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Category: Business

  • MIL-OSI USA: Scott Highlights Need to Confirm Trump Administration Nominees for Top Economic, Financial Regulator Posts

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    WASHINGTON — At yesterday’s nominations hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Senator Tim Scott (R-S.C.) highlighted the qualifications of President Trump’s nominees to top economic policy and financial regulator posts: 

    • Dr. Stephen Miran, nominee to be Chairman of the Council of Economic Advisors, Executive Office of the President
    • Mr. Jeffrey Kessler, nominee to be Under Secretary of Commerce for Industry and Security, Department of Commerce
    • Mr. William Pulte, nominee to be Director, Federal Housing Finance Agency
    • Mr. Jonathan McKernan, nominee to be Director, Bureau of Consumer Financial Protection

    Senator Scott emphasized the importance of quickly advancing President Trump’s nominees to rebuild the economy, restore confidence in the financial system, and ensure American families have the tools to thrive.

    Senator Scott’s opening remarks as delivered:

    I want to take a second to congratulate each of our nominees before us today and thank you for your willingness to serve our country.

    If confirmed, you will help put our nation back on the path to prosperity. 

    As we reflect on the past four years, we must acknowledge the severe damage created by the Biden administration’s reckless spending.

    It’s hard for me to forget, as a kid and my brother growing up in poverty, single parent household, watching my mother trying to make every single dollar count. She did the best she could with what she had. 

    Inflation is especially cruel to the communities like the one I grew up in.

    No one should have to make a choice between putting food on the table and keeping the lights on.

    During Joe Biden’s time in office, overall prices rose by over 20 percent, energy by 34 percent, transportation 31 percent, groceries 22 percent.

    I refuse to accept that the last four years will be the next four years.

    Unlike his predecessor, President Trump understands what it takes to create a blue-collar comeback. And I’m excited about that.

    Each of the nominees before us today will play a critical role in rebuilding the economy, restoring confidence in our financial system, and ensuring that American families can thrive once again.  

    The Council of Economic Advisers serves as the White House’s chief advisors, think tank so to speak, providing the President with data-driven guidance on policy decisions. 

    Dr. Stephen Miran is an accomplished economist with a strong record of advocating for fiscal responsibility and pro-growth policies.

    He will play an instrumental role in helping President Trump rebuild America’s economy. 

    Turning to Mr. Kessler, the Department of Commerce’s mission is to create an environment for economic growth and opportunity for all communities.

    Unfortunately, under President Biden, we saw China rapidly advance in developing advanced technologies that support its military capabilities, distort global markets, and erode competitiveness of U.S. companies.  

    Mr. Kessler’s experience in trade and national security policy will be critical in strengthening our supply chains and ensuring the U.S. leads in the next generation technologies. 

    Now, let’s talk about housing. Under President Biden, the dream of homeownership became unaffordable for millions and millions of Americans. The FHFA plays a crucial role in overseeing Fannie Mae, Freddie Mac, and the Federal Home Loan Bank – entities that significantly influence the U.S. housing finance market.

    These institutions not only impact mortgage rates and housing affordability, but also provide essential liquidity to the mortgage market, ensuring a stable supply of funds for home loans. 

    William Pulte is a businessman with a deep understanding of the housing market. His insight and passion for people will serve him well in leading the FHFA’s efforts to address our broken housing system.

    And finally, the CFPB was allegedly created to protect American consumers, but under the Biden administration, it overstepped its authority, burdened businesses with excessive politically driven regulation, and drove up costs for consumers.

    The CFPB has become a tool for progressive overreach, making it harder for small banks and lenders to serve their communities.

    Jonathan McKernan has the expertise needed to rein in the CFPB’s excesses and ensure that the agency works for consumers – not against them.

    Today’s hearing is not just about these four nominees – it is about the future of our economy and the direction of our country.

    We have an opportunity to undo the failures of the past four years and usher in a golden era of American prosperity.

    That begins by confirming these well-qualified individuals who will stand up for the American families, American workers, and for small businesses.

    MIL OSI USA News –

  • MIL-OSI USA: Scott, Booker Reintroduce Legislation Addressing Sickle Cell Disease

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    WASHINGTON — U.S. Senators Tim Scott (R-S.C.), member of the Senate Finance Committee, and Cory Booker (D-N.J.) reintroduced the bipartisan Sickle Cell Disease Comprehensive Care Act. The legislation would allow State Medicaid programs to provide comprehensive and coordinated care to patients with sickle cell disease (SCD) through a health home model.

    Sickle cell disease is an inherited blood disorder that disproportionately impacts people of African descent. Among the most notable symptoms of SCD is debilitating pain, but those with SCD also experience complications like stroke, acute chest syndrome, and organ damage. Furthermore, individuals with SCD have a significantly lower life expectancy than the overall population.

    While there have been some advancements in the treatment of SCD, many with the disease are not receiving the level of care needed to adequately manage SCD. The Sickle Cell Disease Comprehensive Care Act directs CMS to establish a SCD Health Home to improve access to comprehensive, high-quality, outpatient care, which will be available to Medicaid beneficiaries with SCD in states that submit a state plan amendment (SPA). Further, this program shows promise in saving money, as it aims to reduce patients’ reliance on costly emergency room care. 

    “Nearly 100,000 Americans have sickle cell disease—many of whom are left without access to consistent care,” said Senator Scott. “I am glad to work on this bipartisan legislation to help treat this disease that affects thousands of Americans from minority communities. Creating access to high-quality comprehensive care to avoid costly emergency room visits continues to be a top priority of mine for folks facing diseases like SCD.”

    “Sickle cell disease is the most common inherited blood disorder in our country, and is a disease that primarily affects those of African ancestry,” said Senator Booker. “Despite the prevalence and the severe health consequences of the disease, Americans battling sickle cell continue to face barriers to accessing the care they need. I urge my colleagues in the Senate to support this bipartisan legislation to increase access to comprehensive, high-quality care and invest in quality treatments for patients fighting SCD.”

    Throughout his time in the Senate, Senator Scott has raised awareness for sickle cell disease and advocated for equitable funding, increased attention, and better access to treatments and care for people with SCD. The Sickle Cell Disease Comprehensive Care Act builds upon this work, including his bipartisan Sickle Cell Disease and Other Heritable Blood Disorders Research, Surveillance, Prevention, and Treatment Act that he introduced with Senator Booker and which passed and was signed into law in 2018. 

    The legislation is endorsed by: Sickle Cell Disease Partnership; American Society of Hematology; Sickle Cell Disease Association of America, Inc.

    The full text of the bill can be found here.

    MIL OSI USA News –

  • MIL-OSI Europe: Business, innovation and sustainability: the International Cooperation Forum 2025 debates the future of international cooperation

    Source: Switzerland – Department of Foreign Affairs in English

    The fourth International Cooperation Forum (IC Forum), which focused economic development, ended today at ETH Zurich. Participants including federal councillors Guy Parmelin and Ignazio Cassis discussed the importance of local initiatives and cooperation between the private and public sectors. The IC Award was also presented to three Swiss companies for their innovations in the field of development cooperation. Over 1,500 people took part in the forum, both in person and online.

    MIL OSI Europe News –

  • MIL-OSI Europe: Global Gateway: Partnership between EBID and EIB to promote climate action and environmental sustainability projects in the ECOWAS region

    Source: European Investment Bank

    EIB

    The ECOWAS Bank for Investment and Development (EBID), the European Investment Bank (EIB), with the support of the European Union (EU), today announce a €100 million financial partnership to support climate action and environmental sustainability projects in the ECOWAS region.

    A project with a considerable impact on populations

    The EUR 100 million credit line signed under a EUR 150 million envelope is the EIB’s first operation with the EBID. It supports economic development, climate action and environmental sustainability in the ECOWAS region, which fills the financing gap in these areas and contributes to sustainable livelihoods and poverty reduction.

    This facility affirms joint EBID and EIB targeted support for sustainable investments across the ECOWAS region, with particular support for sectors contributing to climate mitigation. The projects which will be financed by this operation target particularly renewable energy including small and medium-sized photovoltaic projects, sustainable agriculture and water treatment.

    A project with a strategic vision

    This project – targeting total investments of at least EUR 300 million – is in line with the strategic priorities of the ECOWAS region and is part of the European Union strategy in Africa under the Africa-European Union Green Energy Initiative as well as the Global Gateway strategy, a model for how Europe can build more resilient connections with the world. It also responds to the ECOWAS Vision 2050 ambitions linked to the environment, economic growth, private sector development and regional integration as well as the ECOWAS Regional Climate Strategy and the Action Plan for 2022-2030.It contributes to various Sustainable Development Goals (SDGs), such as sustainable agriculture, health and quality education, clean water and sanitation, affordable and clean energy.

    “We appreciate this line of credit as an initiative of the European Investment Bank to help ECOWAS countries increase their growth and sustainable development,” said EBID Vice President Risk and Control, Dr. Mory Soumahoro. “This partnership demonstrates EBID’s commitment to supporting regional member countries’ access to sustainable sources of finance.”

    “I am very delighted to sign this first operation with the EBID to support economic development, climate action and environmental sustainability in the ECOWAS region. It will help to bridge the financial gap in this region while contributing to reduce poverty and ameliorate daily lives. “ said EIB Vice-President Ambroise Fayolle. He added: “By contributing financially to this project, the EIB demonstrates its commitment to regional integration and developed infrastructure for the benefit of local populations.  Through EIB Global, our branch dedicated to development, we aim to support the EU’s Global Gateway initiative and key sectors in the region such as innovation, digital economy, renewable energy, water, agriculture and transport.”

    “More than half a billion people in Africa still lack access to electricity. Our long-standing goal is to change that. The partnership between the ECOWAS Bank for Investment and Development (EBID) and the European Investment Bank (EIB) is a clear demonstration of our commitment to supporting sustainable development and climate action in Africa. By mobilising €300 million for projects that promote clean energy, we are empowering people in the ECOWAS region to build a greener and more prosperous future.” – Jozef Síkela, European Commissioner for International Partnerships

    The EIB loan will also be accompanied by technical assistance program of the EIB with climate action focused training and capacity building This is closely aligned with the EIB and EBID initiatives supporting sustainable development.

    Background information:

    EIB Global

    The European Investment Bank (EIB), whose shareholders are the Member States of the European Union (EU), is the EU’s long-term financing institution. It finances the implementation of investments which contribute to the major objectives of the EU.

    BEI Global is the specialist arm of the EIB Group dedicated to developing the impact of international partnerships and development finance, and a key partner of the Global Gateway strategy. It aims to support 100 billion euros of investment by the end of 2027 – around a third of the overall target of this EU strategy. Within Team Europe, EIB Global promotes strong and targeted partnerships, alongside other development finance institutions and civil society. BEI World brings the BEI Group closer to populations, businesses and institutions through its offices around the world.

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

    About EBID

    ECOWAS Bank for Investment and Development (EBID) is the development finance institution of the Economic Community of West African States (ECOWAS) comprising fifteen (15) Member States namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. Based in Lomé, Togolese Republic, the Bank is committed to financing developmental projects and programmes covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows. EBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations, and related services. www.bidc-ebid.org

    Global Gateway: Partnership between EBID and EIB to promote climate action and environmental sustainability projects in the ECOWAS region
    Global Gateway: Partnership between EBID and EIB to promote climate action and environmental sustainability projects in the ECOWAS region
    ©EIB
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    Global Gateway: Partnership between EBID and EIB to promote climate action and environmental sustainability projects in the ECOWAS region
    Global Gateway: Partnership between EBID and EIB to promote climate action and environmental sustainability projects in the ECOWAS region
    ©EIB
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    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Suspension of shipping services in Spanish and European ports – E-000221/2025(ASW)

    Source: European Parliament

    European ports, as critical gateways for international trade and important hubs of activity, are essential for the success of EU industry and economy as a whole.

    This has notably been recognised in the Commission’s priorities through the planning of a new strategy that will highlight the role that European ports and maritime industry will play in the future EU economy.

    All sectors, including maritime transport, need to contribute to the EU climate neutrality objective. While there may be many different economic and operational factors influencing shipping companies’ routes decisions, the Commission takes the possible risks of evasive behaviour very seriously.

    A specific preventive measure against such risks had already been agreed during co-decision: it consists in disregarding, for the purposes of the EU Emissions Trading System (ETS), stops by containerships at certain neighbouring container transhipment ports that meet specific criteria. Tanger Med and East Port Said have been identified as such ports.

    Furthermore, the EU ETS Directive[1] includes a reporting and review clause that obliges the Commission to monitor and to report every two years on the implementation of the ETS extension to maritime transport, notably with the objective to detect evasive behaviours at an early stage and if appropriate, to propose measures to ensure the effective implementation of the directive.

    The first report is expected in the coming weeks and the Commission will continue monitoring the situation very closely.

    • [1] Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a system for greenhouse gas emission allowance trading within the Union and amending Council Directive 96/61/EC (OJ L 275 25.10.2003, p. 32).
    Last updated: 28 February 2025

    MIL OSI Europe News –

  • MIL-OSI USA: SBA Relief Still Available to West Virginia Small Businesses and Private Nonprofits Affected by July Drought  

    Source: United States Small Business Administration

    ATLANTA -The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in West Virginia of the March 31, 2025, deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought beginning July 16, 2024. 

    The disaster declaration covers the counties of Barbour, Berkeley, Grant, Greenbrier, Hampshire, Hardy, Jefferson, Mineral, Morgan, Pendleton, Pocahontas, Preston, Randolph, Tucker, Upshur and Webster in West Virginia, as well as the counties of Allegany, Garrett and Washington in Maryland, and Augusta, Bath, Clarke, Frederick, Highland, Loudoun, Rockingham and Shenandoah in Virginia. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.  

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.  

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”  

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition. 

    To apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    Submit completed loan applications to SBA no later than March 31, 2025. 

    ### 

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News –

  • MIL-OSI USA: Relief Still Available to Florida Businesses Hit by June Storms

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Florida of the April 1, 2025, deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms and flooding occurring on June 11-14, 2024. 

    This disaster declaration covers the counties of Broward, Collier, Hendry, Miami-Dade, Monroe and Palm Beach. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises. 

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster. 

    “SBA loans help eligible small businesses cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.” 

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition. 

    To apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    The deadline to return economic injury applications is April 1, 2025. 

    ### 

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to Michigan Small Businesses and Private Nonprofits Affected by April Drought

    Source: United States Small Business Administration

    ATLANTA -The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Michigan of the March 31 deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought that began on April 25, 2024. 

    The disaster declaration covers the counties of Allegan, Barry, Bay, Calhoun, Clare, Clinton, Eaton, Gladwin, Gratiot, Ionia, Isabella, Kalamazoo, Kent, Midland, Montcalm and Saginaw. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.  

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. 

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”  

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition. 

    For more information and to apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    Submit completed loan applications to SBA no later than March 31, 2025. 

    ### 

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to Virginia Small Businesses and Private Nonprofits Affected by July Drought

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Virginia of the March 31, 2025, deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought beginning on July 16, 2024. 

    The disaster declaration covers the counties of Albemarle, Augusta, Bath, Buckingham, Charlottesville, Clarke, Culpeper, Fairfax County, Fauquier, Fluvanna, Frederick, Greene, Harrisonburg, Highland, Loudoun, Louisa, Madison, Nelson, Orange, Page, Prince Wiliam, Rappahannock, Rockbridge, Rockingham, Shenandoah, Stafford, Staunton, Warren, Waynesboro and Winchester in Virginia, as well as Frederick, Montgomery and Washington counties in Maryland, and Berkeley, Hampshire, Hardy, Jefferson, Morgan, Pendleton and Pocahontas in West Virginia. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises. 

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster. 

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”  

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and  terms based on each applicant’s financial condition. 

    To apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    The deadline to return economic injury applications is March 31, 2025. 

    ### 

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News –

  • MIL-OSI Economics: IMF Executive Board Completes the Third Review Under the Extended Fund Facility Arrangement with Sri Lanka

    Source: International Monetary Fund

    February 28, 2025

    • The IMF Executive Board completed the Third Review under the 48-month Extended Fund Facility with Sri Lanka, providing the country with immediate access to SDR 254 million (about US $334 million) to support its economic policies and reforms.
    • Performance under the program has been strong. All quantitative targets for end-December 2024 were met, except the indicative target on social spending. Most structural benchmarks due by end-January 2025 were either met or implemented with delay. The recent successful completion of the bond exchange is a major milestone towards restoring debt sustainability.
    • Reform efforts are bearing fruit with the recovery gaining momentum. As the economy is still vulnerable, sustaining the reform agenda is critical to put the economy on a path towards lasting recovery and debt sustainability.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the third review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw SDR 254 million (about US$334 million). This brings the total IMF financial support disbursed so far to SDR 1.02 billion (about US$1.34 billion).[1]

    The EFF arrangement for Sri Lanka was approved by the Executive Board on March 20, 2023 (see Press Release No. 23/79) in an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion. The program supports Sri Lanka’s efforts to restore and maintain macroeconomic stability and debt sustainability while protecting the poor and vulnerable, rebuild external buffers, and enhance growth-oriented structural reforms including by strengthening governance.

    Following the Executive Board discussion on Sri Lanka, Mr. Kenji Okamura, Deputy Managing Director, issued the following statement:

    “Reforms in Sri Lanka are bearing fruit and the economic recovery has been remarkable. Inflation remains low, revenue collection is improving, and reserves continue to accumulate. Economic growth averaged 4.3 percent since growth resumed in the third quarter of 2023. By end-2024, Sri Lanka’s real GDP is estimated to have recovered 40 percent of its loss incurred between 2018 and 2023. The recovery is expected to continue in 2025. As the economy is still vulnerable, it is critical to sustain the reform momentum to ensure macroeconomic stability and debt sustainability, and promote long-term inclusive growth. There is no room for policy errors.

    “Program performance has been strong with all quantitative targets met, except for the indicative target on social spending. Most structural benchmarks due by end-January 2025 were either met or implemented with delay.

    “Sustained revenue mobilization is crucial to restoring fiscal sustainability and ensuring that the government can continue to provide essential services. Boosting tax compliance and refraining from tax exemptions are key to maintaining support for economic reforms. To ease economic hardship and ensure the poor and vulnerable can participate in Sri Lanka’s recovery it is important to meet social spending targets and continue with reforms of the social safety net. Going forward, social support needs to be well-targeted towards the most disadvantaged so as to promote inclusive growth with limited fiscal space. Restoring cost-recovery electricity pricing without delay is needed to contain fiscal risks from state-owned enterprises. A smoother execution of capital spending within the fiscal envelope would foster medium-term growth.

    “The progress to advance the debt restructuring to restore Sri Lanka’s debt sustainability is noteworthy. The recent successful completion of the bond exchange is a major milestone towards restoring debt sustainability. Timely finalization of bilateral agreements with creditors in the Official Creditor Committee and with remaining creditors is a priority now.

    “Monetary policy should prioritize maintaining price stability, supported by sustained commitment to prohibit monetary financing and safeguard Central Bank independence. Continued exchange rate flexibility and gradually phasing out the balance of payments measures remain critical to rebuild external buffers and facilitate rebalancing.

    “Resolving non-performing loans, strengthening governance and oversight of state-owned banks, and improving the insolvency and resolution frameworks are important priorities to revive credit growth and support the economic recovery.

    “Prolonged structural challenges need to be addressed to unlock Sri Lanka’s long-term potential, including steadfast implementation of the governance reforms.”

                                                                    Sri Lanka: Selected Economic Indicators 2022-2030

     

    2022

    		  

    2023

    2024

    		  

    2025

    		  

    2026

    2027

    2028

    2029

    2030

    Act. 

    Proj.

    		  

    Projections
                             

    GDP and inflation (in percent)

    		                      

    Real GDP

    -7.3

    -2.3

    4.5

    3.0

    3.0

    3.1

    3.1

    3.1

    3.1

    Inflation (average) 1/

    45.2

    17.4

    1.2

    3.8

    5.4

    5.2

    5.0

    5.0

    5.0

    Inflation (end-of-period) 1/

    58.6

    3.0

    -1.5

    7.8

    5.4

    5.2

    5.0

    5.0

    5.0

    GDP Deflator growth

    47.5

    17.5

    3.5

    4.9

    5.5

    5.3

    5.2

    5.1

    5.0

    Nominal GDP growth

    36.6

    14.8

    8.2

    8.1

    8.7

    8.5

    8.5

    8.4

    8.3

     

    Savings and investment (in percent of GDP)

    		                    

    National savings

    27.6

    33.8

    34.0

    31.7

    31.9

    32.1

    31.9

    31.7

    31.7

      Government

    -6.4

    -6.0

    -3.2

    -1.8

    -0.7

    0.0

    0.1

    0.3

    0.5

      Private

    34.0

    39.8

    37.2

    33.5

    32.6

    32.1

    31.7

    31.4

    31.2

    National investment

    28.6

    30.8

    32.1

    32.2

    32.5

    32.9

    32.7

    32.6

    32.5

      Government

    5.5

    3.7

    3.6

    4.4

    4.6

    4.7

    4.6

    4.6

    4.6

      Private

    23.1

    27.1

    28.5

    27.7

    27.9

    28.2

    28.1

    28.0

    28.0

    Savings-Investment balance

    -1.0

    3.1

    1.8

    -0.4

    -0.6

    -0.8

    -0.9

    -0.9

    -0.8

      Government

    -11.9

    -9.6

    -6.8

    -6.2

    -5.3

    -4.7

    -4.5

    -4.3

    -4.1

      Private

    10.9

    12.7

    8.6

    5.8

    4.7

    3.9

    3.6

    3.4

    3.2

     

    Public finance (in percent of GDP)

    		                    

    Revenue and grants

    8.4

    11.1

    13.7

    15.1

    15.3

    15.3

    15.2

    15.3

    15.3

    Expenditure

    18.6

    19.4

    19.3

    20.4

    19.8

    19.2

    19.1

    19.0

    18.8

    Primary balance

    -3.7

    0.6

    2.2

    2.3

    2.3

    2.3

    2.3

    2.3

    2.3

    Central government balance

    -10.2

    -8.3

    -5.6

    -5.4

    -4.6

    -4.0

    -3.8

    -3.7

    -3.5

    Central government gross financing needs

    34.1

    27.6

    22.1

    22.8

    19.7

    15.7

    13.2

    11.8

    11.6

    Central government debt

    115.9

    109.5

    99.5

    105.7

    106.4

    103.5

    100.2

    97.0

    93.9

    Public debt 2/

    126.3

    115.8

    104.6

    110.7

    110.9

    107.4

    103.7

    100.1

    96.8

     

    Money and credit (percent change, end of period)

    Reserve money

    3.3

    -1.5

    10.3

    9.7

    8.7

    8.5

    8.5

    8.4

    8.3

    Broad money

    15.5

    7.3

    10.0

    9.7

    8.7

    8.5

    8.5

    8.4

    8.3

    Domestic credit

    18.8

    -1.2

    6.1

    3.3

    2.8

    3.3

    4.0

    4.3

    4.9

    Credit to private sector

    6.4

    -0.8

    7.9

    7.5

    9.5

    9.5

    9.4

    9.4

    9.4

    Credit to private sector (adjusted for inflation)

    -38.8

    -18.2

    6.6

    3.7

    4.1

    4.3

    4.3

    4.3

    4.3

    Credit to central government and public corporations

    31.1

    -1.6

    4.7

    -0.1

    -3.1

    -2.9

    -2.2

    -2.2

    -1.5

     

    Balance of Payments (in millions of U.S. dollars)

    Exports

    13,107

    11,911

    12,772

    13,446

    14,090

    14,795

    15,638

    16,397

    17,192

    Imports

    -18,291

    -16,811

    -18,841

    -21,718

    -22,668

    -23,410

    -24,105

    -25,109

    -26,026

    Current account balance

    -737

    2,582

    1,824

    -409

    -538

    -751

    -864

    -952

    -922

    Current account balance (in percent of GDP)

    -1.0

    3.1

    1.8

    -0.4

    -0.6

    -0.8

    -0.9

    -0.9

    -0.8

    Current account balance net of interest (in percent of GDP)

    0.1

    4.2

    3.8

    1.7

    1.6

    1.5

    1.5

    1.3

    1.3

    Export value growth (percent)

    4.9

    -9.1

    7.2

    5.3

    4.8

    5.0

    5.7

    4.9

    4.9

    Import value growth (percent)

    -11.4

    -8.1

    12.1

    15.3

    4.4

    3.3

    3.0

    4.2

    3.7
                             

    Gross official reserves (end of period)

    		                          

    In millions of U.S. dollars

    1,898

    4,392

    6,122

    7,056

    9,303

    13,118

    14,710

    14,875

    15,175

    In months of prospective imports of goods & services

    1.2

    2.4

    2.9

    3.2

    4.1

    5.5

    5.9

    5.8

    5.7

    In percent of ARA composite metric

    16.6

    37.5

    50.3

    58.3

    75.4

    100.1

    108.8

    108.5

    108.7

    Usable Gross official reserves (end of period) 3/

    		                    

    In millions of U.S. dollars

    462

    2,956

    4,686

    7,056

    9,303

    13,118

    14,710

    14,875

    15,175

    In months of prospective imports of goods & services

    0.3

    1.6

    2.2

    3.2

    4.1

    5.5

    5.9

    5.8

    5.7

    In percent of ARA composite metric

    4.0

    25.3

    38.5

    58.3

    75.4

    100.1

    108.8

    108.5

    108.7

    External debt (public and private)

    In billions of U.S. dollars

    57.4

    54.1

    53.9

    54.9

    57.2

    61.2

    62.9

    63.3

    65.6

    As a percent of GDP

    77.0

    64.1

    54.4

    56.1

    62.9

    65.9

    64.0

    60.4

    58.9

     

    Memorandum items:

    Nominal GDP (in billions of rupees)

    24,064

    27,630

    29,893

    32,309

    35,123

    38,113

    41,343

    44,819

    48,551

    Exchange Rate (period average)

    322.6

    327.5

    302.0

    …

    …

    …

    …

    …

    …

    Exchange Rate (end of period)

    363.1

    323.9

    293.0

    …

    …

    …

    …

    …

    …

    Sources: Data provided by the Sri Lankan authorities; and IMF staff estimates.

    		                        

    1/ Colombo CPI.

    		                      
                                                                                                                                 

    2/ Comprising central government debt, publicly guaranteed debt, and CBSL external liabilities

    (i.e., Fund credit outstanding and international currency swap arrangements). The debt statistics

    currently assume the external debt restructuring to have been completed at end 2023.

    3/ Excluding PBOC swap ($1.4bn in 2022) which becomes usable once GIR rise above 3 months

    of previous year’s import cover.

    [1] SDR figures are converted at the market rate of U.S. dollar per SDR on the day of the Board approval.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    MIL OSI Economics –

  • MIL-OSI Video: EU Leaders meeting on Ukraine and Security in London, UK

    Source: European Commission (video statements)

    EU Leaders meeting on Ukraine and Security in London, UK
    Commission President von der Leyen, and European Council President, António Costa.

    Follow us on:
    -X: https://twitter.com/EU_Commission
    -Instagram: https://www.instagram.com/europeancommission/
    -Facebook: https://www.facebook.com/EuropeanCommission
    -LinkedIn: https://www.linkedin.com/company/european-commission/
    -Medium: https://medium.com/@EuropeanCommission

    Visit our website: http://ec.europa.eu

    https://www.youtube.com/watch?v=ySIW0kFf9JA

    MIL OSI Video –

  • MIL-OSI Video: EU Archives: first European climate law, Haiti after the earthquake, women’s rights in Brussels

    Source: European Commission (video statements)

    Have you ever wondered what the European Union was up to 50 years ago? Dive with us into the European Commission’s audiovisual archives and discover important anniversaries with our new weekly AV history teaser!

    Upcoming anniversaries in the teaser:

    · 1975: Death of Joseph Bech – Founding Father of the EU
    · 2010: Commissioner Kristalina Georgieva visits Haiti after the earthquake
    · 2020: First European climate law adopted
    · 2024: Women’s rights march in Brussels

    Get the complete material from our archive:
    https://europa.eu/!XC46QH
    https://europa.eu/!Wk36xm
    https://europa.eu/!Tu74QB
    https://europa.eu/!wq6Drr

    Watch on the Audiovisual Portal of the European Commission:
    Follow us on:
    -X: https://twitter.com/EU_Commission
    -Instagram: https://www.instagram.com/europeancommission/
    -Facebook: https://www.facebook.com/EuropeanCommission
    -LinkedIn: https://www.linkedin.com/company/european-commission/
    -Medium: https://medium.com/@EuropeanCommission

    Check our website: http://ec.europa.eu/

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

    MIL OSI Video –

  • MIL-OSI USA: Virginia Lawmakers Rip President Trump’s Plans to Dissolve or Privatize the Postal Service

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine
    WASHINGTON, D.C. – Today, U.S. Senators Mark R. Warner and Tim Kaine and U.S. Representatives Bobby Scott, Gerry Connolly, Don Beyer, Jennifer McClellan, Suhas Subramanyam and Eugene Vindman (all D-VA) urged President Trump to halt any proposal that would alter the U.S. Postal Service (USPS) without congressional consultation and approval. 
    “We write to express our great concern regarding reports that you intend to dissolve the United States Postal Service’s (USPS) bipartisan Board of Governors and move the independent agency under the control of the Department of Commerce. The Postal Service plays a crucial role in keeping our communities, especially in our rural areas, connected to each other and to the wider world. From delivering prescription medications and household goods, to election ballots, paychecks, and critical bills, USPS continues to be an essential part of Americans’ everyday lives. However, press reports indicate you are planning to upend over 50 years of Congressionally-mandated independence at USPS with no clear strategy for continuing essential mail delivery services or achieving financial sustainability,” the lawmakers wrote in a letter to President Trump. “We urge you to cease the advancement of any proposal that would alter the USPS without congressional consultation and approval.”
    Since Congress passed the Postal Reorganization Act of 1970, USPS has operated as an independent agency run by a bipartisan Board of Governors who are appointed by the president and confirmed by the Senate. However, press reports have recently suggested that President Trump intends to sign an executive order to dissolve the Board and move the independent agency under the control of Secretary Howard Lutnick at the Department of Commerce. Last Friday, the president confirmed these reports when he said he was considering a “form of a merger” for the Postal Service. The letter rejects this vague and unconstitutional plan.
    Wrote the lawmakers, “Throughout our nation’s history, the Postal Service has been an integral function of the U.S. government, particularly in rural areas. While 63% of post offices in rural areas do not generate enough revenue to cover their costs, Congress continues to ensure changes do not disadvantage rural areas because all Americans deserve the same mail delivery service regardless of where they live. Given your reported interest in privatizing the Postal Service, the universal service obligation that binds the Postal Service to deliver to all Americans could be scrapped for a plan that risks cutting off rural delivery and worsening service for all.”
    The letter also references Virginia’s mail delivery issues, raising concerns that the president’s plans could upend recent improvements in mail service.
    “Virginians are unfortunately familiar with the impacts of mail delivery falling short in the Commonwealth. In late 2023, USPS chose Richmond, Virginia as the first location to implement sweeping reforms under the ‘Delivering for America’ plan, including opening the Richmond Regional Processing and Distribution Center (RPDC). Shortly after, Virginia’s on-time service performance became the worst in the country. Last year, we met with Postmaster General Louis DeJoy on three occasions to push USPS to do everything in its power to improve mail service in Virginia. Throughout the year, we saw steady improvements in USPS’s mail service as we continued to press for increased transparency, greater engagement with the public, and a higher standard of service,” they wrote.
    Continued the members, “While some communities in Virginia still experience service performance issues, we were pleased to see a USPS Inspector General report in January 2025 that found USPS had stabilized service at the Richmond RPDC, achieved most of the expected savings for fiscal year 2024, and returned statewide mail service to match nationwide averages. We fear such a significant upheaval of USPS’s governing structure and operations, as has been reported in the press, could reverse the improvement in mail service we have seen across Virginia.”
    Lastly, the Virginia lawmakers noted dismantling or privatizing the Postal Service would jeopardize its critical facilitation of the nation’s vote by mail system. 
    “We are also disturbed by the notion that a USPS merger with the Department of Commerce will insert an intense partisan agenda into the distribution of millions of mail-in ballots as we approach election season. In the 2024 election, USPS processed 99.22 million ballots, with 99.88% of ballots delivered from voters to election officials within seven days and only one day on average to deliver ballots from voters to election officials. With over 2.3 million Virginians voting absentee in the 2024 general election, it is imperative that no changes are made to USPS that would undermine its ability to facilitate free and fair elections,” they wrote.
    Concluded the lawmakers, “Any effort to ignore federal law and fire all members of the USPS’s Board of Governors – Republicans and Democrats who have been appointed by presidents and confirmed by the U.S. Senate – and move this independent agency under your control, will be met with fierce opposition. Furthermore, we request that you provide a full accounting of any changes that is being explored to alter USPS service, leadership, and personnel.”
    A copy of the letter is available here.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Successful projects highlighted at Harbours Management Board

    Source: Scotland – Highland Council

    When The Highland Council’s Harbours Management Board met earlier today, (Friday 28 February) members expressed their delight that two projects are bringing benefits to the council, the fishing industry and their local communities.

    The Highland Council manages approximately ninety ports, harbours and marine facilities, ten of which provide Marine Gas Oil (MGO) bunkering facilities. There has been a notable increase in the size of commercial vessels using these facilities over the last few years, putting an increasing demand on the existing systems.

    A new faster fuel pump installed at Kyle Harbour in October 2024 is proving to be a great success, with fuel sales up and for the time it takes for vessels to refuel cut, making a stop to take on fuel far more attractive for all forms of boats.

    The previous pumps at Kyle had a maximum output of 15,000 litres an hour which was too low for some of the larger vessels due to strict turnaround times set by the contracting companies. The new pump has an output of between 24,000-28,000 litres per hour.

    Average monthly sales of fuel have increased:

    •           2022/23 = 378,698 litres;

    •           2023/24 = 558,303 litres; and

    •           2024/25 to date = 626,698 litres

    Chair of the Board, Councillor Michael Green said: “The income generated from fuel sales at our ports and harbours is an important income source for the Council. We are delighted that since the pump went into operation on 16 October 2024 there has been a total of 1,115,638 litres sold. By investing in modern infrastructure , such as the high-capacity fuel pump at Kyle Harbour, the Council is not only meeting the evolving needs of the maritime industry but also driving economic growth. The Harbours Board, along with the Highland Council is embracing a new entrepreneurial spirit, demonstrating a dynamic customer-led approach to business that prioritises efficiency, innovation and community benefit.

    Another important source of income are fish landings at council run harbours and the Board discussed figures that put Kinlochbevie to the fore of harbours across Scotland.

    Details of fish landings into all Scottish Harbours are collected by the Scottish Government and published is detailed within Appendix 1. The information provides useful and interesting information on the health of the fishing industry and harbours.

    Although the full report for individual harbours is not yet available on the Scottish Government website, statistics for Kinlochbervie have been published.

    The report ranks the council-run harbour as 6th overall in landings by tonnage with 7,923T landed. The total tonnage landed in 2024 was up by 30% compared to 2023, making it the highest % increase for tonnage in Scotland. Also ranked 6th overall in value of landings, the total value of landings last year was up by 21% compared to 2023, again, the highest % increase for value in Scotland.

    Councillor Green said: “Successful fishing harbours are at the heart of the communities where they are located, offering employment, income and sales opportunities for the local economies. The figures for Kinlochbervie are excellent and show a thriving busy fishing harbour, very much at the heart of the local community.  I want to thank everyone working at the harbour and everyone who supports it for their hard work. We look forward to seeing figures for our other harbours when they are published.”

    MIL OSI United Kingdom –

  • MIL-OSI Russia: IMF Executive Board Completes the Third Review Under the Extended Fund Facility

    Source: IMF – News in Russian

    February 28, 2025

    • The IMF Executive Board completed the Third Review under the 48-month Extended Fund Facility with Sri Lanka, providing the country with immediate access to SDR 254 million (about US $334 million) to support its economic policies and reforms.
    • Performance under the program has been strong. All quantitative targets for end-December 2024 were met, except the indicative target on social spending. Most structural benchmarks due by end-January 2025 were either met or implemented with delay. The recent successful completion of the bond exchange is a major milestone towards restoring debt sustainability.
    • Reform efforts are bearing fruit with the recovery gaining momentum. As the economy is still vulnerable, sustaining the reform agenda is critical to put the economy on a path towards lasting recovery and debt sustainability.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the third review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw SDR 254 million (about US$334 million). This brings the total IMF financial support disbursed so far to SDR 1.02 billion (about US$1.34 billion).[1]

    The EFF arrangement for Sri Lanka was approved by the Executive Board on March 20, 2023 (see Press Release No. 23/79) in an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion. The program supports Sri Lanka’s efforts to restore and maintain macroeconomic stability and debt sustainability while protecting the poor and vulnerable, rebuild external buffers, and enhance growth-oriented structural reforms including by strengthening governance.

    Following the Executive Board discussion on Sri Lanka, Mr. Kenji Okamura, Deputy Managing Director, issued the following statement:

    “Reforms in Sri Lanka are bearing fruit and the economic recovery has been remarkable. Inflation remains low, revenue collection is improving, and reserves continue to accumulate. Economic growth averaged 4.3 percent since growth resumed in the third quarter of 2023. By end-2024, Sri Lanka’s real GDP is estimated to have recovered 40 percent of its loss incurred between 2018 and 2023. The recovery is expected to continue in 2025. As the economy is still vulnerable, it is critical to sustain the reform momentum to ensure macroeconomic stability and debt sustainability, and promote long-term inclusive growth. There is no room for policy errors.

    “Program performance has been strong with all quantitative targets met, except for the indicative target on social spending. Most structural benchmarks due by end-January 2025 were either met or implemented with delay.

    “Sustained revenue mobilization is crucial to restoring fiscal sustainability and ensuring that the government can continue to provide essential services. Boosting tax compliance and refraining from tax exemptions are key to maintaining support for economic reforms. To ease economic hardship and ensure the poor and vulnerable can participate in Sri Lanka’s recovery it is important to meet social spending targets and continue with reforms of the social safety net. Going forward, social support needs to be well-targeted towards the most disadvantaged so as to promote inclusive growth with limited fiscal space. Restoring cost-recovery electricity pricing without delay is needed to contain fiscal risks from state-owned enterprises. A smoother execution of capital spending within the fiscal envelope would foster medium-term growth.

    “The progress to advance the debt restructuring to restore Sri Lanka’s debt sustainability is noteworthy. The recent successful completion of the bond exchange is a major milestone towards restoring debt sustainability. Timely finalization of bilateral agreements with creditors in the Official Creditor Committee and with remaining creditors is a priority now.

    “Monetary policy should prioritize maintaining price stability, supported by sustained commitment to prohibit monetary financing and safeguard Central Bank independence. Continued exchange rate flexibility and gradually phasing out the balance of payments measures remain critical to rebuild external buffers and facilitate rebalancing.

    “Resolving non-performing loans, strengthening governance and oversight of state-owned banks, and improving the insolvency and resolution frameworks are important priorities to revive credit growth and support the economic recovery.

    “Prolonged structural challenges need to be addressed to unlock Sri Lanka’s long-term potential, including steadfast implementation of the governance reforms.”

                                                                    Sri Lanka: Selected Economic Indicators 2022-2030

     

    2022

    		  

    2023

    2024

    		  

    2025

    		  

    2026

    2027

    2028

    2029

    2030

    Act. 

    Proj.

    		  

    Projections
                             

    GDP and inflation (in percent)

    		                      

    Real GDP

    -7.3

    -2.3

    4.5

    3.0

    3.0

    3.1

    3.1

    3.1

    3.1

    Inflation (average) 1/

    45.2

    17.4

    1.2

    3.8

    5.4

    5.2

    5.0

    5.0

    5.0

    Inflation (end-of-period) 1/

    58.6

    3.0

    -1.5

    7.8

    5.4

    5.2

    5.0

    5.0

    5.0

    GDP Deflator growth

    47.5

    17.5

    3.5

    4.9

    5.5

    5.3

    5.2

    5.1

    5.0

    Nominal GDP growth

    36.6

    14.8

    8.2

    8.1

    8.7

    8.5

    8.5

    8.4

    8.3

     

    Savings and investment (in percent of GDP)

    		                    

    National savings

    27.6

    33.8

    34.0

    31.7

    31.9

    32.1

    31.9

    31.7

    31.7

      Government

    -6.4

    -6.0

    -3.2

    -1.8

    -0.7

    0.0

    0.1

    0.3

    0.5

      Private

    34.0

    39.8

    37.2

    33.5

    32.6

    32.1

    31.7

    31.4

    31.2

    National investment

    28.6

    30.8

    32.1

    32.2

    32.5

    32.9

    32.7

    32.6

    32.5

      Government

    5.5

    3.7

    3.6

    4.4

    4.6

    4.7

    4.6

    4.6

    4.6

      Private

    23.1

    27.1

    28.5

    27.7

    27.9

    28.2

    28.1

    28.0

    28.0

    Savings-Investment balance

    -1.0

    3.1

    1.8

    -0.4

    -0.6

    -0.8

    -0.9

    -0.9

    -0.8

      Government

    -11.9

    -9.6

    -6.8

    -6.2

    -5.3

    -4.7

    -4.5

    -4.3

    -4.1

      Private

    10.9

    12.7

    8.6

    5.8

    4.7

    3.9

    3.6

    3.4

    3.2

     

    Public finance (in percent of GDP)

    		                    

    Revenue and grants

    8.4

    11.1

    13.7

    15.1

    15.3

    15.3

    15.2

    15.3

    15.3

    Expenditure

    18.6

    19.4

    19.3

    20.4

    19.8

    19.2

    19.1

    19.0

    18.8

    Primary balance

    -3.7

    0.6

    2.2

    2.3

    2.3

    2.3

    2.3

    2.3

    2.3

    Central government balance

    -10.2

    -8.3

    -5.6

    -5.4

    -4.6

    -4.0

    -3.8

    -3.7

    -3.5

    Central government gross financing needs

    34.1

    27.6

    22.1

    22.8

    19.7

    15.7

    13.2

    11.8

    11.6

    Central government debt

    115.9

    109.5

    99.5

    105.7

    106.4

    103.5

    100.2

    97.0

    93.9

    Public debt 2/

    126.3

    115.8

    104.6

    110.7

    110.9

    107.4

    103.7

    100.1

    96.8

     

    Money and credit (percent change, end of period)

    Reserve money

    3.3

    -1.5

    10.3

    9.7

    8.7

    8.5

    8.5

    8.4

    8.3

    Broad money

    15.5

    7.3

    10.0

    9.7

    8.7

    8.5

    8.5

    8.4

    8.3

    Domestic credit

    18.8

    -1.2

    6.1

    3.3

    2.8

    3.3

    4.0

    4.3

    4.9

    Credit to private sector

    6.4

    -0.8

    7.9

    7.5

    9.5

    9.5

    9.4

    9.4

    9.4

    Credit to private sector (adjusted for inflation)

    -38.8

    -18.2

    6.6

    3.7

    4.1

    4.3

    4.3

    4.3

    4.3

    Credit to central government and public corporations

    31.1

    -1.6

    4.7

    -0.1

    -3.1

    -2.9

    -2.2

    -2.2

    -1.5

     

    Balance of Payments (in millions of U.S. dollars)

    Exports

    13,107

    11,911

    12,772

    13,446

    14,090

    14,795

    15,638

    16,397

    17,192

    Imports

    -18,291

    -16,811

    -18,841

    -21,718

    -22,668

    -23,410

    -24,105

    -25,109

    -26,026

    Current account balance

    -737

    2,582

    1,824

    -409

    -538

    -751

    -864

    -952

    -922

    Current account balance (in percent of GDP)

    -1.0

    3.1

    1.8

    -0.4

    -0.6

    -0.8

    -0.9

    -0.9

    -0.8

    Current account balance net of interest (in percent of GDP)

    0.1

    4.2

    3.8

    1.7

    1.6

    1.5

    1.5

    1.3

    1.3

    Export value growth (percent)

    4.9

    -9.1

    7.2

    5.3

    4.8

    5.0

    5.7

    4.9

    4.9

    Import value growth (percent)

    -11.4

    -8.1

    12.1

    15.3

    4.4

    3.3

    3.0

    4.2

    3.7
                             

    Gross official reserves (end of period)

    		                          

    In millions of U.S. dollars

    1,898

    4,392

    6,122

    7,056

    9,303

    13,118

    14,710

    14,875

    15,175

    In months of prospective imports of goods & services

    1.2

    2.4

    2.9

    3.2

    4.1

    5.5

    5.9

    5.8

    5.7

    In percent of ARA composite metric

    16.6

    37.5

    50.3

    58.3

    75.4

    100.1

    108.8

    108.5

    108.7

    Usable Gross official reserves (end of period) 3/

    		                    

    In millions of U.S. dollars

    462

    2,956

    4,686

    7,056

    9,303

    13,118

    14,710

    14,875

    15,175

    In months of prospective imports of goods & services

    0.3

    1.6

    2.2

    3.2

    4.1

    5.5

    5.9

    5.8

    5.7

    In percent of ARA composite metric

    4.0

    25.3

    38.5

    58.3

    75.4

    100.1

    108.8

    108.5

    108.7

    External debt (public and private)

    In billions of U.S. dollars

    57.4

    54.1

    53.9

    54.9

    57.2

    61.2

    62.9

    63.3

    65.6

    As a percent of GDP

    77.0

    64.1

    54.4

    56.1

    62.9

    65.9

    64.0

    60.4

    58.9

     

    Memorandum items:

    Nominal GDP (in billions of rupees)

    24,064

    27,630

    29,893

    32,309

    35,123

    38,113

    41,343

    44,819

    48,551

    Exchange Rate (period average)

    322.6

    327.5

    302.0

    …

    …

    …

    …

    …

    …

    Exchange Rate (end of period)

    363.1

    323.9

    293.0

    …

    …

    …

    …

    …

    …

    Sources: Data provided by the Sri Lankan authorities; and IMF staff estimates.

    		                        

    1/ Colombo CPI.

    		                      
                                                                                                                                 

    2/ Comprising central government debt, publicly guaranteed debt, and CBSL external liabilities

    (i.e., Fund credit outstanding and international currency swap arrangements). The debt statistics

    currently assume the external debt restructuring to have been completed at end 2023.

    3/ Excluding PBOC swap ($1.4bn in 2022) which becomes usable once GIR rise above 3 months

    of previous year’s import cover.

    [1] SDR figures are converted at the market rate of U.S. dollar per SDR on the day of the Board approval.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    https://www.imf.org/en/News/Articles/2025/02/28/pr25053-sri-lanka-imf-completes-the-3rd-rev-under-the-eff

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Economics: IMF and Ukrainian Authorities Reach Staff Level Agreement on the Seventh Review of the Extended Fund Facility (EFF) Arrangement

    Source: International Monetary Fund

    February 28, 2025

    • International Monetary Fund (IMF) staff and the Ukrainian authorities have reached staff level agreement (SLA) on the Seventh Review of the 4-year, $15.5 billion Extended Fund Facility (EFF) Arrangement. Subject to approval by the IMF Executive Board and consistent with its balance-of-payments needs, Ukraine would be expected to draw about US$0.4 billion (SDR 0.3 billion), bringing total disbursements under the program to US$10.1 billion.
    • Program performance remains strong. All end-December quantitative performance criteria (QPCs) have been met and understandings were reached on a set of policies and reforms to sustain macroeconomic stability. The structural reform agenda continues to make progress, with seven structural benchmarks met, another benchmark implemented with delay, and strong commitments to advance other key reforms.
    • The outlook remains exceptionally uncertain as the war continues to take a heavy toll on Ukraine’s people, economy, and infrastructure. Despite the challenging environment, the program remains on track on the back of critical external support.

    Warsaw, Poland: An International Monetary Fund (IMF) team led by Mr. Gavin Gray held discussions with the Ukrainian authorities in Kyiv, Ukraine and Warsaw, Poland during February 20-28 on the Seventh Review of the country’s 4-year Extended Fund Facility (EFF) Arrangement. Upon the conclusion of the discussions, Mr. Gray issued the following statement:

    “IMF staff and the Ukrainian authorities have reached staff-level agreement on the Seventh Review of the EFF, subject to approval by the IMF Executive Board, with Board consideration expected in coming weeks.

    “Ukraine’s four-year EFF Arrangement with the IMF continues to provide a strong anchor for the authorities’ economic program in times of exceptionally high uncertainty. Program performance remains strong with all quantitative performance criteria for end-December met, and important progress on the structural agenda due for this review. Reflecting a revised profile of balance of payments needs in 2025, Ukraine has requested to rephase access under its EFF program, shifting IMF financing to future reviews while the overall size of the program remains unchanged.

    “The economy has continued to show resilience despite the challenges arising from three years of war in Ukraine. Real GDP growth is estimated at 3.5 percent for 2024, but is expected to moderate to 2-3 percent in 2025, reflecting headwinds from labor constraints, damage to energy infrastructure, and the persistence of Russia’s war in Ukraine. Inflation has continued to rise, reaching 12.9 percent y/y in January, mainly due to rising food and labor costs. The National Bank of Ukraine (NBU) raised the policy rate by a cumulative 150 bps since December in response. Gross international reserves reached US$43 billion as of January 2025, reflecting continued large external official support. Risks remain exceptionally high given uncertainty on the war and the prospects for peace and recovery.

    “The 2025 budget targets a deficit (excluding grants) of 19.6 percent of GDP and remains the anchor for fiscal policy this year. It incorporates the additional revenue derived from the increase in tobacco excise taxes and enactment of this tax policy change is a requirement for completion of the review. Financing the large fiscal deficit will require significant and timely external support, notably from the G7’s ERA initiative, to support macroeconomic stability. Responding to high budget risks will require preparedness with offsetting measures; in particular broad-based, durable, and efficient revenue measures and accelerated implementation of Ukraine’s National Revenue Strategy (NRS)

    Restoring medium-term fiscal sustainability requires determined implementation of reforms to mobilize domestic revenues, tackle tax evasion and avoidance, and improve the investment climate. Tax policy reforms need also to be coupled with improvements in tax administration with continued reforms to the state customs service (SCS) and state tax service (STS). Restoring debt sustainability hinges on this revenue-based fiscal adjustment and continued implementation of the authorities’ debt restructuring strategy (where completing the treatment of the GDP warrants remains important). The upcoming 2026-2028 budget declaration that is to be submitted to Parliament in June will be an important opportunity to provide both the context and strategic objectives of the medium-term fiscal strategy.

    “Given the risks from rising inflation, the recent increases in the policy rate by the NBU are appropriate. Further action would be warranted if inflation accelerates further or inflation expectations deteriorate. The exchange rate should increasingly act as a shock absorber. Maintaining adequate reserves is a priority, particularly in view of risks to the outlook.

    “The independence, competence, and credibility of anti-corruption and judicial institutions should continue to be enhanced. Parliamentary adoption this week of the law establishing the High Administrative Court, a benchmark under the program, is a landmark step in this direction. Swift enactment of the law would pave the way for prompt establishment of the court.

    “Effective public investment management (PIM) is critical for post-war recovery, reconstruction, and growth against a backdrop of limited fiscal space and tough demographic realities. To tackle these challenges, the government of Ukraine is implementing a comprehensive PIM framework that is in line with best international practices. A strategy-driven and transparent approach is essential to overcome absorption capacity constraints and allocate scarce resources efficiently.

    “The financial sector remains stable, but continued vigilance is warranted given elevated risks. Developing financial markets infrastructure will be critical to support prompt reconstruction and recovery by facilitating much needed private investment, including attracting foreign capital. Comprehensive consultation and collaboration with financial market participants is essential to facilitate preparation of a prioritized reform agenda, which the NBU has begun in collaboration with other relevant stakeholders.

    “The mission met with Finance Minister Marchenko, National Bank of Ukraine Governor Pyshnyy, other government ministers, public officials, and civil society. The mission thanks them and their technical staff for the excellent collaboration and constructive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    MIL OSI Economics –

  • MIL-OSI: EverCommerce Presents at the Citizens JMP Tech Conference

    Source: GlobeNewswire (MIL-OSI)

    DENVER, Feb. 28, 2025 (GLOBE NEWSWIRE) — EverCommerce Inc. (NASDAQ: EVCM), a leading service commerce platform, today announced that management will present at the following upcoming investor conferences:

    • Chief Executive Officer of EverHealth Evan Berlin and SVP & Head of Investor Relations Brad Korch will present at the Citizens JMP Technology Conference in San Francisco. The presentation is scheduled for Monday, March 3, 2025, at 11:30 a.m. PST.

    The links to the live webcasts for the conferences will be made available through the Investor Relations section of the Company’s website at: https://investors.evercommerce.com.

    About EverCommerce

    EverCommerce (Nasdaq: EVCM) is a leading service commerce platform, providing vertically-tailored, integrated SaaS solutions that help more than 690,000 global service-based businesses accelerate growth, streamline operations, and increase retention. Its modern digital and mobile applications create predictable, informed, and convenient experiences between customers and their service professionals. With its EverPro, EverHealth, and EverWell brands specializing in Home, Health, and Wellness service industries, EverCommerce provides end-to-end business management software, embedded payment acceptance, marketing technology, and customer experience applications. Learn more at EverCommerce.com.

    Investor Contact:

    Brad Korch
    SVP and Head of Investor Relations
    720-796-7664
    ir@evercommerce.com

    Press Contact:

    Jeanne Trogan
    VP of Corporate Communications
    737-465-2897
    press@evercommerce.com

    The MIL Network –

  • MIL-OSI USA: King Introduces Bill to Make College Textbooks More Affordable

    US Senate News:

    Source: United States Senator for Maine Angus King
    WASHINGTON, D.C. — U.S. Senator Angus King (I-ME) has introduced bicameral legislation to make college textbooks more affordable. The Affordable College Textbook Act would authorize a competitive grant program to support the creation and expansion of open college textbooks — textbooks that are available under an open license — which would allow professors, students, researchers and others to freely access the materials.
    Textbook costs are one of the most overlooked costs of going to college, but they can be a substantial barrier to pursuing a college education.  According to the College Board, the average student at a four-year public institution of higher education spent $1,290 on college books and supplies during the 2024-2025 academic year. In a 2020 U.S. PIRG survey, 65-percent of students decided not to buy a textbook because of the cost, and 94 percent of those students were worried it would affect their grade negatively.
    “A college education is far more expensive than the simple cost of tuition, room, and board — and the textbook market causes serious sticker shock on campuses across the nation,” said Senator King. “Students are faced with numerous additional fees from the time they move in until the time they graduate.  The Affordable College Textbook Act is a commonsense step toward saving students — and teachers — from the hidden, overlooked fees associated with a college education.  Thanks to my colleagues for prioritizing the success of the next generation of students.”
    The Affordable College Textbook Act expands and updates provisions from the College Textbook Affordability Act which was included in the 2008 Higher Education Opportunity Act. The provisions aimed to make more information available to students looking to manage college textbook costs. The 2008 law required textbook publishers to disclose to faculty the cost of a textbook to their students, required schools to publish textbook price information in course catalogues when practicable, and required publishers to offer unbundled supplemental materials. The provisions took effect July 1, 2010.
    Specifically, the Affordable College Textbook Act would: 
    Authorize a grant program, similar to the U.S. Department of Education’s Open Textbook Pilot program for which Congress already has appropriated $54 million and saved students more than $250 million.  The grant would support projects at colleges to create and expand the use of open textbooks, with priority for programs that would achieve the highest savings for students;
    Ensure that any open textbooks or educational materials created using program funds would be free and easily accessible to the public;
    Require entities who receive funds to complete a report on the effectiveness of the program in achieving savings for students;
    Improve and update existing requirements for publishers and institutions that provide information on textbook costs, including new disclosure requirements to students on how companies providing digital materials may use student data; and
    Require the Government Accountability Office to report to Congress with an update on the price trends of college textbooks.
    The legislation is cosponsored by Senators Dick Durbin (D-Ill.), Tina Smith (D-Minn.) and Ron Wyden (D-Ore.), and Representative Joe Neguese (D-Colo.) in the U.S. House.
    Senator King has been a long time advocate of higher education; working to make college more affordable and accessible for Maine students. Last year, he cosponsored bipartisan legislation that would permanently extend a tax-free student loan repayment provision to help ease the burden of student loans. Senator King has also worked to make college campuses safer — introducing bipartisan legislation to prevent hazing on college campuses, as well as legislation that would require hazing incidents to be reported as part of a college’s annual crime report.

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy, Colleagues Introduce Bill to Protect Louisiana Rice from India, China

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Cindy Hyde-Smith (R-MS), John Boozman (R-AR), Joni Ernst (R-IA), and Tommy Tuberville (R-AL) introduced the Prioritizing Offensive Agricultural Disputes and Enforcement Act to protect the Louisiana rice industry against dumping of cheap produce into U.S. markets from India and China. 
    “Louisianans want to eat rice grown in their backyard, not from the other side of the world,” said Dr. Cassidy. “The rice industry is critical to Louisiana’s economy. We must level the playing field for our rice farmers.”  
    “As a strong advocate for our agriculture industry and the ability of American producers to compete fairly on the global stage, I will remain steadfast in fighting those nations that undermine our farmers. When countries blatantly violate their WTO commitments, they must be held accountable. Giving the USDA a bigger role in trade disputes is a crucial step to safeguard a key sector of Mississippi’s and our nation’s economy. I am proud to once again support it,” said Senator Hyde-Smith. 
    “American rice and wheat farmers continue to be targeted by India’s egregious over-subsidization, and there are countless other examples. This legislation will give us the tools needed to address unfair practices and market manipulation by our trading partners to level the playing field and maintain a competitive advantage in the global marketplace,” said Senator Boozman. 
    “In Iowa, trade directly impacts the everyday lives of our hardworking farmers and is critical to the success of our entire state. Breaking down the bureaucratic barriers between the USDA and USTR will help ensure Iowa farmers are on a level playing field when engaging with global markets,” said Senator Ernst. 
    “America’s ag industry can out-compete anyone in the world—as long as the rules are fair. But right now, our farmers, ranchers, and fishermen are suffering because of foreign countries violating their trade obligations. We must level the playing field to bolster our domestic ag industry. I’m proud to join Senator Cassidy’s efforts to eliminate barriers to our agriculture exports and will keep working to remove red tape for those in our ag industry,” said Senator Tuberville.
    The Prioritizing Offensive Agricultural Disputes and Enforcement Act establishes a joint task force on agricultural trade enforcement led by the U.S. Trade Representative (USTR). The task force will more proactively monitor upcoming Indian and Chinese industrial subsidies, rather than waiting to react after subsidies are in place. The bill will also require the task force to report recommendations to Congress to deal with unfair subsidies they identify.
    Background
    Earlier this month, Cassidy asked U.S. Trade Representative Jamieson Greer if he would commit to putting tariffs on shrimp coming from other countries that use illegal antibiotics and forced labor during Greer’s confirmation hearing. Greer replied that USTR would consider tariffs if an investigation found that unfair trade practices were not remedied.
    Last year, Cassidy worked to secure $27,152,411.00 for Louisiana fisheries, shrimpers, and fishing communities affected by natural disasters between 2017 and 2022.
    In April 2024, Cassidy advocated for Louisiana shrimpers and rice producers at a U.S. Senate Finance Committee hearing with former U.S. Trade Representative Katherine Tai. He pressed her on progress USTR is making to prevent shrimp dumping from Asia. Cassidy also highlighted a whistleblower report on the safety of shrimp imported from India.
    In 2023, Cassidy also introduced the India Shrimp Tariff Act to raise U.S. tariffs to be equivalent to subsidies received by the Indian shrimp farming industry. India is the world’s top shrimp exporter, accounting for roughly 40 percent of U.S. shrimp imports, largely due to massive state subsidies. 

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to Maryland Small Businesses and Private Nonprofits Affected by July Drought

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Maryland of the March 31, 2025, deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought beginning on July 16, 2024. 

    The disaster declaration covers the counties of Allegany, Garrett and Washington in Maryland, as well as Bedford, Fulton and Somerset in Pennsylvania, and Hampshire, Mineral and Morgan in  
    West Virginia. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.  

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster. 

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”  

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition. 

    To apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    The deadline to return economic injury applications is March 31, 2025. 

    ### 

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News –

  • MIL-OSI Global: Raised voices and angry scenes at the White House as Trump clashes with Zelensky over the ‘minerals deal’

    Source: The Conversation – UK – By Stefan Wolff, Professor of International Security, University of Birmingham

    The visit of Ukrainian president Volodymyr Zelensky to the White House has not gone to plan – at least not to his plan. There were [extraordinary scenes] as a press conference between Zelensky and Trump descended into acrimony, with the US president loudly berating his opposite number, who he accused of “gambling with world war three”.

    “You either make a deal or we’re out,” Trump told Zelensky. His vice-president, J.D.Vance, also got in on the act, accusing the Ukrainian president of “litigating in front of the American media”, and saying his approach was “disrespectful”. At one point he asked Zelensky: “Have you said thank you even once?”

    Reporters present described the atmosphere as heated with voices raised by both Trump and Vance. The New York Times said the scene was “one of the most dramatic moments ever to play out in public in the Oval Office and underscored the radical break between the United States and Ukraine since Mr Trump took office”.

    Underlying the angry exchanges were differences between the Trump administration and the Ukrainian government over the so-called “minerals deal” that Zelensky was scheduled to sign. But any lack of Ukrainian enthusiasm for the deal is understandable.

    In its present form, it looks more like a memorandum of understanding that leaves several vital issues to be resolved later. The deal on offer is the creation of will be called a “reconstruction investment fund”, to be jointly owned and managed by the US and Ukraine.

    Into the proposed fund will go 50% of the revenue from the exploitation of “all relevant Ukrainian government-owned natural resource assets (whether owned directly or indirectly by the Ukrainian government)” and “other infrastructure relevant to natural resource assets (such as liquified natural gas terminals and port infrastructure)”.

    This means that private infrastructure – much of it owned by Ukraine’s wealthy oligarchs – is likely to become part of the deal. This has the potential of further increasing friction between Zelensky and some very powerful Ukrainians.

    Meanwhile, US contributions are less clearly defined. The preamble to the agreement makes it clear that Ukraine already owes the US. The very first paragraph notes that “the United States of America has provided significant financial and material support to Ukraine since Russia’s full-scale invasion of Ukraine in February 2022”.

    This figure, according to Trump, amounts to US$350 billion (£278 billion). The actual amount, according to the Ukraine Support Tracker of the Kiel Institute for the World Economy, is about half that.

    Western and Ukrainian analysts have also pointed out that there may be fewer and less accessible mineral and rare earth deposits in Ukraine than are currently assumed. The working estimates have been based mostly on Soviet-era data.

    Since the current draft leaves details on ownership, governance and operations to be determined in a future fund agreement, Trump’s very big deal is at best the first step. Future rounds of negotiations are to be expected.

    Statement of intent

    From a Ukrainian perspective, this is more of a strength than a weakness. It leaves Kyiv with an opportunity to achieve more satisfactory terms in future rounds of negotiation. Even if any improvements will only be marginal, it keeps the US locked into a process that is, overall, beneficial for Ukraine.

    Take the example of security guarantees. The draft agreement offers Ukraine nothing anywhere near Nato membership. But it notes that the US “supports Ukraine’s efforts to obtain security guarantees needed to establish lasting peace”, adding that: “Participants will seek to identify any necessary steps to protect mutual investments.”

    The significance of this should not be overstated. At its bare minimum, it is an expression of intent by the US that falls short of security guarantees but still gives the US a stake in the survival of Ukraine as an independent state.

    But it is an important signal both in terms of what it does and does not do – a signal to Russia, Europe and Ukraine.

    Trump does not envisage that the US will give Ukraine security guarantees “beyond very much”. He seems to think that these guarantees can be provided by European troops (the Kremlin has already cast doubts on this idea).

    But this does not mean the idea is completely off the table. On the contrary, because the US commitment is so vague, it gives Trump leverage in every direction.

    He can use it as a carrot and a stick against Ukraine to get more favourable terms for US returns from the reconstruction investment fund. He can use it to push Europe towards more decisive action to ramp up defence spending by making any US protection for European peacekeepers contingent on more equitable burden-sharing in Nato.

    And he can signal to the Russian president, Vladimir Putin, that the US is serious about making a deal stick – and that higher American economic stakes in Ukraine and corporate presence on the ground would mean US-backed consequences if the Kremlin reneges on a future peace agreement and restarts hostilities.

    That these calculations will ultimately lead to the “free, sovereign and secure Ukraine” that the agreement envisages is not a given.

    For now, however, despite all the shortcomings and vagueness of the deal on key issues –– and the very public argument between the parties – it still looks like it serves all sides’ interests in moving forward in this direction.

    This article has been updated with details of the meeting between Volodymyr Zelensky and Donald Trump.

    Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU’s Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.

    Tetyana Malyarenko 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. Raised voices and angry scenes at the White House as Trump clashes with Zelensky over the ‘minerals deal’ – https://theconversation.com/raised-voices-and-angry-scenes-at-the-white-house-as-trump-clashes-with-zelensky-over-the-minerals-deal-250855

    MIL OSI – Global Reports –

  • MIL-OSI Russia: IMF and Ukrainian Authorities Reach Staff Level Agreement on the Seventh Review of the Extended Fund Facility (EFF) Arrangement

    Source: IMF – News in Russian

    February 28, 2025

    • International Monetary Fund (IMF) staff and the Ukrainian authorities have reached staff level agreement (SLA) on the Seventh Review of the 4-year, $15.5 billion Extended Fund Facility (EFF) Arrangement. Subject to approval by the IMF Executive Board and consistent with its balance-of-payments needs, Ukraine would be expected to draw about US$0.4 billion (SDR 0.3 billion), bringing total disbursements under the program to US$10.1 billion.
    • Program performance remains strong. All end-December quantitative performance criteria (QPCs) have been met and understandings were reached on a set of policies and reforms to sustain macroeconomic stability. The structural reform agenda continues to make progress, with seven structural benchmarks met, another benchmark implemented with delay, and strong commitments to advance other key reforms.
    • The outlook remains exceptionally uncertain as the war continues to take a heavy toll on Ukraine’s people, economy, and infrastructure. Despite the challenging environment, the program remains on track on the back of critical external support.

    Warsaw, Poland: An International Monetary Fund (IMF) team led by Mr. Gavin Gray held discussions with the Ukrainian authorities in Kyiv, Ukraine and Warsaw, Poland during February 20-28 on the Seventh Review of the country’s 4-year Extended Fund Facility (EFF) Arrangement. Upon the conclusion of the discussions, Mr. Gray issued the following statement:

    “IMF staff and the Ukrainian authorities have reached staff-level agreement on the Seventh Review of the EFF, subject to approval by the IMF Executive Board, with Board consideration expected in coming weeks.

    “Ukraine’s four-year EFF Arrangement with the IMF continues to provide a strong anchor for the authorities’ economic program in times of exceptionally high uncertainty. Program performance remains strong with all quantitative performance criteria for end-December met, and important progress on the structural agenda due for this review. Reflecting a revised profile of balance of payments needs in 2025, Ukraine has requested to rephase access under its EFF program, shifting IMF financing to future reviews while the overall size of the program remains unchanged.

    “The economy has continued to show resilience despite the challenges arising from three years of war in Ukraine. Real GDP growth is estimated at 3.5 percent for 2024, but is expected to moderate to 2-3 percent in 2025, reflecting headwinds from labor constraints, damage to energy infrastructure, and the persistence of Russia’s war in Ukraine. Inflation has continued to rise, reaching 12.9 percent y/y in January, mainly due to rising food and labor costs. The National Bank of Ukraine (NBU) raised the policy rate by a cumulative 150 bps since December in response. Gross international reserves reached US$43 billion as of January 2025, reflecting continued large external official support. Risks remain exceptionally high given uncertainty on the war and the prospects for peace and recovery.

    “The 2025 budget targets a deficit (excluding grants) of 19.6 percent of GDP and remains the anchor for fiscal policy this year. It incorporates the additional revenue derived from the increase in tobacco excise taxes and enactment of this tax policy change is a requirement for completion of the review. Financing the large fiscal deficit will require significant and timely external support, notably from the G7’s ERA initiative, to support macroeconomic stability. Responding to high budget risks will require preparedness with offsetting measures; in particular broad-based, durable, and efficient revenue measures and accelerated implementation of Ukraine’s National Revenue Strategy (NRS)

    Restoring medium-term fiscal sustainability requires determined implementation of reforms to mobilize domestic revenues, tackle tax evasion and avoidance, and improve the investment climate. Tax policy reforms need also to be coupled with improvements in tax administration with continued reforms to the state customs service (SCS) and state tax service (STS). Restoring debt sustainability hinges on this revenue-based fiscal adjustment and continued implementation of the authorities’ debt restructuring strategy (where completing the treatment of the GDP warrants remains important). The upcoming 2026-2028 budget declaration that is to be submitted to Parliament in June will be an important opportunity to provide both the context and strategic objectives of the medium-term fiscal strategy.

    “Given the risks from rising inflation, the recent increases in the policy rate by the NBU are appropriate. Further action would be warranted if inflation accelerates further or inflation expectations deteriorate. The exchange rate should increasingly act as a shock absorber. Maintaining adequate reserves is a priority, particularly in view of risks to the outlook.

    “The independence, competence, and credibility of anti-corruption and judicial institutions should continue to be enhanced. Parliamentary adoption this week of the law establishing the High Administrative Court, a benchmark under the program, is a landmark step in this direction. Swift enactment of the law would pave the way for prompt establishment of the court.

    “Effective public investment management (PIM) is critical for post-war recovery, reconstruction, and growth against a backdrop of limited fiscal space and tough demographic realities. To tackle these challenges, the government of Ukraine is implementing a comprehensive PIM framework that is in line with best international practices. A strategy-driven and transparent approach is essential to overcome absorption capacity constraints and allocate scarce resources efficiently.

    “The financial sector remains stable, but continued vigilance is warranted given elevated risks. Developing financial markets infrastructure will be critical to support prompt reconstruction and recovery by facilitating much needed private investment, including attracting foreign capital. Comprehensive consultation and collaboration with financial market participants is essential to facilitate preparation of a prioritized reform agenda, which the NBU has begun in collaboration with other relevant stakeholders.

    “The mission met with Finance Minister Marchenko, National Bank of Ukraine Governor Pyshnyy, other government ministers, public officials, and civil society. The mission thanks them and their technical staff for the excellent collaboration and constructive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    https://www.imf.org/en/News/Articles/2025/02/28/pr25052-ukraine-imf-and-ukrainian-authorities-reach-sla-on-the-7th-review-of-the-eff-arrangement

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Canada: Budget 2025: Snip. Taxes cut for Albertans

    [. By fulfilling a promise to cut personal income taxes, Albertans will take more money home on every paycheque.

    Starting this year, Alberta taxpayers will benefit from a new eight per cent personal tax bracket on income up to $60,000, down from the previous rate of 10 per cent. When this new tax cut takes effect, taxpayers will save up to $750 in 2025, while two-income families will see savings of up to $1,500, which will help them and their families with the cost of groceries, housing, utility bills or other priorities.

    “Over the past few years Albertans have faced an unprecedented cost of living crisis, largely due to the irresponsible actions of the federal Liberal government. That’s why Alberta’s government is taking action to cut personal income taxes for two million hard-working Albertans – fulfilling our campaign promise – so that Albertans can keep more of their hard-earned dollars to help support their families.”

    Danielle Smith, Premier of Alberta

    “By fast-tracking this new eight per cent tax bracket, Albertans can keep more of their hard-earned money this year. This is just one more way we’re helping Albertans find their way forward during turbulent economic times.”

    Nate Horner, President of Treasury Board and Minister of Finance

    “Premier Danielle Smith keeping her promise to cut Alberta’s income tax is great news, because it means huge savings for most working families. Families are fighting to afford basics right now, and if they can save more than $1,500 per year thanks to this big tax cut, that would cover a month’s rent or more than a month’s worth of groceries.”

    Kris Sims, Alberta director, Canadian Taxpayers Federation.

    Overall, this personal income tax cut is expected to save Albertans $1.2 billion in 2025, with savings rising to $1.4 billion in 2028. Most taxpayers will start to see the benefit of the tax cut on their paycheques after July 1, when payroll withholdings are adjusted.

    “Albertans know best where their hard-earned dollars are needed most. By leaving more money in their pockets, we’re helping ensure families can meet their unique needs and achieve greater prosperity for a brighter future.”

    Nathan Neudorf, Minister of Affordability and Utilities

    With low personal and corporate income taxes, low fuel tax and no sales tax, Albertans and Alberta businesses generally pay lower overall taxes than those in other provinces. In 2025-26, Albertans and Alberta businesses would pay at least $20.1 billion less in taxes than they would if Alberta had the same tax system as any other province.

    Related information

    • Alberta tax overview
    • Budget 2025

    Related news

    • Budget 2025: Meeting the challenge

    Multimedia

    • Watch the news conference
    • Tax cut to save Albertans money

    MIL OSI Canada News –

  • MIL-OSI Security: Houstonian receives prison time for filing over $500,000 in fraudulent disaster relief loans

    Source: Office of United States Attorneys

    HOUSTON – A 27-year-old woman has been sentenced for conspiracy to commit wire fraud, announced U.S. Attorney Nicholas J. Ganjei.

    Khalia Douglas pleaded guilty June 13, 2024.

    U.S. District Judge Alfred H. Bennett has now ordered Douglas to serve 24 months in federal prison to be immediately followed by three years of supervised release. She must also pay $318,361.11 in restitution. At the hearing, the court heard additional evidence that described her criminal history and how her fraudulent scheme lasted 15 months. The court also heard how Douglas submitted applications for approximately 100 different individuals, and that without her, they would not have been possible. In handing down the sentence, the court noted her fraudulent scheme took advantage of programs that were designed to help those in need during a troubling time for the entire country.

    From March 2020 until June 2021, Douglas conspired with others to submit false and fraudulent applications to the Federal Emergency Management Agency (FEMA), Small Business Administration (SBA), the U.S. government and a bank for financial assistance.

    At the time of her plea, Douglas admitting to using her Instagram account “GoGettaKaee” to post multiple stories advertising her involvement in filing fraudulent SBA COVID-19 Economic Injury Disaster Loan (EIDL) applications. Such posts include “SBA is back open. $350 for method. Yes im doing applications $100 upfront & $2k when your money hit. You’ll need a real bank account.”

    Douglas accepted payment for her services via CashApp where her clients would make payments to her and send a screenshot of the completed payment as proof.

    She also submitted false EIDL applications for herself and false Paycheck Protection Program (PPP) applications for another.

    Further investigation revealed Douglas filed eight FEMA disaster assistance applications related to Hurricane Laura.

    Additionally, Douglas committed several other fraudulent acts like filing false unemployment benefits in Kansas, using another person’s name to rent her apartment and using another person’s bank account to deposit counterfeit checks.

    Authorities discovered her phone and computer contained a multitude of various documents and discussions of fraud in text messages, emails relating to fraudulent applications, false tax documents, images of counterfeit government identification documents and more.

    Due to her actions, the EIDL, PPP and the bank lost a total of $318,361.11 with an attempted loss amount of $514,415.

    Douglas received approximately $23,775 for her services.

    She was permitted to remain on bond and voluntarily surrender to a U.S. Bureau of Prisons facility to be determined in the near future.

    The Department of Homeland Security-Office of Inspector General conducted the investigation. Assistant U.S. Attorneys Rodolfo Ramirez and Elizabeth Wyman prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Economics: IMF Staff Concludes Visit to Barbados

    Source: International Monetary Fund

    February 28, 2025

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.

    • Barbados’ economic growth remained robust in 2024, reaching an estimated 4 percent year-on-year driven by business services, tourism, and construction.
    • Implementation of the home-grown Barbados Economic Recovery and Transformation (BERT 2022) program remains strong, supported by the IMF’s Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF).
    • Program targets under the Fund-supported program for end-December 2024 were met and the authorities are making progress to meet remaining structural benchmarks and reform measures. International reserves continued to rise, reaching US$1.6 billion.

    Washington, DC: An International Monetary Fund (IMF) team led by Michael Perks visited Bridgetown between February 25-28, 2025 to review recent economic developments and reform efforts and prepare the ground for the fifth and final reviews of the Extended Fund Facility (EFF) / Resilience and Sustainability Facility (RSF) programs.To summarize the mission’s findings, Mr. Perks made the following statement:

    “Barbados’ economic growth remained robust in 2024. Real GDP growth is estimated at 4 percent driven by business services, tourism, and construction. Inflation moderated to an average of 1.4 percent, reflecting an easing of global commodity prices and prices of domestic goods and services. The external position continued to strengthen, with the current account deficit narrowing to 4.5 percent of GDP (from 8.6 percent in 2023). International reserves remain ample at US$1.6 billion (equivalent to over 7 months of imports), providing continued strong support to the exchange rate peg. The near-term economic outlook remains positive, but risks continue to be high and tilted to the downside, given Barbados’ vulnerability to global shocks and natural disasters.

    “The authorities continue to make strong progress in implementing their ambitious economic reform program. Targets for end-December 2024 under the EFF were met. Fiscal performance remains strong, with the primary balance reaching 5.3 percent of GDP through December, leaving the authorities on track to meet the 3.8 percent of GDP fiscal target for FY2024/25. Preparation of the 2025/26 budget is now well underway. Public debt declined close to 100 percent of GDP at end-2024 and the authorities remain firmly committed to bringing it down to 60 percent of GDP by FY 2035/36.

    “Structural reform efforts continue to advance, supported by IMF technical assistance, including actions to strengthen customs administration, the framework for public-private partnerships, and the Central Bank of Barbados’ liquidity forecasting. The authorities are also making progress with the implementation of the RSF reform measures for the last review.

    “The team is looking forward to conducting discussions for the fifth and final reviews under the EFF and RSF in May and would like to thank the authorities and their technical team for their hospitality, openness and candid discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

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

    MIL OSI Economics –

  • MIL-OSI Economics: Costa Rica: Staff Concluding Statement of the 2025 Article IV Consultation Mission

    Source: International Monetary Fund

    February 28, 2025

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

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    San José: An International Monetary Fund (IMF) staff team, led by Mr. Ding Ding, held the 2025 Article IV consultation with the Costa Rican authorities during February 18-28. At the conclusion of the discussions, Mr. Ding issued the following statement:

    Costa Rica is one of the fastest-growing economies in the Western Hemisphere, achieving notable economic success in recent years. GDP growth has averaged above 5 percent since 2021, outpacing regional peers and contributing to lower poverty and unemployment. Over the same period, public debt fell by an impressive 8 percentage points of GDP to below 60 percent of GDP. These successes are fruits of good macroeconomic policies, wide-ranging reforms in the context of becoming a member of the OECD, two successfully completed IMF-supported programs, and a strategic focus on exports and economic diversification. Growth is projected to remain strong at about 4 percent for 2025.

    Inflation is showing encouraging signs of returning towards the inflation target, following decisive monetary policy easing by the BCCR. Having been near zero since mid-2024, headline inflation has begun to rise and is projected to reach the BCCR’s tolerance band in mid-2025 and the 3 percent target within a year. However, core inflation remains subdued and there are downside risks, primarily stemming from low inflation expectations becoming entrenched below the target. Upside risks could arise from possible commodity price increases and/or supply-side disruptions.

    The BCCR’s forward-looking data-dependent approach has proven effective and its inflation targeting regime is working well. At the current monetary policy rate, inflation is expected to be 3 percent by 2026Q1. If the convergence of inflation to the 3 percent target weakens in the coming months, there is room for the BCCR to cut the policy rate further. Credit growth has been strong. If there are signs of excess credit growth especially associated with FX loans, macroprudential measures should be tightened to mitigate potential risks to financial stability.

    It is important to further strengthen the BCCR’s autonomy, governance, and operational framework. This would be achieved by approving legislative proposals to improve BCCR governance, transparency, and accountability, and institutionalize the central bank’s de facto autonomy.

    The exchange rate should be allowed to adjust more flexibly to market conditions. The BCCR accumulated US$ 920 million in international reserves during 2024, and reserve coverage is now comfortable by multiple metrics. A further accumulation of international reserves is unwarranted and would impose unnecessary costs over time. Moreover, frequent foreign exchange intervention can weaken monetary policy transmission and hinder foreign exchange market development. Concerted efforts including legal reforms are needed to deepen FX markets and strengthen the non-financial public sector’s ability to manage currency risks, reducing its reliance on the BCCR as an intermediary for FX transactions. Alongside the planned reform to restructure existing pension funds into generational funds, regulatory limits on foreign investments by local pension funds need to be updated. Adjustments to these limits should be phased in and supported by FX market development.

    There is scope to further capitalize on the significant progress on financial sector oversight. Indicators of financial soundness remain comfortable, notwithstanding the resolution of two small non-bank financial institutions last year. These episodes highlighted the importance of a strong supervisory and resolution framework. The Legislative Assembly should, therefore, pass the proposed amendments to the bank resolution and deposit insurance law that would further strengthen supervisory and resolution powers and enhance the crisis management framework.

    Although public debt fell to below 60 percent of GDP in 2024, the task of rebuilding fiscal space is not yet complete. The debt ratio fell in part due to some drawdown of cash balances and transfers of cash balances by decentralized and autonomous entities to the Treasury Single Account (which lowered financing needs). However, the primary surplus fell in 2024 due to temporary factors and the regrettable reductions of the vehicle property tax (marchamo) and corporate tax base. An unwinding of temporary factors is expected to help the primary balance rise to around 1½ percent of GDP this year. A higher primary balance is essential to bring debt down further, reduce interest costs, and create room for additional spending. While spending should be less than the ceiling permitted by the fiscal rule, the higher primary balance should still allow for some increases in priority areas like infrastructure, child and adult care (which will help boost female labor market participation), and investments in skills training for vulnerable groups (which will help reduce dependency on social assistance).

    Tax reforms could improve the fairness and efficiency of the system while raising resources for both debt reduction and somewhat higher spending. However, revenue-increasing bills presented over the last five years that would also have increased progressivity and bolstered dynamism have not been viewed favorably by legislators. These have included proposals to reduce VAT and income tax exemptions (such as on the salario escolar and for lottery winnings) and to bring income from self-employment, salaries, and pensions under a single threshold while raising the top marginal rate. These bills warrant renewed consideration as higher revenues would allow faster increases in social and capital spending. At the same time, we are worried that various Legislative Assembly bills are reducing revenues.

    Full implementation of the public employment bill and debt management reforms would improve spending quality and reduce interest costs. Legislative proposals aimed at amending the public employment law could significantly undermine progress in containing the public-sector wage bill. Institutions that have not yet fully implemented the public employment law should do so without further delay to ensure its benefits are broadened to beyond the central government. Legal reforms to permit access to international sovereign debt markets and grant the executive branch more flexibility in issuing external debt would also be valuable. There have been welcome improvements in the quality of government finance statistics, which are expected to be used in the setting of fiscal policies.

    A comprehensive solution is needed to resolve the dispute between Caja Costarricense de Seguro Social (CCSS) and the Ministry of Finance (MoF) over social security claims. The outstanding claim is due to an unfunded expansion of beneficiaries and CCSS’s unilateral decisions to raise the government’s contribution. Addressing this issue requires urgent improvements in the CCSS’s registry systems so as to allow for an accurate tracking of outlays and beneficiaries. Moreover, the CCSS and the MoF should clarify the scope of healthcare services and pension benefits that are currently covered by the budget while identifying additional funding sources as needed to ensure that the healthcare and pension systems are actuarially sound. Strengthening CCSS governance will be essential to ensure that any future changes to the social security system include a thorough assessment of the fiscal and labor market implications of such changes. There is also scope to enhance the accountability of the CCSS, the transparency of their operations, and the simplicity of the system, in line with international best practice. These reforms will be critical to safeguard the long-run sustainability of the social security system as the population ages.

    Advancing supply-side reforms can help sustain Costa Rica’s impressive economic performance by addressing key bottlenecks to growth. To tackle skill shortages, particularly in high-tech industries, it is essential to accelerate efforts to reduce skills mismatches, align school curricula with industry needs, promote dual education (including apprenticeship programs) and bilingual education, and improve adult secondary education graduation rates. The recent reduction of the minimum contribution base for part-time workers has helped encourage formal employment but there is scope to lower the high tax wedge on labor, substituting for alternative revenue sources. Enhancing infrastructure quality and maintenance would further strengthen potential growth. In this regard, integrating climate considerations into public investment decisions is already making infrastructure more resilient against natural disasters. Given the substantial additional funding needed to upgrade infrastructure, approving and implementing the new legislation on public private partnerships is critical. Additionally, ongoing reforms to facilitate private-sector electricity provision, including diversification into non-hydroelectric renewables, will make electricity more affordable and less vulnerable to fluctuations in rainfall.

    The IMF team is grateful to the Costa Rican authorities and other counterparts for the productive discussions and hospitality during the mission.

    Costa Rica: Selected Economic and Financial Indicators

     

     

     

     

     

     

    Projections

    2022

    2023

    2024

    2025

    2026

    2027

    Output and Prices

    (Annual percentage change)

    Real GDP

    4.6

    5.1

    4.3

    3.9

    3.8

    3.6

    GDP deflator

    6.3

    -0.1

    0.0

    2.9

    3.2

    3.2

    Consumer prices (period average)

    8.3

    0.5

    -0.4

    2.0

    3.0

    3.0

    Savings and Investment

    (In percent of GDP)

    Gross domestic saving

    14.4

    13.8

    14.3

    14.1

    14.1

    14.3

    Gross domestic investment

    17.7

    15.3

    15.7

    15.7

    15.7

    15.8

    External Sector

    Current account balance

    -3.3

    -1.4

    -1.4

    -1.6

    -1.6

    -1.5

    Trade balance

    -6.7

    -3.7

    -2.7

    -3.0

    -2.8

    -3.1

    Financial account balance

    -2.5

    -0.7

    -0.7

    -1.6

    -1.5

    -1.5

    Foreign direct investment, net

    -4.4

    -4.3

    -4.0

    -5.3

    -5.5

    -5.4

    Gross international reserves (millions of U.S. dollars)

    8,724

    13,261

    14,181

    15,056

    16,077

    16,827

    External debt

    50.7

    43.3

    38.6

    35.5

    33.3

    30.9

    Public Finances

    Central government primary balance

    2.1

    1.6

    1.1

    1.5

    1.6

    1.7

    Central government overall balance

    -2.8

    -3.2

    -3.8

    -3.0

    -2.7

    -2.3

    Central government debt

    63.0

    61.1

    59.8

    59.4

    58.4

    57.1

    Money and Credit

    Credit to the private sector (percent change)

    3.3

    1.9

    6.4

    7.5

    7.0

    7.0

    Monetary base 1/

    8.0

    7.9

    8.0

    8.0

    8.0

    8.0

    Broad money

    47.5

    47.4

    49.4

    50.1

    50.3

    50.9

    Memorandum Items

    Nominal GDP (billions of colones) 2/

    44,810

    47,059

    49,116

    52,531

    56,237

    60,132

    Output gap (as percent of potential GDP)

    -0.3

    1.0

    0.6

    0.5

    0.4

    0.2

    GDP per capita (US$)

    13,240

    16,390

    17,901

    19,013

    20,009

    21,045

    Unemployment rate

    11.7

    7.3

    6.9

    8.0

    8.5

    9.0

    Sources: Central Bank of Costa Rica, and Fund staff estimates.

    1/ Includes currency issued and required reserves.

    2/ National account data reflect the revision of the benchmark year to 2017 for the chained volume measures, published in January 2021.
    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

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

    MIL OSI Economics –

  • MIL-OSI Global: Keir Starmer meets Donald Trump: assiduous planning results in deft diplomacy

    Source: The Conversation – UK – By Martin Farr, Senior Lecturer in Contemporary British History, Newcastle University

    Flickr/Number 10, CC BY-NC-ND

    Keir Starmer was only the second European leader to visit Donald Trump’s second White House. The first, France’s Emmanuel Macron, had barely taken off when Starmer touched down, but had already raised the bar by behaving regally in front of the world’s media alongside his fellow president in the Oval Office.

    In manner, Macron manifested his eight years in office (four of which were already spent with Trump in the White House). Starmer has had a mere eight months. But it was a challenge, judged in its own immediate terms, that the prime minister met.

    Raising the curtain, in a highly untypical coup de théâtre, Starmer flourished – as few can – a letter from the King to give to the president, and then effectively forced Trump to read it on camera and agree to the invitation enclosed within.

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    Starmer of course knew he was nudging an open door: much came down to assiduous preparation. The British Embassy, under a finally confirmed ambassador Peter Mandelson, worked overtime to choreograph and lubricate.

    Starmer had been wise in contradicting Trump only indirectly. Nothing could be gained – as president Zelenskyy already demonstrated – from doing so publicly. So early an offer of a state visit to the UK ran the risk of appearing desperate, but was mitigated by its also being “unprecedented” as the second to be offered to Trump. A word recently worn smooth by over-use, there was nevertheless another precedent set in the suggestion of a pre-state visit visit between Trump and the king. With this president, more than any other, royal diplomacy is a critical national asset.

    Starmer’s announcement of an increase in defence spending to 2.5% of GDP by 2027 worked similarly well. That funds are to be diverted from foreign aid for that purpose the Labour leadership deemed as being politically cost-free – or at least good value – politically. It was, indeed, almost Trumpian. The relevant minister disagreed.

    It is hard to recall greater shifts in a country’s foreign policy in so short a space of time. Insofar as one can discern Trump’s purposefulness, it is to create pandemonium, which has the secondary effect of galvanising actors to act – not least for fear of further pandemonium.

    Thus last week the US voting with Russia, Iran and North Korea, and not with Britain, at the UN. The Trump administration’s designation of choice is now “the Russia-Ukraine conflict”, as if it were merely a border dispute.

    Therefore, ahead of Starmer’s arrival in Washington, he was faced with the US apparently aligning itself with a country his describes as “the most acute threat” to the UK. “Jaw-dropping” was the adjective of choice for more than a few informed observers who had thought themselves prepared for whatever may transpire.

    The actors Trump primarily wishes to galvanise are European leaders, recalcitrants he thinks should do more to keep their own peace. For Macron to have been told that Putin would accept Nato forces policing the peace was scene-changing, but the only witness to the veracity of that news was Trump, who exhales untruths as easily as he breathes. The Russians soon denied it.

    A very special man.
    Flickr/Number 10, CC BY-NC-ND

    Macron’s offer of France’s (non-Nato) airborne nuclear force complemented Starmer’s commitment to British boots on the ground and helped him elicit Trump’s commitment to mutual defence.

    But Trump guaranteeing the peace that Starmer and Macron are willing to police was the cherry conspicuously missing from the cake. The suggestion was subject to a classic Trump equivocation (we’ll always support the Brits, but they won’t need our support).

    For the British government, July’s election already resembles a hospital pass. The effect of 20% tariffs on GDP growth could be catastrophic. Trump’s talk of tariff-free trade deals was more than expected, but one such was offered last time without much being doing about, before it was cancelled by President Biden. This time, Trump has said his vice president is drawing up a plan, even that being absent before.

    And in a categorical demonstration of the benefits of lobbying there was effective presidential approval of the Chagos islands deal, simultaneously shooting one of Conservative leader Kemi Badenoch’s few foxes stone dead.

    Warm words

    Thus has passed the most potentially difficult meeting of a prime minister and a president since Suez. Nothing else comes close. Cliche – eggshells, tightropes – proliferated in previews.

    When Starmer was last at the White House, in September, he had asked Biden for a meeting about Ukraine and received it. However unsatisfactory the outcome, public face was maintained. Trump has the ability – and the form – to have humiliated in a way which would permanently have scarred Starmer. That he did the opposite ought not to distract from the vulnerability of the supplicant.

    ‘Go on, open it’.
    Number 10/Flickr, CC BY-NC-ND

    Instead there were encomia from Trump as to the two countries – “special relationship”, “unique friendship”, “fantastic country”, “I’ve always cared” – and of Starmer – “a special man”, “a very special person”. And in describing Starmer’s accent as “beautiful”, the president revealed the hitherto unknown allure of the adenoidal.

    Power plays sit ill with Starmer, but he nonetheless ventured two corrections from his armchiar, one to a statement made by the president and another to one made by the vice-president. The subsequent praise for Starmer’s negotiating tenacity from Trump, that much-vaunted artist of the deal, was as priceless – and unfamiliar – as the following morning’s front pages.

    However successful this visit, however, nothing can be assumed, still less guaranteed. That the British government would so extensively war-game a meeting with its closest ally tells its own tale, or, rather a tale perhaps yet to be told. At this moment, for the next four years the relationship at least feels more secure than it did a few days before the trip. By such diurnal turns are the affairs of allies now measured.

    Martin Farr 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. Keir Starmer meets Donald Trump: assiduous planning results in deft diplomacy – https://theconversation.com/keir-starmer-meets-donald-trump-assiduous-planning-results-in-deft-diplomacy-251178

    MIL OSI – Global Reports –

  • MIL-OSI Global: I studied the evidence behind theories of Oscar success – here’s what I found

    Source: The Conversation – UK – By Andre Spicer, Professor of Organisational Behaviour, Bayes Business School, City St George’s, University of London

    When Oscar-winning screenwriter William Goldman was asked whether it was possible to predict a hit film, he responded with three words that have become a Hollywood maxim: “Nobody knows anything.” He went on to explain that “not one person in the entire motion picture field knows for a certainty what’s going to work”.

    Although Goldman’s famous phrase might resonate through the film business, it doesn’t stop people cooking up theories around which films might succeed at the annual Academy of Motion Picture Awards. Over the years, a range of theories have appeared, including: Oscar winners are not always the best films; there is an Oscar-worthy format that winners follow; and that winning an Oscar is actually a long-term curse.

    Although there is a great deal of speculation about such theories, it’s less clear what the evidence actually says about them. To find out, I took a look at the rapidly growing field of “Oscarology” – the scientific study of the Academy Awards.

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    One common theory is that it is entirely predictable who the Oscars will go to. Interestingly, this seems to have some truth to it. One statistical analysis found that by tracking a range of factors, it was possible to predict the winner of the Academy Awards in the four major categories with an overall accuracy of 69%.

    Nickel Boys, one of the best picture nominees.

    Factors which go into making these predictions include whether the nominee won a Golden Globe or Directors Guild award, and their previous nominations for an Oscar. Past success is a strong indicator of future success, with one important exception: having previously won an Academy Award means a nominee for best actor or best actress is much less likely to win again.

    A second theory is that winning an Oscar is a golden ticket to big financial rewards. This is indeed correct. A study found there is a substantial boost in US box office earnings following a win in the the best supporting actor/actress, best actor/actress and best picture categories.

    Best picture nominee Conclave stars Ralph Fiennes, also nominated for best actor.

    Further research has found that Oscar nominations really make a positive impact on box office receipts – while actually winning the award gives a more modest boost. Interestingly, winning an award does not always translate to success in other parts the world. One study found that Oscar winners that were comedies performed better in Asian markets, but dramas performed worse.

    The next theory is the idea that Oscar winners follow a particular format. Researchers have indeed found there is an Oscar-worthy format which some filmmakers follow. The “Oscar bait” format uses genres like war movies, historical epics and biographies, as well as plot elements such as war crimes, disabilities, political intrigue and show business.

    Mikey Madison, star of best picture nominee Anora, is also up for best actress.

    However, making a film using this Oscar-worthy format is not a guarantee of success. Films employing this concept which were nominated for an award received significantly greater financial returns. However, those using the Oscar-bait format which missed out on a nomination typically made large losses.

    Then comes the theory that winning an Oscar is more about the quality of networks rather than the quality of the film. Again, there is some truth to this. Researchers have found that one way to improve the chances of winning an Oscar is to be part of film industry networks and work alongside people who have already won awards.

    As well as a best picture nomination, Wicked’s Ariana Grande and Cynthia Erivo are also nominated.

    There are some indicators that Oscars do not necessarily go to the best-quality movies. One analysis which compared Oscar winners to lists of 100 best movies of all time found that only 26% of films which appeared on all three main lists of best movies were also Oscar winners.

    This research also notes that some movies which are staples of lists of classic movies (such as Singing in the Rain) were not even nominated for the best picture Oscar. What this suggests is that winning an Oscar does not always mean a film will be seen as a classic – and vice versa.

    Best picture nominee I’m Still Here sees Brazilian Fernanda Torres nominated for best actress.

    The final theory is that there is an “Oscar curse” – that winning an Oscar leads to personal and professional tragedy. This theory is largely incorrect. Researchers have found that Oscar winners live about one year longer than their less successful peers. Others have found that winning an Academy Award leads to greater professional success, with Oscar winners and nominees appearing in more films than their non-winning peers.

    However, one area of truth in the idea of an Oscar curse is for men in their personal lives. Nominees and winners of the best actor award had a higher divorce rate than their peers.

    Theories around the Oscars may prove to be not entirely correct – but they do provide a useful approximation of which films will triumph. Past performance, social networks and formula-following all seem to be good indicators of who will succeed. Perhaps Goldman’s advice that “no one knows anything” is not entirely true.

    Andre Spicer 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. I studied the evidence behind theories of Oscar success – here’s what I found – https://theconversation.com/i-studied-the-evidence-behind-theories-of-oscar-success-heres-what-i-found-251085

    MIL OSI – Global Reports –

  • MIL-OSI Global: The Vegan Tigress: intimate play resurrects fierce forgotten Victorian writer

    Source: The Conversation – UK – By Lucy Ella Rose, Lecturer in Victorian Literature, University of Surrey

    The Vegan Tigress, a new play by Claire Parker, shines a spotlight on the largely-forgotten feminist fairytale writer Mary De Morgan (1850-1907). And the timing is particularly apt. The show opened, at London’s Bread & Roses Theatre, in the lead up to International Women’s Day and during the year of the 175th anniversary of De Morgan’s birth.

    The production, by LynchPin Theatre Company, is part of a wider cultural project to celebrate underappreciated Victorian women writers, actors and activists. Parker has also written plays on feminist actor Ellen Terry and her daughter Edie Craig.

    It also speaks to a general resurgence of interest in the creative De Morgan family. Mary’s father was Augustus De Morgan, the mathematician and logician and her brother was the potter, tile designer and novelist William De Morgan.

    The Bread and Roses Theatre – an intimate space above a lively Clapham pub – creates an immersive experience. The audience shares De Morgan’s modest London quarters along with the accidentally summoned ghost of her ex-lover’s formidable mother: Lady Tuttle (played by Edie Campbell).

    Providing comedic value, Tuttle deploys her spectral status to prank De Morgan (played by Parker), but her presence also highlights the stark differences between them, staging a debate between feminist and patriarchal versions of Victorian-Edwardian womanhood.

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    Shrill-voiced, upper-class and tightly corseted, Tuttle opposes women’s education and refers to suffragettes as “hyenas in petticoats and bitter spinsters”.

    Striding across the stage swathed in silk skirts and a velvet, lace-trimmed bodice, she is both a mesmerising and somewhat villainous matriarch. By contrast, De Morgan is an irreverent free spirit who wears bohemian clothing, admires revolutionaries and has been a suffragist since she was 16.

    The show portrays De Morgan as a pioneering professional woman, writing feverishly at a desk flanked by piles of beautiful antiquarian books. Parker and Campbell are hypnotic in their imaginative retellings and performances of De Morgan’s stories such as the The Hair Tree (1877), which are woven into the play.

    The Vegan Tigress transports the audience into fantastical realms, fusing eerie lighting with dazzling props and sound effects – thunder, birdsong, clamouring voices.

    With impressive ease, the actors shape-shift into bizarre animal forms – a puppet parrot, a tortured tiger and a grotesque tortoise. Together they illuminate the sociopolitical subtexts of De Morgan’s stories.

    The trailer for The Vegan Tigress.

    Her subversive tale from 1877, A Toy Princess (which Parker describes in the play), critiques doll-like ideals of femininity, prefigures the feminist fairy tales of Angela Carter and resonates with the Barbiemania that surrounded the release of the Barbie film in 2023.

    In literature and in life, De Morgan resists conventional narratives of marriage and motherhood, enacting alternative destinies for women.

    Especially successful as a visual manifestation of the stories’ transformative power is the simultaneously symbolic and literal change we witness in Lady Tuttle.

    The more she reads The Windfairies (1900, one of three fairy tale collections by De Morgan) and political publications (Votes for Women), the less straitlaced she becomes – literally. Her corset unbuttons and her tied hair loosens. Despite being a ghost, Lady Tuttle comes alive as her mind expands, testifying to the powerful potential of reading and writing.

    In joyful and poignant moments of female bonding in the second half of the play, Tuttle and De Morgan dance the tango, and embark arm-in-arm on the trip of a lifetime to Egypt, where De Morgan worked in real life in a girls’ reformatory. The show becomes a celebration of female creativity, companionship and community.

    At the play’s close, the fourth wall is broken and the audience is addressed by De Morgan as “people from the future”. It prompts a reflection on how far we have come since first-wave feminism, but also how far we still have to go (given #MeToo and the reversal of Roe v Wade, the US Supreme Court ruling that legalised abortion across the States in 1973), making Parker’s revival of De Morgan timely and important.

    If De Morgan’s legacy is, as she soliloquises, “arming lost, disenfranchised girls and women with the tools to stand their ground”, what will ours be?

    The Vegan Tigress is at The Bread & Roses Theatre until March 1.

    Lucy Ella Rose 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. The Vegan Tigress: intimate play resurrects fierce forgotten Victorian writer – https://theconversation.com/the-vegan-tigress-intimate-play-resurrects-fierce-forgotten-victorian-writer-251179

    MIL OSI – Global Reports –

  • MIL-OSI Global: Zelensky flies to Washington but his dream of a ‘just peace’ deal is unlikely to come true as things stand

    Source: The Conversation – UK – By Stefan Wolff, Professor of International Security, University of Birmingham

    Ukraine’s president, Volodymyr Zelensky, has arrived in Washington for talks with his US counterpart, Donald Trump. One of the key issues on their agenda is the “very big deal” announced by the US president on February 25. This deal would give the United States access to Ukraine’s critical mineral and rare earth deposits in return for continuing US support.

    Trump has made sure his domestic audience understands that – as he told his first cabinet meeting on February 26 – in contrast to his Democratic predecessor, Joe Biden, he’s getting something out of Kyiv in return for the support the US has given Ukraine in the past.

    The message coming from the Ukrainian side was a bit more circumspect. Zelensky took pains to emphasise that the deal was still a draft and that its successful conclusion would depend on the outcome of talks with Trump.

    The lack of Ukrainian enthusiasm for the deal is justified. In its present form, it looks more like a memorandum of understanding that leaves several vital issues to be resolved later. The deal on offer is the creation of will be called a “reconstruction investment fund”, to be jointly owned and managed by the US and Ukraine.

    Into the proposed fund will go 50% of the revenue from the exploitation of “all relevant Ukrainian government-owned natural resource assets (whether owned directly or indirectly by the Ukrainian government)” and “other infrastructure relevant to natural resource assets (such as liquified natural gas terminals and port infrastructure)”.

    This means that private infrastructure – much of it owned by Ukraine’s wealthy oligarchs – is likely to become part of the deal. This has the potential of further increasing friction between Zelensky and some very powerful Ukrainians.

    Meanwhile, US contributions are less clearly defined. The preamble to the agreement makes it clear that Ukraine already owes the US. The very first paragraph notes that “the United States of America has provided significant financial and material support to Ukraine since Russia’s full-scale invasion of Ukraine in February 2022”.

    This figure, according to Trump, amounts to US$350 billion (£278 billion). The actual amount, according to the Ukraine Support Tracker of the Kiel Institute for the World Economy, is about half that.

    Western and Ukrainian analysts have also pointed out that there may be fewer and less accessible mineral and rare earth deposits in Ukraine than are currently assumed. The working estimates have been based mostly on Soviet-era data.

    Since the current draft leaves details on ownership, governance and operations to be determined in a future fund agreement, Trump’s very big deal is at best the first step. Future rounds of negotiations are to be expected.

    Statement of intent

    From a Ukrainian perspective, this is more of a strength than a weakness. It leaves Kyiv with an opportunity to achieve more satisfactory terms in future rounds of negotiation. Even if any improvements will only be marginal, it keeps the US locked into a process that is, overall, beneficial for Ukraine.

    Take the example of security guarantees. The draft agreement offers Ukraine nothing anywhere near Nato membership. But it notes that the US “supports Ukraine’s efforts to obtain security guarantees needed to establish lasting peace”, adding that: “Participants will seek to identify any necessary steps to protect mutual investments.”

    The significance of this should not be overstated. At its bare minimum, it is an expression of intent by the US that falls short of security guarantees but still gives the US a stake in the survival of Ukraine as an independent state.

    But it is an important signal both in terms of what it does and does not do – a signal to Russia, Europe and Ukraine.

    Trump does not envisage that the US will give Ukraine security guarantees “beyond very much”. He seems to think that these guarantees can be provided by European troops (the Kremlin has already cast doubts on this idea).

    But this does not mean the idea is completely off the table. On the contrary, because the US commitment is so vague, it gives Trump leverage in every direction.

    He can use it as a carrot and a stick against Ukraine to get more favourable terms for US returns from the reconstruction investment fund. He can use it to push Europe towards more decisive action to ramp up defence spending by making any US protection for European peacekeepers contingent on more equitable burden-sharing in Nato.

    And he can signal to the Russian president, Vladimir Putin, that the US is serious about making a deal stick – and that higher American economic stakes in Ukraine and corporate presence on the ground would mean US-backed consequences if the Kremlin reneges on a future peace agreement and restarts hostilities.

    That these calculations will ultimately lead to the “free, sovereign and secure Ukraine” that the agreement envisages is not a given.

    For now, however, despite all its shortcomings and vagueness on key issues, it looks like it serves all sides’ interests in moving forward in this direction, albeit at a snail’s pace.

    Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU’s Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.

    Tetyana Malyarenko 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. Zelensky flies to Washington but his dream of a ‘just peace’ deal is unlikely to come true as things stand – https://theconversation.com/zelensky-flies-to-washington-but-his-dream-of-a-just-peace-deal-is-unlikely-to-come-true-as-things-stand-250855

    MIL OSI – Global Reports –