NewzIntel.com

Category: Canada

  • MIL-OSI USA: Senator Marshall on RFD-TV: President Trump Will Take Care of Our American Farmers and Ranchers

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington, D.C. – U.S. Senator Roger Marshall, M.D. joined RFD-TV to discuss this week’s Senate Ag Committee hearing, the challenges farmers are facing, trade agreements, and President Trump’s tariffs on China, Mexico, and Canada.

    [embedded content]

    You may click HERE or on the image above to watch Senator Marshall’s full interview.
    Highlights from Senator Marshall’s interview include:
    On the challenges farmers are facing:
    “I don’t have to tell your listeners that we had a record drop in net farm income that was basically due to high interest rates and high input costs. Again, you’re all well aware of those as well and the regulatory environment we’re drowning in.”
    “The mental health of farmers, the farmer suicide issue comes to mind. The right to work on your own property and work on your own tractors and machinery. All those little issues add up, the average age of the farmer, I think is in the 60s now. So plenty of challenges out there, and our challenge up here now is just to prioritize those and do what we can to help the American farmer and rancher.”
    On the importance of trade agreements benefitting farmers:
    “We got to talk about trade. And certainly, we’re grateful for the past trade agreements. President Trump got done with USMCA, South Korea, Japan…And Joe Biden didn’t do any new trade agreements. So for four years, we’ve sat idle, and we’re looking forward to President Trump hopping back in there and doing some strong bilateral trade agreements.”
    On President Trump’s tariffs on Mexico and Canada:
    “This is a drug war and not a trade war. And first and foremost, my farmers and ranchers, they’re parents and grandparents. And this is about the fentanyl drug war, that we’re losing 200 Americans every day from fentanyl poisoning. We’re losing 75,000 Americans every year from fentanyl poisoning, more than we lost in the entire Vietnam War. So President Trump has asked Canada, Mexico, and China, to stop the nonsense.” 
    “These precursors were mostly made in China, but now a lot of the precursors are in laboratories in Canada. So we need those countries to step up. And they are.” 
    “I think as long as over the next 30 days, we see significant progress that the tariffs on Mexico and Canada won’t come to fruition, at least I hope they don’t. But I do appreciate President Trump worried about our national security, and I appreciate that our farmers and ranchers are patriots and still supporting him.” 
    “And don’t forget one last thing, the last time we had it out with China, President Trump gave farmers and ranchers $28 billion from that tariff money. He’s not forgotten about us. We’re a huge priority to President Donald J. Trump.”
    On China promising retaliatory tariffs:
    “China is just next to impossible to deal with, and America needs to divorce from China as much as possible. You know, they’re constantly stealing our intellectual property. We talked about the fentanyl issues already. They’re trying to buy up American farmland. They don’t play fair. They simply don’t.”
    “We’ve given them huge breaks for decades now. They’ve had 25-50, 75% tariffs on American goods and products forever, and now we just want it to be fair and equal. They’re no longer a developing nation, so we have to play hardball with them before they’re going to come to the table.” 
    “This is why USMCA was so important – that Canada and Mexico are our number one trade partners now for agriculture…at the end of the day, I have faith in President Trump that he’s going to take care of the American farmer and rancher. I think we could come back and talk about 45Z someday, and how we’re hoping President Trump will support that in the biofuels industry, rolling back regulations. I think that you can count on President Trump to champion that so we can’t look at all these issues in little single silos.”

    MIL OSI USA News –

  • MIL-OSI USA: Hoeven: Mexico Rescinds Ban on Genetically-Engineered Corn Imports

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven

    02.06.25

    WASHINGTON – Senator John Hoeven, Chairman of the Senate Agriculture Appropriations Committee and a senior member of the Senate Agriculture Committee, today issued the following statement after Mexico announced that it was rescinding its ban on the importation of genetically-engineered (GE) corn:

    “This is great news, not only for U.S. farmers, but for the people of Mexico who will continue to have access to a high-quality, safe and affordable food staple,” said Hoeven. “Mexico’s ban on the importation of GE corn flew in the face of years of scientific review and regulatory oversight, while creating yet another barrier for U.S. farmers trying to access the Mexican market. Rescinding this policy is the right call and will benefit both nations.”

    • This follows Hoeven and his colleagues calling on the U.S. Trade Representative and Agriculture Secretary to push back on Mexico’s policy.
    • The senators stressed that the ban undermines food security in Mexico, ignores the longstanding, science-based regulatory regime that had proven the safety of GE corn and would stifle future agricultural innovations.
    • Accordingly, the senators urged for Mexico to be held to its trade commitments and for the U.S. to pursue a dispute settlement through the U.S.-Mexico-Canada Agreement (USMCA).
      • Last month, a USMCA dispute settlement panel found that Mexico violated its obligations under the trade agreement and ruled in favor of American farmers.

    MIL OSI USA News –

  • MIL-OSI USA: Barrasso: USTR Nominee Greer Will Open New Markets for Wyoming Ag, Energy and Mining

    US Senate News:

    Source: United States Senator for Wyoming John Barrasso

    WASHINGTON, D.C. – Today, U.S. Senator John Barrasso (R-Wyo.) discussed opening up new markets for Wyoming industries, specifically mining, energy production and agriculture, with Jamieson Greer, President Donald J. Trump’s nominee to be the United States Trade Representative.

    Senator Barrasso and Mr. Greer also discussed how the Trump administration will protect American energy producers from Mexico’s violations of the United States-Mexico-Canada Agreement.

    Mr. Greer’s confirmation hearing was held today by the Senate Committee on Finance.

    On Opening Up New Markets for Wyoming Producers:

    “Mr. Greer, thanks so much for being here, and thanks so much for taking the time to visit in my office.

    “As U.S. Trade Rep, you’re going to be the tip of the sphere in advancing President Trump’s pro-growth and pro-worker trade agenda. You’re going to be working to open up new markets for our nation, for our producers, including for Wyoming mining, Wyoming energy production, and for our farmers and ranchers. You’ll also be protecting America’s interests and fighting back against abusive trade practices from foreign adversaries that undermine U.S. industries and our critical supply chains.

    “You have a big task in front of you, as we discussed. We’re all counting on you. I have no doubt that, given your experience serving President Trump as Chief of Staff to the U.S. Trade Rep during his first term, that you’re ready and you’re equipped to lead the charge on behalf of the nation’s trade agenda for his second term.

    “In regard to market access, I know we all talk a lot about market access today. We also talked about market access when we met in my office.

    “I mentioned to you the importance of opening up new opportunities for the industries from my home state of Wyoming. We talked about how opening up markets in Japan for U.S. beef, that was a big win for Wyoming ranchers. I told you about how Wyoming is an energy powerhouse and the nation’s energy breadbasket. Wyoming also plays a major part in the world, providing abundant affordable energy to our allies around the world.

    “We also have huge mineral deposits in Wyoming – a mineral called trona – which is refined into soda ash, a basic chemical building block used in manufacturing lots and lots of products, including glass, detergent, pharmaceuticals.

    “Whether it’s oil, natural gas, coal, critical minerals, and agriculture. Wyoming’s economy, the U.S. economy is going to greatly benefit as we export resources to new markets.

    “As U.S. Trade Rep, what types of emphasis are you going to place on opening up new markets for U.S. exporters and certainly for Wyoming producers?”

    Follow Up:

    “Could you add to that in terms of how you would do it differently than what we saw the last four years under the Biden administration? I thought they fell way short in opening access to new markets.”

    Click here to watch Sen. Barrasso’s remarks.

    On Protecting American Energy Producers from Hostile Mexico:

    “I want to talk about Mexico and USMCA commitments. So Mexico has repeatedly violated the historic United States-Mexico-Canada agreement. They were ruled by a dispute panel to be in violation of USMCA with respect to U.S. corn. Mexico has taken hostile actions towards seizing assets of U.S. companies.

    “An issue that I’ve weighed in on over the years has been Mexico’s hostility toward U.S. energy companies. Mexico’s previous president discriminated against U.S. energy producers, favoring the state-owned utilities and oil and gas companies.

    “The Biden administration, I think, fell well short of fully protecting U.S. energy producers. And Biden’s U.S. Trade Rep failed tremendously to make any meaningful progress. That’s left great uncertainty, jeopardized lots and lots of money in U.S. investment.

    “I’d like to enter into the record a bicameral letter that I led on the need to address this matter.

    “And so, the question is going forward under the Trump administration and with Mexico’s new president, who is now in office, how important is it going to be for you, as U.S. Trade Rep, to help protect U.S. energy companies and their investments.”

    Click here to watch Sen. Barrasso’s remarks.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Hochul Convenes Trade Policy Roundtable

    Source: US State of New York

    Today, Governor Kathy Hochul convened a roundtable with business leaders from Western New York to discuss the potential impacts of trade tariffs on New York’s economy and consumers.

    B-ROLL of the Governor convening the roundtable with business leaders can be found on YouTube here and in TV quality (h.264, mp4) format here .

    PHOTOS of the event are available on the Governor’s Flickr page here.

    “I cannot emphasize enough how devastating tariffs would be for New Yorkers: the cost of most goods would spike, businesses would see massive disruption and our economic growth would be put at risk,” Governor Hochul said. “Today in Buffalo, I heard directly from Western New York business leaders about their concerns about tariffs. We all know the cost of living is too damn high — and that’s why New Yorkers can’t afford a backdoor tax disguised as a tariff.”

    Buffalo Niagara Partnership President & CEO Dottie Gallagher said, “Placing a heavy tariff on all imports from our largest trading partner will raise costs and drive inflation on employers and families across the Buffalo Niagara region. Canada has long been our closest trading partner and ally, and its recent $1.3 billion investment in border security proves that Canada remains committed to our mutually beneficial partnership. Our federal leaders must stick to trade policy that encourages growth and investment, and unlocks the power of our cross-border economy. We thank Governor Hochul for bringing employers to the table to understand the impacts tariffs would have on our regional economy.”

    MIL OSI USA News –

  • MIL-OSI Economics: IMF Press Briefing Transcript – Julie Kozack

    Source: International Monetary Fund

    February 6, 2025

    INTERNATIONAL MONETARY FUND PRESS BRIEFING

    Washington, D.C. Thursday, February 6, 2025

    P R O C E E D I N G S

    1. KOZACK: Good morning, everyone. It’s great to see you all, here in person and online. Welcome to the first IMF press briefing for 2025. I’m Julie Kozak, Director of the Communication Department. As usual, this briefing is embargoed until 11:00 a.m. U.S. Eastern Time. I’ll start with a few announcements and then I’ll move to take your questions in person, on WebEx, and via the Press Center.

       First, Managing Director Kristalina Georgieva will travel to Ethiopia, the United Arab Emirates, and Saudi Arabia. The Managing Director will visit Ethiopia on February 8th and 9th to meet Prime Minister Abiy and his team, and this visit will take stock of the economic reforms and progress that is being made by the country. She will also meet with stakeholders, including representatives of the private sector.

    The Managing Director will also travel to the United Arab Emirates to participate in the Arab Fiscal Forum on February 10th and the World Government Summit on February 11th where she will deliver keynote remarks. On February 16th and 17th, the Managing Director will participate in a two-day conference in Saudi Arabia on building resilience of emerging market economies. The conference is co-organized by the IMF and the Saudi Finance Ministry.

    The First Deputy Managing Director Gita Gopinath will travel to Japan to join the Article IV mission. She will participate in meetings with the authorities and hold a press conference on February 7th at 10:30 a.m. Tokyo time.

    Finally, Deputy Managing Director Okamura will travel to Japan to participate in a jointly organized IMF-JICA conference on Economic and Fiscal Policy Challenges and Prospects for Asia. And this is scheduled for February 12 and 13.

    And with that I will now open the floor for your questions. For those connecting virtually, please do turn on both your camera and the microphone when speaking. Let’s get started.

    QUESTIONER: Hi,I was just wondering, you mentioned Ethiopia. How concerned are you about sort of countries with large IMF programs which also receive a substantial amount of support from USAID, considering the recent executive order, countries like Ethiopia and Ukraine, for example. Thanks.

    KOZACK: Thanks very much. So with respect to your question, you know we are closely following the announcements and developments regarding USAID. At this stage it’s too early to gauge the precise impact on the countries that it supports. We’ll wait for clarity on the next steps, including any changes to the scope of the work of USAID.

    QUESTIONER: So, the IMF mission is going to start working in Ukraine this month. Could you specify please what main issues will the Fund plan to focus on during the Seventh Review of the EFF program. And the second question is about the pension reform in Ukraine. Ukrainian government committed to starting this reform this year. Could you elaborate on what key changes the IMF expects from Ukraine on this area? Thank you.

    KOZACK: Are there any other questions on Ukraine?

    QUESTIONER: So, according to latest information, the review of the EFF is scheduled to begin this month. When the decision on the disbursement is going to be made and what amount of funds are going to be provided with this fund? And the follow-up, how much money is left in the EFF according to the current situation? Are there any plans to expand this program? Thank you.

    QUESTIONER: Just to follow up on the question about Ethiopia. Obviously, the USAID cuts also affect Ukraine pretty significantly. And I wonder, you know, both in those cases and in all cases involving USAID funding, whether you are working with the US ED here and sort of sending a message about the impact. So, whether you’ve kind of figured it out across the enterprise and across all the countries that the IMF works with as well. Thanks.

    KOZACK: Anything else on Ukraine online? Okay. So, on Ukraine, just to remind everyone of the context. So, on December 20th, the IMF’s Executive Board approved the Sixth Review of the EFF program. That enabled the disbursement of $1.1 billion and that brought total disbursements under the program to $9.8 billion. And the total size of the program, I believe, was $15.6 billion. So, the difference between those two is what would be remaining. At that time, the Board assessed that program performance remained strong. The authorities had met all of the benchmarks and prior actions for the review.

    With respect to the next mission, the technical work for the upcoming review is underway. The mission dates are in the process of being finalized, and once we have them, we’ll be sure to communicate that. During this upcoming mission, the IMF staff will engage with the authorities on fiscal policy, including progress on revenue mobilization, monetary policies for 2025, and also progress in ensuring that debt sustainability and fiscal sustainability are restored. Staff will also be reviewing governance reforms, which remain a key pillar for the program. Based on the approved calendar of disbursements, subject to completion of the next review and, of course, subject to Board approval, Ukraine would have access to about $900 million for that next review.

    With respect to pension reform, the government has committed to launch pension reforms this year in 2025, and they would be spearheaded by the Ministry of Social Policy. And those reforms are supported by external partners, notably the World Bank. What I can also add is that the authorities are in the process of developing a comprehensive set of proposals for pension reforms, but it’s too early to tell exactly what will be included in those proposals and what the changes may be.

    And on the second question, I don’t really have much to add to what I already said, other than obviously we’re paying close attention and we’re awaiting further details.

    QUESTIONER: Hi, good morning. Thank you for taking my question. Just on Syria, can you give us an update if the IMF has made any contact with the new government and if there are any plans to provide a loan package to the country? Thank you.

    KOZACK: We’re closely monitoring, obviously, the situation in Syria, and we stand ready to support the international community’s efforts to assist Syria’s reconstruction as needed and when conditions allow. With respect to our engagement, we have not had a meaningful engagement with Syria since 2009, which was the time of the last Article IV Consultation, and this has been due to the difficult security situation in the country.

    QUESTIONER: I have two questions, and they’re Caribbean-related questions. Can you provide a breakdown of the growth projections for the Caribbean region, more specifically, focusing on St. Kitts and Nevis, and what factors are driving the projected growth or decline outlook for the region, more specifically, the Caribbean region?

    KOZACK: Okay. All right, let me step back and give a little bit of an overview of where we stand, what our view is on the Caribbean. So, following the rapid recovery after the Pandemic, real GDP growth in the region has normalized in recent years. Average GDP growth for the region, and this is excluding Guyana and Haiti, is estimated at 2.2 percent for 2023, 2.4 percent for 2024. And growth, our projection is for growth to remain relatively stable at 2.4 percent in 2025.

    Broadly speaking, there are sort of two groups of countries in the Caribbean. So, we look at tourism-dependent economies, and there we see that growth in tourism economies has slowed as tourism arrivals have returned to pre-Pandemic levels. And then for commodity-exporting countries, they have faced challenges in the energy sector but have overall benefited from robust performance in their non-energy sector, and that has been driven by supportive and economic policies.

    I can also add that inflation in most Caribbean countries has moderated significantly over the past few years, and the decline was due to lower global commodity prices and easing of supply chain disruptions. And we expect inflation to remain moderate in the years to come.

    QUESTIONER: My question is on the comment by Managing Director Georgieva in Davos. MD mentioned in Davos clearly that more cooperation in the regional levels might be needed in the future in such a fragmented world and IMF would support such a movement. And could you give me some more detailed plans?

    KOZACK: Thanks very much for the question. What the Managing Director noted in Davos is that we are seeing shifting patterns in global cooperation, in trade, and in other areas, including financial and capital flows. And of course, as a global institution, what will be important for us is as we engage with our membership, right, to take all of this into account to ensure that we can give our members the best policy advice within our mandate of economic and financial stability.

    QUESTIONER: Thanks so much, Julie. I wanted to ask you very broadly about the changes that are happening in the United States and the tariffs that President Trump has announced. Now the implementation of the tariffs on Canada and Mexico has been delayed to March 1st. And, you know, it’s not clear what will happen there exactly. But one of the, you know, the tariffs on China have stayed in place. China has now announced tariffs that will kick in on February 10th. The IMF has warned repeatedly against rising protectionism and also kind of cataloged the thousands of trade restrictions that have been put in place and growing over time since COVID. Can you just walk us through what your perception is right now? The markets have been really all over the place, you know, sort of up and down depending on the day’s mood. Do you see this period of trade uncertainty that you warned about in the WEO, kind of really affecting and dampening global growth prospects? Thanks.

    KOZACK: Thanks very much. Let me see if anyone else has questions on this broad topic.

    QUESTIONER: Thank you. Yeah, I was just wondering, just to follow on the previous question, how you sort of think about the unpredictability of of these tariffs or the discussions around the tariffs, the uncertainty that that kind of brings up, and potentially how that could affect monetary policy. We’ve seen a lot of analysts talking about how they no longer expect the Fed to cut, or they expect the Fed to cut maybe only once this year. I’m just sort of wondering how you’re kind of in real time or as close to real time as you can, sort of taking on board that unpredictability when you think about the U.S. economy and the impacts for global growth. Thanks.

    KOZACK: Great. And you also had a question.

    QUESTIONER: Yes. Just following up with my colleagues. What sort of study, if any, has the IMF undertaken to better understand the global ramifications of these tariffs? We know they’re on pause for another 30 days or so or less. And what sort of impact would small states that are heavily dependent on the United States feel going forward?

    KOZACK: And let me go online to see if anyone online has a question along these lines.

    QUESTIONER: It is very similar. Just wondering the fact that it’s not just tariffs that have imposed on China, but the threat of tariffs on countries across the EU, Canada, and Mexico, and what effect that has on the global outlook. Thank you.

    KOZACK: Okay. Thank you. Anyone else online want to come in on this topic? Okay. So, what I can say on this issue is we’re following the announcements by the U.S. with respect to tariffs on Chinese goods and potentially Canadian and Mexican goods. We’re following these announcements. We believe that it’s in the interest of all to find a constructive way forward to resolve this issue.

    With respect to the assessment, assessing the full impact of these measures of tariffs, it’s actually going to depend on several factors, and let me lay those out. One of those factors is going to be the responses of the countries concerned. Another factor will be how firms and consumers react. And finally, how the measures evolve over time will also have an impact.

    So, at this stage, that’s what I can share with you. We will, of course, have more information over time and in due course as the situation evolves.

    QUESTIONER: Julie, I’m sorry, I think the question is, like, can you say something about what uncertainty does to the global economy? I mean, you’ve talked about this in WEO’s before, but do you see this as a period of heightened uncertainty now that Trump has taken office? And, you know, what is the impact of that uncertainty on things like investment and all this, you know, the sort of categories of economic indicators that we look at?

    KOZACK: So, I think what I can say is, of course, I would refer you to the WEO for some of those analysis. And again, assessing the full impact of this will include all of the factors that I just laid out. And we would take into account issues related to uncertainty, market reactions, et cetera, in an assessment that we will ultimately undertake as the situation evolves and once we have more information.

    Let me now go online. I see a couple of hands up. So, if you’re online, please go ahead and jump in.

    QUESTIONER: Hi, good morning. Thank you for taking my question. Well, has the letter of intent between the IMF and Argentina been prepared? Or let me ask in a different way. Are the negotiations between Argentina and the IMF already in the final stage?

    KOZACK: Thanks. Other questions on Argentina?

    QUESTIONER: Could you give me any updates on the negotiations of the new agreement and what are the most challenging issues they are facing right now? And also yesterday, Minister Luis Caputo said a new agreement will not imply a devaluation of the peso or the exit of the exchange restrictions the next day. Does the IMF agree with this statement?

    KOZACK: Thanks. Others on Argentina?

    QUESTIONER: Hi, Julie. I was wondering also if you could give some input regarding the meetings that the mission in Buenos Aires had, if they have only been talking to government officials or if they are also contacting unions and other opposition representatives. And also, the new crawling peg of 1 percent has started this February. I was wondering if that was a matter of discussion between the staff and the government.

    KOZACK: Thanks, other questions?

    QUESTIONER: Yes, thank you, Julie. So, my question is also on the crawling peg. So, is the IMF concerned about the greater exchange rate delay generated by this reduction of the crawling peg from 2 percent to 1 percent started the 1st of February?

    KOZACK: Any other questions on Argentina? Okay, I hear two more. Please go ahead.

    QUESTIONER: Hi, Julie, I wanted to know if Argentina has already paid a debt due on February 1st or when is it expected to do so? And if there is a meeting plan between Argentina authorities and the IMF network staff in Washington.

    KOZACK: Thank you. Next.

    QUESTIONER: Good morning. The question is if Argentina and the IMF comes to a new agreement, should it be like we are talking here in Argentina about $5 million? It will be for anything special, for example, to leave what we call cepo, or it depends on the Argentine authorities.

    KOZACK: Any other questions on Argentina? Okay, I do not see anyone coming in.

    So, on Argentina, what I can share is first that, as the Managing Director highlighted after her meeting with President Milei last month, we recognize Argentina’s tremendous progress in reducing inflation, stabilizing the economy, returning to growth, and with poverty finally starting to decline. We continue to engage constructively with the Argentine authorities. And a staff mission did recently visit Buenos Aires to advance discussions on a new program. The new program will aim to build on the gains that have been achieved so far, while also addressing the remaining challenges that the country faces. Constructive and frequent discussions continue, and we will provide further details on next steps when we have them.

    I can also just add that to sustain early gains, there is a shared recognition between the Fund staff and the Argentine authorities about the need to continue to adopt a consistent set of fiscal, monetary, and foreign exchange policies while furthering growth-enhancing reforms. I also know that you have a lot of interest, and there were a lot of detailed questions here, but given that the discussions are continuing and there has been good progress so far, we do want to ensure that there is space for staff and the authorities to continue these constructive discussions. And of course, we will communicate more when we have further details.

    Okay, let us go online because I see a few hands up.

    QUESTIONER: My question is, when do we expect Board of Directors to discuss Egypt Fourth Review?

    KOZACK: Do we have other questions on Egypt?

    QUESTIONER: Hi, I’d like to ask, in addition to that, when the board does discuss Egypt’s Fourth Review, will it also be discussing an additional RSF for Egypt? There have been some reports that Egypt is in line to receive as much as $1 billion.

    KOZACK: Other questions?

    QUESTIONER:  I just wanted to ask, in terms of the assessment of Egypt, but also other countries in the region, to what extent you are calculating additional costs and spending needs that have to do with Gaza and with the potential absorption of Palestinian refugees that has been proposed.

    KOZACK: Okay, any other questions on Egypt? I see I have two questions that have come through the press center, which I will read aloud. So, the first is when will the IMF’s Executive Board complete the Fourth Review of the Extended Arrangement under the Extended Fund Facility for Egypt?

    The second question is regarding the Executive Board’s approval of the Fourth Review of Egypt’s program, could it be this month? Does the IMF have updates on your projections for Egypt’s economy in light of regional updates?

    Let me share with you where we are on Egypt. On December 24, the IMF staff and the Egyptian authorities reached a staff-level agreement on the Fourth Review of the EFF. This review is subject to approval of our Executive Board and subject to that approval, Egypt would have access to about $1.2 billion. Preparations for Board consideration are underway, and the Board meeting is expected to take place in the coming weeks.

    In light of the difficult external conditions and challenging domestic environment, the IMF staff and the Egyptian authorities agreed to recalibrate the fiscal consolidation path, and this was agreed in December, I would highlight, to create fiscal space for critical social programs benefiting vulnerable groups and the middle class while ensuring debt sustainability.

    Looking forward, reform priorities comprise lowering inflation, sustaining exchange rate flexibility, and liberalized access to foreign exchange. In addition, the program aims to boost domestic revenues. It aims to improve the business environment. It aims to accelerate disinvestment or divestment rather and leveling [of] the playing field between state-owned enterprises and the private sector. And of course, it also aims to enhance governance and transparency.

    With respect to the question on the RSF, a policy package of reforms will be considered by the Fund’s Executive Board along with the Fourth Review of Egypt’s program.

    And lastly, there is no connection at the moment between some of the announcements in Gaza and the and the Egypt program.

    QUESTIONER: Hi, I wonder if I can just clarify. On the RSF, you say a policy package of reforms that also presumably comes with some additional funding. Can you confirm whether the amount of up to $1 billion is accurate?

    KOZACK: I can’t confirm now the precise amount of the RSF, but of course as we have more information, we will provide that.

    QUESTIONER: Thank you so much.

    KOZACK: Let us go online. I see another hand online and then we will come back. Just one follow up, a follow up. Go ahead.

    QUESTIONER: You cannot confirm the amount of the RSF. So just so we are clear, are you confirming that there are discussions around an RSF? Thanks.

    KOZACK: Yes, there’s discussions on an RSF and the intention is to present the RSF with its package of reforms to our Executive Board at the same time as we present the Fourth Review of the EFF.

    QUESTIONER: Question about Rwanda and Eastern Congo. I wanted to know, I know that the IMF has programs with both Rwanda and the DRC. And I wanted to know, you know, given the M23 incursion, the fall of Goma, how the programs can react to it, if there is anything you can say about that. And also, obviously, in El Salvador, they changed their cryptocurrency law, but it is also reported that they recently bought 50 bitcoins. So, some people are for the kind of national treasury. Some people are confused in terms of what the contours of the limitations put on. And I wonder if you could comment on that. Thanks a lot.

    KOZACK: Okay, thank you. Any other questions on these countries? DRC, Rwanda, El Salvador?

    Okay, let me start with DRC and I want to start by saying that, you know, we are deeply saddened by the loss of lives and the humanitarian crisis in the Eastern part of DRC. We are closely monitoring the situation, including its potential impact on neighboring countries and the region. And of course, we are also closely monitoring with respect to potential impact on our program.

    With respect to Rwanda, what I can say on Rwanda is simply that the country continues to demonstrate a robust commitment to advancing policy reforms. And In December of 2024, our Executive Board concluded the Fourth Review of Rwanda’s programs.

    With respect to El Salvador, just to step back and remind, IMF staff and the Salvadorian authorities reached a staff-level agreement on December 18th for a new arrangement, a new EFF arrangement. The arrangement would be for about $1.4 billion to support the government’s reform agenda, and this agreement is subject to approval by the IMF’s Executive Board.

    I can also add that as explained in the press release that we issued following the staff-level agreement, the new Fund supported program aims to reduce the potential risks of the bitcoin project. Once in place, purchases of bitcoin will be confined under the program as agreed.

    QUESTIONER: Thank you, Julie. Good morning, everyone. A few things. In Zimbabwe, when you expect a deal for the Staff Monitored Program? And on Lebanon, have you had any contact with the new government? Are there any signs that you are going to be able to work with them? Also on Senegal, can you give us any update on the resolution of the suspension of the financing program there? And lastly, are there any concerns of a drop in the commitment of funding from the U.S.? The 2025 project calls for the U.S. to stop putting money into the World Bank and the IMF. So, are you guys concerned about that?

    KOZACK: Okay, thanks. Starting with Zimbabwe, I do not have an update for you for today on Zimbabwe, but we will come back to you bilaterally.

    On Lebanon, what I can share is that, you know, we welcome the election of General Aoun as president of Lebanon, and we look forward to working with him and his new government to address the challenges facing the Lebanese economy. And just to remind, Lebanon continues to face profound economic challenges, and the conflict had exacerbated an already fragile macroeconomic and social situation. The election of the president, the formation of a new government, as well as the ceasefire, are critical to support policy actions and reforms that would allow the gradual return to the normalization of economic activity in Lebanon.

    And what I can share on Senegal is that we are actively engaged in discussions with the authorities on addressing the misreporting case. Senegal’s Court of Auditors is expected to issue its final report this month. In parallel, IMF staff are working closely with the authorities to identify their capacity development needs and to implement corrective measures needed to address the root causes of the misreporting. These efforts are aimed at enhancing transparency, strengthening accountability, and preventing a recurrence of similar misreporting in the future.

    And I think, on your final question, all I can say here is that the United States is the IMF’s largest shareholder, and it plays an extremely valuable role in helping ensure global financial stability. We have a long history of working with successive U.S. administrations, and we look forward to continuing to do so.

    QUESTIONER: Thanks, Julie. Thank you for taking my question. When do you think we can expect the Executive Board’s approval on the next tranche for the Island Nation? And if there is any delay, what sort of reason is there? Is there more for the government to do? And secondly, the budget for the country is expected in a few weeks. Has the IMF given any input on preparing this budget, given the fact that the country is still in the EFF program?

    KOZACK: Thanks. So, your question was on Sri Lanka? And yes, I see you nodding. So, if anyone else has questions on Sri Lanka, I can take them now. Okay. If not, let me go ahead with Sri Lanka.

    So, on Sri Lanka on November 23rd, IMF staff and the Sri Lankan authorities reached a staff-level agreement on the Third Review of Sri Lanka’s EFF program. Once approved by the IMF’s Executive Board, Sri Lanka will have access to about $333 million in financing. And we expect the Board meeting to take place in the coming weeks.

    Here, I would also just like to take the opportunity to emphasize that Sri Lanka’s ambitious reform agenda is delivering commendable outcomes. The economy expanded by 5.5 percent in the fourth — third quarter of 2024. Average headline and core inflation remain contained well below the target during the fourth quarter of 2024. And international reserves increased to $6.1 billion at the end of 2024.

    With respect to the specific question on the budget, what I can share is that the staff-level agreement that I mentioned, which was reached in November, will be presented to the Executive Board or is subject to Executive Board approval, but it’s also contingent upon, among other things, implementation by the authorities of prior actions, including submission of the 2025 budget that is consistent with parameters identified under the program.

    QUESTIONER: Most of the questions we had have been touched upon, and I would just reinforce as well what colleagues had said earlier about trying to get a sense of what all this uncertainty around tariffs will mean. I know there is a tendency to talk about the policies once they are implemented and the impact. But given the fact that policies get announced and withdrawn and swung around, it seems like the uncertainty has more of the impact than the actual policy. But all that seems to be covered. I will get to — actually, the only outstanding question we have now is if you could update us on the status of the Mozambique program and if there is a risk to that program’s existence right now, given what is going on. That is for our Africa colleagues. Everything else was covered. Thank you so much. I appreciate it.

    1. KOZACK: Thank you very much. So, on Mozambique, what I can share is that the Article IV Consultation and the Fourth Review of the Extended Credit Facility, or ECF, were completed back in July of 2024. An IMF team will visit Maputo in the coming weeks to engage with the new government. We do remain engaged to support the country’s efforts toward remaining macroeconomic stability, accelerating growth and making growth more inclusive, in line with the arrangements. But given that there is a mission in the coming weeks, we will have more to report toward the end of that engagement.

    QUESTIONER: Julie, regarding Russia, are there any developments concerning the postponed mission to Russia to evaluate progress in economy that was stopped in September due to necessity to gather additional information and make additional analysis. Anything we should expect this year, probably? Thank you.

    KOZACK: Unfortunately, I don’t yet have an update for you or a timeline for the Article IV.

    QUESTIONER: One final question. Thank you. Sorry, Julie, I’m going to try again with a sort of a similar question. But, you know, we are seeing a fundamental shift in the global and potentially in the support that is available for developing countries. The United States has ended foreign assistance. It has frozen funding for the World Food Program. It is pulling out of and talking about pulling out of the World Health Organization. These are institutions that are part, writ large, of the Bretton Woods system in which the IMF is such a key player.

    So, I do not think it’s unfair of us to be asking for some guidance from you about how you at an institution like the IMF are approaching this period of time that is marked by uncertainty, not just for the markets or for global trade, but also for the institutions themselves. And, you know, we have seen some initial reports that Elon Musk’s DOGE employees or people who work with DOGE are starting to look at the World Bank and other institutions.

    And I, you know, so I guess we want to hear something from you that is a little bit broader about the time that we’re in and what it means, because it obviously has implications for other countries, too, if they’re going to fill the gap in the developing thing. And, you know, you have been warning for years that the developing economies face a kind of perfect storm of different difficult circumstances. This seems like it adds to, to it. Thanks.

    KOZACK: Thanks very much. Look, what I can say now is really what I’ve been saying. I really do not have much to add other than that we are a global institution. We have a clearly defined mandate to support economic and financial stability globally and just ultimately support growth and employment in the world economy. We are continuing as an institution to remain laser-focused, of course, on that mandate. And we, as a global institution, take our responsibility to serve our membership very, very seriously. And we will continue to do everything that we need to do to serve our membership in the best possible way. You know, we do, as I said, have a long history of working with successive U.S. administrations, and we look forward to continuing to do so as an institution for which the U.S. is our largest shareholder.

    And with this, I’m going to bring this press briefing to an end. Thank you all for your participation today. As a reminder, this briefing is embargoed until 11:00 a.m. Eastern Time today. A transcript will be made available later on IMF.org, and as usual, in case of clarifications, additional queries, or anything else, please reach out to my colleagues at media@mf.org.

    This does conclude our first press briefing of the year. I wish everyone a wonderful day and I do look forward to seeing you next time. Thank you all so much for joining, and please be safe given the weather outside here in D.C. Thank you, everyone.

    * * * * *

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER:

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

    MIL OSI Economics –

  • MIL-OSI USA: Luján Highlights Potential Impacts of Trump’s Trade War on New Mexico Businesses in Trade Representative Hearing

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Trade Representative Nominee Cannot Guarantee New Mexico Business Won’t Get Hurt From Trump’s Trade War

    Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on Finance, questioned U.S. Trade Representative nominee Jamieson Greer on the potential negative impacts President Trump’s trade war would have on New Mexico businesses and families. During the hearing, Mr. Greer could not guarantee that New Mexico businesses would not face negative impacts.

    Senator Luján secured Mr. Greer’s commitment that if New Mexico businesses were negatively impacted, Mr. Greer would work with Senator Luján to address the impacts. Additionally, Senator Luján secured commitment from Mr. Greer on labor protections that exist in the current United States-Mexico-Canada (USMCA) trade agreement to protect workers.

    Watch Senator Luján’s exchange with Mr. Greer here.

    KEY MOMENTS:

    On language in USMCA regarding labor protections:

    Sen. Luján: Would you protect or change the language surrounding the clauses in the trade agreement to workers as it’s currently drafted?

    Mr. Greer, in part: We worked closely in the first Trump administration with labor.

    Sen. Luján: Mr. Greer, as my time is expiring, would you protect that language?

    Mr. Greer: I would certainly protect it and see if we can improve it.

    On Trump’s trade war:

    Sen. Luján: So, Mr. Greer, can I get your commitment that if these tariffs negatively impact the businesses in New Mexico, that I have your word to get that corrected?

    Mr. Greer, in part: Well, Senator, I want to hear from you on what those impacts are and what we can do to make sure they are able to benefit from the growth.

    Sen. Luján: I believe your word should be good, but do I have your word that I can count on you to make sure that New Mexico’s businesses don’t get hurt by these threatened tariffs?

    Mr. Greer, in part: Senator, I want to make sure that they don’t, I can’t guarantee economic outcomes.

    MIL OSI USA News –

  • MIL-OSI USA: Cantwell Tells Trade Nominee to Focus on Opening More Export Markets, Not a Tariff-First Approach

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.06.25

    Cantwell Tells Trade Nominee to Focus on Opening More Export Markets, Not a Tariff-First Approach

    “The biggest task at hand is to […] get U.S. products into more places,” Cantwell tells Trump’s pick for U.S. Trade Representative; In fallout of Trump’s tariff threats, Cantwell paints a clear path forward: Instead of imposing tariffs, we need to open new markets;

    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), a senior member of the Senate Finance Committee and the ranking member of the Senate Committee on Commerce, Science, and Transportation, emphasized the importance of open markets for farmers and exporters in the State of Washington and across the country during a Finance Committee hearing to consider the nomination of Jamieson Greer for U.S. Trade Representative.

    “When you look at apples — and about [50%] of our market export is to Canada and Mexico,” said Sen. Cantwell, “and the U.S. Free Trade Agreement increased that capacity … why are we arguing with our closest neighbors, our biggest export markets for apples? And in the meantime, not going out and opening up more apple markets?

    “The tariffs that were put on cost us an unbelievable retaliatory tariff in India,” Sen. Cantwell added. “It basically decimated the market. It went from 120 million in India down to 1 million. …. I fought hard and did get the Biden administration to work with India and reverse that tariff on apples. And I have to say we are now back to recapturing that market. But I don’t understand why you think a tariff-first approach is the way to capitalize on the biggest task at hand.”

    As a front page article in today’s Yakima Herald-Republic warns: Potential trade war could hit Yakima Valley agriculture.

    Yesterday, Sen. Cantwell voted against advancing the nomination of Howard Lutnick, President Trump’s choice to be Secretary of the Department of Commerce, citing concerns with Lutnick’s support for Trump’s proposed tariffs.

    Tuesday, Sen. Cantwell delivered a major speech on the Senate floor, arguing that the President’s arbitrary tariffs threaten domestic job creation and economic growth in an Information Age. She outlined a strategy focused on building coalitions, growing exports, and establishing principles to support innovation in the Information Age.

    Sen. Cantwell has remained a steadfast supporter of free trade to grow the economy in the State of Washington and nationwide. Sen. Cantwell was the leading voice in negotiations to end India’s 20 percent retaliatory tariff on American apples, which devastated Washington state’s apple exports. India had once been the second-largest export market for American apples, but after then-President Trump imposed tariffs on steel and aluminum in his first term, India imposed retaliatory tariffs in response and U.S. apple exports plummeted. The impact on Washington apple growers was severe:  apple exports from the state dropped from $120 million in 2017 to less than $1 million by 2023.  In September 2023, following several years of Sen. Cantwell’s advocacy, India ended its retaliatory tariffs on apples and pulse crops which was welcome news to the state’s more than 1,400 apple growers and the 68,000-plus workers they support.

    In May 2023, Sen. Cantwell sent a letter urging the Biden Administration to help U.S. potato growers finally get approval to sell fresh potatoes in Japan. In June 2023, Sen. Cantwell hosted U.S. Sen. Debbie Stabenow (D-MI), then-chair of the Committee on Agriculture, Nutrition, and Forestry, in Washington state for a forum with 30 local agricultural leaders in Wenatchee to discuss the Farm Bill.

    In 2022, Sen. Cantwell spearheaded passage of the Ocean Shipping Reform Act, a law to crack down on skyrocketing international ocean shipping costs and ease supply chain backlogs that raise prices for consumers and make it harder for U.S. farmers and exporters to get their goods to the global market.

    In August 2020, during the height of the COVID-19 pandemic, Sen. Cantwell sent a letter to then-Secretary of Agriculture Sonny Perdue requesting aid funds be distributed to wheat growers. In December 2018, Sen. Cantwell celebrated the passage of the Farm Bill, which included $500 million of assistance for farmers, including those who grow wheat.

    In 2019, Sen. Cantwell helped secure a provision in the $16 billion USDA relief package, ensuring sweet cherry growers could access emergency funding to offset the impacts of tariffs and other market disruptions.

    In Washington state: Two out of every five jobs are tied to trade and related industries. In 2023, the state imported $19.9 billion of goods from Canada – primarily oil, gas, lumber, and electrical power — making our northern neighbors Washington state’s largest trade partner. Also in 2023, the state imported $1.7 billion in goods from Mexico, including motor vehicles, vehicle parts, and household appliances. More information about how President Trump’s proposed tariffs will impact businesses and consumers in the State of Washington is HERE.

    Video of Sen. Cantwell’s remarks during today’s hearing is available HERE, audio is available HERE, and a transcript is available HERE.

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Press Briefing Transcript – Julie Kozack

    Source: IMF – News in Russian

    February 6, 2025

    INTERNATIONAL MONETARY FUND PRESS BRIEFING

    Washington, D.C. Thursday, February 6, 2025

    P R O C E E D I N G S

    1. KOZACK: Good morning, everyone. It’s great to see you all, here in person and online. Welcome to the first IMF press briefing for 2025. I’m Julie Kozak, Director of the Communication Department. As usual, this briefing is embargoed until 11:00 a.m. U.S. Eastern Time. I’ll start with a few announcements and then I’ll move to take your questions in person, on WebEx, and via the Press Center.

       First, Managing Director Kristalina Georgieva will travel to Ethiopia, the United Arab Emirates, and Saudi Arabia. The Managing Director will visit Ethiopia on February 8th and 9th to meet Prime Minister Abiy and his team, and this visit will take stock of the economic reforms and progress that is being made by the country. She will also meet with stakeholders, including representatives of the private sector.

    The Managing Director will also travel to the United Arab Emirates to participate in the Arab Fiscal Forum on February 10th and the World Government Summit on February 11th where she will deliver keynote remarks. On February 16th and 17th, the Managing Director will participate in a two-day conference in Saudi Arabia on building resilience of emerging market economies. The conference is co-organized by the IMF and the Saudi Finance Ministry.

    The First Deputy Managing Director Gita Gopinath will travel to Japan to join the Article IV mission. She will participate in meetings with the authorities and hold a press conference on February 7th at 10:30 a.m. Tokyo time.

    Finally, Deputy Managing Director Okamura will travel to Japan to participate in a jointly organized IMF-JICA conference on Economic and Fiscal Policy Challenges and Prospects for Asia. And this is scheduled for February 12 and 13.

    And with that I will now open the floor for your questions. For those connecting virtually, please do turn on both your camera and the microphone when speaking. Let’s get started.

    QUESTIONER: Hi,I was just wondering, you mentioned Ethiopia. How concerned are you about sort of countries with large IMF programs which also receive a substantial amount of support from USAID, considering the recent executive order, countries like Ethiopia and Ukraine, for example. Thanks.

    KOZACK: Thanks very much. So with respect to your question, you know we are closely following the announcements and developments regarding USAID. At this stage it’s too early to gauge the precise impact on the countries that it supports. We’ll wait for clarity on the next steps, including any changes to the scope of the work of USAID.

    QUESTIONER: So, the IMF mission is going to start working in Ukraine this month. Could you specify please what main issues will the Fund plan to focus on during the Seventh Review of the EFF program. And the second question is about the pension reform in Ukraine. Ukrainian government committed to starting this reform this year. Could you elaborate on what key changes the IMF expects from Ukraine on this area? Thank you.

    KOZACK: Are there any other questions on Ukraine?

    QUESTIONER: So, according to latest information, the review of the EFF is scheduled to begin this month. When the decision on the disbursement is going to be made and what amount of funds are going to be provided with this fund? And the follow-up, how much money is left in the EFF according to the current situation? Are there any plans to expand this program? Thank you.

    QUESTIONER: Just to follow up on the question about Ethiopia. Obviously, the USAID cuts also affect Ukraine pretty significantly. And I wonder, you know, both in those cases and in all cases involving USAID funding, whether you are working with the US ED here and sort of sending a message about the impact. So, whether you’ve kind of figured it out across the enterprise and across all the countries that the IMF works with as well. Thanks.

    KOZACK: Anything else on Ukraine online? Okay. So, on Ukraine, just to remind everyone of the context. So, on December 20th, the IMF’s Executive Board approved the Sixth Review of the EFF program. That enabled the disbursement of $1.1 billion and that brought total disbursements under the program to $9.8 billion. And the total size of the program, I believe, was $15.6 billion. So, the difference between those two is what would be remaining. At that time, the Board assessed that program performance remained strong. The authorities had met all of the benchmarks and prior actions for the review.

    With respect to the next mission, the technical work for the upcoming review is underway. The mission dates are in the process of being finalized, and once we have them, we’ll be sure to communicate that. During this upcoming mission, the IMF staff will engage with the authorities on fiscal policy, including progress on revenue mobilization, monetary policies for 2025, and also progress in ensuring that debt sustainability and fiscal sustainability are restored. Staff will also be reviewing governance reforms, which remain a key pillar for the program. Based on the approved calendar of disbursements, subject to completion of the next review and, of course, subject to Board approval, Ukraine would have access to about $900 million for that next review.

    With respect to pension reform, the government has committed to launch pension reforms this year in 2025, and they would be spearheaded by the Ministry of Social Policy. And those reforms are supported by external partners, notably the World Bank. What I can also add is that the authorities are in the process of developing a comprehensive set of proposals for pension reforms, but it’s too early to tell exactly what will be included in those proposals and what the changes may be.

    And on the second question, I don’t really have much to add to what I already said, other than obviously we’re paying close attention and we’re awaiting further details.

    QUESTIONER: Hi, good morning. Thank you for taking my question. Just on Syria, can you give us an update if the IMF has made any contact with the new government and if there are any plans to provide a loan package to the country? Thank you.

    KOZACK: We’re closely monitoring, obviously, the situation in Syria, and we stand ready to support the international community’s efforts to assist Syria’s reconstruction as needed and when conditions allow. With respect to our engagement, we have not had a meaningful engagement with Syria since 2009, which was the time of the last Article IV Consultation, and this has been due to the difficult security situation in the country.

    QUESTIONER: I have two questions, and they’re Caribbean-related questions. Can you provide a breakdown of the growth projections for the Caribbean region, more specifically, focusing on St. Kitts and Nevis, and what factors are driving the projected growth or decline outlook for the region, more specifically, the Caribbean region?

    KOZACK: Okay. All right, let me step back and give a little bit of an overview of where we stand, what our view is on the Caribbean. So, following the rapid recovery after the Pandemic, real GDP growth in the region has normalized in recent years. Average GDP growth for the region, and this is excluding Guyana and Haiti, is estimated at 2.2 percent for 2023, 2.4 percent for 2024. And growth, our projection is for growth to remain relatively stable at 2.4 percent in 2025.

    Broadly speaking, there are sort of two groups of countries in the Caribbean. So, we look at tourism-dependent economies, and there we see that growth in tourism economies has slowed as tourism arrivals have returned to pre-Pandemic levels. And then for commodity-exporting countries, they have faced challenges in the energy sector but have overall benefited from robust performance in their non-energy sector, and that has been driven by supportive and economic policies.

    I can also add that inflation in most Caribbean countries has moderated significantly over the past few years, and the decline was due to lower global commodity prices and easing of supply chain disruptions. And we expect inflation to remain moderate in the years to come.

    QUESTIONER: My question is on the comment by Managing Director Georgieva in Davos. MD mentioned in Davos clearly that more cooperation in the regional levels might be needed in the future in such a fragmented world and IMF would support such a movement. And could you give me some more detailed plans?

    KOZACK: Thanks very much for the question. What the Managing Director noted in Davos is that we are seeing shifting patterns in global cooperation, in trade, and in other areas, including financial and capital flows. And of course, as a global institution, what will be important for us is as we engage with our membership, right, to take all of this into account to ensure that we can give our members the best policy advice within our mandate of economic and financial stability.

    QUESTIONER: Thanks so much, Julie. I wanted to ask you very broadly about the changes that are happening in the United States and the tariffs that President Trump has announced. Now the implementation of the tariffs on Canada and Mexico has been delayed to March 1st. And, you know, it’s not clear what will happen there exactly. But one of the, you know, the tariffs on China have stayed in place. China has now announced tariffs that will kick in on February 10th. The IMF has warned repeatedly against rising protectionism and also kind of cataloged the thousands of trade restrictions that have been put in place and growing over time since COVID. Can you just walk us through what your perception is right now? The markets have been really all over the place, you know, sort of up and down depending on the day’s mood. Do you see this period of trade uncertainty that you warned about in the WEO, kind of really affecting and dampening global growth prospects? Thanks.

    KOZACK: Thanks very much. Let me see if anyone else has questions on this broad topic.

    QUESTIONER: Thank you. Yeah, I was just wondering, just to follow on the previous question, how you sort of think about the unpredictability of of these tariffs or the discussions around the tariffs, the uncertainty that that kind of brings up, and potentially how that could affect monetary policy. We’ve seen a lot of analysts talking about how they no longer expect the Fed to cut, or they expect the Fed to cut maybe only once this year. I’m just sort of wondering how you’re kind of in real time or as close to real time as you can, sort of taking on board that unpredictability when you think about the U.S. economy and the impacts for global growth. Thanks.

    KOZACK: Great. And you also had a question.

    QUESTIONER: Yes. Just following up with my colleagues. What sort of study, if any, has the IMF undertaken to better understand the global ramifications of these tariffs? We know they’re on pause for another 30 days or so or less. And what sort of impact would small states that are heavily dependent on the United States feel going forward?

    KOZACK: And let me go online to see if anyone online has a question along these lines.

    QUESTIONER: It is very similar. Just wondering the fact that it’s not just tariffs that have imposed on China, but the threat of tariffs on countries across the EU, Canada, and Mexico, and what effect that has on the global outlook. Thank you.

    KOZACK: Okay. Thank you. Anyone else online want to come in on this topic? Okay. So, what I can say on this issue is we’re following the announcements by the U.S. with respect to tariffs on Chinese goods and potentially Canadian and Mexican goods. We’re following these announcements. We believe that it’s in the interest of all to find a constructive way forward to resolve this issue.

    With respect to the assessment, assessing the full impact of these measures of tariffs, it’s actually going to depend on several factors, and let me lay those out. One of those factors is going to be the responses of the countries concerned. Another factor will be how firms and consumers react. And finally, how the measures evolve over time will also have an impact.

    So, at this stage, that’s what I can share with you. We will, of course, have more information over time and in due course as the situation evolves.

    QUESTIONER: Julie, I’m sorry, I think the question is, like, can you say something about what uncertainty does to the global economy? I mean, you’ve talked about this in WEO’s before, but do you see this as a period of heightened uncertainty now that Trump has taken office? And, you know, what is the impact of that uncertainty on things like investment and all this, you know, the sort of categories of economic indicators that we look at?

    KOZACK: So, I think what I can say is, of course, I would refer you to the WEO for some of those analysis. And again, assessing the full impact of this will include all of the factors that I just laid out. And we would take into account issues related to uncertainty, market reactions, et cetera, in an assessment that we will ultimately undertake as the situation evolves and once we have more information.

    Let me now go online. I see a couple of hands up. So, if you’re online, please go ahead and jump in.

    QUESTIONER: Hi, good morning. Thank you for taking my question. Well, has the letter of intent between the IMF and Argentina been prepared? Or let me ask in a different way. Are the negotiations between Argentina and the IMF already in the final stage?

    KOZACK: Thanks. Other questions on Argentina?

    QUESTIONER: Could you give me any updates on the negotiations of the new agreement and what are the most challenging issues they are facing right now? And also yesterday, Minister Luis Caputo said a new agreement will not imply a devaluation of the peso or the exit of the exchange restrictions the next day. Does the IMF agree with this statement?

    KOZACK: Thanks. Others on Argentina?

    QUESTIONER: Hi, Julie. I was wondering also if you could give some input regarding the meetings that the mission in Buenos Aires had, if they have only been talking to government officials or if they are also contacting unions and other opposition representatives. And also, the new crawling peg of 1 percent has started this February. I was wondering if that was a matter of discussion between the staff and the government.

    KOZACK: Thanks, other questions?

    QUESTIONER: Yes, thank you, Julie. So, my question is also on the crawling peg. So, is the IMF concerned about the greater exchange rate delay generated by this reduction of the crawling peg from 2 percent to 1 percent started the 1st of February?

    KOZACK: Any other questions on Argentina? Okay, I hear two more. Please go ahead.

    QUESTIONER: Hi, Julie, I wanted to know if Argentina has already paid a debt due on February 1st or when is it expected to do so? And if there is a meeting plan between Argentina authorities and the IMF network staff in Washington.

    KOZACK: Thank you. Next.

    QUESTIONER: Good morning. The question is if Argentina and the IMF comes to a new agreement, should it be like we are talking here in Argentina about $5 million? It will be for anything special, for example, to leave what we call cepo, or it depends on the Argentine authorities.

    KOZACK: Any other questions on Argentina? Okay, I do not see anyone coming in.

    So, on Argentina, what I can share is first that, as the Managing Director highlighted after her meeting with President Milei last month, we recognize Argentina’s tremendous progress in reducing inflation, stabilizing the economy, returning to growth, and with poverty finally starting to decline. We continue to engage constructively with the Argentine authorities. And a staff mission did recently visit Buenos Aires to advance discussions on a new program. The new program will aim to build on the gains that have been achieved so far, while also addressing the remaining challenges that the country faces. Constructive and frequent discussions continue, and we will provide further details on next steps when we have them.

    I can also just add that to sustain early gains, there is a shared recognition between the Fund staff and the Argentine authorities about the need to continue to adopt a consistent set of fiscal, monetary, and foreign exchange policies while furthering growth-enhancing reforms. I also know that you have a lot of interest, and there were a lot of detailed questions here, but given that the discussions are continuing and there has been good progress so far, we do want to ensure that there is space for staff and the authorities to continue these constructive discussions. And of course, we will communicate more when we have further details.

    Okay, let us go online because I see a few hands up.

    QUESTIONER: My question is, when do we expect Board of Directors to discuss Egypt Fourth Review?

    KOZACK: Do we have other questions on Egypt?

    QUESTIONER: Hi, I’d like to ask, in addition to that, when the board does discuss Egypt’s Fourth Review, will it also be discussing an additional RSF for Egypt? There have been some reports that Egypt is in line to receive as much as $1 billion.

    KOZACK: Other questions?

    QUESTIONER:  I just wanted to ask, in terms of the assessment of Egypt, but also other countries in the region, to what extent you are calculating additional costs and spending needs that have to do with Gaza and with the potential absorption of Palestinian refugees that has been proposed.

    KOZACK: Okay, any other questions on Egypt? I see I have two questions that have come through the press center, which I will read aloud. So, the first is when will the IMF’s Executive Board complete the Fourth Review of the Extended Arrangement under the Extended Fund Facility for Egypt?

    The second question is regarding the Executive Board’s approval of the Fourth Review of Egypt’s program, could it be this month? Does the IMF have updates on your projections for Egypt’s economy in light of regional updates?

    Let me share with you where we are on Egypt. On December 24, the IMF staff and the Egyptian authorities reached a staff-level agreement on the Fourth Review of the EFF. This review is subject to approval of our Executive Board and subject to that approval, Egypt would have access to about $1.2 billion. Preparations for Board consideration are underway, and the Board meeting is expected to take place in the coming weeks.

    In light of the difficult external conditions and challenging domestic environment, the IMF staff and the Egyptian authorities agreed to recalibrate the fiscal consolidation path, and this was agreed in December, I would highlight, to create fiscal space for critical social programs benefiting vulnerable groups and the middle class while ensuring debt sustainability.

    Looking forward, reform priorities comprise lowering inflation, sustaining exchange rate flexibility, and liberalized access to foreign exchange. In addition, the program aims to boost domestic revenues. It aims to improve the business environment. It aims to accelerate disinvestment or divestment rather and leveling [of] the playing field between state-owned enterprises and the private sector. And of course, it also aims to enhance governance and transparency.

    With respect to the question on the RSF, a policy package of reforms will be considered by the Fund’s Executive Board along with the Fourth Review of Egypt’s program.

    And lastly, there is no connection at the moment between some of the announcements in Gaza and the and the Egypt program.

    QUESTIONER: Hi, I wonder if I can just clarify. On the RSF, you say a policy package of reforms that also presumably comes with some additional funding. Can you confirm whether the amount of up to $1 billion is accurate?

    KOZACK: I can’t confirm now the precise amount of the RSF, but of course as we have more information, we will provide that.

    QUESTIONER: Thank you so much.

    KOZACK: Let us go online. I see another hand online and then we will come back. Just one follow up, a follow up. Go ahead.

    QUESTIONER: You cannot confirm the amount of the RSF. So just so we are clear, are you confirming that there are discussions around an RSF? Thanks.

    KOZACK: Yes, there’s discussions on an RSF and the intention is to present the RSF with its package of reforms to our Executive Board at the same time as we present the Fourth Review of the EFF.

    QUESTIONER: Question about Rwanda and Eastern Congo. I wanted to know, I know that the IMF has programs with both Rwanda and the DRC. And I wanted to know, you know, given the M23 incursion, the fall of Goma, how the programs can react to it, if there is anything you can say about that. And also, obviously, in El Salvador, they changed their cryptocurrency law, but it is also reported that they recently bought 50 bitcoins. So, some people are for the kind of national treasury. Some people are confused in terms of what the contours of the limitations put on. And I wonder if you could comment on that. Thanks a lot.

    KOZACK: Okay, thank you. Any other questions on these countries? DRC, Rwanda, El Salvador?

    Okay, let me start with DRC and I want to start by saying that, you know, we are deeply saddened by the loss of lives and the humanitarian crisis in the Eastern part of DRC. We are closely monitoring the situation, including its potential impact on neighboring countries and the region. And of course, we are also closely monitoring with respect to potential impact on our program.

    With respect to Rwanda, what I can say on Rwanda is simply that the country continues to demonstrate a robust commitment to advancing policy reforms. And In December of 2024, our Executive Board concluded the Fourth Review of Rwanda’s programs.

    With respect to El Salvador, just to step back and remind, IMF staff and the Salvadorian authorities reached a staff-level agreement on December 18th for a new arrangement, a new EFF arrangement. The arrangement would be for about $1.4 billion to support the government’s reform agenda, and this agreement is subject to approval by the IMF’s Executive Board.

    I can also add that as explained in the press release that we issued following the staff-level agreement, the new Fund supported program aims to reduce the potential risks of the bitcoin project. Once in place, purchases of bitcoin will be confined under the program as agreed.

    QUESTIONER: Thank you, Julie. Good morning, everyone. A few things. In Zimbabwe, when you expect a deal for the Staff Monitored Program? And on Lebanon, have you had any contact with the new government? Are there any signs that you are going to be able to work with them? Also on Senegal, can you give us any update on the resolution of the suspension of the financing program there? And lastly, are there any concerns of a drop in the commitment of funding from the U.S.? The 2025 project calls for the U.S. to stop putting money into the World Bank and the IMF. So, are you guys concerned about that?

    KOZACK: Okay, thanks. Starting with Zimbabwe, I do not have an update for you for today on Zimbabwe, but we will come back to you bilaterally.

    On Lebanon, what I can share is that, you know, we welcome the election of General Aoun as president of Lebanon, and we look forward to working with him and his new government to address the challenges facing the Lebanese economy. And just to remind, Lebanon continues to face profound economic challenges, and the conflict had exacerbated an already fragile macroeconomic and social situation. The election of the president, the formation of a new government, as well as the ceasefire, are critical to support policy actions and reforms that would allow the gradual return to the normalization of economic activity in Lebanon.

    And what I can share on Senegal is that we are actively engaged in discussions with the authorities on addressing the misreporting case. Senegal’s Court of Auditors is expected to issue its final report this month. In parallel, IMF staff are working closely with the authorities to identify their capacity development needs and to implement corrective measures needed to address the root causes of the misreporting. These efforts are aimed at enhancing transparency, strengthening accountability, and preventing a recurrence of similar misreporting in the future.

    And I think, on your final question, all I can say here is that the United States is the IMF’s largest shareholder, and it plays an extremely valuable role in helping ensure global financial stability. We have a long history of working with successive U.S. administrations, and we look forward to continuing to do so.

    QUESTIONER: Thanks, Julie. Thank you for taking my question. When do you think we can expect the Executive Board’s approval on the next tranche for the Island Nation? And if there is any delay, what sort of reason is there? Is there more for the government to do? And secondly, the budget for the country is expected in a few weeks. Has the IMF given any input on preparing this budget, given the fact that the country is still in the EFF program?

    KOZACK: Thanks. So, your question was on Sri Lanka? And yes, I see you nodding. So, if anyone else has questions on Sri Lanka, I can take them now. Okay. If not, let me go ahead with Sri Lanka.

    So, on Sri Lanka on November 23rd, IMF staff and the Sri Lankan authorities reached a staff-level agreement on the Third Review of Sri Lanka’s EFF program. Once approved by the IMF’s Executive Board, Sri Lanka will have access to about $333 million in financing. And we expect the Board meeting to take place in the coming weeks.

    Here, I would also just like to take the opportunity to emphasize that Sri Lanka’s ambitious reform agenda is delivering commendable outcomes. The economy expanded by 5.5 percent in the fourth — third quarter of 2024. Average headline and core inflation remain contained well below the target during the fourth quarter of 2024. And international reserves increased to $6.1 billion at the end of 2024.

    With respect to the specific question on the budget, what I can share is that the staff-level agreement that I mentioned, which was reached in November, will be presented to the Executive Board or is subject to Executive Board approval, but it’s also contingent upon, among other things, implementation by the authorities of prior actions, including submission of the 2025 budget that is consistent with parameters identified under the program.

    QUESTIONER: Most of the questions we had have been touched upon, and I would just reinforce as well what colleagues had said earlier about trying to get a sense of what all this uncertainty around tariffs will mean. I know there is a tendency to talk about the policies once they are implemented and the impact. But given the fact that policies get announced and withdrawn and swung around, it seems like the uncertainty has more of the impact than the actual policy. But all that seems to be covered. I will get to — actually, the only outstanding question we have now is if you could update us on the status of the Mozambique program and if there is a risk to that program’s existence right now, given what is going on. That is for our Africa colleagues. Everything else was covered. Thank you so much. I appreciate it.

    1. KOZACK: Thank you very much. So, on Mozambique, what I can share is that the Article IV Consultation and the Fourth Review of the Extended Credit Facility, or ECF, were completed back in July of 2024. An IMF team will visit Maputo in the coming weeks to engage with the new government. We do remain engaged to support the country’s efforts toward remaining macroeconomic stability, accelerating growth and making growth more inclusive, in line with the arrangements. But given that there is a mission in the coming weeks, we will have more to report toward the end of that engagement.

    QUESTIONER: Julie, regarding Russia, are there any developments concerning the postponed mission to Russia to evaluate progress in economy that was stopped in September due to necessity to gather additional information and make additional analysis. Anything we should expect this year, probably? Thank you.

    KOZACK: Unfortunately, I don’t yet have an update for you or a timeline for the Article IV.

    QUESTIONER: One final question. Thank you. Sorry, Julie, I’m going to try again with a sort of a similar question. But, you know, we are seeing a fundamental shift in the global and potentially in the support that is available for developing countries. The United States has ended foreign assistance. It has frozen funding for the World Food Program. It is pulling out of and talking about pulling out of the World Health Organization. These are institutions that are part, writ large, of the Bretton Woods system in which the IMF is such a key player.

    So, I do not think it’s unfair of us to be asking for some guidance from you about how you at an institution like the IMF are approaching this period of time that is marked by uncertainty, not just for the markets or for global trade, but also for the institutions themselves. And, you know, we have seen some initial reports that Elon Musk’s DOGE employees or people who work with DOGE are starting to look at the World Bank and other institutions.

    And I, you know, so I guess we want to hear something from you that is a little bit broader about the time that we’re in and what it means, because it obviously has implications for other countries, too, if they’re going to fill the gap in the developing thing. And, you know, you have been warning for years that the developing economies face a kind of perfect storm of different difficult circumstances. This seems like it adds to, to it. Thanks.

    KOZACK: Thanks very much. Look, what I can say now is really what I’ve been saying. I really do not have much to add other than that we are a global institution. We have a clearly defined mandate to support economic and financial stability globally and just ultimately support growth and employment in the world economy. We are continuing as an institution to remain laser-focused, of course, on that mandate. And we, as a global institution, take our responsibility to serve our membership very, very seriously. And we will continue to do everything that we need to do to serve our membership in the best possible way. You know, we do, as I said, have a long history of working with successive U.S. administrations, and we look forward to continuing to do so as an institution for which the U.S. is our largest shareholder.

    And with this, I’m going to bring this press briefing to an end. Thank you all for your participation today. As a reminder, this briefing is embargoed until 11:00 a.m. Eastern Time today. A transcript will be made available later on IMF.org, and as usual, in case of clarifications, additional queries, or anything else, please reach out to my colleagues at media@mf.org.

    This does conclude our first press briefing of the year. I wish everyone a wonderful day and I do look forward to seeing you next time. Thank you all so much for joining, and please be safe given the weather outside here in D.C. Thank you, everyone.

    * * * * *

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER:

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

    https://www.imf.org/en/News/Articles/2025/02/06/020625-tr-imf-press-briefing-julie-kozack

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI United Nations: Speakers Call for Culture of Collaboration, Renewed Solidarity to Achieve Sustainable Development, as Economic and Social Council Begins Coordination Segment

    Source: United Nations General Assembly and Security Council

    Note: Full coverage of today’s meetings of the Economic and Social Council will be available Friday, 7 February.

    The United Nations must celebrate its many successes as much as it acknowledges its failures, the Economic and Social Council heard today as speakers at its 2025 Coordination Segment called for a culture of collaboration and renewed solidarity.

    This year, the two-day Segment, which includes panel discussions and interactive dialogues, will focus on the theme of “Advancing sustainable, inclusive, science- and evidence-based solutions for the 2030 Agenda and its SDGs for leaving no one behind.” 

    The Sustainable Development Goals (SDGs) represent the “common sense of humanity”, and people around the world care about them, Bob Rae (Canada), President of the 54-member Council, said in his opening remarks.  Stressing the need to build on previous successes, he hailed the many partnerships between Member States and various multilateral institutions, such as the Spotlight Initiative, which has protected over 21 million girls and women from gender-based violence; the Global Ghost Gear Initiative, which engages over 130 stakeholders to tackle abandoned fishing gear to reduce marine pollution; and the Infrastructure for Resilient Island States initiative, which aims to strengthen resilience against climate and disaster risks. 

    The people who created the Organization were living with war, depression, tariff wars, economic protectionism and poverty, he added.  The vision of the United Nations was not only political but also economic and social.  Commitment to a multilateral organization like the UN — whose budget in 2024 was $75 billion — does not take away a State’s freedom; rather, it broadens the sovereignty of each country, he stressed. 

    “The stakes could not be higher,” said Guy Ryder, United Nations Under-Secretary-General for Policy, who noted that only 17 per cent of the Goals are on course, while many critical targets are regressing.  Meanwhile, conflicts are intensifying, inequalities are widening, the climate crisis is escalating, and unregulated technology continues to disrupt societies. The international community must unlock the scale and quality of financing needed to drive investments, alleviate the debt burden that stifles many countries, and protect economies from the external shocks, he stressed.  The Pact for the Future provides a blueprint for this, he said, adding that reform of the international financial architecture is crucial to fulfil the promise of the SDGs.

    Also addressing the Segment was Anatolio Ndong Mba (Equatorial Guinea), Council Vice-President, who said:  “The United Nations cannot do more than what we allow it to do.”  Progress on the SDGs has stagnated, or even reversed course, with only 17 per cent of assessed targets on track for achievement by 2030. “We cannot afford to let this trend continue,” he said, calling on the international community to “bridge divides, mobilize resources and implement transformative solutions”.  Highlighting the role of the Economic and Social Council and its many subsidiary bodies, he noted that the Segment has the valuable role of leveraging their insights. 

    Conversation with Regional Commissions, Functional Commissions and Expert Bodies

    Following opening remarks, the Council held a conversation with the Executive Secretaries of the regional commissions and Chairs of functional commissions and expert bodies, which focused on “Accelerating the implementation of the 2030 Agenda and the Sustainable Development Goals, including by leveraging the outcomes of the Summit of the Future”.

    …

    MIL OSI United Nations News –

  • MIL-OSI Security: Air Ronge — Saskatchewan RCMP seizes one kilogram of cocaine in Air Ronge

    Source: Royal Canadian Mounted Police

    Saskatchewan RCMP’s La Ronge Crime Reduction Team (CRT) seized one kilogram of cocaine during a traffic stop in Air Ronge, SK.

    On February 2, 2025 at approximately 1 a.m., RCMP officers with the La Ronge CRT initiated a traffic stop on a vehicle at the intersection of Far Reserve Road and Mikisiw Drive.

    During the traffic stop, officers determined the female driver’s license had been suspended and a male passenger had an active warrant for his arrest. As officers were arresting the wanted male, they located and seized a small amount of cocaine. Officers proceeded to arrest the driver of the vehicle and two remaining occupants – a male and a female.

    While searching the vehicle, officers located and seized approximately one kilogram of cocaine, a handgun, ammunition, a baton, and additional drug trafficking paraphernalia.

    As a result of investigation, the following individuals are facing multiple firearms and drug charges:

    • Keannu Starnyski, a 19-year-old male from Sucker River, SK
    • Katelynn Charles, a 27-year-old female from Stanley Mission, SK
    • Freda Charles, a 24-year old female from La Ronge, SK
    • Gary Roberts, a 32-year-old male from Sucker River, SK

    Keannu Starnyski, Katelynn Charles, Freda Charles and Gary Roberts are each charged with:

    • one count, possession for the purpose of trafficking – cocaine, Section 5(2), Controlled Drugs and Substances Act;
    • one count, unsafe storage of firearms, Section 86(2), Criminal Code;
    • one count, possession of a firearm when knowing possession unauthorized, Section 92(1), Criminal Code;
    • one count, possession of a firearm in motor vehicle, Section 94(1), Criminal Code;
    • one count, possession of a restricted firearm/prohibited weapon with ammunition without license/registration, Section 95(2), Criminal Code; and
    • one count, possession of a firearm with serial number removed, Section 108(1)(b), Criminal Code.

    Additionally, Keannu Starnyski is facing one count, possession of a firearm contrary to order, Section 117.01(1), Criminal Code; and one count, fail to comply with probation orders, Section 733.1(1), Criminal Code.

    Gary Roberts is also facing one count, possession of a firearm contrary to order, Section 117.01(1), Criminal Code.

    Keannu Starnyski, Katelynn Charles, Freda Charles, and Gary Roberts made their first appearance in provincial court from La Ronge on February 3, 2025.

    MIL Security OSI –

  • MIL-OSI USA: Welch Demands Answers from U.S. Trade Representative Nominee on the Impact of Trump Trade War on Vermonters 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, today questioned Jamieson Greer, President Trump’s nominee to be the United States Trade Representative (USTR), at his confirmation hearing. Senator Welch demanded that Mr. Greer answer for the impact of the Trump Trade War on American businesses and consumers and outlined the cost of Trump’s new proposed tariffs for Vermont industries. Tariffs on imports from Canada, and subsequent retaliatory tariffs, could result in higher costs and layoffs for Vermonters. 
    Watch the exchange between Senator Welch and Jamieson Greer, President Trump’s pick for U.S. Trade Representative: 

    Read excerpts of their exchange below: 
    Sen. Welch: My view is that trade policy has failed the average American. We’ve exported jobs in return for importing cheap goods, and it’s hollowed out a lot of communities. It’s something that President Trump did talk about…What role do you see tariffs playing in our trade policy? 
    Mr. Greer: So, with respect to tariffs and trade policy, we need to create incentives to produce in America, and we need to create incentives to get market access overseas. Our average tariff rate in the United States is 3.5%, which is substantially lower than many markets— 
    Welch: So, you see tariffs as a tool for market access and for onshoring jobs here?   
    Greer: Exactly. It can be used as a tool for revenue— 
    Welch: Wait. That’s a whole new thing. Your job is trade policy, and if what we’re talking about is tariffs for revenue, would you agree with me that that’s a tax? That’s raising—the tariffs are ultimately paid by the consumers.  
    Greer: Taxes, Senator, are an assessment on foreign goods, on the value of foreign goods, made by foreign workers in foreign countries. And then that exporter has to decide— 
    Welch: I want to stop here a minute. When you’re using your responsibility on trade policy, I get that. But if a tariff is being used essentially as a negotiating tool on a one-off situation— as these recent tariffs on Mexico and Canada were—that’s a tax and it’s beyond trade policy. It’s the president trying to use that power for leverage. Do you think that the proper use of the congressionally extended authority to the president in national emergencies to impose tariffs apply to a national emergency that we have with Canada? 
    Greer: Yes. 
    Welch: I don’t.  
    ••• 
    Welch: This has a huge impact on Vermont. You know, we do most of our trade with Canada. And we had a roundtable, and I just asked various businesses—we had over 150 businesses on this call. And it was everyone from a large, very successful construction company, PC Construction, to a woman who gets yarn and does weaving, and organic farmers. Every one of these people was just stunned at the implications that these out-of-the-blue threats of tariffs were going to have on their businesses. I mean, don’t people deserve a heads up in Vermont before they get whacked with what appears to be a tariff for an individual objective of President Trump?  
    Greer: So, Senator, the president was very transparent about this for several months that he was contemplating doing this specifically because of the fentanyl and illegal migration issues. And so, I think it is very important for people to understand what might be coming, especially when the president’s going to use his congressionally delegated responsibilities to execute the laws.  
    Welch: I appreciate you and your candor. But, Mr. Chairman and Ranking Member, I do have concern about the delegation, the abuse of the delegation of tariff authority to a President, to be used in national emergencies. To be used in one-off negotiating tactics. And I do believe that’s a tax. And I don’t think that any President should be able to unilaterally impose a tax. And one of the things I’m increasingly worried about is the abdication of our own Article I authority, and weakening this branch of government, for any President to totally disregard the people’s branch. 
    On Tuesday, Senator Welch took to the Senate floor to blast the proposed tariffs, which would be a tax on Vermonters. Senator Welch shared stories from Vermonters about how President Trump’s economic policies will impact their family, farm, and community. Watch his speech on the Senate Floor here and read his remarks as delivered here. 

    MIL OSI USA News –

  • MIL-OSI Security: Saskatchewan — Saskatchewan RCMP remind motorists to only call 911 in the case of an emergency

    Source: Royal Canadian Mounted Police

    Between 12:00 p.m. on February 5 and 12:00 p.m. on February 6, Saskatchewan RCMP received reports of 28 motor vehicle collisions. During that timeframe, they also received 14 calls in relation to other road-related incidents, including vehicles stuck on roadways or in the ditch.

    Some areas in central and southern Saskatchewan are still experiencing poor road conditions.

    Saskatchewan RCMP continue to encourage travellers to check road conditions in their area before travelling. If travel is necessary, take things slow on snowy and icy roads.

    Saskatchewan RCMP also remind the public to avoid calling 911 or local RCMP detachments for updates on road conditions. Calling 911 must be reserved for emergencies and crimes in progress, and using it in non-emergent situations could prevent someone with a life-threatening emergency from getting help. For the most up to date information on road conditions, including what roads have been plowed, salted, and/or sanded within the last two hours, visit hotline.gov.sk.ca/map (English only).

    MIL Security OSI –

  • MIL-OSI Security: La Loche — Saskatchewan RCMP seizes crack cocaine in La Loche

    Source: Royal Canadian Mounted Police

    Saskatchewan RCMP’s Prince Albert Crime Reduction Team (CRT) and La Loche Detachment seized more than 30 grams of crack cocaine and charged one person following a drug trafficking investigation in La Loche, SK.

    On January 29, 2025, RCMP officers from the Prince Albert CRT and La Loche Detachment executed a search warrant at a residence on George Crescent in La Loche in relation to an ongoing drug trafficking investigation.

    During the search warrant and subsequent arrests, officers located and seized approximately 32 grams of crack cocaine, $1,500 in cash, and other evidence of drug trafficking.

    Officers arrested five individuals. As a result of investigation, Iris Herman, a 46-year-old female from La Loche, is charged with:

    • one count, possession for the purpose of trafficking – cocaine, Section 5(2), Controlled Drugs and Substances Act; and
    • one count, possession of property obtained by crime under $5,000, Section 354 (1), Criminal Code.

    Four individuals were released without charges.

    Iris Herman will make her first appearance in provincial court in La Loche on March 10, 2025.

    MIL Security OSI –

  • MIL-OSI Canada: Structural change, supply shocks and hard choices

    Source: Bank of Canada

    Good afternoon. I’m pleased to be able to join you virtually to talk about the challenges that lie ahead for central banks. There’s a lot to discuss.

    But my first order of business is to congratulate and thank Agustín Carstens for his leadership as General Manager of the Bank for International Settlements (BIS). Your term, Agustín, has been marked by significant global upheaval—from pandemic shutdowns to war in Europe and double-digit inflation. These past few years have not been easy.

    Through it all, you have been a source of unwavering wisdom. Your clear thinking in the face of the unknown, your long view and your deep understanding of our global interdependence—all combined with the experience and pragmatism of a former minister of finance and then central bank governor—have made you an invaluable leader.

    More than that, through the BIS, you’ve brought us together with your friendship and your ability to get directly to the heart of the issue. You’ve helped us learn from each other. And you’ve made us better together.

    I know there will be an opportunity to celebrate you in Basel as your retirement in June approaches. But I wanted to recognize your exceptional leadership in your home country. For those of us in the Americas, your special interest in our region has been deeply appreciated. Whatever you do next, I know Mexico and the Americas will be an important part. Thank you, my friend.

    Now, let me turn to the challenges ahead. We are facing a global economic landscape that has shifted in recent years, and this shift has important implications for central banks.

    As Agustín has highlighted in a series of insightful speeches, the structural tailwinds of peace, globalization and demographics are turning into headwinds—and the world looks increasingly shock-prone.

    Higher long-term interest rates, elevated sovereign debt, slower economic growth and lagging productivity make all of our economies more vulnerable. Compounding these vulnerabilities are war, rising trade protectionism and economic fragmentation. In addition, new technologies—including artificial intelligence—are set to disrupt existing industries and create new ones. And we are seeing more frequent catastrophic weather events as the impacts of climate change become more pervasive.

    As 2025 begins, we are facing new uncertainty with a shift in policy direction in the United States. President Donald Trump’s threats of new tariffs are already affecting business and household confidence, particularly in Canada and Mexico. The longer this uncertainty persists, the more it will weigh on economic activity in our countries.

    If significant broad-based tariffs are indeed imposed, they will test the resilience of our economies in the short run and reduce long-run prosperity. Tariffs mean economies work less efficiently. There will be less investment and lower productivity. That means our countries will produce less and earn less. Monetary policy can’t change that.

    What monetary policy can do is help with the short-run adjustment. But even here, monetary policy has to strike a balance. Significant, broad-based tariffs will sharply reduce demand for our exports. At the same time, a weaker exchange rate, retaliatory tariffs and supply chain disruptions will raise import prices, putting upward pressure on inflation.   

    With a single instrument—our policy interest rate—central banks can’t lean against weaker output and higher inflation at the same time. So we will need to carefully assess the downward pressure on inflation from weaker economic activity, and weigh that against the upward pressures from higher input prices and supply chain disruptions.

    Other structural headwinds pose similar challenges for monetary policy. They’ll impact both demand and supply, slowing growth while adding cost. Monetary policy cannot address these headwinds directly or offset their economic consequences.

    In a world with more structural change and more negative supply shocks, central banks will be faced with harder choices. And harder choices bring risks of public disappointment and frustration. We will face criticism about our decisions—and about how well monetary policy is seen to have worked when confronted with forces that are mostly out of our hands. We will be called ineffective or criticized for not doing enough. And some will challenge our independence.

    So, what can all of us do?

    First, we can be humble about what we don’t know, but also confident in the effectiveness of our frameworks. We didn’t get everything right through the pandemic. And elevated inflation and higher interest rates have been difficult for our citizens. But in Canada, as in many other countries, inflation has come down. And we restored low inflation without causing a recession or major job losses.

    Guided by our frameworks, we can maintain confidence in price stability.

    Second, we can be just as clear about what monetary policy cannot do. There will always be forces beyond our influence, and while we need to understand those forces, we should also be clear that understanding is not the same as controlling. And we need to avoid the temptation to overload monetary policy by expecting more of it than it can deliver.

    Third, we can recognize that the world has changed. Structural headwinds and supply shocks require different types of information and analysis. This means investing in richer information about the supply side of the economy and building models that can analyze sectoral shocks and their transmission. It means reaching out and listening to households and businesses. It means looking at our economies through different lenses, regularly challenging our assumptions, and using scenarios to help manage uncertainty.

    Fourth, let’s acknowledge that working together has never been easy and it’s getting harder. But let’s also remember that it’s important. We are more effective if we confront our shared challenges together. The shared resolve of central banks to fight the post-pandemic surge in inflation helped all of us bring inflation down. This was a positive international spillover and, together, we can generate other positive international spillovers.

    Finally, we need to remain evidence-based, technocratic and professional, and free of political influence. We need to be open, accountable and transparent. And we need to be learning institutions—when faced with valid criticism, we should critically evaluate our policy actions and be willing to improve. Being independent and accountable and continuously learning is how we build trust.

    The world is a tougher place today than it was a few short years ago. And facing the headwinds before us will not be easy. But that’s why we have independent central banks—we are designed for tough times.

    I look forward to hearing from my esteemed colleagues on this panel.

    MIL OSI Canada News –

  • MIL-OSI USA: Feb 06, 2025 ATU: Solidarity of Workers Transcends Borders As Tensions Rise Between U.S. and Canada Governments

    Source: US Amalgamated Transit Union

    Silver Spring, MD – ATU International President John Costa and ATU Canada President John Di Nino issued the following statement on tensions between the U.S. and Canadian governments.

    “We find ourselves in difficult times and the tensions between the United States and Canadian governments are palpable and undeniable. The ATU reinforces its steadfast commitment to improving the lives of our members and all workers in both countries.

    “The solidarity of workers transcends borders. Stronger together, we form a collective force that is both powerful and necessary to push back against the forces that seek to undermine our rights and diminish our hard-earned progress. Our joint efforts across North America will continue to lay the foundation for a better tomorrow, a better future.

    “For over 150 years, Canada and the United States have stood side by side as partners, allies, friends, and neighbors. We cannot allow the actions of a single leader to cloud the relationship that has existed between our people. The bond between Canadian and American workers and our shared struggles is much stronger than any political rhetoric. We must resist the narrative that seeks to create division, especially from those who have little regard for the well-being of working people.

    “This is a moment in history when unions are more essential than ever. Workers across both of our countries need to come together and fight against the harmful agendas seeking to weaken the labor movement. Our strength lies in our collective action, and the solidarity we have generated across borders is a beacon of hope in these times of uncertainty. Together, we can continue to move forward, building a future where the needs and dignity of working people come first. Don’t let them divide us. Stay strong. Stay united. We are Stronger Together!”

    MIL OSI USA News –

  • MIL-OSI USA: Four Pharmacists Sentenced for Roles in $13M Medicare, Medicaid, and Private Insurer Fraud Conspiracy

    Source: US State of California

    Four pharmacy owners have been sentenced for their roles in a conspiracy to commit health care fraud and wire fraud.

    Pharmacist Raef Hamaed, of Maricopa County, Arizona, was sentenced on Jan. 8 to 10 years in prison; pharmacist Tarek Fakhuri, of Windsor, Ontario, Canada, was sentenced on Jan. 13 to seven years in prison; pharmacist Ali Abdelrazzaq, of Macomb County, Michigan, was sentenced on Jan. 15 to two years in prison; and pharmacist Kindy Ghussin, of Greene County, Ohio, was sentenced today to five years and five months in prison.

    According to court documents and evidence presented at trial, Hamaed, Fakhuri, Ghussin, and Abdelrazzaq billed Medicare, Medicaid, and Blue Cross Blue Shield of Michigan for prescription medications that they did not dispense at five pharmacies they owned and operated: Eastside Pharmacy, Harper Drugs, and Wayne Campus Pharmacy in Michigan, and Heartland Pharmacy and Heartland Pharmacy 2 in Ohio. The defendants collectively caused over $13 million of loss to Medicare, Medicaid, and Blue Cross Blue Shield of Michigan.

    On Sept. 5, 2024, a federal jury convicted Hamaed, Fakhuri, Ghussin, and Abdelrazzaq of conspiracy to commit health care fraud and wire fraud. The jury also convicted Fakhuri of one count of health care fraud. Hamaed was sentenced for his role in the conspiracy at all five pharmacies; Fakhuri was sentenced for his role in the conspiracy at Harper Drugs, Wayne Campus Pharmacy, and Heartland Pharmacy; Ghussin was sentenced for his role in the conspiracy at Wayne Campus Pharmacy and both Heartland pharmacies; and Abdelrazzaq was sentenced for his role in the conspiracy at Wayne Campus Pharmacy.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Special Agent in Charge Cheyvoryea Gibson of the FBI Detroit Field Office, and Special Agent in Charge Mario Pinto of the Department of Health and Human Services Office of Inspector General (HHS-OIG) made the announcement.

    The FBI Detroit Field Office and HHS-OIG investigated the case.

    Trial Attorneys Claire Sobczak Pacelli, Kelly M. Warner, and S. Babu Kaza of the Criminal Division’s Fraud Section prosecuted the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL OSI USA News –

  • MIL-OSI Security: Four Pharmacists Sentenced for Roles in $13M Medicare, Medicaid, and Private Insurer Fraud Conspiracy

    Source: United States Attorneys General

    Four pharmacy owners have been sentenced for their roles in a conspiracy to commit health care fraud and wire fraud.

    Pharmacist Raef Hamaed, of Maricopa County, Arizona, was sentenced on Jan. 8 to 10 years in prison; pharmacist Tarek Fakhuri, of Windsor, Ontario, Canada, was sentenced on Jan. 13 to seven years in prison; pharmacist Ali Abdelrazzaq, of Macomb County, Michigan, was sentenced on Jan. 15 to two years in prison; and pharmacist Kindy Ghussin, of Greene County, Ohio, was sentenced today to five years and five months in prison.

    According to court documents and evidence presented at trial, Hamaed, Fakhuri, Ghussin, and Abdelrazzaq billed Medicare, Medicaid, and Blue Cross Blue Shield of Michigan for prescription medications that they did not dispense at five pharmacies they owned and operated: Eastside Pharmacy, Harper Drugs, and Wayne Campus Pharmacy in Michigan, and Heartland Pharmacy and Heartland Pharmacy 2 in Ohio. The defendants collectively caused over $13 million of loss to Medicare, Medicaid, and Blue Cross Blue Shield of Michigan.

    On Sept. 5, 2024, a federal jury convicted Hamaed, Fakhuri, Ghussin, and Abdelrazzaq of conspiracy to commit health care fraud and wire fraud. The jury also convicted Fakhuri of one count of health care fraud. Hamaed was sentenced for his role in the conspiracy at all five pharmacies; Fakhuri was sentenced for his role in the conspiracy at Harper Drugs, Wayne Campus Pharmacy, and Heartland Pharmacy; Ghussin was sentenced for his role in the conspiracy at Wayne Campus Pharmacy and both Heartland pharmacies; and Abdelrazzaq was sentenced for his role in the conspiracy at Wayne Campus Pharmacy.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Special Agent in Charge Cheyvoryea Gibson of the FBI Detroit Field Office, and Special Agent in Charge Mario Pinto of the Department of Health and Human Services Office of Inspector General (HHS-OIG) made the announcement.

    The FBI Detroit Field Office and HHS-OIG investigated the case.

    Trial Attorneys Claire Sobczak Pacelli, Kelly M. Warner, and S. Babu Kaza of the Criminal Division’s Fraud Section prosecuted the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL Security OSI –

  • MIL-OSI Security: Yorkton — Man charged with attempted murder of child

    Source: Royal Canadian Mounted Police

    On February 1, 2025 at approximately 2:20 p.m., Yorkton RCMP received a report of a serious assault at a residence on Waterloo Road in Yorkton.

    Officers and EMS responded. Investigation determined an adult male assaulted a child, who is under the age of 6, who was transported to hospital with serious injuries. We are unable to provide an update on the child’s condition, due to privacy considerations.

    The adult male was arrested at the scene.

    As a result of continued investigation, 41-year-old Frederick Stewart from Saltcoats, SK is charged with:

    • – one count of attempted murder, Section 239(b), Criminal Code;
    • – one count, aggravated assault, Section 268(2), Criminal Code;
    • – one count, assault by choking, Section 267(c), Criminal Code; and
    • – one count, fail to comply with probation order, Section 733.1(1).

    He is scheduled to appear in Yorkton Provincial Court on February 7, 2025.

    MIL Security OSI –

  • MIL-OSI Canada: New legislation will accelerate B.C. renewable energy projects

    Source: Government of Canada regional news

    To ensure rapid permitting and robust regulation of renewable energy projects, the Province will introduce legislation in spring 2025 allowing the regulation of renewable energy projects, such as wind and solar, to move under the authority of the BC Energy Regulator (BCER). Adrian Dix, Minister of Energy and Climate Solutions, made the announcement in the presence of successful First Nations and clean-energy partners who gathered to celebrate the signing of their electricity purchase agreements (EPAs) with BC Hydro, which will generate between $5 billion and $6 billion in private capital spending throughout the province.

    The legislation will also enable the BCER to be the primary regulatory authority for authorizations associated with the construction of the North Coast Transmission Line (NCTL) and other high-voltage electricity transmission projects. This will help accelerate the expansion of British Columbia’s electricity grid and meet the demand in growth arising from critical mineral and metal mining, port electrification, hydrogen and fuel processing, and shipping projects under consideration. 

    “Along with other natural resources projects, these critical projects have been identified by the Province as priorities that are ready to move forward, with the potential to generate significant employment to support our economy in the face of potential tariffs by the U.S. government,” said Dix. “Now, with electricity purchase agreements signed by all of the wind and solar projects selected in the recent BC Hydro Call for Power and the BC Energy Regulator poised to be regulator for permitting these projects, British Columbia is on a clear trajectory to deliver the clean, affordable and reliable power people and industry need, and meaningfully grow and diversify our economy.”

    This announcement builds on the Province’s intent to exempt all future wind projects from the environmental assessment process, including the nine wind projects that are now under signed electricity purchase agreements with BC Hydro. It will create a single-window permitting process for renewable energy projects. The BC Energy Regulator will take a staged approach, focusing initially on the North Coast Transmission Line and other prescribed high-voltage transmission lines, and the wind and solar projects.

    The new legislation, to be introduced by the Ministry of Energy and Climate Solutions, will extend the BC Energy Regulator’s existing legal authorities and responsibilities to the new development activities relevant to the different energy projects.

    The BC Energy Regulator is an experienced organization that has demonstrated expertise at getting projects moving quickly, while providing robust regulatory oversight through the lifecycle of projects. This is a natural evolution of the BC Energy Regulator’s role, which initially focused on oil, gas and geothermal development, then expanded to include hydrogen, ammonia and methanol, and now to renewable energy. The BC Energy Regulator will bring its expertise and capacity to the province’s broader stewardship efforts for water, land and resources.

    “The BC Energy Regulator is committed to permitting efficiency and robust regulatory oversight of B.C.’s oil, gas and other energy resources,” said Michelle Carr, commissioner and chief executive officer, BC Energy Regulator. “With our single-window approach to permitting through the full lifecycle of development, commitment to operational excellence and stewardship in the public interest, commitment to First Nation consultation and management of land-owner interests, the BC Energy Regulator is well positioned to apply that expertise to renewables and to support the province’s transition to low-carbon energy.”

    The Province is committed to working in co-operation with First Nations partners, and is engaging with Nations across the province on the approach to the proposed legislation.

    “Designating the BCER as the single regulator for renewables helps ensure B.C. can meet its growing electricity demand and bring renewable energy projects online sooner,” said Kwatuuma Cole Sayers, executive director, Clean Energy Association of British Columbia. “In the 2024 Call for Power, 11 CEBC members, including First Nations and industry leaders, were selected as successful proponents for both wind and solar projects, demonstrating how meaningful partnerships drive major projects and deliver sustainable energy solutions. An effective regulatory framework must foster investment in these collaborations, uphold Indigenous rights and title, and maintain B.C.’s world-class environmental standards. We look forward to working alongside government, First Nations and industry to shape a clean-energy future that benefits all British Columbians.”

    The BC Energy Regulator has a team of more than 300 professionals in seven offices located throughout B.C. Subject-matter experts include biologists, engineers, hydrologists, agrologists, compliance and enforcement officers, First Nations liaison officers, heritage conservation officers and archeologists. The BC Energy Regulator will hire additional staff and subject-matter experts as authorities are added. 

    Quick Facts:

    • Under the Clean Energy Act, a renewable or clean resource means biomass, biogas, geothermal heat, hydro, solar, ocean, wind (small scale) or any other prescribed resource.
    • The new act would provide an enabling framework for government to extend the various powers and authorities of the BC Energy Regulator under the Energy Resource Activities Act through new regulations that would apply to specified transmission and generation projects. 
    • Government is not contemplating other changes to the environmental assessment triggers for renewable energy projects.
    • Environmental assessments will still be required for projects that exceed thresholds identified in the Reviewable Projects Regulation.

    Learn More:

    To learn more about the BC Energy Regulator, visit: https://www.bc-er.ca/

    MIL OSI Canada News –

  • MIL-OSI: CarGurus To Report Fourth Quarter and Full-Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, Feb. 06, 2025 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles1, announced it will issue a press release reporting financial results for the fourth quarter and fiscal year ended December 31, 2024, after the close of the market on February 20, 2025.

    CarGurus will host a conference call and live webcast to discuss those financial results for investors and analysts at 5:00 p.m. Eastern Time on February 20, 2025. To access the conference call, dial (877) 451-6152 for the U.S. or Canada, or (201) 389-0879 for international callers. The webcast will be available live on the Investors section of the company’s website at https://investors.cargurus.com.

    An audio replay of the call will also be available to investors beginning at approximately 8:00 p.m. Eastern Time on February 20, 2025, until 11:59 p.m. Eastern Time on March 6, 2025, by dialing (844) 512-2921 for the U.S. or Canada, or (412) 317-6671 for international callers, and entering passcode 13750508. In addition, an archived webcast will be available on the Investors section of the company’s website at https://investors.cargurus.com.

    About CarGurus, Inc.

    CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire, and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms, and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S. 1

    CarGurus also operates online marketplaces under the CarGurus brand in Canada and the U.K. In the U.S. and the U.K., CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.

    To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.

    CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks, and registered trademarks are the property of their respective owners.

    1Similarweb: Traffic Report [Cars.com, Autotrader, TrueCar, CARFAX Listings (defined as CARFAX Total visits minus Vehicle History Reports traffic)], Q3 2024, U.S.

    Investor Contact:
    Kirndeep Singh
    Vice President, Head of Investor Relations
    investors@cargurus.com

    Media Contact:
    Maggie Meluzio
    Director, Public Relations & External Communications
    pr@cargurus.com

    The MIL Network –

  • MIL-OSI: Lantronix Reports Results for Second Quarter of Fiscal 2025

    Source: GlobeNewswire (MIL-OSI)

    • Second Quarter Net Revenue of $31.2 Million
    • Second Quarter GAAP EPS of ($0.06)
    • Second Quarter Non-GAAP EPS of $0.04

    IRVINE, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity for the Internet of Things (IoT) solutions enabling Artificial Intelligence (AI) Edge Intelligence, today reported results for its second quarter of fiscal 2025.

    Net revenue totaled $31.2 million, near the midpoint of the guidance range provided for the quarter.

    GAAP EPS of ($0.06), compared to ($0.07) in the prior year and $(0.07) in the prior quarter.

    Non-GAAP EPS of $0.04, compared to $0.08 in the prior year and $0.06 in the prior quarter.

    “Lantronix has the key assets in Compute and Connect to drive Edge Intelligence, and the company remains focused on three key vertical markets: Enterprise; Smart Cities including critical infrastructure; and Transportation,” said Lantronix President and CEO Saleel Awsare. “We are actively advancing Edge AI solutions, integrating the recently acquired IoT assets from Netcomm, and positioning Lantronix for exciting future growth.”

    Business Outlook

    For the third fiscal quarter of 2025, the company expects revenue in a range of $27.0 million to $31.0 million and non-GAAP EPS of $0.01 to $0.05 per share.

    Conference Call and Webcast

    Management will host an investor conference call and audio webcast on Thursday, Feb. 6, 2025, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss its results for the second quarter of fiscal 2025 that ended Dec. 31, 2024. To access the live conference call, investors should dial 1-844-802-2442 (US) or 1-412-317-5135 (international) and indicate that they are participating in the Lantronix Q2 FY 2025 call. The webcast will be available simultaneously via the investor relations section of the company’s website.

    Investors can access a replay of the conference call starting at approximately 7:00 p.m. Pacific Time on Feb. 6, 2025, at the Lantronix website. A telephonic replay will also be available through Feb. 13, 2025, by dialing 1-877-344-7529 (US) or 1-412-317-0088 (international) or Canada toll-free at 1-855-669-9658 and entering passcode 3433776.

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

    For more information, visit the Lantronix website.

    Discussion of Non-GAAP Financial Measures

    Lantronix believes that the presentation of non-GAAP financial information, when presented in conjunction with the corresponding GAAP measures, provides important supplemental information to management and investors regarding financial and business trends relating to the company’s financial condition and results of operations. Management uses the aforementioned non-GAAP measures to monitor and evaluate ongoing operating results and trends to gain an understanding of our comparative operating performance. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations of the non-GAAP financial measures to the financial measures calculated in accordance with GAAP should be carefully evaluated. The non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

    Non-GAAP net income consists of net loss excluding (i) share-based compensation and the employer portion of withholding taxes on stock grants, (ii) depreciation and amortization, (iii) interest income (expense), (iv) other income (expense), (v) income tax provision (benefit), (vi) restructuring, severance and related charges, (vii) acquisition related costs, (viii) impairment of long-lived assets, (ix) amortization of purchased intangibles, (x) amortization of manufacturing profit in acquired inventory, (xi) fair value remeasurement of earnout consideration, and (xii) loss on extinguishment of debt.

    Non-GAAP EPS is calculated by dividing non-GAAP net loss by non-GAAP weighted-average shares outstanding (diluted). For purposes of calculating non-GAAP EPS, the calculation of GAAP weighted-average shares outstanding (diluted) is adjusted to exclude share-based compensation, which for GAAP purposes is treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method.

    Guidance on earnings per share growth is provided only on a non-GAAP basis due to the inherent difficulty of forecasting the timing or amount of certain items that have been excluded from the forward-looking non-GAAP measures, and a reconciliation to the comparable GAAP guidance has not been provided because certain factors that are materially significant to Lantronix’s ability to estimate the excluded items are not accessible or estimable on a forward-looking basis without unreasonable effort.

    Forward-Looking Statements

    This news release contains forward-looking statements, including statements concerning our revenue and earnings expectations for the third fiscal quarter of 2025, the market opportunities offered by the current shift towards edge computing and our positioning to capitalize on this trend, and our expectations regarding the benefits of our acquisition of Netcomm Wireless Pty Ltd. and our cost reduction initiatives. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. We have based our forward-looking statements on our current expectations and projections about trends affecting our business and industry and other future events. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Forward-looking statements are subject to substantial risks and uncertainties that could cause our results or experiences, or future business, financial condition, results of operations or performance, to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. Other factors which could have a material adverse effect on our operations and future prospects or which could cause actual results to differ materially from our expectations include, but are not limited to: the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to a pandemic or similar outbreak, wars and recent conflicts in Europe, Asia and the Middle East, hostilities in the Red Sea, or other causes; our ability to successfully convert our backlog and current demand;  the impact of a pandemic or similar outbreak on our business, employees, customers, supply and distribution chains and the global economy; our ability to successfully implement our acquisition strategy or integrate acquired companies; uncertainty as to the future profitability of acquired businesses, and delays in the realization of, or the failure to realize, any accretion from acquisition transactions; acquiring, managing and integrating new operations, businesses or assets, and the associated diversion of management attention or other related costs or difficulties; our ability to continue to generate revenue from products sold into mature markets; our ability to develop, market, and sell new products; our ability to succeed with our new software offerings; our use of AI may result in reputational, competitive or financial harm and liability; fluctuations in our revenue due to the project-based timing of orders from certain customers; unpredictable timing of our revenues due to the lengthy sales cycle for our products and services and potential delays in customer completion of projects; our ability to accurately forecast future demand for our products; delays in qualifying revisions of existing products; constraints or delays in the supply of, or quality control issues with, certain materials or components; difficulties associated with the delivery, quality or cost of our products from our contract manufacturers or suppliers; risks related to the outsourcing of manufacturing and international operations; difficulties associated with our distributors or resellers; intense competition in our industry and resultant downward price pressure; rises in inventory levels and inventory obsolescence; undetected software or hardware errors or defects in our products; cybersecurity risks; our ability to obtain appropriate industry certifications or approvals from governmental regulatory bodies; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to protect patents and other proprietary rights and avoid infringement of others’ proprietary technology rights; issues relating to the stability of our financial and banking institutions and relationships; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; the impact of rising interest rates; our ability to attract and retain qualified management; and any additional factors included in our Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report; in our Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2024, to be filed with the SEC on Feb. 7, 2025, including in the section entitled “Risk Factors” in Item 1A of Part II of such report; and in our other public filings with the SEC. In addition, actual results may differ as a result of additional risks and uncertainties of which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

    © 2025 Lantronix Inc. All rights reserved. Lantronix is a registered trademark.

    Lantronix Investor Relations Contact:
    investors@lantronix.com

    LANTRONIX, INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
     (In thousands)
           
      December 31,
    		   June 30,
        2024       2024  
    Assets      
    Current assets:      
    Cash and cash equivalents $ 19,210     $ 26,237  
    Accounts receivable, net   30,472       31,279  
    Inventories, net   29,070       27,698  
    Contract manufacturers’ receivables   3,473       1,401  
    Prepaid expenses and other current assets   3,329       2,335  
    Total current assets   85,554       88,950  
    Property and equipment, net   3,155       4,016  
    Goodwill   30,491       27,824  
    Intangible assets, net   4,910       5,251  
    Lease right-of-use assets   9,430       9,567  
    Other assets   683       600  
    Total assets $ 134,223     $ 136,208  
           
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Accounts payable $ 15,975     $ 10,347  
    Accrued payroll and related expenses   2,968       5,836  
    Current portion of long-term debt, net   3,056       3,002  
    Other current liabilities   11,436       10,971  
    Total current liabilities   33,435       30,156  
    Long-term debt, net   11,630       13,219  
    Other non-current liabilities   11,245       11,478  
    Total liabilities   56,310       54,853  
           
    Commitments and contingencies      
           
    Stockholders’ equity:      
    Common stock   4       4  
    Additional paid-in capital   305,433       304,001  
    Accumulated deficit   (227,895 )     (223,021 )
    Accumulated other comprehensive income   371       371  
    Total stockholders’ equity   77,913       81,355  
    Total liabilities and stockholders’ equity $ 134,223     $ 136,208  
           
    LANTRONIX, INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
                       
                       
      Three Months Ended   Six Months Ended
      December 31,   September 30,   December 31,   December 31,
        2024       2024       2023       2024       2023  
    Net revenue $ 31,161     $ 34,423     $ 37,038     $ 65,584     $ 70,069  
    Cost of revenue   17,877       19,948       22,007       37,825       40,941  
    Gross profit   13,284       14,475       15,031       27,759       29,128  
    Operating expenses:                  
    Selling, general and administrative   8,811       9,467       10,224       18,278       19,394  
    Research and development   4,984       4,956       4,725       9,940       9,831  
    Restructuring, severance and related charges   193       900       530       1,093       550  
    Acquisition-related costs   208       29       –       237       –  
    Fair value remeasurement of earnout consideration   –       –       –       –       (9 )
    Amortization of intangible assets   1,248       1,251       1,310       2,499       2,694  
    Total operating expenses   15,444       16,603       16,789       32,047       32,460  
    Loss from operations   (2,160 )     (2,128 )     (1,758 )     (4,288 )     (3,332 )
    Interest expense, net   (126 )     (119 )     (232 )     (245 )     (570 )
    Other income (loss), net   8       (37 )     (23 )     (29 )     (4 )
    Loss before income taxes   (2,278 )     (2,284 )     (2,013 )     (4,562 )     (3,906 )
    Provision for income taxes   94       218       580       312       573  
    Net loss $ (2,372 )   $ (2,502 )   $ (2,593 )   $ (4,874 )   $ (4,479 )
    Net loss per share – basic and diluted $ (0.06 )   $ (0.07 )   $ (0.07 )   $ (0.13 )   $ (0.12 )
    Weighted-average common shares – basic and diluted   38,631       38,024       37,354       38,330       37,170  
                       
    LANTRONIX, INC.
    UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
    (In thousands, except per share data)
                       
      Three Months Ended   Six Months Ended
      December 31,   September 30,   December 31,   December 31,
        2024       2024       2023       2024       2023  
                       
    GAAP net loss $ (2,372 )   $ (2,502 )   $ (2,593 )   $ (4,874 )   $ (4,479 )
    Non-GAAP adjustments:                  
    Cost of revenue:                  
    Share-based compensation   48       64       64       112       105  
    Employer portion of withholding taxes on stock grants   2       5       1       7       5  
    Amortization of manufacturing profit in acquired inventory   –       –       189       –       506  
    Depreciation and amortization   114       123       109       237       195  
    Total adjustments to cost of revenue   164       192       363       356       811  
    Selling, general and administrative:                  
    Share-based compensation   1,044       1,126       1,628       2,170       2,901  
    Employer portion of withholding taxes on stock grants   20       78       10       98       47  
    Depreciation and amortization   348       351       338       699       672  
    Total adjustments to selling, general and administrative   1,412       1,555       1,976       2,967       3,620  
    Research and development:                  
    Share-based compensation   421       410       484       831       912  
    Employer portion of withholding taxes on stock grants   2       19       5       21       18  
    Depreciation and amortization   111       69       52       180       160  
    Total adjustments to research and development   534       498       541       1,032       1,090  
    Restructuring, severance and related charges   193       900       530       1,093       550  
    Acquisition related costs   208       29       –       237       –  
    Fair value remeasurement of earnout consideration   –       –       –       –       (9 )
    Amortization of purchased intangible assets   1,248       1,251       1,310       2,499       2,694  
    Litigation settlement cost   158       40       –       198       –  
    Total non-GAAP adjustments to operating expenses   3,753       4,273       4,357       8,026       7,945  
    Interest expense, net   126       119       232       245       570  
    Other (income) expense, net   (8 )     37       23       29       4  
    Provision for income taxes   94       218       580       312       573  
    Total non-GAAP adjustments   4,129       4,839       5,555       8,968       9,903  
    Non-GAAP net income $ 1,757     $ 2,337     $ 2,962     $ 4,094     $ 5,424  
                       
                       
    Non-GAAP net income per share – diluted $ 0.04     $ 0.06     $ 0.08     $ 0.10     $ 0.14  
                       
    Denominator for GAAP net income (loss) per share – diluted   38,631       38,024       37,354       38,330       37,170  
    Non-GAAP adjustment   953       1,257       1,228       901       938  
    Denominator for non-GAAP net income per share – diluted   39,584       39,281       38,582       39,231       38,108  
                       
    GAAP cost of revenue $ 17,877     $ 19,948     $ 22,007     $ 37,825     $ 40,941  
    Non-GAAP adjustments to cost of revenue   (164 )     (192 )     (363 )     (356 )     (811 )
    Non-GAAP cost of revenue   17,713       19,756       21,644       37,469       40,130  
    Non-GAAP gross profit $ 13,448     $ 14,667     $ 15,394     $ 28,115     $ 29,939  
    Non-GAAP gross margin   43.2 %     42.6 %     41.6 %     42.9 %     42.7 %
                       
    LANTRONIX, INC.
    UNAUDITED NET REVENUES BY PRODUCT LINE AND REGION
    (In thousands)
                       
      Three Months Ended   Six Months Ended
      December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Embedded IoT Solutions $ 10,784     $ 13,387     $ 11,764     $ 24,171     $ 23,137  
    IoT System Solutions   18,592       18,759       23,022       37,351       42,058  
    Software & Services   1,785       2,277       2,252       4,062       4,874  
      $ 31,161     $ 34,423     $ 37,038     $ 65,584     $ 70,069  
                       
                       
      Three Months Ended   Six Months Ended
      December 31, 2024   September 30, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Americas $ 16,386     $ 17,420     $ 20,601     $ 33,806     $ 43,534  
    EMEA   9,036       10,484       12,886       19,520       19,477  
    Asia Pacific Japan   5,739       6,519       3,551       12,258       7,058  
      $ 31,161     $ 34,423     $ 37,038     $ 65,584     $ 70,069  
                       

    The MIL Network –

  • MIL-OSI: Global-e to Announce Financial Results for the Fourth Quarter and Year End 2024 on February 19, 2025

    Source: GlobeNewswire (MIL-OSI)

    PETAH-TIKVA, Israel, Feb. 06, 2025 (GLOBE NEWSWIRE) — Global-e (Nasdaq: GLBE), the platform powering global direct-to-consumer e-commerce, today announced it will report financial results for the fourth quarter and full year ended December 31, 2024, before market open on Wednesday, February 19, 2025.

    Global-e management will host a conference call to review its financial results and outlook.

    Date: Wednesday, February 19, 2025
    Time: 8:00 AM ET
    United States/Canada Toll Free: +1-800-717-1738
    International Toll: +1-646-307-1865
       

    Please join the call 5-10 minutes prior to the scheduled start time, to avoid a delay in connecting. A live webcast will be available in the Investor Relations section of Global-e’s website at https://investors.global-e.com/news-events/events-presentations

    A replay of the webcast will be available in the Investor Relations section of Global-e’s website at https://investors.global-e.com/news-events/events-presentations approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.

    About Global-e Online Ltd.

    Global-e (Nasdaq: GLBE) is the world’s leading platform enabling and accelerating global, Direct-To-Consumer e-commerce. The chosen partner of over 1,000 brands and retailers across the United States, EMEA and APAC, Global-e makes selling internationally as simple as selling domestically. The company enables merchants to increase the conversion of international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless, localized shopping experience. Global-e’s end-to-end e-commerce solutions combine best-in-class localization capabilities, big-data best-practice business intelligence models, streamlined international logistics and vast global e-commerce experience, enabling international shoppers to buy seamlessly online and retailers to sell to, and from, anywhere in the world. For more information, please visit: www.global-e.com.

    Investor Contact:
    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    IR@global-e.com
    +1 617-542-6180

    Press Contact:
    Sarah Schloss
    Headline Media
    sarah.schloss@headline.media
    +1 914-506-5104

    The MIL Network –

  • MIL-OSI: Former U.S. Senator Joe Manchin to Serve as Adviser to Apollo and Appointed to Athene Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, Feb. 06, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and Athene Holding Ltd. (“Athene”), today announced that former U.S. Senator Joseph Manchin III has been named an adviser to Apollo and appointed to the Athene Board of Directors, effective February 3, 2025. Senator Manchin will provide advisory services to Apollo on various matters including energy markets, given the firm’s leading role in providing capital to enable the global industrial renaissance.

    Senator Manchin served as a United States Senator for West Virginia from 2010 to 2025. He was Chair of the Senate Energy and Natural Resources Committee, as well as a member of the Appropriations, Armed Services, and Veterans’ Affairs Committees. Prior to his tenure in the Senate, he served as the 34th Governor of West Virginia from 2005 to 2010 and as West Virginia Secretary of State from 2001 to 2005. He graduated from West Virginia University with a degree in business administration.

    Marc Rowan, CEO of Apollo, said, “Senator Manchin’s distinguished career experience and expertise will be incredibly valuable to Apollo and our clients and partners. We look forward to his contributions to help meet the unprecedented capital need required to drive the global industrial renaissance and support the significant retirement needs of Americans and families around the globe.”

    Jim Belardi, CEO of Athene, said, “Senator Manchin is a great addition to Athene’s Board as we address the significant need for next generation retirement products. His public sector experience, expertise on a broad range of issues, and track record of independent thinking make him a valuable member of our Board.”

    Senator Manchin said, “Apollo is a forward-thinking financial services firm that has been able to offer capital at scale to drive the American economy forward. Athene provides critical retirement services to millions of Americans and is the leading innovator in tackling modern retirement challenges. I look forward to bringing a unique perspective to both the team at Apollo and the Athene Board, contributing to the firm’s continued success in retirement services and providing capital to enable energy accretion and transition.”

    About Athene
    Athene is a leading retirement services company with over $350 billion of total assets as of September 30, 2024, 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.

    About Apollo
    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

    Contacts:

    Joanna Rose
    Global Head of Corporate Communications
    Apollo Global Management, Inc.
    212-822-0491
    communications@apollo.com

    Jeanne Hess
    Vice President, External Relations
    Athene
    646-768-7319
    jeanne.hess@athene.com

    The MIL Network –

  • MIL-OSI: Trisura Announces Timing of Fourth Quarter and 2024 Annual Results Release and Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 06, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, announces the timing of fourth quarter and annual 2024 results release and earnings conference call.

    Trisura will release its fourth quarter and annual 2024 results after market close on Thursday, February 13th, 2025. The company will host a conference call for analysts and investors on Friday, February 14th, 2025 at 9:00 a.m. ET. Conference call participants will be David Clare, President and Chief Executive Officer and David Scotland, Chief Financial Officer.

    To listen to the call via live audio webcast, please follow the link below:
    https://edge.media-server.com/mmc/p/mghkbw3a

    A replay of the call will be available through the link above.

    About Trisura Group

    Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

    Further information is available at https://www.trisura.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

    For more information, please contact:
    Name: Bryan Sinclair
    Tel: 416 607 2135
    Email: bryan.sinclair@trisura.com

    The MIL Network –

  • MIL-OSI Global: Trump’s push to shut down USAID shows how international development is also about strategic interests

    Source: The Conversation – Canada – By Nelson Duenas, Assistant Professor of Accounting, L’Université d’Ottawa/University of Ottawa

    The U.S. Agency for International Development (USAID) is on the verge of being shut down by United States President Donald Trump’s administration.

    On Feb. 4, U.S. Secretary of State Marco Rubio announced the agency would be taken over by the State Department. He stated that “all USAID direct hire personnel will be placed on administrative leave globally.”

    This move comes after Trump and his officials have heavily criticized the role and ineffectiveness of the agency. Trump said USAID had “been run by a bunch of radical lunatics, and we’re getting them out,” while Tesla CEO and special government employee Elon Musk said it was “time for it to die.”

    The closure of USAID will have significant consequences for many countries in the Global South. USAID is one of the largest development agencies in the world and funds programs that benefit millions of people, from supporting peace agreements in Colombia to fighting the spread of HIV in Uganda.

    Around US$40 billion is allocated annually from the U.S. federal budget for humanitarian and development aid. If USAID is dismantled, it raises questions about how these funds will be redirected and the long-term impacts it will have on global development efforts.

    A geopolitical fallout?

    The potential dismantling of USAID has raised concerns among international development experts about a potential geopolitical fallout that could create unintended consequences for the U.S. itself.

    Global issues, such as human security and climate change, are expected to be heavily affected. The U.S. also risks losing influence in the fight for soft power since dismantling USAID could leave behind a power vacuum. Other countries like Russia or China may occupy the space left by what was the largest international aid program in the world.



    Read more:
    USAid shutdown isn’t just a humanitarian issue – it’s a threat to American interests

    This shift could result in the U.S. losing its influence in regions like Africa, South America and Asia, where the country distributed aid to a number of non-governmental organizations, aid agencies and non-profits.

    While the future of U.S. foreign assistance remains uncertain, other world powers have a role to play. European donors, despite some limitations in resources, remain committed to the 2030 Sustainable Development agenda.

    Beyond humanitarianism

    If the agency is shut down, it may be widely condemned on moral and humanitarian grounds. However, its closure would respond to a logic of strategic and ideological interests that has long shaped the international development system. This a key finding from my longstanding field research with organizations that receive funding, not only from USAID, but also from Canadian and European donors.

    International development largely unfolded in the aftermath of the Second World War when global powers competed to establish a new world order. This led to the creation of international agreements and multilateral institutions, with major industrialized nations emerging as the primary donors of foreign aid.

    While many international initiatives, like the Millennium Development Goals and the 2030 Agenda for Sustainable Development, have guided development as we know it, the governments of main donor countries have their own interests in mind when providing aid.

    In my research, I have interviewed many people involved in the foreign aid chain, including directors and offices of international non-governmental organizations and governmental co-operation agencies. Many said development relationships are shaped by both the interests of donors and those of recipient populations and organizations.

    While these relationships may be based on humanitarian objectives, such as disaster relief or human rights advocacy, they can also be influenced by ideological, geopolitical, economic and social agendas.

    In this context, the American move to eliminate USAID could be seen as one that prioritizes national security and economic goals over traditional global humanitarian concerns. Governments steer the wheel of international development according to their political ideologies and interests, regardless of the shock this may generate among citizens.

    Canada’s role in all this

    The U.S. is not the only country re-evaluating its international development policy. Sweden, another major country in the foreign aid sphere, is also changing its co-operation strategy following changes in its government and criticism of the NGOs that deploy their development assistance.

    Canada’s role in this unfolding situation remains uncertain. With the resignation of Prime Minister Justin Trudeau as head of the Liberal Party and the upcoming federal election, it’s unclear what will happen to Canada’s international development strategy going forward.

    Under Stephen Harper, the country’s international development strategy was closely tied to expanding trade with developing countries based on maximizing the value of extractive economies and a strong defence policy. This approach aimed to bring value not only to the recipient country of aid, but to Canada as well.

    When Trudeau took office, Canada’s development strategy turned to a more progressive agenda centred on peace keeping, feminist approaches and humanitarian programs.

    Will Canada continue to champion human rights, human security and progressive agendas? Or will Canada reduce funds for foreign assistance, which seems to be the wish of many of its citizens?

    The answer to these questions will depend on the direction that our political leaders decide to take, and the sentiments of citizens. Still, Canada’s approach to development aid will probably remain in a trade-off between moral imperatives of humanitarianism and strategic national interests.

    Nelson Duenas receives funding from the Social Sciences and Humanities Research Council (SSHRC)
    Nelson Duenas is a researcher associated to l’Observatoire canadien sur les crises et l’action humanitaires

    – ref. Trump’s push to shut down USAID shows how international development is also about strategic interests – https://theconversation.com/trumps-push-to-shut-down-usaid-shows-how-international-development-is-also-about-strategic-interests-249118

    MIL OSI – Global Reports –

  • MIL-OSI: AFL Clubs Choose Tradable Bits to Revolutionise Fan Engagement

    Source: GlobeNewswire (MIL-OSI)

    MELBOURNE, Australia, Feb. 06, 2025 (GLOBE NEWSWIRE) — Tradable Bits, the leading provider of fan marketing technology, has been selected by 17 Australian Football League (AFL) clubs to drive fan engagement, data collection, and activation strategies for the upcoming season.

    With over six years of collaboration with the AFL, Tradable Bits continues to expand its role in the league, enhancing data intelligence across in-venue, broadcast, email, and mobile SMS platforms.

    Tradable Bits provides comprehensive solutions tailored to the unique needs of sports organizations, including seamless fan engagement tools, a purpose-built CRM for teams, and integrations with ticketing, merchandise, and marketing automation systems.

    Since its initial partnership with the AFL in 2019, Tradable Bits has seen exponential growth, now powering fan engagement initiatives for 17 of the league’s 18 clubs, including Adelaide Crows, Brisbane Lions, Carlton, Essendon, Fremantle, Geelong, Gold Coast Suns, GWS Giants, Hawthorn, Melbourne, North Melbourne, Port Adelaide, Richmond, St Kilda, Sydney Swans, West Coast Eagles, and the Western Bulldogs.

    North Melbourne Football Club’s Digital Marketing and Analytics Manager, Jackson Zilco, highlighted the impact of the long-term partnership:

    “Partnering with Tradable Bits has been instrumental in helping our club better understand and engage with our fans. They’ve grown with us as we’ve evolved our Fan Engagement and Data strategies and are always proactive when it comes to ideas and strategy.”

    “We’re aiming for record membership numbers in 2025, and Tradable Bits is key to our lead generation efforts. It remains an integral part of our technology stack and plays a big role in helping us reach membership targets,” added Zilco.

    Tim Mullaly, General Manager, APAC at Tradable Bits, emphasised the company’s fan-centric philosophy:

    “At Tradable Bits, we’re fans first and foremost. We understand that the core of fandom is connection, and our clubs are always looking to get closer to their fans by delivering unique and authentic experiences. With the vast majority of the AFL industry now using our data intelligence and activation tools, Tradable Bits is powering more fan engagements than ever before.”

    In 2024 alone, Tradable Bits campaigns were responsible for more than 100,000 hours of engagement time by AFL fans.

    Danielle Wooley, Head of Customer Experience & Insights at the Western Bulldogs, noted how Tradable Bits’ automation capabilities have streamlined their fan communications:

    “By integrating directly with Ticketmaster Archtics, we’ve cut our fan welcome email turnaround time from up to three weeks to under 24 hours. Timeliness and relevance matter. Prioritizing this shows our fans that we understand them; it goes a long way in fostering genuine connection.”

    Wooley also highlighted the revenue-driving potential of fan engagement initiatives:

    “We ran a Tradable Bits Personality Quiz during the season, garnering over 3,000 participants. The campaign fed a tailored experience journey, resulting in a 500% attendance increase in one season.”

    As AFL clubs gear up for an exciting 2025 season, Tradable Bits continues to play a crucial role in driving engagement, strengthening connections, and delivering measurable results for teams.

    About Tradable Bits
    Tradable Bits is a leading provider of cutting-edge fan engagement, data analytics, and marketing solutions to the global sports, music, and entertainment industries. Tradable Bits’ proprietary fan engagement platform and CRM leverages zero-party data, artificial intelligence, and machine learning so promoters, sports leagues and teams, and live event organisations can market more effectively, generate revenue, and foster brand loyalty. Tradable Bits’ technology is built exclusively in-house by award-winning engineers and mathematicians working alongside veteran sports and entertainment executives to meet the unique needs of live audience organisations. More than 100 leading organisations rely on Tradable Bits including sports partners in the AFL, NBA, NFL, NRL, NHL, MLB and MLS, and entertainment partners AEG Presents’ GoldenVoice, BMG, Live Nation Canada, Front Gate Tickets, Country Music Association, Danny Wimmer Presents, Life is Beautiful, and Outside Lands. Tradable Bits is headquartered in Vancouver, Canada, and has offices in North America, Australia, and Europe. More information is available at www.tradablebits.com.

    The MIL Network –

  • MIL-OSI Canada: Minister’s statement on Richmond supportive housing

    Source: Government of Canada regional news

    Ravi Kahlon, Minister of Housing and Municipal Affairs, has released the following statement about supportive housing in Richmond: 

    “Our government is committed to connecting people with the housing and supports they need to get on a better path and live full, healthy lives. We’re also dedicated to keeping communities and businesses safe.

    “In summer 2024, we temporarily paused moving forward with the proposed supportive housing project at 3780 Sexsmith Rd. in Richmond so BC Housing staff could explore other potential sites.

    “Since then, staff have evaluated five other locations within the community.

    “Upon review, it was determined that these sites would not meet the needs for supportive housing for various reasons, such as location, lot size and proximity to key services. These are important factors that support residents’ abilities to stabilize their lives, successfully integrate within the community and access required services.

    “Furthermore, shifting to a new location at this stage would require new project designs, adding significant delays to project completion.

    “After careful consideration and exploring all viable options within the community, we have determined the Sexsmith site remains the best option for a supportive housing site in Richmond.

    “This project is crucial to helping address the urgent need for long-term, supportive housing to deal with the growing number of people facing homelessness in Richmond, which has increased 91% since the pandemic to more than 160 people at last count.  

    “We will now initiate engagement with neighbours by organizing facilitated dialogue sessions starting in March 2025. Invitations will be sent to neighbours, providing an opportunity to further discuss the project. We will also continue working with city staff and stakeholders to safely integrate this housing into the community.

    “Following this engagement, the site will be put forward to Richmond city council for final consideration. I would like to acknowledge the work of Richmond city council to date, and members of council’s assertions on the need to move forward with permanent supportive housing in Richmond.

    “Lastly, there has been a significant amount of misinformation about this project. I encourage neighbours to engage directly with BC Housing on the project, either through the upcoming neighbourhood dialogue sessions, submitting questions and feedback directly to BC Housing, and learning more about the proposal online. 

    “This building will be purpose-built for supportive housing, allowing residents to gather indoors. It will have 24/7 staffing and security features, such as cameras, fencing and lighting. Clean-up teams will help keep surroundings tidy, and neighbours will be able to report concerns via a dedicated phone line with the housing provider.

    “We will continue working with BC Housing, the City of Richmond and residents, to bring inside people who are sheltering outdoors, and build a safer and healthier community for everyone.”

    Learn More:

    Learn more about BC Housing’s proposal here: 
    https://letstalkhousingbc.ca/richmond-cambie-sexsmith

    MIL OSI Canada News –

  • MIL-OSI Economics: Lessons learned and challenges ahead for central banks in the Americas

    Source: Bank for International Settlements

    Introduction

    Welcome, everyone, and thank you for attending the first edition of the Chapultepec Conference. The aim of this event is to allow central bank Governors to reflect and share perspectives on the major economic and financial issues facing the Americas. I am sure that today’s meeting will be followed by many others.

    Today’s conference has a rich agenda. We started this morning by discussing global financial conditions and digital innovations. After lunch, we will turn to monetary policy.

    I will use my time today to give some background to this afternoon’s discussions. I will aim to provide some perspective on the course of monetary policy in the Americas over the past few years. I will then turn to what I see as the key challenges facing central banks in the region in the coming years. My comments will focus on Latin America, although many of the themes have broader relevance.

    Latin America’s response to the Covid crisis

    Monetary policy developments in recent years have been profoundly shaped by the events of the Covid-19 pandemic and its immediate aftermath.

    When the pandemic struck in 2020, central banks throughout the world took decisive measures. They lowered interest rates to record lows, offered new liquidity facilities and expanded existing ones. Many central banks also made asset purchases.

    For advanced economy central banks, including the Federal Reserve and the Bank of Canada, the policy response followed a broadly familiar playbook, although the size of the response was unusually large.

    But for many emerging market economy central banks, including those in Latin America, such a strong, countercyclical policy response marked a departure. In past crises, policy had often responded procyclically, not least due to concerns about possible currency depreciation.

    Two factors contributed to this different response in Latin America during the pandemic. First, monetary policy frameworks in Latin America had been strengthened over the previous decades. In particular, the autonomy obtained in the 1990s was a rock-solid foundation, without which a countercyclical policy response would not have been possible. Second, the pandemic was a global shock. The fact that central banks worldwide, including the Federal Reserve, were loosening their policy stances no doubt made it easier for central banks in Latin America to follow suit.

    While the policy easing at the start of the pandemic was highly synchronous, the tightening in its aftermath was less so. Central banks in Latin America, in particular, were relatively quick to unwind emergency policy settings in response to emerging inflationary pressures in early 2021. In doing so, they drew on the experiences of the 1970s and 1980s, when high inflation and wage-price spirals were prevalent. Monetary policy in advanced economies was, in my view, more heavily influenced by the extended period of below-target inflation that preceded the pandemic.

    Early and forceful policy tightening worked. By slowing demand, it contributed directly to lowering inflation. Just as importantly, decisive tightening helped keep long-term inflation expectations anchored. Even when inflation initially rose, the public never lost confidence in central banks’ commitment and ability to bring inflation back to target. In countries with a history of high and volatile inflation, like many in Latin America, this is a clear success. It has helped to prevent a wage-price spiral similar to that experienced during previous episodes. Moreover, unlike in many episodes of the 1980s and 1990s, there was no financial or banking crisis.

    The job is not done, however. In much of the Americas, inflation remains above target. And the road back to price stability looks bumpier than it did even six months ago, not least due to heightened policy uncertainty. Over the past few years, central banks were able to draw on their accumulated credibility to limit the rise in inflation and bring it down at relatively little cost to economic activity. But to safeguard their credibility for the future, they have to see the job through and deliver on their mandates.

    Challenges ahead

    Let me spend the rest of my speech discussing some of the challenges that I believe will affect the conduct of monetary policy in the coming years.

    The first challenge is policy uncertainty. Trade policy is the most prominent example. But the future evolution of fiscal policy, regulation and immigration policy is also open to many questions at present. Moreover, the geopolitical backdrop remains in flux.

    Such pervasive policy uncertainty will affect central banks in several ways.

    Uncertainty itself is likely to weigh on growth. Firms will postpone investment. Households may avoid large purchases. In isolation, these effects would weigh on inflation.

    But an uncertain world is also likely to be a more volatile one, particularly for financial markets. Already in recent weeks, we have seen sizeable swings in asset prices, including exchange rates, as market participants struggled to determine how policy settings would evolve, and how to position themselves accordingly. Some of these asset price movements, particularly exchange rate depreciations, could be inflationary.

    At some point, of course, many of today’s policy uncertainties are likely to be resolved. Depending on the policies adopted, these choices will have their own consequences for growth and inflation.

    The second challenge is high public debt and, in some countries, unsustainable fiscal positions. Public debt was already high in much of the world before the Covid-19 pandemic. It has increased further since then. And the widening of budget deficits at the start of the pandemic has still not been fully unwound.

    Loose fiscal policy complicates the task of central banks in several, well known, ways. By contributing to aggregate demand, it adds to inflationary pressures, complicating the return to price stability. By raising doubts about the long-term sustainability of public finances it can increase interest rate risk premia and can lead to currency depreciation, further raising inflation while weighing on growth. In the extreme, an abrupt repricing of public debt could put financial stability at risk, especially in countries where banks and non-bank financial institutions hold large shares of the public debt. But even if these channels are familiar, central banks will still need to navigate the consequences.

    The third challenge is international divergence. As I mentioned before, the pandemic was a global shock, leading almost all central banks to ease policy at about the same time. The subsequent inflationary outbreak saw most tighten policy, even if many emerging market economy central banks started to do so ahead of their advanced economy peers.

    Going forward, economic conditions, and hence appropriate policy settings, are likely to be less synchronous. In particular, economic growth in the United States has been much stronger than in much of the rest of the world of late. Should this continue, we could see greater variability in policy settings, with flow-on effects to capital flows, exchange rates and global financial conditions.

    A fourth, and related, challenge is continued sluggish productivity growth in most countries of the Americas, except the United States. Some factors behind this problem are insufficient investment in infrastructure, education and technology. Many countries face structural inefficiencies, such as rigid labour markets and bureaucratic hurdles, which hinder businesses’ ability to innovate and expand. A retreat from globalisation and widening trade fragmentation could weigh on productivity growth further.

    Low productivity growth makes central banks’ lives much harder. In particular, it creates pressure to keep policy settings loose in order to sustain economic growth in the face of weak fundamentals. I don’t need to tell this audience that this policy prescription is all wrong.

    Addressing low productivity growth requires structural reforms that make it easier to open a business, compete and invest. Regrettably, structural reforms had been lagging in many economies well before the pandemic. Consolidating fiscal positions and rationalising public expenditure may also free up resources to improve public investment to develop necessary infrastructure and improve human capital. Such policies, of course, lie outside central banks’ toolkit.

    The task for central banks

    Faced with all of these challenges, many of which are beyond their control, what can central banks do?

    A first task is to ensure that at least one key prerequisite for sustained economic growth – price stability – is beyond question. In doing so, they can help remove one potentially destabilising source of policy uncertainty. The history of this region regrettably features many examples of the adverse consequences when the public loses confidence in central banks’ ability and willingness to achieve their mandates. The experience of the Covid pandemic showed us how much better outcomes can be if such confidence is maintained.

    That said, the specific policy settings to deliver monetary and financial stability are themselves uncertain. Much will depend upon how policy uncertainty evolves, and on the specific constellation of policies that are ultimately adopted. Appropriate policy settings will also change over time. In the meantime, bouts of market volatility are likely. At such times, central banks may need to act, in a judicious and limited manner, to safeguard market stability.

    So central banks will need to remain on their toes, be attuned to recent developments and stand ready to act firmly and decisively when required. While central banks’ ultimate objectives – monetary and financial stability – should be steadfast, commitment to specific policy settings should be avoided. Maintaining flexibility to adjust policy settings rapidly in response to changing circumstances will be at a premium.

    Beyond the immediate conjuncture, I believe the time is also opportune for central banks to build on the lessons of the past few years, in order to better prepare themselves for the future. The policy reviews currently being undertaken in a number of economies represent such an opportunity.

    In particular, a key lesson that I draw is how quickly and fundamentally seemingly pervasive features of the economic landscape can change. Before the pandemic, there was broad-based agreement that the global economy would face strong deflationary pressures for the foreseeable future. Real rates were expected to remain at historical lows, raising the risk of persistent liquidity traps.

    Today it is clear that inflation risks are much more two-sided than we had previously thought. And it is also clear that the general public is much more resentful of even a relatively brief period of high inflation than a prolonged period of modestly below-target inflation. Our policy frameworks should take these lessons into account. But they will also need to be robust to a future that could look very different from even the immediate past. A key reason for the success of many Latin American central banks in navigating the post-pandemic inflation surge was their ability to adapt rapidly in the face of changing circumstances. Such adaptability is a trait to which all policy frameworks aspire.

    Let me close with a plea for central bank cooperation. Central banking is not a zero-sum game. Above-target inflation or low growth in one country does not benefit others, but makes their life more difficult. This means there is significant scope for cooperation. It will be much easier to meet the challenges of tomorrow together than alone.

    The BIS will be there to support you in this endeavour. The BIS’s mission is to support central banks’ pursuit of monetary and financial stability through international cooperation, and to act as a bank for central banks. The BIS Representative Office for the Americas will continue to promote cooperation among central banks in the Americas and the Caribbean and to link central banks in the region to those in other regions.

    MIL OSI Economics –

  • MIL-OSI USA: Shaheen Speaks with New Hampshire Chamber of Commerce Leaders About Potential Harms from Delayed Trump Tariffs

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) spoke with representatives from local Chambers of Commerce across New Hampshire about the harmful impact of the potential Trump tariffs on Mexico and Canada, New Hampshire’s largest trading partner. As of earlier this week, these tariffs have been delayed 30 days, but if they go into effect, prices on everything from gas to cars to groceries could skyrocket, hurting Granite Staters and Granite State businesses. Representatives from the New Hampshire Business and Industry Association, Exeter Area Chamber of Commerce, Hampton Area Chamber of Commerce, Upper Valley Business Alliance, Greater Concord Chamber of Commerce, Greater Monadnock Collaborative, Greater Dover Chamber of Commerce, Mt. Washington Valley Chamber and the Greater Portsmouth Chamber Collaborative joined the virtual conversation.
    “I’ve spoken with business leaders from around the Granite State, and they’ve told me that what they need to grow and create good-paying jobs that boost our economy is stability and certainty about the economic policies they are facing,” said Shaheen. “To be clear, I’m glad that President Trump has delayed these tariffs, but a delay is not enough. We need to focus on lowering costs for working Americans, not starting a needless and dangerous trade war that would increase prices on critical items and create more uncertainty.”
    Shaheen immediately condemned the proposed Trump tariffs after they were announced. On Tuesday night, Shaheen took to the Senate floor to detail the harmful impacts that the delayed Trump tariffs would have on Granite Staters. Last week, Shaheen led the New Hampshire Congressional Delegation in sending a letter to the White House urging him not to impose tariffs on Canada, Mexico and China which are expected to cost the average American $1,200 per year.
    Earlier this year, Shaheen introduced new legislation with U.S. Senators Ron Wyden (D-OR) and Tim Kaine (D-VA) to shield American businesses and consumers from rising prices imposed by tariffs on imported goods into the United States. The Senators’ legislation would keep costs down for imported goods by limiting the authority of the International Emergency Economic Powers Act (IEEPA)—which allows a President to immediately place unlimited tariffs after declaring a national emergency—while preserving IEEPA’s use for sanctions and other tools.
    After the November election, a multitude of business leaders verified that, if the President placed sweeping tariffs as promised, they’d be forced to raise prices on consumers. The CEO of Best Buy said, “the vast majority of that tariff will probably be passed on to the consumer as a price increase.” The CFO of Walmart said, “there will probably be cases where prices will go up for consumers.” The CEO of Columbia Sportswear said, “we’re set to raise prices” and “it’s going to be very, very difficult to keep products affordable.” The CEO of AutoZone said, “if we get tariffs, we will pass those tariff costs back to the consumer.” The President of a Texas-based Lipow Oil Associates said, “The prices at the pump are going to go up.”

    MIL OSI USA News –

  • MIL-OSI Canada: B.C., First Nations Justice Council open 6 more Indigenous justice centres

    Source: Government of Canada regional news

    The Province, in partnership with the BC First Nations Justice Council (BCFNJC), is opening six Indigenous justice centres, fulfilling a commitment to establish 15 Indigenous justice centres (IJCs) throughout B.C.

    Niki Sharma, Attorney General, was joined by the BCFNJC in Kamloops to celebrate opening the six new centres in Kamloops, Williams Lake, Cranbrook, Port Hardy, Fort St. John and a shared location serving the communities of Burns Lake and Hazelton. 

    “It is incredible to reflect on what First Nations, the BC First Nations Justice Council and the Province have collaboratively achieved – a network of 15 Indigenous justice centres across B.C.,” said Kory Wilson, chair, BCFNJC. “IJCs provide Indigenous clients with optimum legal representation and access to wraparound services that extend beyond their legal needs. As those accessing our services often feel overwhelmed and disconnected from community, IJCs embrace them with care, honour their cultural identity and protect them from falling through the cracks.”

    With the opening of these IJCs, the BCFNJC, the Province and Canada have completed Strategy 4 of the BC First Nations Justice Strategy. Strategy 4 is a key commitment that calls for establishing a network of 15 IJCs throughout B.C. These six new centres join the existing nine physical centres in Chilliwack, Kelowna, Merritt, Nanaimo, Prince George, Prince Rupert, Surrey, Vancouver and Victoria, along with the virtual centre serving the province remotely.

    IJCs address systemic barriers faced by Indigenous Peoples in the justice system by offering culturally appropriate legal advice, representation and referrals to local support services directly to Indigenous people at the community level. The range of services and the focus in each location may vary based on the needs, strengths and services available in each community, but are initially focused on criminal defence and child protection matters.

    “All Indigenous Peoples, regardless of whether they qualify for legal aid, can access free, culturally informed legal and outreach services at IJCs,” Sharma said. “I am grateful to all our partners in delivering services that help build resilient communities and improve our justice system.”

    The IJCs aim to help Indigenous people in the justice system address the root causes of their involvement and offer supports to help prevent future interactions with police and the justice system. Legal and outreach teams at the IJCs use their diverse community, cultural and professional expertise to support the healing and restorative-justice journeys of Indigenous clients. Through resource and support workers, clients may be referred to services such as housing, employment services, and mental-health and addictions treatment.

    “Tk̓emlúps te Secwépemc is pleased to be the home of a brand-new Indigenous justice centre, where our communities can seek legal representation alongside wraparound services in an environment that feels culturally safe,” said Kúkpi7 (Chief) Rosanne Casimir, Tk̓emlúps te Secwépemc. “We extend our appreciation to the BC First Nations Justice Council and the Province for addressing and working toward better systems of justice for Indigenous Peoples. The relief, safety and support this centre brings will ripple through our community with positive effects.”

    Indigenous justice centres are a key part of the Province’s commitment to implement the BC First Nations Justice Strategy and advance reconciliation under the Declaration on the Rights of Indigenous Peoples Act. They are also a key action in the Province’s Safer Communities Action Plan.

    Quick Facts:

    • Strategy 4 of the BC First Nations Justice Strategy calls for a network of 15 IJCs in B.C.
    • In 2024, the first nine of 15 IJCs were operational and provided free legal representation or outreach supports in more than 2,200 cases in which Indigenous people navigated criminal or child-protection matters.
    • In March 2024, BCFNJC expanded eligibility requirements so all Indigenous people, regardless of whether they qualify for legal aid, can access free legal and outreach services at IJCs.
    • IJCs build on the crucial work of long-standing justice partners, such as the Native Courtworker and Counselling Association of BC and local Indigenous Justice Programs, throughout the province.

    Learn More:

    For information about Indigenous justice centres, visit:
    https://bcfnjc.com/indigenous-justice-centres-in-british-columbia/

    For information about how Indigenous justice centres fit into the Safter Communities Action Plan, visit:
    https://news.gov.bc.ca/releases/2022PREM0090-001743

    For information about the BC First Nations Justice Council, visit:
    https://www.bcfnjc.com

    To read the BC First Nations Justice Strategy, visit:
    https://news.gov.bc.ca/files/First_Nations_Justice_Strategy_Feb_2020.pdf

    To track and keep updated on the progress the BCFNJC and the Province are making on the BC First Nations Justice Strategy, visit:
    https://trackingjustice.bcfnjc.com/

    For more information about the unique service model of IJCs and what a client’s journey at an IJC can look like, visit:
    https://trackingjustice.bcfnjc.com/intertwining-kinship-justice/

    A backgrounder follows.

    MIL OSI Canada News –