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Category: Canada

  • MIL-OSI Security: GirlsDoPorn Owner Michael Pratt Extradited to Face Sex Trafficking Charges

    Source: US FBI

    SAN DIEGO – Michael Pratt, the alleged mastermind behind the GirlsDoPorn commercial sex trafficking ring, made his first appearance in federal court today following his extradition from Spain Monday night.

    Pratt, who was the owner of the website GirlsDoPorn, was charged in October 2019 in the Southern District of California with sex trafficking crimes in connection with a scheme to deceive and coerce young women to appear in pornographic videos. Pratt was an international fugitive for more than three years before he was arrested in Spain in December 2022. Earlier in 2022, he was named to the FBI’s Top Ten Most Wanted list.

    At today’s hearing, Pratt was arraigned and entered a not-guilty plea before U.S. Magistrate Judge Daniel E. Butcher. A detention hearing is scheduled for March 21 at 3 p.m. before Judge Butcher, followed by a motion hearing/trial setting on April 19 at 1:30 p.m. before U.S. District Judge Janis L. Sammartino.

    “We cast a wide net in search of Mr. Pratt and now that he is in San Diego, we are prepared to bring him to justice,” said U.S. Attorney Tara K. McGrath. “We extend our deep appreciation to the government of Spain for its assistance in securing his arrest and extradition.”

    “Michael Pratt’s initial appearance in San Diego is tangible proof that the pursuit of justice never stops, regardless of length of time or location,” said FBI San Diego Special Agent in Charge, Stacey Moy. “Pratt’s arrest and extradition back to the United States reflects a great collaboration among multiple agencies, both in the United States and Spain who were dedicated to seeking justice for the young women he allegedly victimized. This large, internationally coordinated effort could not have been successful without support from our law enforcement partners in Spain, the U.S. Marshals Service, U.S. Department of Justice, and Immigration and Customs Enforcement.”

    According to public court filings, Pratt and his co-defendants used force, fraud, and coercion to recruit hundreds of young adult women – most in their late teens – and at least one minor victim, to appear in GirlsDoPorn videos.

    Pratt is accused of recruiting the victims from throughout the United States and Canada using internet advertisements for clothed modeling jobs. Even after the victims were told the gig involved an adult video-shoot, Pratt and his co-defendants convinced the women that their videos would be provided solely to private collectors on DVD in foreign countries, that they would remain anonymous, and that the videos would not be posted on the internet – assurances that Pratt and his co-defendants knew to be false.

    Most of the video shoots took place in San Diego – at local hotels and short-term rental units.  Although the women were promised that the video shoots would be brief, they often took hours. Once the video productions began, some women were not permitted to leave the shooting locations until the videos were completed; some were threatened with lawsuits or cancelled flights home if they did not complete the videos; and others were allegedly forced to perform certain sex acts, which they had earlier declined to do.

    After the victims returned home, still believing that they would remain anonymous, Pratt and his co-defendants posted clips of the videos on heavily trafficked adult film sites, like Pornhub, to funnel traffic to the full-length versions of the videos on his website, GirlsDoPorn. Pratt charged visitors to GirlsDoPorn a subscription fee. The site generated more than $17 million in revenue for Pratt.

    Pratt faces 19 felony counts stemming from the operation of GirlsDoPorn. The charges include:

    •           Fifteen counts of sex trafficking by force, fraud, and coercion;

    •           Conspiracy to commit sex trafficking by force, fraud, and coercion;

    •           Production of child pornography;

    •           Sex trafficking of a minor by force, fraud, and coercion; and

    •           Conspiracy to commit money laundering.

    The U.S. Attorney’s Office in the Southern District of California recognizes the outstanding efforts of the FBI in San Diego; the FBI Legal Attaché in Spain; the U.S. Marshals Service; Spain’s Ministry of Justice; and law enforcement officials in Spain and Portugal; as well as the Justice Department’s Office of International Affairs, for their substantial assistance in securing the arrest and extradition of Pratt.

    DEFENDANTS                                             Case Number 19cr4488                                   

    Michael James Pratt                                        Age:       36                 Unknown

    Matthew Isaac Wolfe                                      Age        37                     San Diego, CA

    Ruben Andre Garcia                                       Age:       31                      San Diego, CA

    Theodore Gyi                                                  Age,       46                        Solana Beach, CA  

    Valorie Moser                                                 Age:       37                       San Diego, CA

    SUMMARY OF CHARGES IN SUPERSEDING INDICTMENT

    Count 1

    Conspiracy to Commit Sex Trafficking by Force, Fraud and Coercion, 18 U.S.C. § 1594

    Maximum Penalty:  Life in prison, $250,000 fine.

    Counts 2-16

    Sex Trafficking by Force, Fraud and Coercion 18 U.S.C. §1591(a) and (b)(1)

    Minimum penalty: Fifteen years in prison; Maximum penalty: life in custody, $250,000 fine.

    Count 17

    Production of Child Pornography, 18 U.S.C. § 2251(a) and (e)

     Minimum penalty: Fifteen years in prison; Maximum penalty: thirty years in prison, $250,000 fine.

    Count 18

    Sex Trafficking of a Minor and By Force, Fraud and Coercion, 18 U.S.C. § 1591(a)(1), (a)(2), and (c)

    Minimum penalty: Fifteen years in prison; Maximum penalty: life in custody, $250,000 fine.

    Count 19

    Conspiracy to Launder Monetary Instruments, 18 U.S.C. § 1956(a)(1)(A)(i) and 1956(h).

    Civil penalty of the greater of (A) the value of the property, fund or monetary instruments involved in the transaction or (B) $10,000

    INVESTIGATING AGENCIES

    FBI – Southern District of California and Legal Attaché in Spain

    U.S. Marshals Service

    U.S. Department of Justice, Office of International Affairs

    Spanish National Police

    Spain’s Ministry of Justice

    Spain’s Ministry of Interior

    *The charges and allegations contained in an indictment or complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty.

    MIL Security OSI –

  • MIL-OSI Security: International Trafficker of Counterfeit Apple Products Sentenced to Prison

    Source: US FBI

    NEWS RELEASE SUMMARY – March 25, 2024

    SAN DIEGO – Zhiwei “Allen” Liao was sentenced in federal court today to 51 months in prison for his role as an organizer and leader of an international conspiracy to traffic in counterfeit Apple products. The defendant was also ordered to forfeit two residences along with $120,370 in U.S. currency and more than 200 Apple devices seized during the investigation.

    According to court documents, Zhiwei Liao and his brothers, Zhimin Liao and Zhiting Liao, led an international exchange fraud scheme involving more than 10,000 counterfeit iPhones and iPads. The Liaos imported counterfeit iPhones and iPads from China that looked genuine and included identification numbers (IMEI and serial numbers) matching identification numbers on real iPhones and iPads that were under warranty and had been previously sold to customers in the United States and Canada.  At the direction of the Liao brothers, co-conspirators traveled to hundreds of Apple Stores across the United States and Canada, and attempted to exchange counterfeit iPhones and iPads for genuine iPhones and iPads resulting in a loss of $6.1 million to Apple, Inc. Zhiwei Liao then sent the fraudulently obtained, but genuine Apple products primarily to China where they were sold at a premium.       

    In court today, U.S. District Judge Cynthia Ann Bashant said that a significant prison sentence was appropriate because Zhiwei Liao was the organizer and leader of an extensive international criminal organization that trafficked in counterfeit goods throughout North America for several years.

    The scheme was sophisticated and dynamic, involving counterfeit devices imported from China that looked like genuine devices under warranty. Zhiwei Liao micromanaged the operations and created a moving target for law enforcement by directing counterfeit Apple products and criminal proceeds to be sent to different co-conspirators, companies, and family members throughout the scheme. Co-conspirators supported these efforts to avoid law enforcement by exchanging the counterfeit products using a variety of false names and email accounts.

    The defendant’s brothers, Zhimin Liao and Zhiting Liao, who were also leaders of the conspiracy, were previously sentenced to 41 months in custody in October 2023. 

    This case is part of a multi-year investigation led primarily by the Federal Bureau of Investigation and the San Diego Police Department that resulted in 12 felony convictions, the forfeiture of five residences in San Diego with an estimated value of more than $4.1 million, over $250,000 in cash, and more than 200 Apple products that were either counterfeit, fraudulently obtained, or used during the criminal operations.

    “This was a massive, sophisticated fraud that victimized not only Apple, Inc., but thousands of Apple product owners across North America,” said U.S. Attorney Tara McGrath. “Theft of intellectual property and the sale of counterfeit goods are growing global problems with serious economic implications.” 

    “Mr. Liao’s sentencing closes a major chapter in a multi-year investigation that exposed an international, elaborate scheme to sell counterfeit goods worldwide,” said FBI San Diego Special Agent in Charge Stacey Moy. “This investigation would not have been successful without the unwavering dedication and persistence of our law enforcement partners. We remain diligent in the pursuit of justice to help maintain the integrity of our economy.”

    This case is being prosecuted by Assistant U.S. Attorney Timothy F. Salel.

    DEFENDANTS                                 Case Number 19cr4407-BAS                                               

    Zhiwei Liao, aka “Allen”                   San Diego, CA                                    Age:    34

    Zhimin Liao, aka “Jimmy”                 San Diego, CA                                    Age:    36

    Zhiting Liao, aka “Tim”                     San Diego, CA                                    Age:    33

    Dao Trieu La, aka “Selena”                San Diego, CA                                    Age:    32

    Mengmeng Zhang, aka “Aria”           San Diego, CA                                    Age:    31

    Tam Nguyen, aka “Kelly,”                 San Diego, CA                                    Age:    39

    Charley Hsu                                        San Diego, CA                                    Age:    41

    Danny Tran Chan                               San Diego, CA                                    Age:    32

    Phillip Pak, aka “Teddy”                    San Diego, CA                                    Age:    33

    Deedee Zhu, aka “David,”                  San Diego, CA                                    Age:    35

    Jiaye Jiang, aka “joejoekong”            San Diego, CA                                    Age:    34

    Hyo Yang, aka “Will”                        San Diego, CA                                    Age:    33

    SUMMARY OF CHARGES

    Conspiracy to Traffic in Counterfeit Goods – Title 18, U.S.C., Section 2320

    Maximum penalty: Ten years in prison, $2 million fine, mandatory restitution, and forfeiture.

    INVESTIGATING AGENCIES

    Federal Bureau of Investigation

    San Diego Police Department

    San Diego County Sheriff’s Department

    U.S. Customs and Border Protection

    Homeland Security Investigations

    U.S. Marshals

    MIL Security OSI –

  • Netanyahu accuses France, Britain and Canada of ’emboldening’ Hamas

    Source: Government of India

    Source: Government of India (4)

    Israeli Prime Minister Benjamin Netanyahu accused the leaders of France, Britain and Canada of wanting to help the Palestinian militant group Hamas after they threatened to take “concrete action” if Israel did not stop its latest offensive in Gaza.

    The criticism, echoing similar remarks from Foreign Minister Gideon Saar on Thursday, was part of a fightback by the Israeli government against the increasingly heavy international pressure on it over the war in Gaza.

    “You’re on the wrong side of humanity and you’re on the wrong side of history,” Netanyahu said, accusing the three countries of supporting “mass murderers, rapists, baby killers and kidnappers” in reference to the Oct 2023 attacks on Israel.

    As the flow of images of destruction and hunger in Gaza has continued, fuelling protests in countries across the world, Israel has struggled to turn world opinion, which has increasingly shifted against it despite the Hamas attacks.

    Israeli officials have been particularly concerned about growing calls for European countries including France to follow others such as Spain and Ireland in recognizing a Palestinian state, as part of a two-state solution to resolve decades of conflict in the region.

    Netanyahu argues a Palestinian state would threaten Israel and framed the killing of two Israeli embassy staffers in Washington on Tuesday by a man who allegedly shouted “Free Palestine” as a clear example of that threat.

    He said “exactly the same chant” was heard during the attack on Israel by Hamas on Oct 7, 2023.

    “They don’t want a Palestinian state. They want to destroy the Jewish state,” he said in a statement on the social media platform X.

    “I could never understand how this simple truth evades the leaders of France, Britain, Canada and others,” he said, adding that any moves by Western countries to recognize a Palestinian state would “reward these murderers with the ultimate prize.”

    The Israeli leader, whose government depends on far-right support, said Hamas had thanked French President Emmanuel Macron, British Prime Minister Keir Starmer and Canada’s Mark Carney over what he said was their demand for an immediate end to the war.

    The leaders’ statement on Monday did not demand an immediate end to the war, but a halt to Israel’s new military offensive on Gaza and a lifting of its restrictions on humanitarian aid.

    Hamas did issue a statement welcoming the move but Netanyahu gave no evidence of any direct contact with the three countries, which all describe the group as a terrorist organisation which should not have any role in running Gaza after the war.

    “By issuing their demand – replete with a threat of sanctions against Israel, against Israel, not Hamas – these three leaders effectively said they want Hamas to remain in power,” Netanyahu said.

    “And they give them hope to establish a second Palestinian state from which Hamas will again seek to destroy the Jewish state.”

    French Foreign Minister Jean-Noel Barrot said France was “unwaveringly committed to Israel’s security”.

    He said it was determined to combat antisemitism and that it was “absurd and slanderous” to accuse supporters of a two-state solution of encouraging antisemitism or Hamas.

    Asked about Netanyahu’s remarks, Britain’s armed forces minister Luke Pollard said London stood with Israel in their right to self defence, “but that self defence must be conducted within the bounds of international humanitarian law.”

    “At this moment, we stand fast against terrorism, but we also want to make sure that the aid is getting into Gaza,” he told Times Radio.

    (Reuters)

  • MIL-OSI Asia-Pac: President Lai presides over fourth meeting of Healthy Taiwan Promotion Committee

    Source: Republic of China Taiwan

    Details
    2025-02-27
    President Lai presides over third meeting of Healthy Taiwan Promotion Committee
    On the afternoon of February 27, President Lai Ching-te presided over the third meeting of the Healthy Taiwan Promotion Committee. In his opening statement, the president stated that the best strategies to care for citizens’ health are to increase physical activity, boost food literacy, and improve the domestic food environment, preventing chronic diseases from the front end. The president said that the Ministry of Health and Welfare (MOHW) has upgraded preventive health services for adults this year, lowering the age eligibility to 30. He expressed hope that public-private sector cooperation can help reduce the incidence of chronic diseases and their associated disability risks and achieve the goal of lowering the standardized mortality rate for chronic diseases related to the “three highs”(high blood pressure, high cholesterol, and high blood sugar) by one-third by 2030. With regard to the hospital congestion issue, President Lai noted that through local health departments, the government will strengthen the supervision and distribution of emergency room beds, boost the distribution of inpatient beds in medical centers, and enhance joint prevention mechanisms among regional hospitals to reduce the pressure on emergency departments. The president said that the government will continue to incentivize hospitals to hire more nursing personnel and will consider adjusting health insurance coverage to encourage more hospitals to participate in emergency and critical care so as to reduce the pressure on medical institutions. By taking a multi-channel approach, the president said, we hope to resolve the problems facing healthcare in Taiwan, provide the public with better care, and achieve our vision of a Healthy Taiwan. A translation of President Lai’s opening statement follows: Today is the third meeting of the Healthy Taiwan Promotion Committee. First, I would like to thank both deputy conveners, our advisors and committee members, and our friends online for their continuing concern about the planning and implementation of the Healthy Taiwan initiative.        At the last meeting, we heard a report on enhancing cancer prevention and treatment strategies. Guided by the Executive Yuan, the scope of government-funded major cancer screenings will be expanded starting this year, including expanding the age parameters and the categories eligible for screening. Treatment efforts will focus on genetic testing and precision medicine, and a fund will be established that provides diversified coverage for new cancer drugs. We hope to achieve our goal of reducing the standardized cancer mortality rate by one-third by 2030.  At today’s meeting, the MOHW will deliver progress reports on certain items listed in the second committee meeting, as well as chronic disease prevention and treatment initiatives under the Healthy Taiwan plan including the development of models for healthy living, obesity prevention and treatment, and the 888 Program for prevention and treatment of the “three highs.”Among the top ten causes of death in Taiwan, seven are related to chronic diseases, and five of those seven are related to “three highs” chronic diseases. Annual spending related to treating “three highs” chronic diseases is up to NT$170 billion, and has become a tremendous medical burden.  According to the World Health Organization, most non-communicable diseases are the result of four particular behaviors: tobacco use, physical inactivity, unhealthy diet, and the harmful use of alcohol. The results of the Nutrition and Health Survey in Taiwan show that most citizens are getting low or moderate amounts of physical activity, and have unbalanced diets that include excessive amounts of sugar and salt, and inadequate amounts of fruits, vegetables, and dairy products.  Therefore, the best strategies to care for the health of our citizens are to increase physical activity, boost food literacy, and improve the domestic food environment, preventing chronic diseases from the front end.  In a few minutes, the MOHW will give complete explanations for the various chronic disease prevention and treatment strategies, from building healthy lifestyles at the front end to preventing and treating obesity in the middle stage, making every effort to prevent citizens from symptoms of the “three highs.” Beginning this year, the MOHW has upgraded preventive health services for adults, lowering the age eligibility to 30. Among people who already suffer from the “three highs,” the 888 Program for the prevention and treatment of those diseases will identify a target group and then conduct interventions, making every effort to improve symptoms and avoid the development of chronic disease.  This kind of action strategy needs to be promoted simultaneously in the workplace, the community, on campus, and in the military. Only through public-private sector cooperation can we reduce the incidence of chronic diseases and their associated disability risks. We have also set a goal to lower the standardized mortality rate for chronic diseases related to the “three highs” by one-third by 2030. I hope that through the expertise of our advisors and committee members, we can provide discussions and suggestions from multiple perspectives to enable the government to propose health policies that meet citizens’ needs. The government will also actively address the hospital congestion issue that everyone is concerned about. The MOHW, in addition to taking preventive measures such as purchasing additional flu vaccines before the Lunar New Year, is addressing the emergency department congestion that occurred from the Lunar New Year until recently, and has formulated a short-term response strategy as well as middle and long-term directions for reforms as directed by Premier Cho Jung-tai (卓榮泰). Through local health departments, we will strengthen the supervision and distribution of emergency room beds. At the same time, we will continue to boost the distribution of inpatient beds in medical centers, and give full play to our emergency medicine network to enhance joint prevention mechanisms among regional hospitals and reduce the pressure on emergency departments. We will also enhance the public’s access to information about tiered healthcare, and implement a tiered treatment system to make better use of resources.  To address middle- and long-term human resource issues, we will continue to incentivize hospitals to hire more nursing personnel to lighten their burdens. We will also consider adjusting health insurance coverage to encourage more hospitals to participate in emergency and critical care. To respond to the challenges of an aging society, home healthcare, acute hospital care at home, Long-term Care 3.0, and post-acute care programs need to be promoted together to reduce the pressure on medical institutions.    By taking a multi-channel approach, we hope to resolve the problems facing healthcare in Taiwan, provide the public with better care, and achieve our vision of a Healthy Taiwan. So let us keep working hard together. Thank you. Following his statement, President Lai heard a report on the progress of certain items listed in the second committee meeting from Minister of Health and Welfare Chiu Tai-yuan (邱泰源), who is also the committee’s executive secretary, and a report on chronic disease prevention and treatment initiatives under the Healthy Taiwan plan including the development of models for healthy living, obesity prevention and treatment, and the 888 Program for prevention and treatment of the “three highs” from Deputy Minister of Health and Welfare Chou Jih-haw (周志浩). Afterward, President Lai exchanged views with the committee members regarding the content of the reports.

    Details
    2024-11-28
    President Lai presides over second meeting of Healthy Taiwan Promotion Committee
    On the afternoon of November 28, President Lai Ching-te presided over the second meeting of the Healthy Taiwan Promotion Committee. In his opening statement, the president said that we are implementing mental health support programs this year to provide more support for young and middle-aged people, pointing out that the policy has served over 20,000 people since it was implemented just over three months ago. In terms of bolstering mental health resilience, the president said we still have much to do, our government must lead by example, and the public and private sectors must work together, making every effort to ensure that no one is left behind. Noting that our goal is to reduce the standardized cancer mortality rate by one-third by the year 2030, President Lai stated that next year’s budget for cancer screening will be increased to NT$6.8 billion. He also stated that plans are in the works to establish a fund for new cancer drugs, adding that in the general budget we will allocate NT$5 billion, which will gradually rise to NT$10 billion. At the same time, he said, we are also actively promoting genetic testing and precision medicine. He expressed confidence that expanding preventive screening at the front end and providing advanced treatments at the back end will effectively fight cancer and improve the overall health of our citizens. A translation of President Lai’s opening statement follows: Today is the second meeting of the Healthy Taiwan Promotion Committee. First, I want to thank our two deputy conveners, our advisors and committee members, and our friends online for their enthusiastic participation. I also want to welcome Committee Member Chien Wen-jen (簡文仁), who was on leave for the previous meeting. I would also like to introduce three new committee members: Let’s welcome Committee Member Huang Chin-shun (黃金舜), president of the Federation of Taiwan Pharmacists Associations. During the pandemic, he led the nation’s pharmacists in promoting services including name-based distribution systems for masks and rapid-test kits and home delivery of medications. I am sure that he will be able to provide many valuable views regarding pharmaceutical safety and supply resilience.    Let’s also welcome Committee Member Ko Fu-yang (柯富揚). During his time as secretary-general of the National Union of Chinese Medical Doctors’ Association, he led the Chinese medicine community in the transition from experience-based medicine to evidence-based medicine, and promoted the modernization of traditional Chinese medicine. With his participation, the committee will be able to spur research and development in both modern and traditional medicine. Our third new committee member is Liao Mei-nan (廖美南), president of the Taiwan Nurses Association, who was unable to be here today. She has long been dedicated to raising the quality of nursing care and actively promoting a high-quality, friendly work environment for nurses. The committee will rely on her experience to strengthen the link between policy and practice in nursing care. I want to thank all the members of the committee once again for working together with the government. Since the last committee meeting, under the guidance of Minister without Portfolio Chen Shih-chung (陳時中), the Ministry of Health and Welfare (MOHW) has implemented various policies. At the beginning of October, for example, three major AI centers were set up to resolve three key AI application issues: implementation, certification, and reimbursement, helping advance Taiwan’s smart healthcare ecosystem. At today’s meeting, the MOHW will first deliver a report on the progress of certain items listed in the first committee meeting, followed by a joint report by the MOHW and Ministry of Education on bolstering public mental health resilience and a report by the MOHW on enhancing cancer prevention and treatment strategies.  The World Health Organization has affirmed that “there is no health without mental health.” In a fast-changing, fast-paced society, the government should invest more resources in the field of mental health to safeguard the people’s overall health. We are therefore implementing mental health support programs this year and expanding the range of eligibility, from 15 to 30, to 15 to 45 years old, to provide more support for young and middle-aged people. That policy has served over 20,000 people since it was implemented just over three months ago. In terms of bolstering mental health resilience, we still have much to do. From the workplace to the campus and every corner of society, our government must lead by example, and the public and private sectors must work together, making every effort to ensure that no one is left behind.    Aside from mental health, in view of cancer being the leading cause of death in Taiwan for 42 consecutive years, our goal is to reduce the standardized cancer mortality rate by one-third by the year 2030. And so we must expand screening and advance treatment. Last year, the government subsidized screenings for five types of cancer, providing a total of 4.87 million screenings and detecting 11,000 cases of cancer and 52,000 cases of precancerous conditions. We have allocated an additional NT$4 billion beginning next year, bringing the total budget for cancer screening to NT$6.8 billion, to expand the scope of cancer screening eligibility and services.  Plans are also in the works to establish a fund for new cancer drugs. In next year’s general budget, we will allocate NT$5 billion, which will gradually rise to NT$10 billion, to provide reimbursement funding for a variety of new cancer drugs and reduce the economic burden on patients. These new measures will be reported on in detail moments from now by the MOHW. At the same time, we are also actively promoting genetic testing and precision medicine. Next generation sequencing, for example, has already been included in National Health Insurance coverage, which will help provide patients with precise, individualized treatment strategies. I am confident that expanding preventive screening at the front end and providing advanced treatments at the back end will effectively fight cancer and improve the overall health of our citizens. Today’s meeting will help the government understand viewpoints from many perspectives so we can promote policies that more closely meet the public’s needs. Let’s keep working hard together. Thank you.  Following his statement, President Lai heard a report on the progress of certain items listed in the first committee meeting from deputy executive secretary and National Health Insurance Administration Director General Shih Chung-liang (石崇良), a joint report on bolstering public mental health resilience from Deputy Minister of Health and Welfare Lin Ching-yi (林靜儀) and Deputy Minister of Education Lin Teng-chiao (林騰蛟), and a report on enhancing cancer prevention and treatment strategies from Deputy Minister of Health and Welfare Chou Jih-haw (周志浩). Afterward, President Lai exchanged views with the committee members regarding the content of the reports.

    Details
    2024-08-22
    President Lai presides over first meeting of Healthy Taiwan Promotion Committee
    On the afternoon of August 22, President Lai Ching-te presided over the first meeting of the Healthy Taiwan Promotion Committee. As the committee’s convener, the president presented committee members with their letters of appointment, and explained that the Healthy Taiwan Promotion Committee is not just about promoting a Healthy Taiwan, but also achieving a Balanced Taiwan. The president stated that the committee spans various areas of expertise, and also considers the balance of Taiwan’s northern, central, southern, and eastern regions. The president expressed confidence that by soliciting a wide range of suggestions, engaging in diverse dialogue, and forging a consensus, the committee can help to realize health equality and further elevate the standard of medical care in Taiwan. President Lai indicated that next year, the Ministry of Health and Welfare’s total budget will be increased, along with expanded investment in medical treatment and care. In addition, he reported that the central government budget has also added a National Health Insurance (NHI) financial assistance program, which will help to enhance the work environments of healthcare professionals. The president stated that we will also launch the Healthy Taiwan Cultivation Plan to help rear talent and develop smart medicine. These budgets and programs, President Lai stated, reflect the government’s determination to create a Healthy Taiwan, and prove that “Healthy Taiwan” is not just a slogan, and has already been turned into concrete action. A translation of President Lai’s opening statement follows: At the end of my first month in office, I announced that the Presidential Office will establish three committees in response to three major global issues of nationwide concern: climate change, health promotion, and social resilience. These committees will consolidate forces from different sectors to strategize on national development. At the beginning of this month, we convened the first meeting of the National Climate Change Committee. Today, we convene the first meeting of the Healthy Taiwan Promotion Committee. I would like to thank the three deputy conveners and all advisors and committee members for making a commitment to the Healthy Taiwan Promotion Committee. I also want to thank our fellow citizens and friends joining us online to follow the committee’s proceedings. During my campaign, I was constantly thinking about what I could contribute to our people that is different from past presidents if I were fortunate enough to be elected. After a lot of thought, I felt that as a physician, I should utilize my professional background in health care and work together with people from all sectors of society to help create a Healthy Taiwan. Healthy Taiwan is our goal, and health is both a basic human right and a universal value. Health promotion not only involves the well-being of a nation’s people, but is also of great concern to humankind so that we may survive and thrive. Taiwan is a responsible member of the international community. Amid the challenges of the pandemic over the past few years, we have shared disease prevention supplies, technology, and experience with countries around the world, and have continued to contribute to the global public health system. Going forward, Taiwan must actively address critical health-related challenges, including cancer, transnational communicable diseases of unknown origin, antibiotic-resistant superbugs, a low birth rate, and an aging society. We are confident that, sharing countermeasures and experience with countries around the world, we can keep people healthy and make the nation stronger so that the world embraces Taiwan. I want to thank former Superintendent of National Cheng Kung University Hospital Chen Jyh-hong (陳志鴻), who is also a mentor of mine, for organizing five regional forums and a national forum for the Healthy Taiwan Promotion Alliance this past March and April. Over 1,200 healthcare professionals from all over the country attended the forums and shared their views. Premier Cho Jung-tai (卓榮泰), Vice Premier Cheng Li-chiun (鄭麗君), and I were also invited to attend the national forum and participate in full. I also want to thank the experts from various fields for their suggestions throughout this process, which became key reference points for promoting policies after we took office on May 20. The position paper on the table in front of you is a compilation of those valuable insights, which will be the foundation of our future actions. To implement the Healthy Taiwan initiative, we must also achieve a Balanced Taiwan. Therefore, the Healthy Taiwan Promotion Committee established today not only spans various areas of expertise, but also considers the balance of Taiwan’s northern, central, southern, and eastern regions to achieve nationwide health equality. I want to thank the nine advisors here with us today: Superintendent Wu Ming-shiang (吳明賢), Superintendent Chen Wei-ming (陳威明), Chairman Cherng Wen-jin (程文俊), President Chiu Kuan-ming (邱冠明), and Chairman Chang Hong-jen (張鴻仁) from northern Taiwan; Superintendent Chen Mu-kuan (陳穆寬) from central Taiwan; Superintendent Lin Sheng-che (林聖哲) and President Yu Ming-lung (余明隆) from southern Taiwan; and Superintendent Lin Shinn-zong (林欣榮) from eastern Taiwan. Your participation will give us a better understanding of viewpoints from around the country. The objective of Healthy Taiwan is to raise the population’s average life expectancy while simultaneously reducing time spent living with illness or disability, while also caring for physical, mental, and spiritual health. The 20 members of the committee are therefore drawn from a variety of fields of professional expertise. We have Superintendent Chen Shih-ann (陳適安) in the field of smart medicine, Vice-Superintendent Susan Shur-fen Gau (高淑芬) in pediatric psychiatry, medical and long-term care service integration specialist Superintendent Chan Ding-cheng (詹鼎正), and emerging infectious disease specialist Director Shen Ching-fen (沈靜芬). We have also invited Professor Tsai Sen-tien (蔡森田) to provide suggestions on optimizing healthcare services and health insurance sustainability, and invited President Chou Ching-ming (周慶明) and President Huang Cheng-kuo (黃振國) to continue promoting The Family Doctors’ Plan 2.0 and report on primary care issues. We have also recruited President Li Yi-heng (李貽恒), who put forward the 888 Program for prevention and treatment of the “three highs” (high blood pressure, high cholesterol, and high blood sugar) and kidney disease, pediatric health specialist President Ni Yen-hsuan (倪衍玄), women’s health care specialist Secretary-General Huang Jian-pei (黃建霈), and President Hung Te-jen (洪德仁), who is focused on community development. We also have Dean Shan Yan-shen (沈延盛) from the field of cancer prevention and treatment, psychiatric and mental health specialist Professor Su Kuan-pin (蘇冠賓), epidemiology expert and Emeritus Research Fellow Ho Mei-shang (何美鄉), and biomedicine and regenerative medicine specialist Professor Patrick Ching-ho Hsieh (謝清河). The committee also includes specialist in nutrition and health for all ages President Kuo Su-e (郭素娥), and expert in the promotion of physical activity and health Vice Chairman Chien Wen-jen (簡文仁). I also want to thank Chairman Lin De-wen (林德文) for participating as we work together to enhance the health and well-being of indigenous peoples. In addition, public sector participants include Minister of National Development Liu Chin-ching (劉鏡清) and Minister of Education Cheng Ying-yao (鄭英耀), as well as Minister of Health and Welfare Chiu Tai-yuan (邱泰源), who is serving as executive secretary, and NHI Administration Director General Shih Chung-liang (石崇良) serving as deputy executive secretary. Over 80 percent of the committee’s members are from the private sector, and I will take advantage of this opportunity to continue to combine the strengths of all stakeholders throughout society to promote a healthy lifestyle for one and all, and enhance medical care for all ages. At today’s first meeting of the committee, the Ministry of Health and Welfare will brief us on two topics: the first is the Healthy Taiwan vision plan, illustrating Taiwan’s current challenges and opportunities, as well as an action blueprint. The second issue is reform and optimization for NHI sustainability. Next year will mark the 30th anniversary of our NHI system. NHI is the pride of Taiwan, because health insurance can free citizens from the vicious cycle of poverty caused by illness, or illness caused by poverty. Since 2020, the NHI system has achieved a public satisfaction rate of over 90 percent. Next year, Taiwan will also become a “super-aged society,” which means that one of every five people will be a senior citizen 65 or older. Due to new pharmaceuticals of all kinds, the development of new technologies, and citizen expectations for an optimized medical practice environment, many aspects of health insurance operations will face an increasing number of challenges. The NHI system’s core values are health equality and mutual assistance for all. Better care for everyone, however, depends on sustainable NHI operations. We closely monitor NHI system point values, but also want to embody the greater values of the system. The government will continue to refine the budget system and management, rationally distribute medical resources and stabilize point values, and continue to optimize NHI finances to enhance the efficiency and quality of services. We also look forward to working with everyone to achieve sustainable NHI development, enhance health equality, and further elevate the standard of medical care in Taiwan. I also want to report that next year, the Ministry of Health and Welfare’s total budget will reach NT$370.2 billion, an increase of NT$31.8 billion over this year. The total budget is expected to allocate NT$60.7 billion to expand investment in medical treatment and care to create a Healthy Taiwan. The central government budget has also added an NHI financial assistance program that includes incentives for maintaining specified nurse-patient ratios across all three shifts and rotating night-shift nursing staff, and promoting smart information upgrades at medical facilities to enhance the work environments of healthcare professionals. We will also launch the Healthy Taiwan Cultivation Plan, investing funds to support medical institutions at all levels nationwide, rear talent, and develop smart medicine. Regarding the fund for new cancer drugs that many cancer patients care deeply about, in next year’s general budget we will allocate NT$5 billion for health insurance funding. In 2026, that figure is expected to reach NT$10 billion. We will also promote the fifth-stage national plan for cancer prevention and treatment, and beginning next year the budget for cancer screening will be increased by NT$4 billion, reaching NT$6.8 billion, to boost screening rates. I want everyone to know that these budgets and programs reflect the government’s determination to create a Healthy Taiwan. Since I took office, the government has created plans and programs to increase nursing staff levels and promote public mental health. We also launched an Acute Hospital Care at Home pilot project to provide integrated long-term and medical care services. Once again, I would like to thank everyone here today for participating, and thank our fellow citizens for their support. I also want our fellow citizens to know that Healthy Taiwan is not just a slogan, and has already been turned into concrete action. These are all concrete, substantive actions by a government team that has been in office for less than 100 days. I am confident that with the support and participation of our committee members and advisors, and through soliciting a wide range of suggestions, engaging in diverse dialogue, and forging a consensus, our actions to create a Healthy Taiwan will more closely align with society’s expectations, and we will move more quickly and steadily toward realizing our vision. Thank you. Following his statement, President Lai presented letters of appointment to the committee members, heard a report from Minister Chiu illustrating the Healthy Taiwan vision plan, and heard a report from Director General Shih on reform and optimization for NHI sustainability. Afterward, President Lai exchanged views with the committee members regarding the content of the two reports and the Rules of Procedure for Meetings of the Office of the President Healthy Taiwan Promotion Committee.

    Details
    2024-06-20
    President Lai attends opening of International Conference on Emergency Medicine 2024
    On the morning of June 20, President Lai Ching-te attended the opening ceremony of the International Conference on Emergency Medicine (ICEM) 2024. In remarks, President Lai stated that one goal of his administration is to create an even healthier Taiwan and that we will continue to strengthen our capabilities in medicine and public health to enhance health for all and help make the world a better place. The president emphasized that the global disease prevention network is something every country should be a part of, and that if any country is missing from this network, the rest of the world will be at a disadvantage. The president then asked for the participants’ support for Taiwan to participate in the World Health Organization so that we may contribute even more to the global public health system. A transcript of President Lai’s remarks follows: I would like to begin by welcoming all guests from overseas to Taiwan. ICEM is the world’s largest conference on emergency medicine. Over 2,500 experts and academics from home and abroad have gathered here for this year’s conference. This not only underlines the importance of emergency medicine, but is also a testament to global cooperation in medicine. This year also marks TSEM’s [Taiwan Society of Emergency Medicine] 30th anniversary. I would like to thank Chairperson Ng Chip-jin (黃集仁), President Hsu Chien-chin (許建清), and everyone who helped bring ICEM to Taiwan. This conference will help expand people-to-people diplomacy, showing Taiwan’s development and contributions in emergency medicine to the world. I am confident that everyone here shares my belief that health is a basic human right. And to ensure this right, emergency medical professionals are indispensable. Before entering politics, I myself worked as a clinician. I know well that emergency rooms are at the frontline of hospitals, and often the last hope for those who need lifesaving care. Especially during the COVID-19 pandemic, we all witnessed the rapid response and important support of emergency medical professionals, who gave their all for the health of others. I want to take this opportunity to express my utmost respect for your work. The theme of ICEM 2024 is Glocalization of Emergency Medicine: Global Wisdom and Local Solution. With that in mind, I hope that through clinical research, public health, smart tech, and other strategies, we can help reduce disparities in emergency medicine around the world. Here in Taiwan, we have made major progress in emergency medicine, from developing a cutting-edge trauma care system to implementing advanced strategies for disaster response. We are also committed to training highly skilled professionals in the field, as well as developing an advanced medical infrastructure. This conference will give Taiwan the opportunity to share our experience, and allow everyone to exchange best practices, engage in discussions, and promote the global development of emergency medicine. One goal of my administration is to create an even healthier Taiwan. We will continue to strengthen our capabilities in medicine and public health to enhance health for all and help make the world a better place. A healthier Taiwan also means a booming medical sector, and an even higher quality and diversity of medical services. Taiwan has had, and will continue to have, many medical accomplishments to share with the world. Today, all of you gather here to continue making global contributions through emergency medicine. The mission of IFEM [International Federation for Emergency Medicine] is to create a world where all people, in all countries, have access to high quality emergency medical care. On this point, the global disease prevention network is something every country should be a part of. If any country is missing from this network, the rest of the world will be at a disadvantage. I would like to ask for your support for Taiwan to participate in the World Health Organization, so that we may contribute even more to the global public health system. And as President Hsu Chien-chin has said, although the road is long, if we travel together, we can travel far. With this vision as our guide, alongside our friends from around the world, Taiwan will strive to achieve our common goals and realize quality healthcare for all. I wish ICEM 2024 great success, and all participants a rewarding experience. I also invite you to travel around Taiwan during your stay, and get to know our beautiful nation. Following his remarks, President Lai and the distinguished guests took part in the kick-off ceremony for the conference. IFEM President Ffion Davies was also in attendance at the event.

    Details
    2024-06-01
    President Lai meets WHA action team
    On the morning of June 1, President Lai Ching-te met with members of Taiwan’s World Health Assembly (WHA) action team. In remarks, President Lai stated that standing on the front lines, the team fought for the human right to health for both Taiwan and the world. He also thanked the international community for their support for Taiwan. The president said that Taiwan is an indispensable member of the international community when it comes to ensuring global health security. In addition, he said that one of the new government’s goals is to create a healthier Taiwan, as we want our people to live longer and healthier, and that we want to leverage Taiwan’s strengths in public health and medicine. He said we will continue to deepen our partnerships with other countries as we build an even more resilient global public health system, and that a healthy Taiwan will help make the world a better place. A translation of President Lai’s remarks follows: I would like to warmly welcome our partners from the WHA action team back from Geneva, and express my appreciation for your hard work and efforts. Standing on the front lines, you fought for the human right to health for both Taiwan and the world, and we thank you for giving it your all. Your flight only just arrived at 7 a.m., but I can see that everyone is still in high spirits. You have truly put in your heart for Taiwan, and once again, I thank you all. It is regrettable that at this year’s WHA, constrained by political factors, a proposal item for Taiwan to join as an observer was not included in the agenda yet again. However, the hard work of our WHA action team over the years has already borne fruit. Last year, the Ministry of Health and Welfare signed MOUs with the public health agencies of the Czech Republic, Canada, and the United Kingdom, and bilateral talks this year included discussion on substantive cooperation. The bilateral talks carried out by our action team in Geneva were not only more numerous this year, but also involved officials of even higher level. The team also held professional forums addressing important issues of the WHA in cooperation with various medical and health organizations. This is all proof of Taiwan’s contribution toward global public health and the human right to health. The steps we take for Taiwan to participate in world health affairs will not falter. Support for Taiwan from the international community grows stronger year by year. This year, 26 member states of the World Health Organization and the European Union, which is an observer, directly or indirectly voiced their support for Taiwan’s participation in the WHA. Their support reaffirms that Taiwan is an indispensable member of the international community when it comes to ensuring global health security. Health knows no borders. Health is a basic human right. One of the new government’s goals is to create a healthier Taiwan. We want our people to live longer and healthier. And we also want to leverage Taiwan’s strengths in public health and medicine, as we deepen our cooperation with other countries and work together to advance the health of humankind and global sustainable development. I want to thank the member states for their support for Taiwan. I also want to once again thank the members of the WHA action team and our many friends, both here and outside of Taiwan, for their hard work on this issue. Moving forward, we will continue to deepen our partnerships with other countries as we build an even more resilient global public health system. So just as democratic Taiwan continues to shine its light upon the world, a healthy Taiwan will help make the world a better place. On that note, let us keep working together toward these goals. After President Lai concluded his remarks, Minister of Health and Welfare Chiu Tai-yuan (邱泰源) presented a photo collage to show President Lai some of the highlights of the action team’s activities in Geneva.

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: Chairman of High Times’ Parent Agrees to Plead Guilty in Scheme to Give Undisclosed Payments to Analyst Touting its Securities Offering

    Source: US FBI

    LOS ANGELES – The founder and chairman of Hightimes Holding Corp., the company that publishes High Times magazine, has agreed to plead guilty to joining a criminal conspiracy to pay more than $150,000 in undisclosed compensation to an analyst for an investment newsletter that touted its stock and assisted Hightimes in raising at least $6 million.

    Adam Levin, 45, of Marina Del Rey, was charged last month with one count of conspiracy to tout securities for undisclosed compensation. In a plea agreement filed December 20, Levin agreed to plead guilty to that felony offense.

    Levin is scheduled to appear January 14 in United States District Court to make his initial appearance in this case.

    Levin is the fourth defendant to be charged in this scheme in which companies paid the analyst at “Palm Beach Venture,” an investment newsletter with subscribers nationwide. That analyst, Jonathan William Mikula – along with his associate, Christian Fernandez, who acted as a money launderer for the scheme; and Raj Beri, the CEO of a Beverly Hills company who brokered deals for undisclosed payments by other issuers, each received a portion of the payments. Mikula, Fernandez and Beri each pleaded guilty last year and are scheduled to be sentenced in July.

    The payments made by executives such as Levin were in exchange for Palm Beach Venture publishing promotional pieces for securities offerings, according to court documents.      

    Federal law requires full and public disclosure from anyone who has received payment – directly or indirectly – from an issuer for publishing, publicizing or circulating any advertisement or communication that describes the issuer’s security offered for sale.

    According to Levin’s plea agreement, in 2020 and 2021, “Hightimes raised approximately $20 million from more than 10 investor-victims, with at least $6 million in investment proceeds associated with Palm Beach Venture’s promotion.”

    In exchange for the favorable articles in the newsletter, Levin admitted he paid $150,000 via wire transfers, as well as tens of thousands of dollars for entertainment expenses.

    To conceal the scheme, Levin entered into a sham “marketing agreement” and routed the payments through a Canadian bank to a shell company in Canada, according to the plea agreement.

    Mikula then caused Palm Beach Venture to promote Hightimes’ securities offering on April 6 and September 23 in 2020 in articles that falsely stated, “Neither the Palm Beach Research Group nor its affiliates receive compensation for bringing this deal to you,” the plea agreement states.

    Levin also admitted that he lied to the United States Securities and Exchange Commission when he denied knowing that he entered into a “pay-for-play arrangement.”

    The FBI is investigating this matter.

    The SEC filed a civil action against Hightimes that was resolved in 2023 with Hightimes agreeing to a cease-and-desist order and paying a penalty of $558,071.

    Any investors who believe they are a victim of the crimes in this scheme are encouraged to go to https://www.justice.gov/usao-cdca/united-states-v-jonathan-william-mikula-christian-fernandez-and-amit-raj-beri for further information and updates regarding this matter.

    Assistant United States Attorney Adam P. Schleifer of the Corporate and Securities Fraud Strike Force is prosecuting this case.

    MIL Security OSI –

  • Jitendra Singh unveils cutting-edge polar, ocean research hubs in Goa

    Source: Government of India

    Source: Government of India (4)

    Union Minister Dr. Jitendra Singh on Tuesday inaugurated Sagar Bhavan and Polar Bhavan at the National Centre for Polar and Ocean Research (NCPOR) in Goa. These are the first-of-their-kind integrated facilities in India and among the few such infrastructures globally dedicated to polar and ocean research.
     
    The inauguration comes at a time when global discourse on ocean geopolitics is intensifying. Addressing the gathering, Dr. Singh expressed confidence that the enhanced capabilities at NCPOR would strengthen India’s role in global ocean governance and scientific collaboration. “Institutions like NCPOR will be pivotal in positioning India as a key player in ocean geopolitics,” the Minister said.
     
    He added that the new facilities would also enhance India’s capacity to monitor weather patterns and respond to climate change challenges effectively.
     
    The newly inaugurated Polar Bhavan is the largest building on the NCPOR campus, spread across 11,378 square metres and constructed at a cost of ₹55 crore. It houses cutting-edge laboratories for polar and ocean research, 55 accommodation units for scientists, conference and seminar halls, a library, and a canteen. It is also home to the “Science On Sphere (SOS)” platform – a state-of-the-art 3D visualization system for displaying climate and earth system data – and will soon host India’s first Polar and Ocean Museum.
     
    Sagar Bhavan, built over 1,772 square metres at a cost of ₹13 crore, includes ultra-low temperature laboratories with -30°C ice core storage and +4°C sample preservation units. It features 29 specialised rooms, including a Class 1000 clean room for trace metal and isotope studies.
     
    During his visit, Dr. Singh, dressed in Antarctica-specific cold weather gear, also toured the Minus 20°C lab section of the facility.
     
    The inauguration coincided with the Silver Jubilee of NCPOR. As part of the celebrations, the Minister unveiled a documentary chronicling the institute’s 25-year journey and participated in a virtual walkthrough of the upcoming science museum.
     
    Dr. Singh underscored the significance of polar research in the context of global climate change. He cited expert assessments indicating that nearly 70% of the world’s freshwater is stored in polar ice. “Uncontrolled melting could lead to rising sea levels, posing serious threats to low-lying coastal areas, including India’s extensive coastline of over 1,000 km,” he said.
     
    Highlighting the importance of ocean sciences in national development, the Minister referred to Prime Minister Narendra Modi’s consistent focus on the Blue Economy. He noted that the Deep Ocean Mission, led by NCPOR, aligns with the government’s broader “Viksit Bharat by 2047” vision.
     
    Dr. Singh also referenced India’s policy initiatives such as the Arctic Policy (2022) and the Indian Antarctic Act (2022), which provide a structured legal and ethical framework for India’s polar engagement, ensuring adherence to international standards.
     
    India maintains a robust research presence in polar and high-altitude regions through its permanent stations in Antarctica (Maitri and Bharati), the Arctic (Himadri), and the Himalayas (Himansh). Recent Indian scientific expeditions have also extended to the Canadian Arctic, Greenland, and the Central Arctic Ocean.

  • MIL-OSI China: Queen Wen courts Paris once more

    Source: People’s Republic of China – State Council News

    Even without the strength in numbers, the Chinese tennis contingent, led by Paris Olympic champion Zheng Qinwen and rising men’s ace Buyunchaokete, is approaching this year’s French Open with major ambitions.

    With the memories of her golden finish at Paris 2024 still fresh, Zheng returns to Roland Garros touted as one of the title favorites for this year’s French Open, but insists that she will keep her expectations in check, noting that it’s a different challenge to go all the way at the clay-court major compared to her Olympic triumph.

    Zheng Qinwen returns a shot during the women’s singles round of 16 match between Zheng Qinwen of China and Bianca Andreescu of Canada at the WTA Italian Open in Rome, Italy, May 12, 2025. (PHOTO / XINHUA)

    “I will say that I always feel confident going back to Roland Garros. But, at the same time, I know it is still a bit different,” Zheng said in her pre-tournament interview.

    “Because the Olympic Games were one week, while the French Open is two weeks, so you need to prepare your body for a longer time and you need to win seven matches in a row, one more match than the Olympics.

    “You have to be prepared for every type of player. This year, I will try to be more complete with my clay court game,” said Zheng, who was eliminated by unseeded Ukrainian Elina Avanesyan in the third round last year.

    The 22-year-old world No 8, who described the Olympic gold medal as her biggest career achievement so far, has backed up her French Open credentials with a series of resurgent performances on clay recently.

    Zheng’s Rome Open quarterfinal win against bitter rival Aryna Sabalenka last week, having previously lost to the Belarusian star six times in a row, has certainly served up an extra confidence boost.

    Still, she needs to step it up a gear if she is to break out from a strong and open field in the French capital.

    “I always tell my team that, if I could choose which Slam to win first, it would be Roland Garros,” said Zheng, who made an immediate mark by fighting into the fourth round on her Roland Garros debut in 2022 in her first full year on the WTA Tour.

    “It’s the major where I reached my first Grand Slam round-of-16. I have a lot of special memories here.

    “But, last year, the result didn’t go the way I wanted. So, this year, I will come back with a stronger mindset and more fight.”

    A surging group of international stars, led by the mighty No 1 seed Sabalenka, four-time Roland Garros winner Iga Swiatek and red-hot Rome Open champion Jasmine Paolini, suggests that Zheng will need to dig deeper on the tricky and unpredictable surface.

    “It’s not easy to finish a point (on this surface). Everybody has to fight so hard, which makes tennis on clay more interesting,” she said.

    “I don’t think there is any player that I don’t want to play against, or that I want to avoid, because, in my head, I’ve already prepared. If I want to win the title, I have to be able to beat everyone there.

    “It doesn’t matter who I face, because if I finish the whole tournament without beating a player that I have never beaten before, that’s not fun. I love the challenge.”

    Alongside Zheng, only one other Chinese woman, world No 42 Wang Xinyu, has made it into the main draw through rankings, while 89th-ranked Yuan Yue also qualified as a substitute.

    Men’s solo entry

    On the men’s side, only world No 70 Buyunchaokete appears in the draw, with 71st-ranked teen star Shang Juncheng and No 81 Zhang Zhizhen both having withdrawn due to injuries.

    The quartet makes it the smallest Chinese contingent in three years at Roland Garros, which seems to be an almost sacred place for Chinese tennis, thanks to Zheng’s Olympic victory and retired legend Li Na’s groundbreaking 2011 French Open win.

    China’s Olympic mixed doubles silver winner Wang (pairing with Zhang) will also need to draw on her own sweet memories at Paris 2024 to change her fortunes and fuel her first deep run in this year’s clay court swing.

    The 23-year-old power hitter has lost three out of four matches on clay this season, with her only W being a straight-sets victory over German qualifier Eva Lys in the first round at WTA 500 Strasbourg, France, on Monday.

    She was stopped by Kazakhstan’s 2022 Wimbledon champion Elena Rybakina the following day, and has not yet rediscovered her best form on clay, it seems.

    In the men’s draw, China’s sole entry Buyunchaokete, known as “Little Bu” by fans, has raised his fair share of expectation by overcoming a strong field to reach the final of an ATP Challenger event in Turin on clay.

    Bu’s first run to a final on clay at an ATP tournament saw him upset Italy’s former world No 9 Fabio Fognini in the second round, and Argentina’s No 52 Camilo Ugo Carabelli in the semis, before being stopped by Kazakhstan’s eighth seed Alexander Bublik in the title match.

    That deep run, though, has helped Bu overtake his compatriot Zhang as China’s top-ranked player on the ATP Tour, further consolidating his career upswing since his breakthrough results last fall, when he reached back-to-back Tour-level semifinals on home soil, first at the ATP 250 Hangzhou Open, and again at the ATP 500 China Open.

    “Gradually, I think I’ve become more confident and comfortable facing this level of competition on the Tour,” said Bu.

    MIL OSI China News –

  • MIL-OSI Security: NATO Secretary General visits Norway’s High North in preparation for the Summit in The Hague

    Source: NATO

    NATO Secretary General Mark Rutte visited northern Norway on Thursday (22 May 2025), where he met Prime Minister Jonas Gahr Støre, Minister of Foreign Affairs Espen Barth Eide, and Minister of Defence Tore Sandvik. The Secretary General also observed a demonstration of NATO’s multidomain capabilities in the High North.

    Speaking alongside Prime Minister Gahr Støre aboard the Norwegian Coast Guard vessel Svalbard, the Secretary General praised Norway’s leadership and emphasised the strategic importance of the region. He said the visit was important not only for NATO and Norway, but also for understanding how Allies are working together to keep NATO territory safe.

    Secretary General Rutte underlined the value of coordination among the seven NATO countries with territory in the High North: Iceland, Norway, Finland, Denmark, Sweden, Canada and the United States. “With Norway being one of the seven High North countries, this is an important element of this vision to understand better what is the situation in the High North,” he said. “We are doing more and more together, and also NATO is getting more and more involved to see how we can best coordinate all those efforts. And we know that these sea lanes are opening up, that the Russians and the Chinese are more and more active here.”

    Turning to the NATO Summit in The Hague, the Secretary General noted the need to increase defence spending. He emphasised that Allies must invest in order to deliver the capabilities needed to defend NATO not only today, but in the years ahead, “knowing that Russia is actively reconstituting itself.” Mr Rutte also pointed to China’s military build-up and ongoing terrorist threats as examples of why NATO Allies will need to invest well above the 2% of GDP target. 

    The Secretary General also highlighted the importance of civil preparedness. “Norway is an absolute leader when it comes to a whole society approach,” he said. “We need the whole society to be involved if the Russians are a long term threat.”

    MIL Security OSI –

  • MIL-OSI Russia: Press Briefing Transcript: Julie Kozack, Director, Communications Department, May 22, 2025

    Source: IMF – News in Russian

    May 22, 2025

    SPEAKER:  Ms. Julie Kozack, Director of the Communications Department, IMF

    MS. KOZACK: Good morning, everyone and welcome to this IMF Press Briefing.  It is wonderful to see you all today on this rainy Washington morning, especially those of you here in person and of course also those of you joining us online.  My name is Julie Kozak.  I’m the Director of Communications at the IMF.  As usual, this press briefing will be embargoed until 11:00 a.m. Eastern Time in the United States.  And as usual, I will start with a few announcements and then I’ll take your questions in person on WebEx and via the Press Center.  

    So first, our Managing Director, Kristalina Georgieva, and our First Deputy Managing Director, Gita Gopinath, are currently attending the G7 Finance Ministers and Central Bank Governors meeting taking place in Canada right now.  Second, on May 29th through 30th, the Managing Director will travel to Dubrovnik, Croatia to attend a joint IMF Croatia National Bank Conference focused on promoting growth and resilience in Central, Eastern, and Southeastern Europe.  The Managing Director will participate in the opening panel and will hold meetings with regional counterparts.  

    On June 2nd, the Managing Director will travel to Sofia, Bulgaria to attend the 30th Anniversary celebration of the National Trust Ecofund.  During her visit, she will also hold several bilateral meetings with the Bulgarian authorities.  

    Our Deputy Managing Director, Nigel Clarke, will travel to Paraguay, Brazil, and the Netherlands next month.  On June 6th, he will launch the IMF’s new regional training program for South America and Mexico, which will be hosted in Asuncion by the Central Bank of Paraguay.  From there, he will travel to Brasilia to deliver a keynote speech on June 10th during the Annual Meeting of the Caribbean Development Bank.  He will also then travel to the Netherlands on June 12th to 13th to participate in the 2025 Consultative Group to Assist the Poor Symposium and to meet with the Dutch authorities.  

    Our Deputy Managing Director, Kenji Okamura, will be in Japan from June 11th to 12th for the 10th Tokyo Fiscal Forum to discuss fiscal frameworks and GovTech in the Asia Pacific region.  

    And finally, on a kind of housekeeping or scheduling issue, the Article IV Consultation for the United States will be undertaken on a later timetable this year, with discussions to be held in November.  

    And with those rather extensive announcements, I will now open the floor to your questions.  For those connecting virtually, please turn on both your camera and microphone when speaking.  All right, let’s open up.  Daniel.

     

    QUESTIONER: Thanks for taking my question.  I just wonder if the IMF has any reaction to the passage of last night in the House of Representatives of the One Big, Beautiful bill.  And a related question, how concerned are you by the increase in yields on long-dated U.S. treasuries?  What do you think it says about the market’s view of U.S. debt going into the future and sort of any possible spillovers for IMF borrowers as well?  MS. KOZACK: On the first question, what I can say is we take note of the passing of the legislation in the House of Representatives earlier this morning.  What we will do is we will look to assess a final bill once it has passed through the Senate and also once it’s been enacted.  And, of course, we will have opportunities to share our assessment over time in the various products where we normally would convey our fulsome views.  

    On your second question, which was on the bond market.   What I can say there is that we know that the U.S. government bonds are a safe haven asset, and the U.S. dollar, of course, plays a key role as the world’s reserve currency.  The U.S. bond market plays a critical role, of course, in finance and in safe assets.  And this is underpinned by the liquidity and depth of the U.S. market and also the sound institutions in the U.S.  We don’t see any changes in those functions.  And, of course, what we can also say is that although there has been some volatility in markets, market functioning, including in the U.S. Treasury market, has so far been orderly.  

     

    QUESTIONER: My question is about Ukraine.  Two topics particularly.  So, the first one, when is the next review of the Ukraine’s EFF is going to be completed, and what amount of money would be disbursed to Kyiv?  And could you please outline the total sum that is remaining within the current program?  And the second part, it’s about debt level.  What is the IMF assessment of current Ukraine’s government debt level?  Is it stable?  Do you see any vulnerabilities and any risks for Ukraine?  Thank you.  

    MS. KOZACK: Any other questions on Ukraine?  Does anyone online want to come in on Ukraine?  Okay, I don’t see anyone.  

    What I can say on Ukraine is that just two days ago, our Staff team started policy discussions with the Ukrainian authorities on the eighth review under the eff.  So, the team is on the ground now.  The discussions are taking place in Kiev and the team will provide an update on the progress at the end of the mission.

    In terms of the potential disbursement, I’m just looking here; that’s the seventh disbursement.  We will come back to you on the size of the disbursement, but it should show in the Staff report for the Seventh Review what would be expected for the Eighth Review.  And it would also show the remaining size of the program.  But we’ll come back to you bilaterally with those exact answers.  

    And what I can then say on the debt side is at the time of the Seventh Review under the program, we assessed debt, Ukraine’s debt to be sustainable on a forward-looking basis and as with every review that the team of course, will update its assessment as part of the eighth review discussion.  We’ll have more to say on the debt as the eighth review continues.  

     

    QUESTIONER: Just one more thing on Ukraine.  Does it make sense for them to consider using the euro as a defense currency for their currency, given the shifting geopolitical sense and what we are seeing with the dollar? MS. KOZACK: So right now, under the program, Ukraine has an inflation targeting regime, and that is where what the program is focused on, our program with Ukraine. So, they have an inflation targeting regime.  They are very much focused on ensuring the stability of that monetary policy regime that Ukraine has.  And, of course, that involves a floating exchange rate.  And I don’t have anything beyond that to say on the currency market.

     

    QUESTIONER: The agreement with the IMF established a target for the Central Bank Reserve to meet by June.  According to the technical projection, does the IMF believe Argentina will meet this target?  And if it’s not met, is it possible that we will grant a waiver in the future?

    MS. KOZACK: anything else on Argentina?  

    QUESTIONER: About Argentina, what is your assessment of the progress of the program agreed with Argentina more than a month after its announcement in last April?  

     

    QUESTIONER: The government is about to announce a measure to gain access to voluntarily, of course, but to the dollars that are “under the mattress”, as we call them, undeclared funds to probably meet these targets that Roman was asking about.  I was wondering if this measure has been discussed with the IMF.  And also, you mentioned Georgieva visiting Paraguay and Brazil, if you there’s any plan to visit Argentina as well?  

    QUESTIONER: President Milei is about to announce, you know, Minister Caputo, in a few minutes that there is a measure to use similar to attacks Amnesty.  Is the IMF concerned that this could violate its regulations against illicit financial flows? 

    MS. KOZACK: So, with respect to Argentina, on April 11th, I think, as you know, our Executive Board approved a new four-year EFF arrangement for Argentina.  It was for $20 billion.  It contained an initial disbursement of $12 billion.  And that the aim of that program is to support Argentina’s transition to the next phase of its stabilization program and reforms.  

    President Milei’s administration’s policies continued to deliver impressive results.  These include the rollout of the new FX regime, which has been smooth, a decline in monthly inflation to 2.8 percent in April, another fiscal surplus in April, and reaching a cumulative fiscal surplus of 0.6 percent of GDP for the year, and efforts to continue to open up the economy.  At the same time, the economy is now expanding, real wages are recovering, and poverty continues to fall in Argentina.  

    The Fund continues to support the authorities in their efforts to create a more stable and prosperous Argentina.  Our close engagement continues, including in the context of the upcoming discussions for the First Review of the program.  This First Review will allow us to assess progress and to consider policies to build on the strong momentum and to secure lasting stability and growth in Argentina.  And in this regard, there is a shared recognition with the authorities about the importance of strengthening external buffers and securing a timely re-access to international capital markets.  

    What I can say on the question about the announcements on that — the question on the undeclared assets.  All I can say right now is that we’re following developments very closely on this, and of course, the team will be ready to provide an assessment in due course.  

    On the second part of that question, I do want to also note, and this is included in our Staff report, that the authorities have committed to strengthening financial transparency and also to aligning Argentina’s AML CFT, the Anti-Money Laundering framework, with international standards, as well as to deregulating the economy to encourage its formalization.  So, any new measures, including those that may be aimed at encouraging the use of undeclared assets, should be, of course, consistent with these important commitments.  

    And on your question about Paraguay and Brazil, I just want to clarify that it is our Deputy Managing Director, Nigel Clarke, who will be traveling to Brazil and Paraguay, not the Managing Director.  

     

    QUESTIONER: Two questions on Syria.  With the U.S. and EU announcing the lifting of sanctions recently, how does this affect any sort of timeline with providing economic assistance?  And secondly, the Managing Director has said that the Fund has to first define data.  Can you just walk through what that entails?  

    MS. KOZACK: Can you just repeat what you said?  The Managing Director has said?

     

    QUESTIONER: The need to define data.  Just sort of a similar question.  I’m just wondering, following the World Bank statement last week about, you know, Syria now being eligible to borrow from the bank, what sort of discussions the Fund has had with the Syrian authorities since the end of the Spring Meetings and, you know, any update you can give us around possible discussions around an Article IV.  

     

    QUESTIONER: About the relationship and if there’s any missed planned virtual or on the ground? 

    MS. KOZACK: Let me step back and give a little bit of an overview on Syria. So, first, you know, we’re, of course, monitoring developments in Syria very closely.  Our Staff are preparing to support the international community’s efforts to help with Syria’s economic rehabilitation as conditions allow.  We have had useful discussions with the new Economic Team who took office in late March, including during the Spring Meetings.  And, of course, you will perhaps have seen the press release regarding the roundtable that was held during the Spring Meetings.  IMF Staff have already started to work to rebuild its understanding of the Syrian economy.  We’ve been doing this through interactions with the authorities and also through coordination with other IFIs. And just to remind everyone, our last Article IV with Syria was in 2009.  So, it’s been quite some time since we have had a substantive engagement with Syria.  Syria will need significant assistance to rebuild its economic institutions.  We stand ready to provide advice and targeted and well-prioritized technical assistance in our areas of expertise. I think this goes a little bit to your question on, like, what do we mean by defining data.  I think what the Managing Director was really referring to there is since it has been such a long time since we have had a substantive engagement with Syria, the last Article IV, as I said, was in 2009.  I think there, what she’s really referring to is the need to really work with the Syrian authorities to rebuild basic economic institutions, including the ability to produce economic statistics, right, so that we — so that we and the authorities and the international community of course, can conduct the necessary economic analysis so that we can best support the reconstruction and recovery efforts.  

    With respect to the lifting of sanctions, what I can say there is that, of course, the lifting of sanctions and the lifting of sanctions are a matter between member states of the IMF.  What we can say in serious cases that the lifting of sanctions could support Syria’s efforts to overcome its economic challenges and help advance its reconstruction and economic development.  Syria, of course, is an IMF member, and as we’ve just said, you know, we are, of course, engaged closely with the Syrians to explore how, within our mandate, we can best support them.  

     

    QUESTIONER: My question is on Russia.  In what ways is the IMF monitoring Russia’s economy under the current sanctions and conflict conditions, and have regular Article IV Consultations or other surveillance activities with Russia resumed to track its economic developments?  

    MS. KOZACK: What I can say with respect to Russia is that we are, our Staff, are analyzing data and economic indicators that are reported by the Russian authorities.  We are also looking at counterparty data that is provided to us by other countries, and this is particularly true for cross-border transactions, as well as data from third-party sources. So, this data collection using official and other sources does allow us to put together a picture of the Russian economy.  

    We did provide an assessment in the 2025 April WEO, the one that we just released about a month ago.  In this WEO, we assess Russia’s growth at — we expect Russia to grow at 1.5 percent in 2025, 0.9 percent in 2026, and we expect inflation to come down to 8.2 percent in 2025 and 4.4 percent in 2026.  And I don’t have a timetable for the Article IV at this time.  

     

    QUESTIONER: I’d like to ask about Deputy Management Director Okamura’s visits to Japan.  So, my question is, what economic topics will be on the agenda during his stay?  Could you tell me a bit more in detail?  

    MS. KOZACK: Deputy Managing Director Okamura will travel to Japan, as I said, from June 11th to 12th, and he will be attending the Tokyo Fiscal Forum.  So, this will be the 10th Tokyo Fiscal Forum.  It’s an annual conference that we co-host in Japan every year and the focus is on issues of fiscal policy. In this particular one, Deputy Managing Director Okamura will be discussing fiscal frameworks. It’s very important for all countries to have sound fiscal frameworks so they can implement sound fiscal policy.  He will also be discussing GovTech not only in Japan but in the Asia Pacific region.  And of course, GovTech is very important for countries because it’s a way of modernizing and making government both provision of services in some cases but also potentially collection of revenue more effective and more efficient.  So, those will be the focus of his discussions in Tokyo.  

     

    QUESTIONER: I have a question on the recent bailout package by IMF to Pakistan.  The Indian government has expressed a lot of displeasure with Pakistan planning to use this package to build — rebuild — areas that allegedly support cross-border terrorism.  Does the IMF have any assessment of this?  Secondly, I also have another question.  Could you please provide information on the majority vote that was received in approving this bailout package for Pakistan on May 9th?  If you can disclose the information.  

    MS. KOZACK: Any other questions on Pakistan?  

     

    QUESTIONER: Just adding to that, do you have an update on the implications of the escalation of facilities in that border between Pakistan and India on both economies.  

     

    QUESTIONER: Thanks a lot.  I guess the only spin I would put on is generally what safeguards does the IMF have that its funds won’t be used for military or in support of military actions, not only there but as a general matter.  And I also, if you’re able to, there was some controversy about the termination of India’s Executive Director of the IMF, K.V. Subramanian.  Do you have any insight into–there are reports there–what it was about but what do you say it’s about?  Thanks a lot.  

    MS. KOZACK: With respect to the Indian Executive Director who had been at the Fund, all I can say on this is that the appointment of Executive Directors is a member for the — is a matter for the member country.  It’s not a matter for the Fund, and it’s completely up to the country authorities to determine who represents them at the Fund.  

    With respect to Pakistan and the conflict with India, I want to start here by first expressing our regrets and sympathies for the loss of life and for the human toll from the recent conflict.  We do hope for a peaceful resolution of the conflict.  

    Now, turning to some of the specific questions about the Board approval of Pakistan’s program, I’m going to step back a minute and provide a little bit of the chronology and timeframe.  The IMF Executive Board approved Pakistan’s EFF program in September of 2024.  And the First review at that time was planned for the first quarter of 2025.  And consistent with that timeline, on March 25th of 2025, the IMF Staff and the Pakistani authorities reached a Staff-Level Agreement on the First Review for the EFF.  That agreement, that Staff-Level Agreement, was then presented to our Executive Board, and our Executive Board completed the review on May 9th.  As a result of the completion of that review, Pakistan received the disbursement at that time.  

    What I want to emphasize here is that it is part of a standard procedure under programs that our Executive Board conducts periodic reviews of lending programs to assess their progress.  And they particularly look at whether the program is on track, whether the conditions under the program have been met, and whether any policy changes are needed to bring the program back on track.  And in the case of Pakistan, our Board found that Pakistan had indeed met all of the targets.  It had made progress on some of the reforms, and for that reason, the Board went ahead and approved the program.  

    With respect to the voting or the decision-making at our Board, we do not disclose that publicly.  In general, Fund Board decisions are taken by consensus, and in this case, there was a sufficient consensus at the Board to allow us to move forward or for the Board to decide to move forward and complete Pakistan’s review.  

    And with respect to the question on safeguards, I do want to make three points here.  The first is that IMF financing is provided to members for the purpose of resolving balance of payments problems.  

    In the case of Pakistan, and this is my second point, the EFF disbursements, all of the disbursements received under the EFF, are allocated to the reserves of the central bank.  So, those disbursements are at the central bank, and under the program, those resources are not part of budget financing.  They are not transferred to the government to support the budget. 

    And the third point is that the program provides additional safeguards through our conditionality.  And these include, for example, targets on the accumulation of international reserves.  It includes a zero target, meaning no lending from the central bank to the government.  And the program also includes substantial structural conditionality around improving fiscal management.  And these conditions are all available in the program documents if you wanted to do a deeper dive.  And, of course, any deviation from the established program conditions would impact future reviews under the Pakistan program.  

     

    QUESTIONER: I have a question on Egypt.  There is a mission in Egypt for the First Review of the EFF loan program.  So, can you please update us on the ongoing discussions, especially since the Prime Minister of Egypt announced yesterday that the program could be concluded in 2027 rather than 2026?  

    MS. KOZACK: Any other questions on Egypt?  I have a question from the Press Center on Egypt, which I will read aloud.  The question is when will the Fifth Review currently underway with the Egyptian government be concluded, and when will the Executive Board approve this review?  And how much money will Egypt receive once the review is approved?  

    So, here’s what I can share on Egypt.  First, let me start here.  So first, I just want to say that the Fund remains committed to supporting Egypt in building its economic resilience and fostering higher private sector-led growth.  Egypt has made clear progress on its macroeconomic reform program, with notable improvements in inflation and foreign exchange reserves.  For the past few weeks, IMF Staff has had productive discussions with the Egyptian authorities on economic performance and policies under the EFF.  As Egypt’s macroeconomic stabilization is taking hold, efforts must now focus on accelerating and deepening reforms that will reduce the footprint of the state in the Egyptian economy, level the playing field, and improve the business environment.  Discussions will continue between the IMF and the Egyptian authorities on the remaining policies and reforms that could support the completion of the Fifth Review.  

     

    QUESTIONER: My question is about Sri Lanka.  Sri Lanka’s program is subject to IMF Board approval.  The review is subject to IMF Board approval, but we still haven’t got any word on when that would be.  Is there any delay in this?  And is this delay attributed to the pending electricity adjustments, tariff adjustments, that the Sri Lankan government has committed to?  

    MS. KOZACK: So just stepping back for a minute.  On April 25th, IMF Staff and the Sri Lankan authorities reached Staff-Level Agreement on the Fourth Review of Sri Lanka’s program under the EFF.  And once the review is approved by our Executive Board, Sri Lanka will have access to about $344 million in financing.  Completion of the review is subject to approval by the Executive Board, and we expect that Board meeting to take place in the coming weeks.  

    The precise timing of the Board meeting is contingent on two things.  The first is implementation of prior actions, and the main prior actions are relating to restoring electricity, cost recovery pricing and ensuring proper function of the automatic electricity price adjustment mechanism.  And the second contingency is completion of the Financing Assurances Review, which will focus on confirming multilateral partners, committed financing contributions to Sri Lanka and whether adequate progress has been made in debt restructuring.  So, in a nutshell, completion of the review is subject to approval by the Executive Board.  We expect the Board meeting to take place in the coming weeks.  And it’s contingent on the two matters that I just mentioned.  

     

    QUESTIONER: Thank you for having my questions on Ecuador.  Since the IMF is still completing the second review under the EFF program for Ecuador, do you think it’s going to be time to change the program, the goals, or maybe the amount of the program?  Because Ecuador is now facing different challenges compared to 2024.  The oil prices are falling, so that is going to affect the fiscal situation for Ecuador.  And also, I would like to know if Ecuador is still looking for a new program under the RSF.  And the last one, I would like to know if, do you think that Ecuador is going to need to make some important changes this year on oil subsidies and a tax reform?  I think, as I said, Ecuador now is facing some important challenges in the fiscal situation, so do you think it’s going to be possible because of, you know, all the social protests and all that kind of stuff?  Do you think it’s going to be possible to do that in Ecuador?  

     

    QUESTIONER: Is there a request, an official request, in place to modify the program?  And if there is, of course, details of the new one, you can share.  

    MS. KOZACK: And then I have one question online from the Press Center regarding Ecuador.  Is the sovereign negotiating new targets, given their fiscal position deteriorated compared to last year?  Our understanding is that $410 million was not dispersed under the First Review.?

    So let me share what I can on Ecuador.  So, right now, representatives from the IMF, the World Bank, and the Inter-American Development Bank are in Quito this week to meet with the authorities and discuss the strengthening of financial and technical support to the country.  As part of this tripartite visit, we have a new IMF Mission Chief who is participating, and she is also using that opportunity to have courtesy meetings with the authorities and to continue discussions and advance toward a Second Review under Ecuador’s EFF.  

    What else I can add, just as background, is that the Executive Board in December approved the First Review of Ecuador’s 48-month EFF.  About $500 million was disbursed after the approval of that Frist Review.  And at that time, the Executive Board also concluded the Article IV Consultation.

    I can also say that the authorities have made excellent progress in the implementation of their economic program under the EFF.  And regarding the precise timing of the Second Review, we will provide an update on the next steps in due course and when we’re able to do so.  

     

    QUESTIONER: Just a quick question on tariffs.  I’m just wondering if the IMF has a response to the U.S.-China deal that was struck in Geneva earlier this month.  You know, if the deal holds, I appreciate it’s a 90-day pause, but if the deal holds, how would you foresee that changing the Fund’s current economic forecast for the U.S. and China and for the global economy?  Thanks.  

    MS. KOZACK: As you noted, earlier in May, China and the U.S. announced a 90-day rollback of most of the bilateral tariffs imposed since April 2nd, and they established a mechanism to discuss economic and trade relations.  The two sides reduced their tariff from peak levels, leaving in place 10 percent additional tariffs.  So, the additional tariffs before this agreement were 125 percent.  Now, the additional tariff has agreed to be 10 percent, you know, for the 90 days.  This is obviously a positive step for the world’s two largest economies.

    What I can also add is that for the U.S., you may recall, during the Spring Meetings, we talked a lot about the overall effective tariff rate for the U.S.  At that time, we assessed it at 25.5 percent.  This announcement and the reduction in tariffs will bring the U.S. effective tariff rate down to a bit over 14 percent.  

    Now, with respect to the impact, what I can say is that the reduction in tariffs and the easing of tensions does provide some upside risk to our global growth forecast.  We will be updating that global growth forecast as part of our July WEO.  And so that will give us an opportunity to provide a full assessment.  All of this said, of course, the outlook, the global outlook in general does remain one of high uncertainty.  And so that uncertainty is still with us.  

     

    QUESTIONER: I have a broad question regarding the following – at the IMF World Bank Spring Meeting, the recent one,  the Treasury Secretary Bessent called for the IMF and the World Bank to refocus on their core mission on macroeconomic stability and development.  Did the IMF start any discussion on this topic with the U.S. administration?  And my second question, do you foresee any changes to your lending programs to take into account the views of the Trump Administration regarding issues like climate change and international development?  Thank you.  

    MS. KOZACK: What I can say on this is the U.S. is our largest shareholder, and we greatly value the voice of the United States.  We have a constructive engagement with the U.S. authorities, and we very much appreciate Secretary Bessent’s reiteration of the United States’ commitment to the Fund and to our role.  The IMF has a clearly defined mandate to support economic and financial stability globally.  Our Management Team and our entire Staff are focused exactly on this mandate, helping our 191 members tackle their economic challenges and their balance of payments risks.  

    What I can also add is that at the most recent Spring Meetings, the ones we just had in April, our membership identified two areas where they’ve asked the IMF to deepen our work.  And the first is on external imbalances, and the second is on our monitoring of the financial sector.  So they’re looking for us to really deepen our work in these two areas.  

    As far as taking that work forward, we will continue working with our Executive Board on these areas, as well as to carry out some important policy reviews.  And I think the Managing Director referred to these during the Spring Meetings.  The first is the Comprehensive Surveillance Review, which will set out our surveillance priorities for the next five years.  And the second is the review of program design and conditionality.  And that will carefully consider how our lending can best help countries address low growth challenges and durably resolve their balance of payments weaknesses.  

    I have a slight update for you on Ukraine, which says — so the eighth — so if we look at the documents that were published at the time of the Seventh Review program, the one that was approved by the Executive Board a little while ago, based on that, the Eighth Review disbursement would be about $520 million.  And, the discussions of the Eighth Review are ongoing, and any disbursement, as always, is subject to approval by our Executive Board. 

    And with that, I will bring this press briefing to a close.  So first, let me thank you all for your participation today.  As a reminder, the briefing is embargoed until 11:00 a.m. Eastern Time in the United States.  As always, a transcript will be made available later on IMF.org.  In case of any clarifications or additional queries, please do not hesitate to reach out to my colleagues at media@imf.org.  This concludes our press briefing, and I wish everyone a wonderful day.  I look forward to seeing you next time.  Thanks very much.

     

      

    *  *  *  *  *

     

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

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

    https://www.imf.org/en/News/Articles/2025/05/22/tr-05222025-com-regular-press-briefing-may-22-2025

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Canada: Alberta-Hokkaido: 45 years in the making

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Canada: G7 Finance Ministers and Central Bank Governors’ Communiqué

    Source: Government of Canada News

    Statement

    Banff, May 20-22, 2025

    1. We, the G7 Finance Ministers and Central Bank Governors, met on May 20-22, 2025 in Banff, Canada together with the Heads of the International Monetary Fund (IMF), World Bank Group (WBG), Organisation for Economic Cooperation and Development (OECD), and Financial Stability Board (FSB). We were also joined by Ukrainian Finance Minister Sergii Marchenko and the President of the Financial Action Task Force (FATF) for parts of the meeting.
    2. We began by reiterating our shared commitment to the G7. After 50 years of working together, transcending national differences and promoting global prosperity, the value of the G7 is clear. We held a productive and frank exchange of views on the current global economic and financial situation, the risks and opportunities common to our countries, and ways to address them. This joint statement reflects the outcome of the discussion between G7 Finance Ministers and Central Bank Governors during the meeting.  

    Global Economy

    1. In the face of multiple complex global challenges, we are committed to pursuing our shared policy objectives. We agree that the G7 can leverage our strong economic relationships to advance our common goals. International organizations signaled at our last meeting that trade and economic policy uncertainty was high and weighing on global growth. We acknowledge that economic policy uncertainty has declined from its peak, and we will work together to achieve further progress. We also shared our concerns over unsustainable global macro imbalances.
    2. In this respect, we also underscore the need to address excessive imbalances and strengthen macro fundamentals, given potential global spillovers. We call on the IMF to continue to enhance its analysis of imbalances in both its bilateral and multilateral surveillance. We continue to engage with each other and with international partners to advance international cooperation and deliver prosperity.
    3. Strong and sustainable economic growth is the cornerstone of economic prosperity. We are committed to working together to achieve a balanced and growth-oriented macroeconomic policy mix that supports our economic security and resilience and ensures that all of our citizens can benefit from that growth. We are committed to maintaining well-functioning financial markets. We recognize that elevated uncertainty can have implications for the economy and for financial stability. We will continue to monitor and consult closely on these matters. Our central banks remain strongly committed to ensuring price stability, consistent with their respective mandates. We reaffirm our May 2017 exchange rate commitments.

    Economic Resilience and Security

    1. We recognize the need for a common understanding of how non-market policies and practices (NMPPs) aggravate imbalances, contribute to overcapacity, and impact the economic security of other countries. Building on our previous commitments and as guided by Leaders, we will contribute, as appropriate, to the monitoring of NMPPs, continuing to assess the distortions they cause in markets and their global spillovers. We agree on the importance of a level playing field and taking a broadly coordinated approach to address the harm caused by those who do not abide by the same rules and lack transparency.
    2. We call on international organizations to address data gaps and deepen our collective understanding of NMPPs and their domestic and global implications. We agree that joint analysis of market concentration and international supply chain resilience would be useful areas of future work. This analysis will inform our respective policy approaches, which will in part be shaped by our underlying industrial and consumer structures. Where appropriate and relevant, we will engage partners beyond the G7.
    3. We recognize a significant increase in international low-value shipments being sent to our economies in a decentralized manner, and the potential for this to overwhelm and take advantage of customs controls and duty and tax collection infrastructure. Collectively, we recognize the potential for illicit drug trafficking, the importation of counterfeit goods, the misclassification of merchandise, revenue leakage, inequity for our retailers, and significant environmental waste. We commit to exploring ways that our low-value importation systems could address these risks.

    Support for Ukraine

    1. We condemn Russia’s continued brutal war against Ukraine and commend the immense resilience from the Ukrainian people and economy. Ukraine has suffered significant destruction. The G7 remains committed to unwavering support for Ukraine in defending its territorial integrity and right to exist, and its freedom, sovereignty and independence toward a just and durable peace.
    2. We welcome ongoing efforts to achieve a ceasefire. If such a ceasefire is not agreed, we will continue to explore all possible options, including options to maximize pressure such as further ramping up sanctions. We reaffirm that, consistent with our respective legal systems, Russia’s sovereign assets in our jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine.
    3. We agree that private sector mobilization will be important in the recovery and reconstruction of Ukraine, with costs estimated by the WBG at US$524 billion over the next decade. We collectively commit to help build investor confidence through bilateral and multilateral initiatives. To this end, in addition to the ongoing support through the MIGA SURE (Support for Ukraine’s Reconstruction and Economy) trust fund, we will work, including through the Ukraine Donor Platform, with the Government of Ukraine, international financial institutions (IFIs), and the insurance industry towards removing the blanket ban imposed on Ukraine as soon as possible. We will continue to coordinate support to promote the early recovery and reconstruction of Ukraine, including at the Ukraine Recovery Conference, which will take place in Rome on July 10-11, 2025. Further, we agree to work together with Ukraine to ensure that no countries or entities, or entities from those countries that financed or supplied the Russian war machine will be eligible to profit from Ukraine’s reconstruction.

    Bolstering Long-term Growth and Productivity

    1. We agree on the importance of pursuing public policies that spur innovation, raise productivity and promote greater labour force participation. In an environment of high public debt and increasing fiscal pressures, we also agree that raising long-term growth potential is essential to manage risks to fiscal sustainability and increase wages and living standards.
    2. We discussed and shared experiences on how best to pursue growth-enhancing policies in a fiscally prudent manner. We agree that structural reforms can help set the foundations for strong and sustainable economic growth. We recognize that specific growth policies need to be adapted to each country’s needs and circumstances. We agree that maintaining a stable and predictable macroeconomic environment is important for strong growth and productive long-term investment.

    Artificial Intelligence

    1. We deepened our understanding of prospects for AI to raise productivity growth, and of the policies needed to realize the benefits. We appreciate the framework provided by the OECD to better quantify and monitor AI-driven productivity gains. We recognized the benefits of AI for the financial sector and the need to monitor and assess potential risks to financial stability as AI adoption further increases.

    Financial Sector Issues

    1. We are committed to a strong, resilient and stable financial sector. We reiterate that a continued focus on financial stability and regulatory issues remains vital to ensure the effective functioning of the financial system. We noted our support for the important work of the FSB and Standard Setting Bodies. We focused on non-bank financial intermediaries, which play an increasingly important role in financing the real economy. Their activities can contribute to the efficiency of financial markets but can also pose risks to the global financial system. We discussed sources of potential risk, including those from liquidity mismatch, leverage and interconnectedness. We agree on the need to assess non-bank data availability, use and quality and to share knowledge and approaches to monitoring and assessing potential risks.
    2. Enhancing cross-border payments can have widespread benefits for citizens and economies worldwide. We remain committed to delivering cheaper, faster, more transparent and more accessible cross-border payments while maintaining their safety, resilience, and financial integrity. This includes supporting the implementation of the G20 Roadmap as well as appropriate future actions as necessary to meet these goals.
    3. Cyber risks threaten to disrupt global financial systems and the institutions that support them. To address the evolving cyber threat landscape, we will continue to take action to further strengthen our shared response capabilities and protocols in the event of a significant cyber incident. We look forward to the G7 Cyber Expert Group’s assessment of the risks and opportunities that AI presents for cybersecurity.
    4. The potential effects of quantum technologies on the global financial landscape are becoming increasingly visible. Our central banks will explore how we can identify, categorize and mitigate potential risks to data security and financial stability and promote economic resilience.

    Financial Crime Call to Action

    1. We remain steadfast in our commitment to tackling financial crime, including money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction (AML/CFT/CPF). We endorse a “Financial Crime Call to Action” to spur further progress and collective efforts of the Financial Action Task Force (FATF) and its Global Network. By bringing together over 200 jurisdictions around the world, the FATF is the ultimate international standard setter, and we welcome its leadership in combatting financial crime since its creation by the G7 in 1989.
    2. Through strengthening our AML/CFT/CPF frameworks and enhanced international cooperation we will endeavor to stay abreast of emerging risks, understand the role of technology and deepen the responsible exchange of information to make it harder for criminals to access the financial system and evade detection.
    3. We recognize financial crime acts as a barrier to growth, development and stability, and support efforts to strengthen frameworks in lower capacity countries. We encourage the international community to join us in this Call to Action and strengthen our collective response to financial crime.

    Support for Developing Countries

    1. We reaffirm our commitment to the ongoing implementation of the World Bank-led Resilient and Inclusive Supply-Chain Enhancement (RISE) Partnership and recognize its progress toward better integrating low- and middle-income countries in the global supply chain of clean energy products, especially in Africa. We welcome the adoption of a country roadmap in Zambia. We encourage the World Bank to further advance this initiative, and we look forward to the launch of the first local and regional information platforms in Africa. We support the expansion of RISE’s activities to Latin America and the Caribbean, and a better integration of all segments of the critical mineral supply chain. We call on Multilateral Development Banks (MDBs) to strengthen collaboration on critical mineral supply chains amongst themselves and with other key stakeholders. We also highlighted linkages to G20 initiatives facilitating private sector development, such as the G20 Compact with Africa.
    2. We recognize that global crises, including health crises and natural disasters, pose significant challenges for all economies, with particularly severe impacts on vulnerable states, including small ones. We reaffirm the importance of strengthening support for these countries by facilitating domestic resource mobilization as well as the use and uptake of crisis preparedness and response tools, including Climate Resilient Debt Clauses and insurance, to help ease fiscal pressures. We encourage the IMF and MDBs to strengthen their focus on crisis prevention in order to reduce the incidence of crises materializing.
    3. We call on the international community to make efforts to support vulnerable countries facing debt challenges. We look forward to the G20 work on improving the implementation of the Common Framework for debt treatments in a predictable, timely, orderly, and coordinated manner. We also agree on the importance of advancing debt transparency to support sound economic governance and financial stability. We call on the international community to make efforts to support vulnerable countries whose debt is sustainable but face near-term liquidity challenges. We recognize the need for continued efforts with all partners, public and private, to enhance the availability and quality of debt data, including through the Data Sharing Exercise with the World Bank.
    4. We reaffirm our commitment to achieving more effective and impactful MDBs through reforms aiming to ensure that they work effectively as a system to address the most pressing global challenges, deliver on their core mandate, and use their resources as efficiently as possible, including by implementing the recommendations from the G20 Capital Adequacy Framework Review. We urge MDBs to continue to step up their efforts to mobilize private capital and enhance domestic resource mobilization in emerging markets and developing countries. We emphasize the importance of implementing quality-based procurement policies and procedures that promote efficiency, competition from the private sector, and transparency.

    G7 Financial Crime Call to Action

    The G7 Finance Ministers and Central Bank Governors remain steadfast in our commitment to tackling financial crime, including money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction (AML/CFT/CPF).

    In 1989, the G7 created the Financial Action Task Force (FATF) to “prevent the utilization of the banking system and financial institutions for the purpose of money laundering” and was soon joined by many other countries and jurisdictions which shared the same concerns and volunteered for a global effort against financial crime. Since its establishment, the FATF’s mandate and standards have expanded to include the combatting of financing of terrorism and the financing of proliferation of weapons of mass destruction. The transnational nature of money laundering, malicious nature of its predicate crimes, and integrated nature of our economies necessitate a collective approach to combatting illicit finance. 2025 marks the 35-year anniversary of the FATF’s “40 Recommendations”, which were developed collectively by FATF members and are now being implemented in more than 200 jurisdictions worldwide thanks to the joint efforts of the FATF Global Network.

    The Intersection of Crime, Security, and Economic Prosperity

    Organized criminals, including cartels, are exploiting gaps in global AML safeguards to launder the profits of their criminal activities such as drug trafficking (including fentanyl and synthetic opioids), fraud, cybercrimes, and human smuggling that generate billions in illicit revenue annually. These crimes are not only having a devastating impact on our communities, but they are also impacting national security and economic integrity as profits are re-invested into vast criminal networks that seek to undermine the rule of law and destabilize our governments and economies.

    Financial crime is also harming global economic growth. The International Monetary Fund has found that illicit finance reduces productivity, widens inequality, inhibits legitimate investment and hinders an effective allocation of resources. The World Bank has found that financial crimes are a barrier to development sparking political instability, deterring private capital, undermining good governance and the rule of law, and generally eroding trust in governments and institutions. Illicit finance also robs treasuries of badly needed tax revenue at a time when so many economies around the world are facing historically high debt levels.

    The World Bank sees tackling illicit finance in low-capacity countries as vital to their development priorities and requiring sustained engagement. Strengthening AML/CFT/CPF capacity in developing and low-capacity countries would improve financial inclusion and further deprive international organized crime groups of opportunities to launder their illicit proceeds or finance terrorism.

    In this context, technically sound and effective AML/CFT/CPF frameworks contribute to safer communities, our collective security, and to stronger economies in the G7 and around the globe.  

    The Way Forward

    Under the Canadian G7 Presidency, Finance Ministers and Central Bank Governors have taken stock of the fight we launched in 1989 and identified areas for further action. Today, we endorse the present Financial Crime Call to Action to strengthen global security, protect financial sector integrity, and foster economic growth and economic development.

    Strengthening our Frameworks

    • We re-commit to the founding principles of the FATF and will continue to actively support the organization.
      • The FATF is the ultimate AML/CFT/CPF standard setter that catalyzes improvements in members’ AML/CFT/CPF regimes. It is essential to maintain the FATF’s role at the centre of the global fight against illicit finance.
      • We commit to ensuring that the FATF remains a technical body that produces in-depth and impartial peer reviews and research that inform our ongoing understanding of risk.
    • We commit to improving the effectiveness of our respective AML/CFT/CPF regimes. The G7 must lead by example.
      • G7 financial systems remain the most interconnected in the world and continue to represent attractive targets for bad actors seeking to launder ill-gotten gains. The G7 will continue to improve our effectiveness in preventing the proceeds of crime from entering our financial sectors, detecting and disrupting money laundering threats, sanctioning criminals and depriving them of their illegitimate proceeds in a manner consistent with our domestic legal frameworks.
      • Shell companies are enablers for criminals to hide proceeds of crime and engage in illicit activities, such as large-scale tax and sanctions evasion. Ensuring that competent authorities, particularly law enforcement, have sufficient resources and tools to investigate and prosecute money laundering, terrorist financing, and proliferation financing involving shell companies is critical to fighting financial crime.
      • The procurement of dual use and military technology through circumvention of sanctions violates United Nations Security Council Resolutions and undermines global security. We commit to enhancing implementation of our targeted financial sanctions and ensuring they are the most effective in the world.

    Enhancing International Cooperation

    • We will stay abreast of emerging risks tied to money laundering, terrorist financing and proliferation financing through research and the development of joint typologies and strategic intelligence.
      • We express our serious concerns that virtual asset thefts and scams, including by the Democratic People’s Republic of Korea, have reached unprecedented levels. These threats, as well as the methods used by criminals to launder their proceeds, must be better understood and addressed. This is necessary to raise awareness, enhance prevention, and mitigate money laundering as well as being critical to promoting responsible innovation in virtual assets and protecting virtual asset users in our jurisdictions. We will further research and exchange information such as typology work on emerging risks related to virtual assets, including from the perspectives of cybersecurity and AML/CFT/CPF, and take necessary measures.
      • We recognize that illicit actors will continue to take advantage of jurisdictional differences in approaches to countering sanctions evasion and the financing of proliferation. Therefore, we commit to work together to maintain an up-to-date and common understanding of relevant threats, vulnerabilities, and typologies to prevent and combat complex proliferation financing and sanctions evasion schemes.
    • We must break down silos and deepen the responsible exchange of information internationally to make it harder for criminals to access the financial system and evade detection.
      • Bad actors are exploiting silos within, and across, AML/CFT/CPF regimes to conceal their actions. In response, we will improve risk-based and secure information sharing internationally between our national competent authorities, and domestically amongst the private sector and between public and private sector partners, consistent with our domestic legal frameworks. Facilitating this type of information sharing supports G7 efforts to mitigate the negative impacts of fraud on our businesses and citizens and to combat illicit activities by transnational organized crime groups, including cartels.
      • Many of our financial institutions operate across G7 markets. We will encourage deeper cooperation between our regulators who supervise on a group-wide basis. We commit to ensuring that our AML/CFT/CPF supervision is risk-based, effective and focused on stopping financial crime. We will also ensure that sanctions for non-compliance are proportionate, dissuasive and effective.

    Addressing Financial Crime as a Barrier to Growth and Stability

    • We will support efforts to strengthen AML/CFT/CPF frameworks in lower capacity countries to foster growth and economic development.
      • This can be achieved through many channels, including bilateral and multilateral assistance and collaboration. This work will ensure the G7 together with other FATF members keep pace with evolving regional risks, and support asset recovery to further deprive criminals of illicit proceeds and reduce opportunities for money laundering.
      • The FATF and its Global Network of nine FATF-Style Regional Bodies (FSRBs), which bring together more than 200 jurisdictions and 20 observer international organizations, are at the heart of the global fight against financial crime. We reiterate our commitment to supporting the FSRBs in overseeing the consistent and effective implementation of the FATF standards worldwide, including in the next round of mutual evaluations.
    • We commit to supporting the effective implementation of AML/CFT/CPF measures that are risk-based and proportionate.
      • We recognize that a risk-based approach can promote economic development and financial inclusion by encouraging assessments of risk, identifying lower and higher risk scenarios, and implementing simplified AML/CFT/CPF measures in certain scenarios proportionate to the relevant risks. 
      • By implementing the revised FATF standards, we will facilitate legitimate funds continuing to move through the formal financial sector, promoting economic development and financial inclusion while mitigating unintended consequences.
    • We commit to exploring the role of technology in AML/CFT/CPF implementation.
      • We encourage adoption of new technologies that can more effectively detect, report and interdict illicit finance. This includes partnering with the private sector to understand how emerging technologies (including artificial intelligence) can be used to improve the efficiency and effectiveness of AML/CFT/CPF regimes. This should be consistent with our respective domestic legal frameworks and risk-based, while ensuring data protection and human rights.
      • We continue to support the FATF’s initiatives to accelerate global implementation of its standards on virtual assets and virtual asset service providers (VASPs) as well as its work on emerging risks, including those that arise from misuse of stablecoins and peer-to-peer transactions, offshore VASPs, and decentralized finance (DeFi) arrangements.
      • We are contributing to the FATF’s ongoing work to strengthen its Standards on Payment Transparency to adapt to changes in payment business models and messaging standards and to foster payment systems that are more transparent, inclusive, accessible, safe and secure, while enabling faster and cheaper transactions, including remittances. Consistent with this work, we also support the G20 Roadmap for Enhancing Cross-border Payments.

    Lastly, we commit to furthering this work under the French G7 Presidency in 2026, in coordination with all FATF members, and to report on the actions taken to implement the commitments in this Call to Action.

    We encourage all countries to join us in this Call to Action. The international community can, and must, strengthen our collective response to financial crime and its impact on communities, security, and prosperity.

    MIL OSI Canada News –

  • MIL-OSI: Matador Technologies Inc. Announces Additional Non-Brokered Private Placement

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 22, 2025 (GLOBE NEWSWIRE) — Matador Technologies Inc. (“Matador” or the “Company”) (TSXV: MATA, OTCQB: MATAF), a Bitcoin-focused company, is pleased to announce a non-brokered private placement offering of up to 6,451,613 units (the “Units”) at a price of $0.62 per Unit, for aggregate gross proceeds of up to C$4,000,000 (the “Offering”), with an option to increase the Offering by up to 15% (the “Over-Allotment Option”).

    Each Unit will consist of one common share and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.77 for a period of twelve (12) months from the date of issuance.

    The Warrants will be subject to an acceleration clause: in the event that the closing price of the Company’s common shares on the TSX Venture Exchange (the “TSXV”) is equal to or exceeds $1.15 for five (5) consecutive trading days at any time following the date which is four months and one day after the closing date, the Company may accelerate the expiry date of the Warrants to the date that is thirty (30) days following the dissemination of a press release announcing such acceleration.

    The securities issued in connection with the Offering will be subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws.

    The Offering is being conducted pursuant to available exemptions from prospectus requirements and will be made to “accredited investors” in all provinces of Canada and in such other jurisdictions as the Company may determine, in accordance with applicable securities laws.

    The net proceeds of the Offering are expected to be allocated approximately one-third to each of the following: (i) the purchase of Bitcoin; (ii) advancing the Company’s gold acquisition and Grammies business initiatives; and (iii) general corporate purposes.

    The Offering is subject to customary closing conditions, including the receipt of all necessary regulatory approvals, including that of the TSX Venture Exchange.

    For additional information, please contact:

    Media Contact:
    Sunny Ray
    President
    Email: sunny@matador.network
    Phone: 647-932-2668

    About Matador Technologies Inc.
    Matador Technologies Inc. is a publicly traded Bitcoin ecosystem company that holds Bitcoin as its primary treasury asset and builds products to enhance the Bitcoin network. Through a self-reinforcing model that combines strategic Bitcoin accumulation, Bitcoin-native product development, and participation in digital asset infrastructure, Matador aims to grow long-term shareholder value without dilution.

    The Company’s flagship offering, the Digital Gold Platform, allows users to buy, sell, and trade 1-gram gold units inscribed as Bitcoin Ordinals—bridging traditional value with decentralized technology. With a Bitcoin-first strategy, a debt-free balance sheet, and a clear focus on innovation, Matador is helping shape the future of financial infrastructure on Bitcoin.

    Learn more at www.matador.network.

    Cautionary Statement Regarding Forward-Looking Information

    NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

    Forward-Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks associated with the implementation of the Company’s treasury management strategy and the launch of its mobile application as currently proposed or at all. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including with respect to the potential acquisition of Bitcoin and/or US dollars, the pricing of such acquisitions and the timing of future operations. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

    The MIL Network –

  • MIL-OSI USA: 05.22.2025 Sens. Cruz, Luján Introduce Bill to Streamline International Bridge Permits

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    WASHINGTON, D.C. – U.S. Sens. Ted Cruz (R-Texas) and Ben Ray Luján (D-N.M.) introduced the International Bridge and Port of Entry Modernization Act. This legislation expedites the presidential permitting process for all international bridges and land ports of entry. It expands on legislation written and passed into law Senator Cruz’s that streamlined permits for international bridges in Eagle Pass, Laredo, and Brownsville.  
    Sen. Cruz said, “Streamlining the permitting process for bridge infrastructure between Texas and Mexico has been a top priority of mine. This bill builds on and expands our success in securing presidential permits for four major international bridge projects in South Texas by streamlining the approval process for all future international bridges along the Texas–Mexico border. I strongly urge my colleagues to pass this bill so it can be sent to the President for signature.”
    Sen. Luján said, “Ports of entry and international bridges are vital to the economic success of our border communities, supporting trade, business, and tourism. Yet, new border crossings are too often held up by the presidential permit process. I’m proud to introduce bipartisan legislation that will help streamline this process and deliver real investments to Santa Teresa and Sunland Park in New Mexico.”
    This bill was endorsed by the City of Laredo and Texas Association of Business.
    Dr. Victor Treviño, Mayor for the City of Laredo said, “I want to thank Senator Ted Cruz (R-TX) for introducing the International Bridge and Port of Entry Modernization Act and Senator Ben Ray Luján (D-NM) for co-leading this legislation. Their bipartisan partnership reflects a strong commitment to strengthening trade along both our southern and northern borders. This bill marks a critical step toward modernizing the development and expansion of cross-border infrastructure by bringing much-needed efficiency and predictability to the presidential permitting process—an essential reform for communities like Laredo, which continues to be on the front lines of international commerce as the #1 Port of Entry in the United States. I urge Congress to pass this legislation and send it to the President for his signature.”
    Glenn Hamer, President and CEO of Texas Association of Business said, “No state is more impacted by international trade than Texas, and our entire business community relies on robust, efficient cross-border commerce to maintain access to global markets – particularly with our top trade partners Mexico and Canada. By making permanent and enhancing the critical, bipartisan reforms to the cross-border infrastructure permitting process that were implemented last year, Senators Cruz and Luján are solidifying the most important trade policy since the negotiation of USMCA. This legislation will be a major win for Texas and the entire country, and we applaud Senator Cruz for his leadership in ensuring the federal government moves at the speed of business to keep the Texas and U.S. economies strong.”
    Read the full text of the bill here.
    BACKGROUND
    Sen. Cruz was the first elected Republican member to be awarded the Key to the City of Laredo for his leadership in streamlining the presidential permitting process and securing permits to build and expand four major international bridges in South Texas, including two in Laredo.
    In October 2024, Sens. Cruz and Cornyn secured a presidential permit for the Laredo 4/5 International Bridge (Bridge 4/5) in Webb County.
    The International Bridge and Port of Entry Modernization Act would:
    Expand the scope to include all international land ports of entry along the U.S.-Mexico and U.S.-Canada borders, rather than being limited to bridges in the original three counties in Texas;
    Add the word “sole” before “basis” to clarify that the State Department should not consider other factors besides America’s foreign policy interest;
    Include language to bar future administrations from considering environmental documents (NEPA) during their decision making.

    MIL OSI USA News –

  • MIL-OSI Canada: Langley urgent and primary care centre opens at permanent location

    Source: Government of Canada regional news

    People living in and around Langley have better access to team-based primary care and medical imaging services as, on May 13, 2025, the permanent location of the Langley Urgent and Primary Care Centre (UPCC) opened.

    “We recognize how important it is that people feel safe and comfortable when accessing the care they need,” said Josie Osborne, Minister of Health. “Transitioning to the permanent Langley UPCC location means consistent care under one roof, for patients and care providers alike. This opening also marks the beginning of extended care hours and medical imaging services for the quickly growing community of Langley.”

    Located at 202 – 20434 64th Ave., the centre includes medical imaging services, such as X-rays and computed tomography (CT) scans. The imaging services operate independently from the care provided by the UPCC. All CT scan services require a referral and appointment. However, general radiography (X-ray) services are available by referral on a walk-in basis. No appointment is needed. Residents in the community can use these services through referral by their primary care provider or through accessing care at the UPCC.

    “Since opening in its temporary location last year, the Langley UPCC has delivered timely urgent and primary care closer to home,” said Dr. Lynn Stevenson, interim president and CEO, Fraser Health. “With the move to its permanent home, the UPCC will be alongside community-based medical imaging services, enhancing access to vital health care outside the hospital for more residents.”

    The UPCC delivers urgent primary care services from 9 a.m. to 8 p.m. seven days a week, which is extended from the temporary facility’s schedule of 5-9 p.m. Monday through Friday, and 9 a.m. to 8 p.m. on weekends and statutory holidays.

    Once fully staffed, the UPCC will have a staffing complement of primary health-care workers including family physicians, nurse practitioners, nurses and allied health providers.

    In the permanent location, the Langley UPCC will continue to provide comprehensive, culturally safe and person-centred primary care through a team-based model of care. The focus of the centre is to provide in-person access to primary care services. However, virtual care will be provided as needed, usually for followup to an in-person visit.

    The UPCC will continue to provide same-day care for people who need support for their health concerns within 12 to 24 hours, but do not require an emergency department. Examples include sprains, cuts, high fevers and minor infections. While the UPCC will offer both longitudinal and urgent, episodic primary care, the priority for initial implementation is the expansion of urgent primary care services.

    The capital cost for the UPCC, including medical imaging, is more than $16 million.

    Quick Facts:

    • The interim location of the Langley UPCC opened March 20, 2024, and provided almost 12,000 patient visits from its opening to March 31, 2025.
    • The medical imaging services will provide an expected 10,000 X-rays and 8,500 CT scans annually.
    • Including Langley UPCC, there are 10 UPCCs delivering care in the Fraser Health region. 
    • To date, including Langley UPCC, 41 UPCCs are delivering urgent and primary care in communities throughout B.C.

    Learn More:

    To access primary care, and other health services, in your community, visit HealthLinkBC: https://www.healthlinkbc.ca/find-care/find-health-services

    To learn more about the Province’s Primary Care Strategy, visit:
    https://news.gov.bc.ca/releases/2018PREM0034-001010 or https://www2.gov.bc.ca/gov/content/health/accessing-health-care/bcs-primary-care-system

    To learn about the Province’s Health Human Resources Strategy, visit:
    https://news.gov.bc.ca/releases/2022HLTH0059-001464

    MIL OSI Canada News –

  • MIL-OSI Economics: Meeting of 16-17 April 2025

    Source: European Central Bank

    Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 16-17 April 2025

    22 May 2025

    1. Review of financial, economic and monetary developments and policy options

    Financial market developments

    Ms Schnabel recalled that President Trump’s announcement on 2 April 2025 of unexpectedly high tariffs had sparked a sharp sell-off in global equity markets and in US bond markets, leading to a surge in financial market volatility. The severity of the tariffs and the manner in which they had been introduced had led to a breakdown of standard cross-market correlations, with a sell-off of US equities occurring at the same time as a sell-off of Treasuries in the context of a marked depreciation of the US dollar against major currencies.

    Movements in euro area risk-free rates reflected the opposing impacts of the historic German fiscal package and the global trade conflict. At the long end of the yield curve, the expected positive growth impulse from fiscal policy, as well as expectations of tighter monetary policy in the future, had been the dominant factors, pulling up nominal and real interest rates. At the short end of the yield curve, the decline in inflation compensation, driven mainly by falling inflation risk premia, had been larger than the rise in real yields, leading to a decline in nominal rates. These developments reflected both the negative fallout from tariffs and lower commodity prices. Investors expected the ECB to react to the evolving situation by lowering rates more than had previously been anticipated, but to start raising them again in the coming year. Amid the market turbulence, euro area bond markets had continued to function smoothly, and the bond supply had been absorbed well in the context of strong investor demand and well-functioning dealer intermediation. On the back of the sharp correction in stock prices and the marked appreciation of the euro exchange rate, financial conditions in the euro area had tightened, despite lower nominal short-term rates.

    Turning to market developments since the previous Governing Council meeting, President Trump’s announcement on 2 April 2025 had led the VIX volatility index to temporarily reach levels not seen since the COVID-19 pandemic. Within a few days the S&P 500 index had dropped by 12%, triggering sharp corrections in stock markets around the world, including in the euro area. Despite a rebound after the pausing of “reciprocal” tariffs on 9 April 2025, the US benchmark equity index had lost 8% in the year to date while euro area stock markets were almost back to the levels seen at the start of the year. Stocks in trade-sensitive US sectors had been hit much harder than other stocks, and they had also dropped by much more than their euro area counterparts.

    The market turbulence had spilled over to government bond markets, but the reaction had differed markedly between the euro area and the United States. US government bond yields had risen at the same time as the US equity sell-off, which was highly unusual because Treasury bonds normally benefited from safe-haven flows. US ten-year asset swap spreads had likewise risen sharply, which was also unusual. Meanwhile, Bund yields had declined and the spread between the Bund and overnight index swap (OIS) rates had narrowed substantially as German government bonds had continued to perform their role as a safe-haven asset.

    The risk-off sentiment had also affected the dynamics of the US dollar exchange rate, but this too had reacted differently from what would normally have been expected. In January 2025 the EUR/USD exchange rate had hit a low of 1.02, but the euro’s downward trend had been reversed around the time of the announcement in early March 2025 of the reform of the German debt brake, with a positive growth narrative for Europe emerging in light of higher defence and infrastructure spending. The euro exchange rate had received a second major boost after the 2 April tariff announcement in the United States. This strong upward move had not been driven, as was usually the case, by changes in the yield differential, which had moved in the opposite direction, but by US dollar weakness as investors had revised down their US growth expectations. Over recent weeks the US dollar had thus not benefited from the widespread risk-off mood.

    Recent developments had been reflected in global portfolio flows. The March 2025 round of the Bank of America Fund Manager Survey had recorded the strongest shift out of US equities on record, with 45% of managers reporting that they had reduced their positions. At the same time, a significant share of fund managers had reported that they had changed their positioning in favour of euro area equities. This marked a significant shift of perspectives away from US exceptionalism towards Europe being seen as the bright spot among major economies, given the expected fiscal boost in Germany and the pick-up in European defence spending.

    Dynamics in risk-free bond markets illustrated the opposing impacts of the German fiscal package and the tariff announcements over recent weeks. In the euro area, the overall increase in longer-term nominal interest rates had been driven by a rise in real rates, indicating that market participants viewed the German fiscal package as fostering long-term growth. Real rates had kept rising during the tariff tensions, as investors had continued to expect, on balance, an improved growth outlook for the euro area. By contrast, inflation compensation had decreased across the yield curve after increasing only briefly in response to the German fiscal package.

    Ms Schnabel then turned to the drivers of developments in euro area inflation compensation. On the one hand, bond market investors were pricing in higher inflation compensation owing to the expansionary German fiscal measures to be implemented over the next decade. On the other hand, concerns about the trade war had pulled inflation compensation lower, more than compensating for the impact of the German fiscal package on short to medium-term maturities. One important driver of the downward revision had been the sharp drop in oil prices in the wake of the tariff announcements and rising fears of a global recession.

    Market participants currently expected the ECB to implement a faster and deeper easing cycle towards a terminal rate of around 1.7% in May 2026. However, the ECB was expected to start raising rates again in 2026 in a J-curve pattern, with rate expectations picking up notably over longer horizons.

    In corporate bond markets, credit spreads had increased globally in response to the risk-off sentiment and the sharp sell-off in risk asset markets. However, the surge in US investment-grade corporate bond spreads had been more pronounced compared with developments in their euro area counterparts.

    Sovereign spreads had remained resilient over the past few weeks. The marked rise in the Bund yield after the announcement of the German fiscal package in March 2025 had not translated into an increase in sovereign spreads, which had even declined slightly at that time. The benign reaction of euro area government bond markets over recent weeks could be explained by expectations of positive economic spillovers from Germany to the rest of the euro area, possible prospects of increased European unity and, in the case of Italy, positive rating action.

    Government bond issuance in the euro area had continued to be absorbed well as investor demand had remained robust, with primary and secondary markets continuing to function smoothly. Higher volatility in government bond markets had not led to a meaningful deterioration in liquidity conditions, unlike in previous stress episodes. Hence, the turbulence in US Treasury markets had not had repercussions for the functioning of euro area sovereign bond markets.

    Ms Schnabel concluded by considering the implications of recent market developments for overall financial conditions. Since the March monetary policy meeting financial conditions had tightened, mainly owing to lower equity prices and a stronger nominal effective exchange rate of the euro, which had more than compensated for the easing impulse stemming from lower nominal short-term interest rates. Real rates had gradually shifted up across the yield curve. Overall, recent market developments might not only be a reflection of short-term market disturbances but also of a broader shift in global financial markets, with the euro area being one potential beneficiary.

    The global environment and economic and monetary developments in the euro area

    Starting with inflation in the euro area, Mr Lane stated that the disinflation process was well on track. Inflation had continued to develop as expected, with both headline inflation in the Harmonised Index of Consumer Prices (HICP) and core inflation (HICP inflation excluding energy and food) declining in March. Headline inflation had declined to 2.2% in March, from 2.3% in February. Energy inflation had decreased to -1.0%, in part owing to a sharper than expected decline in oil prices, while food inflation had increased to 2.9% on the back of higher unprocessed food prices. Core inflation had declined to 2.4% in March, from 2.6% in February. While goods inflation remained stable at 0.6%, there had been a marked downward adjustment in services inflation, which had dropped to 3.5% in March from 3.7% in February, confirming the more muted repricing momentum in some services that had been expected.

    Most exclusion-based measures of underlying inflation had eased further in March. The Persistent and Common Component of Inflation (PCCI), which had the best predictive power for future headline inflation, had decreased to 2.2% in March from 2.3% in February. Domestic inflation was unchanged in March after declining to 3.9% in February, down from 4.0% in January. The differential between domestic inflation and services inflation reflected the significant deceleration of inflation in the traded services segment seen in the recent data.

    Wage growth was moderating. The annual growth rate of compensation per employee had declined to 4.1% in the fourth quarter of 2024, down from 4.5% in the third quarter and below the March 2025 projection of 4.3%. Negotiated wage growth had also come in at 4.1% in the fourth quarter of 2024. According to the April round of the Corporate Telephone Survey, leading non-financial corporations in the euro area had reduced their wage growth expectations for 2025 to 3.0%, down from 3.6% in the previous survey round. Respondents to the Survey on the Access to Finance of Enterprises had marked down their wage growth expectations for the next 12 months to 3.0%, from 3.3% in the last survey round. Looking ahead, the ECB wage tracker also pointed to a substantial decrease in annual growth of negotiated wages between 2024 and 2025, with one-off payments becoming a less dominant component of salary increases. Wage expectations reported in the Survey of Professional Forecasters and the Consensus Economics survey also signalled an easing of labour cost growth in 2025 compared with last year (between 0.7 and 1.0 percentage point), which was broadly in line with the March projections.

    Looking ahead, inflation was expected to hover close to the inflation target of 2% for the remainder of the year. Core inflation, and in particular services inflation, was expected to decline until mid-2025 as the effects from lagged repricing faded out, wage pressures receded, and past monetary policy tightening continued to feed through. Surveys confirmed this overall picture, while longer-term inflation expectations had remained well anchored around the 2% target. At the same time, market participants had markedly revised down their expectations for inflation over shorter horizons, with the one-year forward inflation-linked swap rates one year ahead, two years ahead and four years ahead declining by around 20 basis points to 1.6%, 1.7% and 1.9% respectively.

    Global growth was expected to have maintained its momentum in the first quarter of the year, with the global composite output Purchasing Managers’ Index (PMI) released on 3 April averaging 52.0. The manufacturing PMI had been recovering and stood above the threshold indicating expansion, while the services PMI had lost some momentum in advanced economies. However, global growth was likely to be negatively affected by the US-initiated increases in tariffs and the resulting financial market turmoil, which had come against the backdrop of already elevated geopolitical tensions.

    Triggered by concerns about global demand, oil and gas prices, along with other commodity prices, had declined sharply since 2 April. Compared with the assumption for the March projections, Brent crude oil prices were now approximately 10% lower in US dollar terms and 18.3% lower in euro terms. Gas prices stood 37% below the value embedded in the March projections. The euro had strengthened over recent weeks as investor sentiment had proven more resilient towards the euro area than towards other economies, with the EUR/USD exchange rate up 9.6% and the nominal effective exchange rate up 5.5% compared with the assumptions for the March projections.

    Euro area economic growth had slowed to 0.2%, quarter on quarter, in the fourth quarter of 2024, down from 0.4% in the third quarter. This figure was 0.1 percentage points higher than had been foreseen in the March projections. As projected, growth had been entirely driven by domestic demand. The economy was also likely to have grown in the first quarter of the year, and manufacturing had shown signs of stabilisation. The initial tariff announcements by the United States in early 2025 had so far seemed not to have materially dampened economic sentiment and might even have led to some frontloading of trade. However, some more recent surveys indicated a decline in sentiment. These included the latest Consumer Expectations Survey, the ZEW Indicator of Economic Sentiment and the Sentix Economic index.

    The labour market remained resilient. The unemployment rate had edged down to 6.1% in February. At the same time, labour demand was cooling. The job vacancy rate had remained unchanged at 2.5% in the fourth quarter of 2024 and now stood 0.8 percentage points below its peak in the second quarter of 2022. Total job postings and new postings were 16% and 26% lower respectively compared with a year ago. Additionally, fewer firms had reported that labour was a limiting factor for production. The employment PMI had remained broadly neutral in March at 50.4, pointing to stable employment conditions in the first quarter of 2025.

    Fiscal policies were identified as another potential source of resilience. Newly announced government measures were expected to have a relatively limited impact on the fiscal stance of the euro area compared with the assessment included in the March projections. But the scope for infrastructure investment and climate transition investment, as well as spending on defence in the largest euro area economy, had been substantially increased as a result of the loosening of the German debt brake, together with enhanced flexibility for greater spending on defence across euro area countries as a result of EU initiatives.

    The economic outlook was clouded by exceptional uncertainty, however. Downside risks to economic growth had increased. The major escalation in global trade tensions and the associated uncertainty were likely to lower euro area growth by dampening exports and investment. Deteriorating financial market sentiment could lead to tighter financing conditions and increased risk aversion, and could make firms and households less willing to invest and consume. Geopolitical tensions, such as Russia’s unjustified war against Ukraine and the tragic conflict in the Middle East, also remained a major source of uncertainty. At the same time, an increase in defence and infrastructure spending would add to growth.

    Increasing global trade disruptions were adding more uncertainty to the outlook for euro area inflation. Falling global energy prices and the appreciation of the euro could put further downward pressure on inflation. This could be reinforced by lower demand for euro area exports owing to higher tariffs and by a re-routing of exports into the euro area from countries with overcapacity. Adverse financial market reactions to the trade tensions could weigh on domestic demand and thereby also lead to lower inflation. By contrast, a fragmentation of global supply chains could raise inflation by pushing up import prices. A boost in defence and infrastructure spending could also raise inflation over the medium term. Extreme weather events, and the unfolding climate crisis more broadly, could drive up food prices by more than expected.

    Turning to the monetary and financial analysis, risk-free interest rates had declined in response to the escalating trade tensions. However, the risk-free ten-year OIS rate was about 20 basis points higher than at the cut-off date for the March projections. Bank bond spreads had increased by nearly 30 basis points. Credit spreads had increased by 23 basis points for investment-grade corporate bonds and by as much as 95 basis points for the high-yield segment. The Eurostoxx index had fallen by around 4.8% since the cut-off date for the March projections, while indicators of market volatility had increased.

    The latest information on the availability and cost of credit for the broader economy predated the market tensions but continued to indicate a gradual normalisation in credit conditions, though with some mixed evidence. The interest rate on new loans to firms had declined by 15 basis points in February, to 4.1%, which was about 120 basis points below its October 2023 peak. However, interest rates on new mortgages had increased by 8 basis points in February, to 3.3%, which was around 70 basis points below their November 2023 peak. Loan growth was picking up at a moderate pace. Annual growth in bank lending to firms had increased to 2.2% in February, from 2.0% in January, amid marked month-on-month volatility. Corporate debt issuance had been weak in February, but the annual growth rate had stabilised at 3.2%. Lending to households had edged up further to 1.5% on an annual basis in February, from 1.3% in January, led by mortgages. According to the latest bank lending survey for the euro area, which had been conducted between 10 and 25 March 2025, credit standards had tightened slightly further for loans to firms and consumer credit in the first quarter, while there had been an easing of credit standards for mortgages. This evidence resonated with the results of the Survey on the Access to Finance of Enterprises, which also showed almost unchanged availability of bank loans to firms in the first quarter, owing to concerns about the economic outlook and borrower creditworthiness, compounded by high uncertainty.

    Monetary policy considerations and policy options

    In summary, the incoming data confirmed that the disinflation process remained well on track. Both headline and core inflation in March had come in as expected. In particular, the projected drop in services inflation in March had been confirmed in the data and underpinned confidence in the underlying downward trajectory. The more forward-looking indicators of underlying inflation remained consistent with inflation settling at around the target in a sustained manner, with domestic inflation also coming down on the back of lower labour cost growth, which was decelerating somewhat faster than had been expected. The euro area economy had been building up some resilience against global shocks, but the outlook for growth had deteriorated materially owing to rising trade tensions. Increased uncertainty was likely to reduce confidence among households and firms, and the adverse and volatile market response to the recent trade tensions was likely to have a tightening impact on financing conditions and thereby further weigh on the euro area economic outlook.

    Based on this assessment, Mr Lane proposed lowering the three key ECB interest rates by 25 basis points. In particular, lowering the deposit facility rate – the rate through which the Governing Council steered the monetary policy stance – was rooted in its updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. A further cut at the present meeting was important in ensuring that inflation stabilised at the target in a sustainable manner, while also avoiding the possibility that external adverse shocks to the economic outlook could be exacerbated by too high a level of the policy rate.

    Looking ahead, it remained more important than ever to maintain agility in adjusting the stance as appropriate on a meeting-by-meeting basis and to not pre-commit to any particular rate path.

    2. Governing Council’s discussion and monetary policy decisions

    Economic, monetary and financial analyses

    Regarding global conditions, members stressed that the outlook for global growth was highly uncertain. In reaction to the frequent – and often contradictory – tariff announcements and retaliation over the last few weeks, the International Monetary Fund was currently revising its World Economic Outlook. Since the Governing Council’s last monetary policy meeting the euro had appreciated by 4.2% in nominal effective terms and by 6.4% against the US dollar, driven by market expectations of a narrowing growth differential between the euro area and the United States and possibly by a broad-based investor reassessment of the risk attached to exposures to the United States. Energy and food commodity prices had also declined sharply owing to growth concerns as the trade war intensified. The combined effect of a weakening dollar and declining oil and gas prices meant that, in euro terms, oil prices had fallen by 18.3% and gas prices by 37% since the March Governing Council meeting. Macroeconomic data did not yet reflect fully the ongoing trade war, which would only show through more clearly in the data during the second quarter of 2025. The composite output PMI for global activity excluding the euro area had remained broadly stable in March.

    Global trade was expected to slow significantly. This reflected lower imports primarily from the United States, China, Mexico and Canada – all countries with sizeable reciprocal trade relations. In the first quarter trade had still been strong owing to a rebound at the beginning of the year, in part driven by a frontloading of imports in anticipation of future tariffs. However, high-frequency and more timely data (based on vessel movements) had already started weakening, in particular for US imports. Private sector forecasts for US growth in 2025 had started trending down in the run-up to the 2 April tariff announcement. However, that event, together with the deterioration in financial conditions that followed, had led to a further downward revision to US GDP growth prospects for this year, as the high uncertainty around US policies was expected to hold back investment and economic activity. In this context the impact of the confidence channel was regarded as particularly important. While most economists had assumed that with higher tariffs and a trade war the US dollar would appreciate, the latest developments pointed to adverse confidence effects and the self-defeating nature of tariffs weakening the dollar. Private sector forecasts for Chinese growth in 2025 had also been revised down since early April, as the contribution from net exports – a key source of support for Chinese growth in 2024 – was expected to decline significantly this year. The Chinese Government’s announcement of additional fiscal support to boost consumption was seen as likely to only partially offset the loss of international trade.

    In general, protectionism and policy unpredictability were seen as the ultimate sources of distress. This raised the question of whether the impact of these factors could unwind when the policy approach that had generated them might reverse. Indeed, the view was expressed that mutually beneficial trade agreements could be reached, leading to a much more benign outcome. At the same time, it was argued that, first, a complete unwinding of the 2 April tariff policy announcement was unlikely and, second, even in the event of a complete policy turnaround, it was questionable whether the world economy could return to its previous status quo.

    The recent strong appreciation of the euro was largely explained by portfolio rebalancing due to growing concerns among investors about US economic policies and the risks that these posed to large exposures to the United States. Overall, the current state of the world economy was not regarded as being at an equilibrium, and it might take several years before the global economy reached a new equilibrium. For a long time the world had been in a configuration centred on the United States running large current account deficits, with optimistic consumers, high private sector investment rates and a large fiscal deficit.

    Looking ahead, two polar scenarios could be seen. One was a stabilisation of the situation, whereby the US current account deficit was structural and largely financed by capital inflows. In this situation, the ongoing portfolio rebalancing across currencies would eventually reverse in favour of the United States, leading to a renewed real appreciation of the US dollar, partly driven by relative price adjustments. However, recent events had eroded trust in the US system, and it was challenging to envisage how it might be restored.

    The other possible direction that the global order could take was a continuation of current rebalancing trends. Such a situation could lead temporarily to much higher US inflation as a result of the combined effects of tariffs and a potentially weaker exchange rate. More generally, the new equilibrium could entail high tariffs, an increase in home bias – for trade balance or security reasons – and a more fragmented world. This more fragmented environment was likely to be characterised by stronger inflationary pressures. In addition, the move to a new equilibrium would involve costly adjustment dynamics, as firms, households and governments would have to re-optimise in light of the new constellation, but also owing to the high levels of uncertainty in the transition period. In the meantime, the erosion of confidence in the US economy and in the global order of international trade and finance was expected to result in a higher global cost structure arising from protectionist policies and a higher risk premium arising from unpredictability. An intermediate scenario was also possible, in which the euro would become increasingly attractive, thus expanding its international role as a reserve currency.

    Overall, even if it was known with certainty where the new equilibrium lay, there would still be major adjustment dynamics along the way. In addition, as global supply chains had been shaped over the years to best adapt to the old equilibrium, they would need to adjust to the new one, with a likely loss of market value for those firms that had been most engaged in the old global order. Throughout this process there would be path dependence in the dynamics of the economy.

    With regard to economic activity in the euro area, members concurred that the economic outlook was clouded by exceptional uncertainty. Euro area exporters faced new barriers to trade, although the scope and nature of those barriers remained unclear. Disruptions to international commerce, financial market tensions and geopolitical uncertainty were weighing on business investment. As consumers became more cautious about the future, they might hold back from spending, thus delaying further the more robust consumption-led recovery that the staff projections had been foreseeing for a number of projection rounds.

    At the same time, the euro area economy had been building up some resilience against the global shocks. Domestic demand had contributed significantly to euro area growth in the fourth quarter of 2024, with business investment and private consumption growing robustly in spite of the already high uncertainty. The manufacturing output PMI had risen above 50 in March for the first time in two years, while the services business activity PMI had remained in expansionary territory, with relatively solid industrial production numbers confirming information from the soft indicators. While the trade conflict was a significant drag on foreign demand, the expected fiscal spending would counter some of those effects. The economy was likely to have grown in the first quarter of the year, and manufacturing had shown signs of stabilisation. Unemployment had fallen to 6.1% in February, its lowest level since the launch of the euro. Looking ahead, a strong labour market, higher real incomes and the impact of an easier monetary policy stance should underpin spending.

    For the near term, it was argued that the likely slump in trade and the surge in uncertainty were hitting the euro area at a critical juncture, when the recovery was still weak and fragile. It was seen as becoming increasingly clear that the impact of the trade shock might be very strong in terms of activity in the United States, with potentially substantial spillovers to the euro area. Even with the additional spending on defence and infrastructure, it was likely that, on balance, euro area growth would be worse in 2025 than previously expected. Incorporating the impact from the most recent escalation of trade tensions, potential retaliatory measures from the EU and the financial market turbulence of recent weeks could weaken activity in 2025 significantly. As a result, it was suggested that the probability of a recession over the next four quarters in the euro area and the United States had increased measurably.

    However, it was also argued that, while complicated, the situation still had upside potential. First, the strong market reaction might impose some discipline on the US Administration. Second, there was room for mutually beneficial trade agreements which would de-escalate the severity of the tariff increase threatened in the 2 April announcement. Regarding the fallout for growth, the ultimate effects of the new trade frictions would crucially depend on the substitutability of items imported by the United States. The bulk of exports from the euro area to the United States comprised pharmaceuticals, machinery, vehicles and chemicals, and these were highly differentiated products which were difficult to substitute away from in the short run. This rigidity would limit the drag on the euro area’s foreign demand. Moreover, the almost prohibitive tariffs between China and the United States were seen as likely to redirect demand towards euro area firms.

    A further factor that could attenuate the repercussions of trade frictions and uncertainty was the announcement of the German fiscal package and the step-up in European defence spending, which would raise domestic demand. This new factor was seen as unmitigated good news, as it would help to revive the European growth narrative and foster confidence in the euro area. What mattered was not only the direct effects of fiscal spending on demand and activity, but also the expected crowding-in of private investment in anticipation of the future fiscal stimulus. In the Corporate Telephone Survey, firms were already reporting that they were planning to enhance capacity in view of the defence and infrastructure initiatives. The Survey on the Access to Finance of Enterprises also pointed to greater optimism among firms on investment. Construction was set to recover further. It was therefore argued that the negative impact of tariffs could be seen as more or less the same size as the positive impact coming from the fiscal expansion in Germany. Of course, the time profiles of the impacts of the two major shocks – tariff increases and fiscal stimulus – were different. In the short term the negative effects on demand would dominate, as additional investment in defence and infrastructure would take time to come on stream and support growth.

    At the same time, the view was expressed that even in the medium term defence spending would not be a clear game changer, because it would not only materialise with a delay, but would likely lift euro area GDP growth by at most a couple of tenths of a percentage point. In any case, the fiscal stimulus was still uncertain in terms of its scale and modalities of implementation. In this context, it was noted that the reaction of the markets to the fiscal announcement from Germany suggested that the euro area economy was likely to respond to the new fiscal impulse with an increase in GDP and only a very mild increase in inflation. This demonstrated that the euro area economy was not seen as constrained by structural problems.

    Overall, members assessed that downside risks to economic growth had increased. The major escalation in global trade tensions and associated uncertainties would likely lower euro area growth by dampening exports, and it might drag down investment and consumption. Deteriorating financial market sentiment could lead to tighter financing conditions, increase risk aversion and make firms and households less willing to invest and consume. Geopolitical tensions, such as Russia’s unjustified war against Ukraine and the tragic conflict in the Middle East, also remained a major source of uncertainty. At the same time, an increase in defence and infrastructure spending would add to growth.

    In view of all the uncertainties surrounding the outlook, the view was expressed that for the coming meetings of the Governing Council it was important to develop alternative scenarios. These should factor in the prevailing very high level of uncertainty and assist in identifying the relevant channels and quantifying the impact on growth, jobs and inflation. In addition to scenario analysis, it was important to use high-frequency and unconventional sources of information to better understand the direction the economy was taking. There was also a need to broaden the set of indicators to be monitored, given the challenges in interpreting some of the standard statistics which were influenced and distorted by special factors such as the frontloading of orders and the associated build-up of inventories.

    A silver lining in the turbulent situation that Europe was facing was a strong impetus for European policymakers to swiftly implement the structural reforms set out in the reports by Mario Draghi and Enrico Letta. If effective, such concrete action had the potential to become a major tailwind for the euro area economy in the future, amplifying the stimulating effect of the additional fiscal spending that was planned in Germany. At the same time, it was cautioned that, to reap all the benefits from reform, Europe had to act quickly and on an ambitious scale.

    The important policy initiatives that had been launched at the national and EU levels to increase defence spending and infrastructure investment could be expected to bolster manufacturing, which was also reflected in recent surveys. In the present geopolitical environment, it was even more urgent for fiscal and structural policies to make the euro area economy more productive, competitive and resilient. The European Commission’s Competitiveness Compass provided a concrete roadmap for action, and its proposals, including on simplification, should be swiftly adopted. This included completing the savings and investment union, following a clear and ambitious timetable, which should help savers benefit from more opportunities to invest and improve firms’ access to finance, especially risk capital. It was also important to rapidly establish the legislative framework to prepare the ground for the potential introduction of a digital euro. Governments should ensure sustainable public finances in line with the EU’s economic governance framework and prioritise essential growth-enhancing structural reforms and strategic investment.

    With regard to price developments, members concurred with the assessment presented by Mr Lane. In spite of all remaining uncertainties, the recent inflation data releases had been broadly in line with the March ECB staff projections, with respect to both headline and core inflation. This suggested that inflation was on course for the 2% target, with long-term inflation expectations also remaining well anchored. Taking the February and March inflation data together, there was now much more confidence that the baseline scenario for inflation in the March projections was materialising. This held even without the appreciation of the euro or the decline in oil prices and commodity prices that had taken place since the finalisation of the projections.

    Looking ahead, it was argued that inflation would likely be lower in 2025 than foreseen in the March projections if the exchange rate and energy prices remained around their current levels. Recent market-based measures of inflation expectations also indicated that inflation might be falling faster than previously assumed. Inflation fixings now implied that investors expected inflation (excluding tobacco) to remain just below 2% in 2025 and to decline to around 1.2% in early 2026, before returning to around 1.6% by mid-2026. This signalled that risks to price stability might now be tilted to the downside, especially in the near term. The latest information also suggested that wage growth was moderating at a slightly faster pace than previously expected. Over a longer horizon, the tighter financial conditions, including the appreciation of the euro, the sharp drop in oil and gas prices and the headwinds from weaker economic activity, were seen as important new factors dampening inflation. There was now a risk that inflation could fall well below 2% at least over the remainder of the current year. Trade diversion and price concessions by Chinese exporters could also compound the ongoing depreciation of the renminbi and exert further downward effects on inflation, if not countered by measures by the European Commission. If there were to be retaliation against the tariffs imposed on US imports from the euro area, the direct inflationary impact could be counterbalanced by other factors, including the exchange rate, weaker raw material prices or possibly tighter financial conditions. Over the short term, the countervailing effects from increased fiscal spending were, moreover, unlikely to offset the further disinflationary pressures emanating from the international environment.

    At the same time, it was underlined that upside risks had not vanished. The rising momentum that had been detected in the PCCI indicators of underlying inflation warranted monitoring to confirm whether this increase was temporary and related to repricing early in the year in line with previous seasonal patterns. Although market-based measures of inflation compensation had fallen significantly, owing to lower inflation risk premia, genuine inflation expectations had been revised to a much lesser extent, and analysts’ inflation expectations were mostly well above inflation fixings. It also had to be considered that the likely re-flattening of the Phillips curve, which reflected among other things less frequent price adjustments, implied that meaningful downward deviations of inflation from target were unlikely in the absence of a deep and protracted recession. But such an event had a low probability in light of the expected fiscal impulse. In addition, the precise impact of the stronger euro was uncertain, especially given that one of the reasons behind the appreciation was a positive confidence shock as Europe offered stability in turbulent times. Moreover, successful trade negotiations and the resolution of trade disputes could give a boost to energy prices, changing the inflation picture very quickly. Finally, while the newly announced fiscal stimulus was unlikely to cause inflationary pressure over the short term in view of the underutilised capacities, the economy was likely to bump up against capacity constraints over the medium term, especially in the labour market. Indeed, inflation expectations reported in the Consumer Expectations Survey, the Survey on the Access to Finance of Enterprises and the Survey of Professional Forecasters remained tilted to the upside over longer horizons. It was argued that, taken as a whole, the current environment posed some downside risks to inflation over the short run, but notable upside risks over the medium term. If retaliation against US tariffs affected products that were hard to substitute, such as intermediate goods, the inflationary impact could be sizeable and persistent as higher input costs from tariffs would be gradually passed on to consumers. This could more than offset the disinflationary pressure from reduced foreign demand. The closely interconnected global trade system implied that tariffs might be passed along entire supply chains. The need to absorb tariffs in profit margins at a time when these were already squeezed because of high wage growth would increase the probability and strength of the pass-through. Upside risks to inflation over the medium term were seen to hold especially in a scenario in which the trade war led to a permanently more fragmented global economy, owing to a less efficient allocation of resources, more fragile supply chains and less elastic global supply.

    Overall, increasing global trade disruptions were adding more uncertainty to the outlook for euro area inflation. Falling global energy prices and an appreciation of the euro could put further downward pressure on inflation. This could be reinforced by lower demand for euro area exports owing to higher tariffs and by a re-routing of exports into the euro area from countries with overcapacity. Adverse financial market reactions to the trade tensions could weigh on domestic demand and thereby also lead to lower inflation. By contrast, a fragmentation of global supply chains could increase inflation by pushing up import prices. A boost in defence and infrastructure spending could also lift inflation over the medium term. Extreme weather events, and the unfolding climate crisis more broadly, could drive up food prices by more than expected.

    Turning to the monetary and financial analysis, members highlighted that the period since the 5-6 March meeting had been characterised by exceptional financial market volatility. This had led to some financial data indicating sizeable daily moves that were several standard deviations away from their mean. Risk-free interest rates had declined since the March meeting in response to the escalating trade tensions, although long-term risk-free rates were still higher than at the cut-off date for the March staff projections. Equity prices had fallen amid high volatility and corporate bond spreads had widened around the globe. Partly in response to the turmoil, financial markets were now fully pricing in the expectation of a 25 basis point rate cut at the current meeting.

    The euro had strengthened considerably over recent weeks as investor sentiment proved more resilient towards the euro area than towards other economies. While the appreciation of the euro had been sizeable, since the inception of the euro the bilateral EUR/USD exchange rate had fluctuated in a relatively wide band, with the rate currently somewhere in the middle of the range. The recent adjustment across asset prices was atypical, as the financial market turbulence had come together with a rebalancing of international portfolios away from US assets towards exposures to other regions, such as the euro area. One explanation, which was supported by the coincidental weakening of the US dollar and by some initial market intelligence, was that domestic and foreign investors had moved out of US assets, possibly reflecting a loss of confidence in US fiscal and trade policies.

    Turning to broader financing conditions, the latest official statistics on corporate borrowing, which predated the market tensions, continued to indicate that past interest rate cuts had made it less expensive for firms to borrow. The average interest rate on new loans to firms had declined to 4.1% in February, from 4.3% in January. The cost to firms of issuing market-based debt had declined to 3.5% in February but there had been some upward pressure more recently. Moreover, growth in lending to firms had picked up again in February, to 2.2%, while debt securities issuance by firms had grown at an unchanged rate of 3.2%. At the same time, credit standards for business loans had tightened slightly again in the first quarter of 2025, as reported in the April round of the bank lending survey. This was mainly because banks were becoming more concerned about the economic risks faced by their customers. Demand for loans to firms had decreased slightly in the first quarter, after a modest recovery in previous quarters.

    The average rate on new mortgages, at 3.3% in February, had risen on the back of earlier increases in longer-term market rates. Mortgage lending had continued to strengthen in February, albeit at a still subdued annual rate of 1.5%, as banks had eased their credit standards and households’ demand for loans had continued to increase strongly.

    Monetary policy stance and policy considerations

    Turning to the monetary policy stance, members assessed the data that had become available since the last monetary policy meeting in accordance with the three main elements that the Governing Council had communicated in 2023 as shaping its reaction function. These comprised (i) the implications of the incoming economic and financial data for the inflation outlook, (ii) the dynamics of underlying inflation, and (iii) the strength of monetary policy transmission.

    Starting with the inflation outlook, members widely agreed that the latest data, including the HICP inflation figures for February and March and recent outturns for services inflation, provided further evidence that the disinflationary process was well on track. They thus expressed increased confidence that inflation would return to target in line with the March baseline projections.

    However, the March baseline projections had not incorporated the latest US policy announcements, which had increased downside risks to growth and inflation over the short term. The most recent forces at play, such as the negative demand shock linked to the tariff proposals and the related pervasive uncertainty, the appreciation of the euro and the decline in oil and gas prices, would further dampen the inflation outlook in the near term.

    Over the medium term the picture for inflation remained more mixed, as the effects of fiscal spending, retaliatory tariffs and the disruption of value chains might point in different directions, with each shock having an impact on growth and inflation with a different time profile. It was pointed out that the inflationary effects of tariffs might outweigh the disinflationary pressure from reduced foreign demand over the medium term, especially if the European Union retaliated by imposing tariffs on products that were not easily substitutable, such as intermediate goods. As a result, firms might suffer from rising input costs that would, over time, be passed on to consumers as the erosion of profit margins made cost absorption difficult. If this occurred at the same time as the support to economic activity from fiscal policy kicked in, there would be a significant risk of higher inflation. Overall, it was too early to draw firm conclusions at a time when many trade policy options were still on the table.

    Turning to underlying inflation, members concurred that most indicators were pointing to a sustained return of inflation to the 2% medium-term target. Wage growth had been slowing further – slightly faster than expected. In view of the high uncertainty, companies were also likely to be cautious about accepting high wage demands. Domestic inflation had remained unchanged, after falling slightly in February. This suggested that inflation had been quite stubborn despite the marked decline in services inflation, although progress had also been seen in this indicator when looking back over the past six months. The PCCI, which had the best leading indicator properties for inflation and still showed rising momentum, warranted further monitoring.

    Finally, incoming data confirmed that the transmission of monetary tightening remained largely as intended. Bank credit growth was overall on a gradual, slow recovery path, although from quite subdued levels. Nevertheless, it was increasing somewhat more strongly than had previously been expected for both non-financial corporations and households. There had been an easing of credit standards and strong demand for housing loans, which could foreshadow a pick-up in construction activity. At the same time, market-based indicators pointed to a tightening of financial conditions and, despite recent interest rate cuts, the latest round of the bank lending survey pointed to tighter credit standards for both firms and consumer credit. This was due to anticipated higher default risks against a background of weaker growth. Moreover, uncertainty had been very high and, in the presence of high uncertainty, the response of intermediaries to lower risk-free rates and, more generally, the transmission mechanism of monetary policy, were seen as more sluggish.

    Monetary policy decisions and communication

    Against this background, all members agreed with the proposal by Mr Lane to lower the three key ECB interest rates by 25 basis points. In particular, lowering the deposit facility rate – the rate through which the Governing Council steered the monetary policy stance – was justified by the updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. Members expressed increased confidence that inflation would return to target over the medium term and that the fight against the inflation shock was nearly over.

    Some members indicated that, before the US tariff announcement on 2 April, they had considered a pause to rate cuts at the current meeting to be appropriate, preferring to wait for the next round of projections for greater clarity on the medium-term inflation outlook. These members attached a higher probability to the possibility that the trade shock would be inflationary beyond the short term, in view of the destructive effects of breaking up global value chains. While the inflationary effects of the proposed tariffs might differ for the United States and Europe, the pandemic experience had shown that, despite different weights attached to demand versus supply factors, in the end inflation developments in the two economies had been quite synchronous, and the same might occur again this time. Overall, this pointed to upside risks to inflation in the medium to long term that counterbalanced the downside risks stemming from weaker economic activity. However, recent events had convinced these members that cutting interest rates at the current meeting provided some insurance against negative outcomes and avoided contributing to additional uncertainty in times of financial market volatility. In addition, a cut at the present meeting could be seen as frontloading a possible cut at the June meeting, which underlined the need to retain full optionality for the upcoming meetings.

    At the same time, it was felt that the tariff tensions did not seem to come with the inflationary effects that many members had previously associated with such an event, at least not over the short to medium-term horizons. In part, this was because the euro was seemingly turning into more of a safe-haven currency and was subject to revaluation pressures. Disinflationary forces were thus likely to dominate in the short term. In addition, the growth outlook had weakened, with tariffs, related uncertainty and geopolitical tensions acting as a drag. In this regard, it was argued that a 25 basis point rate cut would lean against the substantial risks to growth in the short term and the tightening of financial conditions that had resulted from the tariff events, without the risk of fuelling inflation further down the line.

    In these turbulent times, members stressed the need to be a beacon of stability, thus instilling confidence and not causing more surprises in an already volatile environment, which might amplify market turbulence. This spoke in favour of a 25 basis point cut.

    A standard 25 basis point rate reduction was seen as consistent with the fact that, while very uncertain, the range of potential outcomes from the current situation still entailed some upside risks to inflation for the euro area economy. On the one hand, countervailing forces that would bring the US Administration to change course could eventually emerge. One such force had been the observed outflows from the US Treasuries market, which might have contributed to the 90-day pause applied to most US tariffs. On the other hand, there had been – and could be further – mitigating factors in the euro area. These included a more growth-supportive fiscal outlook as well as an opportunity to make swift progress on other European policy initiatives. Another factor potentially protecting against more adverse scenarios could be a stronger commitment by the Chinese Government to domestic demand-led growth in China. In addition, a possible structural increase in international demand for the euro, while entailing downside risks to inflation, was also a symptom of a largely positive development, namely a shift into European assets. A portfolio shift could lower long-term interest rates in the euro area and lead to cheaper financing for planned investment projects. Finally, the appreciation of the euro would further reduce the price of energy imports in euro terms, which could counterbalance some of the negative effects of the tariffs and the exchange rate on energy-intensive exporters.

    These arguments notwithstanding, a few members noted that they could have felt comfortable with a 50 basis point rate cut. These members attached more weight to the change in the balance of risks since the Governing Council’s March meeting, pointing out that downside risks to growth had increased and, even in the event of a relatively mild trade conflict, uncertainty was already discouraging consumption and investment. In this context, they emphasised that downside risks to inflation had clearly increased. The same members also argued that a larger interest rate cut could have offset more of the recent tightening of financial conditions, including higher corporate bond spreads and lower equity prices, which had weakened the transmission of past monetary policy decisions. In this respect it was argued that surprising the markets should not be excluded, and it was recalled that there had been previous cases in which the Governing Council had not shied away from surprises when appropriate.

    At the same time, it was argued that the optimal monetary policy response depended on the outcome of tariff negotiations, including the scope of the tariffs and the extent of potential retaliation, and on how tariffs fed through global supply chains. The view was also expressed that a forward-looking central bank should only act forcefully to the tariff shock if it expected a sharp deterioration in labour market conditions or an unanchoring of inflation expectations to the downside. However, the initial conditions, featuring a still resilient labour market and elevated momentum in underlying inflation and services inflation, made such a scenario unlikely. Moreover, the economy was coming out of a high-inflation period with consumers’ and firms’ inflation expectations one year ahead still standing at almost 3%. In such a situation, an unanchoring of inflation expectations to the downside was highly unlikely, while the higher than expected food and services inflation in March and rising momentum in services underlined the continued need to monitor inflation developments. If the decline in economic activity turned out to be short-lived, an accommodative response of monetary policy might, given transmission lags, exert its peak impact when the economy was already recovering and inflation was rising, and would therefore be misguided. It could also coincide with when fiscal policy was starting to boost domestic demand, although anticipation channels could lead to some of the impact of infrastructure and defence spending on inflation being smoothed out and dampened in the medium term. Finally, it was argued that cutting interest rates further could no longer be justified by the intention to return to neutral territory since, by various measures, monetary policy was no longer restrictive. Bank lending was recovering, domestic demand was expanding and the level of interest rates was contributing measurably to demand for all types of loan, as shown in the most recent bank lending survey.

    Looking ahead, members stressed that maintaining a data-dependent approach with full optionality at every meeting was warranted more than ever in view of the high uncertainty. Keeping a cautious approach and a firm commitment to price stability had contributed to the success so far, with inflation back on track despite unprecedented challenges. However, agility might be required in the present environment, with the need for the Governing Council to be ready to react quickly if necessary.

    Turning to communication aspects, members noted that it was time to remove the phrase “our monetary policy is becoming meaningfully less restrictive” from the monetary policy statement. Reference to a restrictive policy stance, in various formulations, had proven useful over past phases in which inflation had still been high, providing a clear message that monetary policy was contributing to disinflation. Such a signal was no longer needed. In the present conditions, dropping the sentence avoided the perception that the neutral level of interest rates was the end point of the current cycle, which was not necessarily the case. However, dropping the sentence did not imply that monetary policy had necessarily left restrictive territory. At the current juncture, there was no need to take a stand on whether monetary policy was still restrictive, already neutral or even moving into accommodative territory. Such a categorisation, especially in the current turbulent context, was very hard to provide. Instead, the change in wording was seen as consistent with an approach that was not guided by interest rate benchmarks but by the need to always determine the policy stance that was appropriate. In other words, policy would be set so as to provide the strongest assurance that inflation would be anchored sustainably at the medium-term target, given the set of initial conditions and the shocks that the Governing Council had to tackle at any given time.

    Members reiterated that the Governing Council remained determined to ensure that inflation would stabilise sustainably at its 2% medium-term target. Its interest rate decisions would continue to be based on its assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation and the strength of monetary policy transmission. While noting that markets were functioning in an orderly manner, it was seen as helpful to reiterate that the Governing Council stood ready to adjust all instruments within the ECB’s mandate to ensure that inflation stabilised sustainably at the medium-term target and to preserve the smooth functioning of monetary policy transmission.

    Taking into account the foregoing discussion among the members, upon a proposal by the President, the Governing Council took the monetary policy decisions as set out in the monetary policy press release. The members of the Governing Council subsequently finalised the monetary policy statement, which the President and the Vice-President would, as usual, deliver at the press conference following the Governing Council meeting.

    Monetary policy statement

    Monetary policy statement for the press conference of 17 April 2025

    Press release

    Monetary policy decisions

    Meeting of the ECB’s Governing Council, 16-17 April 2025

    Members

    • Ms Lagarde, President
    • Mr de Guindos, Vice-President
    • Mr Centeno*
    • Mr Cipollone
    • Mr Demarco, temporarily replacing Mr Scicluna*
    • Mr Dolenc, Deputy Governor of Banka Slovenije
    • Mr Elderson
    • Mr Escrivá
    • Mr Holzmann*
    • Mr Kazāks
    • Mr Kažimír
    • Mr Knot*
    • Mr Lane
    • Mr Makhlouf
    • Mr Müller
    • Mr Nagel
    • Mr Panetta
    • Mr Patsalides
    • Mr Rehn
    • Mr Reinesch*
    • Ms Schnabel
    • Mr Šimkus
    • Mr Stournaras
    • Mr Villeroy de Galhau
    • Mr Vujčić
    • Mr Wunsch

    * Members not holding a voting right in April 2025 under Article 10.2 of the ESCB Statute.

    Other attendees

    • Mr Dombrovskis, Commissioner**
    • Ms Senkovic, Secretary, Director General Secretariat
    • Mr Rostagno, Secretary for monetary policy, Director General Monetary Policy
    • Mr Winkler, Deputy Secretary for monetary policy, Senior Adviser, DG Monetary Policy

    ** In accordance with Article 284 of the Treaty on the Functioning of the European Union.

    Accompanying persons

    • Mr Arpa
    • Ms Bénassy-Quéré
    • Mr Debrun
    • Mr Gavilán
    • Mr Kaasik
    • Mr Kelly
    • Mr Koukoularides
    • Mr Kroes
    • Mr Lünnemann
    • Ms Mauderer
    • Mr Martin
    • Mr Nicoletti Altimari
    • Mr Novo
    • Mr Rutkaste
    • Ms Schembri
    • Mr Šiaudinis
    • Mr Šošić
    • Mr Välimäki
    • Ms Žumer Šujica

    Other ECB staff

    • Mr Proissl, Director General Communications
    • Mr Straub, Counsellor to the President
    • Ms Rahmouni-Rousseau, Director General Market Operations
    • Mr Arce, Director General Economics
    • Mr Sousa, Deputy Director General Economics

    Release of the next monetary policy account foreseen on 3 July 2025.

    MIL OSI Economics –

  • MIL-OSI Security: Leader of Qakbot Malware Conspiracy Indicted for Involvement in Global Ransomware Scheme

    Source: United States Attorneys General

    A federal indictment unsealed today charges Rustam Rafailevich Gallyamov, 48, of Moscow, Russia, with leading a group of cyber criminals who developed and deployed the Qakbot malware. In connection with the charges, the Justice Department filed today a civil forfeiture complaint against over $24 million in cryptocurrency seized from Gallyamov over the course of the investigation. These actions are the latest step in an ongoing multinational effort by the United States, France, Germany, the Netherlands, Denmark, the United Kingdom, and Canada to combat cybercrime.

    “Today’s announcement of the Justice Department’s latest actions to counter the Qakbot malware scheme sends a clear message to the cybercrime community,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “We are determined to hold cybercriminals accountable and will use every legal tool at our disposal to identify you, charge you, forfeit your ill-gotten gains, and disrupt your criminal activity.”

    “The criminal charges and forfeiture case announced today are part of an ongoing effort with our domestic and international law enforcement partners to identify, disrupt, and hold accountable cybercriminals,” said U.S. Attorney Bill Essayli for the Central District of California. “The forfeiture action against more than $24 million in virtual assets also demonstrates the Justice Department’s commitment to seizing ill-gotten assets from criminals in order to ultimately compensate victims.”

    “Mr. Gallyamov’s bot network was crippled by the talented men and women of the FBI and our international partners in 2023, but he brazenly continued to deploy alternative methods to make his malware available to criminal cyber gangs conducting ransomware attacks against innocent victims globally,” said Assistant Director in Charge Akil Davis of the FBI’s Los Angeles Field Office. “The charges announced today exemplify the FBI’s commitment to relentlessly hold accountable individuals who target Americans and demand ransom, even when they live halfway across the world.”

    According to court documents, Gallyamov developed, deployed, and controlled the Qakbot malware beginning in 2008. From 2019 onward, Gallyamov allegedly used the Qakbot malware to infect thousands of victim computers around the world in order to establish a network, or “botnet,” of infected computers. As alleged, once Gallyamov gained access to victim computers, he provided access to co-conspirators who infected the computers with ransomware, including Prolock, Dopplepaymer, Egregor, REvil, Conti, Name Locker, Black Basta, and Cactus. In exchange, Gallyamov was allegedly paid a portion of the ransoms received from ransomware victims.

    The announcement of charges today is the latest step taken by the Justice Department against the Qakbot conspiracy. In August 2023, a U.S.-led multinational operation disrupted the Qakbot botnet and malware. At that time, the Justice Department announced the seizure of illicit proceeds from Gallyamov, including over 170 bitcoin and over $4 million of USDT and USDC tokens.

    According to the indictment, after the disruption and takedown of the Qakbot botnet, Gallyamov and his co-conspirators continued their criminal activities. Instead of a botnet, they allegedly used different tactics, including “spam bomb” attacks on victim companies, where co-conspirators would trick employees at those victim companies into granting access to computer systems. The indictment alleges that Gallyamov orchestrated spam bomb attacks against victims in the United States as recently as January 2025. It also alleges that Gallyamov and his co-conspirators deployed Black Basta and Cactus ransomware on victim computers.

    On April 25, 2025, pursuant to a seizure warrant, the FBI seized additional illicit proceeds from Gallyamov, including over 30 bitcoin and over $700,000 of USDT tokens. Today, the Department filed a civil forfeiture complaint in the Central District of California against all of the illicit proceeds seized from Gallyamov — worth over $24 million as of today — in order to forfeit and ultimately return those funds to victims.

    The investigation of Gallyamov was led by the FBI’s Los Angeles Field Office, which worked closely with investigators from Germany’s Bundeskriminalamt (BKA), the Netherlands National Police, The Public Prosecutor’s Office of the Netherlands, France’s Anti-Cybercrime Office (Office Anti-cybercriminalité) and Cyber Division of the Paris Prosecution Office, and Europol. The Justice Department’s Office of International Affairs and the FBI Milwaukee Field Office provided significant assistance.

    Trial Attorney Jessica Peck of the Justice Department’s Computer Crime and Intellectual Property Section and Assistant U.S. Attorneys Khaldoun Shobaki, Lauren Restrepo, and James Dochterman for the Central District of California are prosecuting the case.

    These law enforcement actions were taken in conjunction with Operation Endgame, an ongoing, coordinated effort among international law enforcement agencies aimed at dismantling and prosecuting cybercriminal organizations around the world.

    Resources for victims can be found on the following website, which will be updated as additional information becomes available: https://www.justice.gov/usao-cdca/divisions/national-security-division/qakbot-resources

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

     

    MIL Security OSI –

  • MIL-OSI: Freehold Royalties Announces TSX Approval for Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 22, 2025 (GLOBE NEWSWIRE) — Freehold Royalties Ltd. (“Freehold” or the “Company“) (TSX – FRU) is pleased to announce that the Toronto Stock Exchange (the “TSX“) has accepted Freehold’s notice of intention to commence a normal course issuer bid (the “NCIB“). 

    Under the NCIB, Freehold may purchase up to 13,699,733 common shares (the “Shares“) (representing approximately 10 percent of the Company’s 163,960,334 issued and outstanding Shares as of May 14, 2025 less Shares held by directors, executive officers and principal securityholders (holders holding greater than 10% of the issued and outstanding Shares) of the Company). Any Shares that are purchased under the NCIB will be cancelled upon their purchase by Freehold. The total number of Shares that Freehold is permitted to purchase is subject to a daily purchase limit of 185,656 Shares, representing 25% of the average daily trading volume of 742,626 Shares on the TSX calculated for the six-month period ended April 30, 2025; however, Freehold may make one block purchase per calendar week which exceeds the daily repurchase restrictions.

    The NCIB is expected to commence on May 27, 2025 and will terminate on the earlier of: (i) the date on which the Company has acquired all Shares sought pursuant to the NCIB; or (ii) to May 26, 2026 unless earlier terminated at the option of the Company, upon prior notice being given to the TSX. The Shares will be purchased on behalf of Freehold by a registered broker through the facilities of the TSX and through other alternative Canadian trading platforms at the prevailing market price at the time of such transaction.

    The actual number of Shares that may be purchased under the NCIB and the timing of any such purchases will be determined by Freehold. The Company believes that, at times, the prevailing share price does not reflect the underlying value of Freehold’s Shares and the repurchase of Shares for cancellation represents an attractive opportunity to enhance Freehold’s per share metrics, and thereby increase the underlying value of the Company’s Shares for our shareholders. 

    Freehold has established an automatic securities purchase plan with a designated broker whereby Shares may be repurchased at times when such purchases would otherwise be prohibited pursuant to regulatory restrictions or self-imposed blackout periods. Under the automatic securities purchase plan and before entering into a self-imposed blackout period, the Company may, but is not required to, request that the designated broker make purchases under the NCIB. Such purchases will be made at the discretion of the designated broker, within parameters established by Freehold prior to the blackout periods. Outside of the blackout periods, purchases are made at the discretion of the Company’s management. The automatic securities purchase plan constitutes an “automatic plan” for purposes of applicable Canadian securities legislation and has been pre-cleared by the TSX.

    Forward-Looking Statements

    This press release contains forward-looking statements. The use of any of the words “plan”, “expect”, “intend”, “believe”, “should”, “anticipate” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. These statements are only predictions and actual events or results may differ materially. Many factors could cause Freehold’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Freehold. More particularly and without limitation, this news release contains forward-looking statements and information concerning: the timing, methods and quantity of any purchases by Freehold of its Shares under the NCIB; and the Company’s belief that the repurchase of Shares under the NCIB will increase the underlying value of Shares held by shareholders.

    With respect to forward-looking statements contained in this document, Freehold has made assumptions regarding, among other things, the ability of Freehold to achieve the benefits of the NCIB; Freehold’s views with respect to its financial condition and prospects, the stability of general economic and market conditions, currency exchange rates and interest rates; the availability of cash or other financing sources to fund repurchases of Shares under the NCIB and our ability to comply with applicable terms and conditions under the Company’s debt agreements; the existence of alternative uses for Freehold’s cash and other financial resources. Although Freehold believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Freehold can give no assurance that they will prove to be correct.

    By its nature, such forward-looking statements and information are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to: our inability to repurchase Shares under the NCIB in the amounts permitted or at all due to a lack of financial resources; the inability to comply with our debt agreements; legal restrictions on share repurchases; competing demands for our financial resources; the anticipated benefits of repurchasing our shares under the NCIB do not materialize; Freehold’s future capital requirements; general economic and market conditions; and unforeseen legal or regulatory developments; and other risk factors detailed from time to time in Freehold reports filed with the applicable securities regulatory authorities. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are cautioned that the assumptions used in the preparation of such forward-looking statements and information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on such forward-looking statements and information. Freehold gives no assurance that any of the events anticipated will transpire or occur, or, if any of them do, what benefits Freehold will derive from them. There cannot be any assurances as to how many Shares, if any, will ultimately be acquired by the Company. The forward-looking statements and information contained in this news release are expressly qualified by this cautionary statement. These forward-looking statements are made as of the date of this document and Freehold disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. Readers should also carefully consider the matters discussed that could affect Freehold, or its operations or financial results in Freehold’s Annual Information Form (see “Risk Factors” and “Forward-Looking Statements” therein) for the year ended December 31, 2024, which is available on the SEDAR+ website (www.sedarplus.ca) or Freehold’s website.

    The MIL Network –

  • MIL-OSI Economics: Press Briefing Transcript: Julie Kozack, Director, Communications Department, May 22, 2025

    Source: International Monetary Fund

    May 22, 2025

    SPEAKER:  Ms. Julie Kozack, Director of the Communications Department, IMF

    MS. KOZACK: Good morning, everyone and welcome to this IMF Press Briefing.  It is wonderful to see you all today on this rainy Washington morning, especially those of you here in person and of course also those of you joining us online.  My name is Julie Kozak.  I’m the Director of Communications at the IMF.  As usual, this press briefing will be embargoed until 11:00 a.m. Eastern Time in the United States.  And as usual, I will start with a few announcements and then I’ll take your questions in person on WebEx and via the Press Center.  

    So first, our Managing Director, Kristalina Georgieva, and our First Deputy Managing Director, Gita Gopinath, are currently attending the G7 Finance Ministers and Central Bank Governors meeting taking place in Canada right now.  Second, on May 29th through 30th, the Managing Director will travel to Dubrovnik, Croatia to attend a joint IMF Croatia National Bank Conference focused on promoting growth and resilience in Central, Eastern, and Southeastern Europe.  The Managing Director will participate in the opening panel and will hold meetings with regional counterparts.  

    On June 2nd, the Managing Director will travel to Sofia, Bulgaria to attend the 30th Anniversary celebration of the National Trust Ecofund.  During her visit, she will also hold several bilateral meetings with the Bulgarian authorities.  

    Our Deputy Managing Director, Nigel Clarke, will travel to Paraguay, Brazil, and the Netherlands next month.  On June 6th, he will launch the IMF’s new regional training program for South America and Mexico, which will be hosted in Asuncion by the Central Bank of Paraguay.  From there, he will travel to Brasilia to deliver a keynote speech on June 10th during the Annual Meeting of the Caribbean Development Bank.  He will also then travel to the Netherlands on June 12th to 13th to participate in the 2025 Consultative Group to Assist the Poor Symposium and to meet with the Dutch authorities.  

    Our Deputy Managing Director, Kenji Okamura, will be in Japan from June 11th to 12th for the 10th Tokyo Fiscal Forum to discuss fiscal frameworks and GovTech in the Asia Pacific region.  

    And finally, on a kind of housekeeping or scheduling issue, the Article IV Consultation for the United States will be undertaken on a later timetable this year, with discussions to be held in November.  

    And with those rather extensive announcements, I will now open the floor to your questions.  For those connecting virtually, please turn on both your camera and microphone when speaking.  All right, let’s open up.  Daniel.

     

    QUESTIONER: Thanks for taking my question.  I just wonder if the IMF has any reaction to the passage of last night in the House of Representatives of the One Big, Beautiful bill.  And a related question, how concerned are you by the increase in yields on long-dated U.S. treasuries?  What do you think it says about the market’s view of U.S. debt going into the future and sort of any possible spillovers for IMF borrowers as well?  MS. KOZACK: On the first question, what I can say is we take note of the passing of the legislation in the House of Representatives earlier this morning.  What we will do is we will look to assess a final bill once it has passed through the Senate and also once it’s been enacted.  And, of course, we will have opportunities to share our assessment over time in the various products where we normally would convey our fulsome views.  

    On your second question, which was on the bond market.   What I can say there is that we know that the U.S. government bonds are a safe haven asset, and the U.S. dollar, of course, plays a key role as the world’s reserve currency.  The U.S. bond market plays a critical role, of course, in finance and in safe assets.  And this is underpinned by the liquidity and depth of the U.S. market and also the sound institutions in the U.S.  We don’t see any changes in those functions.  And, of course, what we can also say is that although there has been some volatility in markets, market functioning, including in the U.S. Treasury market, has so far been orderly.  

     

    QUESTIONER: My question is about Ukraine.  Two topics particularly.  So, the first one, when is the next review of the Ukraine’s EFF is going to be completed, and what amount of money would be disbursed to Kyiv?  And could you please outline the total sum that is remaining within the current program?  And the second part, it’s about debt level.  What is the IMF assessment of current Ukraine’s government debt level?  Is it stable?  Do you see any vulnerabilities and any risks for Ukraine?  Thank you.  

    MS. KOZACK: Any other questions on Ukraine?  Does anyone online want to come in on Ukraine?  Okay, I don’t see anyone.  

    What I can say on Ukraine is that just two days ago, our Staff team started policy discussions with the Ukrainian authorities on the eighth review under the eff.  So, the team is on the ground now.  The discussions are taking place in Kiev and the team will provide an update on the progress at the end of the mission.

    In terms of the potential disbursement, I’m just looking here; that’s the seventh disbursement.  We will come back to you on the size of the disbursement, but it should show in the Staff report for the Seventh Review what would be expected for the Eighth Review.  And it would also show the remaining size of the program.  But we’ll come back to you bilaterally with those exact answers.  

    And what I can then say on the debt side is at the time of the Seventh Review under the program, we assessed debt, Ukraine’s debt to be sustainable on a forward-looking basis and as with every review that the team of course, will update its assessment as part of the eighth review discussion.  We’ll have more to say on the debt as the eighth review continues.  

     

    QUESTIONER: Just one more thing on Ukraine.  Does it make sense for them to consider using the euro as a defense currency for their currency, given the shifting geopolitical sense and what we are seeing with the dollar? MS. KOZACK: So right now, under the program, Ukraine has an inflation targeting regime, and that is where what the program is focused on, our program with Ukraine. So, they have an inflation targeting regime.  They are very much focused on ensuring the stability of that monetary policy regime that Ukraine has.  And, of course, that involves a floating exchange rate.  And I don’t have anything beyond that to say on the currency market.

     

    QUESTIONER: The agreement with the IMF established a target for the Central Bank Reserve to meet by June.  According to the technical projection, does the IMF believe Argentina will meet this target?  And if it’s not met, is it possible that we will grant a waiver in the future?

    MS. KOZACK: anything else on Argentina?  

    QUESTIONER: About Argentina, what is your assessment of the progress of the program agreed with Argentina more than a month after its announcement in last April?  

     

    QUESTIONER: The government is about to announce a measure to gain access to voluntarily, of course, but to the dollars that are “under the mattress”, as we call them, undeclared funds to probably meet these targets that Roman was asking about.  I was wondering if this measure has been discussed with the IMF.  And also, you mentioned Georgieva visiting Paraguay and Brazil, if you there’s any plan to visit Argentina as well?  

    QUESTIONER: President Milei is about to announce, you know, Minister Caputo, in a few minutes that there is a measure to use similar to attacks Amnesty.  Is the IMF concerned that this could violate its regulations against illicit financial flows? 

    MS. KOZACK: So, with respect to Argentina, on April 11th, I think, as you know, our Executive Board approved a new four-year EFF arrangement for Argentina.  It was for $20 billion.  It contained an initial disbursement of $12 billion.  And that the aim of that program is to support Argentina’s transition to the next phase of its stabilization program and reforms.  

    President Milei’s administration’s policies continued to deliver impressive results.  These include the rollout of the new FX regime, which has been smooth, a decline in monthly inflation to 2.8 percent in April, another fiscal surplus in April, and reaching a cumulative fiscal surplus of 0.6 percent of GDP for the year, and efforts to continue to open up the economy.  At the same time, the economy is now expanding, real wages are recovering, and poverty continues to fall in Argentina.  

    The Fund continues to support the authorities in their efforts to create a more stable and prosperous Argentina.  Our close engagement continues, including in the context of the upcoming discussions for the First Review of the program.  This First Review will allow us to assess progress and to consider policies to build on the strong momentum and to secure lasting stability and growth in Argentina.  And in this regard, there is a shared recognition with the authorities about the importance of strengthening external buffers and securing a timely re-access to international capital markets.  

    What I can say on the question about the announcements on that — the question on the undeclared assets.  All I can say right now is that we’re following developments very closely on this, and of course, the team will be ready to provide an assessment in due course.  

    On the second part of that question, I do want to also note, and this is included in our Staff report, that the authorities have committed to strengthening financial transparency and also to aligning Argentina’s AML CFT, the Anti-Money Laundering framework, with international standards, as well as to deregulating the economy to encourage its formalization.  So, any new measures, including those that may be aimed at encouraging the use of undeclared assets, should be, of course, consistent with these important commitments.  

    And on your question about Paraguay and Brazil, I just want to clarify that it is our Deputy Managing Director, Nigel Clarke, who will be traveling to Brazil and Paraguay, not the Managing Director.  

     

    QUESTIONER: Two questions on Syria.  With the U.S. and EU announcing the lifting of sanctions recently, how does this affect any sort of timeline with providing economic assistance?  And secondly, the Managing Director has said that the Fund has to first define data.  Can you just walk through what that entails?  

    MS. KOZACK: Can you just repeat what you said?  The Managing Director has said?

     

    QUESTIONER: The need to define data.  Just sort of a similar question.  I’m just wondering, following the World Bank statement last week about, you know, Syria now being eligible to borrow from the bank, what sort of discussions the Fund has had with the Syrian authorities since the end of the Spring Meetings and, you know, any update you can give us around possible discussions around an Article IV.  

     

    QUESTIONER: About the relationship and if there’s any missed planned virtual or on the ground? 

    MS. KOZACK: Let me step back and give a little bit of an overview on Syria. So, first, you know, we’re, of course, monitoring developments in Syria very closely.  Our Staff are preparing to support the international community’s efforts to help with Syria’s economic rehabilitation as conditions allow.  We have had useful discussions with the new Economic Team who took office in late March, including during the Spring Meetings.  And, of course, you will perhaps have seen the press release regarding the roundtable that was held during the Spring Meetings.  IMF Staff have already started to work to rebuild its understanding of the Syrian economy.  We’ve been doing this through interactions with the authorities and also through coordination with other IFIs. And just to remind everyone, our last Article IV with Syria was in 2009.  So, it’s been quite some time since we have had a substantive engagement with Syria.  Syria will need significant assistance to rebuild its economic institutions.  We stand ready to provide advice and targeted and well-prioritized technical assistance in our areas of expertise. I think this goes a little bit to your question on, like, what do we mean by defining data.  I think what the Managing Director was really referring to there is since it has been such a long time since we have had a substantive engagement with Syria, the last Article IV, as I said, was in 2009.  I think there, what she’s really referring to is the need to really work with the Syrian authorities to rebuild basic economic institutions, including the ability to produce economic statistics, right, so that we — so that we and the authorities and the international community of course, can conduct the necessary economic analysis so that we can best support the reconstruction and recovery efforts.  

    With respect to the lifting of sanctions, what I can say there is that, of course, the lifting of sanctions and the lifting of sanctions are a matter between member states of the IMF.  What we can say in serious cases that the lifting of sanctions could support Syria’s efforts to overcome its economic challenges and help advance its reconstruction and economic development.  Syria, of course, is an IMF member, and as we’ve just said, you know, we are, of course, engaged closely with the Syrians to explore how, within our mandate, we can best support them.  

     

    QUESTIONER: My question is on Russia.  In what ways is the IMF monitoring Russia’s economy under the current sanctions and conflict conditions, and have regular Article IV Consultations or other surveillance activities with Russia resumed to track its economic developments?  

    MS. KOZACK: What I can say with respect to Russia is that we are, our Staff, are analyzing data and economic indicators that are reported by the Russian authorities.  We are also looking at counterparty data that is provided to us by other countries, and this is particularly true for cross-border transactions, as well as data from third-party sources. So, this data collection using official and other sources does allow us to put together a picture of the Russian economy.  

    We did provide an assessment in the 2025 April WEO, the one that we just released about a month ago.  In this WEO, we assess Russia’s growth at — we expect Russia to grow at 1.5 percent in 2025, 0.9 percent in 2026, and we expect inflation to come down to 8.2 percent in 2025 and 4.4 percent in 2026.  And I don’t have a timetable for the Article IV at this time.  

     

    QUESTIONER: I’d like to ask about Deputy Management Director Okamura’s visits to Japan.  So, my question is, what economic topics will be on the agenda during his stay?  Could you tell me a bit more in detail?  

    MS. KOZACK: Deputy Managing Director Okamura will travel to Japan, as I said, from June 11th to 12th, and he will be attending the Tokyo Fiscal Forum.  So, this will be the 10th Tokyo Fiscal Forum.  It’s an annual conference that we co-host in Japan every year and the focus is on issues of fiscal policy. In this particular one, Deputy Managing Director Okamura will be discussing fiscal frameworks. It’s very important for all countries to have sound fiscal frameworks so they can implement sound fiscal policy.  He will also be discussing GovTech not only in Japan but in the Asia Pacific region.  And of course, GovTech is very important for countries because it’s a way of modernizing and making government both provision of services in some cases but also potentially collection of revenue more effective and more efficient.  So, those will be the focus of his discussions in Tokyo.  

     

    QUESTIONER: I have a question on the recent bailout package by IMF to Pakistan.  The Indian government has expressed a lot of displeasure with Pakistan planning to use this package to build — rebuild — areas that allegedly support cross-border terrorism.  Does the IMF have any assessment of this?  Secondly, I also have another question.  Could you please provide information on the majority vote that was received in approving this bailout package for Pakistan on May 9th?  If you can disclose the information.  

    MS. KOZACK: Any other questions on Pakistan?  

     

    QUESTIONER: Just adding to that, do you have an update on the implications of the escalation of facilities in that border between Pakistan and India on both economies.  

     

    QUESTIONER: Thanks a lot.  I guess the only spin I would put on is generally what safeguards does the IMF have that its funds won’t be used for military or in support of military actions, not only there but as a general matter.  And I also, if you’re able to, there was some controversy about the termination of India’s Executive Director of the IMF, K.V. Subramanian.  Do you have any insight into–there are reports there–what it was about but what do you say it’s about?  Thanks a lot.  

    MS. KOZACK: With respect to the Indian Executive Director who had been at the Fund, all I can say on this is that the appointment of Executive Directors is a member for the — is a matter for the member country.  It’s not a matter for the Fund, and it’s completely up to the country authorities to determine who represents them at the Fund.  

    With respect to Pakistan and the conflict with India, I want to start here by first expressing our regrets and sympathies for the loss of life and for the human toll from the recent conflict.  We do hope for a peaceful resolution of the conflict.  

    Now, turning to some of the specific questions about the Board approval of Pakistan’s program, I’m going to step back a minute and provide a little bit of the chronology and timeframe.  The IMF Executive Board approved Pakistan’s EFF program in September of 2024.  And the First review at that time was planned for the first quarter of 2025.  And consistent with that timeline, on March 25th of 2025, the IMF Staff and the Pakistani authorities reached a Staff-Level Agreement on the First Review for the EFF.  That agreement, that Staff-Level Agreement, was then presented to our Executive Board, and our Executive Board completed the review on May 9th.  As a result of the completion of that review, Pakistan received the disbursement at that time.  

    What I want to emphasize here is that it is part of a standard procedure under programs that our Executive Board conducts periodic reviews of lending programs to assess their progress.  And they particularly look at whether the program is on track, whether the conditions under the program have been met, and whether any policy changes are needed to bring the program back on track.  And in the case of Pakistan, our Board found that Pakistan had indeed met all of the targets.  It had made progress on some of the reforms, and for that reason, the Board went ahead and approved the program.  

    With respect to the voting or the decision-making at our Board, we do not disclose that publicly.  In general, Fund Board decisions are taken by consensus, and in this case, there was a sufficient consensus at the Board to allow us to move forward or for the Board to decide to move forward and complete Pakistan’s review.  

    And with respect to the question on safeguards, I do want to make three points here.  The first is that IMF financing is provided to members for the purpose of resolving balance of payments problems.  

    In the case of Pakistan, and this is my second point, the EFF disbursements, all of the disbursements received under the EFF, are allocated to the reserves of the central bank.  So, those disbursements are at the central bank, and under the program, those resources are not part of budget financing.  They are not transferred to the government to support the budget. 

    And the third point is that the program provides additional safeguards through our conditionality.  And these include, for example, targets on the accumulation of international reserves.  It includes a zero target, meaning no lending from the central bank to the government.  And the program also includes substantial structural conditionality around improving fiscal management.  And these conditions are all available in the program documents if you wanted to do a deeper dive.  And, of course, any deviation from the established program conditions would impact future reviews under the Pakistan program.  

     

    QUESTIONER: I have a question on Egypt.  There is a mission in Egypt for the First Review of the EFF loan program.  So, can you please update us on the ongoing discussions, especially since the Prime Minister of Egypt announced yesterday that the program could be concluded in 2027 rather than 2026?  

    MS. KOZACK: Any other questions on Egypt?  I have a question from the Press Center on Egypt, which I will read aloud.  The question is when will the Fifth Review currently underway with the Egyptian government be concluded, and when will the Executive Board approve this review?  And how much money will Egypt receive once the review is approved?  

    So, here’s what I can share on Egypt.  First, let me start here.  So first, I just want to say that the Fund remains committed to supporting Egypt in building its economic resilience and fostering higher private sector-led growth.  Egypt has made clear progress on its macroeconomic reform program, with notable improvements in inflation and foreign exchange reserves.  For the past few weeks, IMF Staff has had productive discussions with the Egyptian authorities on economic performance and policies under the EFF.  As Egypt’s macroeconomic stabilization is taking hold, efforts must now focus on accelerating and deepening reforms that will reduce the footprint of the state in the Egyptian economy, level the playing field, and improve the business environment.  Discussions will continue between the IMF and the Egyptian authorities on the remaining policies and reforms that could support the completion of the Fifth Review.  

     

    QUESTIONER: My question is about Sri Lanka.  Sri Lanka’s program is subject to IMF Board approval.  The review is subject to IMF Board approval, but we still haven’t got any word on when that would be.  Is there any delay in this?  And is this delay attributed to the pending electricity adjustments, tariff adjustments, that the Sri Lankan government has committed to?  

    MS. KOZACK: So just stepping back for a minute.  On April 25th, IMF Staff and the Sri Lankan authorities reached Staff-Level Agreement on the Fourth Review of Sri Lanka’s program under the EFF.  And once the review is approved by our Executive Board, Sri Lanka will have access to about $344 million in financing.  Completion of the review is subject to approval by the Executive Board, and we expect that Board meeting to take place in the coming weeks.  

    The precise timing of the Board meeting is contingent on two things.  The first is implementation of prior actions, and the main prior actions are relating to restoring electricity, cost recovery pricing and ensuring proper function of the automatic electricity price adjustment mechanism.  And the second contingency is completion of the Financing Assurances Review, which will focus on confirming multilateral partners, committed financing contributions to Sri Lanka and whether adequate progress has been made in debt restructuring.  So, in a nutshell, completion of the review is subject to approval by the Executive Board.  We expect the Board meeting to take place in the coming weeks.  And it’s contingent on the two matters that I just mentioned.  

     

    QUESTIONER: Thank you for having my questions on Ecuador.  Since the IMF is still completing the second review under the EFF program for Ecuador, do you think it’s going to be time to change the program, the goals, or maybe the amount of the program?  Because Ecuador is now facing different challenges compared to 2024.  The oil prices are falling, so that is going to affect the fiscal situation for Ecuador.  And also, I would like to know if Ecuador is still looking for a new program under the RSF.  And the last one, I would like to know if, do you think that Ecuador is going to need to make some important changes this year on oil subsidies and a tax reform?  I think, as I said, Ecuador now is facing some important challenges in the fiscal situation, so do you think it’s going to be possible because of, you know, all the social protests and all that kind of stuff?  Do you think it’s going to be possible to do that in Ecuador?  

     

    QUESTIONER: Is there a request, an official request, in place to modify the program?  And if there is, of course, details of the new one, you can share.  

    MS. KOZACK: And then I have one question online from the Press Center regarding Ecuador.  Is the sovereign negotiating new targets, given their fiscal position deteriorated compared to last year?  Our understanding is that $410 million was not dispersed under the First Review.?

    So let me share what I can on Ecuador.  So, right now, representatives from the IMF, the World Bank, and the Inter-American Development Bank are in Quito this week to meet with the authorities and discuss the strengthening of financial and technical support to the country.  As part of this tripartite visit, we have a new IMF Mission Chief who is participating, and she is also using that opportunity to have courtesy meetings with the authorities and to continue discussions and advance toward a Second Review under Ecuador’s EFF.  

    What else I can add, just as background, is that the Executive Board in December approved the First Review of Ecuador’s 48-month EFF.  About $500 million was disbursed after the approval of that Frist Review.  And at that time, the Executive Board also concluded the Article IV Consultation.

    I can also say that the authorities have made excellent progress in the implementation of their economic program under the EFF.  And regarding the precise timing of the Second Review, we will provide an update on the next steps in due course and when we’re able to do so.  

     

    QUESTIONER: Just a quick question on tariffs.  I’m just wondering if the IMF has a response to the U.S.-China deal that was struck in Geneva earlier this month.  You know, if the deal holds, I appreciate it’s a 90-day pause, but if the deal holds, how would you foresee that changing the Fund’s current economic forecast for the U.S. and China and for the global economy?  Thanks.  

    MS. KOZACK: As you noted, earlier in May, China and the U.S. announced a 90-day rollback of most of the bilateral tariffs imposed since April 2nd, and they established a mechanism to discuss economic and trade relations.  The two sides reduced their tariff from peak levels, leaving in place 10 percent additional tariffs.  So, the additional tariffs before this agreement were 125 percent.  Now, the additional tariff has agreed to be 10 percent, you know, for the 90 days.  This is obviously a positive step for the world’s two largest economies.

    What I can also add is that for the U.S., you may recall, during the Spring Meetings, we talked a lot about the overall effective tariff rate for the U.S.  At that time, we assessed it at 25.5 percent.  This announcement and the reduction in tariffs will bring the U.S. effective tariff rate down to a bit over 14 percent.  

    Now, with respect to the impact, what I can say is that the reduction in tariffs and the easing of tensions does provide some upside risk to our global growth forecast.  We will be updating that global growth forecast as part of our July WEO.  And so that will give us an opportunity to provide a full assessment.  All of this said, of course, the outlook, the global outlook in general does remain one of high uncertainty.  And so that uncertainty is still with us.  

     

    QUESTIONER: I have a broad question regarding the following – at the IMF World Bank Spring Meeting, the recent one,  the Treasury Secretary Bessent called for the IMF and the World Bank to refocus on their core mission on macroeconomic stability and development.  Did the IMF start any discussion on this topic with the U.S. administration?  And my second question, do you foresee any changes to your lending programs to take into account the views of the Trump Administration regarding issues like climate change and international development?  Thank you.  

    MS. KOZACK: What I can say on this is the U.S. is our largest shareholder, and we greatly value the voice of the United States.  We have a constructive engagement with the U.S. authorities, and we very much appreciate Secretary Bessent’s reiteration of the United States’ commitment to the Fund and to our role.  The IMF has a clearly defined mandate to support economic and financial stability globally.  Our Management Team and our entire Staff are focused exactly on this mandate, helping our 191 members tackle their economic challenges and their balance of payments risks.  

    What I can also add is that at the most recent Spring Meetings, the ones we just had in April, our membership identified two areas where they’ve asked the IMF to deepen our work.  And the first is on external imbalances, and the second is on our monitoring of the financial sector.  So they’re looking for us to really deepen our work in these two areas.  

    As far as taking that work forward, we will continue working with our Executive Board on these areas, as well as to carry out some important policy reviews.  And I think the Managing Director referred to these during the Spring Meetings.  The first is the Comprehensive Surveillance Review, which will set out our surveillance priorities for the next five years.  And the second is the review of program design and conditionality.  And that will carefully consider how our lending can best help countries address low growth challenges and durably resolve their balance of payments weaknesses.  

    I have a slight update for you on Ukraine, which says — so the eighth — so if we look at the documents that were published at the time of the Seventh Review program, the one that was approved by the Executive Board a little while ago, based on that, the Eighth Review disbursement would be about $520 million.  And, the discussions of the Eighth Review are ongoing, and any disbursement, as always, is subject to approval by our Executive Board. 

    And with that, I will bring this press briefing to a close.  So first, let me thank you all for your participation today.  As a reminder, the briefing is embargoed until 11:00 a.m. Eastern Time in the United States.  As always, a transcript will be made available later on IMF.org.  In case of any clarifications or additional queries, please do not hesitate to reach out to my colleagues at media@imf.org.  This concludes our press briefing, and I wish everyone a wonderful day.  I look forward to seeing you next time.  Thanks very much.

     

      

    *  *  *  *  *

     

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

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

    MIL OSI Economics –

  • MIL-OSI: Stifel Reports April 2025 Operating Data

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, May 22, 2025 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today reported selected operating results for April 30, 2025 in an effort to provide timely information to investors on certain key performance metrics. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed.

    Ronald J. Kruszewski, Chairman and Chief Executive Officer, said, “Total client assets and fee-based assets increased 7% and 11%, respectively, from the same period a year ago, due to market appreciation and our continued success in recruiting productive financial advisors. On a month-on-month basis, both our total client assets and fee-based assets finished relatively in-line with March levels, despite significant volatility in the equities markets. Client money market and insured product balances decreased 5% in April as both Smart Rate and Sweep deposits were negatively impacted by typical seasonality.”

    Selected Operating Data (Unaudited)
      As of   % Change
    (millions) 4/30/2025 4/30/2024 3/31/2025   4/30/2024 3/31/2025
    Total client assets $485,551 $454,023 $485,860   7% (0)%
    Fee-based client assets $190,545 $171,422 $189,693   11% 0%
    Private Client Group fee-based client assets $166,029 $150,125 $166,035   11% (0)%
    Bank loans, net (includes loans held for sale) $21,536 $19,962 $21,241   8% 1%
    Client money market and insured product (1) $26,073 $26,318 $27,444   (1)% (5)%

    (1)   Includes Smart Rate deposits, Sweep deposits, Third-party Bank Sweep Program, and Other Sweep cash.

    Company Information

    Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

    Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations

    The MIL Network –

  • MIL-OSI USA: Luján, Cruz Introduce Bipartisan Bill to Streamline Land Port of Entry Permits

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján

    Washington, D.C. – U.S. Senators Ben Ray Luján (D-N.M.) and Ted Cruz (R-Texas) introduced the International Bridge and Port of Entry Modernization Act. This legislation expedites the presidential permitting process for all international bridges and land ports of entry.

    “Ports of entry and international bridges are vital to the economic success of our border communities, supporting trade, business, and tourism. Yet, new border crossings are too often held up by the presidential permit process. I’m proud to introduce bipartisan legislation that will help streamline this process and deliver real investments to Santa Teresa and Sunland Park in New Mexico,” said Senator Luján.

    “Streamlining the permitting process for bridge infrastructure between Texas and Mexico has been a top priority of mine. This bill builds on and expands our success in securing presidential permits for four major international bridge projects in South Texas by streamlining the approval process for all future international bridges along the Texas–Mexico border. I strongly urge my colleagues to pass this bill so it can be sent to the President for signature,” said Senator Cruz.

    Specifically, the International Bridge and Port of Entry Modernization Act would:

    • Expand the scope to include all international land ports of entry along the U.S.-Mexico and U.S.-Canada borders;
    • Add the word “sole” before “basis” to clarify that the State Department should not consider other factors besides America’s foreign policy interest;
    • Include language for the State Department to not consider NEPA during their decision making for the purpose of a presidential permit. NEPA would be considered for any new international bridge or port of entry before construction or expansion.

    Read the full text of the bill here.

    MIL OSI USA News –

  • MIL-OSI Canada: People facing barriers to employment will gain experience for in-demand jobs

    Source: Government of Canada regional news

    The Province, in partnership with the Government of Canada, is providing $7.7 million over two years to create work opportunities for people facing significant barriers to employment.

    “We want people to have the support they need, especially amid global inflation, increased cost of living and uncertainty from tariffs,” said Sheila Malcolmson, B.C. Minister of Social Development and Poverty Reduction. “For those who want to work but face barriers, this funding will provide paid work experience and help them build a path to rewarding employment.”

    Administered by United Way BC over two years, the Work Experience Opportunities Grant (WEOG) will offer grants to non-profit organizations to create time-limited paid work opportunities for people on income and disability assistance and Indigenous people receiving equivalent federal assistance. The program will provide additional income without affecting income or disability-assistance benefits.

    “Many British Columbians face significant barriers to employment,” said Kim Winchell, chief program and impact officer, United Way BC. “United Way BC is committed to supporting people in need throughout our province. Program participants receive paid, hands-on work experience in non-profits to improve their skills and employability, preparing them for in-demand jobs. We’re excited for people to build professional networks and connections that can help them in their future careers.”

    Placements will provide participants with opportunities to contribute to their communities and enhance their job security while gaining skills and experience. Participants will have access to career-transition services, including job-placement support, further training opportunities or mentorship that can help them in future careers.

    This program is funded through the Canada-British Columbia Labour Market Development Agreement.

    Quotes:

    Patty Hajdu, federal Minister of Jobs and Families –

    “On-the-job experience is the surest path to lasting employment. Today’s $7.7-million investment in the Work Experience Opportunities Initiative is helping pair more Canadians seeking work with job openings in high-demand sectors. The federal government is supporting Canadian talent, removing barriers to employment, and building the strongest workforce in the G7.”

    Ross Oh, food hub manager, Collingwood Neighbourhood House –

    “We welcome this new grant as a meaningful step toward building more inclusive communities. At Collingwood Neighbourhood House, we’ve seen first-hand how providing employment opportunities to individuals on income or disability assistance not only strengthens our programs, but also fosters dignity, purpose and connection. This support will allow us to enhance services like our Community Lunch Program while ensuring that those who face barriers to employment are included and empowered.”

    Quick Facts:

    • The Work Experience Opportunities Grant (WEOG) is expected to support as many as 1,200 people.
    • Participants will complete 200-240 hours of work experience. 
    • United Way BC is partnered with more than 800 non-profit organizations throughout the province, including arts, culture, environmental, Indigenous, social services and sport groups.   
    • Grant applications may be made from June 2, 2025 until July 15, 2025.
    • This year, the Government of British Columbia will receive nearly $300 million through the Canada-British Columbia Labour Market Development Agreement, supporting approximately 130,000 people in B.C. annually. 

    Learn More:

    For more information about the Work Experience Opportunities Grant, visit: https://uwbc.ca/program/grants/#provincial   

    To learn more about available WorkBC Employment services, visit: https://www.workbc.ca/discover-employment-services   

    MIL OSI Canada News –

  • MIL-OSI: Athene Holding Ltd. Declares Second Quarter 2025 Preferred Stock Dividends

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, May 22, 2025 (GLOBE NEWSWIRE) — Athene Holding Ltd. (“Athene”) announced that it has declared the following preferred stock dividends on its non-cumulative preferred stock (represented by depositary shares, each representing a 1/1,000th interest in a share of preferred stock), payable on June 30, 2025 to holders of record as of June 15, 2025.

    • Quarterly dividend of $396.875 per share on the company’s 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”); holders of depositary shares will receive $0.396875 per depositary share.
    • Quarterly dividend of $351.5625 per share on the company’s 5.625% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series B (the “Series B Preferred Stock”); holders of depositary shares will receive $0.3515625 per depositary share.
    • Quarterly dividend of $398.4375 per share on the company’s 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C (the “Series C Preferred Stock”); holders of depositary shares will receive $0.3984375 per depositary share.
    • Quarterly dividend of $304.6875 per share on the company’s 4.875% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series D (the “Series D Preferred Stock”); holders of depositary shares will receive $0.3046875 per depositary share.
    • Quarterly dividend of $484.375 per share on the company’s 7.750% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series E (the “Series E Preferred Stock”); holders of depositary shares will receive $0.484375 per depositary share.

    Depositary shares for the Series A Preferred Stock are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “ATHPrA,” depositary shares for the Series B Preferred Stock are listed on the NYSE under the ticker symbol “ATHPrB,” depositary shares for the Series C Preferred Stock are listed on the NYSE under the ticker symbol “ATHPrC,” depositary shares for the Series D Preferred Stock are listed on the NYSE under the ticker symbol “ATHPrD,” and depositary shares for the Series E Preferred Stock are listed on the NYSE under the ticker symbol “ATHPrE.”

    About Athene
    Athene is a leading retirement services company with over $380 billion of total assets as of March 31, 2025, and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.

    Contact:

    Jeanne Hess
    VP, External Relations
    +1 646 768 7319
    jeanne.hess@athene.com

    The MIL Network –

  • MIL-OSI: Clear Blue Technologies International to provide Corporate Update and Report Q1 2025 Financial Results and Host Conference Call on Thursday, May 29th, 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 22, 2025 (GLOBE NEWSWIRE) — Clear Blue Technologies International Inc. (TSXV: CBLU) the Smart Off-Grid™ Company, today announces that it will provide a corporate update and also report financial results for its first quarter 2025 on Wednesday May 28, 2025, after the market closes.

    Welcome to Clear Blue 2.0!

    Clear Blue has successfully completed its financial restructuring and is now positioned to move forward and execute on the opportunity ahead. The Company has been very busy. Clear Blue will host a conference call on Thursday May 29th, at 11:00 a.m. Eastern Time, to review the financial restructuring, the Company’s 2024 results, and to provide an update on its 2025 outlook and growth plan going forward. Those interested can register at:

    Registration Link

    https://us06web.zoom.us/webinar/register/WN_06KGLRU8Tf6oobFxiB1LtQ

    About Clear Blue Technologies International

    Clear Blue Technologies International, the Smart Off-Grid™ company, was founded on a vision of delivering clean, managed, “wireless power” to meet the global need for reliable, low-cost, solar and hybrid power for lighting, telecom, security, Internet of Things devices, and other mission-critical systems. Today, Clear Blue has thousands of systems under management across 37 countries, including the U.S. and Canada. (TSXV: CBLU) (FRA: 0YA) (OTCQB: CBUTF)

    Legal Disclaimer:

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    For more information, contact:

    Miriam Tuerk, Co-Founder and CEO
    +1 416 433 3952
    miriam@clearbluetechnologies.com
    www.clearbluetechnologies.com/en/investors

    The MIL Network –

  • MIL-OSI: Acceleware Ltd. Reports First Quarter 2025 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 22, 2025 (GLOBE NEWSWIRE) — Acceleware® Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), an advanced electromagnetic (“EM”) heating company with highly scalable solutions for large industrial applications, today announced its financial and operating results for the three months ended March 31, 2025 (all figures are in Canadian dollars unless otherwise noted). The Company’s products are branded EM Powered Heat and provide a pathway to economically electrify and decarbonize industrial heating processes previously considered difficult to abate. EM Powered Heat technology is powered by the Company’s proprietary Clean Tech Inverter (“CTI”) for applications including enhanced oil recovery (“RF XL”), mining and mineral processing, carbon capture, cement and concrete, and agri-food. In addition to EM Powered Heat, the Company also provides specialized scientific high-performance (“HPC”) software. This news release should be read in conjunction with the Company’s unaudited interim condensed financial statements and the accompanying notes for the three months ended March 31, 2025 and management’s discussion and analysis (“MD&A”) thereto, together with the audited financial statements for the year ended December 31, 2024, notes and MD&A thereto, all of which are available on Acceleware’s website at www.acceleware.com or on www.sedarplus.ca.

    HIGHLIGHTS

    Financial highlights:

      Three Months Ended
        March 31, 2025     March 31, 2024  
    Revenue $ 431,226   $ 43,594  
    Comprehensive loss $ (382,195 ) $ (969,971 )
    R&D expenditures $ 420,829   $ 501,115  
                 

    Acceleware is piloting RF XL at its commercial-scale RF XL pilot project at Marwayne, Alberta (the “RF XL Pilot”). The RF XL Pilot successfully demonstrated the potential of the technology in an operational environment. RF XL is the first application of the Company’s patent-protected CTI. Functionality of the CTI has been proven through scaled field tests conducted in 2019 and 2020, and over six months of operation at the RF XL Pilot. Please refer to the RF XL PILOT UPDATE section below for more information, and to the MD&A for a complete RF XL Pilot update.

    Based on positive results to date, Acceleware remains confident that RF XL will become viable as a critical technology in the effort to reduce production costs and decarbonize heavy oil and oil sands production. In 2024, the Company’s operations team continued data analysis, “history-matching” simulations and other analyses of operational data from tests in 2022. The analysis provides evidence that the operation of the RF XL Pilot resulted in sustained heating of the formation around the heating well prior to the pause in operations for maintenance and inspection. In particular, the Company successfully injected RF power into the heating well for over 200 days — a significant milestone and something that has never been achieved before. Also of note is that the CTI successfully operated for seven consecutive months at a variety of power levels and operating conditions during this time.

    In the three months ended March 31, 2025, the Company continued to work on the next iteration of the RF XL subsurface system to more concretely address technical issues that were illuminated during the first phase of heating at the RF XL Pilot. These iterations are also expected to significantly reduce the complexity of the subsurface structure, while reducing manufacturing and deployment costs once commercialized. This redesign work is now complete and ready for manufacturing and deployment. The Company is seeking funding for a second phase of heating at the RF XL Pilot incorporating the new subsurface design and existing surface facilities including the CTI. During 2024 the Company confirmed that the expected cost to redeploy the upgraded design at Marwayne would be approximately $5 million including contingency. Also in 2024, the Company announced that it had secured a total of up to $1.3 million in non-dilutive funding from the Clean Resource Innovation Network (“CRIN”) for the next phase of the RF XL Pilot, contingent on the Company sourcing the remaining $3.7 million. The Company has identified several industry and government potential funders and has discussed the project with them. The purpose of the second phase of heating at the RF XL Pilot is to enable higher power to be distributed into the reservoir for a sustained period, resulting in higher reservoir temperatures and oil production, to advance the potential commercial viability of RF XL technology.

    In addition to development work, and with results gained from RF XL deployment in Marwayne to date, Management has also initiated a strategic review of the commercialization plan for RF XL. The process involved analyzing various heavy oil and bitumen reservoirs in western Canada, with the goal of identifying the optimal resources for the demonstration of commercial viability of RF XL. These reservoirs included not only the vast McMurray oil sands, but also heavy oil plays including the Clearwater in north-central Alberta, the Bluesky in west-central Alberta, and the Mannville Stack in eastern Alberta and western Saskatchewan. The review process has led Management to conclude that heavy oil plays offer the greatest near-term potential for commercializing RF XL, due to lower initial capital per well, ability to scale from one heating well to many, lower operating cost to effectively decrease viscosity, and the potential for significant incremental production and ultimate recovery to make uneconomic resources economic. Once proven in heavy oil, Management believes the oil sands will offer significant market expansion potential.

    In Q1 2025 Acceleware’s board of directors approved an initiative proposed by Management to investigate (in parallel with continued effort to progress a second phase of heating at Marwayne) the opportunity for Acceleware, as an operator, to acquire rights to a suitable heavy oil property, and thereafter apply RF XL as a secondary recovery method to improve the property’s production, cashflow, ultimate recovery and asset valuation. Under this scenario, Acceleware would benefit from the valuation enhancement brought about by RF XL. Management has commenced its investigation pursuant to this initiative as of the date of this news release. In the three months ended March 31, 2025 the Company’s subsurface team refined its reservoir selection criteria and identified several promising locations for a commercial demonstration of RF XL.

    As of the date of this news release, the Company completed additional IMII-funded testing of a 100kg per hour prototype potash dryer with further promising results. IMII and its participating members had requested additional testing under various scenarios before considering the Company’s Phase 3 proposal for the design, construction and testing of a new, larger-scale prototype. Acceleware expects to learn if IMII and its members will sanction a Phase 3 project later this year. IMII’s minerals industry members include BHP, Cameco Corporation, Fission Uranium Corp., The Mosaic Company and Nutrien Ltd.

    During the three months ended March 31, 2025, Acceleware continued to invest in developing and protecting new intellectual property with the number of patents issued, allowed, applied for, or in development totalling 62. The Company has 28 patents granted or allowed to protect various proprietary technologies and 34 patent applications pending or under development. The Company uses an integrated strategy for IP protection involving a combination of patenting and trade secrets, working closely with the patent offices and intellectual property advisors.

    RF XL PILOT UPDATE
    Acceleware plans to initiate a second phase of heating after completing a proposed significant subsurface design upgrade to address the moisture ingress issue. Prior to the next phase of heating, all RF XL subsurface components will be removed, and substantially upgraded, and then redeployed. This plan was developed in consultation with industry partners and service providers and among the alternatives examined, it is expected to have the highest probability of achieving higher power injected into the reservoir for a sustained period. The subsurface design was further refined in Q1 2025 to more completely address the moisture ingress issue, to increase simplicity and to reduce costs for the commercial product. The refined design is not expected to materially impact the estimated cost for the second phase of heating at the RF XL Pilot. An estimated additional $5 million of funding is required to complete the redeployment including contingency, and Acceleware is actively working to raise these funds. Acceleware has secured $1.3 million partial funding for the redeployment conditional on securing the balance of the funds from industry partners or other sources. The final timing and cost of the redeployment and subsequent heating is uncertain and remains primarily dependent on financing, partner investment, the time required to source the remaining financing, and the successful deployment of repairs and components.

    Total direct funding received for the first phase of the RF XL Pilot was $24.4 million and included $5.9 million from Alberta Innovates, $5.5 million from Sustainable Development Technology Canada (“SDTC”), $5.0 million from Emissions Reduction Alberta (“ERA”), $3.0 million from CRIN and $5.0 million in aggregate from three oil sands operators. See discussion below in Financial Summary. In exchange for funding, the oil sands operators received exclusive access to detailed technical data and test results, prioritized rights to host a subsequent test, preferred pricing on pre-commercial products and preferred access to RF XL products. These major oil sands producers represent well over one million barrels of oil sands and heavy oil production per day.

    QUARTER IN REVIEW
    Revenue of $431 thousand was recorded in the three months ended March 31, 2025 (“Q1 2025”) compared to $44 thousand in the three months ended March 31, 2024 (“Q1 2024”) and $1.9 million in the previous quarter ended December 31, 2024 (“Q4 2024”). Revenue in Q4 2024 was substantially associated with deferred revenue recognized relating to a contract with one oil sands producer for the RF XL Pilot.

    Total comprehensive loss for Q1 2025 was $383 thousand compared to a comprehensive loss of $1.0 million for Q1 2024 and comprehensive income of $0.9 million for Q4 2024. The reduction in comprehensive loss in Q1 2025 compared to Q1 2024 was due to higher revenue and a significant reduction in R&D and G&A expenses. Comprehensive income in Q4 2024 was higher due to revenue related to the RF XL Pilot. Finance expense includes interest expense on convertible debentures and notes payable which are funding the Company’s working capital. Comprehensive income in all periods was impacted by changes in value of the derivative financial instruments embedded within the convertible debenture. The changes in derivative value are driven primarily by the fluctuation in the Company’s share price.

    R&D expenses incurred in Q1 2025 were $421 thousand compared to $501 thousand in Q1 2024 and $581 thousand in Q4 2024. R&D spending in Q1 2025 and Q4 2024 was related to the IMII dryer for potash ore and included lab engineering, designing and testing, data analysis, and partner consultations, and to further engineering on the next iteration of the RF XL Pilot. R&D spending in Q1 2024 was related to the RF XL Pilot. There was $nil government assistance received in Q1 2025, Q4 2024 and Q1 2024.

    G&A expenses incurred in Q1 2025 were $253 thousand compared to $452 thousand in Q1 2024 and $315 thousand in Q4 2024. There were lower non-cash payroll related costs incurred in Q1 2025 due to the timing of option grants and lower professional fees as the Company continues to prioritize cost control given uncertain economic conditions.

    As at December 31, 2024, Acceleware had negative working capital of $3.6 million (December 31, 2024 – negative working capital of $3.4 million) including cash and cash equivalents of $211 thousand (December 31, 2024 – $272 thousand). The increase in negative working capital is attributable to the decrease in cash as well as an increase in short term notes payable, and an increase in deferred management compensation.

    In the interests of matching cash requirements with a combination of cash generated from operations, external funding, and capital raising activities, the Company actively manages its cash flow and investments in new products. Acceleware intends to maximize cash generated from operations through several initiatives which include continuing to focus on higher gross margin software products that are marketed through a combination of direct and reseller models; minimizing operating expenses where possible; and limiting capital expenditures. As the Company continues to develop its RF Heating technology, new R&D investments will be financed through a combination of internal cash flow from the HPC business, project funding agreements, government assistance and external financing, when available.

    ABOUT ACCELEWARE:
    Acceleware is an innovator of clean-tech decarbonization technologies comprised of two business units: Radio Frequency Heating Technology and Seismic Imaging Software.  

    Acceleware is piloting RF XL, its patented low-cost, low-carbon production technology for heavy oil and oil sands that is materially different from any heavy oil recovery technique used today. Acceleware’s vision is that electrification of heavy oil and oil sands production can be made possible through RF XL, supporting a transition to much cleaner energy production that can quickly bend the emissions curve downward. With clean electricity, Acceleware’s RF XL technology could eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands production. RF XL uses no water, requires no solvent, has a small physical footprint, can be redeployed from site to site, and can be applied to a multitude of reservoir types. Acceleware is also actively developing partnerships for RF heating of other industrial applications using the Company’s proprietary CTI.

    Acceleware and Saa Dene Group (co-founded by Jim Boucher) have created Acceleware | Kisâstwêw to raise the profile, adoption, and value of Acceleware technologies. The shared vision of the partnership is to improve the environmental and economic performance of the energy sector by supporting ideals that are important to Indigenous peoples, including respect for land, water, and clean air.

    The Company’s seismic imaging software solutions are state-of-the-art for high fidelity imaging, providing the most accurate and advanced imaging available for oil exploration in complex geologies. Acceleware is a public company listed on Canada’s TSX Venture Exchange under the trading symbol “AXE”.

    NOTE REGARDING FORWARD-LOOKING INFORMATION AND OTHER ADVISORIES
    This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally means information about an issuer’s business, capital, or operations that are prospective in nature, and includes disclosure about the issuer’s prospective financial performance or financial position. 

    The forward-looking information in this press release can be identified by terms such as “believes”, “estimates”, “plans”, “potential”, and “will”, and includes information about, the expected commercialization of RF XL, the expected cost of the RF XL Pilot, the timing of the execution of the RF XL Pilot and the redeployment, expected financing required for the RF XL Pilot redeployment, the anticipated economic and societal benefits of the RF XL technology, and the future development plans related to potash ore drying prototypes. Acceleware assumes that current cost estimates are accurate, current timelines will not be delayed by either internal or external causes, that research and development effort including the commercial-scale test plans will result in commercial-ready products, and that future capital raising efforts will be successful.  

    Actual results may vary from the forward-looking information in this press release due to certain material risk factors. These risk factors are described in detail in Acceleware’s continuous disclosure documents, which are filed on SEDAR at www.sedar.com. 

    Acceleware assumes no obligation to update or revise the forward-looking information in this press release, unless it is required to do so under Canadian securities legislation. 

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this release in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. 

    DISCLAIMER

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    For more information:
    Geoff Clark
    Tel: +1 (403) 249-9099
    geoff.clark@acceleware.com

    Acceleware Ltd.
    435 10th Avenue SE
    Calgary, AB, T2G 0W3
    Canada
    Tel: +1 (403) 249-9099
    www.acceleware.com

    The MIL Network –

  • MIL-OSI: Petrus Announces Results of Annual General Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 22, 2025 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company“) (TSX: PRQ) is pleased to announce that its shareholders approved all resolutions at its annual general meeting of shareholders held yesterday (the “Meeting“). The resolutions approved at the Meeting were as follows:

    The resolution to fix the number of directors of the Company to be elected at the Meeting at five (5) directors was approved.

    The resolution to appoint the five (5) nominees as directors of the Company to serve until the next annual meeting of shareholders of the Company, was passed by way of ballot and the directors received the following votes:

                         
    Nominee   Outcome
    of Vote    		   Votes For   % For   Votes Withheld   % Withheld
                         
    Donald Gray

    Donald Cormack

    Patrick Arnell

    Ken Gray

    Peter Verburg

    		   Elected

    Elected

    Elected

    Elected

    Elected

    		   104,062,316

    104,052,404

    103,837,554

    104,052,866

    103,950,141

    		   99.96

    99.95

    99.75

    99.96

    99.86

    		   37,360

    47,272

    262,122

    46,810

    149,535

    		   0.04

    0.05

    0.25

    0.04

    0.14
                         

    The ordinary resolution approving the unallocated restricted share unit awards under the Company’s restricted share unit award plan and ratifying the previous grants of restricted share unit awards was approved.

    The resolution to appoint PricewaterhouseCoopers LLP, Chartered Professional Accountants of Calgary, Alberta as the Company’s auditors was approved.

    ABOUT PETRUS
    Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.

    For further information, please contact:
    Ken Gray
    President and Chief Executive Officer
    T: 403-930-0889
    E: kgray@petrusresources.com

    The MIL Network –

  • MIL-OSI USA: Cramer Appointed as Co-Chair of Canada-United States Interparliamentary Group

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)

    WASHINGTON, D.C. – Established in 1959, the Canada-United States Interparliamentary Group is tasked with promoting better understanding and cooperation between Canadian parliamentarians and U.S. members of Congress. The association is comprised of nearly 90 members and serves as a forum to discuss key bilateral and multilateral issues impacting both countries.

    U.S. Senator Kevin Cramer (R-ND) is the newest member of the group. Cramer’sappointment as co-chair of the Senate delegation is a continuation of his efforts to support the American-Canadian relationship. In June 2023, Cramer joined U.S. Senator Angus King (I-ME) in launching and co-chairing the bipartisan, bicameral American-Canadian Economy and Security Caucus to strengthen ties with Canada. Cramer was previously a member of the Canada-United States Interparliamentary Group from 2013 to 2019 when he was a member of the U.S. House of Representatives and served as co-chair of the House Northern Border Caucus.

    “The Canada-United States Interparliamentary Group is a strategic venue for legislators in Washington and Ottawa to engage on the shared issues our nations face,” said Cramer. “Just like iron sharpens iron, the alliance between Canada and the United States is dependent on open, honest dialogue on what binds us together and where improvements are needed. I’m honored to be appointed as co-chair of the Canada-United States Interparliamentary Group and look forward to strengthening our alliance and working on resolving mutual concerns.”

    The association holds a meeting each year, alternating between Canada and the United States to address priorities and policy differences on issues such as trade, energy, infrastructure, and defense. During the event, attendees seek to identify shared values and find possible solutions to a variety of concerns to both countries. As a newly appointed member of the association, Cramer will travel to Canada today to meet with Canadian leadership.   

    In March 2024, on behalf of North Dakota, Cramer received the Embassy of Canada’s Maple Leaf Award from Ambassador Kirsten Hillman and Consul General Beth Richardson. North Dakota sells more exports to Canada than to all other nations in the world combined, and this award recognizes the incredible volume of trade between the two countries.

    MIL OSI USA News –

  • MIL-OSI: RCF Opportunities Fund II L.P. Files Early Warning Report Regarding Common Shares of Defense Metals Corp.

    Source: GlobeNewswire (MIL-OSI)

    DENVER, May 22, 2025 (GLOBE NEWSWIRE) — RCF Opportunities Fund II L.P. (“RCF”) reports that it has filed an early warning report under National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in respect of the common shares (the “Common Shares”) in the capital of Defense Metals Corp. (the “Company”).

    On May 21, 2025, the Company issued an aggregate of 32,277,963 Common Shares to holders of secured convertible notes of the Company (the “Convertible Notes”), upon automatic conversion of the Convertible Notes at a price of C$0.125 per Common Share, and in full satisfaction of the accrued interest on the Convertible Notes (the “Conversion Issuance”). Of this amount, the Company issued an aggregate of 4,080,012 Common Shares to RCF upon the conversion of RCF’s C$500,000 Convertible Note, and in full satisfaction of the accrued interest thereon.

    On the same day, RCF subscribed for 1,720,370 units (the “Units”) of the Company at C$0.15 per Unit, for total proceeds of C$258,055.50, issued pursuant to a concurrent brokered and non-brokered private placement of the Company (the “Private Placement”, and together with the Conversion Issuance, the “Transactions”). The Company issued an aggregate of 36,841,068 Common Shares under the Private Placement. Each Unit is comprised of one Common Share and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles RCF to acquire one additional Common Share at a price of C$0.20 per Common Share, at any time on or before May 21, 2028.

    As a result of the issuances of Common Shares under the Transactions, RCF’s beneficial ownership in respect of the Common Shares, being the securities subject to the most recent report required to be filed by RCF in respect of the Company under National Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“NI 62-103”), fell below 10% of the issued and outstanding Common Shares.

    Immediately prior to the Transactions, RCF owned and controlled a total of 25,871,008 Common Shares, representing approximately 9.13% of the issued and outstanding Common Shares. Assuming the conversion in whole of its Convertible Note, RCF would have come to own an aggregate of 29,871,008 Common Shares, representing approximately 11.27% of the issued and outstanding Common Shares on a partially-diluted basis.

    As a result of and immediately following the Transactions, RCF held 31,671,390 Common Shares, representing approximately 9.58% of the issued and outstanding Common Shares. Assuming the exercise of the Warrants, RCF would come to own 32,531,575 Common Shares, representing approximately 9.81% of the issued and outstanding Common Shares on a partially-diluted basis.

    As RCF no longer holds 10% or more of the issued and outstanding Common Shares, RCF will no longer file early warning reports in respect of its ownership of Common Shares unless and until such time as RCF’s aggregate shareholdings exceed 10% of the issued and outstanding Common Shares on a non-diluted or partially-diluted basis.

    RCF acquired the Common Shares and Warrants in accordance with RCF’s investment policy to generate proceeds from its investment in the Company. RCF may from time to time acquire additional securities of the Company, dispose of some or all of the existing or additional securities or may continue to hold its securities in the Company.

    The Company’s head office is located at Suite 1020 – 800 West Pender Street, Vancouver, British Columbia V6C 2V6.

    To obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the transactions hereunder, please see the Company’s profile on the SEDAR+ website at www.sedarplus.ca.

    About RCF Opportunities Fund II L.P.

    RCF is a private investment fund existing under the laws of the Cayman Islands. RCF is ultimately controlled by RCF Management LLC. For further information and to obtain a copy of the early warning report, please contact:

    RCF Opportunities Fund II L.P.
    1400 Wewatta Street, Suite 850
    Denver, Colorado, 80202
    Telephone: (720) 946-1444
    Attn: Mason Hills

    The MIL Network –

  • MIL-OSI USA: Crapo Joins Resolution Reaffirming U.S.-Canada Partnership

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    Washington, D.C.–The United States and Canada share three oceans and the world’s longest border.  About 400,000 people and more than $2.5 billion worth of goods and services move across the U.S.-Canada border each day.  The relationship between the two countries fosters one of the most significant bilateral trading relationships in the world.
    U.S. Senator Mike Crapo (R-Idaho) joined U.S. Senators Kevin Cramer (R-North Dakota) and Angus King (I-Maine) in introducing a resolution to recognize the U.S.-Canada partnership and its shared interests in economics, energy, critical minerals and national security.
    “Canada is America’s top trading partner and one of our strongest allies,” said Crapo.  “The almost $1 trillion exchanged in trade between the U.S. and Canada in 2023 powers 8 million U.S. jobs and 2.4 million Canadian workers.  Our two nations are inextricably linked economically and strategically–sharing deep historical and cultural ties.  This resolution reiterates our firm commitment to bolster the long-term, mutual relationship with our Canadian neighbors far into the future.”
    Idaho exports more products to Canada than any other country.  According to the Idaho Department of Commerce, in 2023, Idaho exported $1.5 billion in goods to Canada—more than a quarter of which were food and agricultural products.  Additionally, Idaho imported $360 million worth of Canadian food and agriculture goods.  Idaho’s largest import/export industries include:
    Agriculture and food;
    Wood, paper, pulp and printing;
    Electrical equipment and machinery;
    Mineral products; and
    Chemicals, cosmetics and fertilizers.
    Cramer and King serve as co-chairmen of the bipartisan, bicameral American Canadian Economy and Security (ACES) Caucus, and Senator Crapo is a member.
    “Representing a Northern border state, I recognize the importance of the unique partnership between the United States and Canada,” said Cramer.  “Not only are our neighbors to the north crucial economic and national security partners, but they are literally our closest ally.  This resolution celebrates our closeness and is a testament to the enduring strength, friendship and importance of the U.S.-Canada alliance across the country and the globe.”
    “The United States and Canada have always been closely tied; we share our economies, cultures, military interests and more.  In fact, in Maine, even our next door neighbor lives right across the border,” said King.  “I continue to be proud of the work we have achieved under the American-Canadian Economy and Security (ACES) Caucus alongside my Senate Co-Chair Kevin Cramer, but know that the current situation presents many unfortunate challenges.  While I am excited to reintroduce this resolution to reaffirm our two nations’ commitment to one another, we must acknowledge the close ties between our countries to resolve and mitigate any potential disruptions to our intertwined interests.  As close trade partners and allies, I look forward to strengthening this close alliance to tackle these shared challenges and seize new opportunities.”  
    Among other provisions, the resolution recognizes the relationship between the United States and Canada is critical to promoting peace, expanding global economic opportunity and being prepared to respond to unforeseen events.  It also reaffirms the bilateral and international alliance between the two nations, which allows both countries to face common threats together and uphold common values, including democracy, human rights and the rule of law. 
    Additionally, the resolution emphasizes the shared defense and security commitments between the two nations, including the modernization of the North American Aerospace Defense Command (NORAD), joint border security initiatives, and cooperation in combating transnational threats such as illegal migration and fentanyl trafficking.
    The resolution is also co-sponsored by U.S. Senators Marsha Blackburn (R-Tennessee), Susan Collins (R-Maine), Maggie Hassan (D-New Hampshire), Amy Klobuchar (D-Minnesota), Lisa Murkowski (R-Alaska), Mike Rounds (R-South Dakota) and Peter Welch (D-Vermont).  A similar resolution was introduced in the House by U.S. Representative Mark Amodei (R-Nevada).
    Click here for bill text.

    MIL OSI USA News –

  • MIL-OSI USA: Klobuchar to Join Bipartisan Delegation to Ottawa, Canada

    US Senate News:

    Source: United States Senator for Minnesota Amy Klobuchar
    WASHINGTON — Today, U.S. Senator Amy Klobuchar (D-MN) will travel to Ottawa, Canada as a part of a bipartisan delegation with Senator Jeanne Shaheen (D-NH), Ranking Member of the Senate Foreign Relations Committee and Senators Tim Kaine (D-VA), Kevin Cramer (R-ND), and Peter Welch (D-VT).
    While in Ottawa, the Senators will meet with Prime Minister Mark Carney, Foreign Minister Anita Anand, Minister of National Defense David McGuinty, Minister of Industry Mélanie Joly, the Business Council of Canada, and other leading Canadian companies and business groups. 
    “Canada is Minnesota’s neighbor, top trading partner and close friend. We share a deep bond grounded in trust and a shared commitment to democracy,” said Klobuchar. “I look forward to meeting with Canadian leaders to discuss how we can strengthen our partnership and bolster our trade relationship in the wake of President Trump’s across-the-board tariffs.”
    Senator Klobuchar is Co-Chair of the Canada-U.S. Inter-Parliamentary Group.
    This week, Klobuchar joined Cramer and Kaine in introducing a bipartisan resolution to recognize the U.S.-Canada partnership and its shared interests in economic, energy and critical minerals, and national security.
    In April, Klobuchar’s bipartisan resolution with Kaine and Senator Mark Warner (D-VA) to reverse President Trump’s across-the-board tariffs on Canadian goods passed the Senate. 

    MIL OSI USA News –

  • MIL-OSI USA: CWA Statement on eBay’s Syracuse Closure Announcement

    Source: Communications Workers of America

    eBay’s first union, TCGunion-CWA Local 1123, condemns the company for illegal action to avoid union contract bargaining; CWA files unfair labor practice charge in response to abrupt closure

    Syracuse, N.Y. – This morning, eBay subsidiary TCGplayer abruptly announced plans to shut down its authentication center in Syracuse, N.Y., eliminating the jobs of hundreds of union workers who have been bargaining their first contract with the company. In response, the Communications Workers of America (CWA) has filed an unfair labor practice charge with the National Labor Relations Board (NLRB) alleging that the company has terminated its union employees to evade its bargaining obligations and to keep the company union-free.

    “We are outraged. Since we launched our union, eBay has waged a relentless campaign to silence us and stop our efforts to make TCGplayer better for everyone, including card enthusiasts and sellers,” said Eric Tillotson, a member of TCGunion-CWA Local 1123. “Like other tech giants and oligarchs, eBay and TCGplayer think that they can disregard workers’ rights under the current administration by deploying illegal tactics to silence us and put an end to contract negotiations. They should realize by now that we will never stop fighting.”

    TCGplayer CEO Rob Bigler called a meeting to announce the news at 8:30 a.m. ET this morning, and workers were then ordered by security to vacate the building until Saturday. Bigler did not take any questions.

    The news comes just days after eBay and TCGplayer cancelled this week’s meeting with members of the bargaining committee to finalize a fair, first contract. The collective bargaining agreement would cover authentication center workers who are responsible for ensuring that every shipment in and out of TCGplayer matches quality standards. The workers, who are the first group from eBay to form a union, have been fighting for a contract for over 600 days.

    “Many of us decided to organize because we wanted to do something about the unlivable wages and economic hardship we’ve experienced while working at TCGplayer. Now, in just a few months, we will be without jobs and will have to scramble to find employment,” said 

    Matthew Schlicht, a member of TCGunion-CWA Local 1123. “I love working at TCGplayer. Instead of respecting our union efforts, TCGplayer is upending our livelihoods.”

    Last year, TCGunion-CWA Local 1123 released a “Tapped Out at TCGplayer” report, providing shocking evidence that eBay workers are struggling to make ends meet financially. The majority of authentication center workers earn less than a living wage in Syracuse, and a majority of survey respondents have to rely on friends, family, and the government to make ends meet. TCGplayer is one of the largest online marketplaces for verification services, card games, and collectible trading cards.

    “This decision is blatant retaliation against the union organizing and a slap in the face to those who built TCGplayer from the ground up,” said Douglas Johnson, former TCGplayer seller and owner of Cardgarden. “It’s clear that they value profits over people. Sellers should think hard about whether or not they should continue using TCGplayer’s services.”

    According to eBay’s most recent proxy statement, eBay CEO Jamie Iannone’s total compensation was $21 million in 2024, which is 536 times the median annual wage for a TCGunion-CWA member in Syracuse earning $18.25 an hour. Iannone’s compensation has also increased 48% since 2022, the year that TCGplayer workers formed their union. The growing disparity between the backbone of the workplace and the oligarchs who take advantage of their labor was further emphasized in a recent Economic Policy Institute report showing that Americans’ sentiment toward unions continues to become more positive, while sympathy for large corporations is at a record low.

    “For a company that makes billions of dollars off the backs of hard-working employees, it is a shame that eBay has decided to close the sole authentication center in Syracuse. This extreme action is the result of the company’s single-minded obsession with preventing workers from having a voice on the job,” said CWA Local 1123 President James A. Leone Jr. “I am proud of the Local 1123 members at TCGplayer who are continuing to fight for a seat at the table. They deserve a voice at work and in their future.”

    “eBay and TCGplayer have spent years resisting our members’ good faith efforts to reach an agreement on a fair contract. Rather than engaging in a transparent process to find solutions that meet the needs of their employees and customers, eBay’s leaders gathered behind closed doors and decided to fire their entire workforce in Syracuse. It’s abominable,” said CWA District 1 Vice President Dennis Trainor.

    ###

    About CODE-CWA

    The Campaign to Organize Digital Employees (CODE-CWA) is a network of worker-organizers and their staff working every single day to build the voice and power necessary to ensure the future of the tech, game, and digital industries in the United States and Canada. CODE-CWA is a project of the Communications Workers of America, which represents hundreds of thousands of workers throughout tech, media, telecom, and other industries who stand together to fight for justice on the job and in our communities.

    About CWA: The Communications Workers of America represents working people in telecommunications, customer service, media, airlines, health care, public service and education, manufacturing, tech, and other fields.

    cwa-union.org @cwaunion

    MIL OSI USA News –