNAP benefits as equivalent to cash. If they do, they may simply use cash to buy restricted items. But people often treat SNAP benefits and cash differently (Hastings and Shapiro 2018). In that case, restrictions may effectively raise the perceived cost of targeted products, decreasing their consumption.

    What New Research Would Be Especially Useful?

    Additional research on how nutritional standards affect SNAP recipients’ food choices, health outcomes, and health care spending would help CBO provide more complete information to the Congress. Key areas that would benefit the agency’s analysis include the effects of the consumption of specific foods on overall diet quality; the extent to which changes in diet alone affect health, when many factors influence health; differences in policy effects among subgroups of people (based on age or prevalence of chronic conditions); and the near- and long-term implications of nutritional standards for health and health care spending. Research on how SNAP enrollment changes in response to nutritional standards is also needed. Restrictions could make the program less desirable, potentially reducing enrollment. Evidence on such changes in enrollment would help CBO estimate the effects on the program’s costs. And additional evidence on how participants substitute between SNAP benefits and cash would further inform the agency’s projections of the likely effects of nutritional standards in the program.

    Different study designs could help fill those gaps:

    • New RCTs would be valuable. Ideally, studies would randomly assign SNAP benefits with and without nutritional standards to large numbers of recipients across geographic areas, track purchases of food with SNAP benefits and with personal funds, and collect information on consumption. Linking that information to health metrics, health care spending, disability claims, and employment records would allow CBO to examine a wide range of near- and long-term outcomes.
    • Studies using simulation models could illustrate the sensitivity of results to different inputs and assumptions. CBO would also benefit from reviewing the code underlying those models.
    • Natural experiments, in which policy changes subject some people to an intervention but not others, would also be useful. Those studies would compare outcomes in areas where nutritional standards are adopted with outcomes in similar areas where they are not adopted.

    Because each design has strengths and limitations, those different designs are complementary. For example, RCTs are considered ideal for isolating the effects of an intervention, but their relevance can be limited by small sample sizes, short time frames, and high attrition rates. Simulation models can use survey data to assess larger samples over longer time frames, but they require simplification of complex behavioral and physiological mechanisms and are dependent on the quality of inputs and assumptions. A mix of designs would therefore strengthen the evidence base.

    Noelia Duchovny is an analyst in CBO’s Health Analysis Division. This blog post includes contributions from the following CBO staff: Susan Yeh Beyer, Elizabeth Cove Delisle, Jennifer Gray, Tamara Hayford, Rebecca Heller, Jeffrey Kling, Aditi Sen, Emily Stern, Julie Topoleski, Chapin White, and Heidi Williams (a consultant to CBO).

    As part of the legislative process, CBO supplies the Congress with cost estimates for legislation, economic and budget projections, and other economic assessments. Information from the research community is an important element of CBO’s analyses. This is the 11th in a series of blog posts discussing research that would enhance the quality of the information that CBO uses in its work. (Earlier posts in the series discussed the need for new research in the areas of energy and the environment, finance, health, hepatitis C, labor, macroeconomics, national security, new drug development, obesity, and taxes and transfers.) Please send comments to communications@cbo.gov.

    MIL OSI USA News

  • MIL-OSI: Coalesce Honors Data Leaders Driving Innovation with 2025 GOAT Awards

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, May 02, 2025 (GLOBE NEWSWIRE) — Coalesce, the AI-powered data transformation and governance company, announced the 2025 Greatest of All Transformers (GOAT) award recipients, honoring data professionals at the forefront of modern data management practices.

    In an industry that’s driving business analytics and AI innovation, it’s easy to forget that behind every breakthrough is a team of humans—data engineers, data architects, data scientists, data analysts, and data ops—who make the magic happen. At Coalesce, we call them Data Transformers.

    We created the Greatest of All Transformers (GOAT) program to honor the people doing the hard, often invisible work of building the foundation for business intelligence and AI innovation, ultimately transforming how organizations manage and deliver data.

    Now in its second year, the GOAT program recognizes members of Coalesce’s Data Transformers community—forward-thinking data engineers, data architects, and industry leaders, who share a passion for solving real-world challenges while redefining what is possible with data. These leaders represent a global community pushing the boundaries of innovation and shaping the future of business through cutting-edge data solutions, automation, and collaboration.

    2025 GOAT of the Year Award

    In addition to recognizing the full class of 2025 GOATs, Coalesce is proud to name Gu Xie, Head of Data at Group 1001, as the 2025 GOAT of the Year—a singular honor awarded to an individual who leads the way in innovation while upholding best practices in data engineering and data operations to ensure long-term success. Gu’s work exemplifies leadership in building future-ready data infrastructure, streamlining operations, and driving long-term strategic success across the enterprise.

    Under Gu’s leadership, the data team at Group 1001 Innovations has modernized its data stack, strengthened data quality, and built scalable systems that enable faster, smarter decision-making across the business.

    The Class of 2025 GOAT Honorees

    Alongside Gu, Coalesce is also recognizing the Class of 2025 GOAT Honorees—a cohort of standout contributors whose work drives the future of the data industry. The list includes data professionals from Fortune 500 enterprises, fast-moving startups, sports teams, and consulting firms from around the world. These GOATs demonstrate excellence in practice, leadership in community, and an unrelenting focus on solving complex data challenges.

    “The GOAT program is our way of recognizing the people who are actively shaping the future of the data industry through innovation and collaboration,” said Armon Petrossian, CEO and co-founder of Coalesce. “Gu Xie and the entire class of 2025 GOATs exemplify leadership in this ever-evolving space. We’re excited to support and celebrate their accomplishments now and in the future.”

    Class of 2025 GOAT Honorees

    North America

    • Frank Bell, ITS Consulting
    • Dane Bernhardt, HUB International
    • Ajay Bidani, Powell Industries
    • Patrick Buell, Hakkoda
    • Jimmy Ched’homme, TubeScience
    • Naveen Chidiri
    • Andrew Crisp, UCBI
    • Amanuel Dandena, Alterman
    • Blake Davidson, PetIQ
    • Lee Derks, DigBI Consulting
    • Brennan DiChiara, Tampa Bay Rays
    • Parker Dillon, 3STEP
    • Juan Dominguez, Tampa Bay Rays
    • Christopher Elliott, Denny’s
    • Matt Florian, Hakkoda
    • Jesse Fry, ECS Tuning
    • Munish Gandevia, 3STEP Sports
    • Jay Gimple, CDAO
    • Kent Graziano, The Data Warrior
    • Justin Grimme, Snowflake
    • Brandon Harris, Oshkosh Corporation
    • Joe Horton, WSECU
    • Susan Kolesnikov, Group 1001
    • Nicholas Mann, Stratos
    • Erik McConathy, CKE Restaurants
    • Shyam Nair, Texas Capital Bank
    • Hilda Olekangal, Q2
    • Deborah Reinagel, Alterman
    • Sarah Siron, PetIQ
    • Joel Stanley, ECS Tuning
    • Sam Stein, MERU
    • Matt Tischler, Blue Cardinal Home Services Group
    • Kelly White, UCBI

    Europe, Middle East, and Africa (EMEA)

    • Chris DeVogel, Medtronic
    • Fabian Geist, Heraeus
    • Ivo Goudzwaard, Boels Rental
    • Ralph Knoops, Nextview Consulting
    • Lachlan Macpherson, N-Able
    • Christopher Rüge, RSG
    • Ronald Seinen, Medtronic
    • Chris Tabb, LEIT Data
    • Sojin Yoon, Heraeus

    Australia-New Zealand (ANZ)

    • John (JC) Cosgrove, Cloudwerx
    • Adam Courtier, Mitre 10
    • Ravi Nath, Esri Australia
    • Martin Norgrove, Qrious
    • Quintus van Wyk, Mitre 10

    About Coalesce
    Coalesce transforms how data teams work by simplifying data development and governance. The platform enables data practitioners of all skill levels to build, discover, and scale data projects with unprecedented speed and quality. Designed for flexibility, Coalesce empowers organizations to accelerate the delivery and consumption of trusted, enterprise-ready data—while reducing time and effort tenfold. Learn more at Coalesce.io.

    The MIL Network

  • MIL-OSI: April Consumer Chapter 7 Bankruptcy Filings Increase 16 Percent from Previous Year

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 02, 2025 (GLOBE NEWSWIRE) — The 30,961 individual chapter 7 filings in April 2025 represented a 16 percent increase over the 26,781 filings recorded in April 2024, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data.

    Total individual bankruptcy filings increased 10 percent in April 2025, to 47,323, up from the April 2024 individual filing total of 43,030. The 16,246 individual chapter 13 filings in April 2025 represented a slight increase from the 16,175 individual chapter 13 filings last April.

    “The 9 percent increase in total bankruptcy filings in April 2025, particularly the 16 percent surge in individual chapter 7 filings, reflects the mounting financial strain on households, elevated prices, and higher borrowing costs,” said Michael Hunter, Vice President of Epiq AACER. “While commercial filings have softened, the uptick in small business Subchapter V elections signals persistent distress among smaller businesses navigating an uncertain economic landscape.

    “April 2025’s data underscores a continued rise in individual bankruptcies, with 47,323 filings driven by economic pressures like inflation and geopolitical uncertainties,” Hunter said. “Although commercial Chapter 11 filings declined, the 4 percent growth in subchapter V filings highlights the ongoing challenges for small businesses seeking relief, pointing to a broader need for accessible restructuring options.”

    Total bankruptcy filings were 49,588 in April 2025, a 9 percent increase from the April 2024 total of 45,615. Conversely, total April commercial filings dipped 12 percent to 2,265 from the 2,585 total commercial filings the previous year. Commercial chapter 11 bankruptcy filings decreased 20 percent in April 2025, declining to 434 from the 542 filings registered in April 2024. Small business filings, however, captured as subchapter V elections within chapter 11, increased 4 percent in April 2025, to 218 from the 210 filings recorded in April 2024.

    “While filings still remain below pre-pandemic levels, elevated prices, higher borrowing costs and uncertain geopolitical events compound the economic challenges faced by families and businesses,” said ABI Executive Director Amy Quackenboss. “We look forward to providing Congress with the research, information and statistics to re-establish higher debt thresholds for financially distressed small businesses and consumers to access the fresh start of bankruptcy.”

    ABI has partnered with Epiq Bankruptcy to provide the most current bankruptcy filing data for analysts, researchers, and members of the news media. Epiq Bankruptcy is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its Bankruptcy Analytics subscription service provides on-demand access to the industry’s most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com/analytics.

    About Epiq
    Epiq, a technology and services leader, takes on large-scale and complex tasks for corporate legal departments, law firms, and business professionals by integrating people, process, technology, and data. Clients rely on Epiq to streamline legal and compliance, settlement, and business administration workflows to drive efficiency, minimize risk, and improve cost savings. With a presence in 19 countries, our values define who we are and how we partner with clients and communities. Learn how Epiq’s approximately 8,000 people worldwide create meaningful change at www.epiqglobal.com

    About ABI 
    ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events.

    Press Contacts
    Carrie Trent
    Epiq, Senior Director of Corporate Communications and Public Relations
    Carrie.Trent@epiqglobal.com

    John Hartgen
    ABI, Public Affairs Officer
    jhartgen@abi.org

    The MIL Network

  • MIL-OSI: Best Guaranteed Installment Loans For Bad Credit – Online Approval No Credit Check Direct Lenders Only – By Green Trust Cash

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, May 02, 2025 (GLOBE NEWSWIRE) — Do you want to apply for a loan that gives you an easy repayment option? Then you must apply for installment bad credit loans with guaranteed approval. Fortunately, direct lenders have made it possible for you to get cash easily and instantly as they have removed all the hectic formalities.

    Today’s Top Direct Lender For Installment Loans With Guaranteed Approval

    Here are the leading direct lender that provide guaranteed installment loans for people with bad credit:

    #1 Green Trust Cash – is known for offering no credit check installment loans . Green Trust Cash provides emergency funding of up to $5000, with a straightforward application process that can lead to quick approvals. Also specializes in bad credit installment loans with guaranteed approval. Their application process is designed to be simple and quick, requiring only a few minutes to complete. Importantly, they do not conduct hard credit checks, making them a viable option for many borrowers.

    Click Here To APPLY For Guaranteed Installment Loan >>

    Guaranteed Installment Loans For Bad Credit

    Installment loans with guaranteed approval are becoming more and more popular among borrowers with bad credit histories. Because basically this is an unsecured loan i.e. you don’t need to pledge collateral for the borrowed money. All the risk is taken by installment loan lenders. That’s why these loans are available to you with high interest rates.

    The reimbursement term for this loan type is quite convenient. You can make a settlement in easy monthly installments. Unsecured format allows you to have cash even in the absence of collateral. Under this format you can get cash in the range of $100-$5000 without any hassle. So if you are a citizen of the USA, your age is above 18 years and you have a valid bank account then you can easily get guaranteed approval for installment bad credit loans.

    Key Features of Guaranteed Bad Credit Installment Loans

    1. Accessibility: One of the primary advantages of no credit check installment loans is their accessibility. These loans do not require a formal review of the borrower’s credit history or score, making them an attractive option for those with poor or no credit.
    2. Quick Approval Process: The absence of a credit check often leads to a faster approval process. Borrowers can receive funds quickly, which is particularly beneficial in emergencies or when immediate financial assistance is needed.
    3. Predictable Payments: With fixed monthly payments, borrowers can budget more effectively. This predictability helps in planning finances and avoiding the pitfalls of fluctuating payments associated with other types of loans.
    4. Larger Loan Amounts: Many lenders offer substantial loan amounts through installment loans, allowing borrowers to cover significant expenses, such as medical bills, home repairs, or unexpected emergencies.
    5. Potential for Credit Improvement: While these loans do not require a credit check, timely repayments can positively impact a borrower’s credit score over time. This can open doors to better financing options in the future.

    Click Here To APPLY For Guaranteed Installment Loan >>

    Installment Loans With No Credit Check

    No credit check installment loans are actually meant for those persons who are facing some monetary problems and want them to be resolved within a short period of time. These installment loans help them in solving their difficulties in a single day and the best part is that their past credit profile will not interfere with recent credit worthiness.

    Getting a loan is not a problem these days. The problem is with repayment of the loan. Most of the short term loans are to be repaid within a month or so. They are usually to be repaid in one go only. This is where the problem starts. Borrowers generally find it very difficult to repay the debt taken with interest in a single part. To overcome this today lenders have introduced installment loans with no credit check. This type of personal loan is very simple to obtain and then the loan may be repaid in easy weekly or bi-weekly or monthly installments.

    Considerations When Choosing No Credit Check Installment Loans

    While the benefits are appealing, borrowers should also be aware of certain considerations:

    • Interest Rates: Installment loans no credit check may come with higher interest rates compared to traditional loans. It is essential for borrowers to understand the total cost of borrowing before committing.
    • Loan Terms: The terms of these loans can vary significantly between direct lenders. Borrowers should carefully review the repayment terms, including the duration and any associated fees.
    • Lender Reputation: It is crucial to choose a reputable direct installment loan lender. Researching reviews and ratings can help ensure that borrowers are working with trustworthy institutions.

    Click Here To APPLY For No Credit Check Installment Loan >>

    Online Installment Loans Direct Lenders Only

    The direct lender installment loans with no credit check, is the fastest way to get instant cash. It is the best financial support for people in tough times. You can repay this money in small and easy cash installments.

    What Are Direct Lenders?

    Direct lenders are financial institutions or companies that provide loans directly to consumers without involving intermediaries. This means that borrowers can apply for installment loans, receive approval, and manage their repayments all through the same entity. Working with direct lenders can simplify the borrowing process and often leads to more favorable terms.

    Today you can easily find numerous installment loan providers on the internet. You just need to discover the one who can offer you credit with easy terms and circumstances and a low rate of interest. Some of the top direct lenders available today are listed in this guide. You can select one of them to meet your financial needs and apply for an installment loan online.

    Pros of Choosing Direct Lenders for Installment Loans

    When considering installment loans, opting for direct lenders only can offer several advantages:

    1. Streamlined Process: Borrowers can complete the entire loan process—from application to funding—without dealing with third parties, which can reduce delays and confusion.
    2. Transparent Terms: Direct lenders typically provide clear information regarding interest rates, fees, and repayment schedules, allowing borrowers to make informed decisions.
    3. Potentially Lower Costs: By eliminating intermediaries, direct lenders may offer more competitive rates and lower fees compared to loans obtained through brokers.
    4. Flexible Options: Many direct lenders provide a range of loan amounts and repayment terms, catering to the diverse needs of borrowers.

    Benefits Of Guaranteed Bad Credit Installment Loans Online

    Guaranteed bad credit installment loans offer a range of benefits that can significantly aid individuals struggling with poor credit. From the opportunity to rebuild credit scores to predictable repayment terms and quick access to funds, these loans can serve as a crucial financial tool

    1. Credit Building Opportunities
      • One of the most significant advantages of guaranteed bad credit installment loans is the potential for credit improvement. By making regular, on-time payments, borrowers can gradually enhance their credit scores. This improvement can open doors to better financial opportunities in the future, such as lower interest rates and more favorable loan terms.
    2. Predictable Monthly Payments
      • Installment loans typically come with fixed interest rates and set repayment schedules. This predictability allows borrowers to budget effectively, as they know exactly how much they need to pay each month. This can alleviate the stress often associated with variable-rate loans.
    3. Access to Larger Loan Amounts
      • Unlike some short-term loans, installment loans often provide access to larger sums of money. This can be particularly beneficial for individuals facing significant expenses, such as medical bills, home repairs, or other urgent financial needs. The ability to cover larger expenses can help borrowers avoid falling into deeper financial distress.
    4. Quick Funding Process
      • Many lenders offering guaranteed bad credit installment loans have streamlined their application processes, allowing for quick funding. This means that borrowers can receive the funds they need in a timely manner, which is crucial in emergency situations.
    5. No Collateral Required
      • Most guaranteed bad credit installment loans are unsecured, meaning borrowers do not need to provide collateral to secure the loan. This feature makes them accessible to a broader range of individuals, including those who may not have valuable assets to pledge.

    A little research is recommended to be done before applying for such loans. This may be done on the internet too. Here you may compare the rates and other charges of different lenders like Green Trust Cash available in the market and can select the best one for the loan.

    Requirements For No Credit Check Installment Loans For Bad Credit

    While these loans do not require a credit check, there are still several essential requirements that applicants must meet:

    1. Proof of Income: Direct lenders typically require documentation of a stable income source, such as pay stubs or bank statements, to ensure the borrower can repay the loan.
    2. Age and Residency: Applicants must be at least 18 years old and a resident of the state where they are applying for the loan.
    3. Bank Account: A valid checking account is often necessary for the disbursement of funds and for automatic repayment of the loan.
    4. Identification: Borrowers must provide valid identification, such as a driver’s license or state ID, to verify their identity.

    One of the best parts of guaranteed installment loans is there is no matter if you contain a bad credit record. Lenders offer the loan without any credit check procedure. People with a poor credit history are eligible for this credit facility, but they have to pay a slightly higher interest rate in comparison to normal borrowers.

    So the conditions that are laid down by the direct lenders for being eligible to avail such loans are simple and can be easily qualified upon. It includes conditions such as:

    • The borrower should be citizen of U.S
    • The borrower should be of 18 years of age or above
    • The borrower should be having a bank account in his own name

    Even if you are not able to fulfill all the conditions, still you can approach the lender and can ask for an exception by showing your repayment capability to the lender. It can be easily done by showing your current income which is the basis of granting such loans.

    How To Apply For Easiest Installment Loans From Direct Lenders Only

    A market research and comparison of the rates and charges of different lenders would help you in getting the best lender at least rate.

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    The MIL Network

  • MIL-OSI Europe: The Atlantic Council hosted French Minister for Europe and Foreign Affairs Jean-Noël Barrot on Europe and the new world order.

    Source: France-Diplomatie – Ministry of Foreign Affairs and International Development

    Frederick Kempe: Good afternoon to those joining us in our headquarters, our relatively new global headquarters here in Washington today. Good evening to those watching online from Europe and the globe, to everyone joining us from throughout the world. My name is Frederick Kempe. I’m President and CEO of the Atlantic Council, and I’m delighted to welcome you to Atlantic Council Front Days. This is our premier platform for global leaders. And it’s an honor to host today the Minister for Europe and Foreign Affairs of the French Republic, Jean-Noël Barrot. Today’s discussion turns our attention to one of the most enduring and consequential bilateral relationships in U.S. history.

    In the nearly two and a half centuries since France became the first country to formalize diplomatic relations with the newly born United States. Next year, Mr. Minister, is the anniversary of the revolution here. France became the first country to formalize diplomatic relations with the newly born United States. Since that time, this pillar of the transatlantic relationship has seen moments of triumph and moments of trial. From Lafayette and Washington to the beaches of Normandy, the United States, and France have forged partnership unlike any other based on common values in history. However, this relationship goes beyond just sentiment. At each major inflection point in recent history, our countries have stood together, not just because of friendship, but because of shared interests. And now, facing a war on European soil, basing an unfolding trade war, potentially rapidly evolving technological disruptions, and more, the United States and France must consider how to recalibrate and perhaps how to reinvent its partnership and the broader Atlantic alliance with it in order to achieve our common goals of security, prosperity, and freedom.

    As we think through how best to address these challenges, we are delighted to welcome Minister Barrot for today’s event and on the occasion of his first visit to the United States in his current role. The Minister has held numerous positions in the French government, including most recently Minister Delegate for Europe and then Minister Delegate for Digital Affairs, making him well-placed to share the French perspective on the political dynamics at the EU level as well as critical issues of digital and tech policy, and it may help in these times also to be a policy. Minister, welcome to the Atlantic Council. Before we begin let me just say to our audience that we will be taking questions. First, the Minister will make some opening comments Then I will join him on the stage and ask a few questions and then turn to the audience for questions. For those in person, we’ll have a microphone to pass around. For those online, please go to askac.org, askac.org to send your question in virtually. Minister Barrot, it’s always a pleasure to have someone speak at the end of meetings in Washington instead of the beginning of the meetings in Washington. So we look very much forward to your attention.

    Jean-Noël Barrot : Thank you very much, Mr. President. Hello, everyone. One week from now, on May 8th, we mark an important anniversary, the 80th anniversary of the end of World War II in Europe. This was the starting point of an extraordinary endeavor, a formidable building, a building of rule-based international order, a building of multilateralism. Who was the architect of this formidable building? Well, the architect of this building were the United States of America. They did not do this out of charity. They did this as out of enlightened self-interest. They collected substantial dividends from multilateralism throughout the eight decades that have just passed by. The dividends of multilateralism. Think about security. Thanks to the nonproliferation treaty, we collectively have avoided a raise to the nuclear bomb that would have caused so much instability and raised the cost of defense for all our countries.

    NATO has allowed the US, alongside its European partners, to ensure security in the North Atlantic, but also to offer major investment opportunities for its defense industry. Think about trade. WTO has allowed the US economy to grow, has allowed US services to thrive, digital services, financial services around the world. Think about currency. The Bretton Woods framework has made the dollar a global reserve currency. What does it mean to be a global reserve currency? It means that everyone wants to hold it. So that the yields on your treasury bonds are the lowest on earth. And even more than that, when there is a crisis, even when there is a crisis in the US, people rush to buy your treasury bonds, and the cost of borrowing goes down. This exorbitant privilege, as a French president coined it, is part of the dividends of multilateralism that the US brought to the world and that they also benefited from.

    This formidable building, the building of multilateralism, was designed 80 years ago for a unipolar world, where a benevolent hegemon, the United States of America, was the guarantor of rule-based international order. A world in which US leadership was unchallenged, untested. But eight years later, indeed, the world has changed. It has become multipolar, US leadership is challenged, And sometimes multilateralism seems powerless or unfit for power. And therefore, and gradually, a temptation arises for the US to perhaps let go of multilateralism, quit multilateralism, to pull back, to restrain it. This is our choice that belongs to the American people. But this would be a major shift, a major shift for the US, who would not be able to collect the dividends of multilateralism any longer, a major shift for the world, because the multilateralism will survive whether or not the US quits multilateralism. And so someone will fill the void starting with China, which was already getting ready to step up and to become the new hegemon of this new era of multilateralism, in the case where the US would decide to let them play this role.

    Now there is another route, there is an alternative route. Rather than quitting multilateralism, reshaping it, adjusting it, making it fit for the 21st century. The first step, and this is a difficult step, is accepting to share the power. in order not to lose it altogether. This means reforming the UN and its Security Council, reforming the financial infrastructure to make space for big emerging countries and share the burden with them, but also hold them responsible because they have part of the burden to share in handling the global issues and challenges. The second step when building multilateral for a multipolar world is to be ready to build coalitions of the willing to overcome obstruction in multilateral forum like the UN Security Council when they arise. It’s not because something won’t happen at the UN, at the IMF, or the World Bank, that you cannot design a coalition of the willing with willing and able countries in order to overcome this obstruction. This is the new era of multilateralism. This is the route that Europe is willing to take and that Europe is hoping to take alongside the United States of America.

    One week from now, we’ll celebrate another anniversary, not on May 8th, but on May 9th, the 75th anniversary of the birth of Europe. On May 9th of 1950, my distant predecessor, Robert Schuman, woke up in a country, France, that was five years past World War II, where tensions were rising with the neighbor and rival, Germany. Germany was recovering from the war faster than France was. And so what was the tendency in Paris on that day, in that year? Well, the tendency was protectionism, was raising tariffs, raising barriers to prevent Germans from thriving and fully recovered. And so Robert Schuman, as he was heading to the Council of Ministers, he had this crazy idea in mind to put in common steel and coal across France and Germany, swimming against the tide to favor cooperation over confrontation. At the Council of Ministers, he barely mentioned his initiative for his prime minister not to prevent him from announcing it. And at 6 p.m., in a one-minute and 30-second speech, he made this unilateral offer to create the European steel and coal community and make the foundation of a multilateral, cooperative European Union. So you see, when times are hard, and when the tendency is to restrain, pull back, raise barriers, Those visionary men that brought us prosperity and that brought us peace in the European continent, they swung against the tide and offered innovative models for cooperation. So let us find inspiration in the great work of these visionary people. Thank you very much.

    Frederick Kempe : I feel that was a very important statement and I’m gonna start with that. You see by the audience and standing room only that there was a lot of interest in this conversation and what you had to say : 75th anniversary of the birth of Europe, the 80th anniversary of the E.A., all next weekend, we’re calling attention to that. And it seemed really to be a call to your American allies and to the current administration to stay the course on multilateralism and transatlantic engagement, et cetera. So, A, do you intend to do that? And it’s no accident that no one in this audience who’s following the news, everyone knows that there are doubts right now in the transatlantic stream. Not all of them do I share, but I just wonder if you could give us a little bit more of the context of your statement.

    Jean-Noël Barrot : Well, we deeply care about the world-based international model of multilateralism. So I spent two days in New York at the Security Council as we were wrapping up our presence. You know, 15 members of the Security Council, they get one month’s presidency every 15 months. And so we try and make the most of your months-long presence. And to give you a sense of what our commitment is, I am, we are very committed to the three fundamental missions of the United Nations, peace and security, human rights, sustainable development. That’s why we had three bottom security meetings, Ukraine, Middle East, but also non-proliferation, in a closed-door Security Council meeting that was on proliferation. that was first convened in 15 years, or last convened in 15 years, 15 years ago. On human rights, we brought together, mentioning coalitions of the wing, international humanitarian law is under attack, let’s say. And we brought together countries from all around the world, east, south, west, and north, in a coalition of the willing to support politically and better implement in practice the rules of international humanitarian law. And then third, on sustainable development, we took this opportunity to bring together the countries that are the most committed, like we are, to the preservation of oceans, 40 days ahead of the third United Nations Conference on Oceans that will take place in Nice, south of France, and that is aimed to be the equivalent for ocean as what the Paris Accord has been for carbon emissions. So we’re very ambitious with this event as many countries as possible to rally some of the key deliverables of these countries. And so I decided I would spend some time at the UN talking about that.

    So we think this is the right way to go, adjusting multilateralism to make it more efficient in the multi-border world that we’re living in. And I hear that the new leadership in the US is considering what its course of action is going to be. And I think amongst friends that are actually oldest friends, we owe each other an honest discussion on what we see our common interest to be. And I think that was the sense of my introductory remarks. Thank you so much.

    Frederick Kempe : And I think you’ve seen a signal of commitment today, I think, toward the United Nations with the nomination of National Security Advisor Mike Walz to be the UN ambassador, so also an interesting piece of news. Speaking of news, you have had meetings here. We do have media, French, US, other here, and I wonder whether you could tell us your perspective on what do you take away from the conversations, Secretary Rubio, others, anything specific that we can take away from that? And then in that context, as you’re looking at what your greatest challenges are, what were the priorities in your conversations with U.S. leadership?

    Jean-Noël Barrot : Well, I mentioned the 9th of May and 75th anniversary of this declaration by Robert Truman. This year will be Ukraine, because I think a very important, significant chunk of our future, and I’m not talking about the future of Europeans only, depends on how this war of aggression is going to end. So we’ll be with my fellow European ministers of foreign affairs there to express our support to Ukraine and our willingness for this war to end in accordance with the UN Charter international rule. So that was clearly an important topic that I discussed with the US leadership at the State Department as well as Capitol Hill. But we also discussed Middle East, where France and the US have been leading the efforts to put an end to the war that was basically destroying Lebanon eight months ago. We managed to broker a ceasefire five months ago to monitor the ceasefire through a joint mechanism. We managed to bring the conditions for the end of the political crisis with the election of President Joseph Aoun. that then appointed the government, that is now at work trying to implement reforms that are long due in Lebanon. And we want to do the same thing, same food for cooperation in Syria, where this, after overturning the dictatorship of Bashar al-Assad, there is an opportunity to build a strong sovereign country that will be a source of stability rather than instability for the region. I cannot let aside Gaza and the Israel-Palestinian conflict, where again, we converge on the necessity to bring back stability and peace to the region. We have praised the Arab accord logic, and we’re working in the same direction, bringing peace to the region. Muslim and Arabic countries in the region and Israel towards security architecture that would ensure the security of all peace and stability. We also discussed Africa, where the U.S. made a breakthrough in handling or in sort of moving towards a cessation of hostilities in the Great Lakes regions in the east of the Democratic Republic of Congo, where the second worst humanitarian crisis is happening right now. This is good. And after they were received or they were hosted by the Department of State, a few days ago, the DRC and Rwanda gathered in Qatar with France and with the United States. So as you can see, some of the major, major issues, major crises. France and the U.S. are working together in order to find the right solution. Sometimes it isn’t we. Sometimes we don’t start from the same point, but look at Lebanon. It’s because of our complementarity, because of different history in the region, because of the different nature of our partnership, relationship, friendship with the stakeholders of that crisis that we were able.

    Frederick Kempe : Thank you for that answer. Let’s start with Ukraine. News yesterday about critical minerals deal with Ukraine almost more interested in the political side of this than the economic side of this. Talking to Ukrainian officials over the last few months, they’ve been concerned that the U.S. gone more from being an actual partner of Ukraine in trying to counter Russian threat and the Russian attack, and more of an arbitrator, more of a moderator. This critical mineral deal, if you read the language of it, suggests a little bit of a change of direction. And I just wonder, and that is an area where France and the U.S. have not always been entirely singing from the same song sheet. What did you hear during your trip there? How do you assess this new agreement and its political meaning?

    Jean-Noël Barrot : Well, I think it’s a very good agreement. I think it’s a very good agreement for Ukraine and also for the U.S. But I also think that it tells us something very important about what’s happening right now. Let’s go back to the Oval Office when President Zelensky was there. What was the expectation by President Trump with respect to Ukraine? Well, actually, there were two expectations. Ceasefire and sign of a new deal. Since then, on March 9, in Jeddah, Saudi Arabia, Ukraine accepted a comprehensive ceasefire. And yesterday night, they agreed to a mineral deal with the United States of America. They’ve done their part of the job. They’ve walked their part of the talk. But in the meantime, we haven’t seen Vladimir Putin send any signal, any sign of his willingness to comply with the requests of President Trump, to the very contrary. So let’s face it, right now, the main obstacle to peace is Vladimir Putin. So what I found very interesting in my meetings here in Washington is the efforts, the commendable efforts by Senator Lindsey Graham, who put together a massive package of sanctions that he collected bipartisan support for, with almost 70 senators now signing the bill which is aimed at threatening Russia into accepting a ceasefire, or else those sanctions will apply. And here again, we agree that we will try to coordinate because we, Europeans, are in the process of putting together the 17th sanction package that we are going to try, on substance and timing, to coordinate with Senator Graham’s own package. That was, perhaps, a bit of a long answer. But in summary, it’s good news that this deal was struck. It’s good news that the US, and I heard Secretary Besant express what he had in mind, the US was considering deep economic cooperation with Ukraine. It goes in the right direction. It’s the right course that they should, that should be taken.

    Frederick Kempe : And Secretary Bessent also said this is meant to be a signal to Putin. You see this as well.

    Jean-Noël Barrot : Yeah, put together this deal. The package by Lindsey Graham, who last time I checked is not a political adversary of President Trump, as well as the pressure that Europe is building up on Russia. And you get, the sense of the variant, it’s now basically Putin’s fault if we don’t yet have a ceasefire in the world.

    Frederick Kempe : So in recent discussions with US envoy Steve Witkoff, what divergences existed between France and the United States? And how do you hope to close those divergences? I guess part of this has to do with European troops, American backstop, but it also gets to the conditions behind a peace deal.

    Jean-Noël Barrot : If Ukraine was to capitulate, this would have long-lasting, wide-ranging consequences for the entire world. because it would basically replace rule-based international order by the law of the strongest. It would create massive incentives for countries around the world that that have border issues with their neighbors to consider that they can invade, that they can use military threats or force to obtain territorial concessions. This would be major, and this would be very costly for all of us, at least for responsible powers like the US and France that tend to get involved when there are issues around the world. When we would see issues exploding all around, it would be a major threat. In addition to that, should Ukraine capitulate after Ukraine has agreed to let go of its nuclear weapons in exchange for security guarantees. This will send the signal that the only ultimate security guarantee is the possession of nuclear weapons. And there we have a nuclear proliferation crisis, which again raises global instability at levels that we haven’t seen for the past 80 years, and will increase the cost massively of security in the US, security in Europe. And I think this view is shared between the U.S. and France. But of course, there is one difference between the perspective of the U.S. and the European perspective of this crisis, which is that our own security is at stake because we are neighbors of Russia or because we don’t want to be neighbors of this Russia that is now spending 40% of its budget on its military spending, 10% of its GDP, that just conscribed 160,000 additional soldiers, the largest conscription in 14 years. I’ve heard many, many times Russia say that they don’t want NATO at their borders. Well, we don’t want this Russia at our borders either. And that’s why we are so serious about what’s happening and about how the war will end. And that’s why we’ve been insisting so much about the security guarantees. And I think our message went through. And I think the US are counting on us to build the security arrangements such that when the peace deal is struck, that we can provide those security arrangements in order for the peace to be lasting and durable. But I think it’s well understood, and I’ve heard President Trump, but also officials from the US, clearly saying that of course they want this peace to be lasting, and of course this means that there is security guarantee.

    Frederick Kempe : And can it work without an American backstop where you’re getting closer to a conversation about that? Or, alternatively, is this critical minerals deal a security guarantee in a different form?

    Jean-Noël Barrot : So you should put things in two perspectives. We have been supporters of the Euro-Atlantic integration of Ukraine. Namely, we said that we were open to extend an invitation, a NATO invitation to Ukraine. We understand that NATO members, not all NATO members, agree with our view, so we have to find an alternative path. The sense of this coalition of the able of the willing that France and the UK has been putting together in order to design those security arrangements. This is ongoing work. This starts with making the Ukrainian army strong enough to be able to deter any further aggression by Russia, but it also very likely means some form of military capacity as a second layer of sanction or guarantee. When those detailed discussions will have been wrapped up, they’re currently ongoing, it will appear whether or not and how much any contribution or backstop by the US is needed. It’s possible that it is needed. Why? Well, because as far as Europeans are concerned, we’ve been working. We’ve been working and planning for our defense. It’s a little bit different for France, the UK, and Poland. But for the rest of European armies, we’ve been working within NATO. So if you’re going to work on a security arrangement outside of NATO framework, then at some point, you might need some kind of NATO-like enablers or make items that are going to make sure that the security arrangements are robust. But that being said, in the same way, do we understand that the US have decided that they will likely reduce their commitment to. We also understand that they are counting on us to bear the burden of providing the security arrangements. But we also need to be honest with them once we’ve done our homework. If there are pieces of these security arrangements that cannot be found outside of US contribution, we’ll just be honest.

    Frederick Kempe : Thank you so much. The one thing you didn’t mention in your opening comments is you didn’t talk about tariffs. You knew I was going to say that. And I wondered if it came up at all in your discussions. And also, I wonder if you could talk a little bit about what this 90-day pause gives a potential for an agreement. What sort of agreement can you imagine, or what is the direction of agreement with the European Union and the United States? How concerned are you about the tariffs driving a more lasting wedge across the Atlantic?

    Jean-Noël Barrot : Well, the good thing when you’re a foreign minister or an FF minister from France is that you’re not in France working tariffs. That being said, you’re allowed to have your own view on things. And indeed, as an economist, I have to say, otherwise I would be a traitor to my profession, that tariffs are not a good idea. President Trump wants to bring jobs back to America, and this is a perfectly legitimate ambition. In fact, we have the same in Europe. We want to bring jobs back to Europe. But tariffs are probably not the best way to achieve this objective. Tariffs are a tax on our economy. It’s a tax on the middle class. And it will make us Europeans, as well as Americans, poor. We do have research on what happened during the last trade war, the 2018 trade war. What happened? Well, the effect on the economy on this side of the Atlantic was limited. It’s basically a $7 billion loss, $7 billion loss on the economy. That’s not big. But it led to a massive transfer from the US consumer, middle class, of $50 billion. So the loss for the US consumer of $50 billion transferred to producers, $9 billion, to the government, $35 billion. And the rest is what’s lost for the US economy. So it’s a mild loss. But it’s a massive transfer from the US consumers to the US government. That’s what happened last time around. And those numbers are small because the trade war at the time was very big. Multiply this by 10. And you’ll get the kind of effects that you’re going to see on European economies, U.S. economies, and so on. So our hope is to reach the same type of outcome that we got the last time around. The U.S. retaliated, we retaliated, and then at some point we suspended those who lifted those tariffs. It was not the same administration that did it, but still, those tariffs were lifted. And I really hope that we get to this objective because, again, we’re very closely intertwined economies, so we have a lot to lose, but we have major rivals, adversaries, competitors that are going to benefit massively from this framework if we sort of choose confrontation over cooperation.

    Frederick Kempe : So let me ask one more follow-up there, and then I’ll go to the audience. On the tariffs, didn’t you raise this issue when you were here, when you are the foreign minister, but it is a political as well as an economic issue. And did you get any indications of what direction ?

    Jean-Noël Barrot : Well, the good thing about being Marco Rubio is that you’re not in charge of terrorists either. But when we met in NATO, I told him that if there was only one positive aspect of those tariffs, is that by lowering GDPs, it would allow us to reach our NATO targets.

    First question from an author and journalist : We see re-entering a phase, a new intensive phase of big power rivalry with the United States retreating from security commitments in Europe, Russian military militarizing its society and having designs on other neighbors besides Ukraine and China seeking economic domination of the world. President Macron has spoken often about the need for Europe to achieve greater strategic autonomy. Do you think Europe should seek to constitute a fourth bloc, even at the risk of putting greater space with its principal ally, the United States? And a quick follow-up, you spoke about the need to share power in a multilateral context. In terms of UN Security Council reform, is France prepared to fold its seat into the European Union presence, or would you also agree to the idea of expanding the Security Council to have 10 to 12 nations? Thank you.

    Jean-Noël Barrot : So you mentioned Russia. You mentioned the four months. That was your first question. I wouldn’t go Russia a block. Russia has a GDP that is 20 times smaller than the EU. I wouldn’t call that a block. Russia is a big country geographically. It is one of the winning nations of the Second World War. So, there are a number of consequences coming with that, including the permanent seat of the Security Council. But I wouldn’t call Russia a block. And we don’t see ourselves, when we speak about strategic autonomy, we don’t see ourselves as entering into a logic of blocks or spheres of influence and stuff like that. We remain committed to multilateralism, rule-based international world order, balance. The only thing is that in a more brutal world, if you want to be heard and be respected, when you’re upholding the values that Europe and the EU upholding, freedom, democracy, free speech and so on, you’re going to need to be much stronger, much less dependent on other regions. And so we see our strategic autonomy as a way to defend the model, which is an open model, which is a balanced model, which is a multilateral model of governance for the world. And we see a lot of appetite for this approach, because since those trade wars started, we cannot count the number of countries that are knocking at EU’s door to strike a trade deal or even to become a candidate. And it’s not only Iceland and Norway that seem to be interested. I heard that on this side of the Atlantic, there are people considering. And you know that there is one geographical criteria. But I just want to mention that even though it’s a very, very, very, very tiny island in the middle of the Atlantic Ocean, no one lives there. I think it’s like 20 meters long. But this island is split between Canada and Denmark, which gives Canada an actual border with the European Union. And the second question is about… I went quickly because I was told that we should not be long in the introduction of those conversations, but I really think that if we want to adjust those institutions, Security Council and so on, To the new era, we need to accept that others have grown over the past 18 years and they need to be represented, but they also need to take their responsibility. Some of them are no longer developing countries. They are actual major economies, major powers. So they should have a seat at the table, but they should also behave as major powers. So what’s our position? Our position is a permanent seat of the Security Council for India, Germany, Japan, Brazil, and two African countries with all associated priorities. This is what we want for the reform of the Security Council. But we also want the same kind of thing to happen with international financial institutions. And this is the spirit of what President Macron has called the Paris Act, or the Act for the People and the Planet, where the ideal is reform. No country in the south should have to choose between fighting against poverty and fighting against climate change. So it should be more balanced, more equal, equitable funding for southern countries. But those emerging countries from the South that are now developed economies should also bear their responsibilities with respect to the least developed countries, the poorest countries. Because right now, some of them are sort of bunching with the least advanced countries sort of take their responsibility with respect to the poor countries. So that’s the spirit in which we’re pushing. And in fact, I had a meeting dedicated to security council reform on Monday in New York with some of the African countries that were working on it.

    Frederick Kempe : Thank you for that good answer. While we’re open, we’ve got a lot of questions now. I saw this gentleman first. and then we’ll go, I’ll figure it out, we’ll figure it out. Anyone here that wants to, there we go, that’s what I’m gonna do next. There we go, please.

    Second question : In context with President Macron’s call to Prime Minister Modi of India in solidarity after the terror attack in Palgakush, India, do you see a justifiable response by India against this attack as another roadblock to ensuring the India-Middle East Corridor gets off the ground. Of course, it was set back after the Israel-Hamas war. And did that conversation come up in your discussion with Secretary Rubio today? And if not, then what do we need to do collectively as the international community to make sure this gets off the ground?

    Jean-Noël Barrot : Thank you, so President Macron has been in touch with Prime Minister Modi, I have been in touch two times with my fellow foreign minister from India. We expressed solidarity. We hope tensions not to escalate and I heard Secretary Rubio call Pakistan to formally recognize the terrorist nature of this attack and to condemn it in the strongest possible way. And I would happily join this call to Pakistan to recognize the terrorist nature of what happened. And we’ll keep in touch with Marco Rubio, but also with my fellow minister David Lamb from Great Britain, UK, and my Indian colleague, in order to ensure or to try and avoid procrastination in the region.

    Third question : Good afternoon, journalist from the French newspaper Le Monde. I have two questions, the first one regarding security guarantees for Ukraine. For months, France supported the idea of the deployment of some international monitoring force in Ukraine, but with a very strong American security guarantees. The Trump administration doesn’t seem to see eye to eye on this. They’re not inclined to offer any sort of serious security guarantees, so what’s the plan B? Have you given up on this two-fold idea or not? And the second question regarding Iran, there are currently very important discussions between the Trump administration directly and indirect with the Iranian representatives. For a very long time, France was in favor of putting on the table as well with Iran the ballistic issue. It doesn’t seem the case at all right now. The Trump administration is basically considering a sort of GCPOA revisited or maybe an interim agreement. So what’s your view exactly on the current discussions? Thank you.

    Jean-Noël Barrot : So on the first question, let me just clarify, because I think it’s important that everyone gets this right. There are two things. First, there is a ceasefire, and a ceasefire needs to be monitored. And the coalition of the able and willing put together by France and the UK have been working on proposals so that at the minute the ceasefire is broken, that the US have in their hands, because there will be that sort of origins of the ceasefire, solutions for this ceasefire to be monitored. And this might involve some European capacity just to check what’s happening in the line of contact and to be able to attribute violations. So that’s one thing. But the ceasefire is only one step towards what’s our end goal, which is a full-fledged peace treaty or peace agreement. This peace agreement that the Ukrainians and Russians will be discussing, but that was President Trump’s intuition, this discussion cannot happen while the war is happening in Ukraine. That’s why he did a ceasefire for the discussion. It will end up with discussions on territories and a discussion on security. And with the same question of the coalition of willing, we’re working on this second piece, which is security guarantee. But security guarantee has nothing to do with monitoring the ceasefire. Security guarantee is deterrence against any further aggression. How do you do that? As I was saying earlier, the first layer is to porcupine the Ukrainian army for it to be deterrent enough for anyone to try and invade. But then you probably have other layers, so military capacity deployed in Ukraine or around Ukraine, and that’s what we’re working on, and when the moment is right, we get to the Americans and ask them or tell them what is it we need for this security guarantee. And we’re working on this, and we’re confident, and again, as I was saying, I’ve heard President Trump in several occasions speak in a way that shows that he understands the importance of the security terms. And then on Iran, a very important topic that I should have mentioned in response to your first question, Mr. President, because this is a topic in which we’ve been coordinating with Marco Rubio from day one. We are supporting, encouraging the discussion that the U.S. opened with Iran. Why? Because Iran is posing a major threat to our security interests. Because we France, Marseille are within reach. And because our partners, close partners, in the region are also within reach. So we are very serious about this question. But we believe that there is no other route, no other path, and a diplomatic path to solve this issue. That there is no military solution to this issue and that any form of military attempt to solve this issue will have very large costs that we would not like to bear. So, in order for this discussion to be as successful as possible, we’ve been coordinating with the US on a substance and timing. substance because our teams have been working for the last few months ahead from the expiration of the GCP area, the nuclear agreement that was struck 10 years ago and that is expiring in the fall. So we were getting ready for this expiration a clear idea of indeed what might be a robust and protected field for us, and this would include indeed some of the ballistic components, but also the regional activities components. And the substance is sort of at the disposal of U.S. negotiators because it’s for free and there is no copyright. But we’re also coordinated on timing because we will not hesitate to reapply all the sanctions that we lifted in 10 years ago when GCPOA was struck. In the case where the IAEA confirms that Iran has violated its obligations under GCPOA, and if it happens that by the summer we will have a protected frontier that is sufficiently protected of our security interests.

    Frederick Kempe : So this has got to be the last question. I really apologize to others, but I saw that gentleman’s hand approach right through the middle. So, no, no. Yes, thank you. Yes. Thank you.

    Last question from a student from Sciences Po : I’d like to know what’s your opinion what’s your take on how france will balance its relationship with the U.S. and at the same time with China in light of the fact that France needs new partners and also in light of the fact that President Trump openly asked European leaders to direct ties with the PRC. Thank you.

    Frederick Kempe : And since this is the last question, let me add to it on the terror front because You know, in your conversations here, and you’ve spoken before about the relationship between the European Union and China on the trade front, does this terror policy drive Europe more into the hands of trade and economic relationships with China? And if you believe that, have you said that to your interlocutors here watching during your visit?

    Jean-Noël Barrot : I mean, it’s obvious, no? Whether you want it or not, look at one and read economic research. The numbers I quoted earlier are from a paper in the Portal Reform of Economics called the Returns to Protection. It’s the last paper on the 2018 trade war, last economic paper, research paper. But anyway, I will tell you that what happened last time is that during the 2018 trade war, it’s not like suddenly factories moved from one country to another. It was a reshuffling of international trade. So you’re going to see a lot of reshuffling. You mentioned, or you recall what I said, on China and filling the void. Listen to Chinese officials’ speeches now. And again, we take all of this with lots of grains of salt, but my colleague, Wang Li, now in all his speeches, he’s saying how much he cares about multilateralism. And I’m sure… No, seriously. And he will, I mean, I’m pretty sure that they will consider filling the void at the World Health Organization. I’m pretty sure that they will, anytime they will see some pullback, they will try to step in. Because they have two, there are two possible strategies. Either the U.S. are there, filling the void, then they will try to build sort of formats outside of the established formats that we’ve seen them do or they will see U.S. pull back and they will try fill the void. Now, what’s our relationship with China? As far as Europe is concerned. Again, we’re lucid. We’re not blind. And so we think there can be a trade agenda with China. So that’s some of the issues that we’ve are sold, which is not quite the case now. We’ve also had our trade war with China these past few years, with us sanctioning Chinese EVs and then sanctioning European cognac and armagnac. So this is dear to our hearts. And of course, it’s going to be difficult to engage into a natural trade agenda until those sort of contentious issues are solved. Then we can. But of course, our discussion cannot only touch upon trade. And when China is supporting Russia’s war on Russia, when China is on the side of DPRK, on the side of Iran, proliferating countries that are threatening this non-proliferation treaty and sort of the global stability, it’s difficult to build trust. If China was to establish a sort of trusted relationship with European countries, it will have to show also that it takes our security interests into account. Otherwise, it might be challenging.

    Frederick Kempe : Thank you. Do you have your answer? Yes, Fred, thank you. So, look, this, Minister Barrot, on behalf of the audience, on behalf of the Atlantic Council, thank you for three things. First of all, for your visit to the United States, a very timely visit, a very crucial moment. Second of all, for taking so much time with us at the Atlantic Council and talking so frankly and clearly in your opening statement and in this fascinating engagement, and then most of all for our enduring alliance. Thank you so much.

    MIL OSI Europe News

  • MIL-OSI: Best Crypto Casinos: JACKBIT Rated Top Bitcoin Casino With Instant Withdrawal

    Source: GlobeNewswire (MIL-OSI)

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    Best Crypto Casino Games at JACKBIT

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    • Table Games:
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      • Baccarat: Classic and Punto Banco variants feature simple rules and competitive payouts, popular among high rollers.
    • Live Dealer Games: Over 250 live tables from Evolution Gaming, including:
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    Best Crypto Casino Payment Methods at JACKBIT

    JACKBIT’s payment system is designed for speed, security, and flexibility, making it a top no KYC crypto casino for crypto casino play. Below is a detailed overview of its payment options, emphasizing their benefits for crypto gambling site users:

    Bitcoin (BTC)

    • Type: Cryptocurrency
    • Processing Time: Instant
    • Minimum Deposit: $10
    • Notes: Fee-free, anonymous

    Ethereum (ETH)

    • Type: Cryptocurrency
    • Processing Time: Instant
    • Minimum Deposit: $10
    • Notes: High security, smart contracts

    Tether (USDT)

    • Type: Cryptocurrency
    • Processing Time: Instant
    • Minimum Deposit: $10
    • Notes: Stablecoin, low volatility

    Solana (SOL)

    • Type: Cryptocurrency
    • Processing Time: Instant
    • Minimum Deposit: $10
    • Notes: Low fees, fast transactions

    Binance Coin (BNB)

    • Type: Cryptocurrency
    • Processing Time: Instant
    • Minimum Deposit: $10
    • Notes: Versatile, ecosystem support

    Visa/MasterCard

    • Type: Traditional
    • Processing Time: Instant (deposits), 1–3 days (withdrawals)
    • Minimum Deposit: $10
    • Notes: Familiar, widely accepted

    PayID

    • Type: Traditional
    • Processing Time: Instant (deposits), 1–3 days (withdrawals)
    • Minimum Deposit: $10
    • Notes: Fast, linked to bank accounts

    Bank Transfer

    • Type: Traditional
    • Processing Time: 1–5 days
    • Minimum Deposit: $50
    • Notes: Suitable for high rollers
    • Cryptocurrencies

    JACKBIT supports 16+ cryptocurrencies, including Bitcoin, Ethereum, Tether, Solana, Binance Coin, and more. These offer:

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    • Security: Blockchain technology provides transparent, tamper-proof transactions.
    • Low Fees: Minimal or no transaction fees compared to traditional methods, ideal for best bitcoin casino players.
      For example, depositing Bitcoin involves selecting BTC in the cashier, scanning a QR code, and confirming the transaction, with funds appearing instantly.
    • Traditional Methods:
      • Visa/MasterCard: Instant deposits with a $10 minimum, widely accepted for online casino players. Withdrawals take 1-3 days.
      • PayID: A fast, secure method linked to bank accounts, offering instant deposits and withdrawals within 1-3 days.
      • Bank Transfers: Suitable for larger transactions, with withdrawals taking 1-5 days and higher fees, less ideal for instant withdrawal casino needs but reliable for high rollers.
    • E-Wallets: While not explicitly listed, alternatives like Skrill or Neteller may be available, providing secure, private transactions without sharing bank details, enhancing the online gambling for crypto experience.

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    Why Choose Crypto Casinos?

    Crypto casinos offer distinct advantages over traditional online casinos, making them a preferred choice for online gambling for crypto:

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    The Rise of Crypto Gambling: Why JACKBIT Leads

    The crypto gambling market is experiencing exponential growth, driven by increasing cryptocurrency adoption and demand for privacy-focused gaming. A 2024 report suggests the global crypto gambling market could reach $65 billion by 2027, fueled by the appeal of instant transactions and anonymity. Players are drawn to crypto gambling sites for their ability to bypass traditional banking restrictions, offering flexibility in regions with stringent regulations.

    JACKBIT leads this trend by combining cutting-edge technology with player-centric features. Its no KYC policy addresses privacy concerns, while support for emerging cryptocurrencies like Solana positions it as a forward-thinking best bitcoin casino. The 100% welcome bonus and extensive game library surpass industry standards, providing unmatched value. As crypto adoption continues to rise, JACKBIT’s innovative approach makes it the go-to online crypto casino for players seeking a secure, rewarding experience.

    Tips for Winning Big at JACKBIT

    Maximize your crypto casino experience at JACKBIT with these expert tips:

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    JACKBIT Conclusion: The Best Crypto Casino for 2025

    After an exhaustive review of best crypto casinos, JACKBIT stands out as the premier choice for 2025. Its no KYC crypto casino policy, instant crypto withdrawals, and 6,600+ games from top providers create an unmatched gaming experience. The welcome bonus up to 30% Rakeback + No KYC + 100 free spins(No wagering), coupled with ongoing promotions like VIP rakeback and tournaments, delivers exceptional value.

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    FAQ: Best Crypto Casinos – JACKBIT

    • What makes JACKBIT the best crypto casino?

    JACKBIT offers no KYC, instant withdrawals, 6,600+ games, and a 100% welcome bonus, ideal for privacy and speed.

    • Is JACKBIT safe for players?

    Licensed by Curacao eGaming with SSL encryption, JACKBIT ensures secure transactions and fair play.

    • What cryptocurrencies does JACKBIT support?

    Supports 16+ cryptos, including Bitcoin, Ethereum, Tether, and Solana, for fast transactions.

    • How fast are withdrawals at JACKBIT?

    Crypto withdrawals are instant; traditional methods take 1-3 days, aligning with instant withdrawal standards.

    • What games can I play at JACKBIT?

    Enjoy slots, table games, live dealers, and a sportsbook with 140+ sports options.

    • Is there customer support at JACKBIT?

    24/7 live chat and email support ensure prompt assistance for all players.

    • Can I play without KYC at JACKBIT?

    Yes, no KYC is required for crypto users, enhancing privacy.

    • What is the minimum deposit at JACKBIT?

    Typically $10 or equivalent in cryptocurrency for bonus eligibility.

    • Does JACKBIT have a mobile app?

    No app needed; the site is fully mobile-optimized for seamless gaming.

    Email: support@JACKBIT.com

    Disclaimer
    This information is for general and entertainment purposes only—not legal, financial, or gambling advice. Always verify details and follow your local laws. Gambling carries risks; wager responsibly and only what you can afford to lose, and seek help if you feel out of control. Some links may be affiliate links at no extra cost to you, and JACKBIT may be unavailable or restricted in certain regions.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/68009d26-3b0f-4ff8-9835-909a5792746b

    The MIL Network

  • MIL-OSI Economics: RBI imposes monetary penalty on IDBI Bank Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated April 30, 2025, imposed a monetary penalty of ₹31.80 lakh (Rupees Thirty one lakh eighty thousand only) on IDBI Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘lnterest Subvention Scheme for Short Term Loans for Agriculture and Allied Activities availed through Kisan Credit Card (KCC)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47 A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

    The Statutory Inspection for Supervisory Evaluation of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said RBI directions.

    After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank charged interest in excess of applicable rate of interest in certain KCC accounts.

    This action is based on deficiencies in statutory and regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/241

    MIL OSI Economics

  • MIL-OSI United Kingdom: ‘Plan ahead’ message as countdown continues to Leeds United promotion parade

    Source: City of Leeds

    Preparations are continuing for Leeds United’s Bank Holiday promotion parade and the opportunity it will give fans and players to jointly celebrate the club’s return to the Premier League.

    Large crowds are expected to turn out on Monday (May 5) to salute Daniel Farke and his team as they make their way through the city centre on an open-top bus.

    Leeds City Council – which is organising the event in conjunction with the club, with support from various multi-agency partners – has been working hard to ensure the day runs safely, smoothly and enjoyably for all concerned.

    And, as the countdown continues to the celebrations, the council is now asking people to remember the following key messages:

    • There is no single focal point or set-piece location for the event;
    • Fans are encouraged to spread out and line the full length of the city centre route so they can get the best close-up views of the bus and its VIP passengers;
    • The council is urging people not to engage in any behaviour – such as climbing up buildings, lampposts or bus shelters – which could put themselves or others at risk of harm;
    • Anyone coming into the city centre on Monday should plan their journey carefully and take into account the extensive road closure and traffic measures required to safely facilitate the parade;
    • People travelling to the event should aim, where possible, to use public transport – including the buses that will be running from the park and ride sites at Temple Green and Stourton.

    The parade is due to start at 1pm, with Farke and the players heading, under police escort, towards City Square from Wellington Street.

    They will then move slowly through City Square and along Boar Lane, New Market Street and Vicar Lane before turning left and travelling down the full length of the Headrow.

    United’s promotion heroes will be ‘on the mic’ and interacting with fans throughout an event that is sure to generate an unforgettable carnival atmosphere across the whole city centre.

    As is standard practice for an occasion of this size, a major programme of road closures will be in force between 8am and 5pm on Monday.

    The list of roads that will be fully or partly closed for some or all of that time includes Albion Street, Bishopgate Street, Briggate, Call Lane, Calverley Street, East Parade, Eastgate, The Headrow, Infirmary Street, King Edward Street, Lands Lane, Lower Briggate, Mill Hill, New Briggate, Oxford Place, Park Row, Vicar Lane, Westgate and Wellington Street.

    Park and ride services will be operating from Temple Green and Stourton between 10am and 1pm, with return journeys running between 2.30pm and 5.30pm. Further details about park and ride provision on the day can be found here.

    Non-park and ride buses will also be running, although some services will be diverting from their usual routes and a number of stops in the city centre will be suspended. People intending to travel by bus are advised to check the relevant timetables and journey information in advance via the Metro website.

    Council-run car parks will be open as normal, but are likely to be extremely busy and – in some cases – access will be affected by road closures.

    Information on Bank Holiday train services, meanwhile, can be found at the National Rail website.

    Leeds City Station will be operating as normal, although people are being encouraged to use its New Station Street entrance.

    Emergency service access in the city centre will be maintained before, during and after the parade, which is expected to last between an hour and an hour-and-a-half.

    While the way the event has been organised means people will have a clear sight of the bus wherever they are on the route, two dedicated and accessible viewing areas for disabled fans and companions will also be in place.

    One of these areas will be outside Leeds Art Gallery and the other in a position directly in front of the Queens Hotel on City Square that can be easily reached from Leeds City Station. Both areas – which will be protected by barriers and managed by stewards – are ground level and will not have seating, but are immediately adjacent to the parade route. Companion access to the areas will be limited to one per disabled person.

    Some on-street disabled parking provision will be suspended on Monday as part of the arrangements for the safe delivery of the parade, but spaces will remain available at locations including The Calls, Cross York Street, Edward Street, Cross Belgrave Street, Leeds Minster and Leeds Playhouse.

    Councillor James Lewis, leader of Leeds City Council, said:

    “Monday promises to be a fabulous occasion and my thanks go to all the people at the council, Leeds United and agencies such as West Yorkshire Police who have helped make it happen.

    “The event has involved careful planning, with the road closure programme forming a key part of our efforts to ensure that it passes off safely and successfully.

    “The closures will inevitably disrupt some people’s normal routines and we thank all those affected for their patience and understanding on this hugely important day for the city.

    “We would also encourage anyone coming into the city centre on Monday to plan their journey carefully and to consider, where possible, using public transport.

    “Please remember that, as there is no single focal point for the event, fans can expect the same exciting experience wherever they position themselves.

    “By lining as much of the route as possible, supporters will create a city centre-wide carnival atmosphere and give Daniel Farke and his players the reception they deserve.”

    People who cannot make it to the parade will be able to follow proceedings via a live stream on United’s LUTV channel.

    ENDS

    MIL OSI United Kingdom

  • MIL-OSI Economics: Richard Doornbosch: Sustainable tourism development in Curaçao – a balanced approach

    Source: Bank for International Settlements

    Presentation accompanying the speech 

    Introduction

    Good morning, ladies and gentlemen. It is a pleasure to speak to you at today’s CHATA Membership Meeting on a topic that is crucial to the future of our beautiful island: tourism development in Curaçao. This future encompasses not only the economic prospects of our country, but also our social well-being and environmental sustainability.

    In recent years, particularly following the COVID-19 pandemic, Curaçao has witnessed remarkable growth in its tourism sector. The island has successfully strengthened its appeal in both stay-over and cruise tourism. Today, tourist arrivals are at record highs, and the sector has firmly established itself as the leading driver of economic growth in Curaçao. According to estimates by the CBCS, tourism now contributes more than 23% to Curaçao’s GDP, representing approximately Cg. 1.4 billion. This figure includes also positive spillover effects to other sectors of the economy, such as transportation, real estate, and construction. This growth is particularly striking given that, until the mid-2000s, tourism accounted for only around 8% of GDP.

    Additionally, foreign exchange earnings from travel now represent approximately 50% of Curaçao’s total foreign exchange earnings from the export of goods and services. This excludes foreign exchange revenues from tourism-related sectors such as the transportation and rental services. Moreover, the tourism sector provides a significant number of both direct and indirect jobs for the people of Curaçao.


    With several ongoing and planned private investments, particularly in accommodation, the island’s capacity to host more visitors is expected to increase substantially in the coming years. However, the key question is how we can manage this growth while minimizing potential social and environmental costs. Today, I would like to outline an approach to achieving sustainable tourism development. Without such an approach, we risk locking ourselves into a mass tourism model with high long-term costs – costs that could take decades to reverse.

    Growth seen from a different perspective


    Before delving into this approach, allow me to provide a comparison of stay-over and cruise tourism development in Curaçao relative to Aruba and Sint Maarten. Since the 1980s, Aruba and Sint Maarten have experienced more rapid tourism growth than Curaçao. As a result, Curaçao lags behind both destinations in terms of tourism maturity. Aruba, with its well-established brand, consistently attracts high volumes of American tourists. Meanwhile, Sint Maarten continues to demonstrate resilience and adaptability despite facing natural setbacks. However, over the past 15 years, Curaçao has been narrowing the performance gap with its regional peers. Since 2016, it has even surpassed Sint Maarten in terms of stay-over visitor numbers. Aruba, however, still receives higher volumes of stay-over tourists than Curaçao.

    As for cruise tourism, up until the pandemic in 2020, Sint Maarten consistently outperformed both Curaçao and Aruba. In contrast, cruise tourism trends in the latter two countries have generally moved in tandem and on a comparable scale.


    Now, let us assess tourism development in the three countries from a different perspective by focusing on the visitor-to-resident ratio. This ratio is defined as the number of visitors, both stay-over and cruise together, divided by the total population. It may serve as an indicator of the pressure exerted on the environmental and social resources of a destination and its population.

    Although a cross-country comparison of the visitor-to-resident ratio should be interpreted with caution due to country-specific idiosyncrasies such as variations in tourism infrastructure and environmental considerations, this graph shows that the visitor-to-resident ratio in Sint Maarten has consistently remained higher than those of Aruba and Curaçao’s. In 2023, for example, Sint Maarten welcomed approximately 41 visitors for every resident. This ratio was 19 for Aruba and 8 for Curaçao. This disparity is related to Sint Maarten’s significantly larger cruise tourism sector. In fact, Curaçaos visitor-to-resident ratio consistently ranks the lowest among the three countries, indicating a younger stage of tourism maturity.


    Given the rapid growth in tourism that Curaçao has experienced over the past years, let us perform a back-of-the envelope calculation to project the potential development of our visitor-to-resident ratio. Assuming the total number of visitors increases by 8% annually over the next five years, while our population grows by an average of 0.1% per year, which aligns with the average population growth observed over the past decade, all other factors remaining equal, the visitor-to-resident ratio would reach 16 by 2030. The assumed 8% annual increase in the total number of visitors is based on the forecast for 2025 and 2026 outlined in Curaçao’s Strategic Tourism Destination Development Plan. As illustrated in the graph, the calculation suggests that the potential pressure on environmental and social resources could double compared to what we are experiencing at this moment.

    The Double-Edged Nature of Tourism Growth


    While tourism expansion undoubtedly presents significant opportunities in terms of value added, employment, and foreign exchange earnings, it also carries hidden costs and risks, that, if ignored, could threaten Curaçao’s long-term economic stability and quality of life.

    Rapid and uncontrolled tourism growth can impose substantial social costs. Uncontrolled expansion often leads to overcrowding, especially in peak seasons. For instance, the inner-city areas of Punda and Otrobanda become particularly congested on days when the harbor is filled with cruise ships. Beaches also become overcrowded with visitors, which not only affects residents’ quality of life but also diminishes visitors’ experience.

    In addition, a significant rise in tourist arrivals can lead to an increased cost of living. Currently, various construction projects of new hotels and residential buildings intended for Airbnb or tourist rentals are underway. As a result, housing prices have risen significantly over the last few years, making it difficult for locals to find affordable housing and thereby reducing their quality of life.

    Moreover, intensified tourism activity can escalate environmental degradation through increased pollution and loss of biodiversity, potentially diminishing the overall visitor experience in the long run. Curaçao’s unique ecosystems, coral reefs, and pristine beaches -its main attractions- are vulnerable assets that require vigilant stewardship to ensure they are not adversely affected by large scale tourism.

    Strong tourism growth can also put severe pressure on Curaçao’s public infrastructure. Already, increased road congestion is observable, particularly on the Caracasbaaiweg, a situation that will likely worsen with more stay-over arrivals. In addition, more visitors pose challenges for the provision of public goods such as sanitation and waste management, as well as utilities such as electricity production. Furthermore, capacity constraints at Curaçao International Airport could emerge as a bottleneck, limiting potential growth and reducing the overall attractiveness of Curaçao as a travel destination.

    People, profit and planet as principles for sustainable tourism development

    Recognizing both the opportunities and potential costs of tourism development, Curaçao stands at a pivotal crossroads. Instead of focusing on a mass tourism model, we must embrace a balanced approach to ensure that tourism contributes sustainably to our economic prosperity, environmental stewardship, and social well-being.

    Central to this strategy must be the clear identification of the type of tourists Curaçao seeks to attract. Sustainable tourism development should aim to welcome travelers who provide higher economic returns while imposing fewer social and environmental burdens. Attracting high-yield, low-impact visitors – those interested in immersive cultural experiences, culinary excellence, sustainable adventure tourism, or niche markets such as eco-tourism – will ensure more robust economic benefits for Curaçao. The focus should not be on volume but on value.


    The following graph compares the Average Daily Rate (ADR) of Curaçao with those of other Caribbean countries in 2023. ADR is a key performance indicator that reflects the average revenue earned per occupied room over a specific period. The fact that Curaçao ranks at the lower end of the selected Caribbean countries, with an ADR of USD224.67, implies that there is potential to increase the value that we derive from our tourism product.


    A robust and holistic framework for sustainable tourism development should be encapsulated by the “People, Profit, Planet” principle, emphasizing the balanced and interconnected approach needed for sustainable development.


    Let us first start with the first principle, ‘People’. Tourism must benefit the local population of Curaçao, enhancing their quality of life and providing ample opportunities for participation and growth. Equitable benefit-sharing through employment opportunities, training programs, and empowerment initiatives, including entrepreneurial skills, ensures that the community remains central to tourism development. In addition, actively engaging residents in decision-making processes helps ensure that tourism development aligns with local values and cultural heritage.

    The second principle is ‘Profit’, which focuses on economic sustainability. Curaçao’s tourism industry must continuously strive for economic viability, ensuring profitability for businesses, employment opportunities for locals, and tax revenues for the government. Emphasizing quality tourism experiences over quantity will encourage higher spending, extended visitor stays, and repeated visits, thus increasing overall economic sustainability.

    The final principle, ‘Planet’, emphasizes the critical importance of protecting Curaçao’s natural environment. Sustainable tourism development must prioritize minimizing ecological footprints through responsible practices, such as reduced waste generation, energy and water conservation, and biodiversity protection. Sustainable management of our natural resources should safeguard the unique beauty and biodiversity of Curaçao for future generations and maintain the island’s long-term attractiveness as a tourism destination.

    By harmonizing these three principles – People, Profit, and Planet – Curaçao can ensure a resilient and sustainable tourism sector that benefits all stakeholders equitably while safeguarding the island’s natural and cultural heritage.

    Understanding Tourism Carrying Capacity: Four Key Dimensions


    Assessing and respecting the tourism carrying capacity should also be an integral component of the sustainable tourism development framework. The United Nations World Tourism Organization (UNWTO) defines tourism carrying capacity as “the maximum number of people that may visit a tourist destination at the same time, without causing destruction of the physical, economic and sociocultural environment and an unacceptable decrease in the quality of visitors’ satisfaction”. Carrying capacity is a multi-dimensional concept and must be understood across four dimensions.

    The first dimension, economic carrying capacity, considers the ability of the economy to absorb and benefit from tourism without generating inflation, wage disparities, or unsustainable price increases in housing and basic goods. It evaluates whether tourism revenues are widely distributed or concentrated among a few sectors, and whether the benefits outweigh the potential displacement of local industries.

    The second dimension is the environmental carrying capacity. This dimension addresses the physical limits of Curaçao’s ecosystems to accommodate tourism. It focuses on the impact of tourism on coral reefs, beaches, water resources, waste generation, and biodiversity. Monitoring visitor volumes in environmentally sensitive areas and applying zoning, restoration, and eco-certification measures are key to staying within safe environmental limits.

    Meanwhile, the social carrying capacity reflects the ability of local communities to absorb tourism development without experiencing a decline in social cohesion, cultural integrity, or quality of life. It includes public attitudes toward tourism, perceived fairness in benefit-sharing, and tolerance for changes to local customs, space, and lifestyles.

    And finally, the fourth dimension, governance, plays a critical role in managing tourism sustainably. It includes the capacity of public institutions to plan, regulate, and monitor tourism development effectively. It also involves legal frameworks, inter-agency coordination, stakeholder engagement, data collection systems, and transparency mechanisms that ensure tourism growth aligns with public policy goals.

    By assessing and managing tourism within these four dimensions, Curaçao can avoid the risks of over-tourism and ensure that the island remains a vibrant, welcoming, and sustainable destination. In this regard, it is a positive development that Curaçao is proactively conducting a Destination Carrying Capacity Study to evaluate the economic, environmental and social impacts of strong tourism development.

    The next step in this approach would be to identify a long-term vision focused on quality, authenticity and environmental responsibility. This vision should be commonly shared by all key tourism stakeholders. Next, growth scenarios should be defined that set clear targets for, among other things, tourist arrivals, employment and reductions in ecological footprints – aligned with the island’s carrying capacity. In addition, the necessary investments in areas such as infrastructure, human capital and green innovation should be identified, along with relevant policy reforms, to strengthen the island’s carrying capacity and achieve the outlined long-term vision. Ultimately, all initiatives must align with the principles of People, Profit, and Planet to ensure economic viability, social inclusivity, and ecological integrity.

    Social cost-benefit analysis to effectively manage sustainable tourism development

    To effectively manage sustainable tourism development and prioritize tourism projects, the framework should include rigorous social cost-benefit analyses, particularly in the case of major tourism investment projects and public tourism-related infrastructure projects. These analyses extend beyond traditional economic evaluation and incorporate broader social and environmental dimensions that are critical for informed decision-making.

    Social cost-benefit analyses for tourism projects not only assess the direct economic contribution in terms of employment and tax revenues, but also the social impact of such projects, including their effect on community well-being, housing affordability, public infrastructure pressures and local quality of life in general. Also, these analyses assess the environmental impact of tourism projects such as ecological footprints, resource depletion and pollution levels.

    One benefit of conducting social cost-benefit analyses is that they enable policymakers and stakeholders to explicitly evaluate both the positive and negative impacts of tourism development projects with a focus on society as a whole rather than only short-term financial gains. In addition, these analyses allow for the prioritization of tourism projects that provide genuine, sustainable benefits while minimizing negative externalities.

    Conducing social cost-benefit analyses is a complex, multi-dimensional exercise that demands technical expertise across several areas and extensive data. It is important that Curacao develops its own expertise in this area and focuses on having up to date economic, tourism, social and environmental data. This also requires cooperation and collaboration between public and private stakeholders.

    Conclusion


    Ladies and gentlemen, Curaçao has been experiencing robust growth in its tourism industry, becoming the main pillar of our economy. While this growth brings immediate economic benefits, it is crucial that we also focus on long-term development strategies that encompass economic progress, social well-being and environmental sustainability. By acknowledging and addressing the potential costs associated with tourism development we can implement measures to mitigate these challenges effectively.

    Today, I have outlined a balanced approach for sustainable tourism development centered around the principles of people, profit, and planet. In this regard, it is crucial that Curaçao continues advancing the initiatives outlined in its Strategic Tourism Development Destination Plan while also developing a comprehensive long-term strategy for sustainable tourism development that incorporates the concept of carrying capacity. Through a participatory process we must define acceptable levels of the economic, social and environmental impact of tourism on Curacao. Curacao is a unique tourist destination with potential to contribute even more significantly to Curacao’s economy. However, it is crucial that we also prioritize sustainability by steering away from mass tourism and focusing more on value rather than on volume. Sustainable tourism development can serve as a catalyst for economic prosperity, and social wellbeing while ensuring environmental preservation. By embracing this balanced approach, we can secure a thriving future for Curaçao that honors our heritage while safeguarding our natural resources for the generations to come.


    Thank you for your time and attention.

    MIL OSI Economics

  • MIL-OSI Economics: Antoine Martin: The Extended Liquidity Facility (ELF) – the next step in the Swiss National Bank’s liquidity support to banks

    Source: Bank for International Settlements

    Good evening everyone

    It is an honour to speak to you here tonight at the International Center for Monetary and Banking Studies. The ICMB has long been an important platform for discussing money, banking and finance – all areas central to the Swiss National Bank. Our institutions have built a strong partnership since 1974, and I am delighted to continue this long-standing dialogue.

    As a central bank, the SNB plays a crucial role in managing banking system liquidity. We do this to implement monetary policy, ensure the smooth functioning of the payment system, and also to support financial stability. Tonight, I will focus on our role in providing liquidity to fulfil our statutory mandate of contributing to financial stability. As lender of last resort (LOLR for short), the SNB stands ready to step in during crisis situations – when banks’ own liquidity buffers are no longer sufficient to cover their needs. A recent example was the liquidity assistance provided to Credit Suisse in March 2023. This event gave rise to renewed interest in how we design and implement liquidity support.

    I would first like to examine the evolution of our role in this regard, and how we developed our framework for emergency liquidity assistance (ELA). Looking to the future, I will then describe our new framework for liquidity support, centred on the Extended Liquidity Facility (ELF). The ELF encompasses ELA and brings liquidity support closer to standard operations. I will end with some recommendations for strengthening banks’ resilience to liquidity risk more broadly.

    MIL OSI Economics