Source: Verizon
Headline: Verizon to speak at Morgan Stanley TMT Conference March 4
NEW YORK – Tony Skiadas, executive vice president and chief financial officer for Verizon (NYSE, Nasdaq: VZ), is scheduled to speak at the Morgan Stanley Technology, Media and Telecom Conference on Tuesday, March 4, at 11:30 a.m. ET. His remarks will be webcast, with access instructions available on Verizon’s Investor Relations website, www.verizon.com/about/investors.
Source: WTO
Headline: WHO, WIPO and WTO hold first joint briefing for Geneva-based officials
The imperative to adopt an integrated approach to issues at the crossroads of health, IP and trade has been at the heart of the longstanding collaboration among the three Geneva-based organizations.
Governments and policymakers are faced with the challenging task of identifying the right mix of policy options to best advance domestic policy objectives to facilitate sustainable innovation. Participants discussed how to facilitate ongoing domestic and regional policy discussions through a more coherent and comprehensive approach.
Members with diverse levels of development and from different regions of the world shared valuable experiences about the implementation of laws and policies in support of sustainable innovation ecosystems and access to the outcomes. This was followed by a roundtable discussion and further complemented by information provided by the three organizations on trilateral and other relevant work.
The WHO-WIPO-WTO Technical Assistance Platform was also briefly introduced at the meeting. It allows members to easily request joint technical assistance from the three organizations to access the full range of expertise at the intersection of health, trade and IP in a coordinated manner.
The Trilateral Briefing series is a set of closed meetings for members.
The next briefing session for Geneva-based health, IP and trade attachés is tentatively scheduled to take place in September 2025.
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US Senate News:
Source: United States Senator Reverend Raphael Warnock – Georgia
Senator Reverend Warnock questioned Jonathan McKernan, the Trump Administration’s nominee to lead the Consumer Financial Protection Bureau (CFPB)
In partnership with Senator Reverend Warnock, the CFPB addressed 266,560 complaints from Georgians, including 20,168 from servicemembers in the state
The hearing followed the recent news of the dissolution of CFPB, one of multiple federal agencies gutted by the Elon Musk-led Department of Government Efficiency (DOGE)
Senator Reverend Warnock is a member of the Subcommittee on Financial Institutions and Consumer Protection, which he chaired last Congress, and which oversees the CFPB
Senator Reverend Warnock during the hearing: “You’ve [Jonathan McKernan] raised your hand to run the agency. I think you ought to know whether you think it’s a good thing to get rid of”
Watch Senator Reverend Warnock at Thursday’s hearing HERE
Washington, D.C. – Yesterday, U.S. Senator Reverend Raphael Warnock (D-GA), a member and former chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, which oversees the Consumer Financial Protection Bureau (CFPB), questioned Jonathan McKernan and William Pulte, the Trump Administration’s nominees to lead the CFPB and the Federal Housing Finance Agency, respectively.
Last Congress, Senator Warnock worked extensively with the CFPB to return funds and protect Georgians from future financial hardship, helping to address 266,560 complaints from Georgians, including 20,168 from servicemembers in the state. Additionally, Senator Warnock spearheaded several efforts to return dollars to hardworking Americans, including: remove medical debt from credit reports, rule ending an overdraft loophole, highlighting harmful practices in the private student lending market, safeguard Americans from ‘Buy Now, Pay Later’ debts, and much more.
During Senator Warnock’s line of questioning for Mr. McKernan, he highlighted the recent news of the dissolution of CFPB, one of many federal agencies gutted by the Elon Musk-led Department of Government Efficiency (DOGE), and if Mr. McKernan shared President Trump’s disturbing view that the agency is “a very important thing to get rid of.”
“President Trump has said the CFPB is, quote, ‘A very important thing to get rid of.’ Yes or no. Do you agree with the President on that point?” asked Senator Warnock.
“Senator, I think our elected officials decide normative questions like that,” said Mr. McKernan.
“You’ve raised your hand to run the agency. I think you ought to know whether you think it’s a good thing to get rid of,” said Senator Warnock.
The nomination hearing followed a special hearing earlier in the week that was organized by Ranking Member of the Banking Committee, Senator Elizabeth Warren (D-MA) and aimed to highlight the repercussions of dismantling the CFPB.
Watch the Senator’s full remarks and line of questioning HERE.
See below transcript of the key exchange between Senator Warnock and CFPB Director nominee Jonathan McKernan:
Senator Reverend Warnock (SRW): “Congress created the Consumer Financial Protection Bureau – the CFPB – in the wake of the financial crisis, during which Americans saw Wall Street bankers get bailed out, while millions of working folks lost their jobs, their homes, their retirements, their life savings. That’s the situation out of which the CFPB emerged.”
“Mr. McKernan, thank you. I enjoyed our meeting yesterday. Good to meet you. And I want to follow up on our discussion about the Trump administration’s efforts to dismantle the CFPB, the agency you’ve been nominated to run. President Trump has said the CFPB is, quote, ‘A very important thing to get rid of.’ Yes or no. Do you agree with the President on that point?”
Jonathan McKernan (JM): “Senator as I’ve said, the CFPB is a product of statute. That is a question for our elected official. It’s…”
SRW: “Yes or no question, do you agree that it’s a very good thing to get rid of?”
JM: “Senator, I think our elected officials decide normative questions like that.”
SRW: “You’ve raised your hand to run the agency. I think you ought to know whether you think it’s a good thing to get rid of.”
JM: “Well, I will say this. I certainly think that consumer protection is a very good thing, it’s a critical thing. A federal consumer protection role is a very important thing. That’s a lesson I learned from my experience in the 2008 financial crisis. We need to have a regulatory system that works for everyday Americans, and that includes consumer protection.”
SRW: “I’ll take that as you agree with the President, that we don’t necessarily need the CFPB. We need consumer protection, but not the CFPB. Is that your answer?”
JM: “We need, we need to have a strong consumer protection function.”
SRW: “President Trump and Elon Musk have basically gotten rid of the CFPB, which is why the question is so urgent, and the bureau has seen dozens of key employees fired. They’ve been told not to engage in its core supervisory or examination duties required by the law, and has even had its physical headquarters closed and locked.”
“I think that’s a pretty clear message. If someone closes down the office that you’ve been nominated to run.”
“With the CFPB effectively eliminated. How on earth do you plan to lead a shell agency that’s been completely gutted?”
JM: “Senator, I’m not aware of the situation both this the staffing and resources at the CFPB. Well, what I will point to is just what the administration has said in its filings, and some of the litigation ongoing here, and they have said that we are going to have a CFPB that is streamlined and efficient. And quoting, I think, from the brief here, it says, ‘A predicate of that is there will be a CFPB’ again, though this is a question for our elected officials, my job is to follow the law and execute on my mandate.”
SRW: “In the last three months alone, the CFPB has received more than 80,000 complaints from Georgians, with the Bureau currently seeking resolution to more than 40,000 of those complaints with the CFPB shuttered by President Trump and Elon Musk, what’s your plan to ensure that the bureau resolves those 40,000 pending complaints from my constituents in Georgia?”
JM: “Senator like I said, the consumer complaint function is a statutorily required function that’s in 1021c and so my mandate, if I’m confirmed, is to fulfill faithfully, fully that statutory mandate.”
Translartion. Region: Russians Fedetion –
Source: Central Bank of Russia –
From March 1, 2025 the terms are increasing sending to the Bank of Russia notifications of dismissal from office (termination of temporary performance of official duties) of heads of internal control, internal audit and risk management services of a credit institution, special officials responsible for the implementation of internal control rules in a credit institution for the purpose of countering the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction.
In addition, the amendments will make it possible to clearly determine from what moment the period for sending to the Bank of Russia notifications of appointment to a position (dismissal from a position), temporary performance of official duties (termination of official duties) of individual officials of credit institutions, insurance organizations, non-state pension funds, management companies of investment funds, mutual investment funds and non-state pension funds, microfinance companies is calculated.
Preview photo: PATCHARIN.IN / 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 = 23424
Translartion. Region: Russians Fedetion –
Source: Central Bank of Russia –
The Bank of Russia has defined the conditions for trading on weekends in order to minimize risks for exchanges and their clients. Trading on Saturday and Sunday will not be considered as separate days, but as additional sessions on Monday. This will allow not to conduct clearing and settlements on weekends. The regulator sent the corresponding order to the organizers of trading.
At the first stage, the exchanges must set the size of the price corridor within 3% (both up and down) of the value of the securities that formed by the end of Friday. The Bank of Russia recommends including highly liquid shares in the list of securities admitted to weekend trading. Such restrictions are aimed at avoiding increased volatility in the market.
In the future, the Bank of Russia will monitor the trading activity of participants, the quality of pricing, and what financial instruments are traded on exchanges. All this will allow us to assess the possibility of scaling up trading on weekends and will be taken into account when deciding on the need to introduce additional restrictions.
Preview photo: ShishkinStudio / Shutterstock / Fotodom
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
HTTPS: //vv. KBR.ru/Press/Event/? ID = 23425
Source: United Nations (Video News)
Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.
– Monday Briefings
– Secretary-General
– Occupied Palestinian Territory
– Syria
– Democratic Republic of the Congo/Peacekeeping
– Democratic Republic of the Congo
– South Sudan
– Biodiversity
– International Days
– Jane
MONDAY BRIEFINGS
On Monday there will be a briefing here by Ambassador Christina Markus Lassen, whom as you know is the Permanent Representative of Denmark, but she will be here in her capacity as President of the Security Council for the month of March. She will of course brief on the Council’s programme for the month. The briefing will be in person only, so if you want to ask questions you will need to have your backside in the seats. You can obviously follow it on the webcast.
Then, at 2:15 p.m., there will be a briefing here on the Third Meeting of States Parties to the Treaty on the Prohibition of Nuclear Weapons. Speakers will include Akan Rakhmetullin, the First Deputy Foreign Minister of Kazakhstan and President of the Meeting, and he will be joined by Melissa Parke, the Executive Director of the International Campaign to Abolish Nuclear Weapons.
SECRETARY-GENERAL
You will have seen that early this morning, the Secretary-General in his remarks expressed his deep concern about information received in the last 48 hours by UN agencies — as well as many humanitarian and development NGOs — regarding severe cuts in funding by the United States. The consequences, he said, will be especially devastating for vulnerable people around the world.
The Secretary-General expressed his hope that these decisions can be reversed based on more careful reviews, adding that in the meantime, every United Nations agency stands ready to provide the necessary information and justification for its projects.
The Secretary-General also announced that next Tuesday, he will be in Cairo to join the Extraordinary Summit of the League of Arab States to discuss the issue of the reconstruction of Gaza.
OCCUPIED PALESTINIAN TERRITORY
And turning to Gaza, the Office for the Coordination of Humanitarian Affairs tells us that since last month, our humanitarian partners have screened more than 100,000 children under the age of five for malnutrition, enrolling those who need it for treatment. They also continue to distribute nutrient supplements to infants and young children.
For its part, UNRWA [the Relief and Works Agency] tells us that more than half a million people across the five governorates of the Gaza Strip have received blankets, mattresses, floor mats, clothes, and other items including tarpaulins for rain protection.
Turning to the West Bank, our colleagues at OCHA remind us that the ongoing Israeli forces’ operation has entered its sixth week. Tens of thousands of people remain displaced in Jenin and Tulkarm.
On 25 and 26 of this month, OCHA and its partners led a mission to assess the needs of people displaced in Jenin and Tulkarm. Many of these families have been displaced multiple times. They lost their livelihoods and are no longer able to cover the basic needs of their families. Access to food is limited, with some displaced people reporting a reduction in meals consumed each day.
Children in schools have lost more than one month of learning and have been subjected to high levels of anxiety and distress.
In a report published yesterday, partners called for the protection of children and their right to live and access education, healthcare and other basic services.
Meanwhile, Israeli settlers continue to attack Palestinian communities across the West Bank. Since 2020, settler-related incidents targeting Palestinian Bedouin and herding communities have increased almost sevenfold.
Documented incidents rose to 330 in 2024 – compared to just 50 in 2020.
Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=28%20February%202025
US Senate News:
Source: United States Senator for South Carolina Tim Scott
WASHINGTON — At yesterday’s nominations hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Senator Tim Scott (R-S.C.) highlighted the qualifications of President Trump’s nominees to top economic policy and financial regulator posts:
Senator Scott emphasized the importance of quickly advancing President Trump’s nominees to rebuild the economy, restore confidence in the financial system, and ensure American families have the tools to thrive.
Senator Scott’s opening remarks as delivered:
I want to take a second to congratulate each of our nominees before us today and thank you for your willingness to serve our country.
If confirmed, you will help put our nation back on the path to prosperity.
As we reflect on the past four years, we must acknowledge the severe damage created by the Biden administration’s reckless spending.
It’s hard for me to forget, as a kid and my brother growing up in poverty, single parent household, watching my mother trying to make every single dollar count. She did the best she could with what she had.
Inflation is especially cruel to the communities like the one I grew up in.
No one should have to make a choice between putting food on the table and keeping the lights on.
During Joe Biden’s time in office, overall prices rose by over 20 percent, energy by 34 percent, transportation 31 percent, groceries 22 percent.
I refuse to accept that the last four years will be the next four years.
Unlike his predecessor, President Trump understands what it takes to create a blue-collar comeback. And I’m excited about that.
Each of the nominees before us today will play a critical role in rebuilding the economy, restoring confidence in our financial system, and ensuring that American families can thrive once again.
The Council of Economic Advisers serves as the White House’s chief advisors, think tank so to speak, providing the President with data-driven guidance on policy decisions.
Dr. Stephen Miran is an accomplished economist with a strong record of advocating for fiscal responsibility and pro-growth policies.
He will play an instrumental role in helping President Trump rebuild America’s economy.
Turning to Mr. Kessler, the Department of Commerce’s mission is to create an environment for economic growth and opportunity for all communities.
Unfortunately, under President Biden, we saw China rapidly advance in developing advanced technologies that support its military capabilities, distort global markets, and erode competitiveness of U.S. companies.
Mr. Kessler’s experience in trade and national security policy will be critical in strengthening our supply chains and ensuring the U.S. leads in the next generation technologies.
Now, let’s talk about housing. Under President Biden, the dream of homeownership became unaffordable for millions and millions of Americans. The FHFA plays a crucial role in overseeing Fannie Mae, Freddie Mac, and the Federal Home Loan Bank – entities that significantly influence the U.S. housing finance market.
These institutions not only impact mortgage rates and housing affordability, but also provide essential liquidity to the mortgage market, ensuring a stable supply of funds for home loans.
William Pulte is a businessman with a deep understanding of the housing market. His insight and passion for people will serve him well in leading the FHFA’s efforts to address our broken housing system.
And finally, the CFPB was allegedly created to protect American consumers, but under the Biden administration, it overstepped its authority, burdened businesses with excessive politically driven regulation, and drove up costs for consumers.
The CFPB has become a tool for progressive overreach, making it harder for small banks and lenders to serve their communities.
Jonathan McKernan has the expertise needed to rein in the CFPB’s excesses and ensure that the agency works for consumers – not against them.
Today’s hearing is not just about these four nominees – it is about the future of our economy and the direction of our country.
We have an opportunity to undo the failures of the past four years and usher in a golden era of American prosperity.
That begins by confirming these well-qualified individuals who will stand up for the American families, American workers, and for small businesses.
Source: European Investment Bank
The ECOWAS Bank for Investment and Development (EBID), the European Investment Bank (EIB), with the support of the European Union (EU), today announce a €100 million financial partnership to support climate action and environmental sustainability projects in the ECOWAS region.
A project with a considerable impact on populations
The EUR 100 million credit line signed under a EUR 150 million envelope is the EIB’s first operation with the EBID. It supports economic development, climate action and environmental sustainability in the ECOWAS region, which fills the financing gap in these areas and contributes to sustainable livelihoods and poverty reduction.
This facility affirms joint EBID and EIB targeted support for sustainable investments across the ECOWAS region, with particular support for sectors contributing to climate mitigation. The projects which will be financed by this operation target particularly renewable energy including small and medium-sized photovoltaic projects, sustainable agriculture and water treatment.
A project with a strategic vision
This project – targeting total investments of at least EUR 300 million – is in line with the strategic priorities of the ECOWAS region and is part of the European Union strategy in Africa under the Africa-European Union Green Energy Initiative as well as the Global Gateway strategy, a model for how Europe can build more resilient connections with the world. It also responds to the ECOWAS Vision 2050 ambitions linked to the environment, economic growth, private sector development and regional integration as well as the ECOWAS Regional Climate Strategy and the Action Plan for 2022-2030.It contributes to various Sustainable Development Goals (SDGs), such as sustainable agriculture, health and quality education, clean water and sanitation, affordable and clean energy.
“We appreciate this line of credit as an initiative of the European Investment Bank to help ECOWAS countries increase their growth and sustainable development,” said EBID Vice President Risk and Control, Dr. Mory Soumahoro. “This partnership demonstrates EBID’s commitment to supporting regional member countries’ access to sustainable sources of finance.”
“I am very delighted to sign this first operation with the EBID to support economic development, climate action and environmental sustainability in the ECOWAS region. It will help to bridge the financial gap in this region while contributing to reduce poverty and ameliorate daily lives. “ said EIB Vice-President Ambroise Fayolle. He added: “By contributing financially to this project, the EIB demonstrates its commitment to regional integration and developed infrastructure for the benefit of local populations. Through EIB Global, our branch dedicated to development, we aim to support the EU’s Global Gateway initiative and key sectors in the region such as innovation, digital economy, renewable energy, water, agriculture and transport.”
“More than half a billion people in Africa still lack access to electricity. Our long-standing goal is to change that. The partnership between the ECOWAS Bank for Investment and Development (EBID) and the European Investment Bank (EIB) is a clear demonstration of our commitment to supporting sustainable development and climate action in Africa. By mobilising €300 million for projects that promote clean energy, we are empowering people in the ECOWAS region to build a greener and more prosperous future.” – Jozef Síkela, European Commissioner for International Partnerships
The EIB loan will also be accompanied by technical assistance program of the EIB with climate action focused training and capacity building This is closely aligned with the EIB and EBID initiatives supporting sustainable development.
Background information:
EIB Global
The European Investment Bank (EIB), whose shareholders are the Member States of the European Union (EU), is the EU’s long-term financing institution. It finances the implementation of investments which contribute to the major objectives of the EU.
BEI Global is the specialist arm of the EIB Group dedicated to developing the impact of international partnerships and development finance, and a key partner of the Global Gateway strategy. It aims to support 100 billion euros of investment by the end of 2027 – around a third of the overall target of this EU strategy. Within Team Europe, EIB Global promotes strong and targeted partnerships, alongside other development finance institutions and civil society. BEI World brings the BEI Group closer to populations, businesses and institutions through its offices around the world.
High-quality, up-to-date photos of our headquarters for media use are available here.
About EBID
ECOWAS Bank for Investment and Development (EBID) is the development finance institution of the Economic Community of West African States (ECOWAS) comprising fifteen (15) Member States namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. Based in Lomé, Togolese Republic, the Bank is committed to financing developmental projects and programmes covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows. EBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations, and related services. www.bidc-ebid.org
Source: International Monetary Fund
February 28, 2025
Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the third review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw SDR 254 million (about US$334 million). This brings the total IMF financial support disbursed so far to SDR 1.02 billion (about US$1.34 billion).[1]
The EFF arrangement for Sri Lanka was approved by the Executive Board on March 20, 2023 (see Press Release No. 23/79) in an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion. The program supports Sri Lanka’s efforts to restore and maintain macroeconomic stability and debt sustainability while protecting the poor and vulnerable, rebuild external buffers, and enhance growth-oriented structural reforms including by strengthening governance.
Following the Executive Board discussion on Sri Lanka, Mr. Kenji Okamura, Deputy Managing Director, issued the following statement:
“Reforms in Sri Lanka are bearing fruit and the economic recovery has been remarkable. Inflation remains low, revenue collection is improving, and reserves continue to accumulate. Economic growth averaged 4.3 percent since growth resumed in the third quarter of 2023. By end-2024, Sri Lanka’s real GDP is estimated to have recovered 40 percent of its loss incurred between 2018 and 2023. The recovery is expected to continue in 2025. As the economy is still vulnerable, it is critical to sustain the reform momentum to ensure macroeconomic stability and debt sustainability, and promote long-term inclusive growth. There is no room for policy errors.
“Program performance has been strong with all quantitative targets met, except for the indicative target on social spending. Most structural benchmarks due by end-January 2025 were either met or implemented with delay.
“Sustained revenue mobilization is crucial to restoring fiscal sustainability and ensuring that the government can continue to provide essential services. Boosting tax compliance and refraining from tax exemptions are key to maintaining support for economic reforms. To ease economic hardship and ensure the poor and vulnerable can participate in Sri Lanka’s recovery it is important to meet social spending targets and continue with reforms of the social safety net. Going forward, social support needs to be well-targeted towards the most disadvantaged so as to promote inclusive growth with limited fiscal space. Restoring cost-recovery electricity pricing without delay is needed to contain fiscal risks from state-owned enterprises. A smoother execution of capital spending within the fiscal envelope would foster medium-term growth.
“The progress to advance the debt restructuring to restore Sri Lanka’s debt sustainability is noteworthy. The recent successful completion of the bond exchange is a major milestone towards restoring debt sustainability. Timely finalization of bilateral agreements with creditors in the Official Creditor Committee and with remaining creditors is a priority now.
“Monetary policy should prioritize maintaining price stability, supported by sustained commitment to prohibit monetary financing and safeguard Central Bank independence. Continued exchange rate flexibility and gradually phasing out the balance of payments measures remain critical to rebuild external buffers and facilitate rebalancing.
“Resolving non-performing loans, strengthening governance and oversight of state-owned banks, and improving the insolvency and resolution frameworks are important priorities to revive credit growth and support the economic recovery.
“Prolonged structural challenges need to be addressed to unlock Sri Lanka’s long-term potential, including steadfast implementation of the governance reforms.”
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Sri Lanka: Selected Economic Indicators 2022-2030 |
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2/ Comprising central government debt, publicly guaranteed debt, and CBSL external liabilities (i.e., Fund credit outstanding and international currency swap arrangements). The debt statistics currently assume the external debt restructuring to have been completed at end 2023. 3/ Excluding PBOC swap ($1.4bn in 2022) which becomes usable once GIR rise above 3 months of previous year’s import cover. |
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[1] SDR figures are converted at the market rate of U.S. dollar per SDR on the day of the Board approval.
PRESS OFFICER: Randa Elnagar
Phone: +1 202 623-7100Email: MEDIA@IMF.org
Source: IMF – News in Russian
February 28, 2025
Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the third review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw SDR 254 million (about US$334 million). This brings the total IMF financial support disbursed so far to SDR 1.02 billion (about US$1.34 billion).[1]
The EFF arrangement for Sri Lanka was approved by the Executive Board on March 20, 2023 (see Press Release No. 23/79) in an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion. The program supports Sri Lanka’s efforts to restore and maintain macroeconomic stability and debt sustainability while protecting the poor and vulnerable, rebuild external buffers, and enhance growth-oriented structural reforms including by strengthening governance.
Following the Executive Board discussion on Sri Lanka, Mr. Kenji Okamura, Deputy Managing Director, issued the following statement:
“Reforms in Sri Lanka are bearing fruit and the economic recovery has been remarkable. Inflation remains low, revenue collection is improving, and reserves continue to accumulate. Economic growth averaged 4.3 percent since growth resumed in the third quarter of 2023. By end-2024, Sri Lanka’s real GDP is estimated to have recovered 40 percent of its loss incurred between 2018 and 2023. The recovery is expected to continue in 2025. As the economy is still vulnerable, it is critical to sustain the reform momentum to ensure macroeconomic stability and debt sustainability, and promote long-term inclusive growth. There is no room for policy errors.
“Program performance has been strong with all quantitative targets met, except for the indicative target on social spending. Most structural benchmarks due by end-January 2025 were either met or implemented with delay.
“Sustained revenue mobilization is crucial to restoring fiscal sustainability and ensuring that the government can continue to provide essential services. Boosting tax compliance and refraining from tax exemptions are key to maintaining support for economic reforms. To ease economic hardship and ensure the poor and vulnerable can participate in Sri Lanka’s recovery it is important to meet social spending targets and continue with reforms of the social safety net. Going forward, social support needs to be well-targeted towards the most disadvantaged so as to promote inclusive growth with limited fiscal space. Restoring cost-recovery electricity pricing without delay is needed to contain fiscal risks from state-owned enterprises. A smoother execution of capital spending within the fiscal envelope would foster medium-term growth.
“The progress to advance the debt restructuring to restore Sri Lanka’s debt sustainability is noteworthy. The recent successful completion of the bond exchange is a major milestone towards restoring debt sustainability. Timely finalization of bilateral agreements with creditors in the Official Creditor Committee and with remaining creditors is a priority now.
“Monetary policy should prioritize maintaining price stability, supported by sustained commitment to prohibit monetary financing and safeguard Central Bank independence. Continued exchange rate flexibility and gradually phasing out the balance of payments measures remain critical to rebuild external buffers and facilitate rebalancing.
“Resolving non-performing loans, strengthening governance and oversight of state-owned banks, and improving the insolvency and resolution frameworks are important priorities to revive credit growth and support the economic recovery.
“Prolonged structural challenges need to be addressed to unlock Sri Lanka’s long-term potential, including steadfast implementation of the governance reforms.”
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Sri Lanka: Selected Economic Indicators 2022-2030 |
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2/ Comprising central government debt, publicly guaranteed debt, and CBSL external liabilities (i.e., Fund credit outstanding and international currency swap arrangements). The debt statistics currently assume the external debt restructuring to have been completed at end 2023. 3/ Excluding PBOC swap ($1.4bn in 2022) which becomes usable once GIR rise above 3 months of previous year’s import cover. |
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[1] SDR figures are converted at the market rate of U.S. dollar per SDR on the day of the Board approval.
PRESS OFFICER: Randa Elnagar
Phone: +1 202 623-7100Email: MEDIA@IMF.org
https://www.imf.org/en/News/Articles/2025/02/28/pr25053-sri-lanka-imf-completes-the-3rd-rev-under-the-eff
Source: International Monetary Fund
February 28, 2025
Warsaw, Poland: An International Monetary Fund (IMF) team led by Mr. Gavin Gray held discussions with the Ukrainian authorities in Kyiv, Ukraine and Warsaw, Poland during February 20-28 on the Seventh Review of the country’s 4-year Extended Fund Facility (EFF) Arrangement. Upon the conclusion of the discussions, Mr. Gray issued the following statement:
“IMF staff and the Ukrainian authorities have reached staff-level agreement on the Seventh Review of the EFF, subject to approval by the IMF Executive Board, with Board consideration expected in coming weeks.
“Ukraine’s four-year EFF Arrangement with the IMF continues to provide a strong anchor for the authorities’ economic program in times of exceptionally high uncertainty. Program performance remains strong with all quantitative performance criteria for end-December met, and important progress on the structural agenda due for this review. Reflecting a revised profile of balance of payments needs in 2025, Ukraine has requested to rephase access under its EFF program, shifting IMF financing to future reviews while the overall size of the program remains unchanged.
“The economy has continued to show resilience despite the challenges arising from three years of war in Ukraine. Real GDP growth is estimated at 3.5 percent for 2024, but is expected to moderate to 2-3 percent in 2025, reflecting headwinds from labor constraints, damage to energy infrastructure, and the persistence of Russia’s war in Ukraine. Inflation has continued to rise, reaching 12.9 percent y/y in January, mainly due to rising food and labor costs. The National Bank of Ukraine (NBU) raised the policy rate by a cumulative 150 bps since December in response. Gross international reserves reached US$43 billion as of January 2025, reflecting continued large external official support. Risks remain exceptionally high given uncertainty on the war and the prospects for peace and recovery.
“The 2025 budget targets a deficit (excluding grants) of 19.6 percent of GDP and remains the anchor for fiscal policy this year. It incorporates the additional revenue derived from the increase in tobacco excise taxes and enactment of this tax policy change is a requirement for completion of the review. Financing the large fiscal deficit will require significant and timely external support, notably from the G7’s ERA initiative, to support macroeconomic stability. Responding to high budget risks will require preparedness with offsetting measures; in particular broad-based, durable, and efficient revenue measures and accelerated implementation of Ukraine’s National Revenue Strategy (NRS)
Restoring medium-term fiscal sustainability requires determined implementation of reforms to mobilize domestic revenues, tackle tax evasion and avoidance, and improve the investment climate. Tax policy reforms need also to be coupled with improvements in tax administration with continued reforms to the state customs service (SCS) and state tax service (STS). Restoring debt sustainability hinges on this revenue-based fiscal adjustment and continued implementation of the authorities’ debt restructuring strategy (where completing the treatment of the GDP warrants remains important). The upcoming 2026-2028 budget declaration that is to be submitted to Parliament in June will be an important opportunity to provide both the context and strategic objectives of the medium-term fiscal strategy.
“Given the risks from rising inflation, the recent increases in the policy rate by the NBU are appropriate. Further action would be warranted if inflation accelerates further or inflation expectations deteriorate. The exchange rate should increasingly act as a shock absorber. Maintaining adequate reserves is a priority, particularly in view of risks to the outlook.
“The independence, competence, and credibility of anti-corruption and judicial institutions should continue to be enhanced. Parliamentary adoption this week of the law establishing the High Administrative Court, a benchmark under the program, is a landmark step in this direction. Swift enactment of the law would pave the way for prompt establishment of the court.
“Effective public investment management (PIM) is critical for post-war recovery, reconstruction, and growth against a backdrop of limited fiscal space and tough demographic realities. To tackle these challenges, the government of Ukraine is implementing a comprehensive PIM framework that is in line with best international practices. A strategy-driven and transparent approach is essential to overcome absorption capacity constraints and allocate scarce resources efficiently.
“The financial sector remains stable, but continued vigilance is warranted given elevated risks. Developing financial markets infrastructure will be critical to support prompt reconstruction and recovery by facilitating much needed private investment, including attracting foreign capital. Comprehensive consultation and collaboration with financial market participants is essential to facilitate preparation of a prioritized reform agenda, which the NBU has begun in collaboration with other relevant stakeholders.
“The mission met with Finance Minister Marchenko, National Bank of Ukraine Governor Pyshnyy, other government ministers, public officials, and civil society. The mission thanks them and their technical staff for the excellent collaboration and constructive discussions.”
PRESS OFFICER: Camila Perez
Phone: +1 202 623-7100Email: MEDIA@IMF.org
Source: IMF – News in Russian
February 28, 2025
Warsaw, Poland: An International Monetary Fund (IMF) team led by Mr. Gavin Gray held discussions with the Ukrainian authorities in Kyiv, Ukraine and Warsaw, Poland during February 20-28 on the Seventh Review of the country’s 4-year Extended Fund Facility (EFF) Arrangement. Upon the conclusion of the discussions, Mr. Gray issued the following statement:
“IMF staff and the Ukrainian authorities have reached staff-level agreement on the Seventh Review of the EFF, subject to approval by the IMF Executive Board, with Board consideration expected in coming weeks.
“Ukraine’s four-year EFF Arrangement with the IMF continues to provide a strong anchor for the authorities’ economic program in times of exceptionally high uncertainty. Program performance remains strong with all quantitative performance criteria for end-December met, and important progress on the structural agenda due for this review. Reflecting a revised profile of balance of payments needs in 2025, Ukraine has requested to rephase access under its EFF program, shifting IMF financing to future reviews while the overall size of the program remains unchanged.
“The economy has continued to show resilience despite the challenges arising from three years of war in Ukraine. Real GDP growth is estimated at 3.5 percent for 2024, but is expected to moderate to 2-3 percent in 2025, reflecting headwinds from labor constraints, damage to energy infrastructure, and the persistence of Russia’s war in Ukraine. Inflation has continued to rise, reaching 12.9 percent y/y in January, mainly due to rising food and labor costs. The National Bank of Ukraine (NBU) raised the policy rate by a cumulative 150 bps since December in response. Gross international reserves reached US$43 billion as of January 2025, reflecting continued large external official support. Risks remain exceptionally high given uncertainty on the war and the prospects for peace and recovery.
“The 2025 budget targets a deficit (excluding grants) of 19.6 percent of GDP and remains the anchor for fiscal policy this year. It incorporates the additional revenue derived from the increase in tobacco excise taxes and enactment of this tax policy change is a requirement for completion of the review. Financing the large fiscal deficit will require significant and timely external support, notably from the G7’s ERA initiative, to support macroeconomic stability. Responding to high budget risks will require preparedness with offsetting measures; in particular broad-based, durable, and efficient revenue measures and accelerated implementation of Ukraine’s National Revenue Strategy (NRS)
Restoring medium-term fiscal sustainability requires determined implementation of reforms to mobilize domestic revenues, tackle tax evasion and avoidance, and improve the investment climate. Tax policy reforms need also to be coupled with improvements in tax administration with continued reforms to the state customs service (SCS) and state tax service (STS). Restoring debt sustainability hinges on this revenue-based fiscal adjustment and continued implementation of the authorities’ debt restructuring strategy (where completing the treatment of the GDP warrants remains important). The upcoming 2026-2028 budget declaration that is to be submitted to Parliament in June will be an important opportunity to provide both the context and strategic objectives of the medium-term fiscal strategy.
“Given the risks from rising inflation, the recent increases in the policy rate by the NBU are appropriate. Further action would be warranted if inflation accelerates further or inflation expectations deteriorate. The exchange rate should increasingly act as a shock absorber. Maintaining adequate reserves is a priority, particularly in view of risks to the outlook.
“The independence, competence, and credibility of anti-corruption and judicial institutions should continue to be enhanced. Parliamentary adoption this week of the law establishing the High Administrative Court, a benchmark under the program, is a landmark step in this direction. Swift enactment of the law would pave the way for prompt establishment of the court.
“Effective public investment management (PIM) is critical for post-war recovery, reconstruction, and growth against a backdrop of limited fiscal space and tough demographic realities. To tackle these challenges, the government of Ukraine is implementing a comprehensive PIM framework that is in line with best international practices. A strategy-driven and transparent approach is essential to overcome absorption capacity constraints and allocate scarce resources efficiently.
“The financial sector remains stable, but continued vigilance is warranted given elevated risks. Developing financial markets infrastructure will be critical to support prompt reconstruction and recovery by facilitating much needed private investment, including attracting foreign capital. Comprehensive consultation and collaboration with financial market participants is essential to facilitate preparation of a prioritized reform agenda, which the NBU has begun in collaboration with other relevant stakeholders.
“The mission met with Finance Minister Marchenko, National Bank of Ukraine Governor Pyshnyy, other government ministers, public officials, and civil society. The mission thanks them and their technical staff for the excellent collaboration and constructive discussions.”
PRESS OFFICER: Camila Perez
Phone: +1 202 623-7100Email: MEDIA@IMF.org
https://www.imf.org/en/News/Articles/2025/02/28/pr25052-ukraine-imf-and-ukrainian-authorities-reach-sla-on-the-7th-review-of-the-eff-arrangement
Source: International Monetary Fund
February 28, 2025
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.
Washington, DC: An International Monetary Fund (IMF) team led by Michael Perks visited Bridgetown between February 25-28, 2025 to review recent economic developments and reform efforts and prepare the ground for the fifth and final reviews of the Extended Fund Facility (EFF) / Resilience and Sustainability Facility (RSF) programs.To summarize the mission’s findings, Mr. Perks made the following statement:
“Barbados’ economic growth remained robust in 2024. Real GDP growth is estimated at 4 percent driven by business services, tourism, and construction. Inflation moderated to an average of 1.4 percent, reflecting an easing of global commodity prices and prices of domestic goods and services. The external position continued to strengthen, with the current account deficit narrowing to 4.5 percent of GDP (from 8.6 percent in 2023). International reserves remain ample at US$1.6 billion (equivalent to over 7 months of imports), providing continued strong support to the exchange rate peg. The near-term economic outlook remains positive, but risks continue to be high and tilted to the downside, given Barbados’ vulnerability to global shocks and natural disasters.
“The authorities continue to make strong progress in implementing their ambitious economic reform program. Targets for end-December 2024 under the EFF were met. Fiscal performance remains strong, with the primary balance reaching 5.3 percent of GDP through December, leaving the authorities on track to meet the 3.8 percent of GDP fiscal target for FY2024/25. Preparation of the 2025/26 budget is now well underway. Public debt declined close to 100 percent of GDP at end-2024 and the authorities remain firmly committed to bringing it down to 60 percent of GDP by FY 2035/36.
“Structural reform efforts continue to advance, supported by IMF technical assistance, including actions to strengthen customs administration, the framework for public-private partnerships, and the Central Bank of Barbados’ liquidity forecasting. The authorities are also making progress with the implementation of the RSF reform measures for the last review.
“The team is looking forward to conducting discussions for the fifth and final reviews under the EFF and RSF in May and would like to thank the authorities and their technical team for their hospitality, openness and candid discussions.”
PRESS OFFICER: Meera Louis
Phone: +1 202 623-7100Email: MEDIA@IMF.org
Source: International Monetary Fund
February 28, 2025
A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.
The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.
San José: An International Monetary Fund (IMF) staff team, led by Mr. Ding Ding, held the 2025 Article IV consultation with the Costa Rican authorities during February 18-28. At the conclusion of the discussions, Mr. Ding issued the following statement:
Costa Rica is one of the fastest-growing economies in the Western Hemisphere, achieving notable economic success in recent years. GDP growth has averaged above 5 percent since 2021, outpacing regional peers and contributing to lower poverty and unemployment. Over the same period, public debt fell by an impressive 8 percentage points of GDP to below 60 percent of GDP. These successes are fruits of good macroeconomic policies, wide-ranging reforms in the context of becoming a member of the OECD, two successfully completed IMF-supported programs, and a strategic focus on exports and economic diversification. Growth is projected to remain strong at about 4 percent for 2025.
Inflation is showing encouraging signs of returning towards the inflation target, following decisive monetary policy easing by the BCCR. Having been near zero since mid-2024, headline inflation has begun to rise and is projected to reach the BCCR’s tolerance band in mid-2025 and the 3 percent target within a year. However, core inflation remains subdued and there are downside risks, primarily stemming from low inflation expectations becoming entrenched below the target. Upside risks could arise from possible commodity price increases and/or supply-side disruptions.
The BCCR’s forward-looking data-dependent approach has proven effective and its inflation targeting regime is working well. At the current monetary policy rate, inflation is expected to be 3 percent by 2026Q1. If the convergence of inflation to the 3 percent target weakens in the coming months, there is room for the BCCR to cut the policy rate further. Credit growth has been strong. If there are signs of excess credit growth especially associated with FX loans, macroprudential measures should be tightened to mitigate potential risks to financial stability.
It is important to further strengthen the BCCR’s autonomy, governance, and operational framework. This would be achieved by approving legislative proposals to improve BCCR governance, transparency, and accountability, and institutionalize the central bank’s de facto autonomy.
The exchange rate should be allowed to adjust more flexibly to market conditions. The BCCR accumulated US$ 920 million in international reserves during 2024, and reserve coverage is now comfortable by multiple metrics. A further accumulation of international reserves is unwarranted and would impose unnecessary costs over time. Moreover, frequent foreign exchange intervention can weaken monetary policy transmission and hinder foreign exchange market development. Concerted efforts including legal reforms are needed to deepen FX markets and strengthen the non-financial public sector’s ability to manage currency risks, reducing its reliance on the BCCR as an intermediary for FX transactions. Alongside the planned reform to restructure existing pension funds into generational funds, regulatory limits on foreign investments by local pension funds need to be updated. Adjustments to these limits should be phased in and supported by FX market development.
There is scope to further capitalize on the significant progress on financial sector oversight. Indicators of financial soundness remain comfortable, notwithstanding the resolution of two small non-bank financial institutions last year. These episodes highlighted the importance of a strong supervisory and resolution framework. The Legislative Assembly should, therefore, pass the proposed amendments to the bank resolution and deposit insurance law that would further strengthen supervisory and resolution powers and enhance the crisis management framework.
Although public debt fell to below 60 percent of GDP in 2024, the task of rebuilding fiscal space is not yet complete. The debt ratio fell in part due to some drawdown of cash balances and transfers of cash balances by decentralized and autonomous entities to the Treasury Single Account (which lowered financing needs). However, the primary surplus fell in 2024 due to temporary factors and the regrettable reductions of the vehicle property tax (marchamo) and corporate tax base. An unwinding of temporary factors is expected to help the primary balance rise to around 1½ percent of GDP this year. A higher primary balance is essential to bring debt down further, reduce interest costs, and create room for additional spending. While spending should be less than the ceiling permitted by the fiscal rule, the higher primary balance should still allow for some increases in priority areas like infrastructure, child and adult care (which will help boost female labor market participation), and investments in skills training for vulnerable groups (which will help reduce dependency on social assistance).
Tax reforms could improve the fairness and efficiency of the system while raising resources for both debt reduction and somewhat higher spending. However, revenue-increasing bills presented over the last five years that would also have increased progressivity and bolstered dynamism have not been viewed favorably by legislators. These have included proposals to reduce VAT and income tax exemptions (such as on the salario escolar and for lottery winnings) and to bring income from self-employment, salaries, and pensions under a single threshold while raising the top marginal rate. These bills warrant renewed consideration as higher revenues would allow faster increases in social and capital spending. At the same time, we are worried that various Legislative Assembly bills are reducing revenues.
Full implementation of the public employment bill and debt management reforms would improve spending quality and reduce interest costs. Legislative proposals aimed at amending the public employment law could significantly undermine progress in containing the public-sector wage bill. Institutions that have not yet fully implemented the public employment law should do so without further delay to ensure its benefits are broadened to beyond the central government. Legal reforms to permit access to international sovereign debt markets and grant the executive branch more flexibility in issuing external debt would also be valuable. There have been welcome improvements in the quality of government finance statistics, which are expected to be used in the setting of fiscal policies.
A comprehensive solution is needed to resolve the dispute between Caja Costarricense de Seguro Social (CCSS) and the Ministry of Finance (MoF) over social security claims. The outstanding claim is due to an unfunded expansion of beneficiaries and CCSS’s unilateral decisions to raise the government’s contribution. Addressing this issue requires urgent improvements in the CCSS’s registry systems so as to allow for an accurate tracking of outlays and beneficiaries. Moreover, the CCSS and the MoF should clarify the scope of healthcare services and pension benefits that are currently covered by the budget while identifying additional funding sources as needed to ensure that the healthcare and pension systems are actuarially sound. Strengthening CCSS governance will be essential to ensure that any future changes to the social security system include a thorough assessment of the fiscal and labor market implications of such changes. There is also scope to enhance the accountability of the CCSS, the transparency of their operations, and the simplicity of the system, in line with international best practice. These reforms will be critical to safeguard the long-run sustainability of the social security system as the population ages.
Advancing supply-side reforms can help sustain Costa Rica’s impressive economic performance by addressing key bottlenecks to growth. To tackle skill shortages, particularly in high-tech industries, it is essential to accelerate efforts to reduce skills mismatches, align school curricula with industry needs, promote dual education (including apprenticeship programs) and bilingual education, and improve adult secondary education graduation rates. The recent reduction of the minimum contribution base for part-time workers has helped encourage formal employment but there is scope to lower the high tax wedge on labor, substituting for alternative revenue sources. Enhancing infrastructure quality and maintenance would further strengthen potential growth. In this regard, integrating climate considerations into public investment decisions is already making infrastructure more resilient against natural disasters. Given the substantial additional funding needed to upgrade infrastructure, approving and implementing the new legislation on public private partnerships is critical. Additionally, ongoing reforms to facilitate private-sector electricity provision, including diversification into non-hydroelectric renewables, will make electricity more affordable and less vulnerable to fluctuations in rainfall.
The IMF team is grateful to the Costa Rican authorities and other counterparts for the productive discussions and hospitality during the mission.
|
Costa Rica: Selected Economic and Financial Indicators |
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|
|
|
|
|
|
|
Projections |
||||||
|
2022 |
2023 |
2024 |
2025 |
2026 |
2027 |
|
|
Output and Prices |
(Annual percentage change) |
|||||
|
Real GDP |
4.6 |
5.1 |
4.3 |
3.9 |
3.8 |
3.6 |
|
GDP deflator |
6.3 |
-0.1 |
0.0 |
2.9 |
3.2 |
3.2 |
|
Consumer prices (period average) |
8.3 |
0.5 |
-0.4 |
2.0 |
3.0 |
3.0 |
|
Savings and Investment |
(In percent of GDP) |
|||||
|
Gross domestic saving |
14.4 |
13.8 |
14.3 |
14.1 |
14.1 |
14.3 |
|
Gross domestic investment |
17.7 |
15.3 |
15.7 |
15.7 |
15.7 |
15.8 |
|
External Sector |
||||||
|
Current account balance |
-3.3 |
-1.4 |
-1.4 |
-1.6 |
-1.6 |
-1.5 |
|
Trade balance |
-6.7 |
-3.7 |
-2.7 |
-3.0 |
-2.8 |
-3.1 |
|
Financial account balance |
-2.5 |
-0.7 |
-0.7 |
-1.6 |
-1.5 |
-1.5 |
|
Foreign direct investment, net |
-4.4 |
-4.3 |
-4.0 |
-5.3 |
-5.5 |
-5.4 |
|
Gross international reserves (millions of U.S. dollars) |
8,724 |
13,261 |
14,181 |
15,056 |
16,077 |
16,827 |
|
External debt |
50.7 |
43.3 |
38.6 |
35.5 |
33.3 |
30.9 |
|
Public Finances |
||||||
|
Central government primary balance |
2.1 |
1.6 |
1.1 |
1.5 |
1.6 |
1.7 |
|
Central government overall balance |
-2.8 |
-3.2 |
-3.8 |
-3.0 |
-2.7 |
-2.3 |
|
Central government debt |
63.0 |
61.1 |
59.8 |
59.4 |
58.4 |
57.1 |
|
Money and Credit |
||||||
|
Credit to the private sector (percent change) |
3.3 |
1.9 |
6.4 |
7.5 |
7.0 |
7.0 |
|
Monetary base 1/ |
8.0 |
7.9 |
8.0 |
8.0 |
8.0 |
8.0 |
|
Broad money |
47.5 |
47.4 |
49.4 |
50.1 |
50.3 |
50.9 |
|
Memorandum Items |
||||||
|
Nominal GDP (billions of colones) 2/ |
44,810 |
47,059 |
49,116 |
52,531 |
56,237 |
60,132 |
|
Output gap (as percent of potential GDP) |
-0.3 |
1.0 |
0.6 |
0.5 |
0.4 |
0.2 |
|
GDP per capita (US$) |
13,240 |
16,390 |
17,901 |
19,013 |
20,009 |
21,045 |
|
Unemployment rate |
11.7 |
7.3 |
6.9 |
8.0 |
8.5 |
9.0 |
|
Sources: Central Bank of Costa Rica, and Fund staff estimates. |
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|
1/ Includes currency issued and required reserves. |
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|
2/ National account data reflect the revision of the benchmark year to 2017 for the chained volume measures, published in January 2021. |
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PRESS OFFICER: Meera Louis
Phone: +1 202 623-7100Email: MEDIA@IMF.org
Source: Médecins Sans Frontières –
Katrin Glatz Brubakk, a child psychotherapist and mental health activity manager for Médecins Sans Frontières (MSF), recently returned from her second mission in the Gaza Strip, Palestine. She answers three questions about the state of people’s mental health in Gaza and why it is crucial for the ceasefire to hold.
When the ceasefire started, people could finally breathe a bit easier. They had been in survival mode for more than 15 months and finally didn’t have to worry that bombs would drop on their tents during the night or that their children might get killed while they went out to fetch bread or water. They started to gain a bit of hope that life might go back to some form of normal.
But then they started to worry about the future. How long would the ceasefire last? Could they move back to their old homes? How long would it take before their children could get back to school, and would there even be any kind of normal life again in Gaza with all the destruction?
What I saw was the ‘grief of peace’ emerging. During the war, survival was the only focus, but with the ceasefire, people began to grieve everything they’d lost: their houses, their normal life, family members—some still under the rubble—their children’s education, their sense of security, prosperity, and hope for the future. Even though the bombs weren’t falling anymore, there was still a lot of worry.
Katrin Glatz Brubakk, a child psychotherapist and mental health activity manager What I saw was the ‘grief of peace’ emerging. During the war, survival was the only focus, but with the ceasefire, people began to grieve everything they’d lost…
They’ve been clinging to the hope of getting back to their lives for as long as the ceasefire lasts. One of my colleagues said, “It doesn’t matter how much has been destroyed, it doesn’t matter that we’ve lost everything as long as they’re not killing us.” I really worry about what will happen to people’s mental health in Gaza. The ceasefire needs to hold. Children have been looking forward to going back to their rooms, seeing their friends, and going to school again. If the ceasefire doesn’t continue, that hope will be gone, and it will be devastating for the people of Gaza.
The mental health of both children and adults in Gaza has been severely affected. They have gone through immense trauma, worrying about their lives for more than a year. We see depressive symptoms in adults and children—some pulling out their hair, biting themselves, being restless all the time, or becoming totally withdrawn from the world because they can’t take it anymore.
One of the children I met in Gaza is ’the koala bear.’ It’s her mother who calls her that because she clings to her all the time. She’s a beautiful little girl, three years old, with curly hair and curious eyes, but as soon as you get close, she moves back, fearful, and clings even tighter to her mother. She lived in northern Gaza with her family. First, they were bombed, and she was injured. Then they didn’t have enough food, and her little sister, just one year and two months old, starved to death. After that, this little girl started to cling to her mother constantly.
She doesn’t leave her side, when she’s sleeping, when she’s awake—even when she gets curious about something—she always makes sure to stay very close. These are the effects of war on children. They spend their entire time being scared, living this life is full of uncertainty and they wonder if the worst will happen to them. They don’t spend time being children as they should—playing, learning, exploring, making friends.
All the things that are the basis of healthy human development are being taken away from them. This war will live in these children for years to come.
The ceasefire needs to hold because without it, these children will once again be trapped in extreme survival mode, where every moment is about staying alive. It needs to hold because their future is being stripped away from them. The ceasefire needs to hold because the toll of this war on the people in Gaza has been immense, both physically and psychologically. They can’t take it anymore. They can’t take the fear of getting killed every day or of keeping their children alive. The ceasefire in Gaza needs to hold because the uncertainty, fear and trauma have lasted too long for anyone to bear.
Source: IMF – News in Russian
February 28, 2025
A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.
The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.
San José: An International Monetary Fund (IMF) staff team, led by Mr. Ding Ding, held the 2025 Article IV consultation with the Costa Rican authorities during February 18-28. At the conclusion of the discussions, Mr. Ding issued the following statement:
Costa Rica is one of the fastest-growing economies in the Western Hemisphere, achieving notable economic success in recent years. GDP growth has averaged above 5 percent since 2021, outpacing regional peers and contributing to lower poverty and unemployment. Over the same period, public debt fell by an impressive 8 percentage points of GDP to below 60 percent of GDP. These successes are fruits of good macroeconomic policies, wide-ranging reforms in the context of becoming a member of the OECD, two successfully completed IMF-supported programs, and a strategic focus on exports and economic diversification. Growth is projected to remain strong at about 4 percent for 2025.
Inflation is showing encouraging signs of returning towards the inflation target, following decisive monetary policy easing by the BCCR. Having been near zero since mid-2024, headline inflation has begun to rise and is projected to reach the BCCR’s tolerance band in mid-2025 and the 3 percent target within a year. However, core inflation remains subdued and there are downside risks, primarily stemming from low inflation expectations becoming entrenched below the target. Upside risks could arise from possible commodity price increases and/or supply-side disruptions.
The BCCR’s forward-looking data-dependent approach has proven effective and its inflation targeting regime is working well. At the current monetary policy rate, inflation is expected to be 3 percent by 2026Q1. If the convergence of inflation to the 3 percent target weakens in the coming months, there is room for the BCCR to cut the policy rate further. Credit growth has been strong. If there are signs of excess credit growth especially associated with FX loans, macroprudential measures should be tightened to mitigate potential risks to financial stability.
It is important to further strengthen the BCCR’s autonomy, governance, and operational framework. This would be achieved by approving legislative proposals to improve BCCR governance, transparency, and accountability, and institutionalize the central bank’s de facto autonomy.
The exchange rate should be allowed to adjust more flexibly to market conditions. The BCCR accumulated US$ 920 million in international reserves during 2024, and reserve coverage is now comfortable by multiple metrics. A further accumulation of international reserves is unwarranted and would impose unnecessary costs over time. Moreover, frequent foreign exchange intervention can weaken monetary policy transmission and hinder foreign exchange market development. Concerted efforts including legal reforms are needed to deepen FX markets and strengthen the non-financial public sector’s ability to manage currency risks, reducing its reliance on the BCCR as an intermediary for FX transactions. Alongside the planned reform to restructure existing pension funds into generational funds, regulatory limits on foreign investments by local pension funds need to be updated. Adjustments to these limits should be phased in and supported by FX market development.
There is scope to further capitalize on the significant progress on financial sector oversight. Indicators of financial soundness remain comfortable, notwithstanding the resolution of two small non-bank financial institutions last year. These episodes highlighted the importance of a strong supervisory and resolution framework. The Legislative Assembly should, therefore, pass the proposed amendments to the bank resolution and deposit insurance law that would further strengthen supervisory and resolution powers and enhance the crisis management framework.
Although public debt fell to below 60 percent of GDP in 2024, the task of rebuilding fiscal space is not yet complete. The debt ratio fell in part due to some drawdown of cash balances and transfers of cash balances by decentralized and autonomous entities to the Treasury Single Account (which lowered financing needs). However, the primary surplus fell in 2024 due to temporary factors and the regrettable reductions of the vehicle property tax (marchamo) and corporate tax base. An unwinding of temporary factors is expected to help the primary balance rise to around 1½ percent of GDP this year. A higher primary balance is essential to bring debt down further, reduce interest costs, and create room for additional spending. While spending should be less than the ceiling permitted by the fiscal rule, the higher primary balance should still allow for some increases in priority areas like infrastructure, child and adult care (which will help boost female labor market participation), and investments in skills training for vulnerable groups (which will help reduce dependency on social assistance).
Tax reforms could improve the fairness and efficiency of the system while raising resources for both debt reduction and somewhat higher spending. However, revenue-increasing bills presented over the last five years that would also have increased progressivity and bolstered dynamism have not been viewed favorably by legislators. These have included proposals to reduce VAT and income tax exemptions (such as on the salario escolar and for lottery winnings) and to bring income from self-employment, salaries, and pensions under a single threshold while raising the top marginal rate. These bills warrant renewed consideration as higher revenues would allow faster increases in social and capital spending. At the same time, we are worried that various Legislative Assembly bills are reducing revenues.
Full implementation of the public employment bill and debt management reforms would improve spending quality and reduce interest costs. Legislative proposals aimed at amending the public employment law could significantly undermine progress in containing the public-sector wage bill. Institutions that have not yet fully implemented the public employment law should do so without further delay to ensure its benefits are broadened to beyond the central government. Legal reforms to permit access to international sovereign debt markets and grant the executive branch more flexibility in issuing external debt would also be valuable. There have been welcome improvements in the quality of government finance statistics, which are expected to be used in the setting of fiscal policies.
A comprehensive solution is needed to resolve the dispute between Caja Costarricense de Seguro Social (CCSS) and the Ministry of Finance (MoF) over social security claims. The outstanding claim is due to an unfunded expansion of beneficiaries and CCSS’s unilateral decisions to raise the government’s contribution. Addressing this issue requires urgent improvements in the CCSS’s registry systems so as to allow for an accurate tracking of outlays and beneficiaries. Moreover, the CCSS and the MoF should clarify the scope of healthcare services and pension benefits that are currently covered by the budget while identifying additional funding sources as needed to ensure that the healthcare and pension systems are actuarially sound. Strengthening CCSS governance will be essential to ensure that any future changes to the social security system include a thorough assessment of the fiscal and labor market implications of such changes. There is also scope to enhance the accountability of the CCSS, the transparency of their operations, and the simplicity of the system, in line with international best practice. These reforms will be critical to safeguard the long-run sustainability of the social security system as the population ages.
Advancing supply-side reforms can help sustain Costa Rica’s impressive economic performance by addressing key bottlenecks to growth. To tackle skill shortages, particularly in high-tech industries, it is essential to accelerate efforts to reduce skills mismatches, align school curricula with industry needs, promote dual education (including apprenticeship programs) and bilingual education, and improve adult secondary education graduation rates. The recent reduction of the minimum contribution base for part-time workers has helped encourage formal employment but there is scope to lower the high tax wedge on labor, substituting for alternative revenue sources. Enhancing infrastructure quality and maintenance would further strengthen potential growth. In this regard, integrating climate considerations into public investment decisions is already making infrastructure more resilient against natural disasters. Given the substantial additional funding needed to upgrade infrastructure, approving and implementing the new legislation on public private partnerships is critical. Additionally, ongoing reforms to facilitate private-sector electricity provision, including diversification into non-hydroelectric renewables, will make electricity more affordable and less vulnerable to fluctuations in rainfall.
The IMF team is grateful to the Costa Rican authorities and other counterparts for the productive discussions and hospitality during the mission.
|
Costa Rica: Selected Economic and Financial Indicators |
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|
|
|
|
|
|
|
|
|
Projections |
||||||
|
2022 |
2023 |
2024 |
2025 |
2026 |
2027 |
|
|
Output and Prices |
(Annual percentage change) |
|||||
|
Real GDP |
4.6 |
5.1 |
4.3 |
3.9 |
3.8 |
3.6 |
|
GDP deflator |
6.3 |
-0.1 |
0.0 |
2.9 |
3.2 |
3.2 |
|
Consumer prices (period average) |
8.3 |
0.5 |
-0.4 |
2.0 |
3.0 |
3.0 |
|
Savings and Investment |
(In percent of GDP) |
|||||
|
Gross domestic saving |
14.4 |
13.8 |
14.3 |
14.1 |
14.1 |
14.3 |
|
Gross domestic investment |
17.7 |
15.3 |
15.7 |
15.7 |
15.7 |
15.8 |
|
External Sector |
||||||
|
Current account balance |
-3.3 |
-1.4 |
-1.4 |
-1.6 |
-1.6 |
-1.5 |
|
Trade balance |
-6.7 |
-3.7 |
-2.7 |
-3.0 |
-2.8 |
-3.1 |
|
Financial account balance |
-2.5 |
-0.7 |
-0.7 |
-1.6 |
-1.5 |
-1.5 |
|
Foreign direct investment, net |
-4.4 |
-4.3 |
-4.0 |
-5.3 |
-5.5 |
-5.4 |
|
Gross international reserves (millions of U.S. dollars) |
8,724 |
13,261 |
14,181 |
15,056 |
16,077 |
16,827 |
|
External debt |
50.7 |
43.3 |
38.6 |
35.5 |
33.3 |
30.9 |
|
Public Finances |
||||||
|
Central government primary balance |
2.1 |
1.6 |
1.1 |
1.5 |
1.6 |
1.7 |
|
Central government overall balance |
-2.8 |
-3.2 |
-3.8 |
-3.0 |
-2.7 |
-2.3 |
|
Central government debt |
63.0 |
61.1 |
59.8 |
59.4 |
58.4 |
57.1 |
|
Money and Credit |
||||||
|
Credit to the private sector (percent change) |
3.3 |
1.9 |
6.4 |
7.5 |
7.0 |
7.0 |
|
Monetary base 1/ |
8.0 |
7.9 |
8.0 |
8.0 |
8.0 |
8.0 |
|
Broad money |
47.5 |
47.4 |
49.4 |
50.1 |
50.3 |
50.9 |
|
Memorandum Items |
||||||
|
Nominal GDP (billions of colones) 2/ |
44,810 |
47,059 |
49,116 |
52,531 |
56,237 |
60,132 |
|
Output gap (as percent of potential GDP) |
-0.3 |
1.0 |
0.6 |
0.5 |
0.4 |
0.2 |
|
GDP per capita (US$) |
13,240 |
16,390 |
17,901 |
19,013 |
20,009 |
21,045 |
|
Unemployment rate |
11.7 |
7.3 |
6.9 |
8.0 |
8.5 |
9.0 |
|
Sources: Central Bank of Costa Rica, and Fund staff estimates. |
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1/ Includes currency issued and required reserves. |
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2/ National account data reflect the revision of the benchmark year to 2017 for the chained volume measures, published in January 2021. |
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PRESS OFFICER: Meera Louis
Phone: +1 202 623-7100Email: MEDIA@IMF.org
https://www.imf.org/en/News/Articles/2025/02/28/mcs-022825-costa-rica-staff-concluding-statement-of-the-2025-article-iv-consultation-mission
Source: Caribbean Development Bank
CDB’s Annual News Conference is scheduled for Wednesday, March 19, 2025 at 10:00 a.m. (AST).
Speakers
What to expect
Source: United Nations 4
UN Secretary-General António Guterres on Friday stressed that the fragile ceasefire in Gaza must hold, urging all parties to honour their commitments and prevent a breakdown of the agreement.
Addressing journalists at UN Headquarters in New York, he announced that he will be travelling to the Egyptian capital, Cairo, next week, for the Extraordinary Summit of the League of Arab States.
The emergency Summit is set to discuss the reconstruction of Gaza, which had been at the centre of an intense Israeli military operation following the brutal 7 October terror attacks by Hamas and other terrorist groups against communities in southern Israel.
More than 1,200 Israeli civilians were killed and more than 250 taken hostage.
The UN chief said that Tuesday’s Summit provides an opportunity for leaders from across the Arab world “to come together and discuss the elements required to deliver peace and stability” in the enclave.
“Their unified position will help guide the way forward,” he stressed.
Until the ceasefire took effect on 19 January, more than 47,000 Palestinians were killed in the fighting and tens of thousands more injured tens of thousands, according to Gazan health authorities. Over 90 per cent of the enclave’s housing units have been damaged or destroyed.
“The ceasefire and hostage release deal must hold. The coming days are critical. The parties must spare no effort to avoid a breakdown of this deal,” Mr. Guterres told reporters.
“I urge them to uphold their commitments and implement all of it in full.”
He reiterated his call for the immediate and unconditional release of all hostages, with humane treatment guaranteed for those in captivity, while also underscoring the need to maintain humanitarian aid to the enclave.
“Each moment the ceasefire holds means more people reached and more lives saved,” the UN chief added.
While ending the immediate crisis is essential, Mr. Guterres also underscored that a long-term political framework was needed for Gaza’s recovery, reconstruction and lasting stability.
“This framework must be based on clear principles. This means staying true to the bedrock of international law,” he said.
He insisted the need to prevent any form of ethnic cleansing, ensuring no long-term Israeli military presence in Gaza, addressing Israel’s legitimate security concerns, and accountability for violations of international law.
“And it means Gaza remaining an integral part of an independent, democratic and sovereign Palestinian State, with no reductions in its territory or forced transfer of its population,” he added.
Any transitional arrangements, he stated, should have a clear and limited timeframe leading to a unified Palestinian administration.
Mr. Guterres also voiced concern over rising violence in the West Bank, where Israeli military operations and settler attacks have led to deaths, displacement, and destruction.
“Unilateral actions, including settlement expansion and threats of annexation, must stop,” he said, calling for an end to attacks on civilians and their property.
The only path to lasting peace is a two-State solution, said Mr. Guterres, where Israel and Palestine live side by side, in peace and security and in line with international law and UN resolutions, with Jerusalem as the capital of both states.
“The Palestinian people must have the right to govern themselves, to chart their own future, and to live on their land in freedom and security,” he said.
At next week’s Summit in Cairo, Mr. Guterres said he would call for sustainable reconstruction and a “unified, clear and principled” political solution.
“Palestinians deserve lasting stability and a just and principled peace. And the people of Israel deserve to live in peace and security,” he said.
“At this fragile moment, we must avoid a resumption of hostilities that would deepen the suffering and further destabilize a region that is already perched on a knife’s edge.”
Source: United Nations secretary general
Ladies and gentlemen of the media,
I want to start by expressing my deep concern about information received in the last 48 hours by UN agencies — as well as many humanitarian and development NGOs — regarding severe cuts in funding by the United States.
These cuts impact a wide range of critical programmes.
From lifesaving humanitarian aid, to support for vulnerable communities recovering from war or natural disaster.
From development, to the fight against terrorism and illicit drug trafficking.
The consequences will be especially devastating for vulnerable people around the world.
In Afghanistan, more than 9 million people will miss out on health and protection services, with hundreds of mobile health teams and other services suspended.
In north-east Syria, where 2.5 million people need assistance, the absence of US funding means programmes are leaving large populations even more vulnerable.
In Ukraine, cash-based programming — a key feature of the humanitarian response, reaching 1 million people in 2024 — has been suspended in key regions.
In South Sudan, funding has run out for programmes to support people who have fled the conflict in neighbouring Sudan, leaving border areas dangerously overcrowded.
Meanwhile, the United Nations Office on Drugs and Crime will be forced to stop many of its counter-narcotics programmes, including the one fighting the fentanyl crisis, and dramatically reduce activities against human trafficking.
And funding for many programmes combatting HIV/AIDS, tuberculosis, malaria and cholera have stopped.
We have been extremely grateful for the leading role the United States has provided over the decades.
For example, thanks to the generosity of donors — led by the United States — the UN assists and protects more than 100 million people every year through our humanitarian programming.
From Gaza to Sudan, Afghanistan, Syria, Ukraine and beyond.
American funding directly supports people living through wars, famines and disasters, providing essential health care, shelter, water, food and education — the list goes on.
The message is clear.
The generosity and compassion of the American people have not only saved lives, built peace and improved the state of the world.
They have contributed to the stability and prosperity that Americans depend on.
United Nations staff members around the world are deeply proud of what we’ve accomplished together — as partners.
Now going through with these cuts will make the world less healthy, less safe and less prosperous.
The reduction of America’s humanitarian role and influence will run counter to American interests globally.
I can only hope that these decisions can be reversed based on more careful reviews, and the same applies to other countries that have recently announced reductions in humanitarian and development aid.
In the meantime, every United Nations agency stands ready to provide the necessary information and justification for its projects.
And we look forward to working with the United States in this regard.
All humanitarian coordinators in the field are urgently updating strategies on how to protect as much lifesaving work as possible.
The Inter-Agency Standing Committee, which brings together UN humanitarian agencies and our partners, has agreed on an ambitious plan for efficiency and prioritization.
Our absolute priority remains clear.
We will do everything we can to provide life-saving aid to those in urgent need.
And we will continue our efforts to diversify the pool of generous donors who support our work.
We remain committed to making the global humanitarian effort as efficient, accountable and innovative as possible while continuing to save lives.
Dear ladies and gentlemen of the media,
Next Tuesday, I will be in Cairo to join the Extraordinary Summit of the League of Arab States to discuss the reconstruction of Gaza.
Since the horrific attacks of terror by Hamas in Israel on October 7, the ensuing hostilities have unleashed an unprecedented level of death and destruction in Gaza.
Gaza has become a nexus of death, displacement, hunger and disease.
Hospitals, schools and water facilities have been destroyed and reduced to rubble.
And the risk of further destruction looms over the population.
Tuesday’s Summit is an opportunity for leaders across the Arab world to come together and discuss the elements required to deliver peace and stability in Gaza.
Their unified position will help guide the way forward.
I will outline key priorities.
First — the ceasefire and hostage release deal must hold.
The coming days are critical.
The parties must spare no effort to avoid a breakdown of this deal.
I urge them to uphold their commitments and implement all of them in full.
All hostages must be released immediately, unconditionally and in a dignified manner.
The parties must ensure humane treatment for all those held under their power.
All transfers must be carried out in a dignified way and as per the terms of the deal.
Humanitarian aid must be maintained, protected and funded, flowing without impediment to reach people in desperate need.
Each moment the ceasefire holds means more people reached and more lives saved.
Time and again, we’ve shown what we can deliver.
Since the ceasefire, humanitarians have been able to scale-up and expand operations in Gaza, including to areas that were unreachable during the fighting.
Together with our partners, we’ve reached hundreds of thousands of people…
Providing food to nearly everyone in Gaza.
Delivering shelter kits, clothing and other essential items to tens of thousands of displaced people.
And doubling the amount of clean water available to people in Gaza.
Meanwhile, our partners have distributed medical supplies reaching some 1.8 million people, helping health facilities continue their lifesaving work.
The message is clear.
With the right conditions and access, we can do far more.
The ceasefire must hold. We must keep the humanitarian lifeline open.
As part of this, I will once again appeal for the urgent and full support of UNRWA’s work.
UNRWA’s unique role must be maintained.
Second — ending the immediate crisis is only a first step.
There must be a clear political framework that lays the groundwork for Gaza’s recovery, reconstruction and lasting stability.
This framework must be based on clear principles.
This means staying true to the bedrock of international law.
It means preventing any form of ethnic cleansing.
It means there should be no long-term Israeli military presence in Gaza.
It means addressing Israel’s legitimate security concerns.
It means accountability for violations of international law.
And it means Gaza remains an integral part of an independent, democratic and sovereign Palestinian state, with no reductions in its territory or forced transfer of its population.
Both Gaza and the occupied West Bank — including East Jerusalem — must be treated as one — politically, economically and administratively.
And governed by a Palestinian government that is accepted and supported by the Palestinian people.
And any transitional arrangements must be designed to achieve a unified Palestinian government within a precise and limited timeframe.
I will also call for an urgent de-escalation of the alarming situation in the West Bank.
Unilateral actions, including settlement expansion and threats of annexation, must stop.
I call for an end to attacks on civilians and their property.
Finally, we must take tangible steps — now — towards the realization of a two-State solution.
The Palestinian people must have the right to govern themselves, to chart their own future, and to live on their land in freedom and security.
The only path to lasting peace is one where two states — Israel and Palestine — live side by side in peace and security, in line with international law and relevant UN resolutions, with Jerusalem as the capital of both states.
Palestinians deserve lasting stability and a just and principled peace.
And the people of Israel deserve to live in peace and security.
At this fragile moment, we must avoid a resumption of hostilities that would deepen the suffering and further destabilize a region that is already perched on a knife’s edge.
We need sustainable reconstruction and a unified, clear and principled political solution.
That’s what I will call for in Cairo next week.
Thank you.
******************
حضرات السيدات والسادة الإعلاميين،
أود أن أبدأ بالإعراب عن قلقي العميق إزاء المعلومات التي وردت في الساعات الـ 48 الماضية من قبل وكالات الأمم المتحدة – وكذلك العديد من المنظمات غير الحكومية الإنسانية والمعنية بالتنمية – بشأن التخفيضات الحادة في التمويل من قبل الولايات المتحدة.
وتؤثر هذه التخفيضات على مجموعة واسعة من البرامج الحاسمة…
من المساعدات الإنسانية المنقذة للحياة، إلى دعم المجتمعات الهشة التي تتعافى من الحروب أو الكوارث الطبيعية…
ومن التنمية إلى مكافحة الإرهاب والاتجار غير المشروع بالمخدرات.
ستكون العواقب مدمرة بشكل خاص على الفئات الضعيفة في جميع أنحاء العالم.
ففي أفغانستان، سيُحرم أكثر من تسعة ملايين شخص من الخدمات الصحية وخدمات الحماية، مع تعليق الخدمات التي تقدمها مئات الفرق الصحية المتنقلة.
أما في شمال شرق سوريا، حيث يحتاج 2.5 مليون شخص إلى المساعدة، فإن غياب التمويل الأمريكي يعني أن البرامج ستترك أعدادا كبيرة من السكان أكثر عرضة للخطر.
في أوكرانيا، تم تعليق البرامج القائمة على النقد في مناطق رئيسية – وهذه البرامج تُعدّ سمة رئيسية للاستجابة الإنسانية وقد وصلت إلى مليون شخص في عام 2024.
أما في جنوب السودان، فقد نفد التمويل المخصص لبرامج دعم الأشخاص الذين فروا بسبب النزاع في السودان المجاور، مما ترك المناطق الحدودية مكتظة بشكل خطير.
وفي الوقت نفسه، سوف يضطر مكتب الأمم المتحدة المعني بالمخدرات والجريمة إلى وقف العديد من برامجه لمكافحة المخدرات، بما في ذلك برنامج مكافحة أزمة الفنتانيل، وتقليص أنشطة مكافحة الاتجار بالبشر بشكل كبير.
وتوقف تمويل العديد من برامج مكافحة فيروس نقص المناعة البشرية/الإيدز والسل والملاريا والكوليرا.
وأعربنا عن امتناننا للغاية للدور الرائد الذي قدمته الولايات المتحدة على مدى عقود.
فعلى سبيل المثال، وبفضل سخاء المانحين – وعلى رأسهم الولايات المتحدة – تساعد الأمم المتحدة وتحمي أكثر من 100 مليون شخص كل عام من خلال برامجنا الإنسانية…
من غزة إلى السودان وأفغانستان وسوريا وأوكرانيا وغيرها.
يدعم التمويل الأمريكي بشكل مباشر الناس الذين يعيشون في الحروب والمجاعات والكوارث، ويوفر لهم الرعاية الصحية الأساسية والمأوى والمياه والغذاء والتعليم – والقائمة تطول.
الرسالة واضحة.
إن سخاء الشعب الأمريكي وتعاطفه لم ينقذ الأرواح ويبني السلام ويحسّن حالة العالم فحسب.
لقد ساهم في تحقيق الاستقرار والازدهار الذي يعتمد عليه الأمريكيون.
إن موظفي الأمم المتحدة حول العالم فخورون للغاية بما أنجزناه معا – كشركاء.
إن المضي قدماً في هذه الاقتطاعات سيجعل العالم أقل صحة وأقل أمناً وأقل ازدهاراً.
وسيتعارض تقليص دور أمريكا الإنساني ونفوذها مع المصالح الأمريكية على الصعيد العالمي.
لا يسعني إلا أن آمل في أن يتم التراجع عن هذه القرارات بناء على مراجعات أكثر دقة، وينطبق الأمر نفسه على الدول الأخرى التي أعلنت مؤخرا عن تخفيضات في المساعدات الإنسانية والإنمائية.
وفي غضون ذلك، تقف كل وكالة من وكالات الأمم المتحدة على أهبة الاستعداد لتقديم المعلومات والمبررات اللازمة لمشاريعها.
ونحن نتطلع إلى العمل مع الولايات المتحدة في هذا الصدد.
يقوم جميع منسقي الشؤون الإنسانية في الميدان بتحديث الاستراتيجيات على وجه السرعة حول كيفية توفير حماية بأكبر قدر ممكن من العمل المنقذ للحياة.
وقد اتفقت اللجنة الدائمة المشتركة بين الوكالات، التي تجمع بين وكالات الأمم المتحدة الإنسانية وشركائنا، على خطة طموحة لتحقيق الكفاءة وتحديد الأولويات.
وتبقى أولويتنا المطلقة واضحة.
سنبذل كل ما في وسعنا لتقديم المساعدات المنقذة للحياة لمن هم في حاجة ماسة إليها.
وسنواصل جهودنا لتنويع مجموعة المانحين الأسخياء الذين يدعمون عملنا.
وسنظل ملتزمين بجعل الجهود الإنسانية العالمية فعالة وخاضعة للمساءلة ومبتكرة قدر الإمكان مع الاستمرار في إنقاذ الأرواح.
حضرات السيدات والسادة الإعلاميين،
سأكون يوم الثلاثاء المقبل في القاهرة للمشاركة في مؤتمر القمة الاستثنائي لجامعة الدول العربية لمناقشة إعادة إعمار غزة.
ومنذ الهجمات الإرهابية المروعة التي شنتها حماس في إسرائيل في 7 تشرين الأول/أكتوبر، جرّت الأعمال العدائية التي أعقبت ذلك مستويات غير مسبوقة من الموت والدمار في غزة.
فأصبحت غزة بؤرة للموت والنزوح والجوع والمرض.
ودُمّرت المستشفيات والمدارس ومرافق المياه وتحولت إلى أنقاض.
ويحدق بالسكان خطر التعرض للمزيد من الدمار.
ويمثل مؤتمر القمة الذي سيُعقد الثلاثاء فرصة ليجتمع قادة العالم العربي ويناقشوا العناصر المطلوبة لتحقيق السلام والاستقرار في غزة.
وسيساعد موقفهم الموحد في توجيه سُبل المضي قدما.
وسأحدد فيما يلي الأولويات الرئيسية.
أولا – يجب أن يصمد اتفاق وقف إطلاق النار وإطلاق سراح الرهائن.
الأيام القادمة حاسمة.
ولا يجب على الطرفين ادّخار أي جهد لتجنب انهيار هذا الاتفاق.
وأحثهما على الوفاء بالتزاماتهما وتنفيذها بالكامل.
ويجب إطلاق سراح جميع الرهائن فورا ودون شروط وبطريقة تصون كرامتهم.
ويجب على الطرفين ضمان المعاملة الإنسانية لجميع المحتجزين تحت سلطتهم.
ويجب الاستمرار في تقديم المساعدات الإنسانية وحمايتها وتمويلها والسماح بإيصالها دون عوائق إلى الأشخاص الذين هم في أمس الحاجة إليها.
وكل لحظة يصمد فيها وقف إطلاق النار تعني الوصول إلى عدد أكبر من الأشخاص وإنقاذ المزيد من الأرواح.
لقد بيّنا مرارا وتكرارا ما يمكننا تقديمه.
ومنذ وقف إطلاق النار، تمكّن العاملون في المجال الإنساني من تكثيف عملياتهم في غزة وتوسيع نطاقها، بما في ذلك إلى المناطق التي تعذّر الوصول إليها أثناء القتال.
وبالتعاون مع شركائنا، وصلنا إلى مئات الآلاف من الأشخاص…
ووفّرنا الغذاء لجميع السكان في غزة تقريبا…
وأوصلنا مستلزمات الإيواء والملابس وغيرها من المواد الأساسية لعشرات الآلاف من النازحين…
وضاعفنا كمية المياه النظيفة المتاحة للناس في غزة.
وفي الوقت نفسه، قام شركاؤنا بتوزيع الإمدادات الطبية لتصل إلى حوالي 1,8 مليون شخص، مما ساعد المرافق الصحية على مواصلة عملها المنقذ للحياة.
رسالتنا واضحة.
إذا ما توفرت لنا الظروف المناسبة وأُتيح لنا الوصول، يمكننا القيام بأكثر من ذلك بكثير.
ويجب أن يصمد وقف إطلاق النار. ويجب أن نُبقي شريان الحياة الإنساني مفتوحا.
وفي هذا الإطار، إنني أناشد مرة أخرى من أجل تقديم الدعم العاجل والكامل لعمل الأونروا.
ويجب الحفاظ على دور الأونروا الفريد من نوعه.
ثانيا – إنهاء الأزمة الآنية ليس سوى الخطوة الأولى.
يجب أن يكون هناك إطار سياسي واضح يُرسي الأسس اللازمة للتعافي وإعادة الإعمار وتحقيق الاستقرار الدائم في غزة.
ويجب أن يستند هذا الإطار إلى مبادئ واضحة.
وهذا يعني الالتزام بأسس القانون الدولي.
وهذا يعني منع أي شكل من أشكال التطهير العرقي.
وهذا يعني أنه ينبغي ألا يكون هناك وجود عسكري إسرائيلي طويل الأمد في غزة.
وهذا يعني معالجة الشواغل الأمنية المشروعة لإسرائيل.
وهذا يعني المساءلة عن انتهاكات القانون الدولي.
وهذا يعني بقاء غزة جزءا لا يتجزأ من دولة فلسطينية مستقلة وديمقراطية وذات سيادة، دون أي انتقاص من أراضيها أو نقل قسري لسكانها.
ويجب التعامل مع قطاع غزة والضفة الغربية المحتلة – بما في ذلك القدس الشرقية – ككيان واحد – سياسيا واقتصاديا وإداريا…
تحكمهما حكومة فلسطينية يقبلها الشعب الفلسطيني ويدعمها.
ويجب أن تصمم أي ترتيبات انتقالية بهدف التوصّل إلى حكومة فلسطينية موحدة في إطار زمني دقيق ومحدود.
وسأدعو كذلك إلى تهدئة عاجلة للوضع المثير للجزع في الضفة الغربية.
فالمنازل والبنية التحتية المدنية تُدمّر.
والمدنيون يُقتلون.
والمجتمعات المحلية تُهجّر وتُمنع من العودة.
ويُمنع الوصول إلى الرعاية الصحية.
ويجب أن تتوقف الأعمال أحادية الجانب، بما في ذلك التوسع الاستيطاني والتهديدات بالضم.
وأدعو إلى وضع حد للهجمات على المدنيين وممتلكاتهم.
وأخيرا، يجب أن نتخذ خطوات ملموسة – الآن – نحو تحقيق حل الدولتين.
يجب أن يتمتع الشعب الفلسطيني بالحق في أن يحكم نفسه بنفسه، وأن يرسم مستقبله بنفسه، وأن يعيش على أرضه في حرية وأمان.
والطريق الوحيد لتحقيق السلام الدائم هو الطريق الذي تعيش فيه دولتان – إسرائيل وفلسطين – جنبا إلى جنب في سلام وأمن، بما يتماشى مع القانون الدولي وقرارات الأمم المتحدة ذات الصلة، وتكون القدس عاصمة للدولتين.
يستحق الفلسطينيون الاستقرار الدائم والسلام العادل والقائم على المبادئ.
ويستحق شعب إسرائيل أن يعيش في سلام وأمن.
وفي هذه اللحظة الهشة، يجب أن نتجنب استئناف الأعمال العدائية التي من شأنها أن تعمّق المعاناة وتزيد من زعزعة الاستقرار في منطقة هي أصلا على شفا هاوية.
نحن بحاجة إلى إعادة إعمار مستدامة وحل سياسي موحد وواضح وقائم على المبادئ.
هذا ما سأدعو إليه في القاهرة الأسبوع المقبل.
شكرا لكم.
Source: Africa Press Organisation – English (2) – Report:
JEDDAH, Saudi Arabia, February 28, 2025/APO Group/ —
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB), has reinforced its position as a key player in the Islamic syndications market, achieving prominent rankings in the 2024 Bloomberg and Refinitiv League tables.
For the fourth consecutive year, the ITFC top-tier performance reflects a strategic focus on delivering impactful trade finance solutions. For 2024, Refinitiv ranked ITFC as Globally # 1 Bookrunner and Mandated Lead Arranger (MLA) in their Islamic Syndications League table. Additionally, and Bloomberg also ranked ITFC among the top Bookrunners and MLA in the Islamic Syndications League table. These rankings are a testament to the ITFC ability to consistently deliver value-driven results and maintain a strong position among leading international and regional financial institutions.
The recognition from Refinitiv and Bloomberg confirms that ITFC is a key player in facilitating trade among OIC member countries. This not only reaffirms the ITFC status as the pre-eminent provider of trade solutions but also underscores its remarkable ability to draw investments from a wide spectrum of global investors and financial institutions.
Additionally, it emphasizes the positive impact on the lives and livelihood of people inherent in the ITFC business operating model, demonstrating its effectiveness in meeting the unique financial needs of OIC member countries.
The Refinitiv and Bloomberg League tables rank banks and financial institutions based on their performance in loan syndications, bonds, and mergers and acquisitions (M&A) transactions. The rankings, including arrangers, bookrunners, administrative agents, and advisors, are published quarterly and annually.
Source: GlobeNewswire (MIL-OSI)
Settlement and handover related to the purchase by Landsbankinn of TM tryggingar hf. from Kvika Bank took place today and Landsbankinn has assumed operation of the company. TM will be operated as a subsidiary of Landsbankinn.
Lilja Björk Einarsdóttir, CEO of Landsbankinn:
“TM is a robust insurance company with great employees who possess extensive knowledge of the insurance market. We look forward to working with TM’s staff to develop exciting innovations. Together, Landsbankinn and TM have a powerful service and sales network, both through experienced employees, digital solutions and branches across the country. We envision strong customer access to the products and services of both companies, creating many growth opportunities for both the Bank and TM. We also believe that the Bank’s acquisition of TM will have a positive impact on the Bank’s operations, diversify revenue streams and increase long-term benefits for its shareholders. Landsbankinn and TM will be better together!”
Birkir Jóhannsson, CEO of TM:
“We at TM are truly excited to join forces with Landsbankinn. For years, Landsbankinn’s customers have been among the most satisfied in the Icelandic banking market and, in recent months, TM has taken decisive steps toward achieving the same goal in the insurance market. I am convinced that by working together, TM and Landsbankinn will provide their customers with outstanding, comprehensive financial services, helping them grow and thrive while also supporting them through difficult times.”
The contractual purchase price was ISK 28.6 billion and is based on the balance sheet of TM as at the beginning of 2024. As has previously been stated, it was agreed that the final purchase price would be subject to an adjustment based on changes in TM’s tangible equity from 1 January 2024 until the handover date. The increase in TM’s tangible equity during the period 1 January 2024 to 31 December 2024 amounts to ISK 3.7 billion (profit during the period, adjusted for changes to intangible assets) bringing the purchase price adjusted for the period ending 31 December 2024 to ISK 32.3 billion. Based on this, the purchase price multiple of TM’s tangible equity is 1.80.
Final settlement of the purchase price adjustment will take place once the audited financial statements of TM as at the handover date are available, resulting in either an increase or decrease of the purchase price.
Source: GlobeNewswire (MIL-OSI)
TORONTO, Feb. 28, 2025 (GLOBE NEWSWIRE) — Financial 15 Split Corp. (the “Company”) is pleased to announce it will extend the termination date of the Company a further five year period from December 1, 2025 to December 1, 2030.
The term extension allows holders of FTN Class A Shares (“Class A Shares”) to continue to receive ongoing leveraged exposure to a portfolio consisting of high-quality financial services companies made up of Canadian and U.S. issuers, as well as receiving targeted monthly distributions. Since inception of the Company, Class A shareholders have received monthly distributions totaling $26.69 per share.
Holders of the FTN.PR.A Preferred Shares (“Preferred Shares”) are expected to continue to benefit from cumulative preferential monthly distributions. The Preferred shareholders have received a total of $12.19 per share since inception.
The extension of the term of the Company is not expected to be a taxable event and should enable shareholders to defer potential capital gains tax liability that would have otherwise been realized on the redemption of the Class A Shares or Preferred Shares at the end of the term, until such time as such shares are disposed of by shareholders.
In connection with the extension, the Company will have the right to amend the minimum rate of cumulative preferential monthly dividends to be paid to the Preferred Shares for the five year renewal period, commencing December 1, 2025. Any change to the Preferred Share minimum dividend rate for the extended term will be based on market yields for preferred shares with similar terms at such time and will be announced no later than September 30, 2025. The Company has the right to establish the rate of cumulative preferential monthly dividends to be paid to the Preferred Shares on an annual basis, subject to the five year minimum rate.
The Company invests in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial, Great-West Lifeco, CI Financial Corp, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Company. The forward-looking statements are not historical facts but reflect the Company’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Investors should read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Please read the Company’s publicly filed documents which are available at www.sedarplus.com.
| Investor Relations: | 1-877-478-2372 | Local: 416-304-4443 | www.financial15.com | info@quadravest.com |
Source: GlobeNewswire (MIL-OSI)
ST. LOUIS, Feb. 28, 2025 (GLOBE NEWSWIRE) — Stifel (NYSE: SF), the official team naming partner of the Stifel U.S. Alpine Ski Team, is proud to celebrate the 100th career World Cup victory for Mikaela Shiffrin this past weekend as she captured first place in slalom in Sestriere, Italy, by supporting her efforts to raise $100,000 for the Share Winter Foundation.
Shiffrin broke the all-time record for World Cup wins (86) back in March 2023 and has continued to build on that incredible record before notching her historic 100th win on Sunday in Italy. This season, she picked up wins 98 and 99 in late fall, before an abdominal injury at the Stifel Killington Cup in Vermont sidelined her for nearly two months.
The historic 100th win came as she led by just 0.09 seconds after the first run. But a clean and relaxed second run allowed Shiffrin to claim victory by .61 seconds over Croatia’s Zrinka Ljutic with Stifel U.S. Alpine Ski teammate Paula Moltzan placing third.
In honor of the milestone, Stifel will contribute a $10,000 donation to Shiffrin’s “MIK100: Reset the Sport” initiative to support learn-to-ski programs for youths in partnership with the Share Winter Foundation.
“Mikaela continues to raise the bar and set new standards, not just in skiing but in the history of sport,” said Stifel Chairman and CEO Ronald J. Kruszewski, who was in attendance in Killington when Shiffrin last had the 100 milestone in her sights. “To have her win number 100 by coming back from injury like she has with resilience and determination this winter is amazing to watch. And for Mikaela to use the milestone to raise money for learn-to-ski initiatives through the Share Winter Foundation is a testament to who she is as a person and athlete, looking to spread the passion and access to skiing to more people.”
In recognition of her accomplishment, Stifel created a new broadcast spot celebrating the historic moment that will run nationally, highlighting the uniqueness of Shiffrin’s outsized talent yet humble character. There are also online digital and social executions with Stifel print ads celebrating Shiffrin set to run in select markets over the coming weeks as the World Cup circuit returns to North America in late March. Creative production was handled by Known, Stifel’s agency on the Stifel U.S. Ski Team partnership.
“We are proud of our multiyear association with such an amazing athlete and global ambassador,” added Kruszewski. “Mikaela has changed the game and is building a legacy that goes beyond her results as she looks for ways to use this platform of 100 wins and create opportunities for others to engage in the sport.”
Shiffrin and the rest of the women of the Stifel U.S. Alpine Ski Team have upcoming races in Norway, Sweden, and Italy before returning to the U.S. for the Stifel Sun Valley Finals in Sun Valley, Idaho, March 22-27, to finish the World Cup calendar for this season.
Stifel Company Information
Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit https://www.stifel.com/investor-relations/press-releases.
For further information,
contact Brian Spellecy
(314) 342-2000
Translartion. Region: Russians Fedetion –
Source: Central Bank of Russia –
The volume of loans issued by microfinance organizations (MFOs) increased by more than 50% in 2024. The largest increase was shown by companies from the banking MFO segment. Moreover, 65% of loans in this segment are accounted for by MFOs, the basis of whose financial groups are the largest marketplaces and non-banking settlement credit organizations.
Such dynamics of banking MFIs is largely connected with more accessible funding at the expense of the group’s funds, which allows them to issue loans at rates on average a quarter lower than other MFIs. This makes them attractive to citizens.
The quality of the MFI portfolio in 2024 improved both due to the growth of new loans and as a result of the consistent tightening of macroprudential limits restricting issuance to high-risk borrowers. The share of loans from individuals with a DTI of 50–80% decreased to 11%, with a DTI of more than 80% — to 3%.
They will be introduced in stages from 2025 further measures, to limit the over-indebtedness of citizens. The main ones are reducing overpayments on MFO loans from 130 to 100% and limiting the number of simultaneously active expensive loans. Currently, 22% of citizens – MFO borrowers have 3 or more loans on hand at the same time. The debt of such borrowers reaches almost half of the MFO consumer portfolio.
Read more in the article “Trends in the MFI Market for 2024”.
Preview photo: nimito / 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 = 23421
Translartion. Region: Russians Fedetion –
Source: Central Bank of Russia –
Innovations that in law will come into force on March 1, are aimed at protecting the rights of citizens and will contribute to increasing the transparency of the construction industry.
Citizens (customers) using escrow accounts for payments during the construction of a private home will now have the same advantages as when purchasing an apartment in an apartment building under construction:
— the contractor will be able to receive money from the escrow account only after registering the ownership of the constructed house (if for some reason the contractor does not fulfill his obligations, the citizen will receive the money back);
— escrow accounts will be opened only inbanks with sufficient credit rating, and the funds for them will be insured up to 10 million rubles.
Citizens will have the right to refuse to continue construction of a private home and return funds from the escrow account, provided that the contractor is paid for the materials used and the work performed.
It will be possible to receive a preferential “Family Mortgage” for the construction of a private home only if funds for payment under the contract are placed in an escrow account. In this regard, the Bank of Russia expects that the mechanism will be in demand not only by citizens, but also by developers.
Contractors working under the new rules will be required to publish in the Unified Information System for Housing Construction information about the legal entity, about projects of private houses that can be built, with the estimated cost and timeframes for the work, as well as about the authorized bank in which the escrow account is opened.
Preview photo: ANNVIPS / Shutterstock / Fotodom
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
HTTPS: //vv. KBR.ru/Press/Event/? ID = 23422
Translartion. Region: Russians Fedetion –
Source: Central Bank of Russia (2) –
The taxonomy for the presentation of information on request (version 4.3.0.2) is intended for the presentation to the Bank of Russia of information submitted at the request of the Bank of Russia, and is to be used when sending the following information to the Bank of Russia:
Submission of information from credit history bureaus to the Bank of Russia starting from the reporting date of 2022-06-30 (in accordance withThe procedure for preparing and submitting information from credit history bureaus to the Bank of Russia upon request). Submission of information by insurers to the Bank of Russia starting from the reporting date 2022-07-01 (for interperiod reporting dates, i.e. reporting dates other than 31.01, 28.02, 31.03, 30.04, 31.05, 30.06, 31.07, 31.08, 30.09, 31.10, 30.11, 31.12).
Please note that for the purposes of submitting supervisory reports and accounting (financial) reports of credit history bureaus to the Bank of Russia (in accordance with Bank of Russia Instruction No. 5851-U dated 09.07.2021 “On the forms, procedure and terms for compiling and submitting reports of credit history bureaus to the Bank of Russia”), the Bank of Russia Final XBRL Taxonomy (version 4.3), published on the official website of the Bank of Russia, should continue to be used.
For the purposes of submitting supervisory and statistical reports of insurers to the Bank of Russia (in accordance with Bank of Russia Instruction No. 5724-U dated 03.02.2021 “On the forms, terms and procedure for compiling and submitting reports of insurers to the Bank of Russia”), the Bank of Russia Final XBRL Taxonomy (version 4.2), published on the official website of the Bank of Russia, should continue to be used.
For the purposes of submitting accounting (financial) statements of insurers to the Bank of Russia, the Bank of Russia Final XBRL Taxonomy (version 4.3), published on the official website of the Bank of Russia, should continue to be used.
05/30/2022
Accompanying documents for the module
More Collapse –
Methodological recommendations
More Collapse –
06/29/2022
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.
Source: European Central Bank
28 February 2025
Being a key player in digital payments and digital finance should be a priority for Europe.
As Mario Draghi pointed out in his recent report, the productivity gap between the United States and the European Union is mostly explained by technology and finance.[1] If we take the information and communications technology (ICT) and financial sectors out, the gap disappears.
If we want to close the productivity gap with the United States, we need to focus on these areas. Digital payments and digital finance stand at the intersection of these two sectors. And they are developing fast, driven by changes in habits and technology. This is both an opportunity and a risk for Europe. It is an opportunity to close the gap by developing innovative and competitive European solutions. But if we do not seize that opportunity, we run the risk of weakening our competitiveness, resilience and strategic autonomy.
At the European Central Bank (ECB), as guardians of our single currency, the euro, we consider this a matter of crucial importance. Ultimately, it is about the future of our currency. Today, the euro is the second most important currency in the international monetary system. Its share across a range of indicators stands at around 20%, and the euro area accounts for around 12% of global GDP.[2] If we want to prevent the euro from losing importance on the global stage, transacting and investing in euro needs to be seen as safe, easy and efficient, even as digitalisation transforms payments and finance.[3]
Central bank money – the central pillar of the payments and financial system – has a key role to play in connecting the different parts of the financial system in a safe and risk-free way. This is particularly relevant in Europe, where payments and finance often remain fragmented along national lines, preventing us from fully reaping the benefits of the single European market. This is true for both retail and wholesale transactions.
For retail transactions – payments made on a daily basis by consumers and businesses – our reliance on non-European solutions weakens our strategic autonomy and is a drag on productivity growth. We should ask, for example, why we don’t have a European VISA or Mastercard. A digital euro – that is, central bank money in digital form for retail transactions – would give us the chance to increase efficiency, competition, innovation and resilience while allowing European private payment solutions to scale up and protect our monetary sovereignty.[4]
For wholesale transactions – transactions between financial institutions – we need to avoid repeating the mistake we made in the retail sector and ensure that we provide the conditions for European actors to stay ahead of their competitors. New technologies offer us the opportunity to create an integrated European market for digital assets from the outset, in other words a European capital markets union.[5]
For firms and households, central bank money is currently only available in the form of cash; there is currently no equivalent in digital form, which is becoming increasingly problematic because the use and acceptance of cash are declining. In the euro area, cash transactions have fallen below card transactions in value.[6] The share of companies reporting that they do not accept cash has tripled over the last three years to 12%.[7] The European Commission has put forward a legislative proposal to ensure the acceptance of cash[8], and the ECB is committed to ensuring that cash remains as widely available and accessible as possible[9]. Still, the trend towards cash being used less for daily transactions is likely to continue owing to the digitalisation of the economy in line with what has been observed in many advanced economies.
(percentage of the value of all non-recurring day-to-day payments)
Source: ECB (2024), Study on the payment attitudes of consumers in the euro area (SPACE).
Note: The “Other” category includes bank cheques, credit transfers, direct debit, instant payments, loyalty points, vouchers and gift cards, crypto-assets, buy-now-pay-later services and other payment instruments.
Current European digital payment solutions, such as cards issued by European payment schemes, mainly cater to national markets and specific use cases. To pay across European countries, consumers have to rely on a few non-European providers. More than two-thirds of card transactions in the euro area were settled through international payment schemes in the second half of 2023.[10] And 13 out of 20 euro area countries rely entirely on non-European solutions in the absence of their own domestic payment scheme. But even those international payment solutions are not accepted everywhere and do not cover all key use cases.
Source: ECB.
As a result, one of the key objectives of central bank money – to offer the public a means of payment backed by the sovereign authority that can be used for retail transactions across the entire currency area – is not being fulfilled in the digital space.
In addition, European payments have become a prime example of the situation that Enrico Letta and Mario Draghi described in their recent reports.[11] The fragmentation of the market along national lines, the lack of European payment solutions available on a European scale and the difficulty faced by European payment service providers in keeping pace with technological advances mean that Europe is not competitive within its own market, let alone on a global scale.
Moreover, in an unstable geopolitical environment, we are being left to rely on companies based in other countries. In future, this dependency could extend beyond traditional payment service providers. Platforms like Ant Group’s Alipay have shown they know how to bridge geographical gaps: during major events like UEFA EURO 2024 they were able to boost their payment app usage among customers in Europe.
Merchants – and consumers, who bear the costs – are left to deal with the consequences of the international card schemes’ market dominance. To give just one example, the average net merchant service charges in the EU almost doubled between 2018 and 2022.[12] This increase occurred despite regulatory efforts to contain it. And the cost falls disproportionately on smaller retailers, who face charges that are three to four times higher than those paid by their larger counterparts.[13]
We must move swiftly to counter the risks stemming from Europe’s current inability to secure the integration and autonomy of its retail payment system. This is one of the key reasons behind the digital euro project: to bring central bank money into the digital age. Doing so would provide firms and households with a digital equivalent to banknotes and would strengthen our monetary sovereignty.
Complementing banknotes, the digital euro would give all European citizens and firms the freedom to make and receive digital payments seamlessly.[14]
The digital euro would provide a single, easy, secure and universally accepted public solution for digital payments in stores, online and from person to person. It would be available both online and offline, and would be free for basic use.
For merchants, the digital euro would provide seamless access to all European consumers. Moreover, it would offer an alternative that would increase competition, thereby lowering transaction costs in a more direct way than is possible through regulations and competition authorities.[15]
The digital euro would strengthen the euro area economy by fostering competition and innovation.
European payment service providers are finding it increasingly difficult to compete with international card schemes and mobile payment solutions. As the latter grow in popularity, banks risk falling behind not only in terms of interchange fees, but also in terms of client relationships and user data.
By contrast, the digital euro would ensure that payment service providers would continue to play a central role, thus enabling them to maintain customer relationships and be compensated for their services, as is currently the case.[16] It would also offer an alternative to co-badging with international card schemes for cross-border payments in – and potentially beyond – the euro area, thus promoting competition.
The digital euro would also expand the opportunities available to payment service providers while reducing the cost of offering their own services on a European scale. In addition, it would foster an environment conducive to the widespread adoption of payment innovations throughout the euro area.
Currently, several innovations aimed at simplifying payments are emerging within specific national markets or across a few countries, driven by European payment service providers. Although these innovations are highly commendable and would enhance people’s lives, existing structural barriers are hampering their efforts to achieve pan-European scale.
These solutions are struggling to achieve the scale needed to provide a service to everyone in the euro area. This limits their ability to compete effectively with the large international players who can fully leverage economies of scale, even on a global level.
The European Commission’s legislative proposal[17] foresees that the digital euro would have legal tender status; this implies that it would be accepted by all merchants who currently accept electronic payments. In reality this would equate to the creation of a pan-European network which could also be used by private solutions, thus overcoming the obstacles limiting their growth.
This would foster a more integrated European payments market. As private providers expand their geographical reach and diversify their product portfolios, they will benefit from cost efficiencies and be better positioned to compete internationally.
In essence, the network effects generated by a digital euro would function as a public good, benefiting both public and private initiatives. This approach would be akin to creating a unified European railway network or European energy grid, where various companies could competitively operate their own services and deliver added value to customers.
Instead of requiring significant investment to expand existing services across the euro area, the open digital euro standards would facilitate cost-effective standardisation, making it possible for private retail payment solution providers to launch new products and functionalities on a broader scale.
Ultimately, whether through the digital euro or private solutions, this framework would unlock innovation, create new business opportunities and improve consumer access to a diverse range of goods and services.
The design of the digital euro, as well as the key provision in the regulation proposed by the European Commission, contains all the key elements required to make this vision a reality.
Over the past years, we have extensively engaged with a multitude of market stakeholders to establish the digital euro’s features. We have collected and discussed the input of representatives of consumers, merchants, banks and payment service providers. Furthermore, we are now looking at how the digital euro could be used to provide services currently not available on the market. To this end, we launched a call for expressions of interest, asking for collaboration from stakeholders, and we received a very strong response. Through this inclusive approach, we want to take everyone’s needs and perspectives into consideration to produce a robust payments solution.
Currently, the ECB and the national central banks of those EU Member States whose currency is the euro (which we collectively refer to as the Eurosystem) offer central bank money in digital form to financial institutions through our TARGET Services: T2 settles more than 90% of the value of large payments between financial institutions, and T2S settles securities transactions. These services have been crucial in increasing the efficiency and integration of post-trade platforms in Europe.
We are committed to continuing to provide state-of-the-art settlement services in central bank money, even as new technologies emerge.
In this respect, we recognise the potential of new technologies, such as distributed ledger technology (DLT), to transform and improve wholesale financial markets by enabling assets to be issued or represented in digital token form.
DLT allows market participants to handle trading, settlement and custody on the same platform, reducing credit risk, transaction failures and reconciliation needs. It can enhance efficiency by operating on a 24/7, 365 days a year basis and settling transactions instantly, which could potentially reduce annual infrastructure operational costs. A shared DLT platform could lower market entry barriers, enable small and medium-sized enterprises and new players to access capital markets and facilitate the efficient trading of financial instruments currently not covered on regulated markets.
We have an opportunity to create an integrated European capital market for digital assets from the outset – in other words, a digital capital markets union.[18]
In fact, we have recently seen an upsurge in DLT initiatives in Europe. Over 60% of EU banks are exploring or using DLT, with 22% already implementing DLT applications. Furthermore, on the securities side, there has been an increasing number of issuances on DLT.
The ECB is aware that it has a role to play in this work from the very beginning.
The availability of central bank money to settle transactions using these new technologies is important for two reasons. First, if we don’t use central bank money, other settlement assets – such as stablecoins or tokenised deposits – will be used, which would reintroduce credit risks and fragmentation in the financial system. And second, the possibility to settle in central bank money is seen by the market as a key factor in the adoption of new technologies.
The Eurosystem has already worked with the market to test settling wholesale transactions in central bank money using DLT. In exploratory work we carried out in 2024, for example, we offered three different solutions to link our TARGET services to market DLT platforms. This allowed industry participants to either settle real transactions in central bank money or conduct experiments with mock transactions.[19]
This exploratory work stands out at the global level in terms of its scale and scope. Overall, 60 industry participants took part, including incumbents and new entrants. More than 40 experiments and trials covered a wide range of securities and payments use cases, including the first issuance of an EU sovereign bond using DLT. A total value of €1.6 billion was settled via trials over a six-month period, exceeding values settled in comparable initiatives in other jurisdictions.
In the short term, the Eurosystem will aim to make it possible to settle DLT transactions in central bank money, with a view to enabling the further development of DLT on the market.[20] The technological solution will be based on interoperability between market DLTs and the Eurosystem, but also – and this is crucial – between market platforms, based on strong and enforceable standards.
Looking further ahead, we will investigate how DLT can be used to create a more integrated financial market. With new technology, there is the opportunity to create a new ecosystem from scratch in a more integrated and harmonised manner. One way to achieve this integrated ecosystem in the longer term would be to move towards a European shared ledger. This would bring together token versions of central bank money, commercial bank money and other digital assets on a shared, programmable platform, on which market participants could provide their services. Another option could be the coordinated development of an ecosystem of fully interoperable technical solutions, which might better serve specific use cases and enable legacy and new solutions to coexist.
The trade-offs between the benefits of such flexibility and those of bringing everyone together on one platform need further analysis. We will reflect on these trade-offs and refine this long-term vision together with private and public sector stakeholders.
In the current fast-moving environment, Europe cannot stand still. If we do not bring central bank money into the digital age, we will hamper Europe’s competitiveness, resilience and strategic autonomy. And we will miss out on the opportunities that digital payments and digital finance offer. Others would reap the benefits instead.
By ensuring that central bank money keeps pace with digitalisation and new technologies, we would safeguard our monetary sovereignty. We would overcome fragmentation by offering money that can be used for any digital transactions in the euro area. We would foster competition and innovation. And we would strengthen our autonomy and resilience.
Translartion. Region: Russians Fedetion –
Source: Moscow Exchange – Moscow Exchange –
| Application selection parameters | |
|---|---|
| Date of the selection of applications | 02.28.2025 |
| Unique identifier of the application selection | 22025042 |
| Deposit currency | rubles |
| Type of funds | funds of the single treasury account |
| Maximum amount of funds placed in bank deposits, million monetary units | 1,288,000 |
| Placement period, in days | 4 |
| Date of deposit | 02.28.2025 |
| Refund date | 04.03.2025 |
| Interest rate for placement of funds (fixed or floating) | Fix |
| Minimum fixed interest rate for placement of funds, % per annum | 20.05 |
| Basic floating interest rate for placement of funds | – |
| Minimum spread, % per annum | – |
| Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) | Urgent |
| Minimum amount of funds placed for one application, million monetary units | 1,000 |
| Maximum number of applications from one credit institution, pcs. | 5 |
| Application selection form (open or closed) | Open |
| Application selection schedule (Moscow time) | |
| Venue for the selection of applications | PAO Moscow Exchange |
| Applications accepted: | from 09:30 to 09:40 |
| Preliminary applications: | from 09:30 to 09:35 |
| Applications in competition mode: | from 09:35 to 09:40 |
| Formation of a consolidated register of applications: | from 09:40 to 09:50 |
| Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: | from 09:40 to 10:00 |
| Submission of an offer to credit institutions to conclude a bank deposit agreement: | from 10:00 to 10:50 |
| Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: | from 10:00 to 10:50 |
| Deposit transfer time | In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n |
| Application selection parameters | |
|---|---|
| Date of the selection of applications | 02.28.2025 |
| Unique identifier of the application selection | 22025043 |
| Deposit currency | rubles |
| Type of funds | funds of the single treasury account |
| Maximum amount of funds placed in bank deposits, million monetary units | 50,000 |
| Placement period, in days | 182 |
| Date of deposit | 02.28.2025 |
| Refund date | 08/29/2025 |
| Interest rate for placement of funds (fixed or floating) | Flotting |
| Minimum fixed interest rate for placement of funds, % per annum | – |
| Basic floating interest rate for placement of funds | Ruonmds |
| Minimum spread, % per annum | 0.00 |
| Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) | Special |
| Minimum amount of funds placed for one application, million monetary units | 1,000 |
| Maximum number of applications from one credit institution, pcs. | 5 |
| Application selection form (open or closed) | Open |
| Application selection schedule (Moscow time) | |
| Venue for the selection of applications | PAO Moscow Exchange |
| Applications accepted: | from 12:00 to 12:10 |
| Preliminary applications: | from 12:00 to 12:05 |
| Applications in competition mode: | from 12:05 to 12:10 |
| Formation of a consolidated register of applications: | from 12:10 to 12:20 |
| Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: | from 12:10 to 12:30 |
| Submission of an offer to credit institutions to conclude a bank deposit agreement: | from 12:30 to 13:20 |
| Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: | from 12:30 to 13:20 |
| Deposit transfer time | In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n |
RUONmDS = RUONIA – DS, where
RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a RUONIA rate value published on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.
DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.
| Application selection parameters | |
|---|---|
| Date of the selection of applications | 02.28.2025 |
| Unique identifier of the application selection | 22025044 |
| Deposit currency | rubles |
| Type of funds | funds of the single treasury account |
| Maximum amount of funds placed in bank deposits, million monetary units | 10,000 |
| Placement period, in days | 4 |
| Date of deposit | 02.28.2025 |
| Refund date | 04.03.2025 |
| Interest rate for placement of funds (fixed or floating) | Fix |
| Minimum fixed interest rate for placement of funds, % per annum | 20.05 |
| Basic floating interest rate for placement of funds | – |
| Minimum spread, % per annum | – |
| Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) | Urgent |
| Minimum amount of funds placed for one application, million monetary units | 1,000 |
| Maximum number of applications from one credit institution, pcs. | 5 |
| Application selection form (open or closed) | Open |
| Application selection schedule (Moscow time) | |
| Venue for the selection of applications | PAO Moscow Exchange |
| Applications accepted: | from 18:30 to 18:40 |
| Preliminary applications: | from 18:30 to 18:35 |
| Applications in competition mode: | from 18:35 to 18:40 |
| Formation of a consolidated register of applications: | from 18:40 to 18:50 |
| Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: | from 18:40 to 18:50 |
| Submission of an offer to credit institutions to conclude a bank deposit agreement: | from 18:50 to 19:30 |
| Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: | from 18:50 to 19:30 |
| Deposit transfer time | In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n |
Contact information for media 7 (495) 363-3232Pr@moex.kom
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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
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Source: Hong Kong Government special administrative region
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (February 28) the list of banks for the RMB Trade Financing Liquidity Facility (RMB TFLF) in Phase 1 (see Annex), effective from today.
About RMB50 billion of the total size of RMB100 billion of this facility has been allocated to the participating banks. A specific quota is assigned to each bank based on the pipelines as expected by the bank, and referencing the bank’s existing scale of relevant business, among other factors. The banks can now apply for RMB funds from the HKMA from today through the RMB TFLF based on their provision of RMB trade finance to corporate customers within the assigned quota.
The HKMA will closely review the implementation of the RMB TFLF, including its operation, banks’ RMB trade finance activities and facility usage, as well as market development needs. Subject to the operation of the facility and market demand, we plan to proceed to the next phase of quota allocation around the middle of this year. Banks not yet ready in Phase 1 are encouraged to continue developing their RMB trade finance business so as to be ready to join in later phases. Terms and operation details of the RMB TFLF are found in this Circular.
Source: GlobeNewswire (MIL-OSI)
MONTREAL, Feb. 28, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the three-month period and year ended December 31, 2024.
Highlights
Financial results
Update on development and construction activities
| 1 | EBITDA(A) is a total of segment measures. Anticipated production is an additional financial measure. “Combined,” “discretionary cash flows” and “available cash resources and authorized financing” are non-GAAP financial measures and do not have a standardized definition under IFRS. Consequently, these measures may not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release. |
| 2 | Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis. |
“The year 2024 proved to be full of challenges, which our employees met head-on. I would highlight in particular the significant effort our team invested in 2024 to secure nearly $1.2 billion in financing, a record for Boralex, on very good terms. Despite high volatility in the financial markets and pressure on the stock prices of renewable energy companies, notably in the wake of the American elections, we are convinced that renewable energy development will continue in many regions. Strong growth in electricity demand is expected in the regions where we are developing wind and solar farms and battery storage systems, namely Canada, the United Kingdom, the United States and France,” said Patrick Decostre, President and Chief Executive Officer of Boralex.
Renewable energy, which is the most competitive type of energy, can be brought on line to meet demand much faster than other types of energy. Boralex is in a position to capitalize on its project pipeline and growth path, which now represent more than 8 GW of power, and will continue to develop key projects with rates of return in line with its targets.
“Boralex saw its financial results decline in fiscal 2024, mainly as a result of adverse wind conditions in France and to a lesser extent in Canada, as well as impairment of an asset. During the year, we continued to implement our various initiatives aimed at optimizing administrative, financial and development costs. We ended our 2024 financial year with net earnings of $74 million, a strong balance sheet and good financial flexibility, with over $500 million in available cash resources and authorized financing,” Mr. Decostre added.
Boralex continues to excel on the corporate social responsibility front. In 2024, the Corporation announced that it was one of the few in the industry to have had its greenhouse gas emission reduction targets validated by the Science Based Targets initiative (SBTi). This recognition shows Boralex’s commitment to achieving net zero emissions by 2050. In addition, Boralex ranked 94th out of the 215 S&P/TSX Composite Index companies and trusts analysed as part of The Board Games, with a score of 80/100, while in 2023 it was 102nd with a score of 76. Finally, Boralex placed 15th in the ranking of Canada’s 50 best corporate citizens, out of the 340 leading Canadian organizations analysed.
4th quarter highlights
Three-month periods ended December 31
| Consolidated | Combined | |||||||||||||||||||
| (in millions of Canadian dollars, unless otherwise specified) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||
| $ | % | $ | % | |||||||||||||||||
| Power production (GWh)1 | 1,520 | 1,814 | (294 | ) | (16 | ) | 2,099 | 2,351 | (252 | ) | (11 | ) | ||||||||
| Revenues from energy sales and feed-in premium | 228 | 315 | (87 | ) | (28 | ) | 258 | 345 | (87 | ) | (25 | ) | ||||||||
| Operating income | 78 | 98 | (20 | ) | (21 | ) | 53 | 119 | (66 | ) | (55 | ) | ||||||||
| EBITDA(A) | 169 | 202 | (33 | ) | (17 | ) | 191 | 229 | (38 | ) | (17 | ) | ||||||||
| Net earnings (loss) | (2 | ) | 58 | (60 | ) | >(100 | ) | (2 | ) | 58 | (60 | ) | >(100 | ) | ||||||
| Net earnings (loss) attributable to shareholders of Boralex | (16 | ) | 37 | (53 | ) | >(100 | ) | (16 | ) | 37 | (53 | ) | >(100 | ) | ||||||
| Per share – basic and diluted | ($0.15 | ) | $0.36 | ($0.51 | ) | >(100 | ) | ($0.15 | ) | $0.36 | ($0.51 | ) | >(100 | ) | ||||||
| Net cash flows related to operating activities | 31 | 107 | (76 | ) | (71 | ) | — | — | — | — | ||||||||||
| Cash flows from operations2 | 105 | 161 | (56 | ) | (35 | ) | — | — | — | — | ||||||||||
| Discretionary cash flows | 47 | 91 | (44 | ) | (48 | ) | — | — | — | — | ||||||||||
In the fourth quarter of 2024, Boralex produced 1,520 GWh (2,099 GWh) of power, 16% (11%) less than the 1,814 GWh (2,351 GWh) produced in the same quarter of 2023. The decrease was mainly attributable to adverse weather conditions. As a result, Boralex ended the quarter with total production that was 16% (12%) below anticipated production.
Revenues from energy sales and feed-in premiums for the three-month period ended December 31, 2024, amounted to $228 million ($258 million), 28% (25%) lower than in the fourth quarter of 2023. The decrease was mainly attributable to the lower production. EBITDA(A) amounted to $169 million ($191 million), down 17% (17%) from the fourth quarter of 2023. The decline in production was partly offset by the contribution of new assets commissioned in France and the positive impact of the electricity selling price optimization strategy. Operating income totalled $78 million ($53 million), compared to $98 million ($119 million) for the same quarter of 2023. The Company posted a net loss of $2 million, which represents a $60 million decrease from the $58 million in net earnings reported for the fourth quarter of 2023.
| 1 | Power production includes the production for which Boralex received financial compensation following power generation limitations as management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed-in premium. |
| 2 | The cash flows from operations is a non-GAAP financial measure and does not have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section of this press release. |
Years ended December 31
| Consolidated | Combined | |||||||||||||||||
|
(in millions of Canadian dollars, unless otherwise specified) |
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||
| $ | % | $ | % | |||||||||||||||
| Power production (GWh)1 | 5,691 | 5,973 | (282 | ) | (5 | ) | 7,845 | 8,020 | (175 | ) | (2 | ) | ||||||
| Revenues from energy sales and feed-in premium | 817 | 994 | (177 | ) | (18 | ) | 933 | 1,104 | (171 | ) | (15 | ) | ||||||
| Operating income | 226 | 226 | — | — | 267 | 306 | (39 | ) | (12 | ) | ||||||||
| EBITDA(A) | 581 | 578 | 3 | — | 670 | 675 | (5 | ) | (1 | ) | ||||||||
| Net earnings | 74 | 115 | (41 | ) | (35 | ) | 74 | 115 | (41 | ) | (35 | ) | ||||||
| Net earnings attributable to shareholders of Boralex | 36 | 78 | (42 | ) | (54 | ) | 36 | 78 | (42 | ) | (54 | ) | ||||||
| Per share – basic and diluted | $0.35 | $0.76 | ($0.41 | ) | (54 | ) | $0.35 | $0.76 | ($0.41 | ) | (54 | ) | ||||||
| Net cash flows related to operating activities | 215 | 496 | (281 | ) | (57 | ) | — | — | — | — | ||||||||
| Cash flows from operations | 415 | 445 | (30 | ) | (7 | ) | — | — | — | — | ||||||||
| Discretionary cash flows | 158 | 184 | (26 | ) | (14 | ) | — | — | — | — | ||||||||
| As at Dec. 31 |
As at Dec. 31 |
Change | As at Dec. 31 |
As at Dec. 31 |
Change | |||||||||||||
| $ | % | $ | % | |||||||||||||||
| Total assets | 7,604 | 6,574 | 1,030 | 16 | 8,476 | 7,304 | 1,172 | 16 | ||||||||||
| Debt – principal balance | 4,032 | 3,327 | 705 | 21 | 4,588 | 3,764 | 824 | 22 | ||||||||||
| Total project debt | 3,608 | 2,844 | 764 | 27 | 4,166 | 3,281 | 885 | 27 | ||||||||||
| Total corporate debt | 424 | 483 | (59 | ) | (12 | ) | 424 | 483 | (59 | ) | (12 | ) | ||||||
For the year ended December 31, 2024, Boralex produced 5,691 GWh (7,845 GWh) of power, less than the 5,973 GWh (8,020 GWh) produced during the same period in 2023. Revenues from energy sales and feed-in premiums for the financial year ended December 31, 2024, amounted to $817 million ($933 million), down $177 million ($171 million) or 18% (15%) from the same period in 2023.
EBITDA(A) amounted to $581 million ($670 million), up $3 million (down $5 million) from the same period last year. Operating income totalled $226 million ($267 million), essentially unchanged (down $39 million) from the same period in 2023. Overall, Boralex posted net earnings of $74 million ($74 million) for the financial year ended December 31, 2024, compared to $115 million ($115 million) for fiscal 2023.
| 1 | Power production includes the production for which Boralex received financial compensation following power generation limitations imposed by its customers since management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed-in premiums. |
Outlook
Boralex’s 2025 Strategic Plan is built around the same four strategic directions as the plan launched in 2019 – growth, diversification, customers and optimization – and six corporate targets. The details of the plan, which also sets out Boralex’s corporate social responsibility strategy, are found in the Corporation’s annual report. Highlights of the main achievements for the 2024 financial year in relation to the 2025 Strategic Plan can be found in the 2024 Annual Report, in the Investors section of the Boralex website.
In the coming quarters, Boralex will continue to work on its various initiatives under the strategic plan, including project development, analysis of acquisition targets and optimization of power sales and operating costs. The Corporation will present a new plan for the period to 2030 during the course of 2025.
Finally, to fuel its organic growth, the Corporation has a portfolio of projects under development and growth path based on clearly identified criteria, totalling more than 8 GW of wind, solar and energy storage projects.
About Boralex
At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3.1 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.
For more information, visit www.boralex.com or www.sedarplus.ca. Follow us on Facebook and LinkedIn.
Non-IFRS measures
Performance measures
In order to assess the performance of its assets and reporting segments, Boralex uses performance measures. Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations. The non-IFRS and other financial measures also provide investors with insight into the Corporation’s decision making as the Corporation uses these non-IFRS financial measures to make financial, strategic and operating decisions. The non-IFRS and other financial measures should not be considered as substitutes for IFRS measures.
These non-IFRS and other financial measures are derived primarily from the audited consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies. Non-IFRS and other financial measures are not audited. They have important limitations as analytical tools and investors are cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS financial measures.
| Non-IFRS financial measures | |||
| Specific financial measure |
Use | Composition | Most directly comparable IFRS measure |
| Financial data – Combined (all disclosed financial data) | To assess the operating performance and the ability of a company to generate cash from its operations and investments in joint ventures and associates. | Results from the combination of the financial information of Boralex Inc. under IFRS and the share of the financial information of the Interests.
Interests in the Joint Ventures and associates, Share in earnings (losses) of the Joint Ventures and associates and Distributions received from the Joint Ventures and associates are then replaced with Boralex’s respective share in the financial statements of the Interests (revenues, expenses, assets, liabilities, etc.) |
Respective financial data – Consolidated |
| Discretionary cash flows | To assess the cash generated from operations and the amount available for future development or to be paid as dividends to common shareholders while preserving the long-term value of the business.
Corporate objectives for 2025 from the strategic plan. |
Net cash flows related to operating activities before “change in non-cash items related to operating activities,” less (i) distributions paid to non-controlling shareholders; (ii) additions to property, plant and equipment (maintenance of operations); (iii) repayments on non-current debt (projects) and repayments to tax equity investors; (iv) principal payments related to lease liabilities; (v) adjustments for non-operational items; plus (vi) development costs (from the statement of earnings). |
Net cash flows related to operating activities |
| Cash flows from operations | To assess the cash generated by the Company’s operations and its ability to finance its expansion from these funds. | Net cash flows related to operating activities before changes in non-cash items related to operating activities. | Net cash flows related to operating activities |
| Non-IFRS financial measures | |||
| Specific financial measure |
Use | Composition | Most directly comparable IFRS measure |
| Available cash and cash equivalents | To assess the cash and cash equivalents available, as at balance sheet date, to fund the Corporation’s growth. | Represents cash and cash equivalents, as stated on the balance sheet, from which known short-term cash requirements are excluded. | Cash and cash equivalents |
| Available cash resources and authorized financing | To assess the total cash resources available, as at balance sheet date, to fund the Corporation’s growth. | Results from the combination of credit facilities available to fund growth and the available cash and cash equivalents. | Cash and cash equivalents |
| Other financial measures – Total of segments measure | |
| Specific financial measure | Most directly comparable IFRS measure |
| EBITDA(A) | Operating income |
| Other financial measures – Supplementary Financial Measures | |
| Specific financial measure | Composition |
| Credit facilities available for growth | The credit facilities available for growth include the unused tranche of the parent company’s credit facility, apart from the accordion clause, as well as the unused tranche credit facilities of subsidiaries which includes the unused tranche of the credit facility- France and the unused tranche of the construction facility. |
| Anticipated production | For older sites, anticipated production by the Corporation is based on adjusted historical averages, planned commissioning and shutdowns and, for all other sites, on the production studies carried out. |
Combined
The following tables reconcile Consolidated financial data with data presented on a Combined basis:
| 2024 | 2023 | |||||||||
| (in millions of Canadian dollars) | Consolidated | Reconciliation(1) | Combined | Consolidated | Reconciliation(1) | Combined | ||||
| Three-month periods ended December 31: | ||||||||||
| Power production (GWh)(2) | 1,520 | 579 | 2,099 | 1,814 | 537 | 2,351 | ||||
| Revenues from energy sales and feed-in premium | 228 | 30 | 258 | 315 | 30 | 345 | ||||
| Operating income | 78 | (25 | ) | 53 | 98 | 21 | 119 | |||
| EBITDA(A) | 169 | 22 | 191 | 202 | 27 | 229 | ||||
| Net earnings (loss) | (2 | ) | — | (2 | ) | 58 | — | 58 | ||
| Years ended December 31: | ||||||||||
| Power production (GWh)(2) | 5,691 | 2,154 | 7,845 | 5,973 | 2,047 | 8,020 | ||||
| Revenues from energy sales and feed-in premiums | 817 | 116 | 933 | 994 | 110 | 1,104 | ||||
| Operating income | 226 | 41 | 267 | 226 | 80 | 306 | ||||
| EBITDA(A) | 581 | 89 | 670 | 578 | 97 | 675 | ||||
| Net earnings | 74 | — | 74 | 115 | — | 115 |
| As at December 31, 2024 |
As at December 31, 2023 |
|||||||||
| Total assets | 7,604 | 872 | 8,476 | 6,574 | 730 | 7,304 | ||||
| Debt – Principal balance | 4,032 | 556 | 4,588 | 3,327 | 437 | 3,764 | ||||
| (1) | Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS. This contribution is attributable to the North America segment’s wind farms and includes corporate expenses of $2 million under EBITDA(A) for the year ended December 31, 2024 ($2 million as at December 31, 2023). |
| (2) | Includes compensation following electricity production limitations. |
EBITDA(A)
EBITDA(A) is a total of segment financial measures and represents earnings before interest, taxes, depreciation and amortization, adjusted to exclude other items such as acquisition and integration costs, other losses (gains), net loss (gain) on financial instruments and foreign exchange loss (gain), with the last two items included under Other.
EBITDA(A) is used to assess the performance of the Corporation’s reporting segments.
EBITDA(A) is reconciled to the most comparable IFRS measure, namely, operating income, in the following table:
| 2024 | 2023 | Change 2024 vs 2023 |
||||||||||||||
| (in millions of Canadian dollars) | Consolidated | Reconciliation(1) | Combined | Consolidated | Reconciliation(1) | Combined | Consolidated | Combined |
||||||||
| Three-month periods ended December 31: | ||||||||||||||||
| EBITDA(A) | 169 | 22 | 191 | 202 | 27 | 229 | (33 | ) | (38 | ) | ||||||
| Amortization | (73 | ) | (15 | ) | (88 | ) | (75 | ) | (14 | ) | (89 | ) | 2 | 1 | ||
| Impairment | — | (47 | ) | (47 | ) | (20 | ) | (1 | ) | (21 | ) | 20 | (26 | ) | ||
| Other gains (losses) | (3 | ) | — | (3 | ) | 1 | (1 | ) | — | (4 | ) | (3 | ) | |||
| Share in earnings of joint ventures and associates | (3 | ) | 3 | — | (17 | ) | 17 | — | 14 | — | ||||||
| Change in fair value of a derivative included in the share in earnings of a joint venture | — | — | — | 7 | (7 | ) | — | (7 | ) | — | ||||||
| Impairment included in the share in earnings of a joint venture | (12 | ) | 12 | — | — | — | — | (12 | ) | — | ||||||
| Operating income | 78 | (25 | ) | 53 | 98 | 21 | 119 | (20 | ) | (66 | ) | |||||
| Years ended December 31: | ||||||||||||||||
| EBITDA(A) | 581 | 89 | 670 | 578 | 97 | 675 | 3 | (5 | ) | |||||||
| Amortization | (297 | ) | (59 | ) | (356 | ) | (293 | ) | (58 | ) | (351 | ) | (4 | ) | (5 | ) |
| Impairment | (5 | ) | (47 | ) | (52 | ) | (20 | ) | (1 | ) | (21 | ) | 15 | (31 | ) | |
| Other gains | 5 | — | 5 | 1 | 2 | 3 | 4 | 2 | ||||||||
| Share in earnings of joint ventures and associates | (46 | ) | 46 | — | (59 | ) | 59 | — | 13 | — | ||||||
| Change in fair value of a derivative included in the share in earnings of a joint venture | — | — | — | 19 | (19 | ) | — | (19 | ) | — | ||||||
| Impairment included in the share in earnings of a joint venture | (12 | ) | 12 | — | — | — | — | (12 | ) | — | ||||||
| Operating income | 226 | 41 | 267 | 226 | 80 | 306 | — | (39 | ) | |||||||
| (1) | Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS. |
Cash flow from operations and discretionary cash flows
The Corporation computes the cash flow from operations and discretionary cash flows as follows:
| Consolidated | ||||||||
| Three-month periods ended | Years ended | |||||||
| December 31 | December 31 | |||||||
| (in millions of Canadian dollars) | 2024 | 2023 | 2024 | 2023 | ||||
| Net cash flows related to operating activities | 31 | 107 | 215 | 496 | ||||
| Change in non-cash items relating to operating activities | 74 | 54 | 200 | (51 | ) | |||
| Cash flows from operations | 105 | 161 | 415 | 445 | ||||
| Repayments on non-current debt (projects)(1) | (53 | ) | (50 | ) | (240 | ) | (232 | ) |
| Adjustment for non-operating items(2) | 5 | 2 | 7 | 6 | ||||
| 57 | 113 | 182 | 219 | |||||
| Principal payments related to lease liabilities(3) | (6 | ) | (4 | ) | (19 | ) | (17 | ) |
| Distributions paid to non-controlling shareholders(4) | (17 | ) | (33 | ) | (52 | ) | (57 | ) |
| Additions to property, plant and equipment (maintenance of operations)(5) | (3 | ) | 2 | (10 | ) | (6 | ) | |
| Development costs (from statement of earnings)(6) | 16 | 13 | 57 | 45 | ||||
| Discretionary cash flows | 47 | 91 | 158 | 184 | ||||
| (1) | Includes repayments on non-current debt (projects) and repayments to tax equity investors, and excludes VAT bridge financing, early debt repayments and repayments under the construction facility – Boralex Energy Investments portfolio and the CDPQ Fixed Income Inc. term loan. |
| (2) | For the years ended December 31, 2024 and December 31, 2023, favourable adjustment consisting mainly of acquisition, integration and other non-operating miscellaneous items. |
| (3) | Excludes the principal payments related to lease liabilities for projects under development and construction. |
| (4) | Comprises distributions paid to non-controlling shareholders as well as the portion of discretionary cash flows attributable to the non-controlling shareholder of Boralex Europe Sàrl. |
| (5) | Excludes the additions to the property, plant and equipment of regulated assets (treated as assets under construction since they are regulated assets for which investments in the plant are considered in the setting of its electricity selling price). During the fourth quarter of 2023, an amount of $4 million was reclassified as new property, plant, and equipment under construction. |
| (6) | During Q1-2024, the Corporation reclassified the employee benefits for 2023 and 2024 related to its incentive plans, which were reported in full under Operating expenses in the consolidated statements of earnings. To better allocate these expenses to the Corporation’s various functions and thus provide more relevant information to users of the financial statements, the Corporation is now allocating these costs to Operating, Administrative and Development expenses in the consolidated statements of earnings according to the breakdown of staff. This change resulted in a $1 million increase in development costs for the three-month period ended December 31, 2023 and $5 million increase for the year ended December 31, 2023. |
Available cash and cash equivalents and available cash resources and authorized financing
The Corporation defines available cash and cash equivalents as well as available cash resources and authorized financing as follows:
| Consolidated | ||||
| As at December 31 | As at December 31 | |||
| (in millions of Canadian dollars) | 2024 | 2023 | ||
| Cash and cash equivalents | 592 | 478 | ||
| Cash and cash equivalents held by entities subject to project debt agreement and restrictions(1) | (526 | ) | (388 | ) |
| Bank overdraft | (5 | ) | (6 | ) |
| Available cash and cash equivalents | 61 | 84 | ||
| Credit facilities available for growth | 462 | 463 | ||
| Available cash resources and authorized financing | 523 | 547 | ||
| (1) | This cash can be used for the operations of the respective projects, but is subject to restrictions for non-project related purposes under the credit agreements. |
Disclaimer regarding forward-looking statements
Certain statements contained in this release, including those related to results and performance for future periods, installed capacity targets, EBITDA(A) and discretionary cash flows, the Corporation’s strategic plan, business model and growth strategy, organic growth and growth through mergers and acquisitions, obtaining an investment grade credit rating, payment of a quarterly dividend, the Corporation’s financial targets, the projects commissioning dates, the portfolio of renewable energy projects, the Corporation’s Growth Path, the bids for new storage and solar projects and its Corporate Social Responsibility (CSR) objectives are forward-looking statements based on current forecasts, as defined by securities legislation. Positive or negative verbs such as “will,” “would,” “forecast,” “anticipate,” “expect,” “plan,” “project,” “continue,” “intend,” “assess,” “estimate” or “believe,” or expressions such as “toward,” “about,” “approximately,” “to be of the opinion,” “potential” or similar words or the negative thereof or other comparable terminology, are used to identify such statements.
Forward-looking statements are based on major assumptions, including those about the Corporation’s return on its projects, as projected by management with respect to wind and other factors, opportunities that may be available in the various sectors targeted for growth or diversification, assumptions made about EBITDA(A) margins, assumptions made about the sector realities and general economic conditions, competition, exchange rates as well as the availability of funding and partners. While the Corporation considers these factors and assumptions to be reasonable, based on the information currently available to the Corporation, they may prove to be inaccurate.
Boralex wishes to clarify that, by their very nature, forward-looking statements involve risks and uncertainties, and that its results, or the measures it adopts, could be significantly different from those indicated or underlying those statements, or could affect the degree to which a given forward-looking statement is achieved. The main factors that may result in any significant discrepancy between the Corporation’s actual results and the forward-looking financial information or expectations expressed in forward-looking statements include the general impact of economic conditions, fluctuations in various currencies, fluctuations in energy prices, the risk of not renewing PPAs or being unable to sign new corporate PPA, the risk of not being able to capture the US or Canadian investment tax credit, counterparty risk, the Corporation’s financing capacity, cybersecurity risks, competition, changes in general market conditions, industry regulations and amendments thereto, particularly the legislation, regulations and emergency measures that could be implemented for time to time to address high energy prices in Europe, litigation and other regulatory issues related to projects in operation or under development, as well as certain other factors considered in the sections dealing with risk factors and uncertainties appearing in Boralex’s MD&A for the fiscal year ended December 31, 2024.
Unless otherwise specified by the Corporation, forward-looking statements do not take into account the effect that transactions, non-recurring items or other exceptional items announced or occurring after such statements have been made may have on the Corporation’s activities. There is no guarantee that the results, performance or accomplishments, as expressed or implied in the forward-looking statements, will materialize. Readers are therefore urged not to rely unduly on these forward-looking statements.
Unless required by applicable securities legislation, Boralex’s management assumes no obligation to update or revise forward- looking statements in light of new information, future events or other changes.
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