Category: Banking

  • MIL-OSI USA: Governor Newsom announces appointments 3.14.25

    Source: US State of California 2

    Mar 14, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Janessa Goldbeck, of San Diego, has been appointed to the California Veterans Board. Goldbeck has been the Chief Executive Officer of Vet Voice Foundation since 2022 and the Principal of Sui Generis Strategies since 2017. She was a Captain in the United States Marine Corps from 2012 to 2019. Goldbeck was the National Field Director at Genocide Intervention Network from 2007 to 2011. She is a board member of the San Diego LGBT Community Center and Equality California. Goldbeck is a member of the San Diego Rotary Club 33 and the Truman National Security Project. She earned a Master of the Arts degree in Public Leadership from the University of San Francisco, and a Bachelor of Science degree in Journalism from Northwestern University. This position requires Senate confirmation, and the compensation is $100 per diem. Goldbeck is a Democrat. 

    Courtney Welch, of Emeryville, has been appointed to the California Housing Partnership Corporation. Welch has been the Director of External Affairs of the California Housing Defense Fund since 2023 and a City Councilmember of the City of Emeryville since 2021. She held multiple roles at the City of Emeryville from 2022 to 2024, including Mayor and Vice-Mayor. She was the Director of Planning and Investigation at the California Housing Defense Fund from 2022 to 2023. She was the Director of Policy and Communications of the Bay Area Community Land Trust from 2021 to 2022. Welch was a Continuum of Care Specialist at EveryOne Home from 2020 to 2021. She was an Affordable Housing Program Coordinator at HomeownershipSF from 2018 to 2020. Welch is a member of the Alameda County Housing and Community Development Advisory Board, and the Children’s Hospital Consumer Advisory Board. She studied General Studies at Hampton University. This position requires Senate confirmation, and there is no compensation. Welch is a Democrat. 

    Indira Cameron-Banks, of Los Angeles, has been appointed to the Civil Rights Council. Cameron-Banks has been a Founding Partner of Cameron Banks Law, Cameron Jones LLP since 2021. She was Director at the Lawyers Preventing and Ending Homelessness Project, Inner City Law Center from 2020 to 2021. Cameron-Banks held multiple positions at the United States Attorneys’ Office for the Central District of California from 2007 to 2020, including Assistant United States Attorney, Special Counsel to the United States Attorney, and Chief of Financial Litigation Section. She is a member of the Social and Economic Policy Advisory Board for the RAND Corporation. Cameron-Banks earned her Juris Doctor degree from Boston University and her Bachelor of the Arts degree from the University of Chicago. This position requires Senate confirmation, and the compensation is $100 per diem. Cameron-Banks is a Democrat.

    Ricardo Sanchez, of Hollister, has been appointed to the California State Board of Pharmacy. Sanchez has been an Investigator at the California Department of Motor Vehicles since 1989. He is the Chief Financial Officer for the California Statewide Law Enforcement Association and a Member of the San Benito Masonic Temple #211, Order of Eastern Star, Athena #46, California Mexican American Veteran Memorial Beautification and Enhancement Committee and El Solado Latino. Sanchez earned a Bachelor of Arts degree in Criminal Justice from Union Institute and University. This position does not require Senate confirmation, and the compensation is $100 per diem. Sanchez is a Democrat. 

    Press Releases, Recent News

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    MIL OSI USA News

  • MIL-OSI: Global Federal Credit Union and First Financial Northwest, Inc. Announce Expected Closing Date for Transaction

    Source: GlobeNewswire (MIL-OSI)

    ANCHORAGE, Alaska and RENTON, Wash., March 14, 2025 (GLOBE NEWSWIRE) — Global Federal Credit Union (“Global”) and First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the “Bank”), jointly announced today they have set the expected closing date for Global’s acquisition of substantially all of the assets and assumption of substantially all of the liabilities (including deposit liabilities) of the Bank (the “Asset Sale”), on the terms and subject to the conditions of the Purchase and Assumption Agreement, dated as of January 10, 2024, by and among the Company, the Bank and Global (the “Agreement”). The Asset Sale is expected to be completed on April 11, 2025, subject to the satisfaction or waiver of the remaining closing conditions set forth in the Agreement.

    Following the Asset Sale, the Company will take all necessary action to wind up its affairs, distribute its remaining net assets, including the remaining net cash proceeds from the purchase price paid by Global in the asset sale, to the shareholders of the Company, and dissolve under applicable Washington law. The cash consideration to Company shareholders is expected to be paid out in multiple distributions. An initial distribution to Company shareholders is expected to occur as soon as practicable after the completion of the transaction.

    Global will operate the locations of the Bank as a separately branded division of Global until the system and brand integration is completed later in 2025.

    About Global Federal Credit Union

    Global Federal Credit Union is a not-for-profit, member-owned financial cooperative with the mission of enriching lives through world-class financial services. Global was founded in 1948 at the Alaska Air Depot, and now serves more than 750,000 members online and more than 70 branches across Washington, Alaska, Idaho, California, Arizona, as well as branches on three U.S. military installations in Italy. Learn more at globalcu.org.

    About First Financial Northwest

    First Financial Northwest, Inc. is the parent company of First Financial Northwest Bank, an FDIC-insured Washington State-chartered commercial bank headquartered in Renton, Washington, serving the Puget Sound Region through 15 full-service banking offices. Visit ffnwb.com and click on the “Investor Relations” link at the bottom of the page for more information.

    Forward-looking statements:
    When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public shareholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management’s current expectations and forecasts regarding future events many of which are inherently uncertain and outside of our control. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about, among other things, our pending transaction with Global whereby Global, pursuant to the Agreement, will acquire substantially all of the assets and assume substantially all of the liabilities of the Bank, expectations of the business environment in which we operate, projections of future performance or financial items, perceived opportunities in the market, potential future credit experience, and statements regarding our mission and vision. These forward-looking statements are based on current management expectations and may, therefore, involve risks and uncertainties. Actual results may differ, possibly materially from those currently expected or projected in these forward-looking statements made by, or on behalf of, us and could negatively affect our operating and stock performance. Factors that could cause our actual results to differ materially from those described in the forward-looking statements, include, but are not limited to, the following: the occurrence of any event, change or other circumstances that could give rise to the right of one or all of the parties to terminate the Agreement; delays in completing the transactions contemplated by the Agreement; the failure to satisfy any of the conditions to the Global transaction on a timely basis or at all; delays or other circumstances arising from the dissolution of the Bank and the Company following completion of the Agreement; diversion of management’s attention from ongoing business operations and opportunities during the pending Global transaction; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement of the Global transaction; adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a recession or slowed economic growth; changes in the interest rate environment, including increases or decreases in the Federal Reserve benchmark rate and duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; increased competitive pressures, including repricing and competitors’ pricing initiatives, and their impact on our market position, loan and deposit products; legislative and regulatory changes; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing functions; effects of critical accounting policies and judgments, including the use of estimates in determining the fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; the potential imposition of new tariffs or changes to existing trade policies that could affect economic activity or specific industry sectors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other reports filed with or furnished to the SEC – that are available on our website at www.ffnwb.com and on the SEC’s website at www.sec.gov.

    Any of the forward-looking statements that we make in this press release and in the other public statements are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Global Credit Union
    Media Contact
    Tim Woolston
    Senior Vice President, Marketing
    907-317-9454
    t.woolston@globalcu.org

    First Financial Northwest, Inc.
    Investor Contacts
    Joseph W. Kiley III
    President and Chief Executive Officer
    Rich Jacobson
    Executive Vice President and Chief Financial Officer
    425-255-4400

    The MIL Network

  • MIL-OSI USA: Sullivan, Cornyn & Colleagues Introduce Outbound Investment Legislation to Counter China

    US Senate News:

    Source: United States Senator for Alaska Dan Sullivan

    03.14.25

    WASHINGTON—U.S. Senators Dan Sullivan (R-Alaska), a member of the Senate Armed Services Committee (SASC) and John Cornyn (R-Texas) and 11 other senators have introduced the Foreign Investment Guardrails to Help Thwart (FIGHT) China Act, which would safeguard the United States’ national security against the growing threat posed by the People’s Republic of China (PRC) by prohibiting and requiring notification of U.S. investment in certain technologies in China.

    “Our country’s investments in innovative technology give us an enormous advantage over the Chinese Communist Party,” said Sen. Sullivan. “But this advantage is threatened when American financial institutions invest in CCP-controlled companies that develop technology—like advanced semiconductors, artificial intelligence, quantum computing, and hypersonics—that could ultimately be used to kill Americans at home and Marines in the Taiwan Strait. I’m glad to once again join Senator Cornyn on legislation to put safeguards in place to ensure that American investments don’t go to support the nefarious ambitions of dictators around the world.”

    “The threat China poses to the United States’ national and economic security continues to grow, and we have a generational opportunity to confront it with the FIGHT China Act,” said Sen. Cornyn. “By prohibiting and requiring notification of U.S. investments in certain technologies in China, this bill would help ensure American ingenuity, innovation, and investment do not end up in the hands of the Chinese Communist Party to be weaponized against us. The need to address capital flowing from the U.S. to bad actor nations was first realized during the first Trump administration, and I look forward to finishing what we started then by getting this vital priority over the finish line.”

    Senator Sullivan previously spoke on the Senate floor emphasizing the importance of transparency in foreign investments that could pose a threat to American national security.

    In addition to Senators Sullivan and Cornyn, the FIGHT China Act is cosponsored by Senators Catherine Cortez Masto (D-Nev.), Jim Banks (R-Ind.), Elissa Slotkin (D-Mich.), Pete Ricketts (R-Neb.), Michael Bennet (D-Col.), Bill Hagerty (R-Tenn.), Andy Kim (D-N.J.), Dave McCormick (R-Penn.), Chuck Schumer (D-N.Y.), Tim Scott (R-S.C.), Elizabeth Warren (D-Mass.), and John Fetterman (D-Penn.).

    The FIGHT China Act would cover the following investments:

    • Acquisitions, including of limited partners, equity interest, property, or other assets;
    • Loans and debt financing;
    • Joint ventures;
    • And equity interest or debt conversions.

    The legislation would establish exemptions for:

    • Transactions determined to be de minimis or in the national interest;
    • Investments in securities, derivatives of securities, or made as a limited partner in a venture capital fund, private equity fund, fund of funds, or other pooled investment fund;
    • Ancillary transactions undertaken by a financial institution;
    • Acquisitions of entire assets or entities located outside the PRC;
    • Certain transactions secondary to a covered national security transaction;
    • And certain ordinary or administrative business transactions.

    The legislation would prohibit covered investments in the PRC for development or production of:

    • Certain advanced integrated circuits;
    • Certain AI models capable of a high number of operations;
    • Quantum computers and supercomputers;
    • Materials or components for hypersonics; and
    • Any of these technologies that are on the Munitions List, intended for use with nuclear equipment or facilities, or emerging technologies subject to export controls.

    Lastly, the legislation would require U.S. persons to notify the U.S. Department of the Treasury within 14 days when making a covered investment in the PRC for the development or production of:

    • Any non-prohibited integrated circuit;
    • And any non-prohibited AI system which is used for military, surveillance, cybersecurity, penetration, forensics, or robotic system use or which meets a certain computing standard.

    MIL OSI USA News

  • MIL-OSI USA: Senator Reverend Warnock Unveils Legislative Package to Address Housing Affordability and Availability Crisis

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senator Reverend Warnock Unveils Legislative Package to Address Housing Affordability and Availability Crisis

    The transformative housing package addresses rising rental costs and downpayment fees, private equity’s domination of Atlanta’s housing market, and the overall lack of available housing units

    This week, Senator Reverend Warnock introduced the Downpayment Toward Equity Act, the Rent Relief Act, and the Stop Predatory Investing Act

    Senator Reverend Warnock also introduced the American Housing and Economic Mobility Act, legislation that would build nearly three million new housing units

    During a Wednesday Senate Banking Hearing, Senator Reverend Warnock highlighted his newly introduced housing legislation and how Georgians and Americans would benefit from the legislative package

    Senator Reverend Warnock, a longtime advocate of affordable housing, has tirelessly fought to broaden the path to homeownership for hardworking Americans

    Senator Reverend Warnock during the hearing: “These are important bills that address the affordability issue and the accessibility issue around housing”

    Watch Senator Reverend Warnock at Wednesday’s Senate Banking Committee hearing HERE

    Washington, D.C. – This week, U.S. Senator Reverend Raphael Warnock (D-GA) introduced a comprehensive legislative package of housing bills to address the ongoing housing affordability and availability crisis in the United States.

    The Downpayment Toward Equity Act, the Rent Relief Act, the Stop Predatory Investing Act, and the American Housing and Economic Mobility Act, which Senator Warnock co-led with Senator Elizabeth Warren (D-MA), are a direct response to what Senator Warnock has heard from constituents about their inability to afford a home, and a solution to the housing crisis that millions more Americans are facing across the country.

    “We have a housing affordability and availability crisis in this country and I’m especially concerned about young Americans and their ability to pay rent or buy their first home,” said Senator Reverend Warnock during a Senate Banking Committee hearing. “Last year, we actually saw the largest increase in rental costs in a decade, while the share of first-time homebuyers reached an all-time low. Tough pickings whether you’re a renter, or looking to buy. Georgia has the lowest homeownership rate in the entire Southeast.” 

    The bills introduced in the package address each of the largest hurdles for most young people trying to buy their first home.

    The Rent Relief Act would provide much needed relief to low- and middle-class Americans by subsidizing a percentage of their rents that exceed cost burden thresholds (more than 30% of their income). It would address the rising rental costs seen around the country, allowing people to save more income that could be put toward realizing the dream of homeownership.

    The Downpayment Toward Equity Act would provide funds toward downpayment and other financial assistance for first-generation homebuyers to purchase their first home, helping alleviate what is considered the chief obstacle for young people in trying to buy their first home. 

    “Ms. Willis, what are the consequences of high rental costs and lack of affordable housing on upward mobility on the broader economy?” Senator Warnock asked Renee M. Willis, who was an expert witness for Wednesday’s Banking Committee hearing.

    “I think on an individual level when people with low incomes can’t afford housing, they’re forced to make impossible trade-offs. So, we’re talking about trade-offs between paying rent and buying groceries, or medications, or investing in their children’s education,” responded Renee M. Willis, Interim President & CEO of National Low Income Housing Coalition. “But more broadly, I’d say that researchers have found housing constraints have lowered GDP growth.”

    “For first-time home buyers, what do they cite most often as the biggest barriers?” Senator Warnock asked.

    “Two words. Downpayment costs,” responded Willis.

    The Stop Predatory Investing Act, previously led by another champion of housing, Senator Sherrod Brown (D-OH), would remove tax advantages enjoyed by private equity investors to disincentivize ownership of more than 50 single-family rental properties.

    These bills together, coupled with Senators Warnock and Warren’s American Housing and Economic Mobility Act, which would invest in building nearly three million new housing units, would address some of the most longstanding issues in the American housing market today.

    “These are important bills that address the affordability issue and the accessibility issue around housing,” said Senator Warnock at the hearing.

    During the hearing, Senator Warnock also questioned Dr. Edward Glaeser, a Professor of Economics at Harvard University, about the impact of the housing crisis on the American GDP.

    “Are you concerned about what you are seeing in the economic data about young Americans and homeownership?” Senator Warnock asked.

    “Senator, I certainly am,” said Dr. Edward Glaeser. “[One of my concerns] is a transfer of housing wealth, from the young to the old.

    “Massive transfers of wealth, and the inability to pass wealth from one generation to the next, it’s moving in the wrong direction, which has implications for all of us regardless of our generation,” continued Senator Warnock.

    Since coming to the Senate, Senator Warnock has worked to increase affordable housing and illuminate a path to homeownership, a cornerstone of the American Dream. As one of twelve brothers and sisters growing up in public housing in Savannah, Senator Warnock deeply understands the importance of having a place to call home and homeownership. In the past few years, Senator Warnock voted for government funding legislation that increased America’s housing supply, strengthened housing affordability, and addressed the homelessness crisis, including by: increasing the supply of affordable housing nationwide with funding to build 10,000 new rental and homebuyer units; extending funding for the Yes In My Backyard (“YIMBY”) grant program to support efforts to increase our nation’s housing supply and lower housing costs through state and local zoning changes; and delivering $275 million in new funding for Homeless Assistance Grants to help address homelessness in communities across the country and providing new resources to better connect people experiencing homelessness with health care services. Senator Warnock has also secured nearly $80 million in housing investments to provide affordable housing options for Georgians at all income levels and repair hazardous housing conditions in low-income housing units. 

    “The predatory practices of institutional investors who buy out single-family homes is a rapidly developing issue in affordable housing policy, and one that must be addressed head-on to protect the rights of tenants and help preserve the nation’s supply of affordable housing,” said NLIHC Interim President and CEO Renee Willis. “I applaud Senator Warnock for his leadership in introducing the ‘Stop Predatory Investing Act’, which will help ensure investors do not buy up available properties only to raise rents and displace tenants.” 

    In addition to Senator Warnock, the Downpayment Toward Equity Act is cosponsored by Senators Alex Padilla (D-CA), Tim Kaine (D-VA), Mark Warner (D-VA), Chris Van Hollen (D-MD), and Cory Booker (D-NJ), the American Housing and Economic Mobility Act is cosponsored by Senators Elizabeth Warren (D-MA), Ed Markey (D-MA), Mazie Hirono (D-HI), Peter Welch (D-VT), Richard Blumenthal (D-CT), Bernie Sanders (I-VT), Chris Van Hollen (D-MD), and Andy Kim (D-NJ), the Stop Predatory Investing Act is co-led by Senators Tina Smith (D-MN), Ron Wyden (D-OR), and Tammy Baldwin (D-WI) and cosponsored by Elizabeth Warren (D-MA), Ruben Gallego (D-AZ), Jack Reed (D-RI), Bernie Sanders (I-VT), Amy Klobuchar (D-MN), Peter Welch (D-VT), Richard Blumenthal (D-CT), and Cory Booker (D-NJ).

    Watch video of Senator Reverend Warnock’s questioning at Wednesday’s Senate Banking Committee hearing HERE.

    Read the legislative package summary HERE.

    Bill text for the Downpayment Toward Equity Act can be found HERE.

    Bill text for the Stop Predatory Investing Act can be found HERE.

    Bill text for the Rent Relief Act can be found HERE.

    Bill text for the American Housing Economic Mobility Act can be found HERE.

    MIL OSI USA News

  • MIL-OSI Africa: President Ramaphosa engages EU on new investment package

    Source: South Africa News Agency

    With the 8th South Africa-European Union (SA-EU) Summit underway, President Cyril Ramaphosa says South Africa intends to hold further constructive discussions on a new investment package by the EU, to South Africa.

    “Through this we aim to consolidate cooperation in areas such as science and technology, education and skills development, climate action, peace and security, health and critical minerals,” the President said on Thursday.

    This as he is co-chairing the summit with the President of the European Council, António Luís Santos da Costa, and the President of the European Commission, Dr. Ursula von der Leyen, at Tuynhuys, in Cape Town.

    READ | Summit to strengthen SA-EU relations

    Held in the Western Cape, the 8th Summit takes place within the framework of the Strategic Partnership between South Africa and the European Union. 

    “As one of South Africa’s most important trade and investment partners, the European Union can play a catalytic role in unleashing the productive capacity of our economy and equip our people, especially the youth, to participate in the economy of the future. 

    “We hope we can continue to rely on the support of the European Union and its member states in our efforts to alleviate poverty, transition to a low-carbon economy, invest in climate-resilient infrastructure and grow our industrial capacity,” the President explained.

    In addition, the President welcomed the EU’s support for multilateral institutions and the fundamental principles of the United Nations.

    “This Summit is taking place at a time of global uncertainty characterised by rising unilateralism, economic nationalism and a retreat from international law and human rights.

    “We hope to work closely with the European Union and other partners to strengthen and reform institutions of global governance to make them more inclusive and capable of meeting the challenges of the present and the future. 

    We should collectively strengthen our voice in defence of human rights, democracy and the rule of law, including respect for international law and international humanitarian law. We welcome the support of the European Union for Africa’s developmental needs.”

    Partnership

    He emphasised that African relations with the European Union should be built on a mutually beneficial partnership in the spirit of shared ownership, responsibility, respect and mutual accountability. 

    “Today we will discuss our shared interest to advance peace, security, stability and sustainable development on the continent and across the world. This Summit affirms our long-standing and close relationship, which is underpinned by the South Africa-European Union Strategic Partnership. 

    “This is a partnership based on shared values and common interests. A partnership that seeks to create prosperity for our citizens and promote peace, safety and stability.

    “We share a commitment to inclusive multilateralism as the most effective means to address the most pressing challenges facing the world.  We agree on the need to strengthen economic cooperation and resolve challenges in our trade relations,” the President said.

    Reforms 

    He mentioned that South Africa is forging ahead with far-reaching structural reforms to support economic recovery. 

    “We are modernising and transforming key industries such as energy, water, transport and digital communications. We have already made considerable progress, supported by institutions such as the European Investment Bank. 

    “These reforms are contributing to the improvement of the country’s competitiveness and investment environment,” the President said. 

    According to the Presidency, the Summit follows a series of preparatory engagements that included the Joint Cooperation Council (JCC) held in January in Brussels. –SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI United Nations: Youth Must Have Leadership Role in Dismantling Patriarchal Norms, Financing Gender Equality, Women’s Commission Hears as It Concludes First Week

    Source: United Nations General Assembly and Security Council

    Gender Justice Cannot Be Achieved without Ending Discrimination against Indigenous Women, Girls, Those with Disabilities, Speakers Stress

    The Commission on the Status of Women wrapped up its first week today, with a dialogue among youth representatives who stressed the need to include the next generation of leaders not only in conversations about women and girls’ empowerment but in leadership roles that fight for disability inclusion, finance gender equality, dismantle patriarchal norms and defend Indigenous voices. 

    The United Nations kicked off the sixty-ninth session of the Commission this week, focusing on accelerating the adoption of the Platform for Action adopted at the 1995 Beijing Conference on Women.  Leaders gathered in Beijing 30 years ago to pledge to achieve gender equality and uphold women’s rights.  Discussions this session also focused on contributing to the achievement of the Sustainable Development Goals (SDGs). 

    Kateryna Levchenko, Government Commissioner for Gender Equality Policy of Ukraine and Chair of the meeting, said that 30 years after its adoption, the Beijing Platform for Action still mobilizes Member States, the United Nations, feminist movements, civil society organizations, young people and other stakeholders.  “It continues to be an unprecedented consensus on the actions needed to advance gender equality and women’s and girls’ human rights and their empowerment,” she said.

    However, 30 years after the 1995 World Conference on Women, no country has fully achieved gender equality.  That’s why Member States must recommit to its full implementation, she stressed, and identify synergies with other global commitments, working in partnership with civil society, young people, the UN and the private sector.  With just five years until the 2030 target date for achieving the SDGs, the Platform holds the key to unblock bottlenecks and accelerate much needed progress.

    Fenna Timsi, UN Youth Representative for Human Rights and Security of the Netherlands, said that today’s youth representatives represent large networks who have been on the frontlines of fighting for women and girls rights.  “They will reflect on the progress made since the adoption of the Beijing Declaration and the Platform for Action, sharing insights, voicing challenges and proposing solutions to persistent issues such as gender-based violence, access to education and economic empowerment,” she noted.  The 2024 review and appraisal of the Beijing process with more than 150 States reporting on their actions is a “a clear testament” to the pact’s continued relevance and power. 

    30 Years after Landmark Women’s Conference in Beijing, Gender Equality an Unfulfilled Promise

    Sima Sami Bahous, Executive Director of the United Nations Entity for Gender Equality and the Empowerment of Women (UN-Women), delivering opening remarks, commended the young representatives for their activism and “for your constant reminder to us all to do more, to do better, to be better”. Thirty years on, gender equality remains an unfulfilled promise.  “But one thing is clear, you, young people, are not waiting,” she emphasized.  “Each of your contributions has spoken to a truth that we cannot ignore,” she said, stressing:  “Progress cannot be partial.  Change must be transformative and inclusive.”

    The Beijing Platform for Action remains the most powerful framework for gender equality, she went on.  “Since its adoption, we have seen strides — more women in politics, stronger laws against gender-based violence, greater access to education,” she described.  But progress has been too slow and too uneven.  Women still hold only 27 per cent of parliamentary seats, which, while up from 11 per cent in 1995, is not enough.  One in three women globally continues to face physical or sexual violence, “a crisis we cannot accept as inevitable”.  In the face of climate crisis, economic inequalities and humanitarian disasters, it is young women and adolescent girls who bear the brunt, are displaced, denied education, and made more vulnerable to violence. 

    World Not Designed for Women with Disabilities to Thrive

    Eva Chisom Chukwunelo, Amputee Peer Counselor at the Mobility Clinic Limited in Nigeria, said that all women, no matter where they come from, should have the right to education, healthcare and leadership.  But as a young woman with a disability, she wondered, “did that promise include me?”  At 17, she said she stood at the crossroads, between two versions of her life. “One moment, I was a teenage girl with dreams, and the next, I was a girl with a disability, unsure of what my future held,” she added.  “That was when I realized the world is not designed for women with disabilities to thrive, and if we do not demand justice, it never will be,” she said.  Gender justice is incomplete if it does not include women and girls with disabilities. 

    How many girls with disabilities are missing from classrooms, not because they lack intelligence, but because inclusion is seen as too expensive, she asked.  How many women with disabilities are absent from decision-making spaces, not because they lack vision, but because the world refuses to see their potential, she also wondered.  “If you are not counted, then you do not count,” she said, urging countries to disaggregate data by gender, disability and age.  Governments must actively engage young women with disabilities in policy creation and leadership.  Schools must be built for all learners, healthcare systems must train providers to respect and serve women with disabilities, and leadership spaces must be welcoming, “not just in words, but in action”. 

    Meaningful Youth Engagement Key to Shaping Policy

    “Meaningful youth engagement in the Beijing processes is crucial to shape policies that address our concerns, reflect our aspirations and make us part of the leadership, rather than just part of the conversation,” said Ema Mecaj, member of the Beijing+30 Youth Steering Committee.  Over the past few days, the voice of young people has been clear.  “We should not take this progress for granted, but we need to speak up for the challenges and voice the untold stories of many women and girls who daily face the impacts of misogyny and gender stereotypes,” she said. 

    She noted that, according to the World Bank, 712 million people live in extreme poverty, with women and girls being disproportionately affected by the adverse impacts of the climate crisis and displacement.  Globally in 2023, 51,000 women and girls were killed by their intimate partners or other family members. “These statistics are unacceptable and unfortunately reflect the broken reality,” she said.  As a medical student, she said that prevention strategies are needed to eradicate poverty, especially the feminization of poverty, and respond to technology facilitated gender-based violence.  

    Role of Boys and Men in Tackling Patriarchal Masculinities

     “We must stop placing the burden on women to endure and navigate the toxicity of patriarchal systems and instead confront patriarchal masculinities as the root cause of their oppression,” said Ahdithya Visweswaran, Governance Coordinator at Young Diplomats of Canada.  It is essential to tackle the ideological roots of patriarchal norms that perpetuate inequality and violence.  Young men and boys must see themselves not as inherent opponents, but as natural allies and co-beneficiaries of the gender equality agenda.  “Men and boys must no longer be seen as peripheral participants, but as indispensable stakeholders in this broader struggle for justice and equality,” he said. 

    But transformation cannot be simply achieved through narratives, it requires institutionalization, and the active participation of families, schools, communities and Governments, he stressed.  For far too long, efforts to engage men and boys have been limited to pilot programmes, often disconnected from the broader systems and the broader work that’s being done.  The socialization of boys is one of the most powerful yet underutilized tools for advancing gender equality.  “We’re shaped by the environments in which we are raised,” he said, adding that positive role models can cultivate a new generation of men who embrace equity, reject violence, and build healthier masculinities.  

    Systemic and Structural Discrimination against Indigenous Women

    Laura Huertas, Founder of ANYAR (Indigenous youth organization), said that many of the Beijing commitments have still not been fulfilled, particularly in rural areas, Indigenous areas, and in other marginal sectors of Latin America and the Caribbean.  There and in other regions of the Global South, socioeconomic and political inequalities persist, despite progress in terms of access to education, health, and political participation of women. 

    “Being an Indigenous woman in Latin America is not easy, because we face the forced displacement within our territories, systematic discrimination, and structural discrimination,” she said.  “In my territory alone, 76.9 per cent of people live in multidimensional poverty, and more than 62 per cent have to live outside their ancestral lands,” she said.  Beijing+30 is “a cry of resistance”, she said, adding that “we don’t want just hollow roundtables”. 

    Financial Freedom and Justice Key to Advance Women’s Agency

    Sanjana Chhantyal, Manager at the Criterion Institute, said that financial system was not designed for women and undervalues women’s care work.  “It decides what is valuable, and by extension, who is valuable,” she said.  Systemic barriers have prevented women from building wealth and acquiring financial assets such as land and property; yet financial institutions traditionally look for the presence of financial assets or collateral to decide who gets access to finance. 

    “Let us call it what it is, a poverty trap,” she said.  Gender equality cannot be achieved without financial freedom and financial justice for all women and girls.  “Financial independence supports our agency and our ability to advocate for our rights, step away from abusive situations and make choices about our health, education and careers,” she said.  Empowered women empower other women and their communities.  “Justice is not only about the absence of barriers, but also presence of opportunities,” she stressed. 

    __________

    *     The 9th & 10th meetings were not covered.

    MIL OSI United Nations News

  • MIL-OSI United Nations: No food deliveries to Gaza as border closures continue

    Source: United Nations 2

    Humanitarian Aid

    The UN emergency food relief agency has not been able to transport any aid into the Gaza Strip, due to the ongoing closure of all border crossing points, which is now in its twelfth day, the UN Spokesperson said on Friday.

    There is also a shortage of fuel, which is affecting the movement of vehicles across Gaza and slowing down first responders, Stéphane Dujarric told journalists at the regular news briefing in New York.

    “The Office for the Coordination of Humanitarian Affairs (OCHA) notes that oxygen supplies and electricity generators are also critically needed to maintain life-saving operations at hospitals in Gaza,” he said.

    “At least two dozen additional generators are needed for health centres, as the ones currently in use need maintenance and spare parts,” he added.

    Rising food prices and fuel shortages

    Within the enclave, the World Food Programme (WFP) has food stocks sufficient to support active kitchens and bakeries for up to one month, as well as ready-to-eat food parcels to support 550,000 people for two weeks, Mr. Dujarric said.

    To stretch supplies, the agency is reducing the quantity of food parcels provided to families – a measure it had already implemented before the ceasefire, he added.

    A total of 25 bakeries are supported by the agency, but on 8 March, six of these bakeries were forced to close due to a shortage of cooking gas.

    The closure of border crossings has also triggered a sharp rise in food prices, with costs for staples such as flour and sugar rising, further limiting access.

    Rising displacement

    Meanwhile, the situation in the West Bank continues to deteriorate.

    OCHA has recorded a surge in settler violence in parts of the West Bank, “causing casualties, property damage and placing communities at high risk of displacement,” reported Mr. Dujarric.

    The Office also noted a sharp increase in the demolition of Palestinian-owned structures in the West Bank over the past week and a half, with the number of structures demolished during the first 10 days of Ramadan this year having already exceeded the total for all of Ramadan in 2024.

    Since Monday, operations in Jenin city also intensified, with more than 500 people displaced from three neighbourhoods in the eastern part of the city, he added.

    Urgent funding needed

    WFP is supporting over 190,000 people with monthly cash vouchers and has provided one-off assistance to thousands of those most in need.

    However, the agency requires $265 million in funding over the next six months to sustain operations that assist 1.4 million people in Gaza and the West Bank.

    MIL OSI United Nations News

  • MIL-OSI United Nations: Earlier food security gains in Gaza at risk; food insecurity concerns grow in West Bank

    Source: World Food Programme

    GAZA, Palestine – The following are the latest updates on food security and WFP operations in Gaza and the West Bank.

    Gaza

    • In the 42 days of the ceasefire starting 19 January, WFP delivered over 40,000 metric tons of food into Gaza and provided lifesaving assistance to 1.3 million people. In addition, over US$ 6.8 million in electronic cash assistance (e-wallets) supported nearly 135,000 people (26,600 households), helping families to buy what they needed most. 
    • Since March 2, WFP has not been able to transport any food supplies into Gaza due to the closure of all border crossing points for both humanitarian and commercial supplies.  
    • WFP currently has sufficient food stocks to support active kitchens and bakeries for up to one month, as well as ready-to-eat food parcels to support 550,000 people for two weeks.
    • WFP has approximately 63,000 metric tons of food destined for Gaza, stored or in transit in the region. This is equivalent two to three months of distributions for 1.1 million people, pending authorization to enter Gaza.
    • In the first week of March, WFP was able to sustain its activities in Gaza using stocks brought in during the ceasefire; WFP provided food assistance to some 73,000 vulnerable people across Gaza during this period.
    • As it did prior to the ceasefire, WFP is reducing the quantity of ready-to-eat food parcels provided to families to stretch its supplies and serve more people in need.
    • Right now, WFP supports 33 kitchens across Gaza providing a total of 180,000 hot meals daily.
    • A total of 25 bakeries are also supported by WFP, but on March 8 six of these bakeries were forced to close due to a shortage of cooking gas.
    • Commercial food prices have begun to surge since the March 2 closure of border crossings. In some cases, prices on staple items such as flour, sugar, and vegetables have increased over 200 percent. Traders have begun withholding goods due to uncertainty over when new supplies would arrive.  

    West Bank

    • WFP is increasingly concerned about growing food insecurity in the West Bank, where military activity, displacement, and movement restrictions are disrupting markets and limiting access to food. 
    • Tens of thousands of people in the West Bank have been displaced since mid-January.
    • These disruptions and the worsening economic conditions over the last year are putting upward pressure on prices. With rising displacement and unemployment, even basic food items have become unaffordable for many families. 
    • WFP is supporting more than 190,000 people with monthly cash vouchers and has provided one-off assistance to 16,000 people most in need. Humanitarian cash assistance can be delivered efficiently through local supply chains and markets. It also helps to stabilize the economy.   

    WFP needs US$265 million in funding for the next six months for operations to assist 1.4 million people in Gaza and the West Bank.

    Broadcast quality video available at this link.

    #                 #                   #

    The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

    Follow us on X, formerly Twitter, via @wfp_media 

    MIL OSI United Nations News

  • MIL-OSI China: China’s central bank to grow financial ecosystem that supports tech innovation

    Source: China State Council Information Office

    China’s central bank will work to cultivate a financial ecosystem that supports technological innovation, the central bank said on Friday.

    The bank will provide targeted support for key national technology initiatives and small and medium-sized enterprises in the field of tech, according to a statement issued by the People’s Bank of China.

    It will enhance the quality and effectiveness of green financial services further, providing strong support for the green, low-carbon development of China’s economy and society.

    It will also enhance its capability to provide financial services for the elderly care sector, and develop digital finance actively and steadily.

    Efforts will be made to defuse financial debt risks associated with financing platforms, supporting local governments to promote the market-oriented transformation of those platforms, the bank said.

    MIL OSI China News

  • MIL-OSI Security: VIDEO: Columbia University Student Whose Visa Was Revoked for Supporting Hamas and Terrorist Activities Used CBP Home App to Self-Deport

    Source: US Department of Homeland Security

    Another student who supported Hamas was arrested by ICE HSI for overstaying her student visa.   

    WASHINGTON – Today, Secretary of Homeland Security Kristi Noem announced that one of the Columbia students who had her student visa revoked for advocating for violence and terrorism self-deported using the CBP Home App and ICE arrested a Palestinian student for overstaying her expired F-1 visa.  

    Ranjani Srinivasan, a citizen and national of India, entered the United States on a F-1 student visa as doctoral student in Urban Planning at Columbia University. Srinivasan was involved in activities supporting Hammas, a terrorist organization. On March 5, 2025, the Department of State revoked her visa. The Department of Homeland Security has obtained video footage of her using the CBP Home App to self-deport on March 11.  

    Another student Leqaa Kordia, a Palestinian from West Bank, was arrested by ICE HSI Newark officers for overstaying her expired F-1 student visa. Her visa terminated on January 26, 2022, for lack of attendance. Previously, in April 2024 Kordia was arrested for her involvement in pro-Hamas protests at Columbia University in New York City. 

    The below statement is attributable to Secretary Noem:  

    “It is a privilege to be granted a visa to live and study in the United States of America. When you advocate for violence and terrorism that privilege should be revoked, and you should not be in this country. I am glad to see one of the Columbia University terrorist sympathizers use the CBP Home app to self-deport.” 

    MIL Security OSI

  • MIL-OSI Security: Former Antioch Police Officer Found Guilty Of Deprivation Of Civil Rights And Falsification Of Records

    Source: Office of United States Attorneys

    OAKLAND – A federal jury today convicted former Antioch police officer Morteza Amiri of one count of deprivation of rights under color of law and one count of falsification of records.  The jury’s verdict followed an eight-day trial before Senior U.S. District Judge Jeffrey S. White.  

    Amiri, 33, was previously employed as a police officer with the Antioch Police Department.  According to court documents and evidence presented at trial, Amiri, a K-9 handler, deployed his K-9 to bite suspects even when it was not necessary.  Amiri kept a running bite count that he celebrated with other officers.  Amiri also took photographs of the dog bites and shared them with other officers, stating in one text message that “gory pics are for personal stuff” and “cleaned up pics for the case.”

    “Morteza Amiri violated the oath he swore to protect the people of Antioch.  He flouted his duty as a police officer, misused his police dog, and inflicted unnecessary and excessive force against the victim.  This appalling conduct erodes public trust in law enforcement.  And it weakens law enforcement’s ability to carry out its primary mission of public safety.  As today’s jury verdict makes clear, officers who put themselves above the law will be held accountable,” said Acting U.S. Attorney Patrick D. Robbins.  

    “Today’s guilty verdict against Morteza Amiri sends a clear message: no one is above the law, especially those sworn to uphold it.  Amiri’s actions betrayed the trust of the community and undermined the integrity of law enforcement,” said FBI Special Agent in Charge Sanjay Virmani.  “The FBI remains committed to holding accountable any officer who violates their oath and deprives citizens of their constitutional rights. The people of Antioch, and communities everywhere, deserve better.”

    According to the evidence at trial, on July 24, 2019, Amiri pulled over and stopped a bicyclist identified as A.A., who, according to Amiri, did not have his bicycle light on.  Amiri approached A.A., punched and took the victim to the ground, and then called for his K-9 to bite the victim.  As a result, A.A. sustained injuries.  At the time, Amiri was accompanied by a police officer with a neighboring agency as a ride-along, and that officer assisted with the deployment of the K-9.  Afterwards, Amiri shared pictures of the victim’s wounds with other Antioch police officers.  One officer responded, “Yeah buddy good boy,” referring to the K-9, and “Lol you bit [A.A.].”  In response to a question from another officer about what cut the dog’s face, Amiri responded, “that’s a piece of the suspect’s flesh lol.”  

    Amiri later wrote to the officer who accompanied him on the ride-along, “you got to see [the K-9] in action lol,” and stated that detectives got the victim “a 45 day violation and we are gonna leave it at that so i don’t go to court for the bite. Easy,” referring to the victim going into custody for a parole/probation violation.  Amiri then falsified a police report of the incident, stating that one of the reasons he deployed his K-9 was because he was alone, when instead the ride-along police officer was with him at the time and had helped Amiri deploy the K-9.

    The jury convicted Amiri of one count of deprivation of rights under color of law in violation of 18 U.S.C. § 242 and one count of falsification of records in a federal investigation in violation of 18 U.S.C. § 1519.  The jury acquitted Amiri of one count of conspiracy against rights in violation of 18 U.S.C. § 241 and two counts of deprivation of rights under color of law, in violation of 18 U.S.C. § 242.  

    Amiri was previously convicted of conspiracy to commit wire fraud and wire fraud following a jury trial in August 2024.  

    Amiri is scheduled to appear on March 18, 2025, for a hearing on whether to remand him to custody pending sentencing, and on June 3, 2025, for sentencing.  He faces a maximum sentence of 10 years in prison on the count of deprivation of rights under color of law and 20 years in prison on the count of falsification of records.  Any sentence will be imposed by the Court only after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

    The case is being prosecuted by the National Security & Special Prosecutions Section and the Oakland Branch of the United States Attorney’s Office.  This prosecution is the result of an investigation by the FBI and the Contra Costa County District Attorney’s Office. 


    These civil rights charges against Amiri were brought as part of an investigation into the Antioch and Pittsburgh police departments that resulted in multiple charges against 10 current and former officers and employees of these two police departments for various crimes ranging from the use of excessive force to fraud.  The status of these cases, all of which are before Senior U.S. District Judge Jeffrey S. White, is below:

    Case Name and Number Statute(s)

    Defendant

    (Bold: multiple case numbers)

    Status

    Fraud

    23-cr-00264

    18 U.S.C. §§ 1349 (Conspiracy to Commit Wire Fraud; 1343 (Wire Fraud) Patrick Berhan Sentenced to 30 months custody, 2 years supervised release concurrent with 24-cr-157 on 9/5/24
    Morteza Amiri Convicted at trial 8/8/24, sentencing pending
    Amanda Theodosy a/k/a Nash Sentenced to 3 months custody, 3 years supervised release 11/15/24
    Samantha Peterson Sentenced to time served, 3 years supervised release 4/24/24
    Ernesto Mejia-Orozco Sentenced to 3 months custody, 3 years supervised release on 9/19/24
    Brauli Jalapa Rodriguez Sentenced to 3 months custody, 3 years supervised release on 10/25/24

    Obstruction

    23-cr-00267

    18 U.S.C. §§ 1519 (Destruction, Alteration, and Falsification of Records in Federal Investigations); 1512(c)(2) (Obstruction of Official Proceedings); 242 (Deprivation of Rights Under Color of Law) Timothy Manly Williams Pleaded guilty 11/28/23, status conference 4/15/25

    Steroid Distribution

    23-cr-00268

    21 U.S.C. §§ 846 (Conspiracy to Distribute and Possess with Intent to Distribute Anabolic Steroids), 841(a)(1), and (b)(1)(E)(i) (Possession with Intent to Distribute Anabolic Steroids) Daniel Harris Pleaded guilty 9/17/24, status conference 4/15/25

    21 U.S.C. §§ 846, 841(a)(1), and (b)(1)(E)(i) (Conspiracy to Distribute and Possess with Intent to Distribute Anabolic Steroids);

    18 U.S.C.§ 1519 (Destruction, Alteration, and Falsification of Records in Federal Investigations)

    Devon Wenger Trial set for 4/28/25

    Civil Rights

    23-cr-00269

    18 U.S.C. §§ 241 (Conspiracy Against Rights), 242 (Deprivation of Rights Under Color of Law); § 1519 (Destruction, Alteration, and Falsification of Records in Federal Investigations) Morteza Amiri Convicted at trial 3/14/25 on counts 2 and 5, sentencing set for 6/3/25
    18 U.S.C. §§ 241 (Conspiracy Against Rights), 242 (Deprivation of Rights Under Color of Law) Eric Rombough Pleaded guilty 1/14/25, status conference 4/22/25
    18 U.S.C. §§ 241 (Conspiracy Against Rights), 242 (Deprivation of Rights Under Color of Law) Devon Wenger Pending

    Steroid Distribution

    24-cr-00157

    21 U.S.C. §§ 841(a)(1) and (b)(1)(E)(i) (Possession with Intent to Distribute Anabolic Steroids) Patrick Berhan Sentenced to 30 months custody, 2 years supervised release concurrent with 23-cr-264 on 9/5/24

    Bank fraud

    24-cr-00502

    18 U.S.C. § 1344(1), (2) (Bank fraud) Daniel Harris Pleaded guilty 9/17/24, status conference 4/15/25

    MIL Security OSI

  • MIL-OSI Economics: Statement on IndusInd Bank Limited

    Source: Reserve Bank of India

    There has been some speculation relating to IndusInd Bank Ltd. in certain quarters, perhaps arising from recent events related to the bank.

    The Reserve Bank would like to state that the bank is well-capitalised and the financial position of the bank remains satisfactory. As per auditor-reviewed financial results of the bank for the quarter ended December 31, 2024, the bank has maintained a comfortable Capital Adequacy Ratio of 16.46 per cent and Provision Coverage Ratio of 70.20 per cent. The Liquidity Coverage Ratio (LCR) of the bank was at 113 per cent as on March 9, 2025, as against regulatory requirement of 100 per cent.

    Basis the disclosures available in public domain, the bank has already engaged an external audit team to comprehensively review their current systems, and to assess and account for the actual impact expeditiously. The Board and the management have been directed by Reserve Bank to have the remedial action completed fully during the current quarter viz., Q4FY25, after making required disclosures to all stakeholders. As such, there is no need for depositors to react to the speculative reports at this juncture. The bank’s financial health remains stable and is being monitored closely by Reserve Bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2380

    MIL OSI Economics

  • MIL-OSI Russia: Financial News: Insurance Market: 2024 Results

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The volume of insurance premiums in 2024 increased by 62.8%, to 3.7 trillion rubles. The main driver of the market was life insurance, premiums for which reached record levels in the entire history of observations.

    Other segments with strong positive dynamics include voluntary health insurance, car insurance and corporate types of insurance.

    According to the results of the year, the net profit of insurers increased almost 1.5 times and amounted to 462.8 billion rubles.

    Read more about the market situation by the end of 2024 in“Review of key performance indicators of insurers”.

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

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

    HTTPS: //VVV.KBR.ru/Press/Event/? ID = 23460

    MIL OSI Russia News

  • MIL-OSI Russia: Financial News: Corporate Loan Portfolio to Return to Moderate Growth Rates in 2025

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    Corporate lending slowed to 2.9% in Q4 2024, partly due to active debt repayment by companies that received compensation under government contracts. Growth for the year was a fairly strong 17.9%, but a more moderate increase of 8-13% is expected in 2025.

    The growth rate of the mortgage portfolio also continued to decline and amounted to 1.5% for the quarter, mainly due to a reduction in market mortgages in the context of high rates. For the whole of 2024, mortgages increased by 13.4%, and in 2025 growth is expected at the level of 3-8%.

    The consumer loan portfolio decreased by 2% in the quarter, and increased by 11.2% overall for the year. According to the Bank of Russia, in 2025 its growth will slow down to a level of -1 to 4%, including due to tight monetary and macroprudential policies.

    Corporate funds in banks grew by 11.9% by the end of the year, while household funds grew by 26.1%. In 2025, more moderate dynamics of funds of both organizations (5–10%) and households (7–12%) are expected.

    It is expected that in 2025 there will be a slight compression of the net interest margin and a significant increase in the cost of risk. This will lead to a decrease in profit to 3.0-3.5 trillion rubles.

    More detailed information is provided in the quarterly review “Banking sector”.

    Preview photo: Ultramansk / Shutterstock / Fotodom

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

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

    HTTPS: //VVV.KBR.ru/Press/Event/? ID = 23459

    MIL OSI Russia News

  • MIL-OSI Europe: Latest news – 17-21 March: Work in Parliamentary Committees

    Source: European Parliament

    In the week of 17 March, a large part of Members’ work this week will be in Parliamentary Committees.

    A number of exchanges and debates will be held with Commissioners as well as with the European Chief Prosecutor and the President of the European Central Bank.

    MIL OSI Europe News

  • MIL-OSI Banking: S&P Affirmed Botswana’s ‘BBB+’ Long-term and ‘A-2’ Short-term Foreign and Domestic Currency Sovereign Credit Rating but Revised Down the Economic Outlook from Stable to Negative.

    Source: Bank of Botswana

    On 14 March 2025, S&P Global Ratings (S&P) released an update of the sovereign credit rating for Botswana. The Rating Agency affirmed the country’s ‘BBB+’ long-term and ‘A-2’ short-term foreign and domestic currency sovereign credit ratings but revised down the economic outlook from stable to negative. 

    See the Report attached.

    S&P GLOBAL RATINGS AFFIRMS BOTSWANA’S SOVEREIGN CREDIT RATINGS-Report.pdf

    MIL OSI Global Banks

  • MIL-OSI Banking: Summary-S&P Affirmed Botswana’s ‘BBB+’ Long-term and ‘A-2’ Short-term Foreign and Domestic Currency Sovereign Credit Rating but Revised Down the Economic Outlook from Stable to Negative.

    Source: Bank of Botswana

    On 14 March 2025, S&P Global Ratings (S&P) released an update of the sovereign credit rating for Botswana. The Rating Agency affirmed the country’s ‘BBB+’ long-term and ‘A-2’ short-term foreign and domestic currency sovereign credit ratings but revised down the economic outlook from stable to negative. 

    See the Summary Report attached.

    S&P GLOBAL RATINGS AFFIRMS BOTSWANA’S SOVEREIGN CREDIT RATINGS.pdf

    MIL OSI Global Banks

  • MIL-OSI Economics: African Development Bank Group appoints Chairperson and Vice Chairperson of Disclosure and Access to Information (DAI) Appeals Panel

    Source: African Development Bank Group
    Members of the African Development Bank Group’s  Disclosure and Access to Information Appeals Panel (DAI Appeals Panel) have selected Mohammed Nyaoga and  Devalingum Naiken Gopalla as Chairperson and Vice-Chairperson, respectively,  reinforcing the Bank Group’s commitment to transparency and…

    MIL OSI Economics

  • MIL-OSI Europe: Text adopted – European Semester for economic policy coordination: employment and social priorities for 2025 – P10_TA(2025)0032 – Wednesday, 12 March 2025 – Strasbourg

    Source: European Parliament

    The European Parliament,

    –  having regard to Article 3 of the Treaty on European Union (TEU),

    –  having regard to Articles 9, 121, 148 and 149 of the Treaty on the Functioning of the European Union (TFEU),

    –  having regard to the European Pillar of Social Rights (EPSR) proclaimed and signed by the Council, Parliament and the Commission on 17 November 2017,

    –  having regard to the Commission communication of 4 March 2021 entitled ‘The European Pillar of Social Rights Action Plan’ (COM(2021)0102) and its proposed 2030 headline targets on employment, skills and poverty reduction,

    –  having regard to the Commission communication of 17 December 2024 entitled ‘2025 European Semester – Autumn package’ (COM(2024)0700),

    –  having regard to the Commission communication of 26 November 2024 entitled ‘2025 European Semester: bringing the new economic governance framework to life’ (COM(2024)0705),

    –  having regard to the Commission proposal of 17 December 2024 for a joint employment report from the Commission and the Council (COM(2024)0701),

    –  having regard to the Commission recommendation of 17 December 2024 for a Council recommendation on the economic policy of the euro area (COM(2024)0704),

    –  having regard to the Commission report of 17 December 2024 entitled ‘Alert Mechanism Report 2025’ (COM(2024)0702),

    –  having regard to the Commission staff working document of 26 November 2024 entitled ‘Fiscal statistical tables providing relevant background data for the assessment of the 2025 draft budgetary plans’ (SWD(2024)0950),

    –  having regard to the Commission staff working document of 17 December 2024 on the changes in the scoreboard the Macroeconomic Imbalance Procedure Scoreboard in the context of the regular review process (SWD(2024)0702),

    –  having regard to its resolution of 22 October 2024 on the Council position on Draft amending budget No 4/2024 of the European Union for the financial year 2024 – update of revenue (own resources) and adjustments to some decentralised agencies(1),

    –  having regard to Mario Draghi’s report of 9 September 2024 entitled ‘The future of European competitiveness’,

    –  having regard to Enrico Letta’s report of April 2024 on the future of the single market(2),

    –  having regard to the La Hulpe Declaration on the Future of the European Pillar of Social Rights signed by Parliament, the Commission, the European Economic and Social Committee and the Council on 16 April 2024,

    –  having regard to the Regulation (EU) 2023/955 of the European Parliament and of the Council of 10 May 2023 establishing a Social Climate Fund and amending Regulation (EU) 2021/1060(3),

    –  having regard to the Regulation (EU) 2024/1263 of the European Parliament and of the Council of 29 April 2024 on the effective coordination of economic policies and on multilateral budgetary surveillance and repealing Council Regulation (EC) No 1466/97(4), and in particular to Articles 3, 4, 13 and 27 thereof,

    –  having regard to the Commission communication of 17 January 2023 entitled ‘Harnessing talent in Europe’s regions’ (COM(2023)0032),

    –  having regard to the Commission communication of 20 March 2023 entitled ‘Labour and skills shortages in the EU: an action plan’ (COM(2024)0131),

    –  having regard to the 2020 European Skills Agenda,

    –  having regard to the Commission communication of 7 September 2022 on the European care strategy (COM(2022)0440),

    –  having regard to the Council Recommendation on access to affordable, high-quality long-term care(5),

    –  having regard to the EU Social Scoreboard and its headline and secondary indicators,

    –  having regard to the Commission communication of 3 March 2021 entitled ‘Union of Equality: Strategy for the Rights of Persons with Disabilities 2021-2030’ (COM(2021)0101),

    –  having regard to the Commission report of 19 September 2024 entitled ‘Employment and Social Developments in Europe (ESDE): upward social convergence in the EU and the role of social investment’,

    –  having regard to the Council Decision on Employment Guidelines, adopted by the Employment, Social Policy, Health and Consumer Affairs Council on 2 December 2024, which establishes employment and social priorities aligned with the principles of the EPSR,

    –  having regard to the Tripartite Declaration for a thriving European Social Dialogue and to the forthcoming pact on social dialogue,

    –  having regard to Directive (EU) 2022/2041 of the European Parliament and of the Council of 19 October 2022 on adequate minimum wages in the European Union(6) (Minimum Wage Directive),

    –  having regard to the European Social Charter, referred to in the preamble of the EPSR,

    –  having regard to the EU Roma strategic framework for equality, inclusion and participation for 2020-2030,

    –  having regard to the United Nations Sustainable Development Goals (SDGs),

    –  having regard to the Gender Equality Strategy 2020-2025,

    –  having regard to the EU Anti-Racism Action Plan 2020-2025,

    –  having regard to the LGBTIQ Equality Strategy 2020-2025,

    –  having regard to Rule 55 of its Rules of Procedure,

    –  having regard to the report of the Committee on Employment and Social Affairs (A10-0023/2025),

    A.  whereas progress has been made towards achieving the EU’s employment targets, namely that at least 78 % of people aged 20 to 64 should be in employment by 2030, despite the uncertainty created by Russia’s war of aggression against Ukraine and the impact of high inflation; whereas, according to the Commission’s 2025 autumn economic forecast, EU employment has reached a rate of 75,3 %; whereas growth in employment in the EU remained robust in 2023; whereas in two thirds of the Member States, employment growth in 2023 was on track to reach the national 2030 target; whereas significant challenges nevertheless persist, such as high unemployment rates in some Member States, particularly among young people and persons with disabilities, as do significant inequalities between sectors and regions, which can negatively affect social cohesion and the well-being of European citizens in the long term;

    B.  whereas the European Semester combines various different instruments in an integrated framework for multilateral coordination and surveillance of economic, employment and social policies within the EU and it must become a key tool for fostering upward social convergence; whereas the Social Convergence Framework is a key tool for assessing social challenges and upward convergence within the European Semester and for monitoring social disparities across Member States, while addressing the challenges identified in the Joint Employment Report (JER);

    C.  whereas the Union has adopted the 2030 target of reducing the number of people at risk of poverty and social exclusion by at least 15 million compared to 2019, including at least 5 million children; whereas in nearly half of the Member States the trend is heading in the opposite direction; whereas one child in four in the European Union is still at risk of poverty and social exclusion; and whereas the current trend will not make it possible to meet the 2030 target; whereas public spending on children and youth should not be seen only as social expenditure but as an investment in the future; whereas the promotion of strong, sustainable and inclusive economic growth can succeed only if the next generation can develop their full educational potential in order to be prepared for the changing labour market, whereas to meet the 2030 Barcelona targets for early childhood education and care, the EU should invest an additional EUR 11 billion per year(7);

    D.  whereas despite a minimal reduction in the number of people at risk of poverty or social exclusion in the EU in 2023, approximately one in five still faces this challenge, with notable disparities for children, young and older people, persons with disabilities, LGTBI, non-EU born individuals, and Roma communities;

    E.  whereas significant disparities are observed among children from ethnic or migrant backgrounds and children with disabilities; whereas 83 % of Roma children live in households at risk of poverty; whereas the EU and national resources currently deployed are in no way sufficient for addressing the challenge of child poverty in the EU and, therefore, a dedicated funding instrument for the European Child Guarantee as well as synergies with other European and national funds are of the utmost importance;

    F.  whereas the EPSR must be the compass guiding EU social and economic policies, whereas the Commission should monitor progress on the implementation of the EPSR using the Social Scoreboard and the Social Convergence Framework;

    G.  whereas poor quality jobs among the self-employed are disproportionately widespread while the rate of self-employment is declining, including among young people;

    H.  whereas there are still 1,4 million people residing in institutions in the EU; whereas residents of institutions are isolated from the broader community and do not have sufficient control over their lives and the decisions that affect them; whereas despite the fact that the European Union has long been committed to the process of deinstitutionalisation, efforts are still needed at both European and national level to enable vulnerable groups to live independently in a community environment;

    I.  whereas demographic challenges, including an ageing population, low birth rates and rural depopulation, with young people in particular moving to urban areas, profoundly affect the economic vitality and attractiveness of EU regions, the labour markets, and consequently, the sustainability of welfare systems, and further aggravate the regional disparities in the EU, and hence represent a structural challenge for the EU economy; and whereas, as underlined in the Draghi report, sustainable growth and competitiveness in Europe depend to a large extent on adapting education and training systems to evolving skills needs, prioritising adult learning and vocational education and training, and the inclusion of the active population in the labour market and on a robust welfare system;

    J.  whereas 70 % of workers in Europe are in good-quality jobs, 30 % are in high-strain jobs where demands are more numerous than resources available to balance them leading to overall poor job quality; whereas in many occupations suffering from persistent labour shortages the share of low-quality jobs is higher than 30 %;

    K.  whereas the Letta report states that there is a decline in the birth rate, noting the importance of creating a framework to support all families as part of a strategy of inclusive growth in line with the EPSR; whereas the report notes that the free movement of people remains the least developed of the four freedoms and argues for reducing barriers to intra-EU occupational mobility while addressing the social, economic and political challenges facing the sending Member States and their most disadvantaged regions, as well as safeguarding the right to stay; whereas there is a need to promote family-friendly and work-life balance policies, ensuring accessible and professional care systems as well as public quality education, family-related leave and flexible working arrangements in line with the European Care Strategy;

    L.  whereas inflation has increased the economic burden on households, having a particularly negative impact on groups in vulnerable situations, such as single parents, large families, older people or persons with disabilities, whereas housing costs and energy poverty remain major problems; whereas housing is becoming unaffordable for those who live in households where housing costs account for 40 % of total disposable income; whereas investment in social services, housing supply – including social housing – and policies that facilitate the accessibility and affordability of housing play a key role in reducing poverty among vulnerable households;

    M.  whereas the EU’s micro, small and medium-sized enterprises face particular challenges such as staying competitive against third-country players, maintaining production levels despite rising energy costs and finding the necessary skills for the green and digital transitions; whereas they need financial and technical support to comply with regulatory requirements and take advantage of the opportunities offered by the twin transitions;

    N.  whereas labour and skills shortages remain a problem at all levels, and are reported by companies of all sizes and sectors; whereas these shortages are exacerbated by a lack of candidates to fill critical positions in key sectors such as education, healthcare, transport, science, technology, engineering and construction, especially in areas affected by depopulation; whereas these shortages can result from a number of factors, such as difficult working conditions, unattractive salaries, demand for new skill sets and a shortage of relevant training, the lack of public services, barriers of access to medium and higher education and lack of recognition of skills and education;

    O.  whereas the Union has adopted the target that at least 60 % of adults should participate in training every year by 2030; whereas the Member States have committed themselves to national targets in order to achieve this headline goal and whereas the majority of Member States lost ground in the pursuit of these national targets; whereas further efforts are needed to ensure the provision of, and access to, quality training policies that promote lifelong learning; whereas upskilling, reskilling and training programmes must be available for all workers, including those with disabilities, and should also be adapted to workers’ needs and capabilities;

    P.  whereas in 2022, the average Programme for International Student Assessment (PISA) score across the OECD on the measures of basic skills (reading, mathematics and science) of 15-year-olds dropped by 10 points compared to the last wave in 2018; whereas underachievement is prevalent among disadvantaged learners, demonstrating a widening of educational inequalities; whereas this worrying deterioration calls for reforms and investments in education and training;

    Q.  whereas the EU’s capacity to deal with future shocks, crises and ‘polycrises’ while navigating the demographic, digital and green transitions, will depend greatly on the conditions under which critical workers will be able to perform their work; whereas addressing the shortages and retaining all types of talent requires decent working conditions, access to social protection systems, and opportunities for skills development tailored to the needs; and whereas addressing skills shortages is crucial to achieving the digital and green transitions, ensuring inclusive and sustainable growth and boosting the EU’s competitiveness;

    R.  whereas it is essential to promote mobility within the EU and consider attracting skilled workers from third countries, while ensuring respect for and enforcement of labour and social rights and channelling third-country nationals entering the EU through legal migration pathways towards occupations experiencing shortages, supported by an effective integration policy, in full complementarity with harnessing talents from within the Union;

    S.  whereas gender pay gaps remain considerable in most EU Member States and whereas care responsibilities are an important factor that continue to constrain women into part-time employment or lead to their exclusion from the labour market, resulting in a wider gender employment gap;

    T.  whereas the JER highlights the right to disconnect, in particular in the context of telework, acknowledging the critical role of this right in ensuring a work-life balance in a context of increasing digitalisation and remote working;

    U.  whereas challenges to several sectors, such as automotive manufacturing and energy intensive industries, became evident in 2024 and a number of companies announced large-scale restructuring;

    V.  whereas there are disparities in the coverage of social services, including long-term care, child protection, domestic violence support, and homelessness aid, that need to be addressed through the European Semester;

    W.  whereas there is currently no regular EU-wide collection of data on social services investment and coverage; whereas collecting such data is key for an evidence-based analysis of national social policies in the European Semester analysis; whereas this should be addressed through jointly agreed criteria and data collection standards for social services investment and coverage in the Member States; whereas the European Social Network’s Social Services Index is an example of how such data collection can contribute to the European Semester analysis;

    X.  whereas the crisis in generational renewal, demographic changes, and lack of sufficient investment in public services have led to an increased risk of poverty and social exclusion, particularly affecting children and older people, single-parent households and large families, the working poor, persons with disabilities, and people from marginalised backgrounds; whereas an ambitious EU anti-poverty strategy will be essential to reverse this trend and provide responses to the multidimensional phenomenon of poverty;

    Y.  whereas Eurofound research shows that suicide rates have been creeping up since 2021, after decreasing for decades; whereas more needs to be done to address causes of mental health problems in working and living conditions (importantly social inclusion), and access to support for people with poor mental health remains a problem;

    Z.  whereas there were still over 3 300 fatal accidents and almost 3 million nonfatal accidents in the EU-27 in 2021; whereas over 200 000 workers die each year from work-related illnesses; whereas these data do not include all accidents caused by undeclared work, making it plausible to assume that the true numbers greatly exceed the official statistics; whereas in 2017, according to Eurofound, 20 % of jobs in Europe were of ‘poor quality’ and put workers at increased risk regarding their physical or mental health; whereas 14 % of workers have been exposed to a high level of psychosocial risks; whereas 23 % of European workers believe that their safety or their health is at risk because of their work;

    AA.  whereas the results of the April 2024 Eurobarometer survey on social Europe highlight that 88 % of European citizens consider social Europe to be important to them personally; whereas this was confirmed by the EU Post-Electoral Survey 2024, where European citizens cited rising prices and the cost of living (42 %) and the economic situation (41 %) as the main topics that motivated them to vote in the 2024 European elections;

    AB.  whereas according to Article 3 TEU, social progress in the EU is one of the aims of a highly competitive social market economy, together with full employment, a high level of protection and improvement of the quality of the environment; whereas Article 3 TEU also states that the EU ‘shall combat social exclusion and discrimination, and shall promote social justice and protection, equality between women and men, solidarity between generations and protection of the rights of the child’;

    AC.  whereas the new EU economic governance framework entered into force in April 2024 and aims to promote sustainable and inclusive growth and to give more space for social investment and achievement of the objectives of the EPSR; whereas, for the first time, the revision includes a social convergence framework as an integrated part of the European Semester;

    AD.  whereas under the new EU economic governance framework, all Member States have to include reforms and investments in their medium-term plans addressing common EU priorities and challenges identified in country-specific recommendations in the context of the European Semester; whereas the common EU priorities include social and economic resilience, including the EPSR;

    AE.  whereas public investment is expected to increase in 2025 in almost all Member States, with a significant contribution from NextGenerationEU’s Recovery and Resilience Facility (RRF) and EU funds and will contribute to social spending, amounting to around 25 % of the total estimated expenditure under the RRF, securing growth and economic resilience(8); whereas social investments and reforms in key areas can boost employment, social inclusion, competitiveness and economic growth(9); whereas social partners are essential for designing and implementing policies that promote sustainable and inclusive growth, decent and quality work, and fair transitions and must be involved at all levels of governance in accordance with the TFEU;

    AF.  whereas according to the Organization for Economic Co-operation and Development (OECD), on average across OECD countries, occupations at highest risk of automation account for about 28 % of employment(10); whereas social dialogue and collective bargaining are crucial in this context to ensure a participatory approach to managing change driven by technological developments, addressing potential concerns, while fostering workers’ adaptation (including via skills provision); whereas digitalisation, robotisation, automation and artificial intelligence (AI) must benefit workers and society by improving working conditions and quality of life, ensuring a good work-life balance, creating better employment opportunities, and contributing to socio-economic convergence; whereas workers and their trade unions will play a critical role in anticipating and tackling risks emerging from those challenges;

    AG.  whereas social dialogue and collective bargaining are essential for the EU’s competitiveness, labour productivity and social cohesion;

    1.  Considers that the Commission and the Council should strengthen their efforts to implement the EPSR, in line with the action plan of March 2021 and the La Hulpe Declaration, to achieve the 2030 headline targets; calls on the Commission to ensure that the JER 2026 analyses the implementation of all the principles of the EPSR in line with Regulation (EU) 2024/1263 and includes an analysis of the social dimension of the national medium-term fiscal structural plans related to social resilience, including the EPSR; welcomes, in this regard, the announcement of a new Action Plan on the implementation of the EPSR(11) for 2025 to give a new impetus to social progress; welcomes the fact that almost all Member States are expected to increase public investment in 2025, which is necessary to ensure access to quality public services and achieve the aims of the EPSR; recalls that the Member States can mobilise the RRF within the scope defined by the Regulation (EU) 2021/241(12) until 31 December 2026 on policies for sustainable and inclusive growth and the next generation;

    2.  Stresses the importance of using the Social Scoreboard and the Social Convergence Framework to identify risks to, and to track progress in, reducing inequalities, strengthening social protection systems and promoting decent working conditions and supportive measures for workers to manage the transitions; stresses that in this regard, it is necessary to ensure a sustainable, fair and inclusive Europe where social rights are fully protected and safeguarded at the same level as economic freedoms; recalls that EU citizens identify social Europe as one of their priorities;

    3.  Regrets the lack of data on and analysis of wealth inequality and wealth concentration in the EU as this is one of the main determinants of poverty; points out that according to Distributional Wealth Accounts, a dataset developed by the European System of Central Banks, the share of wealth held by the top 10 % stood at 56 % in the fourth quarter of 2023, while the bottom half held just 5 %;

    4.  Welcomes the inclusion of analysis on the positive contribution of the SDGs and the European equality strategies in the JER 2025 and calls on the Commission to ensure that the JER 2026 includes both a section analysing the progress towards the SDGs related to employment and social policy, and another on progress towards eliminating social and labour discrimination in line with the Gender Equality Strategy 2020-2025, the EU Anti-Racism Action Plan 2020-2025, the EU Roma strategic framework for equality, inclusion and participation 2020-2030, the LGBTIQ Equality Strategy 2020-2025, and the Strategy for the rights of persons with disabilities 2021-2030;

    5.  Calls on the Member States to implement the updated employment guidelines, with an emphasis on education and training for all, new technologies such as AI, and recent policy initiatives on platform work, affordable and decent housing and tackling labour and skills shortages, with a view to strengthening democratic decision-making;

    6.  Reiterates the importance of investing in workforce skills development and occupational training and of ensuring quality employment, with an emphasis on the individual right to training and lifelong learning; urges the Member States to develop upskilling and reskilling measures in collaboration with local stakeholders, including educational and training bodies and the social partners, in order to reinforce the link between the education and training systems and the labour market and to anticipate labour market needs; welcomes the fact that employment outcomes for recent graduates from vocational education and training (VET) continue to improve across the EU; is concerned about young people’s declining educational performance, particularly in basic skills; welcomes, in this regard, the announcement of an Action Plan on Basic Skills and a STEM Education Strategic Plan; calls on the Member States to invest in programmes to equip learners with the basic, digital and transversal skills needed for the world of work and its digitisation as well as to help them to contribute meaningfully to society; recalls the important role that the European Globalisation Adjustment Fund for displaced workers can play in supporting and reskilling workers who were made redundant as a result of major restructuring events;

    7.  Welcomes the announcement of a quality jobs roadmap to ensure a just transition for all; calls on the Commission to include in this roadmap considerations for measures linked to the use of AI and algorithmic management in the world of work so that new technologies are harnessed to improve working conditions and productivity while respecting workers’ rights and work-life balance as recognised in the JER(13);

    8.  Stresses that the response to labour shortages in the European Union also involves improving and facilitating labour mobility within the Union; calls on the Member States to strengthen and facilitate the recognition of skills and qualifications in the Union, including those of third-country nationals; calls on the Commission to analyse the effectiveness of the European Employment Services (EURES) platform with a view to a potential revision of its operation;

    9.  Notes that the number of early leavers from education and training, people with lower levels of education, young people not in education, employment or training (NEETs) and among them vulnerable groups, including Roma, women, older people, low- and medium-qualified people, persons with disabilities and people with a migrant or minority background, depending on the country-specific context, remains high in several Member States, despite a downward trend in the European Union; calls on the Member States to reinforce the Youth Guarantee as stated in Principle 4 of the EPSR; in order to support young people in need throughout their personal and professional development; reiterates the pivotal role that VET plays in providing the knowledge, skills and competencies necessary for young people entering the labour market; emphasises the need to invest in the quality and attractiveness of VET through the European Social Fund Plus (ESF+); recalls, therefore, the need to address this situation and develop solutions to keep young people in education, training or employment and the importance of ensuring their access to traineeships and apprenticeships, enabling them to gain their first work experience and facilitating their transition from education to employment as well as to create working conditions that enable an ageing workforce to remain in the labour market;

    10.  Considers that, although there has been an improvement, persons with disabilities, especially women with disabilities, still face significant obstacles in the labour market, and that there is therefore a need for vocational and digital training, while promoting the inclusion of persons with disabilities, targeting the inactive labour force and groups with low participation in the labour market, including women, young people, older workers and persons with chronic diseases; calls on the Commission to update the EU Disability Strategy with new flagship initiatives and actions from 2025 onwards, such as a European Disability Employment and Skills Guarantee and the sharing of best practices such as the disability card, in particular to address social inclusion and independent living for people with disabilities, also ensuring their access to quality education, training and employment through guidance on retaining disability allowances;

    11.  Expresses concern that Roma continue to face significant barriers to employment, with persistent biases limiting their prospects; notes that the EU Roma strategic framework for equality, inclusion, and participation highlights a lack of progress in employment access and a growing share of Roma youth not in employment, education, or training; emphasises the framework’s goal of halving the employment gap between Roma and the general population and ensuring that at least 60 % of Roma are in paid work by 2030; urges the Member States to adopt an integrated, equality-focused approach and to ensure that public policies and services effectively reach all Roma, including those in remote rural areas;

    12.  Stresses the need to pay attention to the social and environmental aspects of competitiveness, emphasising the need for investments in education and training for all to ensure universal access to high-quality public education and professional training programmes, as well as sustainable practices to foster inclusive growth; underlines that social partners should play a key role in identifying and addressing skills needs across the EU;

    13.  Calls on the Commission and the Member States to include specific recommendations on housing affordability in the European Semester and to promote housing investment; urges the Member States to ensure that housing investments support long-term quality housing solutions that are actually affordable for low-income and middle-income households, highlighting that investments in social and affordable housing are crucial in order to ensure and improve the quality of life for all; stresses the need for a better use of EU funding, such as through European Investment Bank financial instruments, in particular to support investments to increase the energy efficiency of buildings; calls on the Commission and the Member States to take decisive action to provide an assessment of Union policies, funds and bottlenecks that should facilitate the construction, conversion and renovation of accessible, affordable and energy-efficient housing, including social housing, that meets the needs of young people, people with reduced mobility, low- and middle-income groups, families at risk and people in more vulnerable situations, while protecting homeowners and those seeking access to home ownership from a further reduction in supply;

    14.  Welcomes the announced European Affordable Housing Plan to support Member States in addressing the housing crisis and soaring rents; calls on the Commission to assess and publish which potential barriers on State aid rules affect housing accessibility; recalls that the Social Climate Fund aims to provide financial aid to Member States from 2026 to support vulnerable households, in particular with measures and investments intended to increase the energy efficiency of buildings, decarbonisation of heating and cooling of buildings and the integration in buildings of renewable energy generation and storage;

    15.  Considers that homelessness is a dramatic social problem in the EU; calls for a single definition of homelessness in the EU, which would enable the systematic comparison and assessment of the extent of homelessness across different EU Member States; calls on the Commission to develop a strategy and work towards ending homelessness in the EU by 2030 by promoting access to affordable and decent housing as well as access to quality social services; urges the Member States to better use the available EU instruments, including the ESF+, in this matter(14);

    16.  Calls on the Member States to design national homelessness strategies; welcomes the intention to deliver a Council recommendation on homelessness(15); urges the Commission to further increase the ambition of the European Platform on Combating Homelessness;

    17.  Considers that EU action is urgently needed to address the persistently high levels of poverty and social exclusion in the EU, particularly among children, young and older people, persons with disabilities, non-EU born individuals, LGTBI and Roma communities; highlights that access to quality social services should be prioritised and should ensure energy security for vulnerable households; calls on the Commission to adopt the first-ever EU Anti-Poverty Strategy;

    18.  Recalls the Union objective of transitioning from institutional to community or family-based care; calls on the Commission to put forward an action plan on deinstitutionalisation; stresses that this action plan should cover all groups still living in institutions, including children, persons with disabilities, people with mental health issues, people affected by homelessness and older people; calls on the Member States to make full use of the ESF+ funds as well as other relevant European and national funds in order to finalise the deinstitutionalisation process so as to ensure that every EU citizen can live in a family or community environment;

    19.  Calls on the Commission to deliver a European action plan for mental health, in line with its recent recommendations(16); calls on the Member States to strengthen access to mental health services and emotional support programmes for all, particularly children, young people and older people; requests a better use of the Social Scoreboard indicators to address the impact of precarious living conditions and uncertainty on mental health;

    20.  Calls on the Commission to address loneliness by promoting a holistic EU strategy on loneliness and access to professional care; calls also for this EU strategy to address the socio-economic impact of loneliness on productivity and well-being by tackling issues such as rural isolation; urges the Member States to continue implementing the Council recommendation on access to affordable, quality long-term care with a view to ensuring access to quality care while ensuring decent working conditions for workers in the care sector, as well as for informal carers;

    21.  Recognises that 44 million Europeans are frequent informal long-term caregivers, the majority of whom are women(17);

    22.  Recognises the unique role of carers in society, and while the definition of care workers is not harmonised across the EU, the long-term care sector employs 6.4 million people across the EU;

    23.  Is concerned that, in 2023, 94,6 million people in the EU were still at risk of poverty or social exclusion; stresses that without a paradigm shift in the approach to combating poverty, the European Union and its Member States will not achieve their poverty reduction objectives; believes that the announcement of the first-ever EU Anti-Poverty Strategy is a step in the right direction towards reversing the trend, but must provide a comprehensive approach to tackling the multidimensional aspects of poverty and social exclusion with concrete actions, strong implementation and monitoring; calls for this Strategy to encompass everybody experiencing poverty and social exclusion, first and foremost the most disadvantaged, but also specific measures for different groups such as persons experiencing in-work poverty, homeless people, people with disabilities, single-parent families and, above all, children in order to sustainably break the cycle of poverty; stresses that the transposition of the Minimum Wage Directive will be key to preventing and fighting poverty risks among workers, while reinforcing incentives to work, and welcomes the fact that several Member States have amended or plan to amend their minimum wage frameworks; is concerned about the rise of non-standard forms of employment where workers are more likely to face in-work poverty and find themselves without adequate legal protections;

    24.  Reiterates its call on the Commission to carefully monitor implementation of the Child Guarantee in all Member States as part of the European Semester and country-specific recommendations; reiterates its call for an increase in the funding of the European Child Guarantee with a dedicated budget of at least EUR 20 billion and for all Member States to allocate at least 5 % of their allocated ESF+ funds to fighting child poverty and promoting children’s well-being; considers that the country-specific recommendations should reflect Member States’ budgetary compliance with the minimum required allocation for tackling child poverty set out in the ESF+ Regulation(18); calls on the Commission to provide an ambitious budget for the Child Guarantee in the next MFF in order to respond to the growing challenge of child poverty and social exclusion;

    25.  Is concerned about national policies that create gaps in health coverage, increasing inequalities both within and between Member States; warns that this also undermines the implementation of principle 16 of the EPSR and of SDG 3.8 on universal health coverage, as well as the EPSR’s overall objective of promoting upward social convergence in the EU, leaving no one behind; believes that the indicators used in the Social Scoreboard do not provide a comprehensive understanding of healthcare affordability;

    26.  Underlines that employers need to foster intergenerational links within companies and intergenerational learning between younger and older workers, and vice versa; underlines that an ageing workforce can help a business develop new products and services to adapt to the needs of an ageing society in a more creative and productive way; calls, furthermore, for the creation of incentives to encourage volunteering and mentoring to induce the transfer of knowledge between generations;

    27.  Warns that, according to European Central Bank reports, real wages are still below their pre-pandemic level, while productivity was roughly the same; agrees that this creates some room for a non-inflationary recovery in real wages and warns that if real wages do not recover, this would increase the risk of protracted economic weakness, which could cause scarring effects and would further dent productivity in the euro area relative to other parts of the world; believes that better enforcement of minimum wages and strengthening collective bargaining coverage can have a beneficial effect on levels of wage inequality, especially by helping more vulnerable workers at the bottom of the wage distribution who are increasingly left out;

    28.  Calls for the Member States to ensure decent working conditions, comprising among other things decent wages, access to social protection, lifelong learning opportunities, occupational health and safety, a good work-life balance and the right to disconnect, reasonable working time, workers’ representation, democracy at work and collective agreements; urges the Member States to foster democracy at work, social dialogue and collective bargaining and to protect workers’ rights, particularly in the context of the green and digital transitions, and to ensure equal pay for equal work by men and women, enhance pay transparency and address gender-based inequality to close the gender pay gap in the EU;

    29.  Recalls the importance of improving access to social protection for the self-employed and calls on the Commission to monitor the Member States’ national plans for the implementation of the Council Recommendation of 8 November 2019 on access to social protection for workers and the self-employed(19) as part of the country-specific recommendations; recalls, in this regard, as the rate of self-employed professionals in the cultural and creative sectors is more than double that in the general population, the 13 initiatives laid down in the Commission’s 21 February 2024 response to the European Parliament resolution of 21 November 2023 on an EU framework for the social and professional situation of artists and workers in the cultural and creative sectors(20) and calls on the Commission to start implementing them in cooperation with the Member States;

    30.  Calls for the implementation of policies that promote work-life balance and the right to disconnect, with the aim of improving the quality of life for all families and workers, for ensuring the implementation of the Work-Life Balance Directive(21) and of the European Care Strategy; calls on the Commission to put forward a proposal to address teleworking and the right to disconnect; as well as a proposal for the creation of a European card for all types of large families and a European action plan for single parents, offering educational and social advantages; calls, ultimately, for initiatives to combat workforce exclusion as a consequence of longer periods of sick leave, to adapt the workplace and to promote flexible working conditions and to develop strategies to support workers’ return after longer periods of absence;

    31.  Calls for demographic challenges to be prioritised in the EU’s cohesion policy and for concrete action at EU and national levels; calls on the Commission to declare a ‘European Year of Demography’ and to prioritise the development of the Commission communication on harnessing talent in Europe’s regions and the ‘Talent Booster Mechanism’ in order to promote social cohesion and to step up funding for rural and outermost areas and regions with a high rate of depopulation, supporting quality job creation, public services, local development projects and basic infrastructure that favour the population’s ‘right to stay’, especially in the case of young people; highlights the importance of introducing specific measures to address regional inequalities in education and training, ensuring equal access to high-quality and affordable education for all;

    32.  Is concerned that, despite improvements, several population groups are still significantly under-represented in the EU labour market, including women, older people, low- and medium-qualified people, persons with disabilities and people with a migrant or minority background; warns that  educational inequalities have deepened, further exacerbating the vulnerabilities of students from disadvantaged and migrant backgrounds; points out that, according to the JER, people with migrant or minority backgrounds can significantly benefit from targeted measures in order to address skills mismatches, improve language proficiency and combat discrimination; stresses the importance of strengthening efforts in the implementation of the 2021-27 Action Plan on Integration and Inclusion, which provides a common policy framework to support the Member States in developing national migrant integration policies;

    33.  Calls on the Commission and the Council to prioritise reducing administrative burdens with the aim of simplification while respecting labour and social standards; believes that better support for SMEs and actual and potential entrepreneurs will improve the EU’s competitiveness and long-term sustainability, boost innovation and create quality jobs; notes that SMEs and self-employed professionals in all sectors are essential for the EU’s economic growth and thus the financing of social policies; urges the implementation of specific recommendations to improve the single market; takes note of the Commission’s publication of the ‘Competitiveness Compass’ on 29 January 2025(22);

    34.  Calls on the Commission to conduct competitiveness checks on every new legislative proposal, taking into account the overall impact of EU legislation on companies, as well as on other EU policies and programmes;

    35.  Considers that the social economy is an essential component of the EU’s social market economy and a driver for the implementation of the EPSR and its targets, often providing employment to vulnerable and excluded groups; calls on the Commission and the Member States to strengthen their support for all social economy enterprises but especially non-profit ones, as highlighted in the Social Economy Action Plan 2021 and the Liège Roadmap for the Social Economy, in order to promote quality, decent, inclusive work and the circular economy, to encourage the Member States to facilitate access to funding and to enhance the visibility of social economy actors; calls for the Commission to explore innovative funding mechanisms to support the development of the social economy in Europe(23) and to foster a dynamic and inclusive business environment;

    36.  Believes that, in this year of transition, with the implementation of the revised economic governance rules, the Member States should align fiscal responsibility with sustainable and inclusive growth and employment, notes that the involvement of social partners, including in the development of medium-term fiscal structural plans, should be enhanced to contribute to the goals of the new economic governance framework;

    37.  Welcomes the fact that the national medium-term fiscal structural plans, under the new economic governance framework, have to include the reforms and investments responding to the main challenges identified in the context of the European Semester and also to ensure debt sustainability while investing strategically in the principles of the EPSR with the aim of fostering upward social convergence;

    38.  Is concerned that compliance with the country-specific recommendations (CSRs) remains low; reiterates its call, therefore, for an effective implementation of CSRs by the Member States so as to promote healthcare and sustainable pension systems, in line with principles 15 and 16 of the EPSR, and long-term prosperity for all citizens, taking into account the vulnerability of those workers whose careers are segmented, intermittent and subject to labour transitions; insists that the Commission should reinforce its dialogues with the Member States on the implementation of existing recommendations and of the Employment Guidelines as well as on current or future policy action to address identified challenges;

    39.  Welcomes the establishment of a framework to identify risks to social convergence within the European Semester, for which Parliament called strongly; recalls that under this framework, the Commission assesses risks to upward social convergence in Member States and monitors progress on the implementation of the EPSR on the basis of the Social Scoreboard and of the principles of the Social Convergence Framework; welcomes the fact that the 2025 JER delivers country-specific analysis based on the principles of the Social Convergence Framework; calls on the Commission to further develop innovative quantitative and qualitative analysis tools under this new Framework in order to make optimal use of it in the future cycles of the European Semester;

    40.  Welcomes the fact that the first analysis based on the principles of the Social Convergence Framework points to upward convergence in the labour market in 2023(24); notes with concern that employment outcomes of under-represented groups still need to improve and that risks to upward convergence persist at European level in relation to skills development, ranging from early education to lifelong learning, and the social outcomes of at-risk-of-poverty and social exclusion rates; calls on the Commission to further analyse these risks to upward social convergence in the second stage of the analysis and to discuss with the Member States concerned the measures undertaken or envisaged to address these risks;

    41.  Recognises the cost of living crisis, which has increased the burden on households, and the rising cost of housing, which, in conjunction with high energy costs, is contributing to high levels of energy poverty across the EU; calls, therefore, on the Commission and Member States to comprehensively address the root causes of this crisis by prioritising policies that promote economic resilience, social cohesion, and sustainable development;

    42.  Warns of the social risks stemming from the crisis in the automotive sector, which is facing unprecedented pressure from both external and internal factors; calls on the Commission to pay attention to this sector and enhance social dialogue and the participation of workers in transition processes; stresses the urgent need for a coordinated EU response via an emergency task force of trade unions and employers to respond to the current crisis;

    43.  Calls on the Commission to monitor data on restructuring and its impact on employment, such as by using the European Restructuring Monitor, to facilitate measures in support of restructuring and labour market transitions, and to consider highlighting national measures supporting a socially responsible way of restructuring in the European Semester;

    44.  Is concerned about the Commission’s revision of the Macroeconomic Imbalance Procedure (MIP) Scoreboard, particularly the reduction in employment and social indicators, which are crucial for assessing the social and labour market situation in the Member States; regrets the fact that youth unemployment is no longer considered as a headline indicator, despite its relevance in identifying and addressing specific labour market challenges and in adopting adequate public policies; stresses that social standards indicators should be given greater consideration in the decision-making process; regrets the fact that the Commission did not duly consult Parliament and reminds the Commission of its obligation to closely cooperate with Parliament, the Council and social partners before drawing up the MIP scoreboard and the set of macroeconomic and macro-financial indicators for Member States; stresses that the implementation of the principles of the EPSR must be part of the MIP scoreboard;

    45.  Considers that territorial and social cohesion are essential components of the competitiveness agenda, and legislation such as the European Instrument for Temporary Support to Mitigate Unemployment Risks in an Emergency (SURE) remain a positive example to inspire future EU initiatives;

    46.  Considers that the Commission and the Member States should ensure that fiscal policies under the European Semester support investments aligned with the EPSR, particularly in areas such as decent and affordable housing, quality healthcare, education, and social protection systems, as these are critical for social cohesion and long-term economic sustainability and to address the challenges identified through social indicators;

    47.  Stresses the need to address key challenges identified in the Social Scoreboard as ‘critical’ and ‘to watch’, including children at risk of poverty or social exclusion, the gender employment gap, housing cost overburden, childcare, and long-term care the disability employment gap, the impact of social transfers on reducing poverty, and basic digital skills(25);

    48.  Stresses the negative impacts that the cost of living crisis has had on persons with disabilities;

    49.  Urges the Member States to consider robust policies that ensure fair wages and improve working conditions, particularly for low-income and precarious workers;

    50.  Stresses the need for timely and harmonised data on social policies to improve evidence-based policymaking and targeted social investments; calls for improvements to be made to the Social Scoreboard in order to cover the 20 EPSR principles with the introduction of relevant indicators reflecting trends and causes of inequality, such as quality employment, wealth distribution, access to public services, adequate pensions, the homelessness rate, mental health and unemployment; recalls that the at-risk-of-poverty-or-social-exclusion (AROPE) indicator fails to reveal the causes of complex inequality; calls on the Commission and the Member States to develop a European data collection framework on social services to monitor the investment in and coverage of social services;

    51.  Instructs its President to forward this resolution to the Council and the Commission.

    (1) OJ C, C/2025/491, 29.1.2025, ELI: http://data.europa.eu/eli/C/2025/491/oj.
    (2) Letta, E., Much more than a market – Speed, security, solidarity – Empowering the Single Market to deliver a sustainable future and prosperity for all EU Citizens, April 2024.
    (3) OJ L 130, 16.5.2023, p. 1, ELI: http://data.europa.eu/eli/reg/2023/955/oj.
    (4) OJ L, 2024/1263, 30.4.2024, ELI: http://data.europa.eu/eli/reg/2024/1263/oj.
    (5) OJ C 476, 15.12.2022, p. 1.
    (6) OJ L 275, 25.10.2022, p. 33, ELI: http://data.europa.eu/eli/dir/2022/2041/oj.
    (7) European Commission, ‘Employment and Social Developments in Europe (ESDE) 2024’, September 2024.
    (8) 2025 European Semester: Commission proposal of 17 December 2024 for a joint employment report from the Commission and the Council (COM(2024)0701).
    (9) European Commission, ‘Employment and Social Developments in Europe (ESDE) 2024’, September 2024.
    (10) OECD Social, Employment and Migration Working Papers No. 282.
    (11) von der Leyen, U., ‘Europe’s Choice, Political Guidelines for the Next European Commission 2024-2029’, 18 July 2024.
    (12) Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (OJ L 57, 18.2.2021, p. 17, ELI: http://data.europa.eu/eli/reg/2021/241/oj).
    (13) Commission proposal of 17 December 2024 for a joint employment report from the Commission and the Council (COM(2024)0701).
    (14) Opinion of the European Economic and Social Committee of 13 December 2023 on For an EU framework for national homeless strategies based on the principle of ‘Housing First’ (OJ C, C/2024/1567, 5.3.2024, ELI: http://data.europa.eu/eli/C/2024/1567/oj).
    (15) Opinion of the European Economic and Social Committee of 13 December 2023 on For an EU framework for national homeless strategies based on the principle of ‘Housing First’.
    (16) Commission communication of 7 June 2023 on a comprehensive approach to mental health (COM(2023)0298).
    (17) European Commission: Directorate-General for Employment, Social Affairs and Inclusion, Long-term care report – Trends, challenges and opportunities in an ageing society. Volume I, Publications Office, 2021, https://data.europa.eu/doi/10.2767/677726.
    (18) Article 7(3) of Regulation (EU) 2021/1057 of the European Parliament and of the Council of 24 June 2021 establishing the European Social Fund Plus (ESF+) (OJ L 231, 30.6.2021, p. 21, ELI: http://data.europa.eu/eli/reg/2021/1057/oj).
    (19) OJ C 387, 15.11.2019, p. 1.
    (20) European Parliament resolution of 21 November 2023 with recommendations to the Commission on an EU framework for the social and professional situation of artists and workers in the cultural and creative sectors (OJ C, C/2024/4208, 24.7.2024, ELI: http://data.europa.eu/eli/C/2024/4208/oj).
    (21) Directive (EU) 2019/1158 of the European Parliament and of the Council of 20 June 2019 on work-life balance for parents and carers and repealing Council Directive 2010/18/EU (OJ L 188, 12.7.2019, p. 79, ELI: http://data.europa.eu/eli/dir/2019/1158/oj).
    (22) Commission communication of 29 January 2025 entitled ‘A Competitiveness Compass for the EU’ (COM(2025)0030).
    (23) Resolution of 6 July 2022 on the EU action plan for the social economy (OJ C 47, 7.2.2023, p. 171).
    (24) Commission proposal of 17 December 2024 for a joint employment report from the Commission and the Council (COM(2024)0701).
    (25) Commission proposal of 17 December 2024 for a joint employment report from the Commission and the Council (COM(2024)0701).

    MIL OSI Europe News

  • MIL-OSI Europe: Text adopted – White paper on the future of European defence – P10_TA(2025)0034 – Wednesday, 12 March 2025 – Strasbourg

    Source: European Parliament

    The European Parliament,

    –  having regard to Rules 136(2) and (4) of its Rules of Procedure,

    A.  whereas over the last decade, major geopolitical shifts, amplified by the return of large-scale war to our neighbourhood, have been threatening the security of the EU, its Member States, the candidate countries and their respective citizens; whereas the EU is currently under attack, with hybrid incidents inside its borders, a large-scale war in its neighbourhood and a realignment of global powers, all presenting real risks to the security of the EU and its citizens and requiring immediate, ambitious and decisive action; whereas Russia’s war of aggression against Ukraine has been a watershed moment in European history; whereas Putin’s war of aggression against Ukraine is widely recognised as an attack on the European peace order established after the Second World War and the global order as a whole;

    B.  whereas the global order is fragmenting and increasingly characterised by complex and entrenched instabilities;

    C.  whereas there cannot be any European security without security in its immediate neighbourhood, starting with Ukraine’s capacity to resist Russia’s war of aggression;

    D.  whereas recent statements by members of the US administration, accompanied by the heavy pressure exerted on Ukraine by the US leadership, reflect a shift in US foreign policy as the Trump administration is proposing the normalisation of ties with Russia and it is becoming increasingly clear that Europe needs to strengthen its security and defence to be able to help Ukraine to defend itself;

    E.  whereas the quickest and most extensive expansion of Russia’s capabilities is taking place near its borders with the West, while the EU is taking its time to enhance its defence capacity;

    F.  whereas China, driven by the ambition to become a global superpower, is eroding the rules-based international order by increasingly pursuing assertive foreign and hostile economic and competition policies and exporting dual-use goods deployed by Russia on the battlefield against Ukraine, thereby threatening European security and interests; whereas China is also investing tremendously in its armed forces, using its economic power to quash criticism worldwide and is striving to assert itself as the dominant power in the Indo-Pacific region; whereas China, by intensifying its confrontational, aggressive and intimidating actions against some of its neighbours, particularly in the Taiwan Strait and the South China Sea, poses a risk to regional and global security as well as to the EU’s economic interests;

    G.  whereas the impact of wars, terrorism, instability, insecurity, poverty and climate change in the Sahel region, north-eastern Africa and Libya poses serious risks to EU security; whereas the instability and insecurity in the southern neighbourhood and the Sahel region are closely interlinked with, and remain an ongoing challenge for, the EU’s management of its external borders;

    H.  whereas European security is linked to stability on the African continent, and the growing presence of non-European actors is testament to the lack of sufficient security and diplomatic engagement in the region to effectively counter these challenges and protect the EU’s strategic interests;

    I.  whereas, in the light of the worsening external environment and despite the efforts made in recent years to enhance the EU’s crisis preparedness through new legislation, mechanisms and tools across various policy areas, the EU and its Member States remain vulnerable to multiple crisis scenarios;

    J.  whereas there is an urgent need to further reform and strengthen the EU’s defence policy in the light of Ukraine’s recent war experience and the use of new war technologies;

    K.  whereas the Member States have different military and security policies, including policies of neutrality, and such policies should be respected;

    L.  whereas it is in the EU’s interest to see Ukraine as an integral part of a genuine European security system;

    M.  whereas the Black Sea has shifted from a secondary to a primary military theatre for the EU and NATO, and alongside the Baltic Sea, it has become a pivotal strategic region for European security in countering the Russian threat;

    N.  whereas the Arctic region is becoming increasingly important in terms of economic development and transport, while, at the same time, facing challenges linked to climate change and militarisation, as well as those resulting from increasing geopolitical competition and migration;

    O.  whereas as a result of investment in military equipment and ammunition, numerous reports, notably the Defence Investment Gaps Analysis(1) of May 2022, have analysed a worrying capability gap in European defence;

    P.  whereas the Strategic Compass(2) was mainly drafted and negotiated before 24 February 2022; whereas the Strategic Compass is a very broad strategy that provides little guidance with regards to the urgent need to accomplish defence readiness and provide deterrence and defence capabilities to prepare for the most urgent military contingencies;

    Q.  whereas the 2024 Draghi report on the future of European competitiveness(3) highlighted a funding need of EUR 500 billion in European defence for the next decade, and underlines a combination of structural weaknesses affecting the competitiveness of the EU’s Defence Technological and Industrial Base (EDTIB), and identifies fragmentation, insufficient public defence investment and limited access to financing as obstacles to a capable EDTIB;

    R.  whereas the Niinistö report(4) underlines the fact that the EU and its Member States are not yet fully prepared for the most severe cross-sectoral or multidimensional crisis scenarios;

    S.  whereas building defence capabilities and adapting them to military needs requires a common strategic culture and shared threat perception and assessment, as well as the development of solutions to be combined in doctrine and concepts;

    T.  whereas the EU’s ability to take decisive action in response to external threats has been repeatedly hampered by the requirement for unanimity, with certain Member States and candidate countries blocking or delaying critical military aid to Ukraine and hence undermining European security;

    U.  whereas, in the light of the above challenges and analyses, the President of the European Commission tasked the Commissioner for Defence and Space and the High Representative of the Union for Foreign Affairs and Security Policy with presenting a white paper on the future of European defence within the first 100 days of their term of office;

    V.  whereas Parliament and experts have been calling for a white paper on defence for more than a decade;

    A historic time for European defence: ‘become a genuine security provider’

    1.  Considers that the EU must act urgently to ensure its own autonomous security, strengthening its partnerships with like-minded partners and significantly reducing its dependencies on non-EU countries; stresses, therefore, that the EU is now at a turning point in its history and construction; insists that a ‘business as usual’ approach is no longer an option as it would lead to the end of a safe and secure Europe; considers that the EU and its Member States must choose between joining forces and working in unison to overcome the threats and attacks on EU security, and standing alone at the mercy of aggressive adversaries and unpredictable partners;

    2.  Recalls that the EU is a peace project and should strive towards peace and stability, while condemning aggression; underlines that in order to achieve peace and stability, we must support Ukraine and become more resilient ourselves;

    3.  Stresses that Europe continues to stand firmly on the side of Ukraine as it courageously fights for our European values, and recalls its conviction that it is on the Ukrainian battlefields that the future of Europe will be decided; strongly believes that Europe is today facing the most profound military threat to its territorial integrity since the end of the Cold War;

    4.  Strongly believes that strengthening Europe’s security and defence requires not just a simple increase in ambition and action, but a complete overhaul of the way we act and invest in our security and defence, such that from now on we plan, innovate, develop, purchase, maintain and deploy capabilities together, in a coordinated and integrated fashion, and making full use of the complementary competences of all actors in Europe, including NATO, to achieve a common European defence;

    5.  Believes that Russia, supported by its allies including Belarus, China, North Korea and Iran, is the most significant direct and indirect threat to the EU and its security, as well as that of EU candidate countries and partners; reiterates its condemnation, in the strongest possible terms, of Russia’s unprovoked, illegal and unjustified war of aggression against Ukraine; notes, however, the need to consider fully the instability in our southern neighbourhood, the rise in Chinese military power and the increased aggressiveness of the middle powers, which appear ready to jeopardise transatlantic cooperation on common security and make a deal with the Russian aggressor at the expense of Ukrainian and European security, which are one and the same; notes that the recent actions and statements of the US administration have further increased concerns about the future stance of the US vis-à-vis Russia, NATO and the security of Europe; regrets, in this regard, the votes of the US Government, aligned with the Russian Government, in the UN General Assembly and the UN Security Council on resolutions about the third anniversary of Russia’s war of aggression against Ukraine; strongly condemns US threats against Greenland;

    6.  Insists that Europe must take on greater responsibilities within NATO, especially when it comes to ensuring security on the European continent;

    7.  Believes that diplomacy should remain a cornerstone of EU foreign policy;

    8.  Reiterates its call on Türkiye, a NATO member state and EU candidate country, to abide by international law, recognise the Republic of Cyprus and immediately end the occupation and withdraw its troops from the island;

    9.  Underlines that the EU must now adopt a holistic and horizontal approach that integrates a defence and security dimension into most EU policies, supported by both regulatory and financial instruments and identified capability needs and gaps;

    10.  Believes, therefore, that the time has come for a renewed political ambition to act and turn the EU into a genuine security provider, increase the EU’s defence readiness and build a true European Defence Union; recalls that the adoption of the Strategic Compass was a good starting point, but notes that its timely implementation remains necessary; welcomes the recently introduced EU defence instruments and insists on the urgent need to scale up as EU defence efforts cannot remain limited in size, fragmented in scope and lengthy in delivery; calls for a quantum leap and a new approach to defence, including strong decisions, an action plan and both short- to long-term defence investment plans; underlines that this requires vision, concreteness and shared commitments, both in the strictly military field and in the industrial, technological and intelligence sectors;

    11.  Deplores the reluctance of the Council and the EU Member States when it comes to addressing deep structural challenges of the European defence industrial landscape and the lack of ambition as regards cooperation at EU level between the Member States’ armed forces; calls on the Member States to join forces and support a major step towards a very ambitious and comprehensive framework on defence;

    12.  Urges the EU to adopt a coherent and robust comprehensive framework to strengthen its security and that of its partners, better identify potential future breaking points and prevent further crises, and coordinate joint responses with its Member States similar to those used in wartime;

    13.  Believes that the white paper on the future of European defence should put forward concrete measures and options to the European Council so that truly groundbreaking and necessary efforts can be undertaken, differentiating between short- and long-term plans and objectives, addressing defence sector capability issues, industrial competitiveness and investment needs, and framing the overall approach to EU defence integration; urges both the Council and the Commission to identify clear and concrete priorities for the short, medium and long term, with a corresponding timeline of actions;

    14.  Considers that common security and defence policy (CSDP) missions and operations need to be reassessed and reviewed from this perspective; insists that the CSDP must be strengthened and made more agile, including by becoming the EU’s main instrument to fight hybrid warfare, in order to fulfil its role as an insurance policy for Europe’s security, as well as a power and security provider;

    15.  Expects the white paper on the future of European defence to identify the most pressing threats, structural risks and competitors, and define the extent to which the EU can develop contingency plans to ensure mutual support in the event of large-scale security crises, and help Europe anticipate, prepare for and deter potential aggressors and defend itself in the short and long term, in order to become a credible power and European pillar within NATO; underlines that the protection of EU land, air and maritime borders contributes to the security of the entire EU, in particular the EU’s eastern border, and thus stresses that the East Shield and Baltic Defence Line should be the flagship EU projects for fostering deterrence and overcoming potential threats from the East;

    16.  Calls for immediate measures to enhance the security and defence of the EU’s north-eastern border with Russia and Belarus by establishing a comprehensive and resilient defence line across land, air and maritime domains to counter military and hybrid threats including energy weaponisation, infrastructure sabotage and the instrumentalisation of migration; emphasises the need to coordinate and integrate national efforts through EU regulatory and financial instruments to accelerate implementation;

    17.  Stresses the need to enhance capabilities and resources, while overcoming the fragmentation of the defence market; fully agrees with the Draghi report’s view that the EU and its Member States must urgently decide on incentives for the EU defence industry and find creative solutions for large-scale public and private investments in security and defence;

    Short-term: defending Ukraine against an existential threat to Europe’s security

    18.  Urges the EU and its Member States to stand firmly on the side of Ukraine; recalls its conviction that it is on the Ukrainian battlefields that the future of Europe will be decided and that the trajectory of Russia’s war against Ukraine will be decisively shifted; underlines that such a shift now depends almost entirely on Europe; urges the Member States, therefore, to provide more arms and ammunition to Ukraine before negotiations are concluded; warns that, if the EU were to fail in its support and Ukraine were forced to surrender, Russia would then turn against other countries, including possibly the EU Member States; calls on the EU Member States, international partners and NATO allies to lift all restrictions on the use of Western weapons systems delivered to Ukraine against military targets in Russian territory; calls for the EU and its Member States to actively work towards maintaining and achieving the broadest possible international support for Ukraine and identifying a peaceful solution to the war that must be based on full respect for Ukraine’s independence, sovereignty and territorial integrity, the principles of international law, accountability for war crimes and the crime of aggression, and Russian payments for the massive damage caused in Ukraine; urges the EU and its Member States to participate in establishing robust future security guarantees for Ukraine;

    19.  Strongly believes that the EU must further expand and improve its tailor-made training operations to respond to the needs of the Ukrainian Armed Forces, and, in return, create conditions for European armed forces to learn lessons and strategic practices from them; calls on the Member States to further expand training operations for the Ukrainian Armed Forces, including in Ukrainian territory;

    20.  Emphasises the importance of ensuring a geographically balanced distribution of defence financing in the next multiannual financial framework (MFF);

    21.  Urges the EU to develop a ‘Ukraine strategy’, outlining clear objectives for supporting Ukraine’s defence capabilities and the integration of the Ukrainian DTIB into the EDTIB, and to find the necessary resources to implement such a strategy, while supporting European defence industry activities in Ukraine; proposes the allocation of a specific multi-billion euro budget to the European Defence Industry Programme’s (EDIP) Ukraine Support Instrument reserved exactly for this purpose; underscores that such a Ukraine strategy must be an integral part of a ‘European defence’ strategy;

    22.  Calls for urgent financial support to ensure the timely supply of defence products through joint procurement, industrial coordination, stockpiling, access to finance for manufacturers and the expansion and modernisation of production capacities;

    23.  Praises the ‘Danish model’ for support for Ukraine, which consists of procuring defence capabilities produced directly in Ukraine; urges the EU and its Member States to strongly support this model and to make full use of its potential, as there is an underutilisation of Ukraine’s defence industrial capacity, estimated at around 50 %, and it brings many advantages to both sides, such as cheaper equipment, speedier and safer logistics, and greater ease of training and maintenance;

    24.  Calls for a significant increase in the financing of military support for Ukraine; calls, in this regard, for the swift adoption of the next military aid package, which should be the largest to date and reflect the level of ambition this juncture calls for; calls on the EU Member States to commit at least 0,25 % of their GDP to military aid for Ukraine; condemns the veto imposed by one Member State on the functioning of the European Peace Facility; calls on the EU Member States, together with their G7 partners, to immediately seize all frozen Russian assets to serve as a foundation for a substantial grant and loan to Ukraine, as a legally sound and financially significant way to maintain and increase our support for Ukraine’s military needs;

    25.  Urges the Council and the Member States to review and strengthen the enforcement of existing sanctions and to adopt and strictly implement restrictive measures against all entities and non-EU states facilitating the circumvention of sanctions, providing Russia’s military complex with military and dual-use technologies and equipment; urges the Member States to pay special attention to the Russian shadow fleet and the security and environmental risks this poses;

    26.  Insists on the paramount importance of cooperation with, and the integration of, the Ukrainian defence industry into the EDTIB, which offers clear advantages for both sides, and calls for its speedier integration; highlights the urgency of properly financing EDIP’s Ukraine Support Instrument, which is currently not budgeted; further proposes the provision of war insurance for critical EDTIB projects inside Ukraine; proposes the regular inclusion of Ukrainian Defence Ministry officials with observer status at meetings of relevant Council configurations;

    27.  Urges the Commission and the Member States to make full use of the lessons learnt from Ukraine’s advanced modern warfare capabilities, including drones and electronic warfare;

    28.  Calls on the Commission to propose an EU drones package, focusing on drone and anti-drone systems and auxiliary capabilities, containing plans and funds to stimulate research and development, which should draw on lessons learnt from the Ukrainian experience and be open to the participation of Ukraine’s highly innovative companies, as well as an industrial programme dedicated to the joint development, production and procurement of drone and anti-drone systems, and a regulation on the use of drones in civilian and military contexts;

    ‘Ready for the most extreme military contingencies’– a new long-term approach

    Preparedness

    29.  Stresses that preparedness for hybrid and grey zone attacks must become part of the EU’s strategic culture, with permanent exercises, joint threat assessments and pre-planned, coordinated responses among Member States, particularly in regions bordering hostile powers;

    30.  Calls for the EU to develop a comprehensive EU risk assessment to help identify the major cross-sectoral threats and hazards, as well as the concrete risks facing the EU as a whole, building on current sector-specific risk assessment procedures;

    31.  Insists on the importance of using the upcoming ‘Preparedness Union Strategy’ to put the EU on track for comprehensive preparedness;

    32.  Supports a ‘Preparedness by Design’ principle being embedded horizontally and consistently across the EU institutions, bodies and agencies; insists on the need to develop a mandatory ‘security and preparedness check’ for future impact assessments and ‘stress-tests’ for existing legislation; stresses the need to reduce the obstacles in current national and EU legislation that undermine the efficiency of European defence and security;

    33.  Recommends, in particular, the Niinistö report recommendations aimed at empowering citizens to make societal resilience work, inspired by the Finnish concept of total defence;

    34.  Invites the Commission and the Member States to explore the feasibility of an EU preparedness act, setting joint standards and long-term guidelines to align EU and national efforts when possible;

    35.  Calls for the EU and its Member States to establish and regularly conduct an EU comprehensive preparedness exercise to horizontally test both high-level decision-making and operational coordination in order to build strong links between actors and across sectors;

    36.  Calls for the EU and its Members States to facilitate the use of CSDP instruments in complementarity with internal security tools in the immediate vicinity of the EU’s territory and territorial waters, and to strengthen dual-use and civil-military cooperation at EU level, based on a whole-of-government approach; reiterates its call for the protection of critical underwater infrastructure via the establishment of EU-specific rapid response strategies for underwater infrastructure protection, operating in alignment with NATO; encourages investment in advanced detection and surveillance systems for underwater infrastructure monitoring;

    Readiness: the Strategic Compass and the European Defence Industrial Strategy as the right tools

    37.  Calls for the EU to urgently adapt its tools to new realities by designing an administrative capacity to move much faster through the procedures when faced with wars or other large-scale crises, and to adopt the appropriate tools;

    38.  Considers regular threat analyses, such as the one first conducted in the Strategic Compass, as an absolute necessity; recommends, therefore, updating the EU’s Strategic Compass and adapting the measures within it accordingly in order to reflect the magnitude of our threat environment, and conducting more frequent threat assessments, as they are a precondition for realistically and successfully planning our capabilities and operations; considers that the Strategic Compass, the CSDP, the white paper and the European Defence Industrial Strategy (EDIS) should form the basis for a comprehensive vision of European defence;

    39.  Insists that the Rapid Deployment Capacity must achieve full operational capability in 2025 and should be upgraded to be able to face the most extreme military contingencies; reiterates its call to strengthen the EU’s Military Planning and Conduct Capability (MPCC), establishing it as the preferred command and control structure for EU military operations and providing it with adequate premises, staff and effective communication and information systems for all CSDP missions and operations, including those of the Rapid Deployment Capacity;

    40.  Reiterates its call on Türkiye, a NATO member, to withdraw its troops from Cyprus, an EU Member State, and work constructively to find a viable and peaceful solution based on the relevant UN resolutions;

    41.  Strongly believes that, in the current geopolitical context, the operationalisation of Article 42(7) of the Treaty on European Union (TEU) on mutual assistance is of utmost importance, ensuring solidarity among Member States, especially those whose geographical position leaves them directly exposed to imminent threats and challenges, regardless of whether they are NATO members;

    42.  Reiterates the importance of EU-NATO cooperation, as NATO remains, for those states that are members of it, an important pillar of their collective defence; stresses that EU-NATO cooperation should continue, in particular, in areas such as information exchange, planning, military mobility and the exchange of best practice, and to reinforce deterrence, collective defence and interoperability; calls, nonetheless, for the development of a fully capable European pillar of NATO able to act autonomously whenever necessary; reiterates its call to strengthen cooperation – through action, not only words – on military mobility, information exchange, coordination of planning, improved cooperation on their respective military operations and enhanced response to hybrid warfare aimed at destabilising the whole EU continent;

    43.  Invites the Member States to actively participate in a priority-ordering mechanism for defence production to help prioritise orders, contracts and the recruitment of employees in emergency situations; underlines that the Member States should go beyond their current defence applications to encompass other essential resilience-building infrastructure such as energy, transport and telecommunications;

    44.  Recognises that the starting point must be a realistic assessment of critical defence capability gaps and shortfalls in order to ramp up defence industry production; underlines the need to ensure the coherence of output between the EU’s Capability Development Plan (CDP) and Coordinated Annual Review on Defence (CARD) and NATO’s capability targets in order to identify and address the critical defence capability gaps and shortfalls in the EU and focus efforts on European strategic enablers to provide genuine EU added value in order to address most extreme military contingencies; calls on the Commission to act on the recommendations of the European Court of Auditor’s Special Report 04/2025 on military mobility and to give greater importance to the military assessment during the selection process for dual-use projects;

    45.  Urges the EU and its Member States, with regard to armed forces, to move from the ‘flow’ approach that prevailed during peaceful times to a ‘stock’ approach, with a stockpile of defence equipment ready for a sustained increase in demand; notes, in this regard, the advantages offered by mechanisms such as advance purchase agreements, the establishment of ‘ever-warm’ facilities and the creation of defence readiness pools; believes that the Commission should take any actions necessary to encourage the Member States to increase exchanges and build trust among them regarding long-term, transparent planning, more proactive measures aimed at securing raw materials, and policies to close gaps in production processes and on the labour market;

    46.  Calls for the EU to adopt a global and coherent approach to external aid in all of its dimensions, with much stronger alignment between common foreign and security policy (CFSP) and CSDP objectives and instruments; considers that the strategic environments in which many EU CSDP missions are present are radically deteriorating, which demonstrates the need for the white paper to ensure flexibility in a 360 degree approach to European security that strives towards building a credible and capable deterrence capacity for the Member States, and ensures that Member State civilian and military personnel can deter and respond rapidly to the growing threat environment;

    47.  Considers that the CSDP must strongly participate in the fight against hybrid warfare against partner countries, particularly candidate countries; is deeply worried by the sharp increase in hybrid attacks, including sabotage, cyberattacks, information manipulation and election interference, with the objective of weakening the EU and its candidate countries; calls on the EU Member States to consider appropriate deterrence and countermeasures, including through the use of Article 42(7) TEU; calls, furthermore, on the Member States to pool resources and expertise in the field of cybersecurity; strongly advocates the development of a unified European approach to cyber forces; further insists on the swift creation of joint European cyber capabilities; recalls the increasing threats of cyber warfare and underlines the need for the EU to establish an EU cyber defence coordination centre to monitor, detect and respond to cyber threats in real time;

    48.  Insists on the need to improve the CSDP’s ability to identify, prevent and counter information manipulation aimed at hindering the EU’s external action; reiterates its calls to establish an effective horizontal strategic communications strategy adapted to all EU channels;

    49.  Calls for the creation of an ‘EU crisis response air fleet’ under the CSDP, comprising military transport aircraft held at EU level and made available to Member States for EU deployments, the transport of equipment or troops (military mobility), or in the event of emergency evacuations – as shown by the capability gap during the withdrawal from Afghanistan – as well as for civil security missions, based on a model similar to the European Air Transport Command;

    Coherence and sovereignty

    Coherence

    50.  Expects the European External Action Service (EEAS) to carry out comprehensive and uncompromising reviews of CSDP missions and operations, taking into account, in particular, the feasibility of their respective mandates in relation to the resources allocated, the staff recruitment method for missions and operations, especially on the link between the skills required and the different profiles, as well as the rationalisation of resources and the management of missions and operations, transparency in calls for tender, activities and results obtained, lessons learnt from best practice and difficulties encountered; asks the Council, on the basis of these reviews, to take decisions aimed at adapting or abandoning ineffective missions and strengthening the most useful missions; believes that the governance of evaluation and the control of CSDP missions and operations must be improved;

    51.  Believes that the EU should develop wartime economic cooperation contingency plans with close partners to ensure mutual support in the case of large-scale security crises involving them directly, and should deepen wartime economic dialogues with European and global partners to provide early warning of hard, hybrid and cyber threats, and foster mutual support planning, the protection of critical infrastructure and maritime safety;

    52.  Calls for the EU to further accelerate the implementation of military mobility; believes that the EU has to move from ‘mobility’ to ‘military logistics’; stresses the need for significant investment in military mobility infrastructure to enhance cargo airlift capabilities, camps, fuel infrastructure through depots, ports, air, sea and rail transport platforms, railway lines, waterways, roads, bridges and logistic hubs; stresses that this must be done in cooperation with NATO by drafting a strategic plan for developing mobility; calls for the rapid implementation of the technical arrangement signed under the aegis of the European Defence Agency Cross-Border Movement Permission, the harmonisation of customs formalities and the preparation of a centralised and justified lifting of road and rail traffic standards in the event of a crisis situation;

    53.  Believes that, in order to create a favourable ecosystem for the European defence industry, the EU must decide on a united and clear long-term vision for the European defence industry in order to provide visibility to the industry and ensure that priority needs are addressed;

    54.  Stresses that EDIP must actively facilitate the participation of small and medium-sized enterprises (SMEs) and new market entrants through simplified access to funding; emphasises that EDIP should be designed as a stepping stone towards greater European sovereignty in defence production; suggests that successful Permanent Structured Cooperation (PESCO) and European Defence Fund (EDF) projects be prioritised along the line of known capability gaps and that sufficient funding be ensured for projects that have proven to deliver; reiterates its call on the Member States to provide an implementation report on PESCO projects to Parliament at least twice a year; calls for a more geographically balanced development of the EDTIB, ensuring that critical capabilities, such as ammunition production, air defence systems and drone technologies, are also developed in frontline states, which have a direct understanding of operational needs;

    55.  Is deeply convinced that the EU-level instruments should prioritise and massively increase support for SMEs and start-ups in the dual-use and defence sector; stresses the need to support SMEs and start-ups in bringing successfully tested prototypes to the market, including the scaling up of production; underlines the need to bridge the current funding gap as regards these important steps that would strengthen the EDTIB, including in close cooperation with the Ukrainian technological and defence industrial base;

    56.  Urges the EU to increase coherence between existing and future EU instruments, in particular between PESCO, on demand consolidation, and the EDF, on programmatic roadmaps; between the European Defence Industry Reinforcement through common Procurement Act (EDIRPA), on joint procurement, and the Act in Support of Ammunition Production (ASAP), on industrial ramp-up; between EDIP, on the identification of dependencies, and the EDF, on the resolution of identified dependencies; or within EDIP itself, on coherence within the instrument of the implementation of actions related to the consolidation of demand and supply;

    57.  Calls for a significant increase in common procurement by the Member States of required European defence equipment and capabilities; calls on the Member States to aggregate demand by procuring defence equipment jointly, with the possibility of granting the Commission a mandate to procure on their behalf, ideally ensuring a long-term planning horizon for the EDTIB, thus improving the EDTIB’s production capacities and the interoperability of the European armed forces, and making efficient use of taxpayers’ money through economies of scale;

    58.  Welcomes the proposal for European Defence Projects of Common Interest on the development of common capabilities that go beyond the financial means of a single Member State; believes that these projects should be used to support the industrial and technological capacities that underpin the major common priorities of several Member States and in fields such as external border protection and defence, in particular in the land domain, as well as strategic enablers, particularly in space and European air defence, to act on the whole spectrum of threats, military mobility, in particular strategic and tactical air transport, deep strikes, drone and anti-drone technologies, missiles and munitions, and artificial intelligence, in order to develop sovereign infrastructure and critical enablers; emphasises that pragmatism must prevail due to the sheer number of priorities and the need to mobilise new resources; considers, in that regard, that the EU should focus, where possible, on rapidly available and proven European technologies that gradually reduce our dependencies and improve our security; highlights the need to support the development of pan-European value chains in EU defence cooperation by incorporating companies throughout the Union and to boost competitiveness in the sector by various means, such as mergers and champions; considers, furthermore, that instead of focusing on fair return, our defence policies should encourage the growth of EU centres of excellence;

    59.  Calls for the further development of an EU defence industrial policy to improve existing and develop defence-specific instruments where necessary, and to optimise the use of non-defence-specific instruments for the purposes of the EDTIB;

    60.  Recalls the need to ensure coherence in EU public policies, which must not generate obligations contradictory to the overall defence objectives, especially during a security crisis, where the concept of ‘strategic exception’ should be introduced; calls for the creation of a genuine defence environment in favour of defence that could support industrial ramp-up efforts by taking better advantage of the multi-sectoral Commission instruments by screening, reviewing and, where needed, revising existing ones to ensure that they do not undermine EU defence policy objectives;

    61.  Recommends the establishment of a security of supply regime, including joint strategic stocks of raw materials and critical parts, to ensure the availability of raw materials and components needed for the production of defence products, and to allow production cycles to be ramped up faster and shortened; calls for the Commission and the Member States to be jointly tasked with the mapping and monitoring of the EDTIB, with the aims of protecting its strengths, reducing its vulnerabilities, avoiding crises and providing it with an effective and efficient industrial policy;

    62.  Proposes that relevant defence-related entities/activities be allowed access to InvestEU and other EU funds, taking advantage of EU defence as a job creator; insists that defence-related entities/activities be prioritised as appropriate, with the support of the Chips Act(5) and the Critical Raw Materials Act(6); believes that the simplification efforts announced by the Commission must fully encompass the defence sector; calls on the Commission to leverage the full dual-use potential of space technologies, considering space as both a new operating domain and a critical enabler of multi-domain operations; underlines that the EU currently has a substantial gap in space capabilities compared to its main competitors and stresses that, in order to address this gap in space technologies, already existing flagship projects (i.e. Copernicus and Galileo) should be enhanced for defence applications; suggests, furthermore, that the EU should urgently pursue the development of its IRIS2 constellation, together with the development of further EU common projects, for example, for space domain awareness and space-based missile early-warning applications;

    63.  Insists on the need to ensure geographical coherence by taking stock of the will of the EU and the UK, first and foremost to build security guarantees for Ukraine and become closer security partners, and to sign a joint declaration with concrete engagements and structured dialogue in order to strengthen EU-UK cooperation on the full range of foreign and security challenges facing the continent, the budgetary and regulatory conditions of which remain to be negotiated, and keeping in mind the importance of the decision-making autonomy of the EU; underlines, in this regard, the importance of closer cooperation on information and intelligence sharing, military mobility, security and defence initiatives, crisis management, cyber defence, hybrid threats, foreign information manipulation and interference and in jointly addressing shared threats;

    64.  Calls for more coherence in support of companies by reducing unnecessary administrative burdens and cutting red tape, and ensuring much easier access for small- and mid-cap companies within the defence sector; underlines the need to review, simplify and harmonise the current framework for export licences and intra-EU transfer licences, as well as for cross-certification of equipment, as one of the priorities to foster better cooperation within the market and among Member States;

    65.  Encourages a common European certification scheme for weapons systems and a move beyond the current system of national certification in order to speed up the introduction of weapons systems into the armed forces of Member States;

    66.  Calls for greater coherence in governance as CSDP must become the key instrument of a powerful Europe; considers that this requires a real link in governance between the Member States, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy (VP/HR) and the Commissioners; urges the Member States to overcome the complexity of decision-making processes in the governance of European defence; calls for the creation of a council of defence ministers and for the move from unanimity to qualified majority voting for decisions in the European Council, the Council of Ministers and EU agencies such as the EDA, excluding military operations with an executive mandate; calls, in the meantime, for the use of Article 44 TEU in the creation of a horizontal task force on defence in the Commission; calls for increased democratic accountability through enhanced oversight by Parliament;

    67.  Proposes the strengthening of Parliament’s oversight and scrutiny role, in line with the expansion of the EU’s role in defence; calls for the appointment of a Parliament representative to the new Defence Industrial Readiness Board proposed in EDIP, as there is currently none provided for;

    Sovereignty

    68.  Stresses that the creation of a single European defence market is a priority, as the fragmentation and lack of competitiveness of the European industry have so far hampered the capacity of the EU to assume more responsibility as a security provider; recalls that the concept of a ‘defence market’ implies a full recognition of its specificity and an appropriate and coherent application of EU public policies; recalls that European preference should be the aim of achieving this single ‘market’ by strictly linking territoriality and the added value generated in this territory;

    69.  Considers that European preference must be the guiding principle and long-term ambition of EU policies related to the European defence market, in order to develop and protect European technological excellence; stresses, however, that such preference must not be pursued at the expense of the defence readiness of the Union, given the extent of international supply and value chains in the defence sector;

    70.  Rejects a scenario in which EU funds contribute to perpetuating or deepening dependences on non-European actors, both for production of capabilities or their deployment;

    71.  Urges the Member States to stop invoking Article 346 of the Treaty on the Functioning of the European Union as a means of avoiding the application of the Procurement Directive(7) (2009/81/EC), thus undermining the common market for defence; calls on the Commission to review the Directive on the transfer of defence-related products(8) and the Directive on defence procurement as well as the inter-community transfer directive (2009/43/EC) with a view to strengthening the common market for defence and introducing flexibility with regard to crisis situations like the one we are currently facing;

    72.  Calls on the Commission to design a better-resourced, more strategic and more efficient successor to the European Defence Fund that supports common research and innovation in defence all along the supply chain and to lay the conditions to address technological challenges: advanced persistent threats, artificial intelligence and machine learning, quantum computing, the internet of military things, security, supply chain attacks, zero-day exploits and cloud security; calls for the establishment of an EU agency, inspired by the US’s Defense Advanced Research Projects Agency, as part of the European Defence Agency, which should be solely responsible for supporting research in emerging and disruptive technologies, equipped with an adequate amount of venture capital;

    Finance and investments

    73.  Is concerned that, without a substantial increase in defence investment, the EU’s security and defence objectives will not be reached, both in terms of military support for Ukraine and the improvement of our common security; highlights the fact that the cost of non-preparedness for the most extreme military contingencies would be much higher than the cost of decisive EU preparedness; calls for the EU and its Member States to work and agree on concrete ways and means to achieve a short- to long-term substantial increase in public and private investment in defence and security;

    74.  Considers that, in the EU’s next multiannual financial framework (MFF), defence spending lines will have to reflect the new ‘ready for the most extreme military contingencies’ priority;

    75.  Insists that urgent needs cannot wait for the next MFF; insists that innovative solutions for finding additional funding must be explored without delay, such as investing in the defence sector, making it easier and faster to repurpose funds from one project to another, and exploring the possibility of adjusting EU funding criteria to give new prominence to security criteria in allocating spending;

    76.  Welcomes the five-point ‘ReArm Europe’ plan proposed by the Commission President on 4 March 2025;

    77.  Strongly supports the idea that EU Member States must increase their defence and security financing to new levels; notes that some Member States have already increased their defence spending to 5 % of GDP;

    78.  Welcomes the proposals made in the recent Niinistö report as regards the financing of European defence; supports the establishment of a defending Europe facility and a securing Europe facility; equally welcomes and supports the proposal to establish an investment guarantee programme based on the model of InvestEU with open architecture to trigger private sector investment and to issue a ‘European preparedness bond standard’;

    79.  Is of the opinion that national recovery and resilience plans should be amended to allow for new defence funding; calls for these investments to also address vulnerabilities in both military capabilities and the social fabric, empowering us to fight all threats to our values, social model, security and defence;

    80.  Urges the Member States to support the establishment of a defence, security and resilience bank to serve as a multilateral lending institution designed to provide low-interest, long-term loans that can support key national security priorities such as rearmament, defence modernisation, rebuilding efforts in Ukraine and the buying back of critical infrastructure currently owned by hostile non-EU countries;

    81.  Calls for a system of European defence bonds to be explored for financing large-scale military investments up front; calls, similarly, for the use of unused ‘coronabonds’ for defence instruments to be explored, to complement the Commission’s ‘ReArm Europe’ plan, as the EU is now experiencing a pressing need to boost security and defence to protect its citizens, restore deterrence and support its allies, first and foremost Ukraine;

    82.  Reiterates, in line with the Commission’s ‘ReArm Europe’ plan, its call for the European Investment Bank (EIB) and other international financial institutions and private banks in Europe to invest more actively in the European defence industry; calls, in particular, for an urgent revision of the EIB’s lending policy and immediate flexibility to remove current restrictions on financing defence, and for the possibility of issuing earmarked debt for funding security and defence projects to be investigated;

    83.  Calls on European Council President António Costa to immediately convene the European Council, based on the conclusions of the white paper, so that EU leaders can agree on immediate and far-reaching decisions to implement the European Defence Union as laid out in Article 42(2) TEU and elaborate on the measures identified in the white paper;

    84.  Welcomes the outcomes of the special European Council of 6 March 2025 and asks the Member States to act decisively during the upcoming March Council meeting;

    85.  Underlines the need to enhance our partnerships with like-minded countries, particularly those in Europe, such as the UK and Norway; calls for a broad EU-UK security pact, also covering key subjects such as energy, migration and critical minerals; points to the added value of fostering our relationships with global partners such as the US, Japan and Australia;

    86.  Calls for enhanced cooperation with Western Balkan countries in the area of defence industries; emphasises that Western Balkan countries have significant expertise in defence industries and that the EU should consider procuring military equipment from Western Balkan countries; emphasises that this approach would help make Western Balkan countries stronger allies of the EU;

    87.  Believes that every effort must be made to maintain and, if possible, foster transatlantic cooperation in every field of the military and defence sector, while recalling the need to foster European defence and develop greater sovereignty;

    88.  Notes that the above is without prejudice to the specific character of the security and defence policy of certain Member States;

    o
    o   o

    89.  Instructs its President to forward this resolution to the European Council, the Council, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the President of the Commission and competent Commissioners, the EU security and defence agencies and the governments and parliaments of the Member States.

    (1) Joint communication from the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 18 May 2022 on the Defence Investment Gaps Analysis and Way Forward (JOIN(2022)0024).
    (2) Strategic Compass for Security and Defence – For a European Union that protects its citizens, values and interests and contributes to international peace and security, which was approved by the Council on 21 March 2022 and endorsed by the European Council on 24 March 2022.
    (3) Report by Mario Draghi of 9 September 2024 on the future of European competitiveness and in particular Chapter Four thereof on increasing security and reducing dependencies.
    (4) Report by Sauli Niinistö of 30 October 2024 entitled ‘Safer Together: Strengthening Europe’s Civilian and Military Preparedness and Readiness’.
    (5) Regulation (EU) 2023/1781 of the European Parliament and of the Council of 13 September 2023 establishing a framework of measures for strengthening Europe’s semiconductor ecosystem and amending Regulation (EU) 2021/694 (Chips Act) (OJ L 229, 18.9.2023, p. 1, ELI: http://data.europa.eu/eli/reg/2023/1781/oj).
    (6) Regulation (EU) 2024/1252 of the European Parliament and of the Council of 11 April 2024 establishing a framework for ensuring a secure and sustainable supply of critical raw materials and amending Regulations (EU) No 168/2013, (EU) 2018/858, (EU) 2018/1724 and (EU) 2019/1020 (OJ L, 2024/1252, 3.5.2024, ELI: http://data.europa.eu/eli/reg/2024/1252/oj).
    (7) Directive 2009/81/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of procedures for the award of certain works contracts, supply contracts and service contracts by contracting authorities or entities in the fields of defence and security, and amending Directives 2004/17/EC and 2004/18/EC (OJ L 216, 20.8.2009, p. 76, ELI: http://data.europa.eu/eli/dir/2009/81/oj).
    (8) Directive 2009/43/EC of the European Parliament and of the Council of 6 May 2009 simplifying terms and conditions of transfers of defence-related products within the Community (OJ L 146, 10.6.2009, p. 1, ELI: http://data.europa.eu/eli/dir/2009/43/oj).

    MIL OSI Europe News

  • MIL-OSI Europe: Romanian industrial hub of Ploiesti to get EIB advisory support on green transport projects

    Source: European Investment Bank

    EIB

    • EIB Advisory to offer municipality of Ploiesti project management support for transport upgrades
    • EIB advisory to support the just transition territories in their journey towards climate neutrality
    • Ploiesti plans to upgrade existing urban transport infrastructure

    The European Investment Bank (EIB) will advise the Romanian municipality of Ploiești on green transport projects as part of a Europe-wide push to make urban life healthier for people and the environment. EIB Vice-President Ioannis Tsakiris and Ploiești Mayor Mihai Poliţeanu signed an agreement on advisory support today in the city, which is a major industrial hub 56 kilometres north of Bucharest.

    The Ploiesti administration, which serves a metropolitan population of more than 266,000, is seeking to upgrade local transport infrastructure to keep pace with the area’s economic growth and cut emissions that cause global warming.

    Under the accord with Ploiesti, EIB Advisory will deploy its own experts as well as external consultants to provide guidance on financial and project management of transport projects. Assistance in preparing the grant application under the European Union’s “Just Transition” Pillar 3 programme – Public Sector Loan Facility is also possible. The support is offered through the InvestEU Advisory Hub. Further support may be available at a later stage.

    “We are very pleased to support Ploiesti in this transition toward climate neutrality,” said EIB Vice-President Ioannis Tsakiris. “This partnership underscores our commitment to climate action andsustainable urban development.”

    Ploiești, the capital of Prahova County, has historically been a centre for the petroleum industry and serves as a hub for oil refining and petrochemicals. It is Romania’s ninth-largest municipality and its proximity to other industrial centres as well as to tourist destinations increases its potential to become part of a major transport and economic corridor.

    “Our partnership with the EIB is important and promotes the development of our city.,” said Mihai Poliţeanu, mayor of Ploiesti. “We are considering investments that closely align with the EU’s social and environmental objectives, contribute to reducing carbon emissions and strengthen Romania’s commitments to sustainable urban development.”

    The EIB provides technical and financial expertise to support the development of sustainable and bankable projects in various sectors. In Romania, EIB Advisory is assisting authorities and businesses in preparing infrastructure investments, improving project planning and enhancing access to funding through tailored services and capacity building.

    Background information  

    EIB

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, the EIB finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union and the capital markets union.

    The EIB Group, which includes the European Investment Fund (EIF), signed almost €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60 % of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Around half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    About the InvestEU Advisory Hub

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery and growth. It helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments, making funding for investment projects in Europe simpler, more efficient and more flexible. The InvestEU Fund is implemented through financial partners that invest against an EU budget guarantee worth €26.2 billion. That guarantee will back investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment. The InvestEU Advisory Hub is the central entry point for project promoters and intermediaries seeking advisory support and technical assistance related to centrally managed EU investment funds. Managed by the European Commission and financed by the EU budget, the InvestEU Advisory Hub connects project promoters and intermediaries with advisory partners, who work directly together to help projects reach the financing stage. The InvestEU Advisory Hub complements the InvestEU Fund by supporting the identification, preparation and development of investment projects across the European Union. Together with the InvestEU Portal – the EU’s online matchmaking tool – we aim to strengthen Europe’s investment and business environment.

    In Romania, EIB Advisory supports public and private clients in developing and implementing projects. EIB Advisory provides financial and technical advice, market development and capacity building support in a wide range of sectors and in line with the EIB Group’s eight strategic priorities.

    MIL OSI Europe News

  • MIL-OSI Europe: Almost €80 million in EU investment to modernise Cambodia’s agricultural sector and to boost farmers’ access to domestic and global markets

    Source: European Investment Bank

    • The comprehensive EU investment package – which blends an EIB Global loan, an EU grant, and technical assistance – will strengthen Cambodia’s agricultural sector, improve food security, make selected value chains more competitive and boost exports.
    • This investment will benefit 100 000 smallholder farmers, 25 000 land-poor households and 500 agricultural enterprises, enhancing productivity and competitiveness.
    • It will upgrade the National Agricultural Laboratory, expand key agricultural facilities to enhance the country’s sanitary and phytosanitary capacities, and support the construction of the Kaoh Khsach Tonlea bridge to improve transport and market access.
    • This initiative is in line with the European Union’s Global Gateway strategy, promoting sustainable growth, climate resilience and inclusive economic development.

    EIB Global – the European Investment Bank’s global arm – and the Ministry of Economy and Finance (MEF) of the Kingdom of Cambodia have signed an agreement today for a €15 million EU grant to support the Agriculture Services Programme for an Inclusive Rural Economy and Agricultural Trade (ASPIRE-AT). A key priority for the Cambodian government, ASPIRE-AT aims to modernise the agricultural sector, enhance food security and strengthen export potential. This grant supplements a €60 million loan from EIB Global and €4.5 million of support from the European Union for technical assistance, which will be implemented by the European Investment Bank (EIB). This brings the total of EU-backed investment in the programme to nearly €80 million. The International Fund for Agricultural Development (IFAD), the UN’s rural development agency, is co-financing the programme with $49 million.

    The agreement was signed in Phnom Penh by Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth and EIB Vice-President Nicola Beer during her first visit to Cambodia as the EIB Vice-President responsible for Southeast Asia. The signing took place in the presence of EU Ambassador to Cambodia Igor Driesmans and Country Director for Cambodia at the International Fund for Agricultural Development (IFAD) Frew Behabtu.

    The EU financing will help modernise Cambodia’s agricultural sector, equipping smallholder farmers, agribusinesses and producer organisations with tools and infrastructure to boost production, provide access to new markets, and improve food safety. The project will directly benefit 100 000 smallholder farmers and 25 000 land-poor households, creating new income opportunities – particularly in rural areas – with a strong focus on empowering women, engaging young people and supporting indigenous communities.

    EIB Vice-President Nicola Beer said: “The European Investment Bank is proud to support ASPIRE-AT and Cambodia’s agricultural sector, which plays a vital role in the country’s economy and food security. With this financing, we are helping the government to strengthen food security, increase farmers’ incomes, and open up new market opportunities for Cambodian products. It is a great example of how Team Europe delivers real impact, creating jobs, driving trade, and strengthening Cambodia’s economy.”

    Ambassador of the European Union to the Kingdom of Cambodia Igor Driesmans said: “I am proud to be part of this important agricultural investment project by partnering with our European Investment Bank and IFAD under the European Union Global Gateway and our Team Europe initiatives. Our support of €19.5 million ($21.06 million) in grants will help farmers and their communities improve primary production, processing capabilities and market access through capacity building and access to financing, agricultural laboratory support, and better rural and urban connectivity. Together, we are helping the sector to become more inclusive and resilient, benefiting all Cambodians, and especially those in rural communities.”

    Deputy Prime Minister and Minister of Economy and Finance (MEF) Aun Pornmoniroth expressed his deep appreciation to the EIB, the European Union and to IFAD for their support and cooperation in successfully designing and preparing the ASPIRE-AT programme. He reiterated that the agreement signed today for the ASPIRE-AT programme is a testament to the increased and closer cooperation between the Government of the Kingdom of Cambodia and the EIB, the European Union and IFAD, as well as to the unwavering support of key development partners in the reform agenda of the government’s Pentagonal Strategy (Phase I), as Cambodia aims to achieve its goal of becoming an upper-middle-income country in 2030 and a high-income country in 2050. In this spirit, the Government of the Kingdom of Cambodia reaffirmed its commitment to fostering and strengthening future partnerships with the EIB, the European Union and IFAD across multifaceted sectors.

    International Fund for Agricultural Development (IFAD) Country Director for Cambodia Frew Behabtu said: “This significant EU grant, alongside the EIB loan and IFAD’s co-financing, marks a powerful step towards transforming Cambodia’s agricultural sector. IFAD is proud to be part of this collaborative effort to empower rural communities, enhance food security, and unlock the export potential that drives sustainable economic growth.”

    This investment will strengthen Cambodia’s agricultural infrastructure and market connectivity, supporting collection and handling facilities, warehouses, drying pads, and access roads to improve bulk produce transport. It will also fund the Kaoh Khsach Tonlea bridge, linking the island to the mainland to enhance market access and pilot a new agricultural cooperative model. Additionally, the financing will improve food safety and quality control by supporting laboratories, research and quarantine stations and the expansion of the National Agricultural Laboratory. These investments are strategically distributed across a range of locations in Cambodia, ensuring that they have a broad geographic impact and enable greater integration into regional and global markets.

    Background information

    About EIB Global

    EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices around the world.

    About the EIB in Cambodia

    Since 2018, EIB Global has been a key partner in Cambodia’s sustainable development, investing €310 million across various sectors, including in water and agriculture, as well as to rehabilitate rural roads. In close collaboration with the Delegation of the European Union to the Kingdom of Cambodia, the Royal Government of Cambodia, and other development partners, the EIB supports projects that foster economic growth, enhance environmental sustainability, and improve living standards. The Bank’s investments focus on clean water access, rural infrastructure, climate-resilient agriculture and food security. These initiatives have expanded irrigation systems, upgraded rural roads, and strengthened agricultural value chains, directly benefiting millions of Cambodians by creating new economic opportunities and building resilience in local communities.

    The Agriculture Services Programme for an Inclusive Rural Economy and Agricultural Trade (ASPIRE-AT) is an initiative of the Cambodian government – implemented by the Ministry of Agriculture, Forestry, and Fisheries (MAFF) – that is aimed at reducing rural poverty and enhancing climate resilience in Cambodian households. Building on the success of the previous ASPIRE programme (2015-2022), ASPIRE-AT focuses on sustainable agricultural growth by providing small-scale producers with productive assets, fostering business partnerships, and improving market access. The programme targets 125 000 rural households, emphasising inclusivity with at least 50% of beneficiaries being women, 20% young people and 1.5% indigenous people.

    The International Fund for Agricultural Development (IFAD) is an international financial institution and a United Nations specialized agency. Based in Rome – the United Nations food and agriculture hub – IFAD invests in rural people, empowering them to reduce poverty, increase food security, improve nutrition and strengthen resilience. Since 1978, we have provided more than US$25 billion in grants and low-interest loans to fund projects in developing countries.

    MIL OSI Europe News

  • MIL-OSI Europe: EIB provides €160 million to support micro, small and medium-sized enterprises in Tuscany

    Source: European Investment Bank

    • Tuscany Region President Eugenio Giani and EIB Vice-President Gelsomina Vigliotti launched the operational phase of the initiative at an event in Florence today.
    • Subsidies will be applied to loans granted to micro, small and medium-sized enterprises by banks selected by the Tuscany region.
    • The funds will be channelled through Banca Monte dei Paschi di Siena, Banca Cambiano, Cambiano Leasing and BCC Banca Iccrea to 12 cooperative banks in Tuscany that are members of BCC Iccrea Group and Federazione Toscana delle BCC.

    The European Investment Bank (EIB) has approved a €160 million financing package for the Tuscany region, aiming to back the investments and the working capital needs of micro, small and medium-sized enterprises in Tuscany. Tuscany Region President Eugenio Giani and EIB Vice-President Gelsomina Vigliotti launched the operational phase of the initiative at the Palazzo Strozzi Sacrati in Florence today.

    In addition to the €160 million already planned, the region will provide a further €10 million to cut the interest paid by micro, small and medium-sized enterprises in Tuscany. The 321 companies selected in the 2023 research and development calls will be able to access the EIB credit line from 17 March by confirming the option exercised in the application to finance their investments in productive activities, research, innovation and working capital.

    Subsidies will be applied to loans granted to micro, small and medium-sized enterprises by banks selected by the Tuscany region in a recently issued public call. It will also be possible to obtain a refund of any guarantees. The banks involved are Banca Monte dei Paschi di Siena, Banca Cambiano, Cambiano Leasing and BCC Banca Iccrea, benefiting 12 cooperative banks in Tuscany that are members of BCC Iccrea Group and Federazione Toscana delle BCC.

    “This agreement confirms the EIB’s support for Italian business, helping to promote the sustainable development and long-term competitiveness of micro, small and medium-sized enterprises in Tuscany,” said EIB Vice-President Gelsomina Vigliotti.

    Tuscany Region President Eugenio Giani and Regional Councillor for Economy and Tourism Leonardo Marras explained: “We want to improve the competitiveness of our micro, small and medium-sized enterprises by backing their productive investment in expansion, diversification, system consolidation and the green, technological and digital transition. Micro, small and medium-sized enterprises are the backbone of the regional productive system in Tuscany. The calls we have just published will enable them to reduce the interest rates and guarantee premiums on bank loans granted from the EIB’s Regione Toscana EU Blending 2023-0118 credit line. We will provide them with an additional €30 million from the European Regional Development Fund, €3 million of which will be reserved for companies based in inner areas.”

     

     

     

    Technical details

    The beneficiaries of this operation are micro, small and medium-sized enterprises in several sectors including manufacturing, tourism and research and development. See here for specific limitations. Subsidy applications must be submitted online via the Sistema Fondi Toscana IT system here and will be assessed by Sviluppo Toscana. Applications can be submitted until the available funds are exhausted. The total cost of the projects presented must not be less than €70 000 (€90 000 for research and development calls) or more than €5 million. Interest rate reduction subsidies are provided in a single instalment covering up to 80% of the amount for financing investment projects and up to 90% for financing projects contributing to climate action.

    The maximum interest rate subsidy for new calls for productive investments may not exceed €300 000 per project. Within five months of submitting the subsidy application, the company must provide documentation certifying the granting of the bank loan and the related guarantee to receive the financing. Guarantees costs can be reimbursed by the Tuscany region up to a maximum of €12 000.

    Once financing is secured, they will have 15 months to complete their investment project.

    Background information

    EIB

    The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security. The EIB Group signed 99 operations totalling €10.98 billion in Italy in 2024, unlocking almost €37 billion of investment in the real economy. All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment. Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    • Tuscany Region President Eugenio Giani and EIB Vice-President Gelsomina Vigliotti launched the operational phase of the initiative at an event in Florence today.
    • Subsidies will be applied to loans granted to micro, small and medium-sized enterprises by banks selected by the Tuscany region.
    • The funds will be channelled through Banca Monte dei Paschi di Siena, Banca Cambiano, Cambiano Leasing and BCC Banca Iccrea to 12 cooperative banks in Tuscany that are members of BCC Iccrea Group and Federazione Toscana delle BCC.

    The European Investment Bank (EIB) has approved a €160 million financing package for the Tuscany region, aiming to back the investments and the working capital needs of micro, small and medium-sized enterprises in Tuscany. Tuscany Region President Eugenio Giani and EIB Vice-President Gelsomina Vigliotti launched the operational phase of the initiative at the Palazzo Strozzi Sacrati in Florence today.

    In addition to the €160 million already planned, the region will provide a further €10 million to cut the interest paid by micro, small and medium-sized enterprises in Tuscany. The 321 companies selected in the 2023 research and development calls will be able to access the EIB credit line from 17 March by confirming the option exercised in the application to finance their investments in productive activities, research, innovation and working capital.

    Subsidies will be applied to loans granted to micro, small and medium-sized enterprises by banks selected by the Tuscany region in a recently issued public call. It will also be possible to obtain a refund of any guarantees. The banks involved are Banca Monte dei Paschi di Siena, Banca Cambiano, Cambiano Leasing and BCC Banca Iccrea, benefiting 12 cooperative banks in Tuscany that are members of BCC Iccrea Group and Federazione Toscana delle BCC.

    “This agreement confirms the EIB’s support for Italian business, helping to promote the sustainable development and long-term competitiveness of micro, small and medium-sized enterprises in Tuscany,” said EIB Vice-President Gelsomina Vigliotti.

    Tuscany Region President Eugenio Giani and Regional Councillor for Economy and Tourism Leonardo Marras explained: “We want to improve the competitiveness of our micro, small and medium-sized enterprises by backing their productive investment in expansion, diversification, system consolidation and the green, technological and digital transition. Micro, small and medium-sized enterprises are the backbone of the regional productive system in Tuscany. The calls we have just published will enable them to reduce the interest rates and guarantee premiums on bank loans granted from the EIB’s Regione Toscana EU Blending 2023-0118 credit line. We will provide them with an additional €30 million from the European Regional Development Fund, €3 million of which will be reserved for companies based in inner areas.”

     Technical details

    The beneficiaries of this operation are micro, small and medium-sized enterprises in several sectors including manufacturing, tourism and research and development. See here for specific limitations. Subsidy applications must be submitted online via the Sistema Fondi Toscana IT system here and will be assessed by Sviluppo Toscana. Applications can be submitted until the available funds are exhausted. The total cost of the projects presented must not be less than €70 000 (€90 000 for research and development calls) or more than €5 million. Interest rate reduction subsidies are provided in a single instalment covering up to 80% of the amount for financing investment projects and up to 90% for financing projects contributing to climate action.

    The maximum interest rate subsidy for new calls for productive investments may not exceed €300 000 per project. Within five months of submitting the subsidy application, the company must provide documentation certifying the granting of the bank loan and the related guarantee to receive the financing. Guarantees costs can be reimbursed by the Tuscany region up to a maximum of €12 000.

    Once financing is secured, they will have 15 months to complete their investment project.

    Background information

    EIB

    The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security. The EIB Group signed 99 operations totalling €10.98 billion in Italy in 2024, unlocking almost €37 billion of investment in the real economy. All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment. Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    MIL OSI Europe News

  • MIL-OSI United Kingdom: Council services update for St Patrick’s Day Bank Holiday

    Source: Northern Ireland – City of Derry

    Council services update for St Patrick’s Day Bank Holiday

    14 March 2025

    Derry City and Strabane District Council have reassured residents that many council services will remain undisrupted over the St Patrick’s Day Bank Holiday on Monday 17th March.

    Recycling Centres across the city and district will open with their usual opening hours on St Patrick’s Day. Residents are reminded that bin collections will also operate as normal on Monday 17th March.

    A number of Leisure Centres will close on St Patrick’s Day including Riversdale Leisure Centre, Melvin Sports Complex, Derg Valley Leisure Centre, Templemore Sports Complex, City Baths, Brooke Park Leisure & Sports Centre and Bishop’s Field. The Foyle Arena will operate as normal on Monday, 17th March.

    Cemeteries, Museums and Visitor Services will also run as normal with the Guildhall and the Tower Museum opening as usual on St Patrick’s Day. 

    The Registrar’s office in both Derry and Strabane will close on Monday 17th March, reopening as normal on Tuesday 18th March.

    Council’s dog wardens and kennels will be open as normal.

    Council offices on Strand Road, Derry and on Derry Road, Strabane will remain closed on Monday 17th March and reopen as normal on Tuesday 18th March.

    The Alley Theatre, Strabane will be open from 1pm until 4pm on St Patrick’s Day with entertainment for all the family. 

    For more information, please visit https://www.derrystrabane.com/services/opening-hours

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Joint statement of the G7 Foreign Ministers’ Meeting in Charlevoix

    Source: United Kingdom – Executive Government & Departments 3

    Press release

    Joint statement of the G7 Foreign Ministers’ Meeting in Charlevoix

    A joint statement of the G7 Foreign Ministers’ Meeting in Charlevoix

    1. We the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America, and the High Representative of the European Union, met in Charlevoix on March 12 to 14, 2025. 

    Ukraine’s long-term prosperity and security

    1. We reaffirmed our unwavering support for Ukraine in defending its territorial integrity and right to exist, and its freedom, sovereignty and independence.

    2. We welcomed ongoing efforts to achieve a ceasefire, and in particular the meeting on March 11 between the U.S. and Ukraine in the Kingdom of Saudi Arabia. We applauded Ukraine’s commitment to an immediate ceasefire, which is an essential step towards a comprehensive, just and lasting peace in line with the Charter of the United Nations.

    3. We called for Russia to reciprocate by agreeing to a ceasefire on equal terms and implementing it fully. We discussed imposing further costs on Russia in case such a ceasefire is not agreed, including through further sanctions, caps on oil prices, as well as additional support for Ukraine, and other means. This includes the use of extraordinary revenues stemming from immobilized Russian Sovereign Assets. We underlined the importance of confidence-building measures under a ceasefire including the release of prisoners of war and detainees—both military and civilian—and the return of Ukrainian children.

    4. We emphasized that any ceasefire must be respected and underscored the need for robust and credible security arrangements to ensure that Ukraine can deter and defend against any renewed acts of aggression. We stated that we will continue to coordinate economic and humanitarian support to promote the early recovery and reconstruction of Ukraine, including at the Ukraine Recovery Conference which will take place in Rome on July 10-11, 2025.

    5. We condemned the provision to Russia of military assistance by DPRK and Iran, and the provision of weapons and dual-use components by China, a decisive enabler of Russia’s war and of the reconstitution of Russia’s armed forces. We reiterated our intention to continue to take action against such third countries.

    6. We expressed alarm about the impacts of the war, especially on civilians and on civilian infrastructure. We discussed the importance of accountability and reaffirmed our commitment to work together to achieve a durable peace and to ensure that Ukraine remains democratic, free, strong and prosperous.   

    Regional peace and stability in the Middle East  

    1. We called for the release of all hostages and for the hostages’ remains held by Hamas in Gaza to be returned to their loved ones. We reaffirmed our support for the resumption of unhindered humanitarian aid into Gaza and for a permanent ceasefire. We underscored the imperative of a political horizon for the Palestinian people, achieved through a negotiated solution to the Israeli-Palestinian conflict that meets the legitimate needs and aspirations of both peoples and advances comprehensive Middle East peace, stability and prosperity. We noted serious concern over the growing tensions and hostilities in the West Bank and calls for de-escalation.

    2. We recognized Israel’s inherent right to defend itself consistent with international law. We unequivocally condemned Hamas, including for its brutal and unjustified terror attacks on October 7, 2023, and the harm inflicted on the hostages during their captivity and the violation of their dignity through the use of ‘handover ceremonies’ during their release. We reiterated that Hamas can have no role in Gaza’s future and must never again be a threat to Israel. We affirmed our readiness to engage with Arab partners on their proposals to chart a way forward on reconstruction in Gaza and build a lasting Israeli-Palestinian peace.

    3. We expressed our support for the people of Syria and Lebanon, as both countries work towards peaceful and stable political futures. At this critical juncture, we reiterated the importance of Syria’s and Lebanon’s sovereignty and territorial integrity. We called unequivocally for the rejection of terrorism in Syria. We condemned strongly the recent escalation of violence in the coastal regions of Syria, and called for the protection of civilians and for perpetrators of atrocities to be held accountable. We stressed the critical importance of an inclusive and Syrian-led political process. We welcomed the commitment by the Syrian interim government to work with the OPCW in eliminating all remaining chemical weapons.

    4. We stressed that Iran is the principal source of regional instability and must never be allowed to develop and acquire a nuclear weapon. We emphasized that Iran must now change course, de-escalate and choose diplomacy. We underscored the threat of Iran’s growing use of arbitrary detention and foreign assassination attempts as a tool of coercion.

    Cooperation to increase security and resilience across the Indo-Pacific  

    1. We reiterated our commitment to upholding a free, open, prosperous and secure Indo-Pacific, based on sovereignty, territorial integrity, peaceful resolution of disputes, fundamental freedoms and human rights.

    2. We remain seriously concerned by the situations in the East China Sea as well as the South China Sea and continue to oppose strongly unilateral attempts to change the status quo, in particular by force and coercion. We expressed concern over the increasing use of dangerous maneuvers and water cannons against Philippines and Vietnamese vessels as well as efforts to restrict freedom of navigation and overflight through militarization and coercion in the South China Sea, in violation of international law. We emphasized the importance of maintaining peace and stability across the Taiwan Strait. We encouraged the peaceful resolution of cross-Strait issues and reiterated our opposition to any unilateral attempts to change the status quo by force or coercion. We also expressed support for Taiwan’s meaningful participation in appropriate international organizations.  

    3. We remain concerned with China’s military build-up and the continued, rapid increase in China’s nuclear weapons arsenal. We called on China to engage in strategic risk reduction discussions and promote stability through transparency.

    4. We emphasized that China should not conduct or condone activities aimed at undermining the security and safety of our communities and the integrity of our democratic institutions.

    5. We expressed concerns about China’s non-market policies and practices that are leading to harmful overcapacity and market distortions. We further called on China to refrain from adopting export control measures that could lead to significant supply chain disruptions. We reiterated that we are not trying to harm China or thwart its economic growth, indeed a growing China that plays by international rules and norms would be of global interest.

    6. We demanded that the DPRK abandon all its nuclear weapons and any other weapons of mass destruction as well as ballistic missile programs in accordance with all relevant United Nations Security Council resolutions. We expressed our serious concerns over, and the need to address together, the DPRK’s cryptocurrency thefts. We called on DPRK to resolve the abductions issue immediately. 

    7. We denounced the brutal repression of the people of Myanmar by the military regime and called for an end to all violence and for unhindered humanitarian access. 

    Building stability and resilience in Haiti and Venezuela

    1. We strongly denounced the ongoing horrifying violence that continues to be perpetrated by gangs in Haiti in their efforts to seize control of the government. We reaffirmed our commitment to helping the Haitian people restore democracy, security and stability, including through support to the Haitian National Police and Kenya-led Multinational Security Support Mission and an increased role for the UN. We expressed support for Haitian authorities’ efforts to create a specialized anti-corruption jurisdiction that complies with the highest international standards.

    2. We reiterated our call for the restoration of democracy in Venezuela in line with the aspirations of the Venezuelan people who peacefully voted on July 28, 2024, for change, the cessation of repression and arbitrary or unjust detentions of peaceful protestors including youth by Nicolas Maduro’s regime, as well as the unconditional and immediate release of all political prisoners. We also agreed Venezuelan naval vessels threatening Guyana’s commercial vessels is unacceptable and an infringement of Guyana’s internationally recognized sovereign rights. We reaffirmed respect for the sovereignty and territorial integrity of all nations as an enduring value.

    Supporting lasting peace in Sudan and the Democratic Republic of the Congo

    1. We unequivocally denounced the ongoing fighting and atrocities in Sudan, including sexual violence against women and girls, which have led to the world’s largest humanitarian crisis and the spread of famine. We called for the warring parties to protect civilians, cease hostilities, and ensure unhindered humanitarian access, and urged external actors to end their support fueling the conflict. 

    2. We condemned the Rwanda-backed M23 offensive in the eastern Democratic Republic of the Congo (DRC) and the resulting violence, displacement and grave human rights and international humanitarian law violations. This offensive constitutes a flagrant disregard of the territorial integrity of the DRC. We reiterated our call for M23 and the Rwanda Defence Force to withdraw from all controlled areas. We urged all parties to support the mediation led by the East African Community and the Southern African Development Community, to promote accountability for human rights abuses by all armed actors, including M23 and the FDLR, and to commit to a peaceful and negotiated resolution of the conflict, including the meaningful participation of women and youth.

    Strengthening sanctions and countering hybrid warfare and sabotage

    1. We welcomed efforts to strengthen the Sanctions Working Group focused on listings and enforcement. We also welcomed discussions on the establishment of a Hybrid Warfare and Sabotage Working Group, and of a Latin America Working Group.

    Updates to this page

    Published 14 March 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Kent taxi driver jailed after inflating turnover to secure three Covid loans

    Source: United Kingdom – Executive Government & Departments

    Press release

    Kent taxi driver jailed after inflating turnover to secure three Covid loans

    Jail for taxi driver who abused Covid Bounce Back Loan Scheme

    • Taxi driver Nelson Clark dishonestly secured three Covid Bounce Back Loans worth a combined £130,000 

    • Clark fraudulently overstated his turnover on the applications and failed to use the money for his businesses as he was required to do 

    • The 34-year-old has been jailed following investigations into his applications by the Insolvency Service 

    A Kent taxi driver has been jailed after exploiting a government-backed Covid loan scheme on three separate occasions during the pandemic. 

    Nelson Clark fraudulently applied for three Bounce Back Loans in 2020 by significantly exaggerating his turnover. 

    He then used the funds for personal use, breaking the rules of the scheme again. 

    Clark, 34, of Silver Birch Close, Dartford, was sentenced to two-and-a-half years in prison when he appeared at Croydon Crown Court on Thursday 13 March. 

    David Snasdell, Chief Investigator at the Insolvency Service, said: 

    Nelson Clark deliberately targeted a scheme which was set up to support genuine small businesses through Covid. 

    Clark made false representations on not just one occasion, but three times within a two-month period. His actions were clearly dishonest and he made matters worse by spending the money he received for his own personal benefit. 

    Five years on from the start of the pandemic, the Insolvency Service remains committed to taking action against the fraudsters who cynically applied for money they were not entitled to during a national emergency.

    Clark first applied to the bank for a £30,000 Bounce Back Loan in May 2020 on behalf of his N Clark Taxis business. 

    In the application, Clark claimed his annual turnover was £120,000. But Insolvency Service analysis revealed this was an over-estimate of around £70,000. 

    Two months later, Clark dishonestly secured a further £100,000 in Bounce Back Loan funds from different banks under the names of Nelson Clark Management and Rosewood Motors. 

    In both applications, Clark obtained £50,000 by falsely claiming his turnover for both businesses was £200,000 each. 

    Significant amounts of the £130,000 Clark fraudulently secured were used for personal purposes, including transfers of £80,000 to a third party. 

    Clark was declared bankrupt in August 2021 and signed a 10-year Bankruptcy Restrictions Undertaking in March 2022, restricting him from being able to borrow more than £500 without disclosing his bankrupt status. 

    The Insolvency Service is seeking to recover the fraudulently obtained funds under the Proceeds of Crime Act 2002. 

    Further information 

    Updates to this page

    Published 14 March 2025

    MIL OSI United Kingdom

  • MIL-OSI Russia: Scientists present new method for working with unbalanced data

    Translartion. Region: Russians Fedetion –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    Specialists Faculty of Computer Science HSE and Sber’s Artificial Intelligence Lab have developed a geometric method for data expansion — Simplicial SMOTE. Tests on different data sets have shown that it significantly improves the quality of AI work. The method is especially useful in situations where rare cases are very important, for example, in the fight against fraud or in the diagnosis of rare diseases. Research results available in the open archive Arxiv.org and will be presented at the International Conference on Knowledge Discovery and Data Mining (KDD) in Toronto in summer 2025.

    The problem of imbalanced data is becoming increasingly important in various fields, including banking and medicine. Traditional methods – random duplication or global sampling – often produce low-quality samples or poorly model rare class data.

    The new method proposed by scientists from the Higher School of Economics and Sberbank — Simplicial SMOTE (Synthetic Minority Oversampling Technique) — solves these problems: it provides more accurate modeling of complex topological data structures and increases the quality of classifiers on unbalanced data sets.

    It helps to create new examples of a rare class using information from several close examples (“simplex”), and not just from two close points, as in the original version of SMOTE and its well-known analogues. This allows for a better understanding of the data and improves the work of AI. The method helps improve the training of artificial intelligence on imbalanced data, that is, in situations where there are many examples of one class (for example, normal transactions), but few examples of another (for example, fraud).

    The researchers have experimentally demonstrated on a large number of test datasets that the proposed approach significantly improves the quality metrics (F1 measure, Matthews correlation coefficient) of both the basic SMOTE and its modifications. In particular, an improvement was recorded for gradient boosting, a classifier often used in practice.

    “Our method is especially effective in tasks where unbalanced data is common and where the rare class is more significant. Banks can use Simplicial SMOTE to better detect fraud, and medical centers to diagnose rare diseases,” comments one of the authors of the article, Andrey Savchenko, a leading researcher. Laboratories of theoretical foundations of artificial intelligence models Institute of Artificial Intelligence and Digital Sciences Faculty of Computer Science, National Research University Higher School of Economics.

    The new method can be integrated into existing oversampling algorithms (Borderline-SMOTE, Safe-level-SMOTE, and ADASYN), increasing their accuracy without significantly increasing computational complexity. The researchers believe that the developed approach can contribute to the development of more accurate and reliable machine learning models and, therefore, to improved analytics.

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

    MIL OSI Russia News

  • MIL-OSI Russia: IMF Executive Board Completes the Fifth Review under the Extended Credit Facility Arrangement for Nepal

    Source: IMF – News in Russian

    March 14, 2025

    • The IMF Executive Board completed the fifth review under the Extended Credit Facility (ECF) Arrangement for Nepal, providing the country with access to SDR 31.4 million (about US$ 41.8 million).
    • Nepal has made tangible progress in implementing economic reforms under the program, despite a challenging political environment and disruptions caused by the September 2024 floods.
    • The growth recovery is expected to continue in FY2024/25, supported by increased capital spending including on reconstruction, an accommodative monetary policy stance, and additional hydropower generation.

    Washington, DC: On March 12, 2025, the Executive Board of the International Monetary Fund (IMF) completed the fifth review under the four‑year Extended Credit Facility (ECF) for Nepal, allowing the authorities to withdraw the equivalent of SDR 31.4 million (about US$ 41.8 million) under the ECF. This brings total disbursements under the ECF for budget support thus far to SDR 219.7 million (about US$ 289.1 million).

    The ECF arrangement for Nepal was approved by the Executive Board on January 12, 2022 (see Press Release No. 22/6) for SDR 282.4 million (180 percent of quota). Nepal has made tangible progress in implementing reforms under the program, which has supported early signs of economic recovery while preserving macroeconomic and financial stability and protecting the vulnerable.

    The economy continues to face challenges with subdued domestic demand. Economic activity is expected to pick up moderately in FY2024/25 on account of disruptions caused by the September 2024 floods. Growth is expected to reach 4.2 percent in FY2024/25, supported by a planned increase in capital spending including on reconstruction, an accommodative monetary policy stance, and additional hydropower generation. Post-flood supply-side pressures are expected to be short-lived, and average inflation is projected to remain close to the Nepal Rastra Bank’s target of about 5 percent. Efforts to mobilize revenues will support development spending and fiscal sustainability. The outlook is subject to important downside risks including those related to possible under-execution of capital spending, financial-sector vulnerabilities, and political fragility.

    Following the Executive Board discussion, Mr. Bo Li, Deputy Managing Director, made the following statement:

    “Executive Directors welcomed the continued recovery and the broadly adequate performance under the program, acknowledging the challenges posed by political uncertainty and recent flood-related disruptions. They noted that while the outlook remains broadly favorable, it is subject to downside risks. Accordingly, Directors encouraged continued prudent policies to safeguard macroeconomic stability and steadfast implementation of structural reforms to foster sustainable and inclusive growth. Fund capacity development will also be important to achieve program objectives.

    “Directors recommended continued gradual, growth-friendly fiscal consolidation to stabilize debt. Noting the need to mobilize revenue to support higher capital spending and protect the vulnerable, Directors welcomed the newly adopted Domestic Revenue Mobilization Strategy. They also underscored the need to strengthen public investment management to enhance capital spending execution. Further advancing fiscal transparency would help to contain fiscal risks and strengthen fiscal sustainability. Directors emphasized the importance of supporting the most vulnerable including through expanding child grants.

    “Directors agreed that monetary policy should remain cautious and data-driven to preserve price and external stability. They highlighted the importance of amending the Nepal Rastra Bank Act to strengthen its governance, independence and accountability.

    “Directors underscored that increasing financial sector vulnerabilities warrant a proactive approach. They encouraged steps to further align financial sector regulations with international standards, conduct the planned Loan Portfolio Review, and develop a comprehensive strategy to address problematic savings and credit cooperatives. Noting Nepal’s recent FATF grey listing, Directors stressed the urgency of strengthening the AML/CFT framework through reforms to enhance legal, regulatory, and supervisory frameworks.

    “Directors called for ambitious structural reforms to support more sustainable and inclusive growth. They recommended efforts to reduce the high cost of doing business, enhance the investment climate, improve governance, and strengthen anticorruption institutions. Nepal’s high vulnerability to natural disasters underscores the importance of enhancing resilience to climate shocks.”

                                                                                               Nepal: Selected Economic Indicators 2021/22-2029/30 1/

     

     

    2021/22

     

    2022/23

    2023/24

       

    2024/25

    2025/26

    2026/27

    2027/28

    2028/29

    2029/30

    Est.

       

    Projections

                             

    Output and Prices (annual percent change)

                       

    Real GDP

    5.6

     

    2.0

     

    3.1

     

    4.2

    5.4

    5.0

    5.0

    5.0

    5.0

    Headline CPI (period average)

    6.4

     

    7.7

     

    5.4

     

    5.2

    5.4

    5.4

    5.4

    5.4

    5.4

    Headline CPI (end of period)

    8.1

     

    7.4

     

    3.6

     

    5.5

    5.4

    5.4

    5.4

    5.4

    5.4

    Fiscal Indicators: Central Government (in percent of GDP)

                 

    Total revenue and grants

    22.9

    19.3

    19.2

    19.8

    20.9

    21.5

    22.1

    22.6

    22.6

      of which: Tax revenue

    19.8

    16.2

    16.4

    17.0

    17.8

    18.4

    19.1

    19.6

    19.6

    Expenditure

    26.1

    25.2

    21.9

    24.3

    25.0

    25.4

    25.8

    26.2

    26.2

    Expenses

    21.7

    20.8

    18.6

    19.3

    19.4

    19.5

    19.6

    19.8

    19.8

    Net acquisition of nonfinancial assets

    4.3

    4.4

    3.3

    5.0

    5.6

    5.9

    6.2

    6.4

    6.4

    Operating balance

    1.2

    -1.4

    0.6

    0.5

    1.5

    2.1

    2.5

    2.8

    2.8

    Net lending/borrowing

    -3.1

    -5.8

    -2.7

    -4.5

    -4.1

    -3.8

    -3.7

    -3.6

    -3.6

    Statistical discrepancy

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Net financial transactions

    3.1

    5.8

    2.7

    4.5

    4.1

    3.8

    3.7

    3.6

    3.6

    Net acquisition of financial assets

    2.6

    -0.9

    0.5

    1.3

    1.3

    1.3

    1.3

    1.3

    1.3

    Net incurrence of liabilities

    5.8

    4.9

    3.2

    5.8

    5.4

    5.1

    5.0

    4.9

    4.9

    Foreign

    2.0

    1.7

    1.6

    1.7

    1.5

    1.4

    1.3

    1.3

    1.4

    Domestic

    3.7

    3.3

    1.6

    4.1

    3.9

    3.7

    3.7

    3.5

    3.5

               

    Money and Credit (annual percent change)

                 

    Broad money

    6.8

    11.4

    13.6

    10.1

    10.1

    10.3

    10.5

    10.7

    10.7

    Domestic credit

    17.9

    8.8

    6.2

    8.2

    9.6

    10.3

    10.5

    10.7

    10.7

    Private sector credit

    13.3

    4.6

    6.1

    7.2

    8.1

    9.1

    10.0

    10.7

    10.7

                           

    Saving and Investment (in percent of nominal GDP)

                       

    Gross investment

    37.6

    31.7

    32.9

    37.5

    39.4

    38.3

    37.0

    35.8

    34.7

    Gross fixed investment

    29.0

    25.1

    26.1

    29.7

    31.2

    30.4

    29.3

    28.3

    27.5

    Private

    23.6

    21.7

    22.7

    24.7

    25.6

    24.5

    23.1

    21.9

    21.1

    Central government

    5.3

    3.4

    3.3

    5.0

    5.6

    5.9

    6.2

    6.4

    6.4

    Change in Stock

    8.7

    6.6

    6.8

    7.8

    8.2

    8.0

    7.7

    7.4

    7.2

    Gross national saving

    25.1

    30.8

    36.7

    36.2

    35.5

    34.5

    33.2

    32.2

    31.0

    Private

    24.4

    32.7

    36.5

    36.3

    34.9

    33.3

    31.6

    30.1

    29.1

    Central government

    0.7

    -1.9

    0.2

    -0.1

    0.6

    1.2

    1.7

    2.0

    2.0

                 

    Balance of Payments

     

                 

    Current account (in millions of U.S. dollars)

    -5,174

    -361

    1,663

    -630

    -1,969

    -2,166

    -2,321

    -2,479

    -2,760

    In percent of GDP

    -12.6

    -0.9

    3.8

    -1.3

    -3.8

    -3.8

    -3.7

    -3.6

    -3.7

    Trade balance (in millions of U.S. dollars)

    -13,759

    -10,699

    -10,431

    -12,481

    -15,053

    -15,957

    -16,797

    -17,678

    -18,664

    In percent of GDP

    -33.4

    -26.2

    -24.0

    -26.7

    -29.2

    -28.2

    -27.0

    -25.8

    -24.8

    Exports of goods (y/y percent change)

    43.9

    -19.9

    -2.5

    8.9

    9.6

    9.1

    9.7

    9.4

    9.4

    Imports of goods (y/y percent change)

    21.9

    -22.0

    -2.5

    18.4

    19.4

    6.3

    5.7

    5.7

    6.0

    Workers’ remittances (in millions of U.S. dollars)

    8,326

    9,485

    10,864

    11,151

    11,680

    12,258

    12,766

    13,283

    13,767

    In percent of GDP

    20.2

    23.2

    25.0

    23.8

    22.7

    21.6

    20.5

    19.4

    18.3

    Gross official reserves (in millions of U.S. dollars)

    8,956

    10,954

    14,547

    15,301

    15,004

    14,821

    14,876

    14,897

    15,289

    In months of prospective imports

    7.6

    9.3

    10.5

    9.4

    8.7

    8.1

    7.7

    7.2

    7.0

    Memorandum Items

                     

    Public debt (in percent of GDP)

    42.7

    47.1

    48.2

    50.0

    50.4

    50.6

    50.6

    50.5

    50.5

    Nominal GDP (in billions of U.S. dollars)

    41.2

    40.9

    43.4

    46.8

    51.5

    56.6

    62.3

    68.5

    75.3

    Nominal GDP (in billions of Nepalese Rupees)

    4,977

    5,349

    5,776

    6,333

    7,040

    7,792

    8,623

    9,543

    10,562

    Net International Reserves (in millions of U.S. dollars)

    8,821

    10,507

    14,064

    14,744

    14,451

    14,321

    14,440

    14,541

    15,027

    Primary Deficit (in billions of Nepali Rupees)

    110

    239

    76

    183

    179

    175

    180

    182

    204

    Primary Deficit (in percent of GDP)

    2.2

    4.5

    1.3

    2.9

    2.5

    2.2

    2.1

    1.9

    1.9

    Tax Revenue (in billions of Nepalese Rupees)

    984

    866

    945

    1,074

    1,250

    1,436

    1,648

    1,868

    2,065

    Tax Revenue (In percent of GDP)

    19.8

    16.2

    16.4

    17.0

    17.8

    18.4

    19.1

    19.6

    19.6

    Private sector credit (in percent of GDP)

    94.2

    91.7

    90.1

    88.0

    85.6

    84.3

    83.8

    83.8

    83.9

    Exchange rate (NPR/US$; period average)

    120.8

    130.8

    133.0

    Real effective exchange rate (average, y/y percent change)

    1.6

    1.2

    1.4

                                                                                                                           
             

    1/ Fiscal year ends in mid-July.

                         
                                                         

    Note: The NSO adopts a 3 year cycle in its national accounts producing preliminary, revised and final estimates for real GDP growth. In May 2023 growth was revised up in FY2020/21 from 4.2 percent to 4.8 percent and from 5.3 percent to 5.6 percent in FY2021/22 in light of new data.

    Note: Current baseline forecast is as of January 29, 2025.

       

    ·      

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

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

    https://www.imf.org/en/News/Articles/2025/03/14/pr25063-nepal-imf-completes-the-fifth-review-under-the-extended-credit-facility-arrangement

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI Europe: Joint statement of the G7 Foreign Ministers’ Meeting in Charlevoix (14 Mar. 2025)

    Source: Republic of France in English
    The Republic of France has issued the following statement:

    We the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America, and the High Representative of the European Union, met in Charlevoix on March 12 to 14, 2025.

    Ukraine’s long-term prosperity and security

    We reaffirmed our unwavering support for Ukraine in defending its territorial integrity and right to exist, and its freedom, sovereignty and independence.

    We welcomed ongoing efforts to achieve a ceasefire, and in particular the meeting on March 11 between the U.S. and Ukraine in the Kingdom of Saudi Arabia. We applauded Ukraine’s commitment to an immediate ceasefire, which is an essential step towards a comprehensive, just and lasting peace in line with the Charter of the United Nations.

    We called for Russia to reciprocate by agreeing to a ceasefire on equal terms and implementing it fully. We discussed imposing further costs on Russia in case such a ceasefire is not agreed, including through further sanctions, caps on oil prices, as well as additional support for Ukraine, and other means. This includes the use of extraordinary revenues stemming from immobilized Russian Sovereign Assets. We underlined the importance of confidence-building measures under a ceasefire including the release of prisoners of war and detainees—both military and civilian—and the return of Ukrainian children.

    We emphasized that any ceasefire must be respected and underscored the need for robust and credible security arrangements to ensure that Ukraine can deter and defend against any renewed acts of aggression. We stated that we will continue to coordinate economic and humanitarian support to promote the early recovery and reconstruction of Ukraine, including at the Ukraine Recovery Conference which will take place in Rome on July 10-11, 2025.

    We condemned the provision to Russia of military assistance by DPRK and Iran, and the provision of weapons and dual-use components by China, a decisive enabler of Russia’s war and of the reconstitution of Russia’s armed forces. We reiterated our intention to continue to take action against such third countries.

    We expressed alarm about the impacts of the war, especially on civilians and on civilian infrastructure. We discussed the importance of accountability and reaffirmed our commitment to work together to achieve a durable peace and to ensure that Ukraine remains democratic, free, strong and prosperous.

    Regional peace and stability in the Middle East

    We called for the release of all hostages and for the hostages’ remains held by Hamas in Gaza to be returned to their loved ones. We reaffirmed our support for the resumption of unhindered humanitarian aid into Gaza and for a permanent ceasefire. We underscored the imperative of a political horizon for the Palestinian people, achieved through a negotiated solution to the Israeli-Palestinian conflict that meets the legitimate needs and aspirations of both peoples and advances comprehensive Middle East peace, stability and prosperity. We noted serious concern over the growing tensions and hostilities in the West Bank and calls for de-escalation.

    We recognized Israel’s inherent right to defend itself consistent with international law. We unequivocally condemned Hamas, including for its brutal and unjustified terror attacks on October 7, 2023, and the harm inflicted on the hostages during their captivity and the violation of their dignity through the use of ‘handover ceremonies’ during their release. We reiterated that Hamas can have no role in Gaza’s future and must never again be a threat to Israel. We affirmed our readiness to engage with Arab partners on their proposals to chart a way forward on reconstruction in Gaza and build a lasting Israeli-Palestinian peace.

    We expressed our support for the people of Syria and Lebanon, as both countries work towards peaceful and stable political futures. At this critical juncture, we reiterated the importance of Syria’s and Lebanon’s sovereignty and territorial integrity. We called unequivocally for the rejection of terrorism in Syria. We condemned strongly the recent escalation of violence in the coastal regions of Syria, and called for the protection of civilians and for perpetrators of atrocities to be held accountable. We stressed the critical importance of an inclusive and Syrian-led political process. We welcomed the commitment by the Syrian interim government to work with the OPCW in eliminating all remaining chemical weapons.

    We stressed that Iran is the principal source of regional instability and must never be allowed to develop and acquire a nuclear weapon. We emphasized that Iran must now change course, de-escalate and choose diplomacy. We underscored the threat of Iran’s growing use of arbitrary detention and foreign assassination attempts as a tool of coercion.

    Cooperation to increase security and resilience across the Indo-Pacific

    We reiterated our commitment to upholding a free, open, prosperous and secure Indo-Pacific, based on sovereignty, territorial integrity, peaceful resolution of disputes, fundamental freedoms and human rights.

    We remain seriously concerned by the situations in the East China Sea as well as the South China Sea and continue to oppose strongly unilateral attempts to change the status quo, in particular by force and coercion. We expressed concern over the increasing use of dangerous maneuvers and water cannons against Philippines and Vietnamese vessels as well as efforts to restrict freedom of navigation and overflight through militarization and coercion in the South China Sea, in violation of international law. We emphasized the importance of maintaining peace and stability across the Taiwan Strait. We encouraged the peaceful resolution of cross-Strait issues and reiterated our opposition to any unilateral attempts to change the status quo by force or coercion. We also expressed support for Taiwan’s meaningful participation in appropriate international organizations.

    We remain concerned with China’s military build-up and the continued, rapid increase in China’s nuclear weapons arsenal. We called on China to engage in strategic risk reduction discussions and promote stability through transparency.

    We emphasized that China should not conduct or condone activities aimed at undermining the security and safety of our communities and the integrity of our democratic institutions.16. We expressed concerns about China’s non-market policies and practices that are leading to harmful overcapacity and market distortions. We further called on China to refrain from adopting export control measures that could lead to significant supply chain disruptions. We reiterated that we are not trying to harm China or thwart its economic growth, indeed a growing China that plays by international rules and norms would be of global interest.

    We demanded that the DPRK abandon all its nuclear weapons and any other weapons of mass destruction as well as ballistic missile programs in accordance with all relevant United Nations Security Council resolutions. We expressed our serious concerns over, and the need to address together, the DPRK’s cryptocurrency thefts. We called on DPRK to resolve the abductions issue immediately.

    We denounced the brutal repression of the people of Myanmar by the military regime and called for an end to all violence and for unhindered humanitarian access.

    Building stability and resilience in Haiti and Venezuela

    We strongly denounced the ongoing horrifying violence that continues to be perpetrated by gangs in Haiti in their efforts to seize control of the government. We reaffirmed our commitment to helping the Haitian people restore democracy, security and stability, including through support to the Haitian National Police and Kenya-led Multinational Security Support Mission and an increased role for the UN. We expressed support for Haitian authorities’ efforts to create a specialized anti-corruption jurisdiction that complies with the highest international standards.

    We reiterated our call for the restoration of democracy in Venezuela in line with the aspirations of the Venezuelan people who peacefully voted on July 28, 2024, for change, the cessation of repression and arbitrary or unjust detentions of peaceful protestors including youth by Nicolas Maduro’s regime, as well as the unconditional and immediate release of all political prisoners. We also agreed Venezuelan naval vessels threatening Guyana’s commercial vessels is unacceptable and an infringement of Guyana’s internationally recognized sovereign rights. We reaffirmed respect for the sovereignty and territorial integrity of all nations as an enduring value.

    Supporting lasting peace in Sudan and the Democratic Republic of the Congo

    We unequivocally denounced the ongoing fighting and atrocities in Sudan, including sexual violence against women and girls, which have led to the world’s largest humanitarian crisis and the spread of famine. We called for the warring parties to protect civilians, cease hostilities, and ensure unhindered humanitarian access, and urged external actors to end their support fueling the conflict.

    We condemned the Rwanda-backed M23 offensive in the eastern Democratic Republic of the Congo (DRC) and the resulting violence, displacement and grave human rights and international humanitarian law violations. This offensive constitutes a flagrant disregard of the territorial integrity of the DRC. We reiterated our call for M23 and the Rwanda Defence Force to withdraw from all controlled areas. We urged all parties to support the mediation led by the East African Community and the Southern African Development Community, to promote accountability for human rights abuses by all armed actors, including M23 and the FDLR, and to commit to a peaceful and negotiated resolution of the conflict, including the meaningful participation of women and youth.

    Strengthening sanctions and countering hybrid warfare and sabotage

    We welcomed efforts to strengthen the Sanctions Working Group focused on listings and enforcement. We also welcomed discussions on the establishment of a Hybrid Warfare and Sabotage Working Group, and of a Latin America Working Group.

    MIL OSI Europe News

  • MIL-OSI Europe: The EBA consults on draft technical standards setting out the threshold for prudential risk management requirements of central securities depositories providing banking-type ancillary services

    Source: European Banking Authority

    The European Banking Authority (EBA) today launched a public consultation on draft Regulatory Technical Standards (RTS) on the threshold of activity at which Central Securities Depositories (CSDs) providing ‘banking-type ancillary services’, need to meet certain prudential risk management requirements set out in the Central Securities Depositories Regulation (CSDR). The aim of this work is to allow CSDs to do more settlement of foreign currency in commercial bank money without increasing the risk in CSDs or the overall financial system. This consultation runs until 16 June 2025. A public hearing will be held on 13 May.

    The EBA is proposing a threshold with staggered requirements dependent on a CSD’s level and type of activity in banking-type ancillary services. This is to ensure that the threshold is risk sensitive and proportionate, without impacting market stability.

    The EBA’s analysis included in this consultation paper shows that the maximum level of activity a CSD can provide before having to meet the requirements set out in CSDR is 2.5% of the total value of all securities transactions against cash settled in the books of the CSD over one year. This accounts for up to EUR 6.25 billion per year. Below 1.5% and up to 3.25bn, CSDs would only have to meet basic prudential requirements on credit worthiness, liquidity risk management policy and procedures, and a recovery plan.

    Consultation process

    Responses to the consultations can be sent to the EBA by clicking on the “send your comments” button on the consultation page.

    All contributions received will be published after the consultation closes, unless requested otherwise. The deadline for the submission of comments is 16 June 2025.

    public hearing on this consultation will take place on 13 May 2025 from 10:00 to 12:00 CEST. Deadline for registration is 9 May 2025 at 16:00 CEST.

    Legal basis and background

    The EBA has developed these draft RTS under Article 59(9 of CSDR, which mandates the Authority to help support further settlement in foreign currencies by CSDs while still ensuring a level playing field in the industry. In particular, the EBA is mandated to set out a threshold at which CSDs providing ‘banking-type ancillary services’ need to meet certain prudential risk management requirements.

    Banking-type ancillary services include activities such as providing cash accounts to, and accepting deposits from, participants in a securities settlement system, and payment services involving processing of cash and foreign exchange transactions. 

    MIL OSI Europe News