Enterprises embrace providers with GenAI tools to improve enterprise cloud migrations, optimize Oracle investments, ISG Provider Lens report says.
A growing number of enterprises in Asia Pacific are seeking Oracle ecosystem services to help them carry out digital transformations to remain competitive in rapidly changing markets, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm.
The 2024 ISG Provider Lens Oracle Cloud and Technology Ecosystem report for Asia Pacific finds many large Oracle customers are modernizing legacy systems, navigating cloud migrations and evaluating hyperscale cloud options. Service providers are helping clients optimize their Oracle investments, often with the use of AI tools, while Oracle is increasingly investing in talent development and collaboration in the region, including partnerships with governments in Singapore, Australia and India for large-scale training programs.
“Companies in Asia Pacific need digital transformation to stay relevant,” said Michael Gale, partner and regional leader, ISG Asia Pacific. “Oracle and its partners are rising to the challenge by strengthening their expertise and developing talent in the region.”
Large organizations in manufacturing, retail, financial services, consumer packaged goods and the public sector are increasing their use of Oracle services, the report says. In addition to modernization planning and execution, many seek help addressing regional nuances such as data sovereignty and compliance requirements, especially in India, Singapore, Malaysia, Australia and New Zealand.
Outdated legacy systems are holding back many organizations in the region, leading to rising demand for both consulting and advisory services to plan modernization initiatives, ISG says. To reach strategic goals and maximize Oracle investments, enterprises seek providers that demonstrate domain expertise and the ability to innovate. Carrying out transitions with minimal disruption and consistent data integrity is a key requirement.
Companies seeking to maintain Oracle performance and uptime amid cost, compliance and complexity challenges are driving up demand for managed services in Asia Pacific, the report says. Comprehensive services allow clients to optimize resource management, enhance productivity and focus on strategy.
More enterprises in the region are adopting Oracle Cloud Infrastructure (OCI), often leveraging local data centers and integrating advanced tools, ISG says. A key requirement is the availability of generative AI for process automation and management of multicloud environments. Companies give priority to service providers that offer comprehensive support for Oracle and non-Oracle environments and enhance integration across cloud platforms.
“Enterprises in Asia Pacific are choosing leading OCI providers with a strong local presence,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Along with competitive pricing and proven track records in Oracle migrations, this fosters trust.”
The report also examines other trends affecting Oracle users in Asia Pacific, including enterprises consolidating providers of comprehensive application management services and the impact of OCI’s recently introduced interoperability across AWS, Azure and Google Cloud.
For more insights into the challenges faced by enterprises using Oracle in Asia Pacific, see the ISG Provider Lens Focal Points briefing here.
The 2024 ISG Provider Lens Oracle Cloud and Technology Ecosystem report for Asia Pacific evaluates the capabilities of 28 providers across four quadrants: Consulting and Advisory Services, Implementation and Integration Services, Managed Services and OCI Solutions and Capabilities.
The report names Accenture, Cognizant, Deloitte, HCLTech, Infosys, LTIMindtree, TCS, Tech Mahindra and Wipro as Leaders in all four quadrants. It names PwC as a Leader in three quadrants and KPMG as a Leader in two quadrants. Capgemini is named as a Leader in one quadrant.
In addition, Capgemini, DXC Technology and Kyndryl are named as Rising Stars — companies with a “promising portfolio” and “high future potential” by ISG’s definition — in one quadrant each.
In the area of customer experience, Capgemini is named the global ISG CX Star Performer for 2024 among Oracle Cloud and Technology Ecosystem providers. Capgemini earned the highest customer satisfaction scores in ISG’s Voice of the Customer survey, part of the ISG Star of Excellence program, the premier quality recognition for the technology and business services industry.
The 2024 ISG Provider Lens Oracle Cloud and Technology Ecosystem report for Asia Pacific is available to subscribers or for one-time purchase on this webpage.
About ISG Provider Lens Research
The ISG Provider Lens Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG’s global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG’s enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
About ISG
ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world’s top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data, in-depth knowledge of provider ecosystems, and the expertise of its 1,600 professionals worldwide working together to help clients maximize the value of their technology investments.
It’s central to any democracy that citizens receive fair treatment under the law. An important part of this is access to legal advice and representation.
But lawyers are expensive. Many people who engage with the justice system can’t afford them.
This is where legal aid comes in. Legal aid is a government-funded service available to some people unable to afford legal assistance. It is tightly targeted and many people are turned away.
Those approved can access professional advice and representation. Many clients are women and children escaping family violence, and Aboriginal and Torres Strait Islander people, who remain vastly overrepresented in the criminal justice system.
But the first ever national census of legal aid private practitioners reveals widespread underfunding, overwhelming workloads and high financial costs borne by the lawyers providing help.
How does legal aid work?
Vulnerable Australians who need essential services often access them from private providers in mixed markets. This is the case for childcare, aged care and the National Disability Insurance Scheme (NDIS).
It’s also true of legal aid, in which private lawyers play major roles.
Legal Aid Commissions deliver legal aid through a mix of directly employed, in-house practitioners and approved private providers. The mix is heavily weighted toward private providers, although it fluctuates over time and across jurisdictions.
According to National Legal Aid, in 2022–23, 72% of successful legal aid applications were assigned to private practitioners.
To resource this arrangement, private practitioners are funded by grants of aid allocated to approved clients, with amounts regulated through a fixed scale of fees. Legal Aid Commissions in each state and territory usually release grant funds to practitioners in stages, initially to cover advice, investigation and negotiation, with funding extended to cover more work, such as going to trial, if cases progress.
Private practitioners are expected to assist legal aid clients at the same standard of quality they would provide to other, fee-paying clients.
But quality legal representation, especially for highly vulnerable people, is complex and time-consuming.
Our research shows private practitioners feel frustrated that government funding does not cover all activities they need to perform and falls short of meeting community need.
Our research
We surveyed private practitioners who had delivered legal aid in the past two years, or who were listed on legal aid panels or preferred supplier lists.
Among the 1,010 who participated, most were self-employed or working in very small practices. A quarter had delivered legal aid for more than 20 years.
Commitment to legal aid is high, reflected in statements such as “everyone deserves good-quality representation”, and
there is an obligation on professionals to assist in providing access to justice.
Overwhelmingly, private practitioners find legal aid satisfying and meaningful. They also value the way it can build expertise for practitioners early in their legal career.
But despite being enjoyable and enriching work, private practitioners say legal aid is becoming more difficult to deliver.
Bearing the brunt of the cost
Legal aid work can be stressful for practitioners, but their greatest challenge by far is funding.
While there is no illusion that legal aid will be lucrative, private practitioners are frustrated with paltry grants that require significant administration and which undervalue their work.
They feel the funding they receive does not recognise the time required in legal aid cases, nor the growing complexity of cases. As legal aid clients increasingly present with unmet health, social and economic needs, cases are more complex, lengthy and costly.
Announcements of additional funding and better indexation have been welcomed, but aren’t enough to fix the shortfall.
In the census, private practitioners repeatedly told us the funding available does not cover all activities required in legal aid cases or expected by courts. As one practitioner explained:
legal aid matters effectively become pro bono matters near weeks into an initial grant, despite being potentially years-long.
For 85% of private practitioners, “having to perform unremunerated work” is a source of difficulty. More than three-quarters said “trying to do quality work with limited time and resources” makes legal aid cases difficult.
Many private practitioners travel long distances for their legal aid work and feel frustrated when costs are not covered. They also find administration is slow and cumbersome, and feel that Legal Aid Commissions are too understaffed to respond quickly to inquiries.
Although 70% intend to continue to deliver at least some legal aid in the next year, many private practitioners feel undervalued. A third want to reduce their legal aid caseload and one in nine plan to abandon this work altogether.
To continue to deliver legal aid, private practitioners echo scholarly evidence
in calling for better grants, straightforward administration and responsive communication.
Some question why legal aid, as a public good, has come to rest so heavily on the commitment of private practitioners and suggest that in-house staff and the community legal sector play bigger roles.
Ultimately, some private practitioners will find ways to integrate legal aid into their business, or simply wear the cost. But for most, financial costs and risks are too high. Essential services cannot be delivered based on practitioners’ goodwill.
Natasha Cortis conducts commissioned research on social policy and service delivery, for government and non-government organisations. The research this article discusses was commissioned by National Legal Aid.
Megan Blaxland conducts commissioned research on social policy and service delivery for a range of government and non-government organisations. The research this article discusses was commissioned by National Legal Aid.
Source: United States Senator for Washington State Patty Murray
Murray: “Trump and Musk are preparing lifeboats for billionaires who can already buy their own fleet of yachts—but ripping away support for families who have been struggling for years to keep their heads above water.”
***VIDEO HERE***
Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former Chair of the Senate HELP Committee, joined a virtual press call to discuss the Trump administration’s recent attacks on child care and Head Start—and President Trump’s utter failure to do anything to help families find and afford child care, despite his promises to lower costs for American families. The call was hosted by Child Care for Every Family, Zero to Three, the National Women’s Law Center, and MomsRising.
Senator Murray blasted the Trump administration’s mass firings at Department of Health and Human Services’ Office of Head Start and Office of Child Care—which reportedly lost roughly 20% and 25% of their staff respectively—as well as the Trump administration’s blanket funding freeze that caused chaos and uncertainty for Head Start centers nationwide, including in Washington state.
“In a shock to no one, a billionaire like Donald Trump and his boss, Elon Musk—the literal richest man on the planet—have absolutely zero clue why child care is so important to families and to our economy. Despite the President’s grand campaign promises to lower families’ costs, Trump and Musk have done absolutely nothing to increase child care openings, nothing to lower child care costs, nothing whatsoever to address the child care crisis,” said Senator Murray. “When it comes to helping themselves, they are gearing up to give themselves and other billionaires trillions in tax cuts—but when it comes to helping parents and kids, a big fat zero.”
Senator Murray’s remarks, as delivered on today’s press call, are below:
“In a shock to no one, a billionaire like Donald Trump and his boss, Elon Musk—the literal richest man on the planet—have absolutely zero clue why child care is so important to families and to our economy.
“And despite the President’s grand campaign promises to lower families’ costs, Trump and Musk have done absolutely nothing to increase child care openings, nothing to lower child care costs, nothing whatsoever to address the child care crisis.
“Of course, when it comes to helping themselves, they are gearing up to give themselves and other billionaires trillions in tax cuts—but when it comes to helping parents and kids, a big fat zero.
“And really, even that is being far too kind—because all they have done so far is make the child care crisis worse, and all their plans for what to do next are to make it even worse!
“When Trump and Musk are haphazardly freezing Head Start funding, then promising to turn it back on, but not actually ensuring that happens, and throwing Head Start centers and families who count on them into complete chaos; when they are firing, left and right, without rhyme or reason, the very workers who help child care providers and Head Start centers keep their doors open and who help ensure the kids in their care are safe—they are turning their backs on families and making the child care crisis that much worse.
“President Trump and Elon Musk have reportedly already fired a fifth of workers at the federal Office of Head Start and Office of Child Care—and it’s clear they plan to keep firing federal workers with reckless abandon. These are folks that help all of our states keep child care and Head Start centers open.
“There’s no mistaking it: Trump and Musk’s agenda will have devastating consequences for families and for our economy.
“Because—despite how important Elon Musk thinks he is—the reality is that working families are the backbone of our economy. And mom and dad can’t go to work if they can’t get child care.
“And of course, if things weren’t bad enough—Republicans’ next big priority involves ripping health care away from kids and families and seniors to shower even more tax cuts on billionaires. Child care doesn’t become more affordable when parents and their kids get kicked off Medicaid.
“In other words, Trump and Musk are preparing lifeboats for billionaires who can already buy their own fleet of yachts—but ripping away support for families who have been struggling for years to keep their heads above water.
“They are telling fellow billionaires: ‘Whatever you want!’ And telling parents and kids: ‘Tough luck!’
“Well, I have fought for child care from my first day in politics and I am going to make sure they know I am not stopping now.”
On Feb. 24, 2025, the State Council Information Office holds a press conference in Beijing on further deepening rural reform for solid gains in rural revitalization across the board. [Photo by Liu Jian/China SCIO] As spring farming begins across the country, China released its annual rural policy blueprint on Sunday, referred to as the “No. 1 central document,” aiming to further deepen rural reform and advance all-round rural revitalization. In order to expound on this document, the State Council Information Office held a press conference on Monday, which was attended by Han Wenxiu, deputy director in charge of routine work of the Office of the Central Financial and Economic Affairs Commission and director of the Office of the Central Rural Work Leading Group. Han said that, with a focus on deepening rural reform, the document highlights two “bottom-line tasks” — ensuring the supply of grain and other important agricultural products and consolidating the achievements in poverty elimination — and four “key tasks” — developing local industries, advancing rural construction, improving the rural governance system, and optimizing the rural resource allocation system.
Villagers sow corn seeds and mulch a field in Buying village, Suining city, Sichuan province, Feb. 18, 2025. [Photo/Xinhua] “China’s grain supply, overall, does not surpass demand; instead, it remains in a state of borderline sufficiency,” Han said. He emphasized that this year’s document continues placing the highest priority on ensuring national food security. Han noted that, to ensure stable and bountiful grain production, China will make efforts to increase yield per unit and improve grain quality on the basis of stabilizing the area of land dedicated to grain cultivation this year. Data from the Ministry of Agriculture and Rural Affairs shows that in 2024, China’s grain output exceeded 700 billion kilograms for the first time despite natural disasters, up 11.09 billion kilograms year on year. Also speaking at the press conference, Zhu Weidong, deputy director of the Office of the Central Financial and Economic Affairs Commission and deputy director of the Office of the Central Rural Work Leading Group, said that China will launch an inter-provincial compensation mechanism. Through this mechanism, the central government will coordinate the transfer of grain and compensation between grain-producing and grain-consuming provinces, so as to financially support major grain-producing areas.
Farmers work in a field in Yacha town of Baisha Li autonomous county, Hainan province, Feb. 20, 2025. [Photo/Xinhua] According to the document, to consolidate the progress made in poverty eradication, China will strengthen monitoring and assistance mechanisms to prevent lapse or relapse into poverty, while enhancing the long-term management system for the substantial assistance assets accumulated through poverty alleviation efforts over time. A database for registering and managing assistance assets will also be established, with a comprehensive supervision system outlining asset management responsibilities, Han noted. He emphasized that, while this year marks the final year of the five-year transition period for effectively integrating the efforts to consolidate and build on the achievements in poverty alleviation with rural revitalization, “assistance policies will not abruptly cease after the transition but will be refined in categories.” According to the document, mechanisms for preventing rural residents from lapsing or relapsing into poverty and a system of multi-tiered support for low-income rural residents and underdeveloped areas will be established. “Preventing large-scale lapse or relapse into poverty is not just a task of this year, but a long-term, ongoing commitment that must be maintained beyond the transition period,” Han said.
An aerial drone photo taken on July 12, 2024 shows the Carp Brook scenic area in Puyuan village, Zhouning county, Fujian province. [Photo/Xinhua] The document also emphasizes developing local industries tailored to specific conditions to boost income. Official data reveals that last year, the per capita disposable income of farmers in poverty-alleviated counties grew faster than the national average; the per capita disposable income of rural residents reached 23,119 yuan, a real growth of 6.3% compared to the previous year; and the income gap between urban and rural residents further narrowed to a ratio of 2.34 to 1. In terms of reforms for other key tasks, Zhu noted that efforts will be made to address the urgent needs of rural residents. Boarding schools and essential small-scale schools will be better run to optimize education resource allocation, the management of nutrition improvement plans for rural compulsory education students will be comprehensively enhanced, medical workers and services will be encouraged to move to rural areas, and the basic pension for both urban and rural residents will be gradually raised. Moreover, more high-quality cultural and sports activities will be provided, and outdated customs like hefty bride prices will be gradually addressed. Zhu said that China will move forward with well-organized trials to extend rural land contracts by another 30 years upon the expiration of the second-round contracts. Furthermore, he emphasized that urban residents are forbidden from purchasing rural houses and residential land, and the transfer of contracted land management rights must be conducted voluntarily, with compensation, and in accordance with the law. Han noted that cities with the necessary resources are encouraged to gradually include agricultural migrants with stable employment in their urban housing security policies. Han highlighted the document’s approach to talent development which combines local cultivation with the introduction of external expertise. He explained that the policy document emphasizes providing skills training for farmers while also creating a supportive environment and enhancing public services to attract talent who can contribute to rural development. “People are the key to rural revitalization,” he said. Data shows that more than 12 million people nationwide have returned to their homes in rural areas or moved to rural areas to engage in entrepreneurial activities.
The Hong Kong Special Administrative Region (HKSAR) will continue to leverage its strategic positioning as the “three centers and a hub” and make good use of the advantages of “one country, two systems,” the financial secretary of the HKSAR government said on Wednesday. While delivering the 2025-26 budget at the HKSAR’s Legislative Council, Paul Chan said it is imperative to do so, outlining a range of plans to inject new impetus into Hong Kong’s economy, consolidating and strengthening industries with clear advantages while actively nurturing and developing new industries. To reinforce Hong Kong’s status as an international financial center, Chan said the HKSAR government will introduce a series of measures across various fields, including the securities and derivatives market, fixed income and currency hub, as well as asset and wealth management center. The Hong Kong Exchanges and Clearing Limited will put forward recommendations to enhance the issuance mechanism of structured products with a view to providing greater flexibility for product listing and trading, he said. The Hong Kong Monetary Authority is preparing to issue the third tranche of tokenized bonds, and will continue to encourage digital bonds issuances through the Digital Bond Grant Scheme, while actively exploring tokenizing traditional bonds issued, Chan said. To promote the connection of e-payment between the Chinese mainland and Hong Kong, the People’s Bank of China and the Hong Kong Monetary Authority are working closely to implement the linkage of faster payment systems of both places, with a view to providing round-the-clock real-time, small-value cross-boundary remittance service for residents in both places, said Chan, adding that the service is expected to be launched in mid-2025 at the soonest. To promote the construction of Hong Kong as an international trade center, Chan said that the Hong Kong Export Credit Insurance Corporation will provide credit insurance for export services relating to multinational supply chain to render more comprehensive support to enterprises seeking to go global. Hong Kong will continue to leverage its role as a functional platform for the Belt and Road Initiative (BRI), Chan said, adding that Hong Kong will continue to further cultivate the ASEAN and Middle East markets, and explore opportunities in Central Asia, South Asia and North Africa. Chan reaffirmed that the HKSAR government will establish the Hong Kong Maritime and Port Development Board this year to strengthen relevant research, promotion and manpower training to facilitate the sustainable development of the international maritime center. In addition, Hong Kong will help the home-developed C919 aircraft enter the global market, Chan said, noting that the Hong Kong International Aviation Academy will expand its training programs in this regard. To foster a talent hub, Chan said the HKSAR government will enhance the Admission Scheme for Mainland Talents and Professionals and the General Employment Policy by allowing young non-degree talents with professional and technical qualifications and experience to come to Hong Kong to join skilled trades facing manpower shortage. The HKSAR government will continue to attract more students, especially those from ASEAN and other countries under the BRI cooperation framework, to study in Hong Kong through various measures, including the Belt and Road Scholarship, he said.
A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.
The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.
Recent Developments and Outlook
Growth is expected to pick up to 2 percent in 2025—from 1.5 percent in 2024—supported by tourism, withinflation remaining around 2 percent. In the medium term, growth is projected at 2.5 percent, and inflation is expected to remain stable. Progress has been made in the transition to renewable energy, as the geothermal project is nearing the drilling phase with funding secured.
The current account deficit (CAD) further widened to 15 percent of GDP in 2024, from 12 percent in 2023. The CAD remains significantly larger than pre-pandemic levels, reflecting a decline in CBI inflows and widening fiscal deficits. It is expected to remain around 12 percent of GDP in the medium term. The external position in 2024 is assessed as weaker than implied by medium-term fundamentals and desirable policies.
Staff projects fiscal deficits to remain large with public debt rising. The fiscal deficit in 2024 is estimated at 11 percent of GDP, driven by a sharp reduction in CBI revenue. Recent reforms to the program, reinforced by international agreements, suggest that CBI revenue will likely be structurally lower but more sustainable going forward. Hence, the fiscal deficit is projected to be 9 percent of GDP this year, also impacted by the increase in the wage bill and the temporary VAT reduction. Public debt is expected to rise to 61 percent of GDP in 2025. The overall risk of sovereign debt stress continues to be assessed as moderate. In the medium term, fiscal deficits are expected to decrease modestly due to the authorities’ efforts to control expenditures, while debt is projected to reach 68 percent of GDP in 2030.
Bank credit growth accelerated while vulnerabilities remain. Bank credit grew rapidly at 11 percent (y/y) (particularly in mortgages and consumer loans) amid high non-performing loans (NPLs) and low buffers, while competition among banks increased. Overall, bank NPLs declined, profits rose, and capital somewhat improved. Meanwhile, lending by credit unions expanded swiftly by 12 percent (y/y), while their delinquency ratio increased to 10 percent.
Near-term risks are tilted to the downside, but the potential for renewable energy provides upsides over the medium term. Substantial changes in CBI revenue constitute an important two-sided risk but a further decline in CBI revenue would pressure fiscal accounts. Downside risks include a slowdown in key source markets for tourism, commodity price volatility, as well as global financial instability impacting domestic banks. The country is also highly exposed to natural disasters (ND). On the other hand, the renewable energy projects could create an additional source of growth and fiscal revenue.
Economic Policies
Fiscal Policy
The staff believes that the main priority is to implement a prompt and steady fiscal consolidation to keep public debt below the regional ceiling of 60 percent of GDP. While the authorities made efforts to contain the fiscal deficit in 2024, more active policies are necessary going forward. Fiscal consolidation will help create space to protect capital expenditure, strengthen resilience against NDs, and hedge against contingent liabilities.
Under staff’s active policies scenario, the adjusted primary balance (excluding CBI and transfers to public banks) should be tightened by 2 percentage points of GDP by 2029 relative to the baseline. To this end, fiscal consolidation should be anchored by a set of fiscal rules and driven by tax reforms and reductions in current expenditures while protecting capital expenditure. The combined net impact of fiscal consolidation and structural reforms on growth and the external position is assessed to be positive in the medium term. In particular:
Statutory fiscal rules should include an adjusted primary balance floor and a primary current expenditure ceiling, as well as the regional debt ceiling—with escape clauses related to NDs. This would enhance the credibility of the fiscal path and help contain borrowing costs.
Tax reforms would boost tax revenue by 2.5 percentage points of GDP and are well within reach. The reforms would also help reduce reliance on the CBI and improve equity and growth. Recommended measures include harmonizing the VAT, supplemented by improved targeted social support; increasing excise rates on alcoholic beverages, tobacco, and fossil fuels; and updating property tax assessments. The Housing and Social Development Levy could become more progressive, and non-labor income, such as investment and rental income, could be taxed to improve equity. The temporary reduction in VAT for the first half of 2025, as well as other pandemic-era tax breaks, should be phased out. Negotiated tax concession packages for corporate income tax—which unfairly benefit profitable large international hospitality companies—should be lapsed, especially in light of the upcoming OECD Pillar II. The authorities’ efforts to improve tax collections, including property taxes and CIT, and to enhance tax administration are welcome, and should be further strengthened.
Current expenditure. The authorities’ efforts to streamline current expenditure are welcome and should go further to bring them closer to pre-pandemic levels. Limiting public wage increases and employment—the largest in the ECCU—would help foster private sector job creation. Transfers, including social spending, should be better targeted and more effective.
Accompanying structural reforms aimed at enhancing productivity, labor quality, and access to finance could generate significant growth gains.
The planned establishment of a Sovereign Wealth Fund (SWF) is welcome. The SWF should absorb any upside in the projected CBI revenue, reduce the impact of volatile and uncertain CBI revenue on the budget, and help create fiscal buffers against NDs.
Progress has been made in improving the CBI framework, but its transparency needs to be enhanced. The government has taken important steps to improve the governance of the program and strengthen the due diligence and application processes. To further improve transparency and accountability, comprehensive annual reports following external audits should be published regularly, including statistics on applications and financial accounts.
The authorities’ efforts to publish the medium-term debt management strategy (MTDMS) are welcome. Heavy reliance on short-term borrowing—entailing large gross financing needs and additional fiscal risks—should continue to be reduced. The MTDMS—now under government review—should aim to lengthen debt maturity, reduce costs, and diversify the sources of funds. The authorities’ plan to resume the publication of the MTDMS—not published since 2018—is welcome. The government has recently reached three loan agreements with favorable terms with international partners. Additionally, the government could consider increasing engagement with multilateral development partners for concessional borrowing and tapping into the Regional Government Securities Market.
The staff supports the authorities’ intention to reform the Social Security Fund (SSF). The authorities announced their intention to reform the SSF and have initiated extensive consultations with stakeholders. The proposed options are welcome and concrete measures should be identified. Furthermore, a more comprehensive approach is needed to ensure the fiscal sustainability of the SSF, including improvements in asset management.
Financial Sector Policy
Progressto strengthen the systemic bank and safeguard public deposits should continue. The bank has made progress toward reducing NPLs, restoring profitability of its lending business, and further de-risking its foreign investment portfolio. These efforts should continue. The government—as its majority shareholder—and the bank are encouraged to engage with external advisors to revitalize its business model. The planned establishment of the SWF presents an opportunity to transfer public sectors deposits and associated foreign investments from the bank to the SWF, except for the portion necessary for the government’s cash management.
The Development Bank needs to be reformed. The bank is facing significant challenges due to high NPLs and weak profits. Although the bank does not take deposits, it has borrowed from the public and the banking sector and poses a contingent liability to the government. The government and the new management are actively working to address the bank’s accountability and financial performance. The external audit—not conducted since 2018—is ongoing to fully assess the bank’s financial condition and is expected to conclude in the coming months. The priority is to thoroughly analyze the bank’s financial situation, including its NPLs and loss-making loan programs, reassess its financial and social functions—potentially achievable through private lending and targeted social support—and chart the optimal path forward, firmly based on the bank’s viability and fiscal prudence. The legal framework around the bank should be revised to significantly strengthen its regulation and supervision.
Financial soundness should be strengthened at private banks and credit unions. Banks should continue their efforts to reduce NPLs and to meet the prudential requirements for provisions and capital, based on their plans submitted to the ECCB. Banks’ efforts to improve financial education of their potential clients are welcome and should be potentially joined with public resources. This is especially important amid the rapid credit growth and the regional credit bureau becoming more operational. In addition, the regulation and oversight of credit unions by the Financial Services Regulatory Commission has room for improvement, particularly in the areas of lending standards, provisioning requirements, and supervisory actions. Efforts to enhance the effectiveness of the AML/CFT framework should continue.
Structural Policy
The medium-term growth prospects can be improved. Staff analysis indicates that potential growth has steadily declined from around 6 percent in the 1980s to 2.5 percent, mainly driven by slow productivity growth and a lower contribution from human capital. Staff assess that growth potential can be enhanced through structural reforms aimed at better resource allocation, particularly in the following areas.
The efficiency of government services can be enhanced. In this regard, recent progress with digitalization, streamlining tax administration, and implementing a single electronic window is welcome.
Credit access should be improved, especially for firms. All banks and credit unions are encouraged to participate in the recently created regional credit bureau to make it effective. While foreclosure processes appear to work efficiently, bankruptcy and insolvency regimes can be enhanced to incentivize out-of-court debt workouts, given the lengthy in-court processes.
Labor skills should be better aligned with private and public sector demands. Upskilling is essential for maintaining labor market competitiveness, especially with the recent two-tier increases in minimum wage in 2024 and July 2025, which position the minimum wage well above that of ECCU peers. There are shortages of qualified workers in both the private (tourism) and public (healthcare) sectors. Recent efforts aimed at improving access to education and vocational training can help, especially benefiting the unemployed, and these initiatives should be tailored to meet market demands.
Accelerating the energy transition is crucial to increasing competitiveness and growth resilience. The energy transition is expected to enhance energy security, reduce energy costs, and support economic diversification. It is essential to build strong expertise in project management. The investment, ownership, and taxation agreements related to large energy projects should be crafted carefully, considering their long-term economic and fiscal implications.
To strengthen ND preparedness, the public investment framework and the multi-layered insurance framework should be further enhanced.
ND-resilient Infrastructure. Upgrading the power grid—as part of the geothermal project—will enhance resilience to NDs, support energy sustainability by introducing a one-grid that connects the two islands and facilitate the energy transition. Given the country’s challenges with water supply, the authorities’ plan for a renewable energy-powered desalination plant is a significant development.
Investment framework. Integrating a pipeline of projects funded by the overall public sector, including statutory bodies, into the Public Sector Investment Program (PSIP)) will help improve medium-term fiscal planning, anchor ND-resilient investment plans, and help unlock concessional financing. Strengthening capital expenditure forecasts would be important for the medium-term fiscal framework. Project execution should be improved considerably. In this regard, the authorities’ plan to formulate a medium-term PSIP strategy will provide a useful framework for comprehensive oversight of public investment and enable project progress tracking.
An enhanced multi-layered insurance framework. Staff analysis indicates additional fiscal buffers are essential to enhance an insurance framework against NDs, and government deposits should be preserved at their current level as the first self-insurance layer. This could be further supplemented by (i) expanding coverage through the Caribbean Catastrophe Risk Insurance Facility and (ii) issuing a state-contingent instrument, such as catastrophe bonds or lines of credit.
The mission would like to thank the St. Kitts and Nevis authorities and all other counterparts for the constructive and candid policy dialogue and productive collaboration.
A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.
The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.
Recent Developments and Outlook
Growth is expected to pick up to 2 percent in 2025—from 1.5 percent in 2024—supported by tourism, withinflation remaining around 2 percent. In the medium term, growth is projected at 2.5 percent, and inflation is expected to remain stable. Progress has been made in the transition to renewable energy, as the geothermal project is nearing the drilling phase with funding secured.
The current account deficit (CAD) further widened to 15 percent of GDP in 2024, from 12 percent in 2023. The CAD remains significantly larger than pre-pandemic levels, reflecting a decline in CBI inflows and widening fiscal deficits. It is expected to remain around 12 percent of GDP in the medium term. The external position in 2024 is assessed as weaker than implied by medium-term fundamentals and desirable policies.
Staff projects fiscal deficits to remain large with public debt rising. The fiscal deficit in 2024 is estimated at 11 percent of GDP, driven by a sharp reduction in CBI revenue. Recent reforms to the program, reinforced by international agreements, suggest that CBI revenue will likely be structurally lower but more sustainable going forward. Hence, the fiscal deficit is projected to be 9 percent of GDP this year, also impacted by the increase in the wage bill and the temporary VAT reduction. Public debt is expected to rise to 61 percent of GDP in 2025. The overall risk of sovereign debt stress continues to be assessed as moderate. In the medium term, fiscal deficits are expected to decrease modestly due to the authorities’ efforts to control expenditures, while debt is projected to reach 68 percent of GDP in 2030.
Bank credit growth accelerated while vulnerabilities remain. Bank credit grew rapidly at 11 percent (y/y) (particularly in mortgages and consumer loans) amid high non-performing loans (NPLs) and low buffers, while competition among banks increased. Overall, bank NPLs declined, profits rose, and capital somewhat improved. Meanwhile, lending by credit unions expanded swiftly by 12 percent (y/y), while their delinquency ratio increased to 10 percent.
Near-term risks are tilted to the downside, but the potential for renewable energy provides upsides over the medium term. Substantial changes in CBI revenue constitute an important two-sided risk but a further decline in CBI revenue would pressure fiscal accounts. Downside risks include a slowdown in key source markets for tourism, commodity price volatility, as well as global financial instability impacting domestic banks. The country is also highly exposed to natural disasters (ND). On the other hand, the renewable energy projects could create an additional source of growth and fiscal revenue.
Economic Policies
Fiscal Policy
The staff believes that the main priority is to implement a prompt and steady fiscal consolidation to keep public debt below the regional ceiling of 60 percent of GDP. While the authorities made efforts to contain the fiscal deficit in 2024, more active policies are necessary going forward. Fiscal consolidation will help create space to protect capital expenditure, strengthen resilience against NDs, and hedge against contingent liabilities.
Under staff’s active policies scenario, the adjusted primary balance (excluding CBI and transfers to public banks) should be tightened by 2 percentage points of GDP by 2029 relative to the baseline. To this end, fiscal consolidation should be anchored by a set of fiscal rules and driven by tax reforms and reductions in current expenditures while protecting capital expenditure. The combined net impact of fiscal consolidation and structural reforms on growth and the external position is assessed to be positive in the medium term. In particular:
Statutory fiscal rules should include an adjusted primary balance floor and a primary current expenditure ceiling, as well as the regional debt ceiling—with escape clauses related to NDs. This would enhance the credibility of the fiscal path and help contain borrowing costs.
Tax reforms would boost tax revenue by 2.5 percentage points of GDP and are well within reach. The reforms would also help reduce reliance on the CBI and improve equity and growth. Recommended measures include harmonizing the VAT, supplemented by improved targeted social support; increasing excise rates on alcoholic beverages, tobacco, and fossil fuels; and updating property tax assessments. The Housing and Social Development Levy could become more progressive, and non-labor income, such as investment and rental income, could be taxed to improve equity. The temporary reduction in VAT for the first half of 2025, as well as other pandemic-era tax breaks, should be phased out. Negotiated tax concession packages for corporate income tax—which unfairly benefit profitable large international hospitality companies—should be lapsed, especially in light of the upcoming OECD Pillar II. The authorities’ efforts to improve tax collections, including property taxes and CIT, and to enhance tax administration are welcome, and should be further strengthened.
Current expenditure. The authorities’ efforts to streamline current expenditure are welcome and should go further to bring them closer to pre-pandemic levels. Limiting public wage increases and employment—the largest in the ECCU—would help foster private sector job creation. Transfers, including social spending, should be better targeted and more effective.
Accompanying structural reforms aimed at enhancing productivity, labor quality, and access to finance could generate significant growth gains.
The planned establishment of a Sovereign Wealth Fund (SWF) is welcome. The SWF should absorb any upside in the projected CBI revenue, reduce the impact of volatile and uncertain CBI revenue on the budget, and help create fiscal buffers against NDs.
Progress has been made in improving the CBI framework, but its transparency needs to be enhanced. The government has taken important steps to improve the governance of the program and strengthen the due diligence and application processes. To further improve transparency and accountability, comprehensive annual reports following external audits should be published regularly, including statistics on applications and financial accounts.
The authorities’ efforts to publish the medium-term debt management strategy (MTDMS) are welcome. Heavy reliance on short-term borrowing—entailing large gross financing needs and additional fiscal risks—should continue to be reduced. The MTDMS—now under government review—should aim to lengthen debt maturity, reduce costs, and diversify the sources of funds. The authorities’ plan to resume the publication of the MTDMS—not published since 2018—is welcome. The government has recently reached three loan agreements with favorable terms with international partners. Additionally, the government could consider increasing engagement with multilateral development partners for concessional borrowing and tapping into the Regional Government Securities Market.
The staff supports the authorities’ intention to reform the Social Security Fund (SSF). The authorities announced their intention to reform the SSF and have initiated extensive consultations with stakeholders. The proposed options are welcome and concrete measures should be identified. Furthermore, a more comprehensive approach is needed to ensure the fiscal sustainability of the SSF, including improvements in asset management.
Financial Sector Policy
Progressto strengthen the systemic bank and safeguard public deposits should continue. The bank has made progress toward reducing NPLs, restoring profitability of its lending business, and further de-risking its foreign investment portfolio. These efforts should continue. The government—as its majority shareholder—and the bank are encouraged to engage with external advisors to revitalize its business model. The planned establishment of the SWF presents an opportunity to transfer public sectors deposits and associated foreign investments from the bank to the SWF, except for the portion necessary for the government’s cash management.
The Development Bank needs to be reformed. The bank is facing significant challenges due to high NPLs and weak profits. Although the bank does not take deposits, it has borrowed from the public and the banking sector and poses a contingent liability to the government. The government and the new management are actively working to address the bank’s accountability and financial performance. The external audit—not conducted since 2018—is ongoing to fully assess the bank’s financial condition and is expected to conclude in the coming months. The priority is to thoroughly analyze the bank’s financial situation, including its NPLs and loss-making loan programs, reassess its financial and social functions—potentially achievable through private lending and targeted social support—and chart the optimal path forward, firmly based on the bank’s viability and fiscal prudence. The legal framework around the bank should be revised to significantly strengthen its regulation and supervision.
Financial soundness should be strengthened at private banks and credit unions. Banks should continue their efforts to reduce NPLs and to meet the prudential requirements for provisions and capital, based on their plans submitted to the ECCB. Banks’ efforts to improve financial education of their potential clients are welcome and should be potentially joined with public resources. This is especially important amid the rapid credit growth and the regional credit bureau becoming more operational. In addition, the regulation and oversight of credit unions by the Financial Services Regulatory Commission has room for improvement, particularly in the areas of lending standards, provisioning requirements, and supervisory actions. Efforts to enhance the effectiveness of the AML/CFT framework should continue.
Structural Policy
The medium-term growth prospects can be improved. Staff analysis indicates that potential growth has steadily declined from around 6 percent in the 1980s to 2.5 percent, mainly driven by slow productivity growth and a lower contribution from human capital. Staff assess that growth potential can be enhanced through structural reforms aimed at better resource allocation, particularly in the following areas.
The efficiency of government services can be enhanced. In this regard, recent progress with digitalization, streamlining tax administration, and implementing a single electronic window is welcome.
Credit access should be improved, especially for firms. All banks and credit unions are encouraged to participate in the recently created regional credit bureau to make it effective. While foreclosure processes appear to work efficiently, bankruptcy and insolvency regimes can be enhanced to incentivize out-of-court debt workouts, given the lengthy in-court processes.
Labor skills should be better aligned with private and public sector demands. Upskilling is essential for maintaining labor market competitiveness, especially with the recent two-tier increases in minimum wage in 2024 and July 2025, which position the minimum wage well above that of ECCU peers. There are shortages of qualified workers in both the private (tourism) and public (healthcare) sectors. Recent efforts aimed at improving access to education and vocational training can help, especially benefiting the unemployed, and these initiatives should be tailored to meet market demands.
Accelerating the energy transition is crucial to increasing competitiveness and growth resilience. The energy transition is expected to enhance energy security, reduce energy costs, and support economic diversification. It is essential to build strong expertise in project management. The investment, ownership, and taxation agreements related to large energy projects should be crafted carefully, considering their long-term economic and fiscal implications.
To strengthen ND preparedness, the public investment framework and the multi-layered insurance framework should be further enhanced.
ND-resilient Infrastructure. Upgrading the power grid—as part of the geothermal project—will enhance resilience to NDs, support energy sustainability by introducing a one-grid that connects the two islands and facilitate the energy transition. Given the country’s challenges with water supply, the authorities’ plan for a renewable energy-powered desalination plant is a significant development.
Investment framework. Integrating a pipeline of projects funded by the overall public sector, including statutory bodies, into the Public Sector Investment Program (PSIP)) will help improve medium-term fiscal planning, anchor ND-resilient investment plans, and help unlock concessional financing. Strengthening capital expenditure forecasts would be important for the medium-term fiscal framework. Project execution should be improved considerably. In this regard, the authorities’ plan to formulate a medium-term PSIP strategy will provide a useful framework for comprehensive oversight of public investment and enable project progress tracking.
An enhanced multi-layered insurance framework. Staff analysis indicates additional fiscal buffers are essential to enhance an insurance framework against NDs, and government deposits should be preserved at their current level as the first self-insurance layer. This could be further supplemented by (i) expanding coverage through the Caribbean Catastrophe Risk Insurance Facility and (ii) issuing a state-contingent instrument, such as catastrophe bonds or lines of credit.
The mission would like to thank the St. Kitts and Nevis authorities and all other counterparts for the constructive and candid policy dialogue and productive collaboration.
PERTH, Australia, Feb. 26, 2025 (GLOBE NEWSWIRE) — Canyon Resources Limited (ASX: CAY) (‘Canyon’ or the ‘Company’) is pleased to provide an update on key development workstreams at the Company’s flagship Minim Martap Bauxite Project (‘Minim Martap’ or ‘the Project’), located in Cameroon, as the Company continues to make rapid progress toward production.
Minim Martap ranks among the world’s richest bauxite deposits, underpinned by an Ore Reserve of 109Mt at 51.1% total Al2O3 and 2.0% total SiO2 and a JORC Mineral Resource Estimate of 1,027Mt at 45.3% total Al2O3 and 2.7% total SiO2
The Definitive Feasibility Study (DFS) remains on schedule for completion in Q3 2025, with a focus on optimising operational efficiencies, ensuring sustainable economics and confirming the preferred pathway to production. The Company remains confident that the DFS will reinforce the viability of Minim Martap as a world-class bauxite project. Concurrently, discussions with select debt providers are progressing positively, as Canyon seeks to secure an optimal funding structure in alignment with strategic objectives and results from the DFS.
As part of the DFS, Canyon is currently evaluating the implementation of a two-stage development strategy, aimed at accelerating production through a phased ramp-up to enable a first bauxite shipment in 2026. This approach would enable earlier revenue generation, strengthen supply chain relationships and strategically position Minim Martap for future growth as rail capacity expands. In addition to this process, Canyon has engaged several internationally recognised consultants to refine and optimise the existing rail infrastructure required for the transport of the bauxite ore. Detailed assessments are now underway to enhance logistical efficiency and explore capacity expansion strategies that will support long-term operational growth.
As part of project execution planning, Canyon is working with leading mining equipment vendors to define procurement schedules and delivery timelines, ensuring timely access to critical mining equipment, which will be essential for meeting targeted production timelines and targets and maintaining operational efficiency. The Company remains focused on aligning equipment availability with its potential staged development strategy to support seamless project execution.
Discussions with potential offtake partners are advancing well, with negotiations reflecting strong market interest in Minim Martap’s high-quality bauxite product and supporting the Company’s efforts to secure long-term sales agreements. Establishing these strategic partnerships is a key step in de-risking the Project, working through the relevant financing discussions and ensuring an efficient pathway towards commencement of operations.
Bauxite market fundamentals and pricing has strengthened over the past 12 months, with the CIF China price for 45% Al203 and 3% total SiO2 ex Guinea reported to be approximately $US 100/DMT in February 2025. The product from Minim Martap with a proved or reserve grade 51.1% total Al203 and total SiO2 should achieve a considerable premium price compared to a 45% Al2O3 and SiO2 bauxite product.
Lastly, Canyon continues to focus on building out its project team and management team to ensure the Company is well-positioned during the next phase of development growth, as Canyon works toward becoming a near-term bauxite producer.
Mr Jean-Sebastien Boutet, Canyon Chief Executive Officer commented:“Progress at our world-class Minim Martap Project continues as planned, reinforcing our confidence in our timeline towards production. Notably, the analysis of a potential two-staged development strategy has been particularly promising, offering the opportunity for fast-tracked production and revenue generation, while strategically positioning the Company to capitalise on expanding rail capacity and the establishment of key supply chain relationships.
“Our team remains committed to transforming the Minim Martap Bauxite Project into a world-class operation that delivers sustainable, long-term value for shareholders and stakeholders alike. We will continue to provide timely updates as we achieve key milestones and advance toward production.”
This announcement has been approved for release by the Canyon Resources’ Board of Directors.
Source: United States Senator for Illinois Tammy Duckworth
February 26, 2025
[WASHINGTON, DC] – Today, U.S. Senators Tammy Duckworth (D-IL) and Dick Durbin (D-IL) joined Illinois Governor JB Pritzker and members of the Illinois congressional delegation in issuing a joint letter to White House Office of Management and Budget (OMB) Director Russell Vought demanding action and accountability from OMB on the approximately $1.88 billion in funding that is illegally being withheld from Illinois taxpayers despite the funding being appropriated by Congress and numerous court orders.
“On behalf of our constituents, we are seeking full transparency and accountability on any and all funding that has been paused or interrupted. If the Trump Administration is unable to follow the law and uphold their end of the deal, the people of our state deserve to know,” wrote the lawmakers in a letter to OMB Director Vought.
The letter provides an update that as of mid-February many agencies and organizations in Illinois have reported an inability to access funds, with some in danger of needing to pause operations, cancel projects, or lay off staff. Impacted grant programs and organizations include, but are not limited to:
Nine state agencies, boards and commissions have a total of $692 million in federal funds obligated but not yet received and they are unable to access those funds.
10 state agencies, boards and commissions have a total of $1.19 billion in federal funds anticipated/awarded but not yet obligated and the grants/programs are essentially paused.
14 state agencies, boards and commissions have a total of $1.88 billion in impacted federal funds, including the Illinois Department of Agriculture, Illinois Department of Commerce and Economic Opportunity, Illinois Community College Board, Illinois Emergency Management Agency, Illinois Environmental Protection Agency, Illinois Finance Authority, the Illinois Department of Human Rights, Illinois Department of Natural Resources, Illinois Power Agency, Illinois Department of Transportation, Illinois State Board of Education, Illinois Commerce Commission, Illinois Department of Labor and Illinois Department of Healthcare and Family Services.
A copy of the full letter is available on the Senator’s website and below:
Dear Director Vought:
As we write this letter, the federal government continues to withhold $1.88 billion from Illinois. These are federal funds that were passed by Congress, signed into law, and promised to Illinois. State agencies, small businesses, nonprofit organizations, and everyday citizens across Illinois— including in rural communities—are still having trouble accessing allocated federal funding. We have an obligation to Illinois taxpayers and residents to demand answers about the future of this funding, including when the Trump Administration will follow the law and make good on the federal government’s promise to deliver hard-earned taxpayer dollars back into Illinois’ economy, workforce, and communities.
The evening of January 27th, our offices read in the news that the White House Office of Management and Budget (OMB) had released a memorandum directing Federal agencies to “temporarily pause all activities related to obligation or disbursement of all federal financial assistance.” Throughout the following day, we received widespread reports of system outages and lockouts that prevented grantees from accessing entitled funding. Attempted communications with government liaisons were often ignored and public statements from the White House were inconsistent with the experiences of our grantees.
Since then, despite OMB’s rescission of the memo, we have continued to receive reports from agencies and organizations detailing their inability to access funds. This uncertainty over receiving future, assured funds, along with little clarity provided by the Administration, has forced many to pause operations, cancel projects, or cut staff.
We are seeking clarity on your actions, as well as assurances that you will legally uphold your financial commitments to the State of Illinois. These funds have been contractually agreed to, allocated, and planned around by their recipients—which include childcare providers, educational institutions, small businesses, community and economic development organizations, and more. Needless to say, the restriction of these funds will have a detrimental impact on vulnerable people, local economies, and the state as a whole.
As of February 24, 2025, impacted grants programs and organizations include, but are not limited to:
Nine state agencies, boards, and commissions have a total of $692 million in federal funds obligated but not yet received, and they are unable to access those funds.
10 state agencies, boards, and commissions have a total of $1.19 billion in federal funds anticipated/awarded but not yet obligated, and the grants/programs are essentially paused.
In total, this constitutes $1.88 billion in impacted federal funds across 14 state agencies, boards, and commissions in Illinois, including the Illinois Department of Commerce and Economic Opportunity, Illinois Community College Board, Illinois Emergency Management Agency, Illinois Environmental Protection Agency, Illinois Finance Authority, the Illinois Department of Human Rights, Illinois Department of Natural Resources, Illinois Power Agency, Illinois Department of Transportation, Illinois State Board of Education, Illinois Commerce Commission, Illinois Council on Developmental Disabilities, Illinois Department of Labor, and Illinois Department of Healthcare and Family Services.
These frozen funds impact programs that provide technical assistance for small businesses, provide affordable solar energy for low-income residents, improve roads and bridges, and more.
On behalf of our constituents, we are seeking full transparency and accountability on any and all funding that has been paused or interrupted. If the Trump Administration is unable to follow the law and uphold their end of the deal, the people of our state deserve to know.
Pursuant to that, we ask that you answer the following questions by March 4, 2025:
Please identify any forms of federal financial assistance for which federal funding disbursements did not promptly resume following the recission of OMB Memorandum M-25-13.
For all forms of federal financial assistance that did not promptly resume, please describe the steps you have taken or will take to resume the disbursement of funds in compliance with court orders. Also indicate when the disbursement of funds can be expected to resume.
For any disbursement of funds that have not been promptly resumed, and following two federal judges issuing temporary restraining orders regarding the funding freeze, what is your legal basis for continuing to withhold funds?
What steps have you taken to identify and communicate with grant recipients who have been negatively affected by this oversight?
What steps will you take to ensure that this issue does not occur again?
We appreciate your timely attention to this matter.
Source: United States Senator for Virginia Tim Kaine
BROADCAST-QUALITY VIDEO OF KAINE IS AVAILABLE HERE.
WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine (D-VA) spoke on the Senate floor to highlight the ways President Donald Trump’s war on American-made energy—including through his sham national energy emergency—will raise costs and cost Americans good-paying jobs. Later today, the Senate will vote on legislation led by Kaine and U.S. Senator Martin Heinrich (D-NM) to terminate President Trump’s emergency declaration.
“President Trump took a number of actions on his first day in office, and many of them got a lot of attention. One that didn’t get so much attention was his decision on day one—on day one—to declare that the United States was in an energy emergency,” said Kaine.
“I am proud to stand here and tell you, especially as one who has supported many of the policies that has led to this growth in American energy, that America is producing more energy today than at any point in the history of this nation. America is the leader in the world in energy production, and for the last few years, we’ve been an energy surplus nation, producing more than we consume,” Kaine continued.
Kaine said, “Donald Trump and his Administration are attacking wind projects. They’re attacking solar projects. They’re attacking clean energy projects that aren’t oil, coal, natural gas, and nuclear, and by doing so, they’re reducing supply and likely raising prices on American consumers.”
“There are a number of projects in Virginia, as an example, that benefited from tax breaks included either in the Inflation Reduction Act for clean energy projects or the Bipartisan Infrastructure Law for rollout of electric vehicle charging,” Kaine said. “President Trump’s Administration has attacked those projects, has put them on hold, and the Virginians who were intending to invest billions of dollars hiring people to build these projects are now uncertain about what they can do.”
“This would be more than a horrible policy… It would also set a horrible precedent—a precedent that a president of either party can invent a sham emergency and then grab away from Congress powers that Congress has under Article One,” Kaine concluded. “We took an oath to a Constitution that gives Congress certain powers. We should not let the President trample on those powers.”
In the hours following his inauguration on January 20, 2025, President Trump signed a slew of executive orders, including the national energy emergency order, to withdraw support for renewable energy—despite its benefits to America’s economy and environment—and grant his administration new powers to promote fossil fuels at the cost of bedrock environmental laws. Specifically, the emergency will benefit Big Oil by giving his unelected Cabinet officials the power to oversee the accelerated approval of fossil fuel projects, including oil drilling rigs and pipelines, and explore the use of eminent domain to take Americans’ land for the “siting, production, transportation, refining, and generation” of non-solar and non-wind-related energy production.
Last week, Kaine and Heinrich held a press conference with environmental leaders to urge their colleagues to support their legislation to end the emergency.
Source: United States Senator for Virginia Tim Kaine
WASHINGTON, D.C. – Today, U.S. Senators Tim Kaine (D-VA) and Martin Heinrich (D-NM), the Ranking Member of the Senate Energy and Natural Resources Committee, released the following statement after their legislation to terminate the national energy emergency President Donald Trump declared to benefit Big Oil was blocked by Senate Republicans, thereby rubber-stamping Trump’s war on American-made energy that will raise energy costs and kill good-paying jobs:
“The United States is producing more energy than any country in the world at any point in history. If President Trump wants to find the real emergency, he should look in the mirror. His war on American-made energy is yet another Trump mistake that will weaken our economy, raise prices, and kill new, good-paying jobs. And today’s vote goes to show, once again, that Senate Republicans refuse to do their jobs and put the American people above the wish lists of Trump’s donors and billionaire energy tycoons. To our colleagues: don’t say we didn’t warn you when your constituents’ energy bills go through the roof. To the American people: we’re going to keep fighting for you.”
In the hours following his inauguration on January 20, 2025, President Trump signed a slew of executive orders, including the national energy emergency order, to withdraw support for renewable energy—despite its benefits to America’s economy and environment—and grant his administration new powers to promote fossil fuels at the cost of bedrock environmental laws. Specifically, the emergency will benefit Big Oil by giving his unelected cabinet officials the power to oversee the reckless approval of fossil fuel projects, including oil drilling rigs and pipelines, and explore the use of eminent domain to take Americans’ land for the “siting, production, transportation, refining, and generation” of non-solar and non-wind-related energy production.
Since August 2022, Democrat-led investments have created an American-made energy boom, spurring the highest levels of factory construction in American history, with more than 400,000 new jobs announced across the country. Trump’s war on American-made energy will kill these new jobs and raise families’ annual energy bills by up to 12 percent. That’s $32 billion more in total household energy costs over the next five years.
Source: United States Senator Reverend Raphael Warnock – Georgia
WATCH: Senator Reverend Warnock Defends Consumer Protections Under Threat by DOGE
During a Wednesday Senate Democratic Banking Committee forum, Senator Reverend Warnock spotlighted disastrous harm for Georgia families because of the Trump Administration’s reckless attack on consumer protection, gutting the Consumer Financial Protection Bureau (CFPB)
The special hearing followed the recent news of the dissolution of CFPB, one of many federal agencies gutted by the Elon Musk-led Department of Government Efficiency (DOGE)
Senator Reverend Warnock is a member of the Subcommittee on Financial Institutions and Consumer Protection, which he chaired last Congress, and which oversees the CFPB
In partnership with Senator Reverend Warnock, CFPB addressed 266,560 complaints from Georgians, including 20,168 from servicemembers in the state
Senator Reverend Warnock on DOGE: “The CFPB is the only financial regulator dedicated solely to protecting Americans’ wallets and pocketbooks from scammers and predatory financial services companies”
Watch Senator Reverend Warnock at the special Banking hearing HERE
Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA), member and former chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, which oversees the CFPB (Consumer Financial Protection Bureau), highlighted the benefits and savings provided by the CFPB and the disasters consequences of this new administration’s efforts to dismantle the agency.
The special hearing was organized by Ranking Member of the Banking Committee, Senator Elizabeth Warren (D-MA) and aimed to highlight the repercussions of dismantling the CFPB, which was ordered by the Elon Musk-led DOGE earlier this month.
“If you want to see what government efficiency looks like, it’s a government agency that gets this kind of response [quick], often from bad actors who don’t want to respond, and has returned some $21 billion not to the Treasury, but to the American consumer,” said Senator Reverend Warnock during the special hearing.
Some of the key witnesses included a former CFPB employee and others who had benefited from the work of the CFPB. Elon Musk was invited to the hearing, but did not attend.
Last Congress, Senator Warnock worked extensively with CFPB Chair, Rohit Chopra, to return funds and protect Georgians from future financial hardship, including:
Watch the Senator’s full remarks and line of questioning HERE.
See below transcript of the key exchange between Senator Warnock and the hearing witnesses:
Senator Reverend Warnock (SRW): “We’re here today because of an unelected billionaire – nobody elected Elon Musk – posing as co-President, is trying to delete the CFPB (Consumer Financial Protection Bureau), the only financial regulator dedicated solely to protecting Americans’ wallets and pocketbooks from scammers and predatory financial services companies.”
“The CFPB, let’s be reminded why it was created. It was created in the wake of the financial crisis that Americans saw when Wall Street bankers got bailed out while millions lost their jobs, lost their homes, lost their life savings, lost their retirements.”
“Let me get right to the questions because we all understand just how critical this issue is, but let me just point out that when you file a complaint with the bureau, the CFPB sends it directly to the company on your behalf. Americans need to know what they’re getting. Most companies respond within 15 days, it took less than that for Ms. McCall. This is a model of government efficiency, that’s the tragic irony of this moment.”
“If you want to see what government efficiency looks like, it’s a government agency that gets this kind of response, often from bad actors who don’t want to respond, and has returned some $21 billion not to the treasury, but to the American consumer.”
“One predatory practice that has increased costs on consumers that Donald Trump says he wants to address are these opaque hidden fees. If you want to address consumer costs, deal with junk fees. These fees can prevent a working mom from being able to afford a routine car repair so she can get to work. They could mean a person with diabetes cannot afford their insulin or that a family may have to skip a meal during the week to make ends meet.”
“Ms. Salas, what effects have the bureau’s policies, toward limiting junk fees had on consumers?”
Ms. Salas (MS): “We placed a lot of emphasis on looking at junk fees across different markets for consumers, we looked at the mortgage market, we looked at banks, and other finance companies in the last two or three years. And in addition to the litigation that my colleagues in the enforcement team have brought to the courts, we have instructed, we have advised companies to refund consumers – over $350 million just in the work that supervision does, and that is money that consumers, American families don’t even know it was the bureau behind the company saying ‘You must give this money back’ because again the work is confidential.”
(SRW): “So very efficient, very effective.”
“What do you anticipate happening if congressional Republicans repeal the overdraft fee rule?”
(MS): “I’m afraid we will go back to where we were a few years ago where consumers didn’t quite understand why they were paying all these fees on their bank accounts, on their savings, on their checking accounts, because of the complicated ways in which banks decided to order the different payments, and for people who are struggling to make ends meet, you cannot afford to lose $25, $30, $100 from your bank account.”
(SRW): “One last question. Consumer or medical debt is a major problem in our country, we see it, especially in Georgia. According to the CFPB data as of June 2023, about 5% of Americans had unpaid medical bills on their credit reports down from 15% in March of 2022.”
“From 15 percent now to 5 percent.”
“Ms. Gillen, it is coming up on 2 years since the credit bureaus made this announcement. What changes have you seen on applicants’ mortgage applications and has this change made it easier for Americans to rightfully qualify for a mortgage?”
Ms. Gillen (MG): “Yes, I have seen fewer medical debts being reported, but guilty as charged, if I see medical debt, I’ll have the borrower dispute the charge, and I’ll pull a new credit report.”
(SRW): “Well, good for you, and the CFPB magnifies that many, many times over.”
New Zealand’s animal welfare system is failing – and in urgent need of a dedicated police unit, researcher warns.
The animal protection system in Aotearoa is ineffective, underfunded, and at risk of collapse, according to new research.
University of Auckland law scholar associate professor Marcelo Rodriguez Ferrere warns that without major reform, animals will continue to suffer harm without adequate legal consequences.
His doctoral thesis with the University of Alberta, which compares New Zealand’s system with Alberta, Canada, identifies deep structural flaws. These include overlapping responsibilities, jurisdictional confusion, and a reliance on the SPCA – an under-resourced charity – to carry out much of the enforcement.
“The effect of this enforcement gap is clear: breaches of animal welfare laws go consistently undetected and under-prosecuted,” says Rodriguez Ferrere.
“Not only does this directly harm animals, but it weakens the deterrent effect of the law, allowing a cycle of neglect and cruelty to continue. In this way, animal welfare underenforcement frustrates the rule of law.”
A lack of financial support for the sector has resulted in inadequate training for animal protection officers, reactive and delayed enforcement, and areas where no enforcement occurs at all. Our reliance on private enforcement is outdated and the biggest flaw in the system. We need a specialised animal welfare unit within the police.
In New Zealand, three agencies – police, the Society for the Prevention of Cruelty to Animals (SPCA), and Ministry for Primary Industries (MPI) – theoretically share responsibility for enforcing the Animal Welfare Act. But in reality, that enforcement falls to the MPI and the SPCA and neither of them, Rodriguez Ferrere argues, have the resources to do the job effectively.
“The SPCA has been given the responsibility to enforce animal welfare legislation with regards to companion animals, even though police and MPI also have jurisdiction,” he says. “It’s a strange quirk of our system that we rely on a charity with limited funding to do this work. They do their best, but it’s not working.”
He believes New Zealand should consider removing enforcement responsibilities from the SPCA, which remains one of the few charities in the world still conducting private animal welfare prosecutions. Instead, he argues that their expertise could be shifted to state-funded enforcement bodies dedicated to animal welfare.
“The SPCA has done an amazing job, despite limited resources, but our reliance on private enforcement is outdated and the biggest flaw in the system,” he says. “We need a specialised animal welfare unit within the police.”
Rodriguez Ferrere also sees broader issues at play, linking New Zealand’s weak enforcement to institutional speciesism. He says people prioritise the interests of their own species, while treating other animals as ‘property’.
“The legal classification of animals as property is speciesism in action,” he says. “As long as animals are treated as commodities, their well-being is directly linked to the value they represent to their owners and society.”
While removing the property status of animals would be too radical a shift, Rodriguez Ferrere says a more immediate and achievable step is to strengthen regulatory enforcement. A properly funded police unit focused on animal welfare, he argues, would go a long way toward ensuring the law is upheld. Such a unit operates within the city of Edmonton, Alberta, with significant success.
Source: United Kingdom – Executive Government & Departments
Press release
Public invited to have say on water sector fit for the future
Independent Water Commission explores fresh ideas on water sector reforms, both evolutionary and revolutionary.
The public, environment groups, investors and others are invited to share their views from today (27 February) on future changes to the water sector.
How customer bills are set, environmental regulation, the financial resilience of water companies and how to attract long-term investment in the sector are among the areas where the Commission is seeking views.
The wide-ranging Call for Evidence is open for views from all interested parties until 23 April. The Independent Water Commission will make its final recommendations to both UK and Welsh Governments this summer.
Sir Jon Cunliffe, Chair of the Independent Water Commission and Former Deputy Governor of the Bank of England, will give a speech in Manchester today where he will share his reflections since taking up the role.
Commenting ahead of the event, Sir Jon said:
The Commission’s initial work has highlighted a range of serious and often interlocking concerns. Ambitious changes will be needed to address these concerns and rebuild the trust in the system that has broken down on all sides – customers, environmental groups, investors and companies.
The Call for Evidence will play a key role in shaping the Commission’s thinking going forward and I welcome input from all those who want to contribute to our work.
There are six key areas where the Commission is seeking views. These are:
The strategic management of water. This seeks views on how to manage the many competing pressures and demands on the water system, and how strategic direction and management can be set at both national and regional levels.
The overarching regulatory system. This covers the volume and complexity of legislation in the water sector, and the overall functions and responsibilities of the four regulators (Ofwat, Environment Agency, Drinking Water Inspectorate, Natural Resources Wales).
Economic regulation. This seeks views on the five-yearly Price Review process and the weight placed upon industry-wide benchmarking. It also covers customer protections, financial resilience and investor returns. This includes how to attract the necessary finance for future investment, with a fair balance between risk and reward.
Environmental and drinking water regulation. This covers how regulation can better protect the environment, public health and the country’s finite water resources. It seeks views on how water companies are held to account for non-compliance.
Water company ownership models. This includes the impact of public listing versus private ownership and how to ensure financial resilience.
Asset health and supply chains. This seeks views on improving the resilience of water company infrastructure – its pipes, water treatment plants, reservoirs and pumping stations. It also covers the capacity and robustness of water industry supply chains.
Sir Jon continued:
The problems we see today have not emerged overnight. Nor, do I believe, are they the inevitable consequence of a privatised regulated company model.
Rather, they have developed over time and due to factors including poor decisions and poor performance by companies, regulatory gaps, policy instability and a history of ad-hoc changes that have left an increasingly complex system that is no longer working well for anyone. Our task is to stand back from the current system and explore, with an open mind, potential changes.
We should not forget that the prize here is significant – cleaner waters, growth and a stable, well-funded sector that can deliver essential, world-class services for future generations.
Sir Jon is speaking today (27 February) at Mayfield Depot in Manchester, with environmental groups, investors, regulators, industry leaders and government ministers among those present.
The site is in the city’s first new park in over 100 years and includes the River Medlock, which was restored to create new habitats for wildlife such as kingfishers and brown trout. It demonstrates integrated water management principles – local groups working together to improve water management.
Source: United Kingdom – Executive Government & Departments
Press release
Ministers approve long awaited A47 road scheme to support over 40,000 homes and 30,000 new jobs
Road scheme will speed up journeys and revive economic growth across Norwich.
A47 road scheme which was held up in the courts given the green light for construction as the government delivers another vital road project
long-awaited A47/A11 Thickthorn junction scheme will speed up journey times, support 44,000 new homes in the area and creating 33,000 new jobs as part of the wider city deal
over £200 million set aside for the scheme as part of the government’s commitment to renew national infrastructure and drive growth as part of the Plan for Change
Norwich residents are set to see faster journeys and thousands of new homes and jobs in the region as ministers approve the long delayed A47/A11 Thickthorn Junction scheme, the government has announced today (27 February 2025).
Backed by over £200 million, this road development will significantly speed up journey times, reduce pressure on the junction and save commuters, businesses and freight hundreds of hours off journeys each week.
On the eastbound A11 to A47, drivers will save 3 to 4 minutes off journeys in the morning and afternoon travel peaks. Along the A11, the route will also shave off 2 to 3 minutes in the morning and afternoon peaks.
The scheme is supporting the Greater Norwich City Deal, attracting more businesses to operate in Norwich and is expected to create over 44,000 homes, 33,000 new jobs and 360 additional hectares of new commercial land by 2038.
Today’s announcement follows the Prime Minister’s commitment to ‘clear the path to get Britain building’ by overhauling rules that allow vital infrastructure projects including the A47 to be challenged in courts 3 times – causing years of delays and costing taxpayers hundreds of millions of pounds.
The A47 is an example of an infrastructure project which has been delayed by over a year due to expensive legal challenges which have been dismissed by the courts as having ‘no logical basis’ – preventing areas like Norwich from unlocking their full potential.
Ministers have now finally given the go ahead to the project as part of a wider drive to unblock vital transport infrastructure development. Since entering office, the government has approved the A130 Fairglen Interchange, the A647 scheme in Leeds and is supporting expansion of Heathrow Airport.
This is an important milestone for this pro-growth and pro-infrastructure government, cutting the red tape which has for too long held up vital schemes and cost the taxpayer millions as part of the Plan for Change.
To mark this significant milestone for drivers in Norwich, the Future of Roads Minister, Lilian Greenwood, has visited the A47 to mark the approval of the scheme and understand its impact on the local economy.
The Future of Roads Minister, Lilian Greenwood, said:
This scheme is finally getting to go-ahead it deserves, after years of expensive legal blocks, as we are now able to unlock this vital scheme that Norwich has waited long for. We are determined to get Britain building again as this scheme is set to not only improve journeys but create thousands of new homes and jobs.
To help deliver our Plan for Change, we’re investing in more vital road schemes such as this over £200 million funding for Norwich, and the recently announced £90 million for other schemes across England, to renew our national infrastructure, speed up journeys and revive economic growth.
The upgraded junction will also improve links between Norwich and Peterborough, expanding job opportunities and better connecting communities, and is also a key route to Norwich University Hospital.
The new design will also improve safety, with rerouted traffic and safer pedestrian and cycle routes, projected to save as many as 26 fatal or serious injury collisions over the next 60 years.
The plans include the construction of 2 new free-flowing slip roads that will connect the A47 with the A11, re-routing traffic away from the junction and flowing it under new underpasses.
The government is providing over £200 million for the scheme which is expected to generate millions more for the local economy of Norfolk. It is part of the government’s Plan for Change to renew infrastructure and grow the economy.
With the aim to accelerate the delivery of infrastructure across the UK, the government is focused on improving the UK’s road network to increase economic growth.
Nicola Bell, Executive Director of Major Projects at National Highways, said:
Getting the green light to improve the junction at Thickthorn is great news for local people and those who regularly work or travel in and around Norwich.
This will help support economic growth in the area, significantly reduce congestion, improve journey times, and make the road safer.
Councillor Graham Plant, Cabinet member for Highways Infrastructure and Transport, Norfolk County Council, said:
We’re thrilled that this long-anticipated project has received approval. Thickthorn Junction has been a persistent bottleneck and we’ve been pushing for these improvements for a number of years.
This scheme will unlock significant economic growth, helping to supercharge the vital connection between the A11 and the nationally significant businesses that have found a home in Norfolk. Norfolk residents will benefit from safer and more reliable journeys as they make their way to Norwich and beyond.
Nova Fairbank, Chief Executive, Norfolk Chambers of Commerce, said:
The Norfolk business community has long campaigned for improvements to the whole of the A47, our main route from east to west and a key part of this route is the Thickthorn Junction, which connects the A11 to the A47. As a result, they welcome the allocation of much needed funding for the Thickthorn Junction scheme. Businesses are looking forward to seeing safety improvements and the reduction of congestion and journey times.
The ability to deliver further housing, jobs and new commercial opportunities, as a result of this junction upgrade, will make a significant difference. This infrastructure investment will give more businesses confidence to invest in their own growth and thus, help unlock wider economic growth for our region.
Source: United Kingdom – Executive Government & Departments
Press release
Scottish businesses sell to the world with £42 million lift
£42 million of export finance deals brokered with Scottish businesses over the last six months.
£42 million of export finance deals brokered with Scottish businesses since July
Boosting Scottish exports plays a vital role in growing the economy, a key part of the Plan for Change
Companies from a range of sectors including food and drink and offshore wind are benefitting from credit guarantees and insurance
Businesses behind Scotland’s most emblematic exports have been able to grow thanks to £42 million in UK Export Finance (UKEF) deals brokered so far since the summer.
Enabling companies such as Ferguson Whisky and manufacturer of fire and rescue vehicles Emergency One, which the government of Iraq has contracted to replace some of its fleet of fire engines, to expand to markets abroad helps to grow the economy and create jobs, delivering on the Plan for Change.
The latest Scottish business to benefit from support is Aberdeen-based First Tech – one of many offshore services firms in Scotland driving the energy transition and making the country a world-renowned centre of engineering skills. Scotland’s marine economy generated around £4.9 billion in 2022.
UKEF is renewing a £12 million support package delivered with Virgin Money for First Tech subsidiary First Subsea, allowing it to continue its growth into the offshore wind market and provide UK-made products like cable protections systems, bend restrictor products or heavy lift connectors, across the globe.
Minister Douglas Alexander will join UKEF representatives today at the ‘Made in Scotland’ roadshow, where he will encourage Scottish businesses to take advantage of the opportunities to sell abroad and hear first-hand about the support UKEF has provided.
Minister for Trade Policy Douglas Alexander said:
“Growing the economy is a key part of this UK Government’s Plan for Change, and we recognise the importance of boosting Scottish exports in achieving this.
“We’re working hard to ensure that Scottish businesses have the support they need to sell to the world and grow, and the help that UK Export Finance provides is a crucial part of this.”
Martin Suttie, First Tech Ltd Chairman said:
“First Tech is very proud to be at the forefront of the energy transition story with our continued expertise in oil and gas being a launchpad to make meaningful developments in both the fixed and floating offshore wind market through First Subsea and also First Marine Solutions.
“Floating wind technology enables almost every country in the world to integrate floating wind renewable energy into their energy mix. It is therefore vitally important that the industry continues to develop and prove large scale commercial developments if we are going to genuinely change the energy mix around the globe. The First Tech Group is excited to play an important part in making this transition happen.”
UKEF is the UK government’s export credit agency, providing credit guarantees and insurance helping smaller businesses to overcome financial barriers to exporting. Export credit is an integral part of the government trade support being promoted at the first ‘Made in Scotland, Sold to the World’ trade fair of 2025.
In 2021, Scotland’s exports were worth £50.1 billion, of which the majority – £33.5 billion – were goods.
UKEF’s specialised trade finance offer sits alongside other sources of support from public organisations like the Export Support Service, UK Export Academy and British Business Bank, which can offer more general access to finance.
Notes to editors:
UKEF is a UK government ministerial department and the nation’s export credit agency (ECA). UKEF helps exporters access working capital and manage the risk of not getting paid by offering a government guarantee. It supports companies of all sizes and multiple sectors across the UK.
UKEF works alongside other sources of public financing and business support in Scotland, including DBT Scotland, Scottish Enterprise, UK Infrastructure Bank, British Business Bank and Scottish National Investment Bank.
In 2024, Ferguson Whisky Limited secured a new £450,000 funding package from Virgin Money thanks to UKEF support. Ferguson can support investments in whisky and also organises distillery tours and other events.
Based in Cumnock, Emergency One is the UK’s leading manufacturer of fire and rescue vehicles. A UKEF loan has allowed the Iraqi government to purchase 31 Emergency One vehicles and deliver one of its biggest-ever investments into its emergency services. The vehicles will help to tackle the frequent fires which break out in Iraq, especially in the summer.
The IMF Executive Board today completed the First Reviews under the Extended Credit Facility (ECF) arrangement and the Resilience and Sustainability Facility (RSF) arrangement for the Republic of Madagascar, allowing for an immediate disbursement of US$101 million.
Madagascar’s performance under the ECF and RSF programs has been adequate albeit uneven. The implementation of an automatic fuel price adjustment mechanism will create fiscal space for social spending and investment. The reform of JIRAMA remains a priority.
Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed today the First Reviews under the 36-month Extended Credit Facility (ECF) arrangement and under the Resilience and Sustainability Facility (RSF) arrangement. The ECF and RSF arrangements were approved by the IMF Executive Board in June 2024.
The completion of the reviews allows for the immediate disbursement of SDR 36.7 million (about US$48 million) under the ECF arrangement and of SDR 40.7 million (about US$53 million) under the RSF arrangement.
At the conclusion of the Executive Board discussion, Mr. Nigel Clarke, Deputy Managing Director, and Acting Chair, made the following statement:
“Madagascar continues to face important development needs amid its high poverty rate and vulnerability to climate shocks. A faster pace of reform is needed to spur growth, which remains well below its medium-term potential. Program performance at end-June 2024 was broadly assessed as mixed, stressing the need for continued strong political ownership to support program implementation.
“The continued implementation of the automatic fuel pricing mechanism will help contain fiscal risks and create space for more public investment and social spending. In addition, further efforts are needed to continue improving domestic revenue mobilization and firmly secure the financial recovery of JIRAMA.
“Reinforcing public financial and investment management processes is critical to improve budget execution and traceability. Better cash flow projections and management should facilitate spending and limit the accumulation of arrears. Continued improvements in governance, building on the ongoing Governance Diagnostic Assessment, and the implementation of the newly published Anti-Corruption Strategy for 2025-30 will support efforts to fight corruption and promote transparency.
“The central bank (BFM) should stand ready to raise its policy rates to keep inflation on a downward path. Further improvements in the liquidity management framework and better communication about monetary policy decisions would bolster BFM’s credibility.
“Further building adaptation and resilience to climate shocks as well as mobilizing climate finance should continue to be a key priority. The new decree on environmental and social impact assessments provides a framework to evaluate and select investment projects, which should be applied to new investments, including road projects.
Mansuri Manuchekhri, 33, of Sheepshead Bay, Brooklyn, New York, was arrested today for allegedly conspiring to provide material support to the Islamic State of Iraq and al-Sham (ISIS) and to the Islamic State-Khorasan Province (ISIS-K), possessing firearms while unlawfully in the United States, and immigration fraud. Manuchekhri was arrested today and made his initial appearance this afternoon in the Eastern District of New York.
“Under no circumstances will my Department of Justice tolerate terrorism,” said Attorney General Pam Bondi. “We stand ready to find, arrest, and prosecute those who seek to harm American citizens with the full force of the law. I stand with our federal, state, and local law enforcement partners who work to keep Americans safe and evil off our streets.”
“The defendant allegedly supported ISIS and sent thousands of dollars overseas to individuals connected to ISIS,” said FBI Director Kash Patel. “The FBI is focused on preventing acts of terrorism and ISIS has a long and violent record of harming U.S. citizens. We are committed to working with our law enforcement partners to find and hold accountable those who assist terrorists and endanger the safety of Americans at home or abroad.”
“The Justice Department will relentlessly pursue those who fund and support terrorists,” said Sue Bai, head of the Justice Department’s National Security Division. “We will not allow our immigration or financial systems to be exploited. Our country will not be a safe haven for those who try to harm Americans.”
“As alleged, the defendant facilitated thousands of dollars in contributions to ISIS extremists overseas,” said U.S. Attorney John J. Durham for the Eastern District of New York. “Protecting the homeland and prosecuting evildoers who assist terrorist organizations by funding their violent and hateful agenda, here and abroad, will always be a priority of this office.”
As alleged in the complaint, Manuchekhri traveled to the United States from Tajikistan in June 2016 on a non-immigrant tourist visa and remained in the country after his visa expired in December 2016. In March 2017, Manuchekhri paid an American citizen to enter into a sham marriage with him so that he could obtain legal status in the United States. However, he failed to provide supporting documentation that was requested of him and his petition was never granted.
As alleged in the complaint, Manuchekhri traveled to the United States from Tajikistan in June 2016 on a non-immigrant tourist visa and remained in the country after his visa expired in December 2016. In March 2017, Manuchekhri paid an American citizen to enter into a sham marriage with him so that he could obtain legal status in the United States. However, he failed to provide supporting documentation that was requested of him and his petition was never granted.
From approximately December 2021 through April 2023, while residing in Brooklyn, Manuchekhri facilitated more than $50,000 in payments to ISIS-affiliated individuals in Turkey and Syria, including to an individual who was later arrested by Turkish authorities for his alleged involvement in a January 2024 terrorist attack on a church in Istanbul for which ISIS-K publicly claimed responsibility. Manuchekhri expressed his support for ISIS to others by praising past ISIS attacks in the United States and by collecting jihadi propaganda videos promoting violence and martyrdom.
The complaint further alleges that Manuchekhri possessed and used firearms and made frequent visits to shooting ranges even though he was prohibited from doing so as an alien unlawfully in the United States. In February 2022, Manuchekhri recorded himself firing an assault rifle at a shooting range in New Jersey and sent the video to one of the ISIS-affiliated individuals in Turkey with the message, “Praise God, I am ready, brother.”
If convicted, Manuchekhri faces a maximum penalty of 45 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
Assistant U.S. Attorneys Robert M. Pollack and Andrew D. Reich for the Eastern District of New York are prosecuting the case with assistance from Trial Attorneys John Cella, Andrea Broach, George Kraehe, and Ryan White of the National Security Division’s Counterterrorism Section and Paralegal Specialist Wayne Colón.
A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
LOS ANGELES – A Simi Valley couple were arrested today on charges that they abused asylum-seeking immigrants from Latin American countries by forcing them to do domestic labor around the house and hand over money they earned working outside the home.
Carolina Rojas, 50, and her husband Jairo John Gastelo, 45, were each charged with one count of conspiracy to commit forced labor and four counts of forced labor.
Rojas was separately charged with an additional four counts of trafficking with respect to forced labor, three counts of giving immigration documents to unauthorized persons, one count of encouraging and inducing illegal entry, and one count of witness tampering.
During initial appearances Wednesday afternoon in U.S. District Court in downtown Los Angeles, a federal magistrate judge ordered them detained and scheduled a trial for April 8.
“As described in the indictment, the defendants smuggled individuals into the United States and exploited them for their own financial gain,” said Acting United States Attorney Joseph McNally. “The enforcement of our immigration laws is critical to preventing forced labor and human trafficking. We will hold accountable those that violate these laws.”
“Today’s indictment shows the great lengths that the defendants went through to enrich themselves off smuggled aliens,” said HSI Los Angeles Special Agent in Charge Eddy Wang. “Labor trafficking continues to be an ongoing problem in our communities and HSI remains committed to holding traffickers accountable for their deplorable actions.”
According to the indictment, no later than November 2021 and continuing until at least March 2024, Rojas and Gastelo allegedly worked with each other and others to recruit foreign nationals from specifically Latin American countries to come to the United States for the purpose of providing forced labor upon arrival to their house in Simi Valley.
Rojas allegedly facilitated the foreign nationals’ entry into the United States by providing initial financial assistance and by making travel arrangements for each victim. Once successfully in the U.S., Rojas helped the victims get transportation to California and eventually to Rojas and Gastelo’s house in Simi Valley.
After arriving at the house, the defendants allegedly forced the victims to provide around-the-clock childcare for a child with special needs and perform other domestic labor. The victims received no pay for their services and were told by Rojas and Gastelo that their work was performed in exchange for rent at the home.
The defendants allegedly charged the foreign nationals a fee for being smuggled into the U.S. In some cases, Rojas connected victims with a nearby McDonald’s in Simi Valley where she had an arrangement with the manager to hire individuals she brought to work there. Rojas and Gastelo would then collect money from the victims’ jobs as repayment for their smuggling fee debt.
Before getting outside-the-house employment, Rojas allegedly helped procure fraudulent social security cards and permanent resident cards for the victims to use when seeking jobs. Rojas would then bring the victims to a check cashing company, where they could cash their checks in order to pay Rojas and Gastelo.
If convicted, Rojas and Gastelo face a statutory maximum of five years for conspiracy to commit forced labor and a statutory maximum of 20 years for each charge of forced labor.
Rojas faces an additional statutory maximum of 20 years for each charge of trafficking with respect to forced labor, a statutory maximum of 10 years for each charge of giving immigration documents to unauthorized persons, a statutory maximum of 10 years for encouraging and inducing illegal entry, and a statutory maximum of 20 years for witness tampering.
Indictments contain allegations that a defendant has committed a crime. Every defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.
Homeland Security Investigations and Immigration and Customs Enforcement investigated this matter.
Assistant United States Attorneys K. Afia Bondero of the Major Frauds Section and Matt Coe-Odess of the General Crimes Section are prosecuting this case.
Source: The Conversation (Au and NZ) – By Rebecca Strating, Director, La Trobe Asia, and Professor of International Relations, La Trobe University
Debating Australia’s role in world politics is not always high on the political agenda. Elections here are more often fought on economic issues than foreign or defence policy. And while the major parties have different views on foreign policy, there tends to be bipartisanship on the central tenets of our strategic policy, including Australia’s alliance with the United States.
In recent years, however, Australia has found itself wedged between two great powers: its security guarantor, the US, and its major trading partner, China. The increasing strategic competition between these two great powers, especially in Asia, has raised new questions about how Australia should manage these relationships and conceive of its role in the world.
For some countries, having a prominent role on the global stage may be more obvious than for others. Wealthy states with large militaries and populations, for example, often play the part of “great powers”. These countries tend to make claims about their unique rights and responsibilities, such as having a greater say in multilateral institutions (like the United Nations) and the “rules” intended to govern international conduct.
However, most of the world’s countries are not great powers. For a middle-sized nation like Australia, its role on the global stage is not necessarily static but determined by how our leaders balance national interests and values.
These, in turn, are shaped by “material factors”, such as geography, population and economy size, natural resources, shared political ideals (for example, our belief in democratic institutions), norms and culture.
In addition, a middle-sized country’s global role can change depending on how leaders perceive contemporary threats and challenges to their security.
Australia as a ‘middle power’
The National Defence Strategy released in 2024 describes Australia as an “influential middle power”. According to the strategy, this is demonstrated by several things:
our enduring democratic values
our history of safeguarding international rules and contributing to regional partnerships
the strong foundations of our economy
the strength of our partnerships in the Indo-Pacific.
Whether Australia should be described as a “middle power”, though, has long been the subject of political debate. Since H.V. “Doc” Evatt, then-attorney general and minister for external affairs, used the term in 1945, it has been most often (but not always) associated with the Labor Party.
Recent Coalition governments have been more reluctant to view Australia as “just” a middle power.
Alexander Downer, the foreign minister in the Howard government, would occasionally use the term “pivotal power”. Pivotal powers, as one political analyst put it, are “destined to shape the contours of geopolitics in key regions of the world” due to their strategic location, economic power and political influence.
Meanwhile, Julie Bishop, foreign minister in the Abbott and Turnbull administrations, preferred the term “top 20 country”, arguing this better reflected Australia’s standing and level of influence on the global stage.
At the core of this historical debate is the extent to which a country like Australia can – and does – have influence in the region and globally.
Middle powers have different characteristics from great or smaller powers. Size, geography and economic wealth affect the extent to which they can shape the world. As a result, middle powers often adopt certain types of actions or behaviours to enhance their influence.
There are a number of ways middle powers do this, such as by:
supporting adherence to international law and rules (because these can help restrain more powerful states from imposing their will on others)
encouraging cooperation through multilateralism (cooperation between multiple states)
finding creative new solutions to global problems, such as climate change
taking the diplomatic lead on specific, but important, issues.
A liberal-democratic middle power, such as Australia, may also seek to promote its values internationally, including the respect for human rights, free and open trade, and the principles of democratic governance and accountability.
Australia’s reliance on ‘great and powerful friends’
In addition, middle powers often choose to align themselves with a bigger power to boost their influence even further.
In Australia’s case, its strategic dependence on the United States developed, in part, by historical anxieties that faraway “great and powerful friends”, as former diplomat Allan Gyngell phrased it, might abandon it in a potentially hostile region.
Prior to the second world war, Australia relied on its former colonial ruler, Britain, for its security. The Fall of Singapore in 1942, in which Japanese forces routed British and Australian troops defending the island, demonstrated the risks of our overdependence on a distant ally.
In the aftermath of the war, Australia forged a new security alliance with a new global superpower, the United States, through the ANZUS Treaty. Yet, replacing one “great and powerful” but distant friend with another did not alleviate Australia’s abandonment anxieties.
Since then, debates about Australia’s international role have largely focused on the extent to which it can – and should be – self-reliant in the context of the US alliance, or if it should pursue a more independent foreign policy.
US domestic politics – particularly during President Donald Trump’s time in office – have also driven uncertainty about Washington’s reliability, as well as its commitment to Asia and the implications for allies like Australia.
Despite such concerns, Australia’s relationship with the US is as strong and deeply entwined as it has ever been. In fact, it only got stronger during Trump’s first term. While Canberra has sought to deepen engagement with regional states it views as “like-minded”, such as Japan, South Korea and India, it has done so firmly in the context of its broader alliance with the United States.
This, of course, is driven by the new anxieties over China’s rise as a major economic and military power in the region. In recent years, Beijing’s assertive and coercive behaviours in the region have made it the key national security threat facing Australia.
This is a break from the past, when Australian leaders – both Labor and Liberal – broadly agreed that a “pragmatic approach” to engaging great powers meant Canberra would not have to “choose sides” between China and the US.
In 2023, the Albanese government sought a détente of sorts with China, attempting to return to this pragmatic approach. But wariness of Beijing remains.
Prime Minister Anthony Albanese’s visit to Beijing in late 2023.
An Indo-Pacific power?
In the context of these new challenges presented by a rising China, Australia has increasingly leaned into becoming an “Indo-Pacific” power in recent years. There are a number of ways in which this shift is observable.
First, Australia has been instrumental in encouraging the global adoption of this phrase, “Indo-Pacific”, as a new way of referring to the region. This is partly driven by the desire to maintain US leadership and presence in Australia’s neighbourhood. The US is a Pacific state, so this concept anchors the US in our region in a way that “Asia” does not.
And when people used the term “Asia-Pacific” to talk about the region in the past, this had a primarily economic connotation. This is due to the importance of the Asia-Pacific Economic Cooperation (APEC) forum and the move towards free-trade agreements between Australia and other countries in the region.
As such, the new term “Indo-Pacific” has become more of a security concept centred on the region’s waters. Generally, it is used to incorporate South, Southeast and Northeast Asia, Oceania (Australia, New Zealand and the Pacific Islands) and the United States. By connecting the Indian (“Indo”) and the Pacific Oceans, it has become primarily a maritime strategic concept.
The narratives usually associated with the Indo-Pacific also relate to the need to protect the international rules-based order, and freedom of navigation and overflight for ships and aircraft in the region. This, again, reflects the growing geopolitical anxieties about a rising China, particularly in the disputed South and East China seas and the Taiwan Strait.
Australia does not have territorial or maritime claims in either sea, but we are nonetheless concerned about China’s efforts to undermine the United Nations Convention on the Law of the Sea (UNCLOS) and what this might mean for the “rules-based order” more generally.
The second way Australia is moving more towards becoming a regional power is in the narrowing of its core defence interests to an “inner ring” focused on the South Pacific and maritime Southeast Asia, and to a lesser extent, an “outer ring” in the broader Indo-Pacific and wider world. These geographical boundaries have consequences for how Australia views its international role.
After nearly two decades of military engagement in the Middle East and Afghanistan, Australia is shifting its focus back on its home region. This reflects not just the limits of our military capabilities, but also new concerns about the changing balance of power in Asia.
Third, Australia is increasingly focusing on a more strategic, narrower form of multilateralism. This, too, has been more centred on our region.
Multilateralism has always been seen as an important part of middle power identity. Australia, for instance, played a key role in setting up institutions like the United Nations.
However, this began to shift under recent Coalition governments. Prime Minister Scott Morrison expressed scepticism about such institutions, criticising them as an “often ill-defined borderless global community” that promoted “negative globalism”.
Under successive Coalition governments, Australia instead became a key player in two smaller groups of nations – the re-branded “Quad” in 2017 (along with Japan, the US and India) and AUKUS in 2021 (with the US and United Kingdom).
Under the Albanese government, global multilateralism was reinstated as an important pillar of foreign policy. But Australia’s investment and involvement in these smaller groups has only deepened.
Both AUKUS and the Quad demonstrate Australia’s changing role as a regional power in the Indo-Pacific. These groups offer Australia an opportunity to shape the regional security agenda by joining forces with other powerful states. They also provide a way of encouraging the US to maintain its presence and leadership in the region and to counterbalance China’s rise.
As part of this, Australia has become a key proponent of what the Biden administration coined “integrated deterrence”.
This is a central pillar of the US’ Indo-Pacific strategy that seeks to mobilise “like-minded” states – especially its regional allies such as Australia, Japan and South Korea – to form a regional coalition against rival states. This strategy reflects a growing awareness the US can’t provide security in Asia alone.
The AUKUS security agreement, including the commitment to develop new nuclear-powered submarines for Australia, is a part of this strategy.
Since the announcement of the submarine plan in 2021, both the procurement plan and the language that American and Australian leaders have been using suggest that Canberra is preparing to play a bigger security role in the region alongside the US.
Time for a new ‘strategic imagination’?
Has Australia’s shift to an Indo-Pacific regional power served it well?
It has allowed the deepening of defence relationships with partners like Japan and India. And through its roles in the Quad and AUKUS, Australia has a seat at the table and is more visible in regional security discussions.
But there are risks to a more assertive regional power stance. Australia could be viewed by its neighbours as too focused on military and not invested enough (or in the right way) in diplomacy or regional development. Australia’s overseas aid contribution, for example, has been declining for three decades.
It is also unclear which other regional states are likely to participate in a US-led coalition if a real conflict with China ever broke out. The Quad and AUKUS groups may be viewed by others as exclusionary or contributing to increasing tensions in the region.
How nuclear-powered submarines will “deter” potential adversaries is also yet to be clearly explained. These submarines could potentially entangle Australia in a regional conflict instead. Being able to clearly articulate and distinguish between Australian and US interests will remain vital for ensuring that future governments don’t “sleepwalk” into war.
Finally, Australia’s advocacy of the “rules-based order” has left it – and the US – exposed to criticisms of hypocrisy and double standards, particularly with Washington’s support for Israel’s war on Gaza.
…one which can develop a coherent security strategy by working with old and new allies and partners to shape the regional order in ways that ensure its security.
The approach emphasises the need for all parts of our government to work in coordination to protect Australians from the range of complex conventional and unconventional challenges it faces (including climate change).
Australia’s security and its international role should not be viewed through the lens of the “China threat” alone. Doing so is counter-productive, as many states in the region do not share the same perception about China.
Instead, as Wallis and I wrote, Australia needs a “more comprehensive, nuanced and contingent understanding of the range of security opportunities and threats” we face.
This is an edited extract from How Australian Democracy Works, a new collection of essays from The Conversation on all aspects of the country’s political landscape.
Rebecca Strating receives funding from Australia’s Department of Foreign Affairs and Trade.
Source: United States Senator for Idaho Mike Crapo
Washington, D.C.–Today, the U.S. Senate confirmed Jamieson Greer to be United States Trade Representative (USTR) by a bipartisan vote of 56-43. In remarks delivered on the Floor, U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) called on his Senate colleagues to support the nomination, highlighting Mr. Greer’s extensive trade experience and commitment to advancing a robust trade agenda that prioritizes American farmers, ranchers, workers and businesses.
As delivered:
“I rise today to urge my colleagues to vote in favor of the confirmation of Mr. Jamieson Greer, who is nominated to serve as the United States Trade Representative.
“I think I ought to set a couple of facts straight about President Trump’s utilization of the various policies when he was President the first time.
“It was said that wages went down, prices went up and people were going to face terrible, dire consequences if he’s able to follow his trade policies again in this term.
“The reality is that under President Trump, wages went up, jobs went up, unemployment went down, benefits went up, the economy grew dramatically and we had the strongest economy in our lifetimes because of the policies President Trump pursued.
“So I don’t think people should let these politics of fear saying that everything President Trump does is going to hurt people convince them otherwise.
“The Office of the U.S. Trade Representative, created in 1962 by Congress, develops and coordinates U.S. international trade policy and oversees trade negotiations with other countries.
“The U.S. Trade Representative—the role for which Mr. Greer is nominated—historically and statutorily serves as the United States’ principal advisor, negotiator and spokesperson on trade issues.
“Mr. Greer is well-suited for these roles as demonstrated during his previous tenure as USTR Chief of Staff when he worked with both sides of the aisle in negotiating and securing congressional approval of the United States-Mexico-Canada Agreement, which passed the Senate 89-10.
“Throughout the nomination process, Mr. Greer demonstrated his strong commitment to work with Congress in a bipartisan fashion to advance the interests of our farmers, ranchers, fishers and workers.
“In particular, I applaud Mr. Greer’s commitment to open markets for our farmers and manufacturers by negotiating new agreements and enforcing existing ones.
“I fully welcome a return to a USTR that performs its statutory obligation of creating new opportunities for Americans. And I look forward to USTR’s forthcoming reviews of foreign trade barriers that stymie U.S. investment and exports.
“I urge my colleagues to join me, now, to advance Mr. Greer’s nomination.
“It is critical to have a USTR at the helm of these investigations and to support the Administration’s return to an active and robust trade agenda that prioritizes American farmers, ranchers, workers and businesses.”
Source: United States Senator for Colorado John Hickenlooper
Hickenlooper: “Let’s call this political theater [out] for what it is: an attempt to accelerate oil and gas projects while at the same time, holding back our renewable energy.”
U.S. energy production exceeded consumption by widest margin in U.S. history in 2023
WASHINGTON – Today, U.S. Senator John Hickenlooper spoke on the Senate floor against the Trump administration’s claim that the U.S. faces a “national energy emergency.” He highlighted that an “all of the above” approach to energy, including historic investments in renewable energy from the Bipartisan Infrastructure Law and Inflation Reduction Act, have created a U.S. energy boom and lowered energy costs for working families.
Hickenlooper’s speech comes ahead of a Senate vote on a resolution to overturn President Trump’s energy emergency declaration.
“America’s energy economy is booming in large part because of the Bipartisan Infrastructure Law and the Inflation Reduction Act – bills that make historic investments in American-made energy. These bills have created more than 400,000 good-paying jobs.
“Cutting funding from these critical pieces of legislation is going to hit our rural communities the hardest – where it could provide the greatest benefit. It’ll shrink county government revenue. It will force layoffs, and ultimately it will increase the cost of energy.
President Trump issued an executive order on January 20th declaring a “National Energy Emergency” claiming that “the policies of the previous administration have driven our Nation into a national emergency where a precariously inadequate and intermittent energy supply, and an increasingly unreliable grid, require swift and decisive action.”
The president’s claim contradicts widespread evidence that U.S. energy production continues to surpass consumption. Excluding coal, the U.S. produced more energy in 2023 than any other country in the world.
Last week, Hickenlooper introduced an amendment to the Republican budget resolution protecting the low cost of energy by blocking Republican-led attempts to slow renewable energy development. Every Republican voted against it. Watch his speech in support of his amendment HERE. To download a full video of Hickenlooper’s remarks, click HERE. A full transcript of his remarks is available below:
“Mr. President,
“The United States is in an energy boom. Our nation has never produced more electricity, oil, and gas than we are producing right now.
“This ‘all the above’ approach to energy using everything – including solar, wind, and geothermal – is keeping energy prices as low as possible for working families – but at the same time recognizing that climate change is real – and moving towards a clean energy future. Excluding coal, the U.S. produced more energy than any other country in the history of the world in 2023.
“It appears that some in this administration are determined to undo that progress.
“Despite American leadership in energy, the President signed an executive order on his first day declaring a ‘national energy emergency.’
“That sounds dramatic and almost theatrical, because it’s meant to be. Let’s call this political theater for what it is: an attempt to accelerate oil and gas projects while at the same time, holding back our renewable energy.
“Of course, there are things that we need to be doing to keep energy cleaner, prices lower, and to cement American energy independence.
“For starters, we need to increase energy production. We need to meet our energy future by streamlining permitting of our new energy projects – of all our energy projects – while at the same time being mindful about the environmental impacts and giving impacted communities a public forum. We need to upgrade our grid. We need to increase clean domestic critical mineral production.
“But that’s not what his executive order will do. In fact, it won’t do a single one of these things.
“They claim we’re in an emergency, an ‘energy emergency.’ But they continue to block federal wind and energy permits.
“They claim we’re in an emergency, an ‘energy emergency.’ But then they ship oil and gas overseas.
“They [claim we’re in] an ‘energy emergency,’ and yet their actions would cede complete control of what eventually will be an enormous global market in renewable energy to China.
“The administration has also fired thousands of government workers who play vital roles in American energy – all in the name of government efficiency and giving tax cuts to the ultra-wealthy.
“Listen, I’m all for making government more efficient. I’ve worked on that most of my public life. If you want to seriously look at how we spend money and where we can actually cut fraud, waste, and abuse – I’m game. But hastily, almost randomly firing Department of Energy employees or letting go 300 workers who maintain our nuclear security and safety, I don’t think that’s the way to do it.
“Our office has even heard from a private company that is worried that the federal employee responsible for managing their permitting process is about to be fired, placing the entire success of their project at risk. They help bring energy to our local communities. This will stop them dead in their tracks and raise prices for households at the same time.
“America’s energy economy is booming in large part because of the Bipartisan Infrastructure Law and the Inflation Reduction Act – bills that make historic investments in American-made energy. These bills have created more than 400,000 good-paying jobs.
“And yet, there’s an effort by some in the Congress, mostly Republicans, I should say all Republicans, and the administration, but that effort is to slash and impede the progress that we’ve made. Even though an estimated 70% of the benefits – the jobs, the investments, the increased energy – are going to red states.
“Cutting funding from these critical pieces of legislation is going to hit our rural communities the hardest – where it could provide the greatest benefit. It’ll shrink county government revenue. It will force layoffs, and ultimately it will increase the cost of energy.
“Clean energy isn’t just some liberal boogeyman, it’s not some notion. In fact, most of the energy that’s ready to go as we expand our capacity, that’s ready to go, is clean and affordable. Solar, wind, storage, they make up 95% of the capacity of new energy ready to connect to our grid. Wind generates 10% of our electricity now and will provide much more affordable, renewable energy if more permits were made available.
“Withholding funds already appropriated by Congress through these laws – if these funds are withheld, energy bills can balloon by up to 12% for American families. That’s at least $240/year for working families that they’ll have to come up with one way or another. And certainly, when you’re struggling to afford eggs at the grocery store, trying to balance your checkbook at the end of the month, the last thing you need is an increase in your energy bill.
“Some in Congress, some Republicans have introduced their budget which strips critical services for Coloradans, while adding four trillion dollars to our national debt. All primarily so they can give tax breaks of which more than half go to the ultra-wealthy, who at least many in Colorado don’t even want.
“I put an amendment on the floor that would strip any provision from their budget that would raise energy costs for Americans. Now, how can people be opposed to that?
“And yet every Republican voted against it.
“I think they’re putting politics over people.
“We’re able to keep energy prices low for working families because we use everything – oil, gas, geothermal, wind. So rather than limiting energy sources, proclaiming a false emergency, or firing critical government employees, let’s meet the moment and usher in a new energy future that helps everyone.
“A future marked by a resilient energy grid built by American innovation that delivers low-cost, reliable energy for every Coloradan, for every American.
“If this administration is looking for a bipartisan roadmap on this, we have one.
“We should pass permitting reform that streamlines review for ALL energy projects, not just oil and gas. We can build a modern electric grid that will reduce energy prices – for all.
“Let’s continue supporting emerging technologies like advanced geothermal and nuclear so that we can remain dominant in the markets that are emerging.
“And let’s stop picking winners and losers! The vast majority of new electricity is coming from low-cost solar, wind, and energy storage. Let’s follow the law and let the investments in energy from the past few years go to the communities that need them.
“Let’s cut the nonsense: this isn’t an energy emergency. It’s an energy opportunity.
“This administration’s actions certainly would cause an emergency for many Colorado and American working families.
“Mr. President, I yield back the floor.”
WASHINGTON – Today, at the Senate Committee on Small Business and Entrepreneurship hearing on the Small Business Administration’s (SBA) 7(a) loan program, Chair Joni Ernst (R-Iowa) detailed how the Biden administration’s loosening of rules and reckless expansion of the program increased the risk for American taxpayers.
Ernst highlighted how the actions of the previous administration opened the door to rising default rates and declining revenues that threaten to force taxpayers to foot the bill for the 7(a) program that has previously operated without subsidies.
Watch Chair Ernst’s full opening remarks here.
Ernst’s full opening remarks:
“Nearly two years ago, we met to discuss the reckless new rules the Small Business Administration (SBA) implemented for the 7(a) loan program.
“They removed time-tested underwriting standards that mitigated the risk of default for American taxpayers who guarantee these loans.
“These new rules also opened the door to foreseeable fraud by enabling a potentially unlimited number of unregulated, non-depository institutions to become permanently licensed SBA lenders as Small Business Lending Companies, or SBLCs.
“The last administration’s 7(a) rules were the most drastic changes to the program in decades, which is why members on a bipartisan basis voiced their concerns. Unfortunately, those concerns fell on deaf ears.
“I aggressively sought to understand how the SBA was selecting and approving these new SBLCs to participate in 7(a).
“The types of lenders the SBA was looking to license – fintechs – were responsible for facilitating widespread financial fraud and improper payments in the Paycheck Protection Program.
“I ask unanimous consent to enter into the record an April 24, 2024, letter that I sent with House Small Business Committee Chairman Williams to the SBA requesting information on the SBLC selection process. Without objection, so ordered.
“Two years later, we still have little insight. Even the recent SBA’s Inspector General (IG) report on the subject was woefully inadequate.
“The IG report stated the SBA followed its own procedures, but they failed to evaluate whether those procedures were adequate.
“The IG didn’t bother to investigate whether there was collusion between SBA officials and one of the largest applicants for a lending license, Funding Circle US.
“Nor did the report answer why the SBA and the IG concluded the cash position of Funding Circle US was sufficient, despite the fact that it was losing millions.
“The Biden SBA’s dangerous loosening of the underwriting and eligibility rules weren’t the only efforts to undermine the financial soundness of the 7(a) loan program.
“A year before the rule, the agency started to cut the fees charged to borrowers and lenders—fees meant to protect the taxpayer from having to subsidize bad loans.
“For three years straight, the SBA cut these fees, inexplicably allowing loans of up to one million dollars to be made without the borrower or lender having to pay for the guarantees the American taxpayer provided.
“As I said in a letter to President Trump on January 21st, the looming 7(a) fee increases are entirely due to the previous Administration’s incompetent management of the program, which has harmed taxpayers and the small businesses saddled with debt they can’t manage, while irresponsible lenders get paid no matter what.
“I ask unanimous consent to enter this letter into the record. Without objection, so ordered.
“We are seeing the impacts of these rule changes, with the 12-month default rate more than doubling to roughly 3.2 percent since these rules went into effect, and defaults on loans less than 18 months old nearly tripling to almost one and a half percent over that same period.
“While the Biden-Harris SBA tried to blame this on rising interest rates, defaults on SBA loans have been increasing faster than those in the private sector, which is evidence of poor policy decisions.
“It should come as no surprise that for the first time in 12 years, 12 years, the 7(a) program lost money.
“This negative cash flow must be immediately addressed by reversing the misguided decisions of the past administration.
“This program was designed to operate with zero subsidy – and I worry we are on the cusp of forcing taxpayers to foot the bill, something we should avoid at all costs.
“I want to commend Administrator Loeffler for her recognition of these problems in her day one memo released this week and her willingness to hit the ground running.
“It is clear that the solvency of the SBA’s lending programs is a major priority for the Administrator, who has committed to doing what’s necessary to ensure their zero-subsidy status is secure.
“Today’s hearing provides an opportunity for us to speak with SBA participants to understand their concerns about the 7(a) program’s financial stability.
“It also allows the Committee to gather concrete suggestions on ways to reduce the risk faced by taxpayers while ensuring the program continues to be a resource for entrepreneurs who need assistance accessing capital.
“I’d like to thank our witnesses for being here today and I look forward to your testimony.”
Source: United States Senator for Washington Maria Cantwell
02.26.25
SBA “Gutted its Civil Service Workforce Around the Country,” Writes Cantwell in Letter to Administrator Loeffler
Small Business Administration provides education and financial support to entrepreneurs, including disaster relief loans Sen. Cantwell joined all Democratic members of the Senate Committee on Small Business and Entrepreneurship in letter demanding that Administrator Loeffler end arbitrary firings & review their legality
WASHINGTON, D.C. – Last week, U.S. Senator Maria Cantwell (D-WA), a senior member of the Senate Finance Committee and ranking member of the Senate Committee on Commerce, Science, and Transportation, joined the Democratic members of the Small Business Committee in sending a letter to Small Business Administration (SBA) Administrator Kelly Loeffler. The letter demands answers on the recent arbitrary mass firings by the Trump administration of SBA public servants, including loan and disaster assistance staff and veterans.
“Over the past week, the Small Business Administration (SBA) has taken unprecedented personnel actions that have gutted its civil service workforce around the country,” wrote the Senators in the letter. “This includes the firing of hundreds of SBA employees serving their probationary work period. Yet, SBA has provided us with no direct information about these terminations, including why they were undertaken, the number and identities of fired employees, or which SBA offices were impacted.”
The Senators continued, “In order to ensure small businesses continue to receive the SBA services they need to thrive, we request the following: First, put an immediate stop to the arbitrary firings of career civil servants and reinstate them immediately, with backpay. Second, have your Deputy Inspector General conduct a thorough review of the SBA’s actions to ensure that any termination was lawful. And third, promptly brief the Committee’s minority staff on SBA’s recent personnel actions and its plan to implement the President’s deferred resignations and RIF executive order.”
The SBA provides several key services to small business owners in Washington state, including educational programs, and financial support like disaster relief loans.
The Senators’ letter asks the Administrator to direct the Deputy Inspector General to undertake this thorough review because President Trump recently fired the SBA Inspector General when he illegally fired at least 17 Inspectors General (IGs) in a mass Friday night firing, leaving a vacancy in that position. Last week, Sen. Cantwell joined 26 Senate Democrats in filing an amicus brief in support of a lawsuit brought by eight of those fired IGs challenging their illegal firings by Trump. The former SBA IG is one of the plaintiffs in that suit challenging Trump’s unlawful action.
In a January meeting with former Sen. Kelly Loeffler (R-GA), President Donald Trump’s then-nominee to lead the SBA, Sen. Cantwell emphasized the critical importance of aid to small businesses following disasters. Earlier that month, the SBA opened two Disaster Loan Outreach Centers in Washington specifically to help businesses and residents who incurred losses during the November 2024 bomb cyclone that struck Washington state.
In June 2024, Sen. Cantwell introduced the Small Business Artificial Intelligence Training and Toolkit Act, which would authorize the Department of Commerce to work with the SBA to create and distribute artificial intelligence resources and tools to help small business leverage AI in their operations.
The State of Washington is home to 672,472 small businesses, making up 99.5 percent of all WA businesses and employing 1.4 million workers, or 48.4% of all Washington employees. Between March 2022 and March 2023, small businesses created 61,763 new jobs, accounting for 80.5 percent of all net job creation in WA.
The full text of the letter is available HERE.
Following are UN Deputy Secretary-General Amina Mohammed’s remarks at the Group of 20 (G20) side event — Domestic Resource Mobilization: Bridging the Tax Gap, held in Cape Town, South Africa, today:
It is a pleasure to join you for this important discussion on domestic resource mobilization and bridging the tax gap. This challenge stands at the heart of financing sustainable development and demands our urgent attention.
We are not on track to achieve the Sustainable Development Goals (SDGs). We have an estimated $4 trillion sustainable development financing gap annually. Domestic public finance is essential for financing the Sustainable Development Goals, increasing equity and strengthening macroeconomic stability.
Robust fiscal systems, including both tax and expenditure, drive economic growth, industrial transformation and environmental sustainability — contributing to alleviating poverty and reducing inequalities. Beyond raising revenue, taxation remains fundamental to fairness, trust and sovereignty.
Yet, after significant increases in taxation in developing countries in the decade before 2009, average tax-to-gross domestic product (GDP) ratios for all developing country groups are below 2010 levels, remaining far below those of developed countries.
Successive shocks over the last two decades have severely impacted the mobilization of domestic resources for development. As global crises intensify, it becomes more critical than ever to increase countries’ taxation capabilities.
The good news is that there is a large unmet tax potential in many developing countries. Many Governments have invested in tax reforms, demonstrating how nations can unlock unmet potential.
Strengthening tax systems requires sustained investment in capacity development based on country needs and priorities. As economies evolve, so must tax systems.
The increasingly digitalized economy presents new opportunities but also poses new challenges to an international tax system that has been designed for traditional business models.
We must develop future-ready tax policies that ensure global fair taxation without imposing excessive burdens — both on taxpayers and tax authorities. Many organizations — including the UN, International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), World Bank and regional and national tax bodies — are supporting countries in this effort.
Initiatives like Tax Inspectors Without Borders help countries enhance domestic revenue mobilization. The Addis Tax Initiative and broader multilateral and regional efforts provide platforms for collaboration, knowledge-sharing and technical assistance.
However, political will remains insufficient — with countries not investing enough in tax system reform and administration capacity, and donors not delivering promised assistance for supporting revenue mobilization.
The fourth International Conference on Financing for Development in Sevilla in June offers a pivotal moment to turn commitments for domestic tax reforms into actions and make tax systems more fair, transparent, efficient and effective.
In our interconnected world, strengthening countries’ fiscal frameworks must go hand in hand with international tax cooperation. Every year, billions of dollars that should fund education, healthcare and infrastructure are lost to tax avoidance and evasion, illicit financial flows and financial crime.
Africa alone loses approximately $88.6 billion annually to illicit financial flows — around 3.7 per cent of the continent’s GDP — draining resources vital for economic development.
The G20 has played an important role in advancing tax transparency and tackling tax avoidance. Expanding the automatic exchange of information and enhancing transparency in beneficial ownership remain paramount.
But, more must be done to ensure that all countries — particularly those with limited administrative capacity — can fully participate in shaping global tax norms.
The ongoing negotiations on a UN Framework Convention on International Tax Cooperation present a historic opportunity for progress towards a fair, inclusive, and effective international tax system.
Through the Pact for the Future, Member States have committed to improving the inclusiveness and effectiveness of tax cooperation under the UN. Ensuring that international tax rules reflect the diverse needs, priorities and capacities of all countries is central to this effort.
The two early protocols in the UN Convention — on taxation of income from cross-border services in a digitalized and globalized economy and on preventing and resolving tax disputes — can demonstrate an inclusive and impactful approach.
The UN process can strengthen global cooperation, enhance legitimacy, certainty, resilience and fairness of international tax rules, while addressing challenges in domestic resource mobilization and ensuring that all countries have a seat at the table.
Today’s discussion is an opportunity to drive forward these critical issues. The United Nations remains fully committed to these efforts. Together, we can build a fairer, more transparent and more effective international tax system — one that provides every country with the means to invest in its future and achieve the Sustainable Development Goals.
We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations.
If you follow our information and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we will take that into account when determining what action, if any, we should take.
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Last year we had over 32,000 new funds enter the sector. This was an increase of 21% from 2022–23. The population of SMSFs has grown to over 625,000 and now holds over $1 trillion in assets.
SMSF auditors have a critical role in maintaining the health and integrity of the sector, so it’s important you understand your obligations and where we consider the biggest risks exist in 2025. Where we find that auditors are not complying with their obligations, we may refer them to the Australian Securities & Investments Commission (ASIC) for further action.
Market valuations
Approved SMSF auditors are responsible for verifying and retaining sufficient audit evidence to support the market value of assets. Where there’s insufficient evidence you must consider modifying the independent auditor’s report (IAR). You must also lodge an auditor contravention report (ACR) where the reporting criteria is met.
In 2024, the ATO contacted auditors where SMSFs they audited reported unchanged values for certain assets across several income years. In 2025, we will continue this program, including reviewing auditors where asset values remain the same and no ACR is lodged.
High volume auditors
In 2025, we will continue our focus on auditors who audit a large number of SMSFs. This includes auditors that regularly undertake over 1,000 audits per year or who have had a rapid increase in their audit numbers in recent years. We will be visiting auditors at their offices to review their audit process.
Disqualified trustees
Auditors must confirm that the trustees of the SMSF are not acting as a trustee or director of a corporate trustee while a disqualified person. In 2025, we are reviewing auditors where our information indicates trustees have acted while a disqualified person and no ACR has been lodged.
High risk auditors
We collect a range of data and intelligence about the SMSF auditor population. We use this information to identify auditors we consider high risk. We will continue to conduct audits of high-risk auditors and refer them to ASIC when they have not complied with their obligations.
Auditors with low fixed price business models continue to be a concern for the ATO. These models inherently restrict the amount of time an auditor can spend on an audit and can lead to lower quality audits, particularly where the SMSF has more complex investments.
Independence
As an approved SMSF auditor, you’re required to comply with independence requirements as part of your professional obligations.
Following an increase of referrals to ASIC in the last financial year that included independence issues, we’ll be focusing on auditors we consider high risk. This includes auditors:
conducting in-house audits
with reciprocal auditing arrangements
that have a long association with clients and
have a large proportion of their client base come from a single referral source.
Looking for the latest news for SMSFs? You can stay up to date by visiting our SMSF newsroom and subscribingExternal Link to our monthly SMSF newsletter.
Fund trustees, through a digital service provider, should submit the new product details as soon as possible before the new data is to take effect.
When submitting details for a new USI, or updating bank details, it’s important to first lodge a Financial institution account verification contact details template through Online Services for Business. Once approved you’ll then be able to submit the details through the portal.
Ensure all information is accurate and complete to avoid any processing delays. After submission, it’s important you verify the new USI has been correctly registered and is active.
If you’re updating critical data, it’s best practice to provide these details immediately but at least 28 days before they become effective. This lead time allows gateways and clearing houses to adequately reflect the updated information.
CHICAGO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Speed wins — on the track and in the real estate market. That’s why Rate, a leader in fintech mortgage solutions, is teaming up with NASCAR driver Ricky Stenhouse Jr. and Hyak Racing for the EchoPark Automotive Grand Prix on March 2, 2025, at the Circuit of The Americas in Austin, Texas.
Stenhouse, a Daytona 500 champion known for tearing up the track, will race in the #47 car backed by Rate, bringing together two forces built for speed, precision, and relentless execution.
“Rate is a powerhouse in mortgages, and I’m a beast on the track, so we’ve got a lot in common,” said Stenhouse. “Top teams behind us, driven to win, and damn fast — all day, every day. If you’re ready to move on a home purchase, hit up Rate.com.”
Fast Track to Homeownership
In today’s housing market, speed is everything. Buyers who move fast win — and Rate is leading the charge with lightning-fast pre-approvals, real-time underwriting, and automated income and asset verification.
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43% of buyers make multiple offers before landing a home — speed is the advantage.
37% of buyers say pre-approvals take 3-5 days — Rate cuts that down dramatically.
The 2024 Homebuying Survey revealed that homebuyers face overwhelming stress, decision-making challenges, and a lack of confidence when it comes to the mortgage process. With Rate Intelligence, Rate’s AI-powered mortgage technology, homebuyers get ultra-fast approvals with unmatched accuracy — just like Stenhouse’s precision on the track.
Train Like a Champion
Beyond speed, wellness matters. That’s why Stenhouse is joining Rate’s Train Like a Champion (TLAC) platform, a wellness initiative featuring elite pro athletes like MMA champion Julianna Peña, NFL quarterback Jameis Winston, and pro pickleball star Grayson Goldin.
“Staying sharp — physically and mentally — is how I keep my edge on race day,” said Stenhouse. “Strength training, meditation, nutrition — it all matters. And the same tools that keep me focused are right in the Rate App. From guided breathing to better sleep, it’s got everything you need to stay in the zone — on or off the track.”
Win Big with Rate
Fans can win exclusive prizes by following Rate’s social channels this week:
An autographed Ricky Stenhouse Jr. racing helmet (disclaimer here)
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Review the Official Rules for the Grand Prix here.
Austin, Tech, and Innovation
The EchoPark Automotive Grand Prix kicks off just days before SXSW, when global tech leaders descend on Austin. Rate is bringing that same innovation to mortgages — cutting through red tape with industry-leading fintech solutions that make buying a home faster and easier than ever.
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Source: United States Senator for Kansas Roger Marshall
Washington, DC – U.S. Senator Roger Marshall, M.D. (R-Kansas) introduced the Protecting American Agriculture from Foreign Adversaries Act, which would permanently add the U.S. Secretary of Agriculture to the Committee on Foreign Investment in the United States (CFIUS) to help prevent improper foreign interference and disruption to the U.S. agriculture industry.
CFIUS is the governmental body that oversees the vetting process of foreign investment and acquisition of American companies. In addition to permanently adding the Secretary of Agriculture to CFIUS, the bill would require that the Secretary report any transaction that could threaten national security, specifically concerning purchases made by adversarial nations like China, North Korea, Russia, and Iran.
“Food Security is national security, and it’s high time that we start recognizing this before it is too late,” said Senator Marshall. “The Secretary of Agriculture needs a seat at the table when the Committee on Foreign Investment in the United States is considering foreign agricultural investments. Having an agriculture presence on CFIUS helps the committee better understand the risks foreign investment can pose to farmers and ranchers, and the Protecting American Agriculture from Foreign Adversaries Act ensures that.”
The legislation is cosponsored by Senators John Barrasso (R-Wyoming), Todd Young (R-Indiana), Tammy Baldwin (D-Wisconsin), and Deb Fischer (R-Nebraska).
“The Chinese Communist Party has proven over and over again they cannot be trusted. They are our adversary, not our ally. All Americans should be alarmed by the amount of American farmland China and other foreign entities own. Giving our adversaries any control over our agricultural resources is a direct threat to our national and food security. Senator Marshall’s legislation will help protect America’s farms and safeguard our food supply,” said Senator Barrasso.
“Nearly two-thirds of land in Indiana – and more than half of all land in the United States – is farmland,” said Senator Young. “Recent efforts by China and other adversaries to buy agricultural land across the country could present a national security threat. Indiana is a leader in restricting these purchases, but Congress must act to ensure permanent safeguards are in place in all fifty states.”
“Wisconsin’s farms are the backbone of our state,” said Senator Baldwin. “They’re not just about food, they’re about people’s livelihoods, our economy, and our way of life. That’s why I’m fighting to protect our family farms and agricultural communities from bad actors like China that threaten our food supply, economy, and national security. I’m proud to work with Democratic and Republican colleagues to protect our farmers and rural communities and ensure our Made in Wisconsin agricultural economy stays strong for the next generation.”
“Allowing our adversaries to have any form of control over our food supply is a dangerous game, and one we should never play. Our commonsense legislation will protect America’s interests by ensuring that any foreign investments in the agricultural sector are thoroughly vetted,” said Senator Fischer.
U.S. Representative Dan Newhouse (R-Washington-4) also introduced companion legislation in the House of Representatives.
“The Chinese Communist Party is our most formidable adversary, and we must act immediately to defend our food and national security interests,” said Rep. Newhouse. “Farmers, ranchers, and landowners across the country deserve the certainty offered by adding the Secretary of Agriculture to CFIUS to ensure they are not selling land to an entity controlled by the CCP. We must prevent the CCP from purchasing land near federal property, including military installations and national laboratories, to protect our domestic security interests. I am glad to have the support of my colleagues in the House and Senate on these critical pieces of legislation and appreciate the comments by President Trump and Secretary Rollins to keep our enemies out of our backyard.”
Specifically, the Protecting American Agriculture from Foreign Adversaries Act would:
Add the Secretary of Agriculture as a member of CFIUS
Protect the U.S. agriculture industry from foreign control through transactions, mergers, acquisitions, or agreements
Designate agricultural supply chains as critical infrastructure and critical technologies
Require a report to Congress on current and potential foreign investments in the U.S. agricultural industry from USDA and the Government Accountability Office (GAO)
Read the bill HERE.
BACKGROUND:
Over the past few years, the United States has experienced a rapid increase in foreign investment in the agricultural sector, particularly from China. Growing foreign investment in agriculture and other essential industries, like health care and energy, threatens our country’s national security.
According to USDA data from December 2023, foreign investors own approximately 45 million acres of U.S. agricultural land. This represents an increase of over 1.5 million acres in one calendar year. Foreign ownership of U.S. agricultural land increased modestly from 2012 to 2017 at an average increase of 0.6 million acres per year. However, since 2017, this number skyrocketed to an average of 2.6 million acres annually. Additionally, between 2010 and 2021, entities or individuals from China increased their ownership of U.S. agricultural land more than twentyfold, from 13,720 acres to 383,935 acres.
Data from the 2023 Agricultural Foreign Investment Disclosure Act (AFIDA) report shows that Kansas agricultural land with foreign interest totals over 1.3 million acres.
CFIUS is authorized to oversee and review foreign investment and ownership in domestic businesses as it relates to national security. Currently, the Committee does not directly consider the needs of the agriculture industry when reviewing foreign investment and ownership in domestic businesses.