Category: Banking

  • MIL-OSI Banking: Chairman’s Statement of The 27th ASEAN-Japan Summit

    Source: ASEAN

    The 27th ASEAN-Japan Summit was held on 10 October 2024 in Vientiane, Lao PDR. The Summit was chaired by H.E. Mr. Sonexay Siphandone, Prime Minister of the Lao People’s Democratic Republic. The Summit was attended by ASEAN Member States, H.E. Mr. Ishiba Shigeru, Prime Minister of Japan, as well as the Prime Minister of the Democratic Republic of Timor-Leste as Observer. The Secretary-General of ASEAN was also in attendance.We reiterated our support for the Lao PDR’s priorities for its ASEAN Chairmanship 2024 under the theme “ASEAN: Enhancing Connectivity and Resilience,” which reaffirmed ASEAN’s commitment to strengthening the ASEAN Community through intensifying ASEAN cooperation under the three community pillars, promoting infrastructure connectivity, narrowing the development gaps, enhancing economic integration and people-to-people exchanges, and further strengthening ASEAN’s relations with external partners, while maintaining ASEAN’s relevance and ASEAN Centrality in the evolving regional architecture. We applauded the Lao PDR for successfully convening the 57th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings in July 2024, in Vientiane, Lao PDR.Download the full statement here.

    The post Chairman’s Statement of The 27th ASEAN-Japan Summit appeared first on ASEAN Main Portal.

    MIL OSI Global Banks

  • MIL-OSI Asia-Pac: PM GatiShakti National Master Plan completes 3 years of transforming India’s Infrastructure landscape

    Source: Government of India (2)

    PM GatiShakti National Master Plan completes 3 years of transforming India’s Infrastructure landscape

    PM GatiShakthi has reduced logistics cost and enabled better service delivery:Shri Piyush Goyal

    More than 44 central Ministries and 36 States and Union territories onboarded: Secretary DPIIT

    Posted On: 12 OCT 2024 3:57PM by PIB Delhi

    The PM GatiShakti National Master Plan (NMP) for muti-modal connectivity, launched by Hon’ble Prime Minister Shri Narendra Modi on 13th October 2021, completes three years today having achieved significant milestones in transforming the country’s infrastructure landscape.

    On this occasion, the Union Commerce and Industry Minister, Shri Piyush Goyal said, “PM GatiShakti has brought about a paradigm shift in how India plans and implements infrastructure projects. By integrating data from multiple Ministries and States, we have created a more efficient, transparent, and outcome-driven system. The impact is visible in faster project execution, lower logistics costs, and better services reaching every corner of the country.”

    According to Secretary DPIIT, Shri Amardeep Singh Bhatia, “PM GatiShakti NMP launched as the transformative approach 3 years ago by Hon’ble Prime Minister, has accelerated the infrastructure planning & development process leveraging geospatial technology and the Whole of the Government approach. During the last three years, more than 44 Central Ministries and 36 States/UTs have been onboarded, their data layers have been integrated and are provided with their own geospatial planning portal.”

    With its vision to bring synergy across Ministries/Departments, and States/UTs, the PM GatiShakti has successfully laid the groundwork for seamless, multi-modal connectivity and accelerated economic growth. The PM GatiShakti has redefined how India plans and executes large-scale infrastructure projects. By harnessing geospatial data from 44 Central Ministries and 36 States/UTs, the platform has significantly improved inter-ministerial coordination and streamlined project execution.

    Key Achievements:

    On boarding Whole of the Government on the Single platform

    PM GatiShakti has integrated 44 Central Ministries and 36 States/UTs with more than 1600 data layers, making it a crucial tool for planning and executing infrastructure projects. To date, over 200 big-ticket infrastructure projects have been evaluated by the Networking Planning Group (NPG) from the perspective of the principles of the PM GatiShakti viz. integrated planning & development of multimodal infrastructure, last-mile connectivity to economic and social nodes, intermodal connectivity, enhance logistics efficiency and synchronised implementation of projects.

    Social Sector Impact: Extending the PM GatiShakti to the Social Sector Ministries, the focus is on increasing the usage of the PM GatiShakti for social development, identifying social gaps (schools, hospitals, anganwadis) using, and developing applications and planning tools for capturing data. This has enabled better infrastructure planning in essential areas such as primary healthcare, education, postal services, and tribal development, ensuring that even remote and underserved areas are part of India’s infrastructure growth story.

    PM GatiShakti State Master Plans (SMPs): All 36 States/UTs have developed the PM GatiShakti State Master Plan (SMP) portals, aligned with the PM GatiShakti National Master Plan platform to synchronise infrastructure assets and enhance regional development. This unified approach has helped States streamline their capital investment for accelerating infrastructure development. Over 533 projects have been mapped by States/UTs on the PM GatiShakti portal.

    EXIM and Trade Facilitation: Aligned with the National Logistics Policy (NLP), the PM GatiShakti has been instrumental in addressing critical infrastructure gaps, reducing logistics costs, and improving India’s logistics performance. According to the World Bank’s ‘Logistics Performance Index Report (2023) India’s rank (38) has improved by six places from 44 in 2018.

    Regional Workshops and Stakeholder Engagement: Following the spirit of cooperative federalism, over the last three years, five regional workshops have been conducted, covering all 36 States/UTs to facilitate knowledge sharing, best practices, and project demonstration by Central and States Governments. These engagements have played a key role in strengthening local adoption and ownership of the GatiShakti framework.

    Driving Sustainable, Data-Driven Development: The PM GatiShakti’s data-driven approach is powered by GIS-based tools and a real-time monitoring system that enables faster and more informed decision-making. The platform ensures that projects are aligned with national priorities and completed on time, minimising delays and reducing cost overruns. This integration is key to meeting India’s Net Zero by 2070 commitments, as the platform promotes the use of green infrastructure and sustainable logistics solutions.

    Training and Capacity Building: As the PM GatiShakti is a new initiative with an advanced GIS platform, DPIIT has undertaken the task to train officials for build their capacities. The PM GatiShakti National Master Plan (PMGS NMP) has seen significant progress in capacity building through the institution of courses and workshops. A course on the PM GatiShakti, available on the iGoT platform, has already been completed by over 20,000 officials. Additionally, all Central Training Institutes (CTIs) have integrated a course module on the PM GatiShakti into their regular officers’ training curriculum. The resource persons and master trainers from DPIIT and BISAG-N conduct regular sessions on the PM GatiShakti across various CTIs and ATIs, including institutions like Lal Bahadur Shastri National Academy of Administration (LBSNAA), Sardar Vallabhbhai Patel National Police Academy (SVPNPA), and Sushma Swaraj Institute of Foreign Service (SSIFS). There have also been approximately 150 interactive training sessions on the PM GatiShakti with Ministries/Departments, and States/UTs, engaging over 1,000 officials.

    Extending PMGS to the Districts: As India moves forward, the PM GatiShakti is expected to continuously evolve to keep playing a pivotal role in expanding multi-modal infrastructure, developing Smart Cities, and enhancing the country’s industrial capabilities through Industrial Corridors and Mega Investment Regions. Building upon the vision of the PM GatiShakti National Master Plan and the significant usage demonstrated by Central Ministries/Departments as well as States/UTs, a PM GatiShakti District Master Plan (PMGS DMP) portal is being developed with technical support of BISAG-N (Bhaskaracharya National Institute for Space Applications and Geoinformatics) for collaborative planning at the District level by State/District authorities. The NMP platform’s emphasis on cross-sectoral cooperation and emerging technologies such as AI and IoT will further revolutionise infrastructure management and planning.

    Taking PMGS to international level and for promoting the use of  PM GatiShakti and Geospatial technology in the integrated planning of infrastructure, diplomatic engagements are underway with countries in the neighbourhood and other developing countries like Nepal, Bangladesh, Sri Lanka, Madagascar, Senegal and Gambia.

    The government is also considering providing access to non-government users for the data (non-sensitive and shareable) relevant to the planning of the infrastructure and developmental activities by the sector. Such access to the data shall be provided in the most secure manner.

    As India celebrates three years of the PM Gati Shakti, the initiative continues to fulfil its promise of creating a modern, interconnected infrastructure network that is key to India’s Atmanirbhar Bharat vision.

    ***

    AD/CNAN

    (Release ID: 2064378) Visitor Counter : 56

    MIL OSI Asia Pacific News

  • MIL-OSI Russia: Financial News: Banks Will Quickly Include Fraudsters’ Details in Their Systems

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    The Bank of Russia has set a time limit during which credit institutions will enter the details of fraudsters received fromdatabasesregulator, into its own systems to combat suspicious transactions. This will reduce the number of new transfers to fraudsters’ accounts.

    From October 22, 2024 forlarge banks, as well as credit institutions, significant in the payment services market, this period will be two hours, and from January 1, 2025 – one hour. For other banks, the period is three hours. Such changes are envisaged indicating the regulator.

    In addition, the Bank of Russia has clarified the requirements for the procedure for banks to provide information on possible fraudulent transactions, including forinformation exchangewith law enforcement agencies. Now, when the regulator requests it, the bank will have to establish whether the transaction was carried out without the client’s voluntary consent or not, and within one business day, respond to the Bank of Russia whether it considers such a transfer fraudulent. This approach is very important in cases where the victim did not contact his bank and immediately filed a report with the police.

    Preview photo: Andrey Popov / 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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.kbr.ru/press/event/?id=21077

    MIL OSI Russia News

  • MIL-OSI Russia: Financial News: Description of the Tax formats

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia (2) –

    Electronic message formats for data exchange in accordance with the requirements of the Bank of Russia Regulation of November 6, 2014 No. 440-P “On the procedure for sending individual documents of tax authorities to the bank, as well as sending individual documents of the bank to the tax authority in electronic form in cases stipulated by the legislation of the Russian Federation on taxes and fees”

    02/05/2021

    Related documents (1)

    02/05/2021

    06/03/2022

    In agreement with the Federal Tax Service of Russia, the reference book is applied from 17.01.2022

    01/25/2021

    Related documents (1)

    01/25/2021

    The period of application will be communicated to the participants of the information interaction additionally by official letter.

    Formats and structures of electronic documents stipulated by regulatory documents of the Bank of Russia when a bank, divisions of the settlement network operating as part of a territorial institution of the Bank of Russia, field institutions of the Bank of Russia, the First Operational Directorate of the Bank of Russia notify the tax authority in electronic form about the opening or closing of an account, deposit, about changing the details of an account, deposit, the body controlling the payment of insurance premiums about the opening or closing of an account, about changing the details of an account

    Formats and structures of electronic documents provided for by the Bank of Russia Regulation of 28.04.2012 No. 377-P “On the procedure for a bank to notify a tax authority in electronic form about the granting of the right or termination of the right to use corporate electronic means of payment for transfers of electronic funds, about changing the details of a corporate electronic means of payment”

    Formats and structures of service messages and transport files provided for by Bank of Russia Instruction No. 5607-U dated 30.10.2020 “On the procedure for a bank to notify a tax authority in electronic form about granting the right or termination of the right to use electronic means of payment for transfers of electronic funds and changing the details of electronic means of payment specified in paragraph 1.1 of Article 86 of the Tax Code of the Russian Federation”

    Bank of Russia Instruction No. 5607-U of 30.10.2020 “On the procedure for a bank to notify a tax authority in electronic form about the granting of the right or termination of the right to use electronic means of payment for transfers of electronic funds and changes in the details of electronic means of payment specified in paragraph 1.1 of Article 86 of the Tax Code of the Russian Federation” is registered with the Ministry of Justice of the Russian Federation and is posted for reference. More Collapse –

    Rules for compiling and submitting information in electronic form, as provided for by Bank of Russia Instruction No. 4512-U of August 30, 2017 “On the volume and procedure for transferring information by authorized banks as currency control agents to currency control authorities”

    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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://www.cbr.ru/development/feddc/fns/

    MIL OSI Russia News

  • MIL-OSI Russia: Financial News: BRICS Central Bank Governors and Finance Ministers Discuss Cooperation Priorities

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    At a meeting in Moscow, the Chairman of the Bank of Russia Elvira Nabiullina and the Minister of Finance of the Russian Federation Anton Siluanov summed up the results of the Russian presidency of BRICS in terms of central banks and finance ministries.

    The meeting participants adopted a statement on key areas of joint work:

    BRICS Contingent Reserve Pool and development of macroeconomic information exchange; cooperation in the payment sector; development of the BRICS channel in the field of information security; interaction in the settlement and depository sector; joint research in the field of transitional financing and financial technologies; conducting training events and seminars with the central banks of the BRICS countries.

    The central bankers noted the successes achieved this year in integrating new BRICS members into the financial track. The BRICS representatives stressed the importance of the Bank of Russia’s initiative on joint central bank cyber exercises and supported their implementation every year.

    Elvira Nabiullina thanked the central banks of the BRICS countries for their joint work within the framework of the Russian presidency and expressed support for Brazil’s presidency in 2025.

    Preview photo: Roscongress

    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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.kbr.ru/press/event/?id=21080

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: Trust management without standard strategies: Bank of Russia instructions

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    Trustees from January 1, 2025 will offer private investors only individual strategies.

    When forming portfolios, they must take into account the clients’ financial situation, education and experience in the securities market, as well as information about their current investments and financial obligations. This will allow them to assess not only the client’s risk appetite, but also their ability to bear such risk.

    Connection to standard strategies, when a single investment profile is defined for everyone, will now be unavailable. Previously concluded agreements providing for asset management according to uniform rules will continue to be valid until their expiration.

    Investors who prefer collective investments will be able to invest in mutual investment funds.

    Preview photo: Rawpixel.com / 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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.kbr.ru/press/event/?id=21079

    MIL OSI Russia News

  • MIL-OSI Video: Middle East: “Region on the brink of an all-out war” – DPPA Briefing | United Nations

    Source: United Nations (Video News)

    Remarks by Ms. Rosemary A. DiCarlo, Under-Secretary-General for Political and Peacebuilding Affairs, on the situation in the Middle East – Security Council, 9746th meeting.

    ———————–

    The Under-Secretary-General for Political and Peacebuilding Affairs Rosemary DiCarlo told the Security Council that “the devastating conflict in Lebanon, coupled with intensified strikes in Syria and the raging violence in Gaza and the occupied West Bank, points to a region dangerously teetering on the brink of an all-out war” and said, “our collective inability to stop the violence and stem the bloodshed is damning.”

    DiCarlo said, “Hizbullah and other non-state armed groups must stop firing rockets and missiles into Israel. We urge Israel to stop its bombardment of Lebanon and to withdraw its ground forces. The parties must seize the diplomatic options put on the table before them, not the weapons by their side.”

    She urged the parties to commit to a return to a cessation of hostilities, and the full implementation of Security Council resolutions 1559 (2004) and 1701 (2006).

    DiCarlo said, “the Lebanese state must have control over all weapons within its territory. We see what happens when it does not. The political impasse for the election of a president is approaching two years. At this time of crisis, I urge Lebanon’s political leaders to take resolute steps towards addressing the vacuum.”

    She added, “the state sovereignty and territorial integrity of both Lebanon and Israel must be respected.”

    https://www.youtube.com/watch?v=vjHG3aU_yYE

    MIL OSI Video

  • MIL-OSI China: China rolls out measures to promote green finance

    Source: China State Council Information Office

    China has unveiled a guideline on the development of green finance, outlining 19 important measures for key areas to promote the building of a beautiful China.

    Focusing on key areas such as the green development of key industries and ecological protection and restoration, China will work to create a project library for the building of a beautiful China and effectively improve the precision of financial support, according to the guideline jointly issued by four government agencies, including the People’s Bank of China and the Ministry of Ecology and Environment.

    The guideline stresses enhancing the capacities of financial institutions to provide green financial services and enriching products and services for the area.

    Efforts should be made to increase loan issuance and beef up financing support for green development, the document states.

    It also calls for stepping up innovation in green financial products for key links and areas such as regional ecological and environmental protection projects, the development of the carbon market and green consumption.

    A coordination mechanism across government agencies will be established to ensure implementation of these measures, the guideline says.

    MIL OSI China News

  • MIL-OSI Banking: Lufthansa Group awarded “Best Airline App 2024” worldwide

    Source: Lufthansa Group

    The Lufthansa Group has been awarded the prize for the world’s best airline app 2024 at the World Aviation Festival (WAF).

    The Lufthansa Group app was previously evaluated by customers and nominated for the final round. A jury of experts compared the four nominees in a competition, the “Battle of the Airline Apps”, and rated the Lufthansa Group app as the best among the biggest players in the industry. The Lufthansa product came out on top against the apps from Emirates, Qatar Airways and Air India.

    Dieter Vranckx, Member of the Executive Board Lufthansa Group, Global Markets & Commercial Airlines Hubs, says: “The Lufthansa Group App puts our customers at the center and provides them with user-friendly services, transparent information and support throughout their journey. I am proud of the entire team for the great progress we have made in recent years. The award for the Lufthansa Group app encourages us to continue developing our digital services for Lufthansa, Austrian Airlines, SWISS and Brussels Airlines.”

    Oliver Schmitt, Head of Digital Customer Solutions and Managing Director Digital Hangar GmbH, says: “The digital travel experience of our guests is increasingly determined by their mobile devices. The app is playing a growing role as a travel companion. In recent years, we have worked specifically on service offerings, especially in the event of irregularities, on simplifications and better information for our guests, and created numerous benefits for frequent flyers.”

    The World Aviation Festival is a leading global conference for the international aviation industry, focusing on technology, passenger experience, digitalization and sustainability in aviation.

    MIL OSI Global Banks

  • MIL-OSI Banking: CBB holds Fourth Board meeting for 2024

    Source: Central Bank of Bahrain

    CBB holds Fourth Board meeting for 2024

    Published on 13 October 2024

    Manama, Kingdom of Bahrain – 13 October 2024 – The Central Bank of Bahrain’s (CBB) Board of Directors held its fourth meeting for the year 2024, chaired by Mr. Hassan Khalifa Al Jalahma on Sunday, 13 October 2024.

    The Board reviewed the topics on the agenda including the CBB’s performance report and developments in the financial sector for the third quarter of 2024 and the CBB’s financial performance report.

    The Board also reviewed key monetary and banking indicators for the year including the money supply, which increased by BD 0.6 million to reach BD 16.4 billion at the end of August 2024, compared to the same period in 2023. As for retail banks, total private deposits increased to BD14.3billion at the end of August 2024, an increase of 2.9% compared to the end of August 2023. The outstanding balance of total loans and credit facilities extended to resident economic sectors increased to BD12.2 billion at the end of August 2024, an increase of 5.2% compared to the end of 2023, with the Business Sector accounting for 42.3% and the Personal Sector at 48.8% of total loans and credit facilities.  The balance sheet of the banking system (retail banks and wholesale sector banks) increased to $243.1 billion at the end of August 2024, an increase of 8.2% compared to the end August of 2023.

    Point of Sales (POS) data for August 2024 totaled 18.2 million transactions (77.2% of which were contactless), an increase of 18.1% compared to the same period in 2023. The total value of POS transactions for August 2024 totaled BD 387.7 million (52.2% of which were contactless), an increase of 15.7% compared to the same period in 2023.

    The banking sector maintained a high level of capital adequacy and liquidity, as the capital adequacy ratio of the banking sector reached 20.0% in Q2 2024 compared with 19.3% in Q2 2023. The capital adequacy ratio for the various banking sectors was 32.9% for conventional retail banks, 16.7% for conventional wholesale banks, 19.6% for Islamic retail banks, and 20.8% for Islamic wholesale banks in Q2 2024.

    The total number of registered Collective Investment Undertakings (CIUs) as of August 2024 stood at 1715 CIUs, compared to 1673 funds as of August 2023. The net asset value (NAV) of the CIUs increased from US$ 10.651 billion in Q2 2023 to US$ 11.178 billion in Q2 2024, reflecting an increase of 4.95%. Moreover, the NAV of Bahrain domiciled CIUs increased from US$ 4.390 billion in Q2 2023 to US$ 4.428 billion in Q2 2024, reflecting an increase of 0.87%. Furthermore, the NAV of overseas domiciled CIUs increased from US$ 6.261 billion in Q2 2023 to US$ 6.750 billion in Q2 2024, reflecting an increase of 7.81%. Additionally, the NAV of Shari’a-compliant CIUs increased from US$ 1.412 billion in Q2 2023 to US$ 1.812 billion in Q2 2024, reflecting an increase of 28.33%.

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    MIL OSI Global Banks

  • MIL-OSI New Zealand: Economy – RBNZ Governor Adrian Orr’s Keynote Speech: Improving Māori Access to Capital

    Source: Reserve Bank of New Zealand

    14 October 2024 – New Zealand needs a system-wide approach to improving Māori access to capital to unlock economic potential, Reserve Bank of New Zealand – Te Pūtea Matua Governor Adrian Orr says in a speech delivered today.

    In his speech, Governor Orr discusses the recognition across the financial system that more needs to be done to enable Māori access to capital and participation in investment opportunities.

    “Improving Māori access to capital is a powerful enabler we all need to collectively prioritise,” Mr Orr says.

    With Māori projected to make up 20 percent of New Zealand’s labour force by 2040, the Governor reaffirmed the commitment of the Reserve Bank of New Zealand to ensuring that the financial system is inclusive.

    “We will continue to highlight the importance of collaboration and the need to focus on improving Māori access to capital,” Mr Orr says.

    The Governor acknowledged recent progress made across the financial system, reflecting on the efforts from iwi, the private and public sector, and within Te Pūtea Matua.

    “Despite the great work that is already happening in this space, there are signs that more effort is needed,” Mr Orr says.

    “My hope is that equity funding does more to improve Māori access to capital and unlock investment opportunities and choices to provide real benefits to all of Aotearoa,” Mr Orr says.

    More information

    Improving Māori Access to Capital – Reserve Bank of New Zealand – Te Pūtea Matua (rbnz.govt.nz) https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=4f3c2b70d0&e=f3c68946f8

    MIL OSI New Zealand News

  • MIL-OSI: Nexif Ratch Energy Secures Financial Close for Its 145MWp Bacolod Solar Power Project in the Philippines

    Source: GlobeNewswire (MIL-OSI)

    METRO MANILA, Philippines, Oct. 14, 2024 (GLOBE NEWSWIRE) — Nexif Ratch Energy, a leading independent power producer focused on renewable energy solutions, is thrilled to announce the financial close of its 145MWp Bacolod Solar Power Project, its second solar power project in the Philippines.

    The Bacolod Solar Power Project, developed by Negros PH Solar Inc, is located across Bacolod City and Bago City in the Negros Occidental province. It is a 145 MWp ground-mounted solar photovoltaic project that will connect to NGCP’s Bacolod Substation and can potentially power to up to 52,600 households. Majority of its output will be sold through a 10-year Power Supply Agreement to a subsidiary of Aboitiz Power Corporation, with the remainder to the Wholesale Electricity Spot Market.

    The project investment of more than US$100m is funded by equity from Nexif Ratch Energy and project finance facilities from Security Bank Corporation and Philippine National Bank on a limited recourse basis, with SB Capital Investment Corporation acting as the Mandated Lead Arranger and Bookrunner and PNB Capital and Investment Corporation acting as Arranger.

    Construction is set to begin in October 2024, with the goal of achieving commercial operations by Q4 2025. Focus is now on an expansion on the existing site, through increased solar PV capacity of up to 20 MW and a Battery Energy Storage System.

    Beyond its Calabanga and Bacolod solar projects, Nexif Ratch Energy is developing wind energy projects including the San Miguel Bay Project, a nearshore wind project with a capacity of up to 500 MW and the Lucena Project, an offshore wind project with a capacity of up to 475 MW.

    Mr Surender Singh, Chairman of Nexif Ratch Energy, said “The successful financial close of our 145MWp Bacolod Solar Farm highlights the exceptional collaboration with our partners and the dedication of our local development team. We are excited to bring this project into construction. This Financial Close, in quick succession to start of commercial operations of Calabanga Solar project and rapid progress that more than 900 MW of the wind projects, showcase our commitment to Philippine renewable energy.”

    Mr. Sakarin Tangkavachiranon, Director of Nexif Ratch Energy, added: “Reaching financial close for the 145 MWp NPSI solar project is a key milestone in our growth in the Philippines. This achievement, along with the start of commercial operations for our CARE solar project, lays a strong foundation for accelerating the development of our offshore wind projects in the country.”

    For more information, please visit http://www.nexifratch.com.

    About Nexif Ratch Energy:

    Nexif Ratch Energy is a renewable energy company that originates, acquires, develops, constructs, and operates power projects in the Asia Pacific region. Headquartered in Singapore with regional offices across Southeast Asia, the Company has a 298 MW portfolio of operating and under construction hydro, solar and wind assets and a development pipeline of wind, solar, and energy storage projects totaling 3.5 GW.

    Nexif Ratch Energy is owned 51% by Nexif Energy (Singapore) and 49% by RATCH Group (Thailand).

    Media Contact:
    Chariya Poopisit
    Nexif Ratch Energy
    Communications@nexifratch.com

    The MIL Network

  • MIL-Evening Report: Coalition seizes Newspoll lead, but other polls have Labor improving

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

    A national Newspoll, conducted October 7–11 from a sample of 1,258, gave the Coalition a 51–49 lead, a one-point gain for the Coalition since the previous Newspoll, three weeks ago. After three 50–50 ties in a row, this is the first time this term the Coalition has led in Newspoll.

    Primary votes were 38% Coalition (steady), 31% Labor (steady), 12% Greens (down one), 7% One Nation (up one) and 12% for all Others (steady). By 2022 election preference flows, these primary votes would normally give a 50–50 tie, so rounding probably contributed to the Coalition’s lead.

    Anthony Albanese’s net approval slumped six points to -14, his worst this term in Newspoll, with 54% dissatisfied and 40% satisfied. Peter Dutton’s net approval improved one point to -14. Albanese led Dutton as better PM by 45–37 (46–37 previously).

    The graph below shows Albanese’s Newspoll net approval ratings this term. The data points are marked with plus signs and a smoothed line has been fitted. Albanese’s net approval has been below -10 in two of the last three Newspolls, causing the trend line to turn down.

    Other federal polls last week had improvements for Labor, and Essential and Resolve last week both suggest the Middle East conflict has had virtually no impact on Australian party support. It’s possible this Newspoll is a pro-Coalition outlier.

    Labor’s primary improves in Resolve poll

    A national Resolve poll for Nine newspapers, conducted October 1–5 from a sample of 1,606, gave the Coalition 38% of the primary vote (up one since September), Labor 30% (up two), the Greens 12% (down one), One Nation 5% (down one), independents 12% (steady) and others 3% (down one).

    Resolve doesn’t usually give a two-party estimate, but applying 2022 preference flows to the primary votes would give Labor about a 51–49 lead, unchanged from September.

    Albanese’s net approval was unchanged at -18, with 53% giving him a poor rating and 35% a good rating. Dutton’s net approval improved one point to -1. Albanese led Dutton by 38–35 as preferred PM, a slight increase from 35–34 in September.

    The Liberals led Labor by 38–26 on economic management (37–26 in September). On keeping the cost of living low, the Liberals led by 31–24 (32–25 previously).

    By 58–29, respondents said they would struggle to afford an expense of a few thousand dollars (57–31 in May). This is the highest “struggle to afford” since Resolve started tracking this question in February 2023, but Labor can take some comfort from the little change since May.

    Asked who was most responsible for rising living costs, 36% selected the federal government, 13% global factors, 13% businesses, 12% the Reserve Bank and 8% state and territory governments. Labor incumbent Jim Chalmers led the Liberals’ Angus Taylor as preferred treasurer by 24–18.

    If Australians could vote in the US presidential election, Kamala Harris would lead Donald Trump by 52–21 (50–25 in September). Before Joe Biden’s withdrawal in July, he led Trump by just 26–22 with Australians with 31% for “someone else”. Harris’ net likeability is +24, Trump’s is -47 and Biden’s is -25.

    Labor gains lead in Essential poll

    A national Essential poll, conducted October 2–6 from a sample of 1,139, gave Labor a 49–47 lead including undecided (48–47 to the Coalition in late September). Primary votes were 34% Coalition (down one), 32% Labor (up three), 12% Greens (steady), 8% One Nation (steady), 1% UAP (down one), 9% for all Others (steady) and 5% undecided (steady).

    On Israel’s military action, 32% said Israel should permanently withdraw from Gaza (down seven since August), 19% said Israel is justified (up two), 18% said Israel should agree to a temporary ceasefire (down three) and 32% were unsure (up eight).

    On the Australian government’s response, 56% were satisfied (up five since August), 30% thought the government too supportive of Israel (down two) and 14% too harsh on Israel (down two).

    By 40–27, voters would support a road user tax for electric vehicle drivers. Just 2% thought the gap between the rich and poor was decreasing, 71% thought it was increasing and 27% staying the same. On Australia’s political system, 48% thought it needs reform but is fundamentally sound, 40% said it needs fundamental change and just 12% said it’s working well.

    Morgan poll tied

    A national Morgan poll, conducted September 30 to October 6 from a sample of 1,697, had a 50–50 tie, a one-point gain for Labor since the September 23–29 poll.

    Primary votes were 37.5% Coalition (down 0.5), 31.5% Labor (up 1.5), 12.5% Greens (down one), 5.5% One Nation (up one), 9% independents (down 0.5) and 4% others (down 0.5).

    The headline figure uses respondent preferences. By 2022 election preference flows, Labor led by 52–48, a 0.5-point gain for Labor.

    ACT election and NSW byelections this Saturday

    The ACT uses the Hare Clark proportional method with five five-member electorates to elect its 25-member parliament, so a quota for election is one-sixth of the vote or 16.7%. The ACT is easily Australia’s most left-wing jurisdiction, and Labor has governed since 2001, often in coalition with the Greens. In 2020, Labor won ten seats, the Liberals nine and the Greens six.

    There will also be three NSW state byelections this Saturday in the Liberal-held seats of Epping, Hornsby and Pittwater. Labor won’t be contesting any of these byelections. In Pittwater, Liberal Rory Amon defeated independent Jacqui Scruby by 50.7–49.3 at the 2023 state election. Amon resigned after being charged with child sex offences and Scruby will contest the byelection.

    NSW and Victorian state polls

    A NSW state Resolve poll for The Sydney Morning Herald, conducted with the federal September and October Resolve polls from a sample of 1,111, gave the Coalition 37% of the primary vote (down one since August), Labor 32% (up two), the Greens 11% (down one), independents 14% (steady) and others 6% (steady).

    The Poll Bludger said the primary votes suggested a “slight two-party advantage to Labor”. Labor incumbent Chris Minns led the Liberals’ Mark Speakman as preferred premier by 37–14 (38–13 in August).

    By 61–23, voters thought the NSW government is not doing enough to help renters. By 53–19, they thought the government should put aside money towards future metro rail projects.

    A Victorian state Redbridge poll, conducted September 26 to October 3 from a sample of 1,516, gave the Coalition a 51–49 lead, a one-point gain for the Coalition since a late July Redbridge poll. Primary votes were 40% Coalition (steady), 30% Labor (down one), 12% Greens (steady) and 18% for all Others (up one).

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

    ref. Coalition seizes Newspoll lead, but other polls have Labor improving – https://theconversation.com/coalition-seizes-newspoll-lead-but-other-polls-have-labor-improving-240785

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: Train timetable adjustments are coming on October 20

    Source: New South Wales Premiere

    These adjustments to the timetable are being made so that train services are more reliable and so that passengers have shorter wait times, faster journeys and so the network can quickly recover when disruption occurs.

    The Sydney Trains Review found that since 2017 timetable was introduced, the resilience of the train network significantly deteriorated. These adjustments are designed to make the system more resilient and to implement the lessons learned since the introduction of the 2017 timetable.

    Commuter travel patterns have changed significantly following the COVID pandemic and the opening of the Sydney Metro, and while in some instances, services to particular train stations will shift from peak times to inter-peak times, this is to accommodate for changing travel patterns at these stations.

    Sydney is a global city and requires a reliable fit for purpose timetable.

    The upcoming timetable adjustments will also support the new T6 Lidcombe & Bankstown Line to make sure there are train services from Bankstown to Lidcombe and so passengers get the best and most efficient service to take them where they need to go.

    Making timetable adjustments will also help prepare the rest of the train network for the introduction of the Mariyung Fleet and help connect the new Sydney City Metro with the rest of Sydney’s public transport network.

    It is especially important for year 12 students and parents to plan their trips as soon as possible on the Trip Planner at transportnsw.info and allow for extra travel time.

    Most of the adjustments to the timetable will occur on the following lines:

    T1 Western Line

    Stopping patterns on the T1 Western Line will be simplified to improve reliability and increase train services for some stations west of Parramatta. Some services for some stations west of Parramatta have been moved from the earlier AM peak to operate between 9am and 10am to provide passengers with more travel options outside the busiest time. Rooty Hill and Doonside will receive additional services during the busiest morning peak hour.

    Services on the T1 Western Line will continue to operate frequently during peak periods.

    T1 North Shore Line

    With the new M1 North West & Bankstown Line services operating every 4 minutes in the peak between Chatswood and Sydenham, there is reduced demand for passengers interchanging at Chatswood. Train services are being adjusted to rebalance service levels in the morning and off-peak periods.

    Passengers on the T1 North Shore Line will still receive a train every 3 to 5 minutes .

    Stopping patterns on the line will also be adjusted to deliver more reliable train services for passengers.

    T2 Leppington & Inner West Line

    The T2 Leppington & Inner West Line (formerly T2 Inner West & Leppington) will continue to connect passengers from Leppington and Parramatta to the Sydney CBD.

    The Inner West corridor will be expanded to include the new T3 Liverpool & Inner West Line services, connecting Inner West passengers, between Redfern and Lidcombe, to Liverpool via Regents Park and to the Sydney CBD.

    Leppington and Edmondson Park passengers who interchange for T8 Airport & South services at Glenfield, will benefit from additional trains in the AM peak hour on both the T5 Cumberland Line and T8 Airport & South Line.

    T5 Cumberland Line

    Passengers travelling between Leppington and Parramatta on the T5 Cumberland Line in the busiest morning peak hour will benefit from a 15-minute service frequency.

    T8 Airport & South Line

    The T8 Airport & South Line will see an overall increase in services during the morning peak, increasing from 14 trains per hour to 16 trains per hour benefitting Revesby and stations between Holsworthy and Macarthur.

    To ensure passengers at St Peters and Erskineville continue to get the train services they need, more T8 train services will operate via Sydenham, while during the busiest morning peak hour, two fewer services will operate via the Airport Tunnel.

    Other lines

    There will be some minor timing changes across other lines on the train network to support the adjusted timetable.

    Blue Mountains Line passengers will benefit from an increase in services across the week for stations between Medlow Bath and Lithgow.

    A reminder that some Sydney Trains changes have already come into effect for passengers west of Bankstown, these include:

    • New T3 Liverpool & Inner West Line services operating between Liverpool and the Sydney CBD via Regents Park and Lidcombe
    • New T6 Lidcombe & Bankstown Line services will be coming soon, currently you can hop on a rail replacement service operating between Lidcombe and Bankstown.

    For more information on your route visit 2024 train timetable changes | transportnsw.info Regional rail passengers can find more information on the changes impacting them here.

    We encourage passengers to plan their trip via Transport’s Trip Planner at transportnsw.info/trip.

    Quotes attributable to Transport Minister Jo Haylen:

    “These adjustments to the timetable are focused on making our trains more reliable and resilient so passengers have shorter wait times, faster journeys and so our train network will be able to recover sooner when there’s a critical incident.”

    “We know that when there’s an incident on one part of the train network it can often affect other train services too. Making our timetable simpler means there’s less chance of that happening.”

    “Since 2017, the way that people travel on our transport network has changed a lot. The work commute has changed and there’s greater demand for trains outside the traditional peak hour. That’s why we are making sure there are more trains running at the times when passengers need them most, particularly in the mornings between nine and ten AM.”

    Quotes attributable to Sydney Trains A/Chief Executive Hayden Donoghue:

    “A simpler timetable makes the network more reliable allowing it to recover from incidents faster. We’ll be monitoring the new timetable closely and identifying where we can make further improvements.

    “As with any change, we know it takes time to adjust to new ways of travelling, so we’re asking passengers to please jump online and plan their trip.

    “This is especially important for students and parents, as your trip may have changed slightly over the school holidays.

    “Our staff will be ready at stations to provide our customers with assistance as they navigate these changes.

    MIL OSI News

  • MIL-OSI China: Shift in policy to strengthen nation’s growth

    Source: China State Council Information Office

    Employees work at an assembly line of Chinese vehicle manufacturer Seres Group in Liangjiang New Area, southwest China’s Chongqing Municipality, April 25, 2024. [Photo/Xinhua]

    China’s economic growth is expected to strengthen on a sequential basis amid the latest stimulus package and with more incremental policies in the pipeline, translating into over 5 percent year-on-year growth in the fourth quarter, analysts and economists said on Sunday.

    They said a long-awaited policy shift is unfolding for China’s economy and markets, as policymakers have pledged to strengthen countercyclical adjustment and step up fiscal policy support. This will include the largest debt resolution support in recent years, with a particular focus on addressing pressing challenges such as the prolonged housing downturn, debt issues and sluggish domestic demand.

    Their comments came as data from the National Bureau of Statistics showed on Sunday that China’s consumer prices rose at a slower pace in September, while the decline in factory gate prices continued, pointing to pressures on the world’s second-largest economy and intensifying the need to roll out more incremental policies.

    The country’s consumer price index, the main gauge of inflation, rose 0.4 percent year-on-year in September, compared with a 0.6 percent increase in August. The producer price index, which gauges factory gate prices, dropped 2.8 percent last month, widening from a 1.8 percent fall in August, the NBS said.

    “The slower CPI growth in September was mainly due to still-weak domestic demand, seasonal factors and the high comparison base in the previous year, while the deeper PPI drop was influenced by falling commodity prices, especially in the energy sector,” said Zhou Maohua, a researcher at China Everbright Bank.

    Shen Bing, director-general and a senior research fellow at the market and price research institute of the Chinese Academy of Macroeconomic Research, said the growth in CPI is expected to register a mild recovery while maintaining overall stability in the fourth quarter of the year.

    This is because consumer demand has shown signs of pickup, with the sales of passenger vehicles and home appliances having improved, a trend that would be consolidated upon the implementation of incremental policies to expand domestic demand, Shen said.

    On Saturday, the Ministry of Finance announced plans to soon introduce a comprehensive package of new targeted policy measures, with a key focus on improving the financial situations of local governments, facilitating the stabilization of a bottomed out property market, and enhancing the risk resilience and credit allocation capabilities of major banks, among other things.

    The ministry said there is still ample room for the central government to borrow and increase its deficit. It plans to enhance the large-scale debt limit at once, replace the hidden debt of local governments, and increase support for local governments to resolve debt risks.

    Chang Haizhong, executive director of corporates at rating agency Fitch Bohua, said this policy is the largest supportive debt measure introduced in recent years and will greatly alleviate the pressure on local governments.

    “It is expected that the hidden debt of local governments may be replaced in large part by increasing the issuance of treasury bonds in the future,” he said.

    According to Chang, the current economic growth is under pressure and fiscal revenue is lower than expected, making some local governments more stretched financially.

    “Once implemented, this policy will substantially reduce local fiscal pressure, unleashing fiscal funds for economic development and ensuring people’s livelihoods. At the same time, the balance sheets of local government financing vehicles will also be strengthened,” he said.

    Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said his team estimates that the size of the announced fiscal stimulus package will be at least 4 trillion yuan ($566 billion), surpassing market expectations.

    “It will directly drive GDP growth in the fourth quarter to rise above 5 percent, thereby helping achieve the annual growth target of around 5 percent this year,” he added.

    Lu Ting, chief China economist at Nomura, said he believes that much of the incoming fiscal stimulus will likely be used to fill the fiscal gap faced by local governments.

    “In addition to the 200 billion yuan for strategic projects announced by the National Development and Reform Commission, we expect the country to increase fiscal transfers to local governments and give them a large quota for borrowing,” he said.

    Lu added that policymakers might consider an increase in spending on social security to help those with lower incomes and to encourage childbirth, and they will likely provide funding to those presold residential projects that have been delayed.

    MIL OSI China News

  • MIL-OSI Economics: Gender Equality and Water Security: A Conceptual Framework and Practical Strategies to Accelerate Progress

    Source: Asia Development Bank

    Highlighting how women are underrepresented in the management and delivery of water, the report recommends setting targets, monitoring progress toward gender equality, and promoting gender-inclusive practices in water security initiatives. It shows how water-related organizations alongside governance and management institutions can take measures to boost women’s water access, reduce vulnerability, and increase employment to drive transformational change.

    MIL OSI Economics

  • MIL-OSI New Zealand: A year later, Kiwis already see ACT’s real change

    Source: ACT Party

    A year after the 2023 election, ACT is celebrating the long list of actions already taken to empower New Zealanders.

    “In Opposition, we spent six years listening to New Zealanders,” says ACT Leader David Seymour. “This resulted in a comprehensive election platform with a commitment not just to change the Government, but to deliver real change.

    “Thanks to New Zealanders’ support, on October 14 we were put in a position to deliver, and less than 11 months after signing the coalition agreement, we’ve made serious progress.

    “The breadth and intensity of our action in Government speaks for itself. Even our critics complain at how we’re punching above our weight for a small team. We call it value for your vote.

    “Below is a list of actions ACT has taken that reflect ideas we campaigned on, and on which Kiwis elected us to deliver. Together, these actions break down barriers for Kiwis working to succeed on their own terms. We’re addressing challenges in the economy, law and order, democracy, education, health and more.”

    THE ECONOMY:

    • Cut wasteful Government spending to get inflation under control.
    • Delivered tax cuts to ease the cost of living.
    • Restored the Reserve Bank’s focused on tackling inflation.
    • Restored the option of 90-day trials for all businesses.
    • Established the Ministry for Regulation to cut red tape to make doing business simpler.
    • Commenced two regulatory reviews for early childhood education and agricultural products.
    • Repealed the Auckland Fuel Tax.
    • Repealed the Ute Tax.
    • Repealed “Fair Pay” Agreements
    • Repealed Labour’s resource management regime.
    • Agreed on core design features for a replacement of the Resource Management Act centred on property rights.
    • Sped up timeframes for overseas investment applications.
    • Increased the use of sanctions for beneficiaries who can work but refuse to take steps to find a job.
    • Eased restrictions to accessing credit under the Credit Contracts and Consumer Finance Act.
    • Scrapped EECA’s “decarbonising industry” (GIDI) fund.
    • Scrapped Auckland Light Rail, the Lake Onslow hydro scheme, and funding for Let’s Get Wellington Moving.
    • Started phasing back in interest deductibility.
    • Suspended the requirement for new Significant Natural Areas.
    • Unveiled a new contracting gateway test to provide certainty to workers and businesses.
    • Began delivering regulatory relief for businesses dealing with anti-money laundering rules.
    • Launched consultation to improve the Holidays Act.
    • Launched a nationwide roadshow to inform improvements to health and safety law.
    • Launched a framework for Regional Deals between central and local government to deliver infrastructure.
    • Stopped blanket speed limit reductions and enabled faster speed limits on our safest roads.
    • Introduced legislation to reverse the oil and gas ban and promote the use of Crown minerals.
    • Introduced tenancy legislation to enable Pet Bonds, restore 90-day ‘no cause’ terminations, and restore tenants’ and landlords’ notice periods to 21 and 42 days.
    • Introduced legislation to improve access to building products available overseas.
    • Introduced a member’s bill to liberalise Easter Trading.

    LAW AND ORDER:

    • Increased funding for Corrections to lift prison capacity.
    • Abolished Labour’s prisoner reduction target.
    • Defunded Section 27 “cultural reports”.
    • Commenced a review of the Firearms Registry.
    • Strengthened consequences for Kāinga Ora tenants who engage in repeated antisocial behaviour.
    • Strengthened Firearms Prohibition Orders.
    • Made gang membership an aggravating factor at sentencing.
    • Introduced legislation to reinstate Three Strikes.
    • Introduced a member’s bill to make rehabilitation or education a condition of parole.
    • Introduced legislation to toughen sentences for attacks on workers and give weight to the victim’s circumstances at sentencing.
    • Introduced legislation to amend Part 6 of the Arms Act affecting clubs and ranges.

    STRENGTHENING DEMOCRACY:

    • Directed the public service to deliver services based on need, not race, and end “progressive procurement” quotas.
    • Abolished the Māori Health Authority.
    • Advanced the Treaty Principles Bill.
    • Restored local referendums on Māori Wards.
    • Scrapped Labour’s law to give 16-year-olds votes in local elections.
    • Broadened the terms of reference of the Covid-19 Royal Commission with a second phase.
    • Defunded the Christchurch Call.
    • Halted work on hate speech laws.
    • Introduced legislation to remove Section 7AA of the Oranga Tamariki Act.
    • Seen Otago University adopt a free speech policy in response to ACT’s coalition agreement.

    EDUCATION:

    • Restored charter schools, now with the option of state school conversion, with the first schools to open next year.
    • Streamlined early childhood education regulations.
    • Delivered an action plan to improve school attendance and started publishing attendance data weekly.
    • Improved the school lunch programme to feed more kids for less money.
    • Switched fees-free university from first year to third.

    HEALTH:

    • Delivered Pharmac its largest-ever budget, which has now funded life-saving medicines.
    • Repealed the Therapeutic Products Act.
    • Restored the sale of medicine containing pseudoephedrine.

    MIL OSI New Zealand News

  • MIL-OSI Economics: Money Market Operations as on October 11, 2024

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 5,28,791.33 6.27 5.00-6.50
         I. Call Money 7,782.39 6.43 5.10-6.50
         II. Triparty Repo 3,67,217.50 6.25 5.50-6.39
         III. Market Repo 1,52,769.44 6.32 5.00-6.45
         IV. Repo in Corporate Bond 1,022.00 6.41 6.40-6.45
    B. Term Segment      
         I. Notice Money** 15.60 6.34 6.20-6.35
         II. Term Money@@ 56.00 6.80-6.85
         III. Triparty Repo 0.00
         IV. Market Repo 0.00
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Fri, 11/10/2024 3 Mon, 14/10/2024 45,260.00 6.49
    3. MSF# Fri, 11/10/2024 1 Sat, 12/10/2024 47.00 6.75
      Fri, 11/10/2024 2 Sun, 13/10/2024 0.00 6.75
      Fri, 11/10/2024 3 Mon, 14/10/2024 1,256.00 6.75
    4. SDFΔ# Fri, 11/10/2024 1 Sat, 12/10/2024 79,778.00 6.25
      Fri, 11/10/2024 2 Sun, 13/10/2024 53.00 6.25
      Fri, 11/10/2024 3 Mon, 14/10/2024 22,855.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,46,643.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 04/10/2024 14 Fri, 18/10/2024 44,275.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,217.52  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -33,517.48  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,80,160.48  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 11, 2024 9,90,369.35  
         (ii) Average daily cash reserve requirement for the fortnight ending October 18, 2024 10,01,756.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 11, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 20, 2024 4,18,318.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad            
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1279

    MIL OSI Economics

  • MIL-OSI Banking: ADB, Partners Open Renewable Based Minigrid to Deliver Clean Electricity to Niuafo’ou

    Source: Asia Development Bank

    NIUAFO’OU, TONGA (14 October 2024) — The Asian Development Bank (ADB) and the governments of Tonga and Australia commissioned the Niuafo’ou hybrid minigrid as part of the cofinanced Tonga Renewable Energy Project. The new grid will provide clean, reliable, and efficient electricity supply up to 24 hours per day to the people and businesses of Niuafo’ou.

    Crown Prince Tupouto’a ‘Ulukalala and Crown Princess Sinaitakala Tuku’aho led the commissioning ceremony. They were joined by ADB Senior Country Officer Balwyn Fa’otusia, Australian High Commissioner for Tonga Brek Batley and Tonga Minister for Meteorology, Energy, Information, Disaster Risk Management, Environment, Climate Change and Communication Fekita ‘Utoikamanu.

    “Tonga is obviously preparing for a renewable energy future by reducing dependence on fossil fuels and initiating projects like the Tonga Renewable Energy Project,” said the Director of ADB’s Energy Sector Group Keiju Mitsuhashi. “ADB will continue to support Tonga’s energy transition ambition through accelerating renewable energy investment, and strengthening the transmission and distribution network.”

    The Tonga Renewable Energy Project funded the successful installation of battery energy storage system and modernized Tonga Power Limited’s (TPL) central control center on Tongatapu, as well as the installation of solar photovoltaic plants and battery energy storage systems on ‘Eua and Vava’u. The project is also constructing hybrid minigrid systems on eight outer islands in the Ha’apai and Vava’u Groups, as well as supporting TPL prepare a power purchase agreement for private sector funded investment to help achieve the government’s target of 70% renewable energy penetration by 2025.

    The Tonga Renewable Energy Project is cofinanced by ADB, Green Climate Fund, the governments of Tonga and Australia, and TPL. The $12.2 million ADB financing is sourced from the Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing member countries. Total project cost is $53.2 million.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Global Banks

  • MIL-OSI Economics: RBI to conduct 4-day Variable Rate Reverse Repo (VRRR) auction under LAF on October 14, 2024

    Source: Reserve Bank of India

    On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on October 14, 2024, Monday, as under:

    Sl. No. Notified Amount
    (₹ crore)
    Tenor
    (day)
    Window Timing Date of Reversal
    1 75,000 4 12:00 Noon to 12:30 PM October 18, 2024
    (Friday)

    2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1280

    MIL OSI Economics

  • MIL-OSI Economics: Development Asia: Advancing Uzbekistan’s Sustainable Development via PPP Road Projects

    Source: Asia Development Bank

    PPP progress

    The PPP Development Department (PPPDD), established in 2018 under the Ministry of Economy and Finance (MOEF), monitors PPP progress in Uzbekistan. As of 5 August 2024, the government had signed 973 PPPs, totaling about $2.152 billion. These include 463 water management projects, 220 heating system projects, 91 education projects, 52 healthcare projects, and only 2 in transportation. Most PPP projects are small, averaging about $2.2 million each. The benefits of PPPs are more tangible for large projects, such as roads. Currently, no road PPPs have been signed, but two are in the pipeline: the Tashkent-Andijan Road (TAR), estimated at $5.35 billion, and the Tashkent-Samarkand Road (TSR), estimated at $1.4 billion.

    Road construction and rehabilitation typically require higher investment than other infrastructure sectors. The World Bank estimates Uzbekistan’s Road Development Plan faces a $1.5 billion annual funding gap. Mobilizing private sector and external financiers is crucial to bridge this gap.

    PPP projects generally progress through six phases: project identification, appraisal, structuring, tendering, delivery, and operation. Both the TAR and TSR are at the structuring stage. For TAR, the World Bank funded a pre-investment study in 2015 at a cost of $2.85 million, building on a pre-feasibility study completed in 2020. An investment teaser was prepared in December 2023, and the government invited expressions of interest by March 2024, with prequalification expected later in the year. The TSR feasibility study, funded by the European Bank for Reconstruction and Development (EBRD), began in 2019 but remains incomplete.

    Besides TAR and TSR, other potential PPP road projects include the Kungrad-Daut-Ata A380 Highway (KDH) operations and maintenance, a nationwide electronic tolling system, real-time traffic monitoring, weigh-in-motion systems, the Takhtakaracha tunnel construction, and the development of a new road crash and vehicle operations and maintenance database.

    In December 2023, EBRD approved a €10 million loan to establish the Uzbekistan PPP Project Development Facility (UPDF), which will finance the preparation of priority PPP projects, including in the road sector.

    Uzbekistan’s PPP framework

    Uzbekistan’s PPP framework is built on the 2019 PPP Law (amended in 2021), Resolution 259 (2020), and a draft toll road law developed with World Bank support. The draft law aims to provide a foundation for tolling roads, complementing the existing PPP Law, and was expected to be submitted to Parliament by June 2024.

    The International Monetary Fund (IMF) recommended improving fiscal risk assessments, including for state-owned enterprises and PPPs, to better manage external borrowing and integrate investment planning into the medium-term budget. Uzbekistan’s public debt rose from 28% of GDP in 2019 to 36.8% in July 2023, reaching $31.5 billion. The Debt Law caps public debt at 60% of GDP, with policies tightening if debt reaches 50%. Attracting private sector financing for high-cost road projects is essential to avoid increasing the public debt burden.

    Tolling system for roads

    The government plans to introduce toll roads to ease budget constraints and improve road services. A draft toll law, prepared with World Bank assistance, aims to establish tolling mechanisms. Preliminary estimates suggest toll fees for the TAR route could be $5-7 for cars and $15 for trucks and buses. Tolling alone may not cover construction and operations and maintenance costs, requiring availability payments or co-funding from development partners.

    The ADB has supported road infrastructure in Uzbekistan with $1.3 billion from 2007 to 2022. The Ministry of Transport requested ADB’s assistance in introducing a tolling system, with the KDH project selected to pilot this system. The KDH could become the first ADB-supported PPP road project in Uzbekistan, with potential involvement in other PPP efforts, such as transforming State Unitary Entities (SUE) for road operations and maintenance and improving urban bus services in Karakalpakstan.

    MIL OSI Economics

  • MIL-OSI Economics: Result of the 4-day Variable Rate Reverse Repo (VRRR) auction held on October 14, 2024

    Source: Reserve Bank of India

    Tenor 4-day
    Notified Amount (in ₹ crore) 75,000
    Total amount of offers received (in ₹ crore) 24,070
    Amount accepted (in ₹ crore) 24,070
    Cut off Rate (%) 6.49
    Weighted Average Rate (%) 6.49
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1283

    MIL OSI Economics

  • MIL-OSI Asia-Pac: Consultation conclusions on proposed renaming of Virtual Bank

    Source: Hong Kong Government special administrative region

    Consultation conclusions on proposed renaming of Virtual Bank
    Consultation conclusions on proposed renaming of Virtual Bank
    *************************************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     ​The Hong Kong Monetary Authority (HKMA) published today (October 14) the conclusions on the public consultation on the proposal to rename “Virtual Bank” (Conclusions Paper). The Conclusions Paper sets out the key comments received in the consultation, the HKMA’s responses to these comments, and the HKMA’s conclusions on the proposed renaming.     The HKMA received a total of 26 submissions from various parties including industry/professional associations, virtual banks and members of the public in the consultation. The respondents were broadly supportive of the proposal, and the majority of them agreed with the proposed new name “Digital Bank”. The HKMA will embark on the amendments to the Guideline on Authorization of Virtual Banks to effect the new name “Digital Bank” shortly.     The Conclusions Paper is available on the HKMA website.

     
    Ends/Monday, October 14, 2024Issued at HKT 16:05

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI: Danske Bank share buy-back programme: Transactions in week 41

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 45 2024   Group Communications
    Bernstorffsgade 40
    DK-1577 København V
    Tel. +45 45 14 00 00

    14 October 2024

    Danske Bank share buy-back programme: Transactions in week 41

    On 2 February 2024, Danske Bank A/S announced a share buy-back programme for a total of DKK 5.5 billion, with a maximum of 70 million shares, in the period from 5 February 2024 to 31 January 2025, at the latest, as described in company announcement no. 2 2024.

    The programme is being carried out under Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016, also referred to as the Safe Harbour Rules.

    The following transactions were made under the share buy-back programme in week 41:

      Number
    of shares
    VWAP
    DKK
    Gross value
    DKK
    Accumulated, last announcement 19,623,768 202.0885 3,965,737,313
    07/10/2024 160,000 194.3999 31,103,984
    08/10/2024 110,000 196.3523 21,598,753
    09/10/2024 146,256 195.1451 28,541,142
    10/10/2024 97,607 197.3579 19,263,513
    11/10/2024 78,782 198.5271 15,640,362
    Total accumulated over week 41 592,645 195.9820 116,147,753
    Total accumulated during the share buyback programme 20,216,413 201.9095 4,081,885,067

    With the transactions stated above the total accumulated number of own shares under the share buy-back programme corresponds to 2.34% of Danske Bank A/S’ share capital.

    We enclose share buy-back transaction data in detailed form of each transaction in accordance with the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016.

    Danske Bank

    Contact: Stefan Singh Kailay, Group Press Officer, tel. +45 45 14 14 00

    Attachments

    The MIL Network

  • MIL-OSI Banking: Whispers from the Dark Web Cave. Cyberthreats in the Middle East

    Source: Securelist – Kaspersky

    Headline: Whispers from the Dark Web Cave. Cyberthreats in the Middle East

    The Kaspersky Digital Footprint Intelligence team analyzed cybersecurity threats coming from dark web cybercriminals who targeted businesses and governments in the Middle East in H1 2024. Our research highlights the most severe and pervasive threats, and identifies potential risks and consequences as well as defensive strategies.

    The report covers threats that targeted entities in the following countries and territories:

    • Bahrain;
    • Egypt;
    • Iraq;
    • Jordan;
    • Kuwait;
    • Lebanon;
    • Oman;
    • Palestine;
    • Qatar;
    • Saudi Arabia;
    • Syria;
    • United Arab Emirates.

    The five prevalent cybersecurity threats in the Middle East covered in the report are related to:

    • The activities of ideological pirates, or hacktivists. The region has seen exponential growth in these due to the current geopolitical situation, and they are getting ever more destructive.
    • The shadow jewelry fair, or the initial access broker market. Initial access brokers deal in attack entry points for corporate networks, which attract hackers and cybercrime gangs.
    • Deadly sandworms, or ransomware gangs. At least 19 gangs were active in the Middle East in H1 2024, conducting multiple ransomware attacks that typically led to devastating consequences.
    • The ubiquity of malicious whistleblowers, or information stealers. They provide adversaries with up-to-date data for future attacks, especially valid credentials for corporate systems. Almost 10 million lines of stolen credentials belonging to Middle Eastern entities were published on the dark web in H1 2024 alone. The figure includes 4.4 million lines of access information stolen from key government agencies.
    • Cave raiders who steal sensitive data from corporations and other targets and distribute it among cybercriminals. A quarter of all data breaches affect various government organizations.

    Staying aware of all possible risks coming from the dark web helps organizations and governments to be one step ahead of cybercriminals and thus, to prevent attacks or fraud that could compromise their network infrastructure or operational integrity.

    Out report will be beneficial for:

    • C-level managers;
    • Corporate security employees;
    • Risk management professionals;
    • Cyberthreat Intelligence (CTI) and SOC analysts;
    • Incident response professionals;
    • OSINT and darknet researchers.

    The full version of the report is available on Kaspersky Digital Footprint Intelligence website.

    MIL OSI Global Banks

  • MIL-OSI Submissions: Africa – ATIDI Announces Election of New Board Leadership

    Source: African Trade & Investment Development Insurance

    ·       At its recently concluded Board Meeting, Professor Kelly Mua Kingsley was elected as the new Chair of the Board and Ms. Christina Westholm- Schröder was elected as the new Vice Chair of the Board.

    ·       ATIDI was recently upgraded by Moody’s from A3/Positive to A2/Stable – while S&P affirmed its A/Stable rating, reflecting the organization’s strong financial management and strategic direction.

    Nairobi, 14 October 2024 — At its 101st meeting held on 5 October 2024, the Board of Directors of African Trade & Investment Development Insurance – ATIDI (commonly known as the African Trade Insurance Agency), announced the election of Professor Kelly Mua Kingsly as the new Chair of the Board. He is deputized by Ms. Christina Westholm- Schröder.

    The election of the new Board leadership follows the appointment of new Board Members by ATIDI’s Annual General Meeting in line with ATIDI’s continued commitment to strong corporate governance.

    The new Board, which includes ATIDI’s first Independent Director, will play a critical role in steering the organization’s strategic direction and governance, further enhancing the organization’s efforts to foster sustainable growth across the continent.

    Professor Kelly is the Director of Finance Operations at the Ministry of Finance’s Directorate General of Treasury in Cameroon. In this capacity, he has been instrumental in designing and implementing strategies for monitoring public revenue and expenditure, preparing comprehensive financial reviews and spearheading public finance reforms.

    In addition to his role at the Ministry of Finance, Professor Kelly serves as the Censor at the Central Bank of Central African States (BEAC) and represents Cameroon at the Regional Advisory Commission on Financial Markets (COSUMAF). His recent appointment as Cameroon’s designated representative with the United Nations Development Program and the European Investment Bank for GEF projects underscores his commitment to managing climate finance and enhancing regional debt resilience.

    Accepting his appointment, Prof. Kelly said his vision is to support best corporate governance practices within ATIDI and drive economic growth that benefits the continent by working closely with ATIDI’s leadership.

    “I aim to expand ATIDI’s outreach and visibility across Africa. I encourage all the Central African Economic and Monetary Community (CEMAC) countries to consider applying for membership in ATIDI, as this will further strengthen regional cooperation and open new avenues for economic collaboration,” prof. Kelly said.

    Prof. Kelly’s election as the first Cameroonian Board Chair has a significant impact on fostering relationships and networks within the CEMAC and the broader West African region. His role is set to facilitate collaboration among member states, enhance trade relations and promote regional integration. For more information on the membership process, visit  

    https://www.atidi.africa/investorrelations/membership-process/  

    Prof. Kelly succeeds Dr. Yohannes Ayalew Birru who has diligently served for two consecutive terms of three years. He was deputised by Ms. Hope Murera, the Managing Director of Zep-Re. During their leadership, ATIDI’s member states increased from 14 to 24 (current member states include Kenya, Cameroon, Nigeria, Ethiopia, Ghana, Malawi, South Sudan, Tanzania, Zimbabwe, Uganda, Zambia, Rwanda, Burundi, Côte d’Ivoire, Benin, Mali, Democratic Republic of Congo, Chad, Senegal, Togo, Madagascar, Niger, Burkina Faso, and Angola).  Similarly, gross exposure increased from USD 4.8 million to USD9.6 billion, profits from USD12 million to USD69.1 million and assets from USD419 million to USD837 million.

    “I take this opportunity to express my deep appreciation to the outgoing Board Chairman and his team for their outstanding leadership in bringing ATIDI to such a level of performance,” prof. Kelly said.

    The new Vice Chairperson, Ms. Westholm-Schröder is Sovereign’s Chief Underwriter and Senior Vice President, with more than 35 years of experience in the political risk insurance industry. She is responsible for all aspects of Sovereign’s transactional underwriting and also leads Sovereign’s successful cooperation with multilaterals and export credit agencies.

    Welcoming the new Board of Directors, ATIDI CEO Manuel Moses the new board’s vision and leadership would be instrumental in guiding ATIDI’s future.

    “With the Board’s diverse expertise, we expect that we will drive impactful initiatives that foster sustainable trade and investment across Africa. This new leadership team will further enhance our outreach efforts and engage our stakeholders more effectively, creating a stronger and more connected community. Together, we are poised to make a significant difference in the economic landscape of the continent,” Mr. Manuel said.  

    Rating upgrade

    ATIDI was recently upgraded by Moody’s from A3/Positive to A2/Stable – while S&P affirmed its A/Stable rating, reflecting the organization’s strong financial management and strategic direction. This positive assessment positions ATIDI well as it implements its 2024-2027 strategy, which aims to expand its footprint and strengthen its impact across the region. The Board’s support will be crucial in navigating this ambitious strategy, ensuring that ATIDI leverages its strengths and address challenges effectively. Their insights and networks will be vital ATIDI seeks to build new partnerships and enhance its investment initiatives.

    MIL OSI – Submitted News

  • MIL-OSI Economics: Identity fraud using the name of Blockchain Consulting GmbH

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about services purportedly offered by the company Blockchain Consulting GmbH, based in Munich. Unknown perpetrators are using the company’s name without permission and are contacting consumers via telephone and e-mail. They are suspected of providing payment services.

    The perpetrators offer to enable purported trading profits to be paid out or to compensate for losses that have previously been incurred through investments on fraudulent trading platforms. In doing so, they attempt to persuade consumers to make payments for “taxes” or “fees” that are to be paid in advance. Based on the information currently available to BaFin, this is attempted fraud.

    Anyone wishing to conduct banking business or provide financial or investment services or payment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been authorised by BaFin can be found in BaFin’s database of companies.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (KreditwesengesetzKWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics

  • MIL-OSI Australia: Remarks to launch of Sean Turnell’s Lowy Institute paper, ‘Best Laid Plans’

    Source: Australian Government – Minister of Foreign Affairs

    Even with my highest hopes, when I became Foreign Minister I would not have imagined in little more than two years I would be here with Sean, at his book launch.

    One of the very first tasks on my desk when I first became Foreign Minister was to get Sean out of prison in Myanmar.

    It was perfectly clear how difficult this would be. We all know how brutal and oppressive the regime in Myanmar is.

    We know the escalating conflict and worsening humanitarian crisis in Myanmar.

    We are all appalled by the reports of widespread human rights abuses and atrocities.

    According to a recent report of the United Nations High Commissioner for Human Rights on the situation in Myanmar, at least 5,350 civilians have been killed.

    And half of the population is living below the poverty line, primarily due to the military violence since the 2021 coup.

    And of course Sean had spent years working to improve the lives of the people of Myanmar.

    Working as an adviser to Aung San Suu Kyi, at the invitation of the elected government of the day, to serve the people of Myanmar, and help them realise their hopes for their country.

    His work reinforcing the catastrophic failure of the junta.

    And so there was not a lot of cause for optimism about Sean’s release.

    Sean’s return was an extraordinary moment of relief for all of his family, friends and supporters, as well as the Australian Government, our regional partners and ASEAN members. Each of whom played important roles in securing Sean’s release.

    The multifaceted nature of the work behind Sean’s release was one factor in my decision to ask my department to review its approach to supporting Australians detained in complex circumstances overseas.

    That review included consulting with partners, stakeholders, and former detainees to ensure our methods are fit for purpose.

    We have deeply appreciated our engagement with Sean as part of these efforts.

    We are now better equipped to manage these complex and often highly distressing cases, which we handle on a case-by-case basis to ensure the safety and protection of the individual.

    We don’t ever want to jeopardise the welfare or safety of an Australian overseas.

    We also recognise that a level of public understanding and in some cases, public pressure, can contribute to better outcomes.

    In my position, I have to make a judgment about the best way to balance these options, always with their welfare front of mind.

    Always considering the best way to deploy the full range of resources at Australia’s disposal when pushing to secure their release, and to support families back home.

    And always seeking ways to refine and improve on this work.

    I look to the Senate’s Inquiry into the wrongful detention of Australian citizens overseas to provide suggestions that are both constructive and principled.

    I note we are also joined tonight by Cheng Lei and Kylie Moore-Gilbert, who went through their own terrible experiences.

    And while there are certainly aspects in common, the approach in each case is different, uniquely tailored to the circumstances and the country in which they were detained.

    Sean, we are so grateful to have you back in the country and with us tonight, and of course to see you resume your work as a world-leading expert on Myanmar’s economy.

    Which brings me to this important book.

    ‘Best Laid Plans’ documents Sean’s work in Myanmar, and his efforts to help reform Myanmar’s economy in that brief period of democracy between 2015 and 2021.

    It illustrates the sheer scale and ambition of Sean’s work with so many dedicated reformers in Myanmar.

    And it reinforces the tragedy of the country’s trajectory since the military coup in 2021.

    That coup was the latest setback for Myanmar and its people, who had seen their hopes for their country supressed yet again, following attempts before 1962 and again in 1988 to forge a more democratic and inclusive future.

    The regime’s actions in 2021 reversed years of political, economic and development gains.

    It has created the largest and most complex crisis in the Indo-Pacific; with humanitarian, economic, political and security dimensions.

    And it has caused enormous suffering for the people of Myanmar.

    The UN estimates approximately a third of the population – some 18.6 million people – are in need of humanitarian assistance and more than 3.4 million are internally displaced.

    Today, I announce Australia will provide a further $9 million through the Australian Humanitarian Partnership, to support communities and conflict affected populations in Myanmar.

    This will aid the delivery of life-saving food, water and shelter, as well as essential protection, education and health services for those most in need, including women, girls and people with disabilities.

    In his book, Sean also reflects on the atrocities in Rakhine state, which precipitated so much of the continuing violence against and the ongoing targeting of Rohingyas who live there, by the regime and other actors.

    The plight of the Rohingya people deserves greater focus in our region – which is why I visited Cox’s Bazar in May this year to talk with community leaders and humanitarian workers who have experienced the consequences of the regime’s actions.

    The Rohingya crisis is Australia’s largest humanitarian response.

    With my announcement today, successive governments–both Labor and Coalition–will have contributed some $880 million in assistance for Rohingya, their host communities in Bangladesh and people across Myanmar since 2017.

    We support the rights of Rohingyas to live safely as citizens in Myanmar.

    We want to see conditions put in place that would allow Rohingyas to return in a voluntary, safe, dignified and sustainable way.

    And until such time as a safe and dignified return is possible, Australia will continue to support displaced Rohingyas in Bangladesh. 

    The Australian people are decent and want to help.

    We are generous with our humanitarian aid – but it is not a long-term answer.

    Reform is desperately needed to drive growth.

    As Sean shows us in this book, Myanmar’s economy continues to face a range of constraints.

    The World Bank forecasts GDP growth of one per cent in 2024-25 financial year, a revision from 2023 projection of 2 percent growth.

    Businesses face operational difficulties as a result of foreign currency, labour and electricity shortages and rapidly rising prices.

    And conflict has enabled illicit economic activities to thrive, including narcotics production, scam centres and human trafficking.

    The regime is losing ground, but there is no sign its position is softening.

    Despite territorial losses and a bleak economic outlook, the regime has not changed its approach.

    And opposition groups are divided.

    As a result, Myanmar is at risk of further fragmentation.

    The current trajectory is not sustainable for the regime or for the region.

    We want the regime to take a different path–to fulfil its commitment under ASEAN’s Five Point Consensus, and engage meaningfully and positively with ASEAN representatives.

    There must be much more safe access for humanitarian assistance across the country, so that all those who are in need can receive support.

    There must be an end to the violence, including the targeting of civilians.

    The regime’s violent repression of its people is why the Albanese Government has applied sanctions on key members of the regime responsible for atrocities, as well as on commercial entities with direct links to the Myanmar military regime and why we will continue to keep our targeted sanctions towards Myanmar under review.

    But sanctions can only achieve so much.

    Genuine, inclusive dialogue is vital to any political resolution – as out of reach as that seems now.

    Ultimately, a political resolution in Myanmar will require dialogue between all the actors, including the regime, and a genuine willingness for a legitimate return to civilian-led democratic government.

    I have said before that we can’t only deal with those who share our views if we are to effect change.

    That was our approach in engaging with the Myanmar regime to secure Sean’s release.

    Which is why in 2022, ahead of Sean’s release, I spoke twice directly with the regime’s then-Foreign Minister, U Wunna Maung Lwin.

    Not just to argue for a positive outcome for Sean, but so I could directly register Australia’s objections to the regime’s actions.

    I also met earlier this year with the National Unity Government’s Minister for Foreign Affairs, Madam Zin Mar Aung.

    Peace requires dialogue, which is why Australia will continue to engage with and listen to the many groups and voices working for democracy in Myanmar, including but not limited to the NUG. And why we will continue to support inclusive dialogues that lay the groundwork for future political transitions.

    Australia stands ready to work with ASEAN and other partners to find pathways that may encourage dialogue between all players, to lend our voice to messages to the regime to take a different path, and to bring to the table any support that will help make a difference. 

    We are also supporting efforts to strengthen civil society and build resilience, along with local-level governance initiatives for communities in areas outside regime control.

    We do all this because as Sean so powerfully reminds us, the people of Myanmar have not lost hope for their country – so we must not lose hope in them.

    We must remain resolute in our support for the people of Myanmar. They have demonstrated their courage and commitment to democracy in decades’ long struggles, with determined resilience in the face of the most horrific adversity.

    Tonight we celebrate not just Sean’s contribution, but all those in Myanmar who continue to work for change.

    We stand with them, and share their ambitions for a better future.

    Sean, congratulations on this achievement.

    We admire your dedication and ongoing commitment to the people of Myanmar.

    It is my pleasure to officially launch your book.

    MIL OSI News

  • MIL-OSI Russia: Mongolia: Concluding Statement of the 2024 IMF Staff Visit

    Source: IMF – News in Russian

    October 14, 2024

    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.

    • A critical priority for the new coalition government is to manage the current commodity boom prudently to effectively implement its ambitious reform and investment agenda.
    • Building external and fiscal buffers will help create the necessary policy space to implement the ambitious investment program and other reforms in line with the economy’s absorptive capacity while maintaining external and internal balance. In the current situation, achieving these goals requires fiscal policy tightening, adherence to fiscal rules, tight monetary and macroprudential policies, and enhanced financial supervision.
    • Progress on soft infrastructure related to legislative, regulatory, and institutional frameworks is just as important as building hard infrastructure, to strengthen the business climate and governance. Priorities include upgrading important regulations, ensuring regulatory coherence, and boosting central bank operational independence. The introduction of a nominal debt ceiling with strong deterrence is a major and welcome step forward. So will be the planned and overdue energy tariff reforms, which will be essential to ensure reliable national energy supply. Infrastructure projects should be well prioritized and effectively implemented with proper feasibility studies, strengthened medium-term fiscal planning and sound public investment management.

    The economy: A commodity boom

    A booming mining sector, record high coal exports, and strong household and government spending have led to buoyant economic activity despite a large contraction in agriculture due to the severe winter. The large and permanent wage and pension increases in the 2023−2024 budgets, large dividend payouts by Erdenes Tavan Tolgoi, government support programs, and a minimum wage hike helped raise household incomes and salary‑backed consumer credit, boosting consumption and imports. Strong revenue collection and backloaded capex registration have contributed to a budget surplus despite significant public spending increases. Public debt declined to 47 percent of GDP at end-2023, consistent with IMF staff estimates of the appropriate debt anchor for Mongolia.

    Headline inflation has eased and lies within the BOM’s 6±2 target band. The decline is largely due to softer import prices, supported by a small exchange rate (ER) appreciation, and has led to policy rate cuts. However, core inflation remains sticky and has ticked up to the upper limit of the target band in August. Moreover, credit growth in the bank and non-bank financial (NBFI) sectors, especially consumer loans, has been rapid, exceeding long-term trends and has prompted the BOM to tighten reserve requirements and debt service to income (DSTI) limits for consumer loans. Household debt is rising rapidly, especially for some segments of borrowers.

    External vulnerabilities declined despite a marked deterioration in the current account deficit due to strong imports and softer coal export prices. FDI and other financing inflows have helped support gross international reserves (GIR) which remains broadly at end-2023 levels (US$4.7 billion at end-August, 3.3 months of imports or 96 percent of the ARA metric). Well-executed external debt refinancing and the BOM’s repayment of half of the outstanding PBOC swap line have reduced external debt risks, resulting in a sovereign credit ratings upgrade.

    Outlook: Continuing commodity boom, robust growth, but rising imbalances

    Growth is expected to remain robust in 2024−25 reflecting strong mining sector growth, bolstered by the increased production of higher‑grade copper and stronger coal exports to China, and the expansionary, and procyclical 2024 supplementary and draft 2025 budgets. Assuming the government’s spending plans on mega projects[1] is gradually phased in in line with external financing, fiscal deficits are expected to rise through 2029, raising gross financing needs, public debt, and fiscal risks. The output gap is estimated to remain positive through 2028.

    Expansionary fiscal policies are likely to widen Mongolia’s external and internal imbalances. Inflation is expected to continue to rise in 2024H2 and remain above target till 2026 due to the lagged effects of the substantial fiscal stimulus in the pipeline, additional stimulus from the 2024 supplementary and 2025 budgets, energy tariff increases, and strong credit growth. Current account deficits are expected to persist due to the high import intensity of investment projects, reducing GIR buffers, despite FDI and new external borrowing. 

    The forecasts are subject to considerable uncertainty related to the implementation pace, financing, and private sector participation in mega projects, which is still under discussion. The greater the reliance on domestic financing, the larger the impact on GIR, ER, and inflation given the high import intensity of capex. However, procuring external financing to the tune of 67 percent of 2024 GDP within 4−5 years will be difficult. Realistically, therefore, investments are likely to proceed gradually, as implementation runs into capacity and financing constraints, thereby improving macroeconomic outcomes relative to current forecasts.

    The outlook is also subject to downside risks stemming from commodity price volatility, uncertainty related to Chinese demand for coal, disruptions in fuel imports from Russia, and delays at China’s Tianjin port, a major transit point for Mongolia’s imports. Potential production and export delays in copper due to regulatory and procedural barriers pose risks. Natural disasters and geopolitical developments add uncertainty. On the upside, commodity prices or exports to China could be stronger than expected, especially in the near term. Moreover, new mining production could come onstream over the medium-term, boosting exports.

    Policies: Prudent commodity boom management to sustain growth momentum

    A. Fiscal tightening and adherence to fiscal rules: the top policy priority

    Fiscal policy tightening is necessary to ensure external and internal balance, build buffers during the current boom and to reduce the burden on monetary policy in confronting inflationary risks. To achieve fiscal consolidation while boosting investment, additional measures are needed to reduce current spending and boost non-mining revenues, such as containing the wage bill, targeting social assistance, increasing progressivity in personal income taxes, reducing tax exemptions, and tax and customs administration reforms (IMF 2023 Report).

    Reorienting spending toward infrastructure investment could enhance productivity, provided it is well managed and aligned with the economy’s absorptive capacity. The government should proceed cautiously given Mongolia’s external vulnerabilities, import dependence, limited domestic financing capacity, tighter global financing conditions, and weaknesses in public investment management (PIM). Building buffers during the boom helps create the fiscal space for a gradual, more effective implementation of critical public investment priorities. A more effective Medium-Term Fiscal Framework (MTFF) including capital expenditures is needed to guide capital spending and anchor fiscal and external risks. Investments should be well-prioritized based on proper feasibility studies, with sound implementation of PIM and PPP legislative frameworks to avoid corruption and unproductive projects.

    The adoption of a nominal debt ceiling of 60 percent of GDP is a major step forward in strengthening Mongolia’s fiscal rules, as it boosts transparency and accountability, and includes strong deterrence measures. Retaining the structural deficit ceiling helps contain excessive deteriorations in fiscal balances. Nevertheless, neither rule will be able to constrain spending sufficiently in the near term since the debt limit is not binding at present. The procyclicality of the new expenditure rules helps support spending when the economy is booming, and requires spending cuts when it is not, thereby aggravating economic cycles. The rules will need to place some constraints on total spending, which would also preempt potential spending misclassifications (IMF staff stand ready to assist the government in developing appropriate total spending constraints that could allow the government to undertake spending related to its reform and investment plans). Frequent changes in fiscal rules should be avoided as they undermine the effectiveness of the rules as a policy anchor.

    B. Ensuring tighter domestic financial conditions

    Monetary and macroprudential policies should continue to ensure that domestic financial conditions remain tight. Given the expected rise in inflation in the absence of fiscal consolidation, the BOM should ensure real policy rates remain high until there is greater certainty regarding the stabilization of inflation within the target band. In this regard, maintaining an unchanged monetary policy stance in September 2024 would have been better aligned with the BOM’s assessment of the inflationary outlook. The tightening of DSTI limits and reserve requirements to slow excessive credit growth in the banking sector, on the other hand, were timely and appropriate measures, though more maybe needed (below). The government’s plans to resume domestic debt issuances to establish a yield curve should help improve monetary policy transmission.

    C. Building external buffers to strengthen resilience, increase policy space for reforms

    External buffers should be increased to strengthen resilience to external shocks and create the room for an effective implementation of the government’s reform priorities. The BOM should allow greater ER flexibility to help absorb external shocks. The government should use its ability to monitor export contracts to better enforce SOE repatriation and the currency settlement law and undertake reforms to attract new FDI and external private financing (below). The newly established BOM-MOF-MOED working group to align the pace of investments with external stability considerations, is an excellent initiative and should help inform the government’s investment plans and the MTFF.

    D. Ensuring a sound financial sector

    Financial sector supervision should remain vigilant about emerging risks, notably credit risk, given the exceptionally strong credit growth across the financial sector. Enhanced financial soundness indicators during periods of strong economic and rapid credit growth can mask underlying vulnerabilities. It would be important to align the planned reduction in DSTI limits for NBFIs with the lower bank DSTI limits rapidly to prevent regulatory arbitrage to contain explosive consumer credit growth. Supervisors should ensure that DSTI limits are being effectively enforced, accelerate the use of FICO credit scoring, and discourage over‑leveraged consumers from additional borrowing by improving financial literacy. Adherence to NBFI regulations and a rapid approval of the upgraded NBFI regulatory framework would help reduce risks. BOM and FRC supervisors should identify and reduce interlinkages between banks and NBFIs to pre-emptively reduce financial sector vulnerabilities and systemic risks including through targeted onsite supervisions and special provisioning requirements, if necessary. The BOM Governor should be allowed to exercise powers granted by the Central Bank Law to nominate key personnel responsible for financial sector supervisory oversight immediately to facilitate financial sector risk management and reforms.

    The financial sector’s ability to lend to credit worthy entities should be strengthened through broader reforms. Insolvency and creditor rights must be improved to assist financial sector institutions address poor asset quality expeditiously. To keep banking sector reforms on track to meet the new end-2026 deadline, the BOM should continue to monitor the development of time-bound plans for shareholder diversification. Shareholder limits should be increased to ensure the effective management and operation of banks, including by allowing selected IFIs to invest in multiple banks.

    E. Strengthening soft infrastructure is just as important for sustainable growth

    Improving Mongolia’s business climate and governance is critical for strong and sustainable growth. Key priorities for soft infrastructure reform are—a strengthened Investment Law to cut red tape; accelerated overhaul of the Minerals Law; and approval of amendments to the SOE, Insolvency and the draft Whistleblower Laws. Effective enforcement of SOE governance reforms, and a strong judiciary is also necessary, as is ensuring the operational independence of BOM. The planned energy tariff reform is long overdue and necessary to secure energy supply to households and businesses while boosting long-term growth. Tariff increases should be well communicated, appropriately paced, and supported by targeted but temporary assistance to poor households to alleviate transition costs. Ensuring regulatory coherence with tax laws and effective tax dispute resolution processes would facilitate the operation of existing FDI projects and attract new FDI. The new Sovereign Wealth Fund is welcome but a strong governance framework for its sub-funds should be quickly established.

    An IMF team visited Ulaanbaatar to conduct the discussions during September 25–October 1, 2024. The IMF mission would like to thank the Mongolian authorities for frank and constructive discussions and their kind hospitality.

    Table 1. Mongolia: Selected Economic and Financial Indicators, 2021−29

     

    2021

    2022

    2023

     

    2024

    2025

    2026

    2027

    2028

    2029

    Actual

    Projections

           

    (In percent of GDP, unless otherwise indicated)

     

    National Accounts

           

       Nominal GDP (in USD million)

    15,286

    17,146

    20,315

    23,669

    27,242

    29,120

    31,569

    34,024

    36,400

       Real GDP growth (percent change)

    1.6

    5.0

    7.4

    5.5

    7.0

    6.0

    5.5

    5.5

    5.0

       Contributions to Real GDP (ppts)

           

          Domestic Demand

    17.6

    11.4

    5.6

     

    20.2

    8.3

    7.6

    10.0

    8.8

    7.2

             Exports of G&S

    -7.5

    13.9

    17.9

     

    1.6

    7.3

    6.5

    0.9

    2.8

    4.5

             Imports of G&S

    -8.5

    -20.3

    -16.2

     

    -16.4

    -8.6

    -8.2

    -5.4

    -6.1

    -6.6

             

       Consumption

    67.9

    65.8

    57.5

     

    61.5

    60.4

    61.5

    63.0

    63.6

    63.2

    Private

    53.0

    51.9

    44.5

     

    46.7

    45.8

    47.1

    48.7

    49.4

    48.9

    Public

    14.9

    13.9

    13.0

     

    14.7

    14.6

    14.4

    14.3

    14.2

    14.2

       Gross Capital Formation

    36.7

    42.3

    33.9

     

    35.9

    35.4

    35.3

    35.5

    35.8

    36.0

     Gross Fixed Capital Formation

    26.8

    29.8

    25.3

     

    26.6

    28.4

    29.3

    29.3

    29.6

    29.8

    Public

    6.8

    7.1

    7.4

     

    9.9

    10.3

    10.0

    10.0

    10.0

    10.0

    FDI

    13.5

    14.2

    10.7

     

    8.6

    9.3

    10.3

    9.9

    9.4

    9.1

    Domestic Private (including SOEs)

    6.5

    8.6

    7.3

     

    8.1

    8.8

    9.0

    9.4

    10.2

    10.6

       Gross national saving

    22.9

    28.9

    34.5

     

    29.0

    27.7

    27.0

    26.3

    26.2

    26.7

                         

    Prices

                       

       Consumer Prices (Avg; percent change) 1/

    7.4

    15.2

    10.3

     

    6.5

    9.0

    8.3

    7.6

    7.2

    6.7

       Consumer Prices (EoP; percent change) 1/

    13.9

    13.2

    7.9

     

    7.5

    9.5

    7.6

    7.5

    6.8

    6.5

       Copper prices (US$ per ton)

    9317

    8829

    8491

     

    9298

    9450

    9550

    9584

    9584

    9584

       Coal prices (US$ per ton)

    150

    123

    131

     

    115

    105

    105

    105

    105

    105

       GDP deflator (percent change)

    14.4

    17.7

    21.8

    10.0

    8.9

    6.7

    8.1

    7.1

    6.6

    General government accounts

       Primary balance (IMF definition)

    9.7

    2.2

    4.3

    1.8

    0.3

    0.3

    -0.3

    -0.4

    -0.1

       Total revenue and grants

    32.8

    34.4

    34.6

    37.6

    36.5

    35.6

    34.7

    34.4

    34.8

       Primary expenditure and net lending

    23.2

    32.2

    30.3

    35.9

    36.2

    35.4

    35.0

    34.9

    34.9

       Interest

    1.9

    1.5

    1.6

    1.4

    1.3

    1.3

    1.5

    1.5

    1.6

       Overall balance (IMF definition)

    7.8

    0.7

    2.7

    0.4

    -1.0

    -1.1

    -1.8

    -2.0

    -1.7

    Non-mineral primary balance (in percent of GDP)

    2.0

    -6.3

    -5.7

    -10.3

    -11.1

    -10.6

    -10.4

    -10.2

    -9.9

       Gross financing needs

    2.5

    3.8

    15.3

    5.2

    4.1

    10.1

    7.1

    7.8

    7.0

       General government debt 2/

    67.7

    64.5

    46.8

    42.4

    40.0

    40.7

    42.4

    44.8

    47.3

          Domestic

    3.2

    4.4

    3.4

    3.6

    3.0

    3.3

    3.5

    3.8

    4.0

          External

    64.6

    60.1

    43.4

    38.7

    37.0

    37.5

    38.9

    41.0

    43.3

    Monetary sector

    Broad money growth (percent change)

    13.8

    6.5

    26.8

    20.0

    15.9

    11.9

    12.3

    11.8

    14.2

    Reserve money growth (percent change)

    6.5

    39.9

    7.4

    20.1

    13.7

    11.9

    12.3

    11.8

    12.1

    Credit growth (percent change)

    18.1

    8.6

    22.0

    24.0

    16.0

    14.2

    13.5

    13.5

    13.5

    Balance of payments

    Current account balance

    -13.8

    -13.4

    0.6

    -6.9

    -7.7

    -8.3

    -9.2

    -9.5

    -9.3

    Exports of goods 3/

    53.2

    57.5

    68.5

    62.7

    60.0

    58.9

    55.1

    53.1

    53.3

    Imports of goods

    44.3

    50.3

    46.1

    48.8

    45.4

    45.4

    43.7

    43.7

    43.7

    Gross official reserves (in USD million) 4/

    4366

    3400

    4921

    5027

    5140

    5828

    6736

    7159

    7580

          (In months of imports)

    4.3

    3.0

    3.7

     

    3.6

    3.4

    3.7

    4.0

    4.0

    4.0

    Net International Reserves (NIR) 7/

    779.1

    -796.6

    570.3

     

    (net of bank’s FX deposits held at the BOM)

    3612

    1949

    3612

     

    Net international reserves (NIR) 5/

    779

    -797

    720

                 

    Exchange rate

                       

    Togrog per U.S. dollar (eop)

    2849

    3445

    3411

     

                         

    Sources: Mongolian authorities; and IMF staff projections.                                                                                                                                      

       

    1/ Will be revised to reflect planned energy subsidy removal.

    2/ Excludes BOM liabilities to PBOC. Domestic debt includes government’s liabilities to BOM related to the TDB settlement with regard to Erdenet as well as DBM’s domestic FX borrowing and DBM’s borrowing from BOM.

    3/ The projections assume coal export volumes for 2024 and 2025 in line with the 2025 medium-term fiscal framework (75 and 80 million tons, respectively), gradually rising to 95 million tons by 2029, reflecting higher coal demand from China and better coal transportation services; Oyu Tolgoi’s revised medium-term copper production and FDI plans; and updated information on SOE off-take contracts.

    4/ Gross official reserves includes drawings from the PBOC swap line and IMF SDR allocation in 2021.

    5/ NIR is defined as GIR excl. commercial banks’ and government’s US$ deposits held at the BOM, the PBOC swap line, and liabilities to the IMF.

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    https://www.imf.org/en/News/Articles/2024/10/14/mcs-mongolia-concluding-statement-of-the-2024-imf-staff-visit

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