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Category: Economy

  • MIL-OSI USA: Warner, Kaine, Scott Urge EPA to Reinstate Funding for Canceled Community Resilience Grants

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, U.S. Sens. Mark R. Warner, Tim Kaine (both D-VA), and Rep. Bobby Scott (D-VA-03) sent a letter to Environmental Protection Agency (EPA) Administrator Lee Zeldin urging the agency to reverse its decision to terminate two major Community Change Grants in Virginia. The canceled grants – approximately $40 million – would have supported dozens of community projects aimed at strengthening flood resilience, reducing pollution, and improving energy efficiency in Hampton and across Southwest Virginia.

    The grants, funded by the Inflation Reduction Act (IRA), were intended to support projects that increase resilience to major weather events, reduce pollution, and build community capacity.

    The City of Hampton received $20 million in federal funding to address severe flood risk in the Aberdeen Gardens neighborhood. That funding would have advanced 51 projects ranging from stormwater infrastructure upgrades and rain garden construction to stream restoration efforts and improved public health protections for an area where over 22 percent of properties fall within FEMA-designated flood zones.

    United Way of Southwest Virginia and the University of Virginia’s College at Wise also received nearly $20 million in federal funding to support flood-resilient housing, the construction of a community center and flood shelter in Dickenson County, and energy efficiency upgrades at childcare centers in eight counties in Southwest Virginia. These investments would have delivered long-term savings, improved disaster readiness, and supported vulnerable Appalachian communities hit hard by extreme weather in recent years.

    In the letter, the lawmakers wrote, “We are deeply concerned that the EPA no longer considers community resiliency, environmental conservation, and economic development to be administration funding priorities.”

    They continued, “EPA’s decision to terminate these grants will leave communities in Virginia less resilient, less prosperous, and more vulnerable to extreme weather-related disasters. We urge you to reinstate this critical funding for communities throughout Virginia.”

    Sens. Warner, Kaine, and Rep. Scott have long advocated for resiliency efforts in Virginia, championing legislation and funding to help communities strengthen infrastructure against extreme weather. The senators were strong supporters of the Inflation Reduction Act, which authorized the Community Change Grants program to help historically neglected and underserved communities address flooding, pollution, and climate vulnerabilities.

    The lawmakers have also continuously stood up against the Trump administration’s efforts to cancel necessary federal funding for Virginia’s communities. Most recently, Sens. Warner, Kaine, and Rep. Scott wrote to Department of Homeland Security Secretary Kristi Noem to reverse the cancellation of critical infrastructure funding for the Commonwealth. 

    Text of the letter is available here and below.

    Dear Administrator Zeldin:

    We write regarding the Environmental Protection Agency’s (EPA) decision to terminate approximately $40 million in funding intended to prevent localized pollution and mitigate the effects of flooding in Hampton, Virginia, and to support economic development, enhance resilient infrastructure, and lower energy costs across seven counties in Southwest Virginia. We strongly urge you to reverse this decision that will impact efforts to improve resiliency, environmental conservation, energy efficiency, and economic outcomes in communities across the Commonwealth.

    The Inflation Reduction Act (IRA) provided approximately $2 billion to EPA to establish the Community Change Grants Program. Congress intended this funding to be used to support projects that increase community resilience, reduce pollution, and build community capacity. In 2024, EPA selected 105 projects, including two projects in Virginia.

    The City of Hampton, Virginia, was awarded just over $20 million to address significant flood risk in the historic Aberdeen Gardens neighborhood. In a locality where 22 percent of properties are in Federal Emergency Management Agency (FEMA)-designated Special Flood Hazard Areas, the city and their nonprofit partner, Wetlands Watch, planned to leverage federal funding to advance 51 projects to update stormwater infrastructure, initiate stream-restoration projects, and construct community rain gardens. These projects were intended to mitigate flood risk, lessen the financial burden of flooding on the neighborhood’s residents, and improve environmental and public health outcomes.

    The United Way of Southwest Virginia and the University of Virginia were awarded nearly $20 million to fund eight projects across the Virginia coalfields. Funding would have supported the construction of flood-resilient housing infrastructure in Buchanan County and a new community center and flood shelter in Dickenson County, two communities that have been devastated by flooding and extreme weather in recent years. Additionally, the grant would support energy efficiency upgrades at childcare facilities in eight counties, enabling thousands of dollars of energy cost savings to go towards childcare worker salaries.

    In terminating these grants, EPA wrote to awardees that, “the objectives of the award are no longer consistent with EPA funding priorities.” We are deeply concerned that the EPA no longer considers community resiliency, environmental conservation, and economic development to be administration funding priorities. EPA’s decision to terminate these grants will leave communities in Virginia less resilient, less prosperous, and more vulnerable to extreme weather-related disasters. We urge you to reinstate this critical funding for communities throughout Virginia. 

    Thank you for your attention to this letter. We look forward to your response.

    MIL OSI USA News –

  • Amit Shah inaugurates new MACCIA headquarters in Mumbai; highlights Maharashtra’s role in India’s economic growth

    Source: Government of India

    Source: Government of India (2)

    nion Home Minister and Minister of Cooperation Amit Shah inaugurated the newly constructed headquarters of the Maharashtra Chamber of Commerce, Industry and Agriculture (MACCIA) in Mumbai today. The event also featured a state-level cooperative industrial conference, with Maharashtra Chief Minister Devendra Fadnavis, Union Minister of State for Cooperation Murlidhar Mohol, and other dignitaries in attendance.

    Shah reflected on the enduring legacy of Seth Walchand, a pioneering industrialist whose contributions have continued to benefit Maharashtra and the nation. Shah emphasized that institutions celebrating a centenary must not only take pride in their legacy but also use the occasion for introspection and renewal.

    He remarked that in the century since MACCIA’s founding, the global and national economic landscape has undergone transformative changes. With globalization reshaping commerce, industry, and agriculture, Shah called on Chambers of Commerce across the country to adapt their methods and reassess their relevance. He urged them to engage professional institutions to align operations with the evolving economic and policymaking frameworks of both state and central governments.

    Highlighting India’s economic trajectory, Shah said that the country has emerged as the world’s fourth-largest economy, overtaking former colonial powers. He credited policy reforms and their robust implementation under Prime Minister Narendra Modi’s leadership for this significant progress, including the rising global standing of the Indian passport.

    Shah said that Maharashtra has become a symbol of India’s industrial growth, hosting the country’s financial capital and contributing 39% of India’s total Foreign Direct Investment (FDI). He cited that the state also leads in startups, tourism, income tax filings by women, and infrastructure development — including the upcoming Vadhavan Port and the bullet train project.

    Addressing the development of Mumbai and its surrounding areas, Shah revealed that the central and state governments, operating under a “double-engine” governance model, are investing over ₹7 lakh crore in transformative projects. This effort, he said, is infusing Maharashtra with new energy and fostering long-term development.

    Drawing a comparison between two decades, Shah stated that Maharashtra received ₹1.91 lakh crore in central devolution and grants between 2004 and 2014, whereas this amount increased to ₹7.82 lakh crore during the Modi government’s tenure from 2014 to 2024.

    Emphasizing the importance of cooperative federalism, Shah said that Prime Minister Modi’s vision of “Team India” is central to the nation’s development. He added that the joint efforts of the Centre and the States, along with a constructive mindset, are driving the country’s rapid progress.

    MACCIA’s role, he added, remains crucial as it continues to raise demands for policy changes, infrastructure upgrades, and solutions for issues in trade, industry, and agriculture. Shah called upon all Chambers of Commerce to evolve with the times and continue contributing meaningfully to India’s economic journey.

  • MIL-OSI USA: Warner & Kaine Decry GOP Plan’s Devastating Impact on Rural Virginia Communities

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    WASHINGTON, D.C. – U.S. Senators Mark R. Warner and Tim Kaine (both D-VA) today issued the following statement slamming congressional Republicans’ bill that would devastate rural communities across Virginia by gutting Medicaid and accelerating hospital closures:

    “The big GOP plan is a direct threat to families in rural Virginia who rely on Medicaid to access care and keep their community hospitals open. This bill would strip health care from thousands of Virginians, gut funding for struggling rural hospitals, and undo decades of progress. Almost forty percent of kids in rural Virginia are covered by Medicaid. Without that lifeline, families would face impossible choices, and many local hospitals wouldn’t survive. For rural Virginia, this bill might mean the difference between a hospital that’s five minutes away and one that’s 50. It is a slap in the face to the health care workers, parents, and local leaders doing everything they can to keep their communities afloat. We refuse to stand by while Republicans gamble with Virginians’ lives.”

    Small towns and rural areas in Virginia have the highest rates of Medicaid coverage. According to research by the Georgetown Center for Children and Families:

    • 37.9 percent of children in Virginia’s small towns and rural areas rely on Medicaid/CHIP for their coverage, compared to 30 percent in metro/urban areas;
    • Among Virginia adults younger than 65, 18.9 percent of those in small towns and rural areas get their coverage through Medicaid/CHIP, compared to 13.7 percent in metro areas; and
    • Among seniors, 11.7 percent of those living in Virginia’s small towns and rural areas were covered by Medicaid, compared to 10.7 percent in metro/urban areas.

    Nearly half – 47 percent – of rural births in the U.S. are covered by Medicaid, as are 65 percent of nursing home residents in rural counties.

    Almost half of rural hospitals nationwide are already operating at a financial loss, according to the American Hospital Association. The GOP’s proposed Medicaid cuts would push already-struggling rural hospitals further toward financial collapse, particularly in areas like Southwest and Southside Virginia. Detailed data from the Cecil G. Sheps Center for Health Services Research at the University of North Carolina at Chapel Hill concluded that Republican health care cuts could place more than 300 rural hospitals across the U.S. – including six hospitals in Southwest and Southside Virginia – at disproportionate risk of closure, conversion, or service reductions.

    Since the Affordable Care Act expanded Medicaid in Virginia, the uninsured rate has fallen dramatically, and rural hospitals have seen a critical infusion of funds to help keep their doors open. The GOP’s plan to give giant tax cuts to the ultra wealthy while slashing Medicaid and other investments threatens to reverse that trend.

    Warner and Kaine have long championed Medicaid expansion and rural health infrastructure, including broadband-enabled telehealth services and rural hospital stabilization programs. They have pledged to fight the GOP plan as long as Republicans in Congress continue to insist on gutting vital programs in order to pay for tax breaks for the richest Americans, noting that the GOP bill would strip health insurance from more than 302,000 Virginians, cut SNAP benefits, raise energy costs for Virginia households, jeopardize more than 20,000 Virginia jobs, raise taxes on minimum wage workers while giving the richest 0.1% a $188,000 tax cut, make tax filing more expensive, and explode the deficit, among other devastating impacts to Virginia families.

    MIL OSI USA News –

  • MIL-OSI Russia: Only joint actions within such associations as BRICS can ensure forward movement – V. Putin

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    St. Petersburg, June 20 (Xinhua) — Global challenges require a global response; they cannot be resolved alone. Only joint actions within an organization such as BRICS can ensure movement forward, Russian President Vladimir Putin said.

    “The global challenges facing the modern world certainly require a global response. Solving problems alone, especially at someone else’s expense, is simply impossible – it’s an illusion. Only joint actions within the framework of such an organization as BRICS, for example, and some other formats, can ensure the movement of the entire civilization forward,” said V. Putin during the plenary session of the St. Petersburg International Economic Forum.

    According to the Russian President, the share of BRICS countries in the global economy has doubled since the beginning of the century and will inevitably grow.

    “If at the beginning of the 21st century, the BRICS countries, for example, made up a fifth of the global economy – only a fifth, today it is already 40 percent of the global economy. And it is obvious that this share will only grow. This is, as they say, a medical fact, this will happen inevitably,” V. Putin is confident.

    Ties within the BRICS group are strengthening and mutual trade is growing, the Russian president noted.

    “We pay special attention to strengthening ties within BRICS. The mutual trade turnover of our countries has already exceeded a trillion dollars and will continue to grow. All of this, in essence, is elements of a global growth platform, and they are built on the key principles of BRICS. And these are consensus, parity, and consideration of each other’s interests,” said V. Putin. –0–

    MIL OSI Russia News –

  • MIL-OSI USA: REP TED LIEU AND SENATOR JEANNE SHAHEEN LEAD 23 SENATORS AND 49 MEMBERS IN INTRODUCING RESOLUTION RECOGNIZING WORLD REFUGEE DAY

    Source: United States House of Representatives – Congressman Ted Lieu (33 District of California)

    WASHINGTON—Today, Congressman Ted Lieu (D-Los Angeles County) and Senator Jeanne Shaheen (D-NH), Ranking Member of the Senate Foreign Relations Committee, introduced a resolution to honor World Refugee Day and the United States’ commitment to supporting refugees and forcibly displaced persons worldwide. The World Refugee Day Resolution was cosponsored by 23 Senators and 49 Members of Congress.

    “There used to be more consensus among Democrats and Republicans that the world’s wealthiest nation has an obligation to help those seeking refuge from violence, persecution, human rights abuses, and other dangers,” said Representative Lieu. “A strong U.S. foreign aid program was once considered both morally correct policy, and a smart return on investment that engendered good will and protected our national security. Now, Trump has turned his back on the world’s most vulnerable people by banning refugees and pulling funding for foreign aid programs. This is a terrible abdication of our duty to help those who need it the most. On World Refugee Day, those of us who want the world to be a more peaceful, prosperous place for everyone reiterate our call to help refugees who are fleeing unimaginable circumstances. Everyone deserves to live freely and safely.”

    “Conflict, persecution and violence continue to force millions of people from their homes – with more than 123 million people forcibly displaced at the end of 2024, including Afghans, Burmese Rohingya and Sudanese,” said Ranking Member Shaheen. “The United States has long been a leader in supporting refugees overseas and welcoming the most vulnerable, promoting stability around the world and boosting the U.S. economy through refugees’ contributions. Yet the Trump Administration is turning its back on this bipartisan legacy of support, slashing U.S. foreign aid programs that help refugees and host communities and indefinitely suspending the U.S. Refugee Admissions Program. On this World Refugee Day, our resolution honors the resilient spirit of forcibly displaced persons globally and calls on the Trump Administration to recommit to supporting refugees and displaced persons.”

     This bill as the support of:

    “With an ongoing refugee ban leaving so many with no path to protection – it is imperative we take this opportunity to stand in solidarity with all those forced to flee their homes around the world,” said Erol Kekic, Chief Strategy Officer at Church World Service. “CWS thanks Senator Shaheen and Representative Lieu for honoring refugees and leading this year’s congressional World Refugee Day resolution. From 80 years of walking alongside newcomers, CWS knows that refugees and immigrants enrich our communities – culturally, artistically, religiously, and economically. They are our neighbors and friends. They are mothers and fathers working to build better futures for their children.” 

    “Today, more than 123 million people around the world have been forcibly displaced from their homes—the highest number in recorded history,” said Myal Greene, President and CEO of World Relief. “On World Refugee Day, we remember that behind every statistic is a person made in the image of God, longing for safety, stability, and hope. This crisis should stir the conscience of lawmakers and citizens alike–particularly those, like me, motivated by the Christian faith. We urge Congress to champion policies that protect the persecuted, restore dignity, and uphold America’s long legacy of welcoming those fleeing violence and oppression.” 

    “On World Refugee Day, we are reminded that the right to seek safety is both a legal commitment and a moral imperative,” said Sharif Aly, President of the International Refugee Assistance Project (IRAP). “The United States has the capacity, and the obligation, to uphold its commitments to refugees and asylum seekers. Yet today, tens of thousands of people who were promised protection under the U.S. resettlement program remain stranded due to unlawful and discriminatory policies. We commend this resolution for reaffirming the values enshrined in our Constitution and refugee laws and urge our leaders to restore U.S. leadership in protecting the rights and dignity of those forced to flee.” 

    “There has never been a more urgent moment for Congress to reaffirm America’s support for refugees, both at home and abroad,” said Jeremy Konyndyk, President of Refugees International. “On World Refugee Day, we must renew our pledge to advance refugee protection, including by ensuring refugees have a role in shaping policy; to uphold the right to seek asylum; and to generously welcome those who seek safety and the chance to rebuild their lives with dignity and opportunity.” 

    “RCUSA reminds the Trump administration of the incredible contributions that refugees have made in the 45-year history of the refugee resettlement program,” said John Slocum, Executive Director of Refugee Council USA. “We stand in solidarity with those forced to flee their homes due to violence and persecution – families and individuals continue to seek safety, dignity, freedom, and opportunity in the face of unimaginable hardship. As global displacement reaches historic highs, the United States must lead with compassion and courage. That means rejecting fear-based policies and recommitting to a system that upholds the rights of all people to seek safety. Congress must invest in our nation’s capacity to welcome refugees and asylum seekers — and safeguard the use of public resources in good faith. RCUSA calls on all people of conscience to stand with refugees, asylum seekers, and immigrants, not only today but every day. Our work is far from over.”  

    The resolution is supported by the following organizations: Church World Service, Center for Gender and Refugee Studies, Center for Human Rights and Constitutional Law, Center for Victims of Torture, Climate Refugees, Dorothy Day Catholic Worker, Florence Immigrant & Refugee Rights Project, Franciscan Action Network, Friends Committee on National Legislation, HIAS, International Refugee Assistance Project (IRAP), Just Neighbors, National Partnership for New Americans, Presidents’ Alliance on Higher Education and Immigration, Refugee Advocacy Lab, Refugee Council USA, Refugee Congress, Refugees International, Unitarian Universalists for Social Justice, United Church of Christ, Washington Office on Latin America (WOLA), World Relief and Women’s Refugee Commission. 

    The House resolution is cosponsored by Representatives Gabe Amo (D-RI), Yassmin Ansari (D-AZ), Becca Balint (D-VT), Joyce Beatty (D-OH), Sheila Cherfilus-McCormick (D-FL), Judy Chu (D-CA), Gil Cisneros (D-CA), Steve Cohen (D-TN), Danny Davis (D-IL), Diana Degette (D-CO), Suzan DelBene (D-WA), Mark DeSaulnier (D-CA), Adriano Espaillat (D-NY), Chuy Garcia (D-IL), Robert Garcia (D-CA), Sylvia Garcia (D-TX), Jonathan L. Jackson (D-IL), Pramila Jayapal (D-WA), Hank Johnson (D-GA), Ro Khanna (D-CA), Troy A. Carter, Sr. (D-LA), Summer Lee (D-PA), Teresa Leger Fernandez (D-NM), Stephen Lynch (D-MA), Jennifer McClellan (D-VA), Betty McCollum (D-MN), Jim McGovern (D-MA), Robert Menendez (D-NJ), Gwen Moore (D-WI), Seth Moulton (D-MA), Kevin Mullin (D-CA), Jerrold Nadler (D-NY), Eleanor Norton (D-DC), Alexandria Ocasio-Cortez (D-NY), Ilhan Omar (D-MN), Nancy Pelosi (D-CA), Mark Pocan (D-WI), Delia Ramirez (D-IL), Jan Schakowsky (D-IL), Darren Soto (D-FL), Shri Thanedar (D-MI), Dina Titus (D-NV), Rashida Tlaib (D-MI), Jill Tokuda (D-HI), Paul Tonko (D-NY), Derek Tran (D-CA), Nydia Velazquez (D-NY), Bonnie Watson Coleman (D-NJ), Nikema Williams (D-GA).

    The Senate resolution is cosponsored by Senators Michael Bennet (D-CO), Richard Blumenthal (D-CT), Cory Booker (D-NJ), Chris Coons (D-DE), Tammy Duckworth (D-IL), Dick Durbin (D-IL), John Fetterman (D-PA), John Hickenlooper (D-CO), Mazie Hirono (D-HI), Tim Kaine (D-VA), Angus King (I-ME), Amy Klobuchar (D-MN), Ed Markey (D-MA), Jeff Merkley (D-OR), Chris Murphy (D-CT), Patty Murray (D-WA), Jacky Rosen (D-NV), Brian Schatz (D-HI), Adam Schiff (D-CA), Chris Van Hollen (D-MD), Peter Welch (D-VT), Sheldon Whitehouse (D-RI) and Ron Wyden (D-OR).  

    ### 

    MIL OSI USA News –

  • MIL-OSI Africa: Cassa Depositi e Prestiti and SACE provide EUR250 Million to Africa Finance Corporation


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    Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, has secured a landmark EUR 250 million 10-year term loan facility from Cassa Depositi e Prestiti (CDP) the Italian Financial Institution for Development Cooperation. The transaction is backed by a guarantee from SACE, the Italian insurance and financial group fully owned by the Italian Ministry of Economy and Finance, covering up to 80% of the facility amount.

    The financing builds on engagement at the Mattei Plan-Global Gateway summit, attended by Italian Prime Minister Giorgia Meloni, European Commission President Ursula Von der Leyen, CDP, SACE and AFC, where the parties confirmed their intent to collaborate. The facility is structured to cultivate Italian supply chain opportunities in infrastructure and renewable energy generation, including the supply of components for the Lobito Railway Corridor – a commercial railway line that will run through Angola and extend to the borders of Zambia and the Democratic Republic of Congo.

    This long-term facility deepens AFC’s strategic partnership with both CDP and SACE, while reinforcing its mandate to mobilise high-quality, long-tenor capital in support of delivering sustainable infrastructure across Africa.

    “Cassa Depositi e Prestiti confirms its role as a strategic partner in supporting infrastructure projects with a high social and economic impact in Africa. With this financing – said Dario Scannapieco, Chief Executive Officer of CDP – we are strengthening business and technological relations between Italy and Africa, enhancing talent and innovation. We are convinced that investing in strategic projects not only creates new opportunities for our companies but also helps to build lasting and shared ties capable of fostering growth and well-being for local communities.”

    “We are proud to contribute to the involvement of Italian companies in the transport and logistics sector to realise a significant strategic project like the Lobito Railway Corridor within the Mattei Plan,” said Alessandra Ricci, CEO of SACE. “This collaboration reaffirms SACE’s commitment to promoting new connections for Italian companies seeking to diversify their exports and embrace new growth opportunities.”

    “Our partnership with CDP, further strengthened by SACE’s guarantee, exemplifies the power of blended finance in unlocking capital for infrastructure development in Africa,” said Banji Fehintola, Executive Board Member and Head, Financial Services, AFC. “The Lobito Corridor is a transformational project that will open new trade routes for resources, support regional industrialisation, accelerate job creation and strengthen Africa’s position in global value chains, while delivering long-term, inclusive growth.”

    Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

    SACE Media gallery: https://apo-opa.co/4ecSix5

    Media Enquiries:
    Communications
    Africa Finance Corporation
    Email: communications@africafc.org

    SACE
    Press Office
    ufficiostampa@sace.it

    CDP Media Relations
    ufficio.stampa@cdp.it 
    Tel: +39 06 42213990
    Website: www.CDP.it

    Follow CDP on:
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    About Lobito Corridor Rail Project:
    The railway line will be approximately 830 km long and will connect Chingola in Zambia to Luacano in Angola with the aim of facilitating the transportation of agricultural products, minerals and consumer goods. The greatest opportunities for the Italian supply chain in the region lie in sectors such as energy, renewables, transportation and logistics.

    About CDP:
    Cassa Depositi e Prestiti is the National Promotional Institute which has been supporting the Italian economy since 1850. The main goal of CDP is to accelerate the industrial and infrastructural development of Italy to boost its economic and social growth. CDP focuses its activities on sustainable development at local level, supporting the innovation and growth of Italian enterprises, also in the international arena. It partners local authorities, in a financing and advisory capacity, to create infrastructures and improve services of public value. CDP also participates actively in international cooperation initiatives to realize projects in developing countries and emerging markets. Cassa Depositi e Prestiti is entirely financed by private capital, through the issuing of Postal Savings Bonds and Postal Savings Passbooks, and through issues on national and international financial markets.

    About SACE:
    SACE is the insurance and financial group controlled by the Ministry of Economy and Finance, specialising in supporting the growth of Italian companies through a wide range of solutions to facilitate export and innovation, including financial guarantees, factoring, risk management and protection, advisory services and business matching. With a network of 11 offices in Italy and 13 worldwide in target countries for Made in Italy products, SACE serves over 60,000 companies, supporting their growth in Italy and globally, with a portfolio of insured operations and guaranteed investments totalling EU 267 billion across approximately 200 foreign markets.

    About AFC:
    AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. Eighteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in core infrastructure sectors. AFC has 45 member countries and has invested over US$15 billion since its inception.

    MIL OSI Africa –

  • MIL-OSI Russia: Hungary: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    June 20, 2025

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

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

    Washington, DC: An International Monetary Fund (IMF) mission, led by Anke Weber and comprising Aleksandra Alferova, Jakree Koosakul, Moheb Malak, Augustus Panton, and Atticus Weller, visited Budapest during June 5-17 to conduct discussions on the 2025 Article IV Consultation with the Hungarian authorities. At the end of the visit, the mission issued the following statement:

    The Hungarian economy is at a challenging juncture. Output has stagnated over the past 3 years, while inflation remains well above the central bank’s 3 percent target. Regulatory measures—such as price, interest and margin caps, along with windfall taxes and subsidized lending schemes—have distorted market signals and added uncertainty. Despite significant fiscal adjustment in recent years, public debt remains elevated given high financing costs. Timely domestic policy reforms are needed to reinforce resilience amid an unsettled external environment. Key to this will be well-designed fiscal measures to strengthen public finances, a continued tight monetary policy to bring down inflation, and structural reforms to raise productivity and safeguard growth against trade tensions and heightened uncertainty.    

     

    Economic Outlook

    High domestic and external uncertainty are expected to continue weighing on the outlook. Modest consumption-driven growth of 0.7 percent is expected in 2025, underpinned by favorable wage dynamics. Growth is projected to increase to 2 percent in 2026—on a recovery in investment and a positive impulse from German fiscal expansion—and to converge to its long-term potential of around 2½ percent by 2030. Inflation is forecast at 4.5 percent in Q4:2025, and to gradually decelerate to the MNB’s 3 percent target by 2027. The current account surplus is expected to fall to around 1¼ percent of GDP in 2025 and to increase gradually over the medium term as battery and electric vehicle production expands. These projections are based on the IMF’s April World Economic Outlook global assumptions.

    Risks to growth remain on the downside. Deepening geoeconomic fragmentation and rising trade tensions would affect Hungary’s exports directly, while indirect effects may be even larger, arising from prolonged trade uncertainty undermining private investment and further weakening global economic activity. Geopolitical tensions could lead to commodity price volatility, intensifying inflationary pressures and negatively impacting fiscal and external balances. On the domestic front, a delay in the needed fiscal adjustment could heighten market concerns about debt sustainability, further increase risk premia, and exacerbate sovereign-bank linkages. A lack of progress on governance reforms being discussed with the EC could further delay or result in cancellation of EU funds with negative consequences for growth and market confidence. Inflation could be more persistent than projected, including from larger-than-anticipated effects of minimum wage hikes necessitating tighter monetary policy for longer.

    Strengthening Fiscal Sustainability for Future Growth

    Staff estimates that currently announced policies fall short of achieving the authorities’ budget targets. The authorities remain committed to reaching their 2025 and 2026 deficit targets of 4.1 and 3.7 percent of GDP, respectively. Their medium-term fiscal structural plan (MTFSP) envisages a further deficit reduction to below 2 percent of GDP by 2028. Under staff’s baseline scenario, which incorporates only legislated or officially endorsed measures, the deficit is projected to decline slightly to 4.8 percent of GDP in 2025 and 4.6 percent of GDP in 2026. In the medium term, the deficit would remain around 4½ percent of GDP, while the debt-to-GDP ratio would rise to about 79 percent in 2030 from 73½ percent in 2024. Debt dynamics have deteriorated since last year, following fiscal slippages and a weaker outlook, and remain sensitive to the real interest and growth path.

    Significant additional fiscal efforts are needed to preserve fiscal space and rebuild buffers. Over the medium term, a surplus of around 1¾ percent of GDP excluding debt servicing and adjusting for economic cycles would appropriately balance debt sustainability and output stabilization objectives. The implied cumulative adjustment of around 2 percent of GDP over 2025-2028 would bring the deficit below 3 percent of GDP by 2027 and reduce the public debt ratio below 70 percent by 2029. Any additional defense spending should be accommodated within staff’s recommended path.

    Measures underpinning the adjustment should be well-designed and growth-friendly.

    • Revenue enhancements: The recent doubling of family tax allowances and expansion of personal income tax exemptions for mothers will significantly reduce revenues. In staff’s view an alternative that would minimize fiscal costs and labor market distortions would be to provide capped tax credits per child for both parents. A more targeted tax regime with fewer exemptions would raise revenue, improve efficiency, and simplify administration. Staff notes that a higher marginal personal income tax rate for high earners would increase revenue and fairness while taxation of corporates could be made more equitable and efficient by rationalizing tax incentives. A reduced reliance on distortionary windfall and financial transactions taxes would be more conducive to investment and growth.
    • Expenditure rationalization: A phaseout of distortive retail energy subsidies and their replacement by targeted cash transfers would free up fiscal resources. A review of procurement and government employment would help the authorities to better target a reduction of administrative expenditures, which are high relative to peers, while a strategy is needed to limit transfers to SOEs and other public organizations. The realized savings from these measures could be used to bolster underfunded areas—health, primary education, and social protection. Public financial management reforms and a strengthened expenditure review process could enhance spending efficiency and support better fiscal governance. Relying on capital spending cuts to achieve targets would weaken growth and should be avoided.

    Further efforts will be needed to reduce long-term spending pressures. Population aging is expected to add roughly 3.5 percent of GDP in additional pension and healthcare costs by 2050. An increase in the retirement age, adjustment of benefit levels, and a limited increase in the social security contribution rate would help to control pension costs in the long term. mproved digitalization and efficient procurement would help to contain health expenditures.  

    Fiscal risk monitoring and mitigation could be improved. A comprehensive, consolidated and regular risk assessment of SOEs would provide early warning of potential vulnerabilities. The issuance of new guarantees should be capped by ceilings, and the stock of guarantees, risk of their activation, and performance of underlying liabilities assessed on an annual basis. Channeling public resources into fund management structures or private equity undermines budgetary transparency, risks resource misallocation and could result in unforeseen contingent liabilities. Finally, to mitigate distortions, it would be beneficial to limit the use of subsidized lending by state-owned banks to addressing market failures.

    Bringing Inflation Durably Back to Target

    The monetary policy stance will need to remain tight into next year to durably return inflation to target. Monetary policy has been appropriately cautious, with the MNB signaling that maintaining tight monetary conditions is warranted. With average inflation expected to remain above the tolerance band in 2025, staff sees limited scope for rate cuts this year. However, the balance of risks to growth and inflation is evolving. Given exceptional uncertainty, the MNB should thus maintain a data-driven approach. The flexible exchange rate regime and adequate reserve coverage can continue to help reduce Hungary’s vulnerability to external shocks. Price, fee, and margin controls are not a sustainable path to lasting disinflation and should be phased out.

    Staff welcomes ongoing efforts to refine the MNB’s focus on the core objectives of price and financial stability. The proposed change to the MNB Act—prohibiting foundations from engaging in asset management activities—is a step in the right direction. In this context, a broader review of the MNB’s non-core functions is warranted, including measures relating to its secondary goal of environmental sustainability. While the MNB should play an active role in climate-risk supervision, prudential regulation should remain risk focused, and all climate-related initiatives be consistent with the MNB’s price and financial stability mandates.

    Safeguarding Financial Sector Stability

    Systemic risks in the financial sector are assessed as broadly contained. Overall, the banking system remains well-capitalized, liquid, profitable, and resilient to external shocks. But emerging pockets of vulnerability merit continued vigilance, including an increase in the share of FX corporate loans, banks’ growing sovereign exposure and significant FX positions, elevated commercial real estate (CRE) vacancies, and buoyant house prices.

    The capital-based macroprudential toolkit is broadly appropriate, though further refinements may be warranted. The planned introduction of a one percent positive neutral countercyclical capital buffer (CCyB) in July 2025 amid heightened uncertainty is welcome, as was the reactivation of the systemic risk buffer (SyRB) for banks’ CRE exposures in 2024. While risks arising from banks’ growing sovereign exposures are partially mitigated by their high leverage ratio (capital-to-total exposure), consideration could be given to incorporating appropriate sovereign-bank nexus stress scenarios into regular supervisory stress testing.

    Differentiation in borrower-based macroprudential limits should be introduced only on financial stability grounds. Recent relaxations of loan-to-value (LTV) and debt-service-to-income (DSTI) limits for first-time buyers and green homes appear to be partly driven by housing affordability and energy efficiency concerns. Such considerations should instead be tackled through appropriate structural and fiscal policies. Moreover, DSTI limits of 60 percent for first-time home buyers and for energy-efficient homes appear high relative to the overall limits in some peers. The reintroduction of voluntary APR ceilings for housing loans, while more restricted in scope, distorts risk pricing and should be reversed. Scaling back housing-related fiscal incentives would help contain future price pressures and safeguard financial stability.

    Boosting Productivity Through Reforms

    Boosting productivity growth will require comprehensive reforms that foster firm dynamism. Firm entry and exit rates remain low amid high regulatory barriers and an insolvency framework that impedes the timely exit of non-viable firms. Streamlining licensing and overlapping permits and enabling creditor-initiated and out-of-court restructuring would enhance capital and labor mobility toward more productive business ventures. Public R&D support should be performance-based and policy efforts aimed at promoting entrepreneurship and technology adoption better targeted, especially toward young, high-growth firms.

    Productivity gains from industrial policy interventions remain elusive, underscoring the need for more effective horizontal reforms. Hungary has implemented repeated waves of industrial policies (IP) to boost competitiveness and productivity in targeted sectors. Yet, their impact on sustained productivity growth remains elusive. Given their high fiscal cost, IP should not substitute for broader structural reforms. Where used, such measures must be appropriately targeted to address market failures and be time-bound and transparent. As a small, open economy, Hungary would benefit most from a coordinated approach to state aid and IP at the EU-level.

    Strengthening energy security can enhance competitiveness and facilitate the green transition. Ongoing efforts to diversify energy supply and increase renewable energy generation are commendable. Still, the Hungarian economy remains energy-intensive with high corporate energy prices weighing on cost competitiveness. EU-wide policy measures—including regional electricity market integration—should be complemented with domestic reforms such as targeted phaseout of household fossil fuel subsidies, enhanced energy efficiency standards, and accelerated permitting procedures for renewable energy investment.

    Governance reforms are foundational for fostering a predictable business environment and boosting potential growth. Hungary has taken some important steps, including the 2023 judicial reforms aimed at strengthening the National Judicial Council. Further governance reforms and their effective enforcement—including related to public procurement, scope of the asset declaration system, conflict-of-interest rules, regulatory oversight, and functioning of the Integrity Authority—could unlock EU funds and amplify the growth dividends of other reforms.

    The mission thanks the Hungarian authorities and our other interlocutors in Hungary for the productive collaboration, constructive policy dialogue, and warm hospitality.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva-Maria Graf

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

    https://www.imf.org/en/News/Articles/2025/06/20/hungary-staff-concluding-statement-of-the-2025-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI United Nations: Note to Correspondents: Switzerland

    Source: United Nations secretary general

    Earlier this morning, the Swiss Government announced a generous financial package of support to the United Nations presence in Geneva.

    The Secretary-General is very much appreciative of the Swiss Federal Council for this decision.  The United Nations is determined to continue working in partnership with Switzerland to advance the cause of multilateralism.  Our presence in Geneva remains an integral part of the UN system.  The Swiss support is crucial for this continued endeavour.
     

    MIL OSI United Nations News –

  • MIL-OSI Canada: Taxpayers’ Ombudsperson releases his fifth and final annual report

    Source: Government of Canada News (2)

    OTTAWA, June 20, 2025 – Canada’s Taxpayers’ Ombudsperson, Mr. François Boileau, has released his annual report, Clearing the Path, which was tabled today in the House of Commons. The report provides an overview of the activities of the Office of the Taxpayers’ Ombudsperson (OTO) between April 1, 2024, and March 31, 2025.

    The report details how the OTO influenced service improvements at the Canada Revenue Agency (CRA) by reviewing service issues and complaints. It also includes two recommendations to the Minister of Finance and National Revenue and the Chair of the CRA’s Board of Management to improve the CRA’s service to Canadians.

    During the last fiscal year, the OTO released two systemic examination reports: Unintended Consequences, about the CRA’s administration of the 2023 bare trust filing requirements, and Timing Is Everything, about issues that may be causing delays in Canada child benefit (CCB) payments for temporary residents. Between these two reports, we made 16 recommendations, and the CRA accepted 13 of them.

    As this is the final year of Mr. Boileau’s five-year mandate, the annual report also includes a chapter about his views on improving the CRA’s services for vulnerable and hard‑to-reach populations. This chapter analyzes the CRA’s efforts to make sure these populations get the benefits and credits they are entitled to. It looks at the CRA’s existing programs, including the Community Volunteer Income Tax Program, the Income Tax Assistance – Volunteer Program (in Quebec) and SimpleFile, and discusses how they could be improved to better meet Canadians’ needs.

    2024–2025 report highlights:

    Recommendations

    The Taxpayers’ Ombudsperson recommends:

    1. (…) that the CRA perform a comprehensive review of its content on Canada.ca, including its web page architecture and content, to remove redundant information and to make sure the information it provides is relevant, clear, concise and easy to find. It should complete this review by spring 2026 and start implementing changes by fall 2026.
    2. (…) that the CRA provide a permanently funded grant program for organizations participating in the Community Volunteer Income Tax Program and the Income Tax Assistance – Volunteer Program to support their free tax clinics for eligible taxpayers and help them offset their operating costs.

    Trends in complaints

    1. Contact centres: The top trend relates to issues with the information provided by contact centre agents. Many taxpayers who were able to reach the CRA’s contact centres claimed that agents provided them with incomplete, inaccurate, or unclear information, while others were unable to even reach an agent because the wait times were too long or they could not get into the queue.
    2. Income tax and benefit return processing and adjustments: Many complainants claimed that there were delays in processing returns beyond the CRA’s published service standard; however, it is important to note that the CRA’s service standard applies to returns received on or before filing due dates. As well, the standard excludes returns filed for deceased, bankruptcy, international and non-resident individuals as well as emigrants. It also does not apply in situations where returns are filed for multiple tax years or when the CRA has to contact the taxpayers for more information.
    3. Collection action: These complaints claimed the CRA did not consider the taxpayer’s personal circumstances when taking collection action, and in some cases the taxpayer claimed that the collection action put them in financial hardship.
    4. CCB: Many complainants said that the CRA’s review of their eligibility for the CCB put a burden on them. The CRA told them that the information they provided was not sufficient, even if they provided most of what was requested. They claimed that the CRA did not clearly inform them why what they provided was not sufficient and why additional documents were required.
    5. The CRA’s Service Feedback Program: These complainants said that the CRA’s Service Feedback Program did not respond to their complaint within its published service standard.

    Background information

    The Office of the Taxpayers’ Ombudsperson works independently from the CRA. Canadians can submit complaints to the Office if they feel they are not receiving the appropriate service from the CRA. Our main objective is to improve the service the CRA provides to taxpayers and benefit recipients by reviewing individual service complaints and service issues that affect more than one person or a segment of the population.

    The Taxpayers’ Ombudsperson assists, advises and informs the Minister of Finance and National Revenue about matters relating to services provided by the CRA. The Ombudsperson ensures, in particular, that the CRA respects eight of the service rights outlined in the Taxpayer Bill of Rights.

    MIL OSI Canada News –

  • MIL-OSI USA: Co-Founder of Los Cuinis Drug Cartel Sentenced to 30 Years in Prison; High-Ranking Cartel de Jalisco Nueva Generación (CJNG) Operative Pleads Guilty

    Source: US State of California

    Today, a Mexican national and the co-founder of the armed, violent, and prolific Los Cuinis drug cartel was sentenced to 30 years in prison for his role in a major drug trafficking conspiracy. 

    According to court documents, Jose Gonzalez-Valencia, 49, of Michoacan, Mexico, was one of the top leaders — alongside his brothers, Gerardo Gonzalez-Valencia and Abigael Gonzalez-Valencia — of Los Cuinis, a major Mexican drug cartel responsible for trafficking multiple tons of cocaine from South America, through Mexico, into the United States. Los Cuinis financed the founding and growth of the Cartel de Jalisco Nueva Generación (CJNG), which traffics hundreds of tons of cocaine, methamphetamine, and fentanyl into the United States and other countries, and is known for extreme violence, murders, torture, and corruption.

    In February 2025, President Trump designated CJNG a foreign terrorist organization. According to court documents, the top leader of CJNG, Nemesio Oseguera Cervantes, also known as “El Mencho,” is the brother-in-law of the Gonzalez-Valencia brothers. Closely allied, Los Cuinis and CJNG form one of the most violent and prolific transnational criminal organizations in the world, responsible for sending staggering amounts of drugs into the United States and inflicting extreme violence to further that objective.

    Also today, as part of the Department of Justice’s focus on dismantling CJNG, another Mexican national, Cristian Fernando Gutierrez-Ochoa, also known as “El Guacho,” a high-ranking CJNG member and El Mencho’s son-in-law, pleaded guilty to one count of international money laundering conspiracy.

    “Today, the Criminal Division dealt two more devastating blows to CJNG and Los Cuinis through the sentencing of Jose Gonzalez-Valencia and the conviction of Cristian Fernando Gutierrez-Ochoa,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “These men and the cartels they led are responsible for immeasurable death and destruction in the United States and Mexico. The Justice Department will continue to dismantle CJNG, Los Cuinis and all other transnational criminal organizations that flood our streets with dangerous drugs and engage in extreme violence to control their operations.”

    “CJNG is one of the most powerful, influential, and ruthless criminal organizations to threaten our public safety and national security. Each leader and associate of CJNG who faces justice within the United States brings us one step closer to dismantling this terrorist organization,” said Acting Drug Enforcement Administration (DEA) Administrator Robert Murphy. “DEA will continue to use all available resources to disrupt CJNG’s drug trafficking and money laundering operations and systematically destroy their network.”

    From at least 2006 to 2016, according to court documents, Jose Gonzalez-Valencia directed and coordinated numerous multi-ton shipments of cocaine destined for the United States using air, land, sea, and underwater methods. In 2007 the U.S. Coast Guard seized one shipment from a semi-submersible vessel that was transporting at least 4,000 kilograms of cocaine from Colombia to Mexico for further distribution into the United States.

    As one of Los Cuinis’ top leaders, Jose Gonzalez-Valencia directed acts of extreme violence in furtherance of drug trafficking activities, including the murder of an individual who allegedly stole a shipment of approximately 1,000 kilograms of cocaine from Los Cuinis, according to court documents. Jose Gonzalez-Valencia personally carried firearms in furtherance of his drug trafficking activities and supplied weapons and ammunition to the CJNG.

    In 2015, Jose Gonzalez-Valencia went into hiding in Bolivia — a country that did not extradite anyone to the United States from 2001 to 2023, despite an existing extradition treaty — and resided there for over two years under a fictitious identity. In 2017, Jose Gonzalez-Valencia was arrested in Brazil while on vacation and was subsequently extradited to the United States. Brazil’s extradition treaty required that the U.S. Government not recommend more than a 30-year sentence.

    Pursuant to his plea agreement, Gutierrez-Ochoa admitted that he was a member of CJNG who was connected to CJNG’s top leadership. He also admitted that from at least 2023 until his arrest in 2024, he and other CJNG operatives used sophisticated money laundering methods involving real estate transactions, shell companies, and international money transfers to launder CJNG’s drug trafficking proceeds. For example, Gutierrez-Ochoa and others completed two wire transfers totaling $1.2 million of CJNG’s drug proceeds to purchase a luxury residence in Riverside, California, titled in the name of a Mexican entity owned and controlled by CJNG. When Gutierrez-Ochoa was arrested in November 2024, he was living at that property under a fictitious identity and possessed two untraceable and illegal firearms, approximately $2.2 million of CJNG’s drug proceeds, and numerous luxury items purchased with CJNG’s drug proceeds, including jewelry, watches, and vehicles.

    Gutierrez-Ochoa is scheduled to be sentenced on Nov. 7 and faces a maximum penalty of 20 years in prison. A federal district court judge will determine his sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Today’s sentencing of Gonzalez-Valencia and conviction of Gutierrez-Ochoa follow several recent strikes into CJNG’s most inner circle.

    El Mencho’s older brother, Antonio Oseguera Cervantes, and Erick Valencia Salazar, an alleged co-founder of CJNG and El Mencho’s close advisor, were among the 29 wanted cartel leaders taken into U.S. custody on Feb. 27, 2025.

    Shortly after, on March 7, 2025, El Mencho’s son, Ruben Oseguera-Gonzalez, known as El Menchito, was sentenced to a term of life in prison plus 30 years to run consecutively and ordered to forfeit over $6 billion in drug trafficking proceeds. Before his arrest, Oseguera-Gonzalez was CJNG’s second-in-command and led CJNG for nearly seven years. He is responsible for trafficking more than 50 metric tons of cocaine and supervising drug labs that produced more than 1,000 metric tons of methamphetamine in Mexico. In 2013, he was one of the first contributors to the fentanyl epidemic in the United States, pledging to “do it big” and build an empire from counterfeit oxycontin pills laced with fentanyl. As the evidence at trial showed, he also committed heinous acts of violence. According to statements made in court and trial testimony, Oseguera-Gonzalez ordered the murder of more than 100 people, some of whom he murdered himself.

    The DEA and the Criminal Division’s Narcotic and Dangerous Drug Section have been systematically dismantling the leadership of the CJNG and Los Cuinis at the highest level. To date, the ongoing investigation has led to indictments of approximately 30 high-value CJNG and Los Cuinis command-and-control targets, including seven Consolidated Priority Organization Targets (CPOTs), the top drug trafficking command-and-control leaders. As of June 2025, 12 defendants have been convicted, including two at trial.

    A number of indicted leaders of CJNG and Los Cuinis remain fugitives, including El Mencho, whose capture reward was recently increased to $15 million under the State Department’s Narcotic Rewards Program. Abigael Gonzalez-Valencia, another top leader of Los Cuinis and El Mencho’s brother-in-law, was arrested in 2015 by Mexican authorities pursuant to the U.S. indictment but since then has been fighting extradition to the United States.

    The DEA Los Angeles Field Division investigated the cases. The Justice Department’s Office of International Affairs provided critical assistance with obtaining foreign evidence and securing Jose Gonzalez-Valencia’s extradition to the United States.

    Trial Attorneys Lernik Begian, Gwen Stamper, and Douglas Meisel of the Criminal Division’s Narcotic and Dangerous Drug Section are prosecuting the cases.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood. 

    MIL OSI USA News –

  • MIL-OSI USA: Cantwell Questions Energy Secretary Why DOE is Spiking Clean Energy Projects, Increasing Electricity Costs

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    06.20.25
    Cantwell Questions Energy Secretary Why DOE is Spiking Clean Energy Projects, Increasing Electricity Costs
    Cantwell presses Secretary Wright on whether DOE will renege on $1B promised for PNW green hydrogen hub On hydropower, Secretary acknowledges to Cantwell that “hydro has been a great resource for this country” that is “quite beneficial to our electricity grid”
    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), a senior member of the Senate Energy and Natural Resources Committee, pressed U.S. Department of Energy Secretary Chris Wright on whether the Trump Administration is attempting to roll back hydrogen production investments secured and awarded under the Biden Administration — including a $1 billion grant awarded to the Pacific Northwest Hydrogen Association in 2023 to become a one of seven Regional Clean Hydrogen Hubs, as well as a 2022 tax credit aimed at spurring more investment in clean hydrogen production called 45V.  The budget reconciliation bill passed last month by the House of Representatives eliminates the hydrogen credit, as would the proposal released earlier this week by Senate Finance Committee Chairman Mike Crapo (R-ID).
    Sen. Cantwell: “I actually think getting rid of the tax credits that we have, some of the other ones, broadly, are going to lead to electricity increased cost. And so, can I get you to tell me about the hydrogen hubs, whether you believe you support the hydrogen hubs and moving forward on this?”
    Wright: “So, we put together, as I’m sure you’ve heard, and we’ve published it on the website, this project review process. We have a cross-functional team that evaluates every project. We’re going through 500 projects.”
    Sen. Cantwell: “But is that data call a way to kill the projects? Or no, you really believe in funding some?”
    Wright: “Oh, absolutely. No, we are funding plenty of projects right now, and we don’t stop funding any project. We’re funding all of the existing projects right now, and when we evaluate them – no, plenty of projects will pass. Plenty of projects will pass. Other projects we’ll say, “Hey, can you modify it this way to make it much more beneficial?” Some projects will be modified, and some projects will be ended. “
    Video of their Q&A is HERE; a transcript is HERE.
    Hydrogen is a clean fuel that, when consumed in a fuel cell, produces no dirty emissions — only water. Hydrogen can be produced from existing power resources, such as solar and hydropower.
    Sen. Cantwell helped secure the Regional Clean Hydrogen Hubs (H2Hubs) program and other key hydrogen investments in the Bipartisan Infrastructure Law (BIL) during consideration in the Energy and Natural Resources Committee in July 2021, where she is a senior member, and push for its successful passage through the Senate. The H2Hubs program designated up to $7 billion in competitive grants to establish between six and 10 regional clean hydrogen hubs across the United States. These networks of hydrogen producers, consumers, and local connective infrastructure were meant to help accelerate the use of hydrogen as clean energy and work toward achieving former President Biden’s goal of a 100 percent clean electrical grid by 2035 and net-zero carbon emissions by 2050.
    In October 2023, with support from the region’s Congressional delegation led by Sen. Cantwell, the Pacific Northwest Hydrogen Association received a $1 billion grant through the H2Hubs program. With continued federal support, the Pacific Northwest Hydrogen Association will be able to build out a robust network of hydrogen suppliers and off-takers in both the western and eastern parts of Washington and Oregon, as well as parts of Montana. Clean hydrogen can support decarbonization efforts already being made in the transportation, industrial, and agricultural sectors, as well as the rapidly expanding zero-carbon aviation sector being pioneered in the Pacific Northwest.
    In 2022, President Biden signed the Inflation Reduction Act into law, which included the 45V hydrogen production tax credit to incentivize projects that produce clean hydrogen power. In July 2024, Sen. Cantwell joined a group of colleagues in sending a letter urging then-Treasury Secretary Janet Yellen to issue guidance on 45V eligibility that capitalizes on the “opportunity to reduce greenhouse gas emissions faster and enhance our energy security, while strengthening our economy, creating thousands of jobs, and combating the climate crisis.” The budget bill currently being negotiated in the House and the Senate would drastically shorten the timeline for projects to qualify for the 45V credits – requiring them to begin construction by Jan. 1, 2026 rather than the previous deadline of Jan. 1, 2033 – and cut funding for the H2Hubs program. The Trump Administration is also currently reviewing the remaining H2Hubs financing.

    MIL OSI USA News –

  • MIL-OSI Security: Co-Founder of Los Cuinis Drug Cartel Sentenced to 30 Years in Prison; High-Ranking Cartel de Jalisco Nueva Generación (CJNG) Operative Pleads Guilty

    Source: United States Attorneys General

    Today, a Mexican national and the co-founder of the armed, violent, and prolific Los Cuinis drug cartel was sentenced to 30 years in prison for his role in a major drug trafficking conspiracy. 

    According to court documents, Jose Gonzalez-Valencia, 49, of Michoacan, Mexico, was one of the top leaders — alongside his brothers, Gerardo Gonzalez-Valencia and Abigael Gonzalez-Valencia — of Los Cuinis, a major Mexican drug cartel responsible for trafficking multiple tons of cocaine from South America, through Mexico, into the United States. Los Cuinis financed the founding and growth of the Cartel de Jalisco Nueva Generación (CJNG), which traffics hundreds of tons of cocaine, methamphetamine, and fentanyl into the United States and other countries, and is known for extreme violence, murders, torture, and corruption.

    In February 2025, President Trump designated CJNG a foreign terrorist organization. According to court documents, the top leader of CJNG, Nemesio Oseguera Cervantes, also known as “El Mencho,” is the brother-in-law of the Gonzalez-Valencia brothers. Closely allied, Los Cuinis and CJNG form one of the most violent and prolific transnational criminal organizations in the world, responsible for sending staggering amounts of drugs into the United States and inflicting extreme violence to further that objective.

    Also today, as part of the Department of Justice’s focus on dismantling CJNG, another Mexican national, Cristian Fernando Gutierrez-Ochoa, also known as “El Guacho,” a high-ranking CJNG member and El Mencho’s son-in-law, pleaded guilty to one count of international money laundering conspiracy.

    “Today, the Criminal Division dealt two more devastating blows to CJNG and Los Cuinis through the sentencing of Jose Gonzalez-Valencia and the conviction of Cristian Fernando Gutierrez-Ochoa,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “These men and the cartels they led are responsible for immeasurable death and destruction in the United States and Mexico. The Justice Department will continue to dismantle CJNG, Los Cuinis and all other transnational criminal organizations that flood our streets with dangerous drugs and engage in extreme violence to control their operations.”

    “CJNG is one of the most powerful, influential, and ruthless criminal organizations to threaten our public safety and national security. Each leader and associate of CJNG who faces justice within the United States brings us one step closer to dismantling this terrorist organization,” said Acting Drug Enforcement Administration (DEA) Administrator Robert Murphy. “DEA will continue to use all available resources to disrupt CJNG’s drug trafficking and money laundering operations and systematically destroy their network.”

    From at least 2006 to 2016, according to court documents, Jose Gonzalez-Valencia directed and coordinated numerous multi-ton shipments of cocaine destined for the United States using air, land, sea, and underwater methods. In 2007 the U.S. Coast Guard seized one shipment from a semi-submersible vessel that was transporting at least 4,000 kilograms of cocaine from Colombia to Mexico for further distribution into the United States.

    As one of Los Cuinis’ top leaders, Jose Gonzalez-Valencia directed acts of extreme violence in furtherance of drug trafficking activities, including the murder of an individual who allegedly stole a shipment of approximately 1,000 kilograms of cocaine from Los Cuinis, according to court documents. Jose Gonzalez-Valencia personally carried firearms in furtherance of his drug trafficking activities and supplied weapons and ammunition to the CJNG.

    In 2015, Jose Gonzalez-Valencia went into hiding in Bolivia — a country that did not extradite anyone to the United States from 2001 to 2023, despite an existing extradition treaty — and resided there for over two years under a fictitious identity. In 2017, Jose Gonzalez-Valencia was arrested in Brazil while on vacation and was subsequently extradited to the United States. Brazil’s extradition treaty required that the U.S. Government not recommend more than a 30-year sentence.

    Pursuant to his plea agreement, Gutierrez-Ochoa admitted that he was a member of CJNG who was connected to CJNG’s top leadership. He also admitted that from at least 2023 until his arrest in 2024, he and other CJNG operatives used sophisticated money laundering methods involving real estate transactions, shell companies, and international money transfers to launder CJNG’s drug trafficking proceeds. For example, Gutierrez-Ochoa and others completed two wire transfers totaling $1.2 million of CJNG’s drug proceeds to purchase a luxury residence in Riverside, California, titled in the name of a Mexican entity owned and controlled by CJNG. When Gutierrez-Ochoa was arrested in November 2024, he was living at that property under a fictitious identity and possessed two untraceable and illegal firearms, approximately $2.2 million of CJNG’s drug proceeds, and numerous luxury items purchased with CJNG’s drug proceeds, including jewelry, watches, and vehicles.

    Gutierrez-Ochoa is scheduled to be sentenced on Nov. 7 and faces a maximum penalty of 20 years in prison. A federal district court judge will determine his sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Today’s sentencing of Gonzalez-Valencia and conviction of Gutierrez-Ochoa follow several recent strikes into CJNG’s most inner circle.

    El Mencho’s older brother, Antonio Oseguera Cervantes, and Erick Valencia Salazar, an alleged co-founder of CJNG and El Mencho’s close advisor, were among the 29 wanted cartel leaders taken into U.S. custody on Feb. 27, 2025.

    Shortly after, on March 7, 2025, El Mencho’s son, Ruben Oseguera-Gonzalez, known as El Menchito, was sentenced to a term of life in prison plus 30 years to run consecutively and ordered to forfeit over $6 billion in drug trafficking proceeds. Before his arrest, Oseguera-Gonzalez was CJNG’s second-in-command and led CJNG for nearly seven years. He is responsible for trafficking more than 50 metric tons of cocaine and supervising drug labs that produced more than 1,000 metric tons of methamphetamine in Mexico. In 2013, he was one of the first contributors to the fentanyl epidemic in the United States, pledging to “do it big” and build an empire from counterfeit oxycontin pills laced with fentanyl. As the evidence at trial showed, he also committed heinous acts of violence. According to statements made in court and trial testimony, Oseguera-Gonzalez ordered the murder of more than 100 people, some of whom he murdered himself.

    The DEA and the Criminal Division’s Narcotic and Dangerous Drug Section have been systematically dismantling the leadership of the CJNG and Los Cuinis at the highest level. To date, the ongoing investigation has led to indictments of approximately 30 high-value CJNG and Los Cuinis command-and-control targets, including seven Consolidated Priority Organization Targets (CPOTs), the top drug trafficking command-and-control leaders. As of June 2025, 12 defendants have been convicted, including two at trial.

    A number of indicted leaders of CJNG and Los Cuinis remain fugitives, including El Mencho, whose capture reward was recently increased to $15 million under the State Department’s Narcotic Rewards Program. Abigael Gonzalez-Valencia, another top leader of Los Cuinis and El Mencho’s brother-in-law, was arrested in 2015 by Mexican authorities pursuant to the U.S. indictment but since then has been fighting extradition to the United States.

    The DEA Los Angeles Field Division investigated the cases. The Justice Department’s Office of International Affairs provided critical assistance with obtaining foreign evidence and securing Jose Gonzalez-Valencia’s extradition to the United States.

    Trial Attorneys Lernik Begian, Gwen Stamper, and Douglas Meisel of the Criminal Division’s Narcotic and Dangerous Drug Section are prosecuting the cases.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood. 

    MIL Security OSI –

  • MIL-OSI Security: Co-Founder of Los Cuinis Drug Cartel Sentenced to 30 Years in Prison; High-Ranking Cartel de Jalisco Nueva Generación (CJNG) Operative Pleads Guilty

    Source: United States Attorneys General

    Today, a Mexican national and the co-founder of the armed, violent, and prolific Los Cuinis drug cartel was sentenced to 30 years in prison for his role in a major drug trafficking conspiracy. 

    According to court documents, Jose Gonzalez-Valencia, 49, of Michoacan, Mexico, was one of the top leaders — alongside his brothers, Gerardo Gonzalez-Valencia and Abigael Gonzalez-Valencia — of Los Cuinis, a major Mexican drug cartel responsible for trafficking multiple tons of cocaine from South America, through Mexico, into the United States. Los Cuinis financed the founding and growth of the Cartel de Jalisco Nueva Generación (CJNG), which traffics hundreds of tons of cocaine, methamphetamine, and fentanyl into the United States and other countries, and is known for extreme violence, murders, torture, and corruption.

    In February 2025, President Trump designated CJNG a foreign terrorist organization. According to court documents, the top leader of CJNG, Nemesio Oseguera Cervantes, also known as “El Mencho,” is the brother-in-law of the Gonzalez-Valencia brothers. Closely allied, Los Cuinis and CJNG form one of the most violent and prolific transnational criminal organizations in the world, responsible for sending staggering amounts of drugs into the United States and inflicting extreme violence to further that objective.

    Also today, as part of the Department of Justice’s focus on dismantling CJNG, another Mexican national, Cristian Fernando Gutierrez-Ochoa, also known as “El Guacho,” a high-ranking CJNG member and El Mencho’s son-in-law, pleaded guilty to one count of international money laundering conspiracy.

    “Today, the Criminal Division dealt two more devastating blows to CJNG and Los Cuinis through the sentencing of Jose Gonzalez-Valencia and the conviction of Cristian Fernando Gutierrez-Ochoa,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “These men and the cartels they led are responsible for immeasurable death and destruction in the United States and Mexico. The Justice Department will continue to dismantle CJNG, Los Cuinis and all other transnational criminal organizations that flood our streets with dangerous drugs and engage in extreme violence to control their operations.”

    “CJNG is one of the most powerful, influential, and ruthless criminal organizations to threaten our public safety and national security. Each leader and associate of CJNG who faces justice within the United States brings us one step closer to dismantling this terrorist organization,” said Acting Drug Enforcement Administration (DEA) Administrator Robert Murphy. “DEA will continue to use all available resources to disrupt CJNG’s drug trafficking and money laundering operations and systematically destroy their network.”

    From at least 2006 to 2016, according to court documents, Jose Gonzalez-Valencia directed and coordinated numerous multi-ton shipments of cocaine destined for the United States using air, land, sea, and underwater methods. In 2007 the U.S. Coast Guard seized one shipment from a semi-submersible vessel that was transporting at least 4,000 kilograms of cocaine from Colombia to Mexico for further distribution into the United States.

    As one of Los Cuinis’ top leaders, Jose Gonzalez-Valencia directed acts of extreme violence in furtherance of drug trafficking activities, including the murder of an individual who allegedly stole a shipment of approximately 1,000 kilograms of cocaine from Los Cuinis, according to court documents. Jose Gonzalez-Valencia personally carried firearms in furtherance of his drug trafficking activities and supplied weapons and ammunition to the CJNG.

    In 2015, Jose Gonzalez-Valencia went into hiding in Bolivia — a country that did not extradite anyone to the United States from 2001 to 2023, despite an existing extradition treaty — and resided there for over two years under a fictitious identity. In 2017, Jose Gonzalez-Valencia was arrested in Brazil while on vacation and was subsequently extradited to the United States. Brazil’s extradition treaty required that the U.S. Government not recommend more than a 30-year sentence.

    Pursuant to his plea agreement, Gutierrez-Ochoa admitted that he was a member of CJNG who was connected to CJNG’s top leadership. He also admitted that from at least 2023 until his arrest in 2024, he and other CJNG operatives used sophisticated money laundering methods involving real estate transactions, shell companies, and international money transfers to launder CJNG’s drug trafficking proceeds. For example, Gutierrez-Ochoa and others completed two wire transfers totaling $1.2 million of CJNG’s drug proceeds to purchase a luxury residence in Riverside, California, titled in the name of a Mexican entity owned and controlled by CJNG. When Gutierrez-Ochoa was arrested in November 2024, he was living at that property under a fictitious identity and possessed two untraceable and illegal firearms, approximately $2.2 million of CJNG’s drug proceeds, and numerous luxury items purchased with CJNG’s drug proceeds, including jewelry, watches, and vehicles.

    Gutierrez-Ochoa is scheduled to be sentenced on Nov. 7 and faces a maximum penalty of 20 years in prison. A federal district court judge will determine his sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Today’s sentencing of Gonzalez-Valencia and conviction of Gutierrez-Ochoa follow several recent strikes into CJNG’s most inner circle.

    El Mencho’s older brother, Antonio Oseguera Cervantes, and Erick Valencia Salazar, an alleged co-founder of CJNG and El Mencho’s close advisor, were among the 29 wanted cartel leaders taken into U.S. custody on Feb. 27, 2025.

    Shortly after, on March 7, 2025, El Mencho’s son, Ruben Oseguera-Gonzalez, known as El Menchito, was sentenced to a term of life in prison plus 30 years to run consecutively and ordered to forfeit over $6 billion in drug trafficking proceeds. Before his arrest, Oseguera-Gonzalez was CJNG’s second-in-command and led CJNG for nearly seven years. He is responsible for trafficking more than 50 metric tons of cocaine and supervising drug labs that produced more than 1,000 metric tons of methamphetamine in Mexico. In 2013, he was one of the first contributors to the fentanyl epidemic in the United States, pledging to “do it big” and build an empire from counterfeit oxycontin pills laced with fentanyl. As the evidence at trial showed, he also committed heinous acts of violence. According to statements made in court and trial testimony, Oseguera-Gonzalez ordered the murder of more than 100 people, some of whom he murdered himself.

    The DEA and the Criminal Division’s Narcotic and Dangerous Drug Section have been systematically dismantling the leadership of the CJNG and Los Cuinis at the highest level. To date, the ongoing investigation has led to indictments of approximately 30 high-value CJNG and Los Cuinis command-and-control targets, including seven Consolidated Priority Organization Targets (CPOTs), the top drug trafficking command-and-control leaders. As of June 2025, 12 defendants have been convicted, including two at trial.

    A number of indicted leaders of CJNG and Los Cuinis remain fugitives, including El Mencho, whose capture reward was recently increased to $15 million under the State Department’s Narcotic Rewards Program. Abigael Gonzalez-Valencia, another top leader of Los Cuinis and El Mencho’s brother-in-law, was arrested in 2015 by Mexican authorities pursuant to the U.S. indictment but since then has been fighting extradition to the United States.

    The DEA Los Angeles Field Division investigated the cases. The Justice Department’s Office of International Affairs provided critical assistance with obtaining foreign evidence and securing Jose Gonzalez-Valencia’s extradition to the United States.

    Trial Attorneys Lernik Begian, Gwen Stamper, and Douglas Meisel of the Criminal Division’s Narcotic and Dangerous Drug Section are prosecuting the cases.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood. 

    MIL Security OSI –

  • MIL-OSI United Kingdom: Government’s Fair Funding Review should benefit city residents, Cabinet member says

    Source: City of Plymouth

    Plymouth residents should see the benefits of Government proposals to create a fairer system of local government funding that will direct support to areas where it is most needed, Cabinet member for Finance Councillor Mark Lowry says.

    The shake-up of the funding system announced today aims to ensure those areas that have been overlooked get their fair share, while also cutting out bureaucracy in allocating funding and providing greater certainty for councils through multi-year settlements.

    “The proposals for consultation announced today show that at last we have a government that recognises the devastating impact 14 years of cuts by the previous government have had on councils, who are also struggling with the huge pressures in adult social care, children’s services and temporary accommodation,” Councillor Lowry said.

    “It recognises that areas with low historical tax bases from which to raise income also have high levels of need that drive up demand for services. This has put councils close to breaking point, so it is heartening to hear that we could be moving to a fairer system that at last begins to address the bureaucratic and opaque system of funding local government that has left the councils most in need starved of money.

    “In Plymouth we have worked hard to protect local services from the sort of devastating cuts seen elsewhere but we have been starved of funding for basic services and have a relatively low tax base compared to better off areas. A fairer funding system that addresses need, combined with a new approach to council tax, should in future bring tangible benefits in areas we know matter to people – keeping the streets clean, cutting grass and keeping roads well maintained.

    “While the proposals are very welcome, we need to be realistic. The scale of the challenges facing local government are massive and the demand and cost pressures in areas such as social care are systemic, so we know things won’t change overnight. We will need to continue be ruthless in driving greater efficiency in everything we do but at least now we can be confident that the long-awaited changes to local government finance will finally start to happen and that we have a government that is listening.”

    MIL OSI United Kingdom –

  • MIL-OSI Russia: IMF and South Sudan Reach Staff-Level Agreement on a Nine-Month Staff-Monitored Program

    Source: IMF – News in Russian

    June 20, 2025

    Staff-Monitored Programs (SMPs) are informal arrangements between national authorities and IMF staff to monitor the authorities’ economic program. As such, they do not entail endorsement by the IMF Executive Board. SMP Staff reports are issued to the Board for information.

    • IMF staff and the South Sudanese authorities have reached a staff-level agreement on a nine-month Staff-Monitored Program (SMP), which is expected to start in August 2025, pending approval from the IMF’s Management.
    • The SMP aims to support South Sudan in designing and implementing policies and key reforms to strengthen its economic resilience to shocks, enhance macroeconomic stability, restore sustainability, and improve governance and transparency.
    • The South Sudanese economy is projected to start recovering as oil production has resumed from the oil pipeline damaged in February 2024 due to the war in Sudan. This disruption had halted oil exports, fiscal revenues, and foreign exchange (FX) proceeds for over a year, leading to liquidity and financing constraints. The recovery is expected to be gradual and hinges on continued improvement in the security environment and political stability.

    Washington, DC: Upon request from the authorities, an International Monetary Fund (IMF) staff team, led by Ms. Mame Astou Diouf, held meetings in Juba, South Sudan, from June 11 to 20, 2025 to negotiate a Staff-Monitored Program (SMP) in support of the authorities’ economic and financial reform program. This SMP request follows the conclusion of South Sudan’s Staff Monitored Program with Board Involvement (PMB) on November 15, 2024 (See Press Release No. 24/434).

    At the end of the mission, Ms. Diouf issued the following statement:

    “The South Sudanese authorities and the IMF team have reached a staff-level agreement on the economic and structural policies and reforms that will underpin a nine-month SMP, pending approval by the IMF’s Management.

    “Since early 2014, South Sudan has faced severe shocks that have exacerbated the country’s post-conflict fragility and humanitarian situation. Due to the war in Sudan, the country’s main oil pipeline was damaged in February 2024, halting related oil exports, fiscal revenues, and FX proceeds for over a year. The conflict also triggered a large influx of refugees, compounding an already-dire social and humanitarian situation caused by recurrent floodings, agricultural production losses, widespread food insecurity, and large-scale population displacement. The recent steep decline in international aid flows risks exacerbating the humanitarian challenges facing the country.

    “The short- and medium-term economic outlook is moderately favorable and improving, contingent on a continuously improving security environment and political stability. The resumption of oil exports through the main pipeline since April 2025 is promising. While real GDP growth is projected to have contracted during FY2024/25 due to the lower oil production, it is expected to recover in FY2025/2026 as oil exports gradually strengthen. The rebound in oil exports is expected to significantly improve the current account balance, helping rebuild external buffers. The parallel foreign exchange (FX) market premium stood at 30.8 percent on June 11, 2025.

    “While the budget execution of FY2024/2025 has been constrained by the financing constraints, non-oil domestic revenue collection was strong. This has allowed the resumption of government salary payments. However, structural bottlenecks partly hinder the effective distribution of salaries to civil servants due to cash shortages. For FY2025/2026, oil revenue is expected to recover substantially. Non-oil revenue will remain strong, benefiting from the continued implementation of tax policy reforms approved under the FY2024/2025 budget and broader revenue administration improvements. This will gradually ease liquidity constraints and provide some fiscal space for cautious repayment of salary arrears and a gradual increase of priority social spending and debt service repayments, while maintaining prudent fiscal management and cautious investment plans, given the continued risks to the outlook.

    “Inflation has remained high. Average inflation is projected at about 143 percent in FY2024/2025, and expected to slow down in FY2025/26, thanks to ongoing tight monetary policy and a reduction in monetary financing. The debt-to-GDP ratio is forecast at about 58 percent of GDP in FY2024/2025, with large debt vulnerabilities. With the easing liquidity constraints, debt sustainability is projected to strengthen.

    “Against this background, the South Sudanese authorities have requested a nine-month SMP to help strengthen economic resilience to shocks and foster macroeconomic stability through sound and prudent policies conducive to sustained growth. Key priorities under the SMP include:

    “Restoring fiscal and public debt sustainability in the near term and laying the groundwork for positive medium-term prospects through prudent debt management and improved domestic revenue mobilization to increase fiscal space for priority spending, including salary and social programs. Enhancing spending efficiency, including through public financial and investment management reforms, will support public service delivery against the backdrop of high spending needs and limited availability of domestic and external financing.

    “Maintaining a tight monetary policy stance to curb inflationary pressures and exchange rate depreciation. This includes containing monetary financing and continuing liquidity mop-up operations. While the official exchange rate has gradually decreased since August 2024 to narrow the parallel FX market premium, further policy adjustment is required to unify the official and parallel FX markets and increase FX reserves.

    “Steadfast implementation of the governance and accountability reform agenda will be critical to addressing the country’s sources of fragility and creating an environment conducive to strong, diversified, and sustained growth and improved living standards. This includes the governance and transparency of oil-related investment programs.

    “The mission met His Excellency, Dr. Benjamin Bol Mel, Vice President and Chairperson of the Economic Cluster, the Minister of Finance and Planning, Honorable Dr. Marial Dongrin Ater, the Governor of the Bank of South Sudan, Dr. Addis Ababa Othow, and other senior government officials, as well as representatives from civil society, private sector, and development partners.

    “The mission takes the opportunity to thank the authorities and stakeholders for their warm hospitality, strong cooperation, and for open and productive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Wafa Amr

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

    https://www.imf.org/en/News/Articles/2025/06/20/pr-25200-south-sudan-imf-and-south-sudan-reach-agreement-on-9-month-staff-monitored-program

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Security: U.S. Attorney’s Office Filed 116 Border-Related Cases the Week of June 13

    Source: US FBI

    SAN DIEGO – Federal prosecutors in the Southern District of California filed 116 border-related cases this week, including charges of bringing in aliens for financial gain, reentering the U.S. after deportation, and importation of controlled substances.

    The U.S. Attorney’s Office for the Southern District of California is the fourth-busiest federal district, largely due to a high volume of border-related crimes. This district, encompassing San Diego and Imperial counties, shares a 140-mile border with Mexico. It includes the San Ysidro Port of Entry, the world’s busiest land border crossing, connecting San Diego (America’s eighth largest city) and Tijuana (Mexico’s second largest city).

    In addition to reactive border-related crimes, the Southern District of California also prosecutes a significant number of proactive cases related to terrorism, organized crime, drugs, white-collar fraud, violent crime, cybercrime, human trafficking and national security. Recent developments in those and other significant areas of prosecution can be found here.

    A sample of border-related arrests this week:

    • On June 9, Alejandro Garcia Rivera and Angel Bel Tran Zamora, both Mexican citizens, were arrested and charged with Attempted Bringing in Aliens for Financial Gain and Aiding and Abetting after they were intercepted by the U.S. Coast guard off Point Loma as alleged captains of a smuggling boat; Gerardo Bejarano-Velazquez – who was also aboard the boat and had been previously deported to Mexico in 2018 in Nogales, Arizona – was arrested and charged with Attempted Entry After Deportation. Two other passengers were being held as material witnesses.
    • On June 10, 2025, Jose Pablo Lopez Lopez, a Mexican citizen, was arrested and charged with Importation of a Controlled Substance. According to a complaint, when the defendant attempted to cross the border in his vehicle at the Tecate Port of Entry, Customs and Border Protection Officers found 113 packages containing 122 pounds of methamphetamine concealed in the door panels, spare tire, firewall and passenger seats.
    • On June 10, Juan Moreno Morales, a Mexican citizen, was arrested and charged with Attempted Entry after Deportation. According to a complaint, he tried to enter the U.S. at the San Ysidro Port of Entry aboard an ambulance. The defendant eventually admitted to using a bogus medical emergency as a scheme to enter the United States illegally. Moreno Morales was previously removed from the United States in 2000 and 2023.

    Also recently, a number of defendants with criminal records were convicted by a jury or sentenced for border-related crimes such as illegally re-entering the U.S. after previous deportation. Here are a few of those cases:

    • On June 9, Reymond Arias Valdez, a national of the Dominican Republic, who has multiple felony convictions for narcotics distribution in Massachusetts, was sentenced in federal court to 18 months in custody for illegally entering the U.S. In addition, Arias-Valdez has a previous felony unlawful reentry of a deported alien conviction from 2020.
    • On June 13, Carlos Fernando Gallegos-Camacho, a Mexican national who was previously convicted of being a deported alien found in the United States in 2022 and 2010, was sentenced in federal court to nine months in custody for again reentering the U.S. illegally.
    • On June 13, 2025, Monica Valdivia Ramirez, a Mexican national, was sentenced to 56 months in prison for importation of over 86,000 fentanyl pills into the United States, with an estimated street value of more than $800,000. She was found guilty by a federal jury in February.
    • On June 13, 2025, Francisco Luevano-Casillas – a Mexican national who was previously convicted of felony cocaine trafficking – was sentenced in federal court to 15 months in custody for illegally reentering the U.S. after deportation in May 2008. For the 2008 drug offense, Luevano-Casillas was sentenced to 96 months in prison.

    Pursuant to the Department’s Operation Take Back America priorities, federal law enforcement has focused immigration prosecutions on undocumented aliens who are engaged in criminal activity in the U.S., including those who commit drug and firearms crimes, who have serious criminal records, or who have active warrants for their arrest. Federal authorities have also been prioritizing investigations and prosecutions against drug, firearm, and human smugglers and those who endanger and threaten the safety of our communities and the law enforcement officers who protect the community.

    The immigration cases were referred or supported by federal law enforcement partners, including Homeland Security Investigations (HSI), Immigration and Customs Enforcement’s Enforcement and Removal Operations (ICE ERO), Customs and Border Protection, U.S. Border Patrol, the Drug Enforcement Administration (DEA), the Federal Bureau of Investigation (FBI), the U.S. Marshals Service (USMS), and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), with the support and assistance of state and local law enforcement partners.

    Indictments and criminal complaints are merely allegations and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI Security: Largest Ever Seizure of Funds Related to Crypto Confidence Scams

    Source: US FBI

    United States Files Civil Forfeiture Complaint Against $225 Million in Funds Involved in Cryptocurrency Investment Fraud Money Laundering

                WASHINGTON – The U.S. Attorney’s Office filed a civil forfeiture complaint in U.S. District Court for the District of Columbia against more than $225.3 million in cryptocurrency. According to the complaint, the U.S. Secret Service and the FBI used blockchain analysis and other investigative techniques to determine that the cryptocurrency is connected to the theft and laundering of funds from victims of cryptocurrency investment fraud schemes, commonly referred to as cryptocurrency confidence scams.

                The civil action was announced by U.S. Attorney Jeanine Ferris Pirro, Matthew R. Galeotti, Head of the Justice Department’s Criminal Division, U.S. Secret Service Special Agent in Charge Shawn Bradstreet of the San Francisco Field Office, and FBI Special Agent in Charge Sanjay Virmani of the San Francisco Field Office.

                The complaint alleges that the cryptocurrency addresses that held the over $225.3 million in cryptocurrency were part of a sophisticated blockchain-based money laundering network that executed hundreds of thousands of transactions and was used to conceal the nature, source, control, and ownership of proceeds derived from cryptocurrency investment fraud. The scam operators dispersed proceeds across an extensive group of cryptocurrency addresses and accounts on the blockchain to conceal the source of the illicitly obtained funds.

                As part of the investigation of the laundering network, dozens of victims across the country were confirmed to have lost funds through the belief that they were making legitimate cryptocurrency investments, with more than 400 suspected victims around the world. The complaint discussed millions of dollars in victim losses.

                “Under my leadership, with the support of President Trump and Attorney General Bondi, the U.S. Attorney’s office for the District of Columbia is taking a leading role in the fight against crypto-confidence scams, partnering with law enforcement throughout the country to seize and forfeit stolen funds and rip them from the hands of foreign criminals, all with the eye toward making victims whole,” said U.S. Attorney Pirro.

                “Today’s civil forfeiture complaint is the latest action taken by the Department to protect the American public from fraudsters specializing in cryptocurrency-based scams, and it will not be the last,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “These schemes harm American victims, costing them billions of dollars every year, and undermine faith in the cryptocurrency ecosystem. Our investigators and prosecutors are relentlessly pursuing these scammers and their ill-gotten gains, and we will relentlessly pursue recovery of victim funds.”

                “This seizure of $225.3 million in funds linked to cryptocurrency investment scams marks the largest cryptocurrency seizure in U.S. Secret Service history,” said Special Agent in Charge Shawn Bradstreet of the U.S. Secret Service’s San Francisco Field Office. “These scams prey on trust, often resulting in extreme financial hardship for the victims. The U.S. Secret Service, FBI, and our private partners worked diligently to trace these illicit transactions, identify victims and seize these funds so that they can eventually be returned to their rightful owners.”

                “Cryptocurrency investment schemes can have devastating and long-lasting consequences for victims, far beyond just financial losses,” said FBI Special Agent in Charge Sanjay Virmani of the San Francisco Field Office. “In this case, hundreds of victims lost millions of dollars to an elaborate scheme, and I commend the work of the FBI San Francisco investigative team and the United States Secret Service, San Francisco Office who worked tirelessly to return stolen assets to the victims. The FBI continues to aggressively pursue the criminals behind these heartless frauds, working alongside our federal partners and the private sector to disrupt malicious networks and recover funds for those targeted.”  

                According to the FBI Internet Crime Complaint Center’s 2024 Internet Crime Report, cryptocurrency investment fraud caused more than $5.8 billion in reported losses in 2024 alone.

                This investigation is being handled by the U.S. Secret Service San Francisco Field Office and the FBI San Francisco Field Office. The Department of Justice thanks Tether for its proactive assistance in this investigation.

                This case is being handled by Assistant U.S. Attorneys Kevin Rosenberg and Rick Blaylock, Jr., of the U.S. Attorney’s Office for the District of Columbia, and Trial Attorneys Stefanie Schwartz and Ethan Cantor of the Justice Department’s Computer Crime & Intellectual Property Section (CCIPS).

                Members of the public who believe they are victims of cryptocurrency investment fraud and other cyber-enabled crime should contact the FBI Internet Crime Complaint Center at https://www.ic3.gov. If you believe you may be a victim of one of the scams alleged in the government’s complaint, add the code “BT06182025” in the narrative of your complaint, and if you have previously filed a related complaint, make note of the prior complaint in the narrative.

    MIL Security OSI –

  • MIL-OSI USA: SBA Relief Still Available to California Small Businesses and Private Nonprofits Affected by Park and Borel Fires

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in California of the July 21, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the Park and Borel Fires occurring July 24–Aug. 26, 2024.

    The disaster declaration covers the California counties of Butte, Colusa, Glenn, Inyo, Kern, Kings, Los Angeles, Mendocino, Plumas, San Bernardino, San Luis Obispo, Santa Barbara, Shasta, Sutter, Tehama, Trinity, Tulare, Ventura and Yuba.

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

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

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

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

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

    Submit completed loan applications to the SBA no later than July 21.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to Nebraska Private Nonprofits Affected by July Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in Nebraska of the July 21 deadline to apply for low interest federal disaster loans to offset economic losses caused by severe storms, straight-line winds, tornadoes and flooding occurring July 31, 2024.

    The disaster declaration covers the Nebraska counties of Cass, Douglas, Lancaster, Sarpy and Saunders.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs providing non-critical services of a governmental nature who suffered financial losses directly related to the disaster. Examples of eligible non-critical PNPs include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

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

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

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

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

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

    Submit completed loan applications to the SBA no later than July 21.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News –

  • MIL-OSI: Matador Engages DroomDroom for Investor Relations Services and Content Distribution

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 20, 2025 (GLOBE NEWSWIRE) — Matador Technologies Inc. (“Matador” or the “Company”) (TSXV: MATA, OTCQB: MATAF, FSE: IU3), the Bitcoin Ecosystem Company, announces that it has entered into a media agreement with Flex Ecosystem Holding Ltd. d.b.a DroomDroom (“DroomDroom“) dated effective June 11, 2025 (the “Media Agreement”), to provide investor relations services to the Company. DroomDroom will assist the Company in increasing investor interest and strengthening its strategic positioning in the digital asset space through curated media content and distribution.

    The agreement is for a term of three (3) months, commencing on June 20, 2025, and will terminate on September 20, 2025, unless terminated in accordance with the terms of the Media Agreement. In consideration for DroomDroom’s services, the Company will pay DroomDroom compensation as follows:

    (i) USD$6,000 cash; and

    (ii) 10,824 stock options (the “Options“). The Options vest in quarterly installments over 12 months, have a 36-month term and an exercise price of $1.14.

    About DroomDroom

    DroomDroom, founded by Ronak Shah, is a media company that provides accessible, thoroughly researched content that demystifies blockchain technology, cryptocurrencies, and decentralized finance (DeFi) for enthusiasts and newcomers alike. DroomDroom’s content enables users to make informed decisions in the rapidly evolving web3 space.

    For additional information, please contact:

    Media Contact:
    Sunny Ray
    President
    Email: sunny@matador.network
    Phone: 647-496-6282

    About Matador Technologies Inc.

    Matador Technologies Inc. (TSXV: MATA, OTCQB: MATAF, FSE: IU3) is a publicly traded Bitcoin ecosystem company focused on holding Bitcoin as its primary treasury asset and building products to enhance the Bitcoin network. Matador’s strategy combines strategic Bitcoin accumulation, Bitcoin-native product development, and participation in digital asset infrastructure, driving long-term shareholder value without dilution.

    Matador has recently expanded its global footprint by investing in HODL Systems, one of India’s first digital asset treasury companies, securing up to a 24% ownership stake. This investment strengthens Matador’s position as a leading Bitcoin treasury company and underscores its commitment to the worldwide adoption of Bitcoin as a reserve asset.

    With a Bitcoin-first strategy, and a clear focus on innovation, Matador is shaping the future of financial infrastructure on Bitcoin.

    Visit us online at https://www.matador.network/.

    Cautionary Statement Regarding Forward-Looking Information

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

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

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9440793a-db0d-40bf-979f-e02f0e54a421

    The MIL Network –

  • PM Modi inaugurates projects worth ₹18,600 crore in Odisha to mark one year of BJP govt

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Friday inaugurated and laid the foundation stone of multiple development projects worth over ₹18,600 crore in Bhubaneswar, Odisha, commemorating the completion of one year of the state’s first BJP-led government. The projects span critical sectors such as drinking water, irrigation, agriculture, health infrastructure, rural roads and bridges, highways, and a new railway line.

    Addressing a state-level event marking the anniversary, PM Modi hailed June 20 as a historic day, celebrating not just a government’s milestone but the embodiment of good governance focused on public service and trust. He congratulated Chief Minister Mohan Charan Majhi and his team for their work, which he said has injected fresh momentum into Odisha’s development.

    Describing Odisha as a “shining star” of India’s cultural heritage, PM Modi highlighted the state’s historical contribution to Indian civilization. He noted that the combination of development and preservation of heritage has become the cornerstone of India’s growth, with Odisha playing an increasingly vital role.

    Coinciding with preparations for the Rath Yatra of Lord Jagannath, the Prime Minister said that spiritual reverence and development are progressing hand in hand. He praised the state government’s prompt action in opening all four gates of the Jagannath Temple and initiating access to the Ratna Bhandar, underscoring the act as a respectful gesture toward millions of devotees. PM Modi also revealed that he declined an invitation from the US President to visit the United States post the G7 Summit in Canada, opting instead to be present in Odisha on this spiritually significant day.

    In a sharp critique of previous governments, PM Modi said that earlier models of governance lacked transparency and development was often delayed, obstructed, or derailed. Contrasting that with the BJP’s approach, he stated that the past decade has seen states like Assam and Tripura—formerly riddled with instability and neglect—undergo social and economic transformation. He added that Odisha, too, had long struggled with corruption, poor infrastructure, and neglected rural areas, but is now on a promising developmental path.

    The Prime Minister emphasized the strength of a dual model of governance where both Union and state governments work in synergy. Citing the health sector, he noted that nearly 3 crore people in Odisha now benefit from the combined coverage of the Ayushman Bharat and Gopabandhu Jan Arogya Yojanas, making free treatment accessible even outside the state. Similarly, over 23 lakh senior citizens are now eligible for free treatment up to ₹5 lakh under the Pradhan Mantri Vaya Vandana Yojana.

    For farmers, he stated that Odisha’s agricultural community now receives dual benefits under both central and state schemes, including improved procurement prices for paddy. Earlier, many central government initiatives failed to reach the state’s population, but the current administration has ensured their successful implementation across various sectors.

    A key focus of PM Modi’s address was the empowerment of Odisha’s tribal population. He lamented that for decades, tribal communities were politically exploited, marginalized, and trapped in cycles of poverty and violence. He noted that in 2014, over 125 tribal-majority districts in the country were affected by Naxal violence, a number that has now dropped to fewer than 20. He credited this to strict action against violence and development initiatives in tribal regions.

    PM Modi outlined two major national schemes dedicated to tribal development. The Dharati Aaba Janjatiya Gram Utkarsh Abhiyan is bringing infrastructure and services to over 60,000 tribal villages nationwide, including the construction of 40 residential schools in 11 districts of Odisha. The second, the PM Janman Yojana, inspired by Odisha and guided by President Droupadi Murmu, targets the particularly vulnerable tribal groups (PVTGs), funding development across remote tribal hamlets.

    The Prime Minister also highlighted the government’s attention to Odisha’s fishing communities. For the first time, fishermen are benefiting from the Kisan Credit Card facility under the PM Matsya Sampada Yojana. Additionally, a special ₹25,000 crore central fund will support coastal communities and youth entrepreneurship in the state.

    Calling this the era of Purvoday, PM Modi said Eastern India will power 21st-century India’s growth. He pointed to rapid industrial expansion from Paradip to Jharsuguda and large-scale infrastructure investments to boost Odisha’s mineral and port-led economy. Mega projects like a dual-feed cracker unit in Paradip, an oil storage facility in Chandikhole, and an LNG terminal in Gopalpur are turning Odisha into a future petrochemical hub. He noted that nearly ₹1.5 lakh crore has already been invested in these sectors.

    PM Modi emphasized the government’s long-term vision beyond five-year targets. He mentioned that a special “Vision 2036” plan has been drafted, marking 100 years of Odisha as India’s first linguistic state, alongside “Vision 2047” for India’s centenary of independence. He expressed confidence in the youth of Odisha to achieve these ambitious goals.

    Among the key announcements made during the event, the Prime Minister flagged off new train services connecting Boudh district to the national railway network for the first time and launched 100 electric buses under the CRUT urban transport system. He also released the Odisha Vision Document and launched the ‘Baraputra Aitihya Gram Yojana’ to preserve the heritage of iconic Odia personalities through living memorials.

    Modi also honored several women achievers from Odisha, celebrating more than 16.5 lakh “Lakhpati Didis” as symbols of prosperity and self-reliance.

    The event was attended by the Governor of Odisha, Hari Babu Kambhampati, Chief Minister Mohan Charan Majhi, Union Ministers Jual Oram, Dharmendra Pradhan, and other dignitaries.

  • MIL-OSI Russia: HSE at SPIEF: Investments in Electric Power, the Role of Women in the Economy, and the “Russian Engineer”

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    © Roman Kitashov / Roscongress Foundation

    Should we increase electricity generation and what should be the role of the state here? What economic effect does involving women in the economy provide? How can we train personnel to ensure technological leadership? HSE representatives, together with other experts, sought answers to these and other questions at the St. Petersburg International Economic Forum. In addition, HSE signed a number of cooperation agreements.

    Blood for the economy

    Investments in the electric power industry have a significant multiplier effect on the economy, they contribute to the development of regions and related industries, believes Ilya Dolmatov, Director Institute of Economics and Regulation of Infrastructure Industries HSE. However, against the backdrop of increased availability of electricity, the volume of investment in this area has decreased, he noted, speaking at the session “Investments in the Electric Power Industry on the Horizon up to 2050.”

    Meanwhile, today the economy is transforming, many industries are digitalizing and, in fact, deeper electrification is taking place. “In this sense, we can definitely say that if we do not provide investments for the growth of new capacities, we will face the fact that the economy will not grow. We already see that we have to introduce certain restrictions on electricity consumption, connecting new consumers,” says Ilya Dolmatov. At the same time, in the current macroeconomic realities, the expert believes, it is impossible to do without state support, especially in infrastructure. “The state must determine priority projects and, accordingly, measures to support them,” he believes.

    “Russia is currently one of the top four countries in terms of electricity consumption,” said Deputy Minister of Energy of the Russian Federation Petr Konyushenko. The department expects electricity consumption to grow by about a third of the current level by 2050. To cover the projected growth, it is planned to increase generating capacity, and a number of large construction projects in the electric grid economy will be launched in the near future. These are global federal projects to connect the East with Siberia, to build a direct current line that will connect the Novovoronezh nuclear power plant with Moscow, and a power transmission line from Krasnoyarsk Krai to Buryatia.

    The tasks of industry, in turn, are to help power engineers solve their problems, noted Deputy Minister of Industry and Trade Mikhail Ivanov. Over the course of 10 years, demand for power engineering has grown threefold, and the capabilities of our production have grown fourfold, he shared the figures. But it is still necessary to correctly “balance the capabilities of engineering with the modernization of electric power facilities.”

    The head of Yakutia, Aisen Nikolaev, noted that “everyone needs energy, it is like lifeblood for the economy.” But, according to him, companies all unanimously say that without state support, it is simply impossible to implement energy investment projects as desired. “We also need support from development institutions, which are much talked about. This is preferential lending first and foremost, especially in our conditions. These are direct government investments, these are tax breaks, which have already been discussed today. Well, and balanced tariff regulation,” the speaker noted.

    The session was also attended by Pavel Snikkars, CEO of PJSC T Plus, Alexandra Panina, member of the board of PJSC Inter RAO, Kirill Komarov, First Deputy CEO, Director of the Development and International Business Block of Rosatom, Alexey Molsky, member of the board, Deputy CEO for Investments and Capital Construction of PJSC Rosseti, Eldar Muslimov, First Deputy CEO of MKOOO EN HOLDING, and bank representatives.

    Ilya Dolmatov signed an agreement between the HSE and Rosvodokanal at the SPIEF. The parties agreed to develop cooperation in the field of training and retraining of personnel, research and development, and technology implementation activities. On behalf of Rosvodokanal, the signature was made by the company’s CEO Sergey Krzhanovsky.

    International Women’s Cooperation

    Victoria Panova, Vice-Rector of the National Research University Higher School of Economics, Head of BRICS Expert Council – Russia, Russia’s Sherpa in the Women’s Twenty, took part in the session of the Eurasian Women’s Forum “International Cooperation of Women in the Interests of Economic Development” within the framework of the SPIEF.

    According to Victoria Panova, scientific research has shown that more active involvement of women in employment can add about 7 trillion dollars to the global GDP in the coming decades. More active participation of women in the economy and development of female education will also contribute to the growth of labor productivity by 35%. “Women are more likely to reinvest income from entrepreneurial activity in health care, food security and education, which increases the sustainability of the country’s development and ensures stability and overall prosperity,” said Victoria Panova.

    The Vice-Rector also stressed the importance of strengthening expert and scientific interaction among women researchers. She proposed creating a regularly updated depository of measures to expand the legal and economic opportunities of women in the association countries in BRICS.

    Priority is technological leadership

    HSE Vice-Rector Dmitry Zemtsov moderated the session “Training Personnel to Ensure Russia’s Technological Sovereignty” at the Ministry of Education and Science stand.

    Deputy Minister of Science and Higher Education of the Russian Federation, graduate of the Master’s program “Management in Higher Education» Olga Petrova of the Higher School of Economics spoke about synchronizing personnel training with business demands and solving the problem of achieving technological leadership. One of the key projects was the Advanced Engineering Schools project. “The project has become a powerful tool for synchronizing efforts so that the very “Russian engineer” in the broad sense emerges from the walls of the university,” said Olga Petrova. According to her, another flagship program for personnel training, Priority 2030, of which the HSE is a participant, has been reconfigured for technological leadership.

    The session featured the following speakers: Rector of Peter the Great St. Petersburg Polytechnic University Andrey Rudskoy, Rector of MEPhI Vladimir Shevchenko and other speakers.

    The topic of what specialists will be in demand on the global market was also discussed at the session “Preparing Personnel for the International Market of the Future.” Its moderator was Irina Karelina, Vice President of the National Research University Higher School of Economics.

    The Russian Ministry of Education and Science stand also hosted a session entitled “The Rights of Young Scientists to Their Developments: How Not to Drown in Bureaucracy?” The director of the Institute for Enterprise and Market Analysis HSE University Anton Kazun. In particular, he spoke about the experience of transforming the results of fundamental research into applied projects (using the example of the recommendation system for selecting lawyers “Zastupnik”) and the possibilities of developing a model of technology transfer centers in various universities of the Russian Federation (based on the experience of HSE University), including regular exchange of experience between universities (for example, within the framework of the “Priority-2030” program). Anton Kazun also took part in the discussion of the proposal to legislatively enshrine the exemption from VAT when implementing the rights to use all types of RIAs, exclusive rights to which are held by universities.

    Dmitry Zemtsov also signed a number of agreements concluded by the HSE within the framework of the St. Petersburg International Economic Forum.

    An agreement was reached with the Russian State University for the Humanities on joint scientific research related to historical and cultural identity, traditional values, preservation of cultural heritage, as well as on holding scientific events and student expeditions within the framework of the project “Rediscovering Russia”. In addition, the plans include formulating proposals for socio-economic development that will be included in youth policy programs in Russia. The documents were signed by Rector of the Russian State University for the Humanities Andrey Loginov and Dmitry Zemtsov.

    Cooperation agreements were also signed between the ANO “University of Entrepreneurs” and universities participating in the program, including the National Research University Higher School of Economics. The parties agreed to create and develop entrepreneurial workshops, where more than 350 senior students will begin developing at least 50 business projects as early as 2025.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI: Apollo Commits to £4.5 Billion Financing for Électricité de France, Marking the Largest Sterling-Denominated Private Credit Transaction

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 20, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed affiliates, funds, and strategic accounts have signed an agreement to invest up to £4.5 billion in fixed-rate callable notes issued by Électricité de France (“EDF”) pursuant to its €50 billion Euro Medium Term Note (“EMTN”) program. Proceeds from the financing will be used primarily to finance EDF projects in the United Kingdom, most notably the Hinkley Point C nuclear power station. This transaction represents one of the largest sterling-denominated note issuances on record.

    Apollo Partner Jamshid Ehsani said, “Apollo is pleased to provide this bespoke, large-scale financing to EDF in support of its vital role in advancing European energy sovereignty and power infrastructure, including in the UK.”

    Ehsani continued, “This landmark transaction highlights our deepening partnership with the French government and EDF and reaffirms our commitment to being a premier capital provider to leading European companies. This is the largest-ever capital funding transaction executed by EDF and the largest private credit transaction in the sterling market.”

    This investment also builds on Apollo’s longstanding history of investing in French companies for nearly three decades. Notably, Apollo has provided €2.5 billion of High-Grade Capital Solutions across three transactions to Air France-KLM in recent years.

    Since 2020, under its High-Grade Capital Solutions strategy, Apollo has originated over $100 billion of bespoke capital solutions for leading companies such as Intel, Air France-KLM, BP, Sony, AB InBev, Vonovia, and more.

    Latham & Watkins, LLP and Kirkland & Ellis LLP acted as legal counsel to Apollo while Apollo Capital Solutions Europe B.V. is providing structuring and arrangement services in connection with the transaction. BNP Paribas and Hogan Lovells, LLP acted as financial and legal advisors, respectively, to EDF.

    About Apollo
    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2025, Apollo had approximately $785 billion of assets under management. To learn more, please visit www.apollo.com.

    Apollo Contacts

    Noah Gunn
    Global Head of Investor Relations
    Apollo Global Management, Inc.
    (212) 822-0540
    IR@apollo.com

    Joanna Rose
    Global Head of Corporate Communications
    Apollo Global Management, Inc.
    (212) 822-0491
    Communications@apollo.com / europeanmedia@apollo.com

    The MIL Network –

  • MIL-OSI: Apollo Commits to £4.5 Billion Financing for Électricité de France, Marking the Largest Sterling-Denominated Private Credit Transaction

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 20, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed affiliates, funds, and strategic accounts have signed an agreement to invest up to £4.5 billion in fixed-rate callable notes issued by Électricité de France (“EDF”) pursuant to its €50 billion Euro Medium Term Note (“EMTN”) program. Proceeds from the financing will be used primarily to finance EDF projects in the United Kingdom, most notably the Hinkley Point C nuclear power station. This transaction represents one of the largest sterling-denominated note issuances on record.

    Apollo Partner Jamshid Ehsani said, “Apollo is pleased to provide this bespoke, large-scale financing to EDF in support of its vital role in advancing European energy sovereignty and power infrastructure, including in the UK.”

    Ehsani continued, “This landmark transaction highlights our deepening partnership with the French government and EDF and reaffirms our commitment to being a premier capital provider to leading European companies. This is the largest-ever capital funding transaction executed by EDF and the largest private credit transaction in the sterling market.”

    This investment also builds on Apollo’s longstanding history of investing in French companies for nearly three decades. Notably, Apollo has provided €2.5 billion of High-Grade Capital Solutions across three transactions to Air France-KLM in recent years.

    Since 2020, under its High-Grade Capital Solutions strategy, Apollo has originated over $100 billion of bespoke capital solutions for leading companies such as Intel, Air France-KLM, BP, Sony, AB InBev, Vonovia, and more.

    Latham & Watkins, LLP and Kirkland & Ellis LLP acted as legal counsel to Apollo while Apollo Capital Solutions Europe B.V. is providing structuring and arrangement services in connection with the transaction. BNP Paribas and Hogan Lovells, LLP acted as financial and legal advisors, respectively, to EDF.

    About Apollo
    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2025, Apollo had approximately $785 billion of assets under management. To learn more, please visit www.apollo.com.

    Apollo Contacts

    Noah Gunn
    Global Head of Investor Relations
    Apollo Global Management, Inc.
    (212) 822-0540
    IR@apollo.com

    Joanna Rose
    Global Head of Corporate Communications
    Apollo Global Management, Inc.
    (212) 822-0491
    Communications@apollo.com / europeanmedia@apollo.com

    The MIL Network –

  • MIL-OSI Russia: China remains committed to expanding market opening: Chinese Foreign Ministry

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    BEIJING, June 20 (Xinhua) — China will continue to steadily expand the opening of its market to the world, accumulate new driving forces, provide new opportunities, and bring more benefits to the common development of all countries through its own stable development, giving it stronger momentum, Chinese Foreign Ministry spokesperson Guo Jiakun said Friday.

    As a recent World Bank report shows, the Chinese economy is still growing at the beginning of 2025, and the Chinese government has taken appropriate monetary and fiscal measures to counteract the uncertainty in global trade. At the same time, international financial institutions such as JPMorgan Chase and Goldman Sachs have also recently raised their growth forecasts for the Chinese economy.

    Answering a relevant question at a press briefing, Guo Jiakun noted that despite the complicated external environment, the Chinese economy has demonstrated sustainable development, maintained stability while moving forward, improved and renewed, and demonstrated strong resilience and development potential. China has become a “stabilizing foundation” for the world economy and a “center of attraction” for sharing development opportunities, the Chinese diplomat noted.

    According to Guo Jiakun, in the first five months of this year, China’s total import and export volumes of goods grew by 2.5 percent year-on-year, while retail sales of consumer goods increased by 5 percent. The growth in foreign consumption in China is particularly noticeable: in the first month of the new exit tax refund policy, the number of such refunds increased by 116 percent compared to the same period last year. In addition, visa-free travel to China is expected to be extremely popular during the summer tourist season, the diplomat added.

    “Facts have proven that the fundamental trend of the long-term sound development of the Chinese economy will not change, the advantages of a super-large domestic market and a complete industrial system will be maintained, and the focus on high-quality development and high-level opening up will remain unchanged,” Guo Jiakun said.

    This is the source of confidence of the international community in China, which encourages them to continue to bet on the Chinese market, to develop it and to take root in the country, the official representative concluded. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Ilie Bolojan appointed Prime Minister of Romania

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    BUCHAREST, June 20 (Xinhua) — Romanian President Nicusor Dan on Friday appointed Senate (upper house of parliament) President Ilie Bolojan as the country’s new prime minister, following weeks of coalition talks among key political parties.

    “I appoint Mr. Ilie Bolojan as Prime Minister,” N. Dan announced at the Cotroceni Palace. “I want to thank the parties that make up the parliamentary majority for these weeks of discussions. It is in Romania’s interest for the government to enjoy the support of an overwhelming majority, and the parties understand this,” the president said.

    Describing I. Bolojan as “the most suitable person to carry out the necessary reforms in the state apparatus,” N. Dan noted his track record in public administration: “He knows how to reduce and optimize costs, and has a vision for development. He will have a partner in me,” said the head of the Romanian state.

    I. Bolojan, for his part, expressed gratitude for the appointment and acknowledged the full burden of responsibility on his shoulders in the context of economic tension.

    The prime minister stressed that his attention will be focused on restoring financial order, ensuring effective public administration and “showing due respect to the Romanian people” as he continues negotiations to finalize the cabinet and his government program.

    According to local media, the new government will be formed by a coalition of the National Liberal Party, the Social Democratic Party, the Save Romania Union and the Democratic Union of Hungarians in Romania. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: The idea of Russia’s economy as a raw materials economy is outdated – V. Putin

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    St. Petersburg, June 20 (Xinhua) — The idea of Russia’s economy as a raw materials economy is outdated. The contribution of raw materials is no longer decisive. Despite difficult conditions and external pressure, Russia’s GDP has grown at a rate higher than the world average in the past two years. This was stated by Russian President Vladimir Putin on Friday.

    “The contribution of the raw materials component to the economic dynamics of our country is no longer decisive. Thanks to the work of tens of thousands of enterprises and companies, our economy is not just developing confidently, but is becoming more qualitative, complex and multifaceted,” said V. Putin during the plenary session of the St. Petersburg International Economic Forum.

    “Despite the difficult external background, Russia’s GDP has increased by more than 4 percent annually over the past two years, meaning it has grown at a rate higher than the global average,” he added.

    In particular, according to the Russian President, the growth of non-oil and gas GDP in 2023 was 7.2 percent, in 2024 – 4.9 percent. Annual inflation in Russia fell to 9.6 percent. The situation with price growth is developing better than expected, which made it possible to soften monetary policy.

    Russia has achieved a record reduction in the poverty level: at the end of last year it was 7.2 percent, noted V. Putin.

    “I will repeat for our guests. In 2000, the poverty level was 29 percent in Russia. And in such, well, let’s say frankly, humiliating situation, we had 42.3 million people,” the Russian president recalled.

    V. Putin stressed that Russia should strive to further reduce poverty to 5 percent. –0–

    MIL OSI Russia News –

  • Amit Shah inaugurates bew MACCIA headquarters in Mumbai; highlights Maharashtra’s role in India’s economic growth

    Source: Government of India

    Source: Government of India (4)

    Union Home Minister and Minister of Cooperation Amit Shah inaugurated the newly constructed headquarters of the Maharashtra Chamber of Commerce, Industry and Agriculture (MACCIA) in Mumbai today. The event also featured a state-level cooperative industrial conference, with Maharashtra Chief Minister Devendra Fadnavis, Union Minister of State for Cooperation Murlidhar Mohol, and other dignitaries in attendance.

    Shah reflected on the enduring legacy of Seth Walchand, a pioneering industrialist whose contributions have continued to benefit Maharashtra and the nation. Shah emphasized that institutions celebrating a centenary must not only take pride in their legacy but also use the occasion for introspection and renewal.

    He remarked that in the century since MACCIA’s founding, the global and national economic landscape has undergone transformative changes. With globalization reshaping commerce, industry, and agriculture, Shah called on Chambers of Commerce across the country to adapt their methods and reassess their relevance. He urged them to engage professional institutions to align operations with the evolving economic and policymaking frameworks of both state and central governments.

    Highlighting India’s economic trajectory, Shah said that the country has emerged as the world’s fourth-largest economy, overtaking former colonial powers. He credited policy reforms and their robust implementation under Prime Minister Narendra Modi’s leadership for this significant progress, including the rising global standing of the Indian passport.

    Shah said that Maharashtra has become a symbol of India’s industrial growth, hosting the country’s financial capital and contributing 39% of India’s total Foreign Direct Investment (FDI). He cited that the state also leads in startups, tourism, income tax filings by women, and infrastructure development — including the upcoming Vadhavan Port and the bullet train project.

    Addressing the development of Mumbai and its surrounding areas, Shah revealed that the central and state governments, operating under a “double-engine” governance model, are investing over ₹7 lakh crore in transformative projects. This effort, he said, is infusing Maharashtra with new energy and fostering long-term development.

    Drawing a comparison between two decades, Shah stated that Maharashtra received ₹1.91 lakh crore in central devolution and grants between 2004 and 2014, whereas this amount increased to ₹7.82 lakh crore during the Modi government’s tenure from 2014 to 2024.

    Emphasizing the importance of cooperative federalism, Shah said that Prime Minister Modi’s vision of “Team India” is central to the nation’s development. He added that the joint efforts of the Centre and the States, along with a constructive mindset, are driving the country’s rapid progress.

    MACCIA’s role, he added, remains crucial as it continues to raise demands for policy changes, infrastructure upgrades, and solutions for issues in trade, industry, and agriculture. Shah called upon all Chambers of Commerce to evolve with the times and continue contributing meaningfully to India’s economic journey.

  • MIL-OSI Canada: Saskatchewan Leads Provinces in Retail Trade

    Source: Government of Canada regional news

    Released on June 20, 2025

    Province Ranks First for Retail Trade Growth

    Saskatchewan’s retail sector continues to grow, with a 2 per cent increase month-over-month in retail trade sales from March 2025 to April 2025 (seasonally adjusted). This places Saskatchewan first among the provinces.

    “These retail trade results show that consumer confidence in our businesses and industries remains high,” Trade and Export Development Minister Warren Kaeding said. “Every purchase made in Saskatchewan helps drive even more opportunity supporting jobs and encouraging investment, while bolstering our strong and growing economy.” 

    The total value of Saskatchewan’s retail trade reached $2.3 billion in April 2025.

    The Monthly Retail Trade Survey compiles data on sales, including e-commerce sales, and the amount of retail locations by province, territory and selected census metropolitan areas from a sample of retailers.

    Retail sales is a measure of total receipts at stores, or establishments, that sell goods and services to final consumers.

    Statistics Canada’s latest Gross Domestic Product (GDP) numbers indicate that Saskatchewan’s real GDP at basic prices reached an all-time high of $80.5 billion in 2024, increasing by $2.6 billion, or 3.4 per cent. This places Saskatchewan second in the nation for real GDP growth and above the national average of 1.6 per cent.

    Private capital investment in Saskatchewan increased last year by 17.3 per cent to $14.7 billion, ranking first among provinces. Private capital investment is projected to reach $16.2 billion in 2025, an increase of 10.1 per cent over 2024. This is the second highest anticipated percentage increase among the provinces.

    Last year, the Government of Saskatchewan unveiled its new Securing the Next Decade of Growth – Saskatchewan’s Investment Attraction Strategy. This strategy, combined with Saskatchewan’s trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada. 

    For more information, visit: InvestSK.ca.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI USA: SBA Relief Still Available to Missouri Private Nonprofits Affected by March Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding private nonprofit (PNP) organizations in Missouri of the July 22 deadline to apply for low interest federal disaster loans to offset physical damage caused by severe storms, straight‑line winds, tornadoes and wildfires occurring March 14–15.

    The disaster declaration covers the Missouri counties of Bollinger, Butler, Callaway, Carter, Dunklin, Franklin, Howell, Iron, Madison, New Madrid, Oregon, Ozark, Perry, Phelps, Reynolds, Ripley, Scott, Shannon, Stoddard and Wayne.

    Under this declaration, PNPs providing services of a governmental nature are eligible to apply for business physical disaster loans. Eligible PNPs may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    Applicants may be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements might include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future damage caused by any disaster. 

    “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s mitigation loans.”

    PNPs are also eligible to apply for Economic Injury Disaster Loans (EIDLs) to help meet working capital needs. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster. EIDL assistance is available regardless of whether the PNP suffered any physical property damage. 

    Interest rates can be as low 3.62% with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible. 

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

    The deadline to return applications for physical property damage is July 22, 2025. The deadline to return economic injury applications is Feb. 23, 2026.

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    About the U.S. Small Business Administration

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

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