Category: Machine Learning

  • MIL-OSI Submissions: Global Bodies – 60% of women MPs from Asia-Pacific report online gender-based violence – IPU

    Source: Inter-Parliamentary Union (IPU)

    Geneva, Switzerland – A major new study by the Inter-Parliamentary Union (IPU), in partnership with the Commonwealth Parliamentary Association (CPA) and the ASEAN Inter-Parliamentary Assembly (AIPA), has exposed the pervasive nature of sexism, harassment and violence against women in parliaments across the Asia-Pacific region.

    The report, Sexism, harassment and violence against women in parliaments in the Asia-Pacific region, is based on confidential interviews with 150 women parliamentarians and parliamentary staff from 33 countries.

    The study highlights the alarming increase in online gender-based violence compared to the rates reported in previous IPU studies.

    60% of women parliamentarians surveyed for the current study have been targeted by hate speech, disinformation, image-based abuse, or unwanted disclosure of personal data (doxing) online. This is the highest rate for this type of abuse compared to other IPU regional studies.

     

    The study also reveals the following findings:

    76% of women parliamentarians and 63% of parliamentary staff have experienced psychological violence.
    Sexual violence is also prevalent, with 25% of women parliamentarians and 36% of parliamentary staff reporting such incidents.
    Economic violence or damage to women’s belongings has affected 24% of women parliamentarians and 27% of parliamentary staff, while physical violence was reported by 13% and 5% respectively.

     

    Some women more at risk than others

    According to the study, certain groups – women under 40, women from minority backgrounds and unmarried women – face disproportionately higher rates of violence.

    Opposition women MPs also report higher rates of psychological and sexual violence.

     

    Parliament is the primary site of harassment

    More than half the incidents of sexual harassment against women MPs took place on parliamentary premises and were committed by male parliamentarians.

    However, for the women MPs in the study, 85% of cases of online attacks, 59% of threats and 45% of psychological harassment come from the public.

     

    Positive steps forward

    Several parliaments in the region have begun taking steps to prevent and respond to such actions, including introducing confidential reporting mechanisms and support services. This is the case, for example, in Australia, Fiji, India, Maldives, Philippines, Republic of Korea, New Zealand, Sri Lanka and Thailand.

     

    Regional comparison reveals similar rates of violence across the world

    This new study follows previous IPU reports, starting in 2016 with a global study, followed by a 2018 report on European parliaments and a 2021 report on African parliaments.

     

    Prevalence of violence among women MPs in the three regional surveys:

     

     

    Asia-Pacific (2025)

    Africa (2021)

    Europe (2018)

    Psychological violence

    76%

    80%

    85%

    Sexual violence

    25%

    39%

    25%

    Physical violence

    13%

    23%

    15%

    Economic violence

    24%

    29%

    14%

     

    Quotes

    Martin Chungong, IPU Secretary General said: “Violence and sexism against women in politics is a direct assault on democracy itself. The courageous women who have come forward to denounce abuse deserve our unwavering support. Parliaments must be sanctuaries for healthy debate and law-making. We have the tools to support them. It is our responsibility to foster a political climate where women can thrive without the shadow of violence.”

    Stephen Twigg, CPA Secretary-General said: “Sexism, violence and harassment against women in politics have a negative impact on the lives of women Parliamentarians, parliamentary staff, their families and communities. Parliaments have a duty to show leadership and set an exemplary standard for society. We are determined to work together to empower Parliaments by providing relevant resources to ensure a zero-tolerance approach to all forms of gender-based violence.”

     Siti Rozaimeriyanty Dato Haji Abdul Rahman, AIPA Secretary General said: “Violence against women in politics remains a significant barrier to their full and meaningful participation, affecting the inclusivity of governance. Addressing these challenges requires proactive measures from political institutions to foster a safe and supportive environment where women can engage without fear or constraint. Creating an enabling and secure space for women in politics is not just about fairness—it requires a shared commitment, not only within parliaments but also across political institutions, to build more inclusive and forward-looking governance that benefits society as a whole.”

    About the IPU

    The IPU is the global organization of national parliaments. It was founded in 1889 as the first multilateral political organization in the world, encouraging cooperation and dialogue between all nations. Today, the IPU comprises 181 national Member Parliaments and 15 regional parliamentary bodies. It promotes peace, democracy and sustainable development. It helps parliaments become stronger, younger, greener, more innovative and gender-balanced. It also defends the human rights of parliamentarians through a dedicated committee made up of MPs from around the world.

    About the CPA

    The Commonwealth Parliamentary Association (CPA) is an international community of 180 Parliaments at national, state, provincial and territorial level working together to deepen the Commonwealth’s commitment to the highest standards of democratic governance. The Commonwealth Women Parliamentarians (CWP) network within the CPA represents over 6,000 Women Parliamentarians and campaigns to increase the number of women elected representatives in Legislatures and helps Parliaments to become gender-sensitive institutions.

    For more information about the CPA and CWP please visit www.cpahq.org

    About the AIPA

    The ASEAN Inter-Parliamentary Assembly (AIPA) is the sole parliamentary organisation associated to the Association of the Southeast Asia Nations (ASEAN). AIPA currently consists of 10 Member Parliaments from ASEAN Member States and 25 Observer Parliaments from national and supranational parliament around the globe. Established in 1977, AIPA aims to promote inter-parliamentary cooperation among ASEAN Member States, other parliaments and parliamentary organisations and to facilitate the achievement of the goals of ASEAN.

    MIL OSI – Submitted News

  • MIL-OSI Banking: Guidebook on Machine Learning Techniques for Road Quality Monitoring

    Source: Asia Development Bank

    Resilient all-weather roads enable crucial access to services and economic opportunities, yet assessing and monitoring road quality can be costly and time-consuming. This publication explains how smartphones, open-source satellite imagery, and artificial intelligence can be used to augment traditional surveys to improve road data in cost-effective and efficient ways. It draws on a study developed in collaboration with the World Data Lab and the governments of the Philippines and Thailand, supported by the Japan Fund for Prosperous and Resilient Asia and the Pacific.

    MIL OSI Global Banks

  • MIL-OSI USA: Senator Markey Celebrates Opening of South Coast Rail

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    For the first time in 65 years, cities and towns in southeastern Massachusetts will have passenger rail service
    Boston (March 24, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Commerce, Science, and Transportation Committee, released the following statement celebrating the formal opening of South Coast Commuter Rail service. South Coast Rail will offer reliable public transit between Boston and communities in southeastern Massachusetts, including Taunton, New Bedford, Fall River, Middleborough, Freetown, and the surrounding region. It represents the first time since the late 1950s that riders on the South Coast can take a one-seat rail trip to Boston. Now, all major cities within 50 miles of Boston have Commuter Rail access.
    “We are one stop closer to transit justice with daily Commuter Rail service to southeastern Massachusetts,” said Senator Markey. “The opening of South Coast Rail represents a long-awaited celebration for Taunton, Fall River, New Bedford, and beyond. I am grateful to Governor Healey, the MBTA, the Massachusetts Department of Transportation, and all the leaders and advocates on the South Coast who are making this project a reality. This milestone represents a major leap in addressing a critical gap in our state’s public transit system. Together, we are expanding rail service, reducing congestion, increasing economic opportunity, and more equitably connecting our Commonwealth. I look forward to continuing to work with state and local officials, community members, and our federal delegation to expand public transit throughout the South Coast and across Massachusetts.”
    Senator Markey is a long-time advocate for expanding rail transit. He previously introduced the Building Rail Across Intercity Networks To Ride Around Interior of the Nation (BRAIN TRAIN) Act, which established a new $25 billion passenger rail grant program and required the Federal Railroad Administration to prioritize projects that connect historically under-connected areas such as the South Coast. The Bipartisan Infrastructure Law established a new Corridor Identification and Development Program aligned with, and that includes language from Senator Markey’s BRAIN TRAIN Act. Last Congress, he introduced the All Aboard Act, which would dedicate $200 billion over five years to build high-speed rail, expand existing passenger rail service, and electrify the most heavily polluting railyards and corridors. The legislation also includes critical labor protections for the existing union labor workforce and creates a rail personnel training grant program for rail workers. Senator Markey has also been a strong advocate to secure funding for West-East passenger train service running through Boston, Worcester, and Western Massachusetts, helping to secure a $108 million grant for the project, followed by a second $36.8 million grant.

    MIL OSI USA News

  • MIL-OSI China: Foreign brands benefit from China’s consumption stimulus

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

    SHANGHAI, March 25 — As millions of Chinese consumers trade in their devices for the latest models ranging from electric vehicles to home appliances, the rising consumer spending has benefited both Chinese and foreign brands.

    China kicked off large-scale equipment upgrade and consumer goods trade-in programs in March 2024, and revamped these programs earlier this year, amid efforts to boost domestic demand and spur economic growth.

    Prominent foreign brand, Tesla, has benefited from such programs in the sale of its revised Model Y.

    Earlier this month, on the first day of deliveries of the revised Model Y in east China’s Shanghai, more than 500 new vehicles were handed over to buyers, many of whom took advantage of China’s trade-in scheme.

    A resident in Shanghai surnamed Zhang, mentioned that by trading in his old gasoline car and taking advantage of consumption subsidies, he was able to purchase a revised Model Y for about 200,000 yuan (approximately 27,863 U.S. dollars). “The incentives from these subsidy programs are quite significant, which motivated me to place the order,” he said.

    Subsidies vary from place to place. In Guangdong Province in south China, for instance, consumers who buy new energy vehicles can receive subsidies of up to 20,000 yuan.

    Notably, apart from the government’s stimulus policy, Tesla has also taken steps to provide various car purchase incentives, including interest-free financing and insurance subsidy programs, to further lower costs for its customers.

    Foreign firms in the home appliance sector have also benefited from the government program. “The Chinese government’s consumption stimulus policies, including the trade-in program, have increased consumer spending. As a result, sales in Panasonic’s home appliance segment have grown,” Lin Yibin, managing officer of China & Northeast Asia Company of Panasonic Appliances (China) Co., Ltd, told Xinhua in an interview.

    Following the introduction of these policies, sales of Panasonic’s large home appliances from September to December last year, such as washing machines and refrigerators, especially in the offline market, have surpassed figures from the same period of 2023, Lin added.

    In early January this year, China announced a raft of measures to expand the scope of its consumer goods trade-in program. Under the expanded program, categories of home appliances eligible for government subsidies have been increased from eight in 2024 to 12 in 2025.

    “The revamped policy has sparked a surge in consumer spending on home appliances across the country. We are actively working with all parties to benefit from the new policy,” Lin noted.

    These subsidies have helped bring more coffee machines into Chinese homes. In places like Shanghai, Shenzhen and Hubei Province, coffee machines have been added to the list of items eligible for subsidies. De’Longhi, an Italian coffee machine supplier, has benefited from this initiative.

    “Last year, we saw double-digit growth, and since January of this year, we’ve maintained an even higher double-digit growth rate — largely thanks to the consumption stimulus policies,” said Zong Yanping, managing director of De’Longhi Greater China, in an interview with Xinhua.

    “Unlike large home appliances, which have long been essential in Chinese households, coffee machines are still relatively new to many families. Therefore, the purchasing subsidies have been very helpful for us in terms of marketing,” Zong explained.

    Zong is optimistic about China’s market potential, as the consumption stimulus coincided with a shift in coffee-drinking habits in the country, noting that “what began as an occasional social activity has become a morning routine for many young people today.”

    China’s large-scale equipment upgrade and consumer goods trade-in programs have so far yielded fruitful results. In 2024, it drove equipment purchases and investment up by 15.7 percent — contributing 67.6 percent to overall investment growth while boosting sales of bulk durable consumer goods by over 1.3 trillion yuan last year, according to data released by the National Development and Reform Commission in February.

    Vowing to make domestic demand “the main engine and anchor of economic growth,” China’s policymakers during this year’s “two sessions” sent fresh and firm signals regarding empowering the country’s vast number of consumers to spend more confidently.

    Following the 2025 “two sessions,” China vowed to implement solid support measures to connect consumer spending to people’s well-being in the latest consumption-promotion plan. The plan outlines the issuance of ultra-long special treasury bonds totaling 300 billion yuan to bolster consumer goods trade-in programs in 2025 — doubling the 2024 figure.

    MIL OSI China News

  • MIL-OSI USA: ICYMI: Shaheen Discusses Foreign Affairs, Trump Tariffs, Her Decision to Not Seek Reelection and More on WMUR’s CloseUp

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Manchester, NH) – On Sunday, U.S. Senator Jeanne Shaheen (D-NH), Ranking Member of the U.S. Senate Foreign Relations Committee, joined Adam Sexton on WMUR’s CloseUp to discuss ongoing global affairs such as Russia’s war in Ukraine, as well as pressing issues in New Hampshire including the harmful impacts of President Trump’s tariffs and Republican-led threats to federal services. The Senator also detailed her decision to not seek reelection. The first segment can be found here and the second segment can be found here.   

    Key quotes from Senator Shaheen below: 

    On threats to U.S. leadership abroad:  

    • “Both ceasefires that this President is talking about taking credit for are falling apart already. The ceasefire in Israel with Gaza has already fallen apart. The ceasefire that he’s trying to broker with Russia has already fallen apart.” 
    • “[Elon Musk] came up with this brilliant idea to get rid of USAID and so has undermined so many of our efforts that help us compete with China around the world. Our efforts that keep Americans safe because we’re tracking epidemics in places like Africa. That promote democracy efforts in countries where, if we’re not there China comes in and takes up that vacuum that we’ve left. So, I think he’s totally misguided, and he has no real understanding of what it means for the United States to be a leader in the world.”  

    On the harmful impact of President Trump’s tariffs on Granite State businesses:  

    • “I was at C&J[…] yesterday. He’s had to cancel more than half of his bus order for new busses that are made in Canada because he’s concerned about the additional cost.” 
    • “I was up north on Wednesday in the North Country, talking to Littleton town officials who were talking about visitors coming down to New Hampshire who they’re concerned are not going to be here, about small businesses that are worried they are not expanding because they’re worried about the inability to have the relationship that they have had with Canada.” 

    On Elon Musk and DOGE’s gutting of federal services: 

    • “We are in this economic mess because of the decisions that President Trump is making about tariffs, about the uncertainty that he’s created, about the chaos that he’s created in Washington, about the layoffs that he’s doing and I want to keep people focused on that.” 
    • “The fact is, Donald Trump, in his campaign said he was going to do something about grocery prices. He was going to do something about inflation. He was going to do something about high energy costs. He was going to do something about the cost of rental housing and he was going to address mortgage rates. He was going to end the war in Ukraine on the first day. He’s done none of those things.” 

    On her decision not to seek reelection: 

    • “It’s time to think about what else I might want to do. I’m not going to leave trying to make a difference in New Hampshire and [I’ll] still be engaged, but it will be nice to have a little more flexibility to do some other things.” 

    MIL OSI USA News

  • MIL-OSI United Kingdom: New executive chair selected to boost innovation and growth across the UK

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    New executive chair selected to boost innovation and growth across the UK

    Tom Adeyoola selected as preferred candidate to head up Innovate UK.

    Tom Adeyoola appointed as new executive chair for Innovate UK to drive pioneering R&D and transformative technologies

    • Tech entrepreneur and Metail founder Tom Adeyoola selected as preferred head of Innovate UK as the government ramps up plans to drive growth
    • Backing businesses across the UK, Innovate UK invests in game-changing innovation, from advanced AI to zero-emission transport, fuelling our Plan for Change
    • Under Tom’s leadership, Innovate UK will accelerate efforts to scale up British innovation and turn cutting-edge research into real-world impact, helping businesses grow and compete on a global stage

    Tech entrepreneur and business leader Tom Adeyoola will head up Innovate UK to unlock the potential of British business and turbocharge growth through our Plan for Change.

    Once confirmed by parliament, Tom will act as Chair of Innovate UK, part of the largest national public research funder, helping businesses turn cutting-edge ideas into real-world products.

    The agency funds ambitious companies, drives transformative technologies, and oversees the UK’s Catapult Network, which connects businesses with world-class R&D expertise. Through its £100 million Innovation Accelerator programme, it is already creating high-skilled jobs and new opportunities in Glasgow, Manchester, and the West Midlands, helping these regions become global hubs for research, from advanced manufacturing to life sciences.

    Over 450,000 innovators across the country were supported by the agency in 2023/2024, including support for successful scale-ups such as Pragmatic, a world leader in semiconductor innovation that has grown from a dozen to 330 employees in a decade – powering everyday tech from smartphones to medical devices, and Pragmatic’s ultra-thin, low-cost microchips open new possibilities for smart packaging and wearable health tech.

    Innovate UK was an early backer of Oxford Nanopore Technologies, whose handheld DNA sequencing technology is now used worldwide – from diagnosing diseases faster to tracking viruses like COVID-19. Their success has not only transformed healthcare but also driven economic growth, with the company now valued at £1.49 billion and generating annual revenues of around £183 million.

    People could see faster medical deliveries, air taxis cutting journey times, and greener transport options through Innovate UK’s flagship Future Flight Challenge, which works with businesses and regulators to develop drone technology and zero-emission aircraft.

    Tom Adeyoola brings a wealth of experience spanning technology, investment, entrepreneurship, and digital transformation.  As co-founder of Extend Ventures, he has worked with Innovate UK to improve diversity in grant funding and support underrepresented entrepreneurs. He also serves on the steering board of The Startup Coalition, advocating for high-growth tech businesses across the UK.

    Science Minister Lord Vallance said:

    Innovation is central to this government’s Plan for Change, helping to unlock new opportunities, boost productivity, and create high-value jobs across the UK.

    With his experience in technology, entrepreneurship, and digital transformation Tom Adeyoola is the right person to ensure Innovate UK delivers real impact – backing pioneering businesses, scaling up breakthrough innovations and ensuring the UK leads in the industries of the future.

    I thank Indro Mukerjee, and Stella Peace for all of their contributions up to this point and I look forward to working with Tom as we continue to make the UK the best place in the world to start and grow an innovative business.

    Whilst on the Board at Channel 4, he focused on digital transformation and championed innovation funding in the creative industries. He has also been a driving force in exploring the impact of generative AI on the economy, from education to public services. His blend of business, technology, and policy expertise makes him well-placed to steer Innovate UK’s investments – helping pioneering companies scale up, from greener aviation to sustainable food production.

    UKRI Chief Executive Professor Dame Ottoline Leyser said:

    Tom Adeyoola’s appointment is excellent news for Innovate UK and the whole of UKRI. His experience and insight as a technology entrepreneur and business leader will bring enormous benefits and expertise to the organisation at this critical time.

    I’d like to take this opportunity to thank Dr Stella Peace for her superb leadership as interim Executive Chair. Stella will continue to play a major role for UKRI as Innovate UK’s Executive Director of Healthy Living and Agriculture.

    Under Tom Adeyoola’s leadership, Innovate UK will continue backing businesses and driving forward the government’s Plan for Change – supporting pioneering businesses, create high-value jobs, and turn cutting-edge ideas into solutions that improve lives across the UK.

    Incoming Executive Chair of Innovate UK, Tom Adeyoola said:

    Innovate UK plays a vital role in catalysing the businesses that will shape the UK’s future economy – whether through cutting-edge technologies, the creative industries, or AI.  

    I look forward to working with partners across the ecosystem, industry and government to ensure our investments have a multiplier impact, driving innovation that fuels economic growth and strengthens the UK’s position as a global leader in science and technology.

    Tom Adeyoola’s appointment follows a competitive recruitment process and is subject to a pre-appointment scrutiny hearing by the Science, Innovation and Technology Select Committee, which is expected to take place on 8 April.

    Notes to editors

    Tom will be stepping down from all existing responsibilities besides his roles on the Board of Channel 4 and as a school governor.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 3000

    Updates to this page

    Published 25 March 2025

    MIL OSI United Kingdom

  • MIL-OSI China: Multinational CEOs flock to China for business opportunities

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

    This photo taken on March 23, 2025 shows the Symposium on Macro Policies and Economic Growth of the China Development Forum 2025 in Beijing, capital of China. The China Development Forum 2025 is scheduled from March 23 to 24. The theme of this year’s forum is “Unleashing Development Momentum for Stable Growth of Global Economy.” [Photo/Xinhua]

    BEIJING, March 24 — Heads of some 80 multinationals including Siemens, Apple, Samsung and Pfizer have flocked to China to seek new cooperation opportunities with the world’s second-largest economy.

    The transnational corporate chiefs were present at the China Development Forum 2025 in Beijing, scheduled from March 23 to 24. The annual event, hosted by the Development Research Center of China’s State Council, has become an important platform of dialogue for the Chinese government, global businesses, academia, and international organizations.

    China will continue to welcome enterprises from around the world with open arms, further expand market access, actively address the concerns of businesses, and facilitate the deeper integration of foreign-funded enterprises into the Chinese market, Chinese Premier Li Qiang said in a keynote speech at the opening ceremony of the forum.

    Prior to the forum, British pharmaceutical giant AstraZeneca signed a landmark 2.5-billion-U.S. dollar agreement on Friday to invest in Beijing over the next five years, the largest single investment in Beijing’s biopharmaceutical sector in recent years.

    Under the agreement, AstraZeneca will establish a global strategic R&D center in Beijing, its sixth worldwide and second in China after one in Shanghai. The new center, equipped with an advanced artificial intelligence and data science laboratory, will accelerate early-stage drug research and clinical development.

    “The investment highlights our confidence in Beijing’s world-class life sciences innovation ecosystem, extensive collaborative opportunities, and exceptional talent pool,” AstraZeneca CEO Pascal Soriot said in an interview with Xinhua.

    In 2024, BMW delivered over 100,000 battery electric vehicles to customers in China for the first time, making China its strongest single market for electric vehicles.

    The company is committed to expanding its investment in China and accelerating the localization of production as well as research and development, said Oliver Zipse, chairman of the board of management of BMW AG, in a meeting with Chinese Commerce Minister Wang Wentao.

    Zipse also noted that there are only losers and no winners in a tariff war. The company firmly opposes the EU imposing additional tariffs on Chinese EVs and hopes that both the EU and China can properly resolve their differences, he said.

    At a symposium of the forum, Zipse said he was impressed by the AI Plus initiative in China’s government work report this year, and that BMW is working with Chinese sci-tech leaders to apply generative AI and large language model technologies into its vehicles.

    Miguel Lopez, CEO of Thyssenkrupp AG, an industrial conglomerate, said China is not only one of the largest markets, but also the country with the most comprehensive industrial chain and supply chain in the world, as well as a good logistics system.

    Thyssenkrupp will continue to strengthen supply chain management in China and establish good relationships with local suppliers, which will not only reduce its costs and improves its resilience, but also improves its performance on global markets, Lopez said.

    Lim Boon Heng, chairman of Singapore’s Temasek Holdings, said he truly feels during his visit the growing innovation and vitality of the Chinese market and the improved business environment.

    Noting China has become one of Temasek’s most important investment destinations, he said Temasek is full of confidence in the long-term prospects of the Chinese economy and will continue to deepen its presence in the Chinese market.

    For Otis, the elevator industry leader has benefited from China’s rapid urbanization over the past few decades.

    Judy Marks, CEO of Otis Worldwide Corporation, said the country still offers great opportunities in the future, and compared with decades ago, China is no longer just a production base and sales market, but also a research and development base for elevators.

    “I think most of the world will not only want to partner with China but also strengthen economic relations with China,” said Jeffrey Sachs, an economics professor at Columbia University.

    Official data has shown that China remains a top destination for transnational investment. Some 60,000 foreign-invested companies were established in China in 2024 alone, a 9.9 percent year-on-year increase. The return rate of FDI in China has remained at approximately 9 percent over the past five years, ranking among the highest around the world.

    This year’s government work report notes that China will encourage foreign investors to increase their reinvestment in the country, and it will ensure equal treatment for foreign-funded enterprises in fields such as production factor access, license applications, standards setting and government procurement.

    MIL OSI China News

  • MIL-OSI China: China intensifies efforts to eradicate tuberculosis

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

    BEIJING, March 24 — As a country facing huge challenges posed by tuberculosis (TB), China is accelerating its efforts to eliminate the disease domestically while making active contributions to the global anti-TB fight.

    According to data from the National Disease Control and Prevention Administration, the incidence and mortality rates of TB in China have fallen by 30 percent since 2012.

    Since 2012, China has successfully identified and treated approximately 7.85 million cases of pulmonary TB, maintaining a treatment success rate above 90 percent and a relatively low mortality rate, the administration said.

    Behind these encouraging figures is a cumulative investment of over 10 billion yuan (about 1.39 billion U.S. dollars) from China’s central government into special funds for TB prevention and control, noted Zhao Yanlin, head of the Center for Tuberculosis Prevention and Control under the Chinese Center for Disease Control and Prevention (China CDC).

    To ease the financial burden on TB patients, some local medical insurance bureaus in China have included TB into the category of outpatient chronic and special diseases, which offers higher reimbursement rates and caps than ordinary outpatient diseases, with reimbursement rates exceeding 90 percent.

    In Jiangsu Province, thanks to the policy to use certain innovative drugs free-of-charge in medical treatment, the treatment success rate for drug-resistant TB cases has risen to 85.6 percent, said Zhu Limei, an institute director under the province’s center for disease control and prevention.

    Beyond financial and policy support, China is also committed to innovation, aiming to further enhance TB prevention and treatment.

    In Jinxi, a town in Jiangsu, TB detection has shifted from passive to proactive screening, with an AI-powered imaging system and molecular diagnostic technologies now available at the community health center.

    “AI can quickly flag lung abnormalities, allowing faster diagnosis at the grassroots level,” said Tang Qingyan, a doctor with a local hospital. Currently, the new system and technologies are available in 47 community hospitals across the province, with plans to expand to 100 this year.

    In March, Jiangsu’s capital city of Nanjing launched one of the country’s first zero-cost treatment plan for drug-resistant TB using BPaL — the latest short-course regimen worldwide. This regimen, featuring drugs such as bedaquiline, pretomanid and linezolid, is expected to shorten the treatment period to just six months and boost the cure rate to over 90 percent.

    The first patient to receive the regimen in Nanjing said, “I was under immense pressure, worrying about whether the disease could be cured. This short and effective novel treatment has given me reassurance.”

    In its national plan for TB prevention and control released in November 2024, China set a clear objective to steadily reduce incidence, maintain low mortality rates, and significantly ease the burden on patients.

    Jointly issued by nine authorities, the plan integrates responsibilities across 15 government departments into an accountability framework, strengthening interagency coordination to ensure policy implementation.

    “Ending TB requires everyone’s effort, not just that of healthcare workers,” said an official from the China CDC. In fact, the entire Chinese society is actively working toward the goal of eradicating this deadly disease, the official noted.

    Hu Linjia, a university student volunteer, has been visiting local communities and using interactive quizzes to educate the elderly on TB prevention and control.

    “Every person made aware of TB brings us one step closer to ending this epidemic,” Hu said.

    MIL OSI China News

  • MIL-OSI USA: Lee Introduces the Restraining Judicial Insurrectionists Act of 2025

    US Senate News:

    Source: United States Senator for Utah Mike Lee

    Bill would stop blanket injunctions from sabotaging President Trump’s legitimate constitutional authority as Commander in Chief

     

    WASHINGTON – Senator Mike Lee (R-UT) today introduced the Restraining Judicial Insurrectionists Act of 2025, which establishes a three-judge panel to swiftly review injunctions or declaratory relief against the President of the United States and the Executive Branch, with quick appeal to the Supreme Court. This legislation comes in the wake of several decisions by district court judges usurping the role of the Chief Executive from President Donald Trump and attempting to thwart the will of the American people who elected him. 

    “America’s government cannot function if the legitimate orders of our Commander in Chief can be overridden at the whim of a single district court judge,” said Senator Lee. “They have presumed to run the military, the civil service, foreign aid, and HR departments across the Executive Branch—blatantly unconstitutional overreach. This legislation will create a judicial panel to expedite Supreme Court review of these blanket injunctions, preventing unelected radicals in robes from sabotaging the separation of powers.”

      

    BACKGROUND ON THE RESTRAINING JUDICIAL INSURRECTIONISTS ACT OF 2025

    • The bill amends 28 USC 2284 to state that any action commenced against the executive seeking injunctive or declaratory relief against the Executive will go to a three-judge district court.
    • Next, it requires that upon filing any covered action, the district judge who received the complaint and/or motion for preliminary injunction will refer the matter to the Chief Justice. The Chief Justice will then be required to select three judges in active service to preside over the case.
    • Additionally, the bill requires that a majority of the judges must agree to issue any form of relief, preliminary or permanent.
    • Finally, because this is a three-judge district court, all orders are directly appealable to the Supreme Court without discretion—so they must take up the case. 

    You can read the bill text HERE.

    You can read the Washington Examiner’s exclusive coverage HERE.

    MIL OSI USA News

  • MIL-OSI China: Peng Liyuan calls for global efforts to end TB epidemic

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

    BEIJING, March 24 — Peng Liyuan, wife of Chinese President Xi Jinping and also the World Health Organization (WHO) goodwill ambassador for tuberculosis (TB) and HIV/AIDS, on Monday called on the international community to commit more, invest more and deliver more on global TB prevention and treatment.

    In a written statement to the WHO World TB Day 2025, Peng said that with the powerful drive of the WHO and sustained efforts of the international community, notable progress has been achieved in the global fight against TB, and 79 million lives have been saved since 2000.

    It is of great significance that the WHO hosted the virtual meeting to encourage discussions on “Commit, Invest, Deliver,” rally the strength of all parties to tackle the public health challenge of TB, and make solid strides toward the goal of ending the epidemic, she said.

    Peng said that over the past more than 10 years, she has visited many medical facilities, schools and communities both at home and abroad, and witnessed the encouraging progress in TB response in different parts of the world, especially in China.

    Placing great emphasis on TB prevention and treatment, the Chinese government has included TB response in the Healthy China strategy and formulated a national plan to guide relevant efforts, she said.

    At the same time, China has been committed to facilitating the rapid development of TB control technologies, and made its “patient-centered support and care” more scientific and feasible. Thanks to the tireless work of all those working on TB prevention and treatment, the cure rate of the disease in China has been kept above 90 percent, she said.

    Peng said removing the threat of TB is the shared aspiration of all. But the fight remains difficult and challenging, and achieving the goal of ending TB epidemic is still an arduous task, which requires the international community to come together to commit more, invest more and deliver more.

    Peng pledged to continue to work with all parties to advance TB prevention and treatment, safeguard people’s health with love, and share warmth and kindness with unwavering dedication.

    “Let’s all contribute to building a global community of health for all,” she said.

    MIL OSI China News

  • MIL-OSI: Urgently Notified By Nasdaq Of Non-Compliance With Nasdaq’s Continued Listing Standards

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., March 24, 2025 (GLOBE NEWSWIRE) — Urgent.ly Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, announced today that The Nasdaq Stock Market LLC (“Nasdaq”) notified Urgently (the “Notice”) that Urgently’s net income from continuing operations had fallen below the minimum requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(3) (the “Minimum Net Income Requirement”). The Notice also noted that the Urgently does not meet the alternatives of market value of listed securities or stockholders’ equity (collectively with the Minimum Net Income Requirement, the “Continued Listing Standards”).

    In accordance with Nasdaq Listing Rule 5810(c)(2)(C), Urgently has 45 calendar days, or until May 5, 2025, to provide Nasdaq with a plan to regain compliance with the Continued Listing Standards (the “Compliance Plan”). If Nasdaq accepts the Compliance Plan, Nasdaq may grant an extension of up to 180 calendar days from the date of the Notice. If Nasdaq does not accept the Compliance Plan, then the Nasdaq staff will provide written notification to Urgently that its common stock will be subject to delisting. Urgently may appeal any such determination to delist its securities, but there can be no assurance that any such appeal would be successful.

    Urgently intends to submit the Compliance Plan to Nasdaq within the required time period. There can be no assurance that Nasdaq will accept the Compliance Plan, or that Urgently will be able to regain compliance with the Continued Listing Standards or maintain compliance with any other Nasdaq requirement in the future.

    About Urgently

    Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

    For media and investment inquiries, please contact:

    Press: media@geturgently.com

    Investor Relations: investorrelations@geturgently.com

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Urgently cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding Urgently’s ability to regain compliance with the Continued Listing Standards and Urgently’s intentions to submit a Compliance Plan to Nasdaq within the required time period. Urgently’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of important risks and uncertainties, including without limitation the risk that Urgently may not meet the Continued Listing Standards during any compliance period or in the future, the risk that Nasdaq may not grant Urgently relief from delisting, and the risk that Urgently may not ultimately meet applicable Nasdaq requirements after such relief, if any, is granted, among other important risks and uncertainties. A further description of the risks and uncertainties relating to the business of Urgently is contained in Urgently’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission. Urgently undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in its expectations.

    The MIL Network

  • MIL-OSI: Diversified Royalty Corp. Announces Fourth Quarter and Year End 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 24, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce its financial results for the three months (“Q4 2024”) and year ended December 31, 2024.

    Highlights

    • The weighted average organic royalty growth1 of DIV’s diversified royalty portfolio was 5.9% in Q4 2024 and 5.0% for the year ended December 31, 2024, compared to 6.8% for the three months ended December 31, 2023 (“Q4 2023”) and 8.4% for the year ended December 31, 2023. The weighted average organic royalty growth1 on a constant currency basis was 5.4% in Q4 2024 and 4.8% for the year ended December 31, 2024.
    • Revenue was $17.0 million in Q4 2024 and $65.0 million for the year ended December 31, 2024, up 3.9% and 15.0%, respectively, compared to the same periods in 2023.
    • Adjusted revenue1 was $18.4 million in Q4 2024 and $70.2 million for the year ended December 31, 2024, up 3.8% and 14.0%, respectively, compared to the same periods in 2023.
    • Distributable cash1 was $12.6 million in Q4 2024 and $44.8 million for the year ended December 31, 2024, up 21.5% and 17.5%, respectively, compared to the same periods in 2023.
    • Payout ratio1 was 82.3% in Q4 2024 based on dividends of $0.0625 per share for the quarter, compared to 84.2% in Q4 2023 based on dividends of $0.0609 per share for the comparable quarter and 90.0% for the year ended December 31, 2024 based on dividends of $0.2487 per share for the year, compared to 90.2% based on dividends of $0.2415 per share for the comparable year.
    • In celebration of DIV’s 10-year anniversary, we are proud to recognize the following:
      • On October 6, 2014, we announced our name change to “Diversified Royalty Corp.”
      • DIV’s very first dividend was $0.0157 per share, paid on November 28, 2014
      • The total dividends paid to shareholders since then is $269.1 million, or $2.25 per share

    Fourth Quarter Commentary

    Sean Morrison, President and Chief Executive Officer of DIV stated, “Overall, DIV is pleased with how its royalty partners performed with weighted average organic royalty growth of 5.9% in Q4 2024 and 5.0% for the year ended December 31, 2024. As with all portfolios, there are varying degrees of performance within the portfolio. Mr. Lube, our largest royalty partner, continued to see strong double-digit growth, generating SSSG1 (defined below) of 12.0% for the three-month period ended December 31, 2024, and 10.5% for the year ended December 31, 2024. This exceptional performance is the result of Mr. Lube’s management team working with their franchisees to share best practices and optimize the performance of each location. DIV’s other variable royalty partners generated mixed results with Oxford generating positive SSSG and Mr. Mikes generating negative SSSG in Q4. DIV’s fixed royalty partners, Nurse Next Door, Stratus and BarBurrito made their fixed royalty payments. DIV is deferring 20% of Sutton’s royalties to help them invest in the business and build on the positive momentum in Q4. DIV continues to see a decrease in royalty income from AIR MILES® because of the loss of Metro as a loyalty partner and continued softness across the AIR MILES® Rewards Program.”

    1. Adjusted revenue and distributable cash are non-IFRS financial measures, payout ratio is a non-IFRS ratio and weighted average organic royalty growth and Same-store-sales growth or SSSG are supplementary financial measures – see “Non-IFRS Measures” below.

    Fourth Quarter Results

       Three months ended December 31,
        Year ended December 31,
     
    (000’s)   2024     2023       2024     2023  
    Mr. Lube + Tires $ 8,602   $ 7,810     $ 31,190   $ 28,429  
    Stratusa   2,268     2,099       8,714     8,171  
    BarBurrito   2,101     2,032       8,403     2,032  
    Nurse Next Doorb   1,341     1,316       5,309     5,207  
    Oxford   1,206     1,162       4,530     4,521  
    Sutton   899     1,095       4,206     4,339  
    Mr. Mikes   1,040     1,130       4,226     4,570  
    AIR MILES®   896     1,044       3,640     4,352  
    Adjusted revenuec $ 18,352   $ 17,688     $ 70,218   $ 61,621  
                               

    a) Stratus royalty income for the three months and year ended December 31, 2024, was US$1.6 million and US$6.4 million, respectively, translated at an average foreign exchange rate of $1.4000 and $1.3703 to US$1, respectively (three months and year ended December 31, 2023 – royalty income of US$1.5 million and US$6.1 million, respectively, translated at an average foreign exchange rate of $1.3610 and $1.3493 to US$1, respectively).
    b) Represents the DIV Royalty Entitlement plus management fees received from Nurse Next Door.
    c) DIV Royalty Entitlement and adjusted revenue are non-IFRS financial measures and as such, do not have standardized meanings under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    In Q4 2024, DIV generated $17.0 million of revenue compared to $16.4 million in Q4 2023. After considering the DIV Royalty Entitlement2 (defined below) related to DIV’s royalty arrangements with Nurse Next Door, DIV’s adjusted revenue2 was $18.4 million in Q4 2024, compared to $17.7 million in Q4 2023. Adjusted revenue increased primarily due to incremental revenue received through the acquisition of the BarBurrito rights on October 4, 2023, positive SSSG2 at Mr. Lube + Tires and Oxford, the annual contractual royalty increases at Stratus and Nurse Next Door, partially offset by negative SSSG from Mr. Mikes and lower royalty income from AIR MILES® and the 20% deferral of the Sutton royalties, all as discussed in further detail below.

    2. Adjusted revenue and DIV Royalty Entitlement are non-IFRS financial measures and SSSG are supplementary financial measures – see “Non-IFRS Measures” below.

    Royalty Partner Business Updates

    Mr. Lube + Tires: Mr. Lube Canada Limited Partnership (“Mr. Lube + Tires”) generated SSSG3 of 12.0% for the Mr. Lube + Tires stores in the royalty pool for Q4 2024 and 10.5% for the year ended December 31, 2024, compared to SSSG of 14.0% and 17.1%, for the same respective prior periods in 2023.

    3. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    Stratus: Royalty income from SBS Franchising LLC (“Stratus”) was $2.3 million (US$1.6 million translated at an average foreign exchange rate of $1.4000 to US$1.00) for Q4 2024 and $8.7 million (US$6.4 million translated at an average foreign exchange rate of $1.3703 to US$1.00) for the year ended December 31, 2024. The fixed royalty payable by Stratus increases each November at a rate of 5% until and including November 2026 and 4% each November thereafter during the term of the license, with the most recent increase effective November 15, 2024.

    Nurse Next Door: The royalty entitlement to DIV (the “DIV Royalty Entitlement4”) from Nurse Next Door Professional Homecare Services Inc. (“Nurse Next Door”) was $1.3 million in Q4 2024 and $5.2 million for the year ended December 31, 2024. The DIV Royalty Entitlement from Nurse Next Door grows at a fixed rate of 2.0% per annum during the term of the license, with the most recent increase effective October 1, 2024.

    4. DIV Royalty Entitlement is a non-IFRS measure – see “Non-IFRS Measures” below.

    Mr. Mikes: SSSG5 for the Mr. Mikes Restaurants Corporation (“Mr. Mikes”) restaurants in the Mr. Mikes royalty pool was -4.7% in Q4 2024 and -3.4% for the year ended December 31, 2024, compared to SSSG of 7.3% and 10.1%, for the same respective prior periods in 2023. The lower SSSG percentage in the current period is primarily due to lower restaurant guest traffic. In addition, in the comparable period, SSSG was measured against quarters that included the impact from COVID-19 related government regulations, including vaccine mandates.

    Royalty income and management fees of $1.0 million were generated by Mr. Mikes in Q4 2024, compared to $1.2 million in Q4 2023, which excludes approximately $0.05 million from the partial payment of deferred contractual royalty fees and accrued management fees. Royalty income and management fees of $4.2 million were generated for the year ended December 31, 2024, compared to $4.4 million generated for the year ended December 31, 2023, excluding approximately $0.18 million from the partial payment of deferred contractual royalty fees and accrued management fees.

    5. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    Oxford: The Oxford Learning Centres, Inc. (“Oxford”) locations in the Oxford royalty pool generated SSSG6 (on a constant currency basis) of 4.0% in Q4 2024 and 0.2% for the year ended December 31, 2024, compared to SSSG of -0.2% and 5.9%, for the same respective prior periods in 2023. Oxford’s SSSG has returned to being positive after lapping the completion of the Ontario Government funding of student learning support, which included private tutoring, which funding completed in the first half of 2023.

    6. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    AIR MILES®: In Q4 2024, royalty income of $0.9 million was generated from the AIR MILES® Licenses compared to $1.0 million generated in Q4 2023, a decrease of 14.2% from the comparable quarter. For the year ended December 31, 2024, royalty income of $3.6 million was generated compared to $4.4 million generated in the comparable year, a decrease of 16.4%. The decrease is largely due to the loss of AIR MILES® sponsor Metro and continued softness in the AIR MILES® Rewards Program.

    Sutton: In Q4 2024, royalty income of $0.9 million was generated by Sutton, which is net of a 20% royalty deferral, compared to $1.1 million generated in Q4 2023. For the year ended December 31, 2024, royalty income of $4.1 million was generated, which includes a 20% royalty deferral for Q4, 2024, compared to $4.3 million generated in the comparable year. DIV and Sutton entered into a royalty deferral agreement during Q4 2024, which provides Sutton with a 20% deferral of royalties from October 1, 2024 to December 31, 2025. The deferred royalties do not accrue interest and are due in full on December 31, 2027. Sutton finished 2024 on a strong note, opening two new franchise locations in Q4 and has a growing pipeline of franchise opportunities across Canada. Sutton intends to invest the deferred royalties to complete the rebuild of its management team, increase investment in marketing, roll out its rebranded logo across Canada, increase business development, and build on the positive momentum that began in the back half of 2024.

    BarBurrito: Royalty income from BarBurrito Restaurants Inc. (“BarBurrito”) was $2.1 million for Q4 2024 and $8.3 million for the year ended December 31, 2024. The royalty payable by BarBurrito initially grows at a fixed rate of 4% per annum each March from and including March 2025 to and including March 2030 and, commencing on January 1, 2031, will fluctuate based on the gross sales of the BarBurrito locations in the royalty pool.

    Distributable Cash and Dividends Declared

    In Q4 2024 and for the year ended December 31, 2024, distributable cash7 increased to $12.6 million ($0.0759 per share) and $44.8 million ($0.2762 per share), respectively, compared to $10.4 million ($0.0723 per share) and $38.1 million ($0.2671 per share), in the respective periods in 2023.

    The increase in distributable cash7 for the quarter was primarily due to higher adjusted revenue7, lower general and administrative expenses, lower professional fees, lower interest expense, and lower salaries and benefits. The increase in distributable cash7 for the year was primarily due to higher adjusted revenue7, lower general and administrative expenses, and lower professional fees, partially offset by higher interest expense and higher and salaries and benefits.

    The increase in distributable cash per share7 for the quarter and year end were primarily due to an increase in distributable cash, partially offset by a higher weighted average number of common shares outstanding.

    In Q4 2024 and for the year ended December 31, 2024, the payout ratio7 was 82.3% on dividends of $0.0625 per share and 90.0% on dividends of $0.2487 per share, respectively, compared to the payout ratio of 84.2% on dividends of $0.0609 per share and 90.2% on dividends of $0.2410 per share for the same respective periods in 2023. The decrease in payout ratio for the quarter and year end were primarily due to higher distributable cash per share7, partially offset by higher dividends declared per share.

    7. Adjusted revenue and distributable cash are non-IFRS financial measures and distributable cash per share and payout ratio are non-IFRS ratios – see “Non-IFRS Measures” below.

    Net Income

    Net income for Q4 2024 and for the year ended December 31, 2024, was $4.0 million and $26.6 million, respectively, compared to net income of $9.1 million and $31.7 million for the same respective periods in 2023. The decrease in net income in Q4 2024 was primarily due to impairment loss on intangible assets and higher share-based compensation expense, partially offset by higher adjusted revenue8 and lower general and administrative expenses, interest expense on credit facilities, and income tax expense. The decrease in net income for the year was primarily due to impairment loss on intangible assets, higher share-based compensation expense, salaries and benefits, and interest expense on credit facilities, partially offset by higher adjusted revenue8 and lower general and administrative expenses, and income tax expense.

    8. Adjusted revenue is a non-IFRS financial measure – see “Non-IFRS Measures” below.

    About Diversified Royalty Corp.

    DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

    DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada.

    DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

    Forward-Looking Statements

    Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intend” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: Sutton having a growing pipeline of franchise opportunities across Canada; Sutton intends to invest the deferred royalties to complete the rebuild of its management team, increase investment in marketing, roll out its rebranded logo across Canada, increase business development and build on the positive momentum that began in the back half of 2024; DIV’s intention to pay monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information. DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular, risks and uncertainties include: DIV’s royalty partners may not make their respective royalty payments to DIV, in whole or in part; the decline in royalties received under the AIR MILES® licenses could cause AM Royalties Limited Partnership (“AM LP”) to be required to make partial or full repayment of the outstanding principal amount under its credit agreement, or cause AM LP to be in default under its credit agreement; current positive trends being experienced by certain of DIV’s royalty partners (and their respective franchisees) may not continue and may regress, and current negative trends experienced by certain of DIV’s royalty partners (including their respective franchisees) may continue and may regress; DIV and its royalty partners performance may not meet management’s expectations; DIV may not be able to make monthly dividend payments to the holders of its common shares; Sutton may not pay all deferred royalties in accordance with the timing required or at all; Sutton’s investment of the deferred royalties may not achieve their intended effects; Sutton may require further deferrals of royalties beyond those contemplated by the current deferral agreement; dividends are not guaranteed and may be reduced, suspended or terminated at any time; or DIV may not achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release is not a guarantee of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and in DIV’s management’s discussion and analysis for the three months and year ended December 31, 2024, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

    In formulating the forward-looking information contained herein, management has assumed that DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; lenders will provide any necessary waivers required in order to allow DIV to continue to pay dividends; lenders will provide any other necessary covenant waivers to DIV and its royalty partners; the performance of DIV’s royalty partners will be consistent with DIV’s and its royalty partners’ respective expectations; recent positive trends for certain of DIV’s royalty partners (including their respective franchisees) will continue and not regress; current negative trends experienced by certain of DIV’s royalty partners (including their respective franchisees) will not materially regress; Sutton will pay all deferred royalties in accordance with the required timing in full and will not require further deferrals; Sutton’s investment of the deferred royalties will achieve its intended effects; the businesses of DIV’s respective royalty partners will not suffer any material adverse effect; and the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    All of the forward-looking information in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that it will have the expected consequences to, or effects on, DIV. The forward-looking information in this news release is made as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

    Non-IFRS Measures

    Management believes that disclosing certain non-IFRS financial measures, non-IFRS ratios and supplementary financial measures provides readers with important information regarding the Corporation’s financial performance and its ability to pay dividends and the performance of its royalty partners. By considering these measures in combination with the most closely comparable IFRS measure, management believes that investors are provided with additional and more useful information about the Corporation and its royalty partners than investors would have if they simply considered IFRS measures alone. The non-IFRS financial measures, non-IFRS ratios and supplementary financial measures do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS measures should not be construed as a substitute or an alternative to net income or cash flows from operating activities as determined in accordance with IFRS.

    “Adjusted revenue”, “adjusted royalty income”, “DIV Royalty Entitlement” and “distributable cash” are used as non-IFRS financial measures in this news release.

    Adjusted revenue is calculated as royalty income plus DIV Royalty Entitlement and management fees. The following table reconciles adjusted revenue and adjusted royalty income to royalty income, the most directly comparable IFRS measure disclosed in the financial statements:

       Three months ended December 31,
        Year ended December 31,
     
    (000’s)   2024     2023       2024     2023  
    Mr. Lube + Tires $ 8,543   $ 7,750     $ 30,953   $ 28,196  
    Stratus   2,269     2,099       8,714     8,171  
    BarBurrito   2,080     2,013       8,320     2,013  
    Oxford   1,194     1,152       4,487     4,481  
    Sutton   872     1,068       4,096     4,229  
    Mr. Mikes   1,025     1,115       4,181     4,520  
    AIR MILES®   896     1,044       3,640     4,352  
    Royalty income $ 16,879   $ 16,241     $ 64,391   $ 55,962  
    DIV Royalty Entitlement   1,320     1,295       5,228     5,126  
    Adjusted royalty income $ 18,199   $ 17,536     $ 69,619   $ 61,088  
    Management fees   153     152       599     533  
    Adjusted revenue $ 18,352   $ 17,688     $ 70,218   $ 61,621  
                               

    For further details with respect to adjusted revenue and adjusted royalty income, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    The most closely comparable IFRS measure to DIV Royalty Entitlement is “distributions received from NND LP”. DIV Royalty Entitlement is calculated as distributions received from NND LP, before any deduction for expenses incurred by NND Holdings Limited Partnership (“NND LP”), which expenses include legal, audit, tax and advisory services. Note that distributions received from NND LP is derived from the royalty paid by Nurse Next Door to NND LP. The following table reconciles DIV Royalty Entitlement to distributions received from NND LP in the financial statements:

       Three months ended December 31,     Year ended December 31,
     
    (000’s)   2024     2023       2024     2023  
    Distributions received from NND LP $ 1,314   $ 1,284     $ 5,197   $ 5,095  
    Add: NND Royalties LP expenses   2     2       27     22  
    DIV Royalty Entitlement   1,316     1,286       5,224     5,117  
               
    Less: NND Royalties LP expenses   (2 )   (2 )     (27 )   (22 )
    DIV Royalty Entitlement, net of NND Royalties LP expenses $ 1,314   $ 1,284     $ 5,197   $ 5,095  
                               

    For further details with respect to DIV Royalty Entitlement, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    The following table reconciles distributable cash to cash flows generated from operating activities, the most directly comparable IFRS measure disclosed in the financial statements:

      Three months ended December 31,
        Year ended December 31,
     
    (000’s)   2024     2023       2024     2023  
               
    Cash flows generated from operating activities $ 11,724   $ 7,400     $ 46,491   $ 30,816  
               
    Current tax expense   (1,300 )   (845 )     (6,516 )   (5,061 )
    Accrued interest on convertible debentures   788     788            
    Accrued interest on bank loans   (13 )         (438 )    
    Distributions on MRM units earned in current periods   (34 )   (38 )     (138 )   (164 )
    Mandatory principal payments on credit facilities       (577 )     (643 )   (1,008 )
    Payment of lease obligations   (28 )   (28 )     (110 )   (107 )
    NND LP expenses   (2 )   (2 )     (27 )   (22 )
    Accrued DIV Royalty Entitlement, net of distributions   2           27      
    Foreign exchange and other   (13 )   394       146     229  
    Changes in working capital   (33 )   (527 )     303     3,579  
    Transactions costs       32           32  
    Taxes paid   1,512     1,648       6,012     7,691  
    Note receivable       2,130       (305 )   2,130  
    Distributable cash $ 12,603   $ 10,376     $ 44,802   $ 38,115  
                               

    For further details with respect to distributable cash, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    “Distributable cash per share” and “payout ratio” are non-IFRS ratios that do not have a standardized meaning prescribed by IFRS, and therefore may not be comparable to similar ratios presented by other issuers. Distributable cash per share is defined as distributable cash, a non-IFRS measure, divided by the weighted average number of common shares outstanding during the period. The payout ratio is calculated by dividing the dividends per share during the period by the distributable cash per share, a non-IFRS measure, generated in that period. For further details, refer to the subsection entitled “Non-IFRS Ratios” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    “Weighted average organic royalty growth” is the average same store sales growth percentage related to Mr. Lube + Tires, Oxford and Mr. Mikes (excluding the collection of Mr. Mikes deferred royalty management fees) plus the average increase in adjusted royalty income from AIR MILES®, Sutton (less 20% deferral in Q4, 2024), Nurse Next Door and Stratus over the prior comparable period taking into account the percentage weighting of each royalty partner’s adjusted royalty income in proportion of the total adjusted royalty income for the period, excluding BarBurrito as there was no full-period adjusted royalty income generated from BarBurrito in the prior period. Weighted average organic royalty growth is a supplementary financial measure and does not have a standardized meaning prescribed by IFRS. However, the Corporation believes that weighted average organic royalty growth is a useful measure as it provides investors with an indication of the change in year-over-year growth of each royalty partner, taking into account the percentage weighting of royalty partner’s growth in proportion of total growth, as applicable. The Corporation’s method of calculating weighted average organic royalty growth may differ from those of other issuers or companies and, accordingly, weighted average organic royalty growth may not be comparable to similar measures used by other issuers or companies.

    “Same store sales growth” or “SSSG” and “system sales” are supplementary financial measures and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. SSSG and system sales figures are reported to DIV by its Royalty Partners – see “Third Party Information”. For further details, refer to the subsection entitled “Supplementary Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    Third Party Information

    This news release includes information obtained from third party company filings and reports and other publicly available sources as well as financial statements and other reports provided to DIV by its royalty partners. Although DIV believes these sources to be generally reliable, such information cannot be verified with complete certainty. Accordingly, the accuracy and completeness of this information is not guaranteed. DIV has not independently verified any of the information from third party sources referred to in this news release nor ascertained the underlying assumptions relied upon by such sources.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

    Additional Information

    The information in this news release should be read in conjunction with DIV’s consolidated financial statements and management’s discussion and analysis (“MD&A”) for the three months and year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.com.

    Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.com.

    Contact:
    Sean Morrison, President and Chief Executive Officer
    Diversified Royalty Corp.
    (236) 521-8470

    Greg Gutmanis, Chief Financial Officer and VP Acquisitions
    Diversified Royalty Corp.
    (236) 521-8471

    The MIL Network

  • MIL-OSI New Zealand: Property Sector – Meet Cotality: CoreLogic Embraces a New Name and Bold Vision for the Future of the Property Industry

    Source: CoreLogic

    CoreLogic to rebrand to Cotality, reflecting the company’s mission to unify property professionals, strengthen industry relationships and drive innovation globally.

    CoreLogic today announced its global rebrand to Cotality, marking the company’s progression to a leader in property information, analytics and data-enabled solutions from its origins in financial services supporting the mortgage industry.

    This rebrand introduces a new name, logo and brand identity that reflect the company’s transformation into an information services provider that is creating a faster, smarter and more people-centric property industry.
    “The property ecosystem underpins the prosperity of individuals, businesses, governments and society as a whole. But at the core, it’s people, businesses and communities that drive it forward. Cotality’s insights build on this, by turning questions into futures you can see,” said Patrick Dodd, President and CEO of Cotality.
    “This rebrand reflects innovation, evolution and commitment to uniting property professionals – strengthening businesses, fostering relationships and powering outcomes that balance logic and data with humanity and emotion. Our name is changing to demonstrate the company’s unmatched dedication and service to clients around the world.”
    The new name, Cotality, reflects the company’s deep commitment to collaboration and connectivity, both internally and externally, while honoring its CoreLogic roots. It also signifies its approach of totality, delivering comprehensive data and insights across the entire property ecosystem and beyond. Tying it all together is the company’s spirit of vitality – placing the idea that helping people thrive is at the center of every insight and workflow.
    “While remaining true to our core DNA, the time is right to launch a refreshed brand that captures our evolution,” said Lisa Claes, CEO of Cotality International, pointing to its significantly expanded capability and customer solution set following a suite of acquisitions, sustained product investment and strengthened industry partnerships.
     Alongside the new Cotality name sits the tagline: Intelligence Beyond BoundsTM. 
    This tagline serves as both a first impression and a powerful expression of the company’s identity. It is an embodiment of the seamless integration of data, technology, artificial intelligence, insights and people that inspire Cotality to collaborate across the entire lifecycle of properties and homeowners.
    “For CoreLogic Australia, New Zealand and UK, Cotality captures our unique position and reinforces to the market that we are part of a global, technology-enabled information services leader, whose solutions truly unlock Intelligence beyond bounds.”
    “Our new name and tagline reflect the essence of who we are and where we’re headed. This transformation is a natural evolution, honoring our roots while embracing a future defined by collaboration, innovation and impact,” said Kristie Vainikos Stegen, Chief Brand and Communications Officer of Cotality. “This isn’t just about a new look; it’s about harnessing the power of data and technology and empowering people – internally and externally – to drive meaningful change globally.”
    Cotality empowers industry professionals across home lending, insurance, real estate and government worldwide. With operations in the United States, Canada, the United Kingdom, Australia, New Zealand, India and Germany, Cotality’s new global brand identity will build on CoreLogic’s trusted legacy to deliver innovation and drive smarter decisions while expanding its global reach.

    MIL OSI New Zealand News

  • MIL-OSI USA News: More Investment, More Jobs, and More Money in Americans’ Pockets

    Source: The White House

    More Investment, More Jobs, and More Money in Americans’ Pockets

    Today, Hyundai announced a $20 billion investment in the United States — including $5.8 billion for a new steel plant in Louisiana, which will create nearly 1,500 jobs. The investment, which builds on Hyundai’s pledge earlier this year to “further localize production in the U.S.,” is the latest success in President Donald J. Trump’s pursuit of a Made in America renaissance.

    It’s further proof that President Trump’s economic agenda is working.

    Hyundai is far from the only automaker planning major investments as President Trump leverages tariffs to remake the U.S. into a global manufacturing powerhouse:

    • Stellantis announced a $5 billion investment in its U.S. manufacturing network — including re-opening an Illinois manufacturing plant — as it pledges to increase domestic vehicle production.
    • Volkswagen is considering shifting production of the high-end Audi and Porsche brands to the U.S.
    • Honda is expected to produce its next-generation Civic hybrid model in Indiana.
    • Nissan is considering moving production from Mexico to the U.S.
    • Rolls-Royce is expected to “ramp up” production in the U.S. by hiring more American workers and expand its U.S.-based operations.
    • Volvo is considering expanding its U.S.-based output.

    It’s not just the auto sector; domestic and foreign companies have pledged trillions in new investments since President Trump took office:

    • Project Stargate, led by Japan-based Softbank and U.S.-based OpenAI and Oracle, announced a $500 billion private investment in U.S.-based artificial intelligence infrastructure.
    • Apple announced a $500 billion investment in U.S. manufacturing and training.
    • Nvidia announced it will invest hundreds of billions of dollars over the next four years in U.S.-based manufacturing.
    • Taiwan Semiconductor Manufacturing Company (TSMC) announced a $100 billion investment in U.S.-based chips manufacturing.
    • Eli Lilly and Company announced a $27 billion investment in domestic manufacturing.
    • United Arab Emirates-based DAMAC Properties announced a $20 billion investment in new U.S.-based data centers.
    • France-based CMA CGM, a global shipping giant, announced a $20 billion investment in U.S. shipping and logistics, creating 10,000 new jobs.
    • Merck announced it will invest $8 billion in the U.S. over the next several years after opening a new $1 billion North Carolina manufacturing facility.
    • Clarios announced a $6 billion plan to expand its domestic manufacturing operations.
    • GE Aerospace announced a $1 billion investment in manufacturing across 16 states — creating 5,000 new jobs.
    • GE Vernova announced it will invest nearly $600 million in U.S. manufacturing over the next two years, which will create more than 1,500 new jobs.
    • London-based Diageo announced a $415 million investment in a new Alabama manufacturing facility.
    • Dublin-based Eaton Corporation announced a $340 million investment in a new South Carolina-based manufacturing facility for its three-phase transformers.
    • Germany-based Siemens announced a $285 million investment in U.S. manufacturing and AI data centers, which will create more than 900 new skilled manufacturing jobs.
    • Paris Baguette announced a $160 million investment to construct a manufacturing plant in Texas.
    • Switzerland-based ABB announced a $120 million investment to expand production of its low-voltage electrification products in Tennessee and Mississippi.
    • Saica Group, a Spain-based corrugated packaging maker, announced plans to build a $110 million new manufacturing facility in Anderson, Indiana.
    • Paris-based Saint-Gobain announced a new $40 million NorPro manufacturing facility in Wheatfield, New York.
    • India-based Sygene International announced a $36.5 million acquisition of a Baltimore biologics manufacturing facility.
    • Asahi Group Holdings, one of the largest Japanese beverage makers, announced a $35 million investment to boost production at its Wisconsin plant.
    • Samsung is considering moving its dryer production from Mexico to South Carolina.
    • LG is considering moving its refrigerator manufacturing from Mexico to Tennessee.
    • Italian spirits group Campari is “assessing the opportunities to expand its production in the U.S.”
    • Essity, a Swedish hygiene product manufacturer, is considering shifting production to the U.S.
    • Taiwan-based Compal Electronics is considering a U.S.-based expansion.
    • Taiwan-based Inventec is expected to expand its manufacturing operations into Texas.
    • LVMH, a French luxury giant, is “seriously considering” an expansion to its U.S.-based production capabilities.
    • Cra-Z-Art, the biggest toymaker in the U.S., said it will move a “large percentage” of its China-based manufacturing back home.
    • Prepac, a Canadian furniture manufacturer, announced it will move production from Canada to the U.S.

    MIL OSI USA News

  • MIL-OSI Canada: Family doctors embrace new pay model

    Alberta’s government is committed to strengthening primary health care, ensuring every Albertan has access to a primary health care provider no matter where they live. This new compensation model is designed to not only support physicians in their essential work but also to enhance access to family doctors across the province.  

    Developed in partnership with the Alberta Medical Association (AMA), this model was announced in December following months of collaboration. With the AMA meeting the threshold of 500 enrolled physicians, the program is now set to officially launch on April 1. As of March 24, 789 family physicians have signed up to receive compensation through the new model.

    “Implementing the new primary care physician compensation model is an exciting milestone in our journey to strengthen Alberta’s primary health care system. The model will support family physicians and be a recruitment and retention tool to give more Albertans access to the primary care they need.”

    Adriana LaGrange, Minister of Health

    The new compensation model will ensure Alberta’s family doctors are competitively paid while promoting patient-focused care. Incentives include increases for:

    • Maintaining high panel numbers (minimum of 500 patients), which will incentivize panel growth and improve access to primary care for patients.
    • Providing after-hours care to relieve pressure on emergency departments and urgent care centres.
    • Enhancing team-based care, which will encourage developing integrated teams that may include family physicians, nurse practitioners, registered nurses, dietitians and pharmacists to provide patients with the best care possible.
    • Adding efficiencies in clinical operations to simplify processes for both patients and health care providers.

    Alberta’s government is committed to improving access to family physicians. This new model fosters growth while addressing patient complexity, striking a balance that enhances access to quality care for all Albertans.

    “This new model will strengthen comprehensive, cradle-to-grave primary care. These practices are the foundation of our health care system. The model will help us to retain the family medicine specialists and rural generalists we already have and will go a long way toward attracting more to Alberta.”

    Dr. Shelley Duggan, president, Alberta Medical Association

    “Family physicians welcome this announcement. For us, it signals government’s commitment to making primary care a priority within our health care system. I know many physicians are eager to begin working under this new model so they can stabilize their practices and focus on providing high-quality care to their patients.”

    Dr. Sarah Bates, president, Section of Family Medicine, Alberta Medical Association

    “Primary Care Alberta is pleased to see the extensive training, experience and leadership of family medicine specialists recognized. Primary care providers play an integral role in the health of Albertans. We look forward to working with government and family medicine specialists across the province to increase access to comprehensive primary care for all Albertans, particularly in rural and remote communities.” 

    Kim Simmonds, CEO, Primary Care Alberta

    “The PCPCM model is an important step forward in connecting every Albertan with a family physician and medical home.” 

    Dr. Melanie Hnatiuk, president, Alberta College of Family Physicians

    Alberta International Medical Graduate Program changes

    Alberta’s government is also making changes to the Alberta International Medical Graduate Program (AIMG) to better support Albertans who are studying medicine abroad and help them complete their residency in Alberta. The program assesses the qualifications of Alberta international medical graduates (IMGs) to determine their eligibility for medical residency positions at the University of Alberta and University of Calgary, but it does not select who is chosen for a residency position.

    The changes will adjust the graduation deadline and remove the requirement for an externship assessment, which previously required Alberta IMGs to complete a clinical assessment period in Alberta before beginning residency. Now, they can begin right after graduation. The application period for 2026 is from May 1 to May 30, 2025.  

    For the 2026 application cycle, applicants will be eligible if they graduate by July 1, 2026. Previously, applicants would have had to graduate by Dec. 31, 2025. These changes will make it easier for more Albertans to complete their residency here, helping to retain skilled health care professionals and build a stronger, more sustainable health care workforce for years to come.

    Quick facts

    • If passed, Budget 2025 will provide $66.3 million for postgraduate medical education programs in 2025-26, including $2.3 million for the AIMG Program.
    • Alberta offered 55 IMG residency seats in 2025, with plans to expand to 70 by 2028, and additional IMGs will also have the opportunity to fill unfilled Canadian medical graduate seats.
    • Adjustments to the AIMG program will go into effect for the class of 2026; physicians wanting medical residency positions need to apply to the program in May 2025.

    Related information

    • Primary care physician compensation model
    • Alberta International Medical Graduate Program
    • Modernizing Alberta’s Primary Health Care System (MAPS)

    Related news

    • New pay model, better access to family doctors (Dec. 19, 2024)
    • Competitive compensation for resident physicians (Oct. 9, 2024)
    • Modernizing how family doctors are paid in Alberta (April 17, 2024)
    • Stabilizing Alberta’s primary health care system (April 4, 2024)
    • Helping primary care providers support patients (Feb. 8, 2024)
    • New funding to stabilize primary health care (Dec. 21, 2023)
    • Strengthening health care: A collaborative effort (Oct. 24, 2023)
    • Strengthening health care: Improving access for all (Oct. 18, 2023)

    MIL OSI Canada News

  • MIL-OSI Asia-Pac: INDIAN NAVY’s MAIDEN INITIATIVES OF INDIAN OCEAN SHIP SAGAR (IOS SAGAR) AND AFRICA INDIA KEY MARITIME ENGAGEMENT (AIKEYME)

    Source: Government of India (2)

    Posted On: 24 MAR 2025 6:00PM by PIB Delhi

    Over the past ten years, Indian Navy has deepened its partnerships with maritime agencies of Indian Ocean Region (IOR), to enhance maritime security in consonance with the GoI’s vision of Security and Growth for All in the Region (SAGAR). Indian Navy has been collaborating with navies of IOR countries on several initiatives such as joint naval exercises, coordinated patrols, information sharing, HADR efforts, capacity building and other diplomatic engagements. With SAGAR entering its second decade, and the announcement of Mutual and Holistic Advancement for Security Across the Regions (MAHASAGAR) by Hon’ble Prime Minister, during his visit to Mauritius in March 2025, Indian Navy is launching its maiden initiatives of IOS Sagar and AIKEYME, which are aimed at consolidating Indian Navy’s stature as the ‘Preferred Security Partner’ and ‘First Responder’ in Indian Ocean Region.

    IOS Sagar

    Indian Ocean Ship (IOS) Sagar, is an initiative towards continued cooperation with IOR nations. One Indian Naval ship (INS Sunayna) is being deployed to the Southwest IOR with a combined crew of India and nine Friendly Foreign Countries (Comoros, Kenya, Madagascar, Maldives, Mauritius, Mozambique, Seychelles, Sri Lanka , South Africa). The ship is planned to be deployed for over a month in April 2025, and would be undertaking port calls at Dar-es-Salaam, Nacala, Port Louis, Port Victoria and Male and Joint surveillance of Exclusive Economic Zones (EEZs) of Tanzania, Mozambique, Mauritius and Seychelles.

    The personnel from FFCs would undergo a training capsule of two weeks at various naval professional schools at Kochi, including training at Sea. The FFC personnel would be engaged in wholeship activities, watch keeping and other events related to their respective branches/ trade. The participants of IOS Sagar are also planned to witness harbour phase activities of Exercise AIKEYME at Dar-es-Salaam, Tanzania.

    AIKEYME

    India and Africa give immense importance to maritime security and have reiterated their commitment to increase cooperation in tackling maritime security threats such as piracy, illegal activities including trafficking, unregulated and unreported fishing through sharing of information and surveillance. A large scale multilateral maritime engagement exercise with African Countries, titled as ‘Africa India Key Maritime Engagement’ also known as AIKEYME, which means ‘Unity’ in Sanskrit is an initiative in this direction to enhance interoperability with the navies/ maritime agencies. The maiden edition of the exercise is being co-hosted by Indian Navy and Tanzania Peoples’ Defence Force (TPDF) and would be conducted at/ off Dar-es-Salaam, Tanzania, and is planned to be inaugurated by Hon’ble RM Shri Rajnath Singh in mid-April 2025. The exercise is planned over six days and includes participation from Comoros, Djibouti, Eritrea, Kenya, Madagascar, Mauritius, Mozambique, Seychelles and South Africa in addition to the co-hosts. The Harbour Phase of the exercise would include TableTop and Command Post exercises on Piracy and Information sharing, along with training on Seamanship and Visit Board Search and Seizure (VBSS). The Sea Phase comprises Seamanship evolutions, Search and Rescue, VBSS, Small Arms firing and Helicopter Operations.

    _____________________________________________________________

    VM/SPS                                                                                                        64/25

    (Release ID: 2114491) Visitor Counter : 50

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Incredible India Content Hub

    Source: Government of India (2)

    Posted On: 24 MAR 2025 4:04PM by PIB Delhi

    Development and promotion of tourist destinations and products, including religious tourism is undertaken by the respective State Government/UT Administration. The Ministry of Tourism complements the efforts of States/UTs by developing and promoting various tourism products of the country through various schemes and initiatives.

    Ministry of Tourism works closely with Ministry of Road Transport and Ministry of Civil Aviation for improving road and air connectivity to tourist destinations. Under RCS UDAN, Ministry of Tourism collaborated with Ministry of Civil Aviation and shared the Viability Gap Funding (VGF) amount for 53 tourism routes identified.

    In order to attract foreign investment in the tourism sector, 100% Foreign Direct Investment (FDI) is allowed under the automatic route in the tourism and hospitality industry in India, subject to applicable regulations and laws. 100% FDI is allowed in tourism construction projects, including the development of hotels, resorts and recreational facilities.

    To give fillip to private investment in tourism, three-star or higher category classified hotels located outside cities with population of more than 1 million, ropeways & cable cars and Exhibition-cum-Convention Centre Projects with minimum built-up floor area of 100,000 square metres of exclusively exhibition space or convention space or both combined, have been included in the Harmonized Master List of infrastructure sub-sectors.

    Further in Union Budget 2025-26, an announcement for inclusion of hotels located in the top 50 tourist destination sites in the country, identified for development in challenge mode, in the Harmonized Master List of infrastructure sub-sectors.

    The Ministry has launched the revamped version of Incredible India Digital Platform (IIDP) on September 27, 2024 as a comprehensive resource for travellers and stakeholders interested in exploring the country’s rich cultural heritage, natural beauty, and diverse attractions. One of the new feature of the IIDP is the Incredible India Content Hub – a comprehensive digital repository, featuring rich collection of high-quality images, films, brochures, and newsletters related to tourism in India. This repository is intended for the use of a diverse range of stakeholders, including tour operators, journalists, students, researchers, film makers, authors, influencers, content creators, government officials, and ambassadors. The IIDP uses an AI-powered tool that personalizes visitor experiences by offering real-time weather updates, city exploration, and essential travel services. The portal has also partnered with several OTAs (Online Travel Agents) and Stakeholders for seamless booking of flights, hotels, cabs, and buses and tickets for ASI monuments.

    This information was given by Union Minister for Tourism and Culture Shri Gajendra Singh Shekhawat in a written reply in Lok Sabha today.

    ***

    Sunil Kumar Tiwari

    tourism4pib[at]gmail[dot]com

    (Release ID: 2114402) Visitor Counter : 59

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: FINANCIAL ASSISTANCE AND REGULATORY FRAMEWOR UNDER ARHCs SCHEME

    Source: Government of India (2)

    Posted On: 24 MAR 2025 5:10PM by PIB Delhi

    Ministry of Housing and Urban Affairs (MoHUA) launched Affordable Rental Housing Complexes (ARHCs) as a sub-scheme of Pradhan Mantri Awas Yojana – Urban (PMAY-U) to provide dignified living to urban migrants/poor near their workplace. This scheme is implemented through two models:

    1. Model-1: Utilizing existing Government funded vacant houses constructed under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and Rajiv Awas Yojana (RAY) to convert into ARHCs through Public Private Partnership (PPP) or by Public Agencies,
    2. Model-2: Construction, Operation & Maintenance of ARHCs by Public/Private Entities on their own available vacant land.

    Beneficiaries of ARHCs are urban migrants/poor from Economically Weaker Section (EWS)/Low Income Group (LIG). They include labour, urban poor (street vendors, rickshaw pullers, other service providers etc.), industrial workers, and migrants working with market/trade associations, educational/health institutions, hospitality sector, long term tourists/visitors, students or any other persons of such category.

    Under Model-1, so far, 5,648 existing Government funded vacant houses have been converted into ARHCs in different States/Union Territories (UTs). Under Model-2, MoHUA has approved proposals for 82,273 new ARHC units in 7 States, of which 35,425 have been completed and remaining are under different stages of initiation/construction. These ARHCs provide dignified living with all civic amenities to the eligible beneficiaries at an affordable rate.  A total of ₹173.89 crore of Technology Innovation Grant (TIG) has been sanctioned, of which ₹83.26 crore has been released under ARHCs.

    As per scheme guidelines, the initial affordable rent of ARHCs is fixed by the local authority based on a local survey. Subsequently, rent is enhanced biennially by 8%, subject to a maximum increase of 20% in aggregate, over a period of 5 years, effective from the date of signing the contract. The same mechanism is followed over the entire concession period i.e. 25 years.

    As per the operational guidelines of ARHCs, various benefits/incentives were proposed by the Government to encourage proactive participation of Public/Private Entities in the construction and management of ARHCs. The operation guidelines are available at https://arhc.mohua.gov.in/filesUpload/Operational-Guidelines-of-ARHCs.pdf.

    So far, the Ministry has not conducted any assessment of ARHCs. However, based on the learning from the experiences of 9 years implementation of PMAY-U, MoHUA has revamped the scheme and launched PMAY-U 2.0 ‘Housing for All’ Mission with effect from 01.09.2024 for implementation in urban areas across the country to construct, purchase and rent a house by 1 crore additional eligible beneficiaries at affordable cost through four verticals i.e., Beneficiary Led Construction (BLC), Affordable Housing in Partnership (AHP), Affordable Rental Housing (ARH) and Interest Subsidy Scheme (ISS). ARH vertical of PMAY-U 2.0 aims to construct rental housing projects for EWS/LIG beneficiaries including migrant workers and other poor who do not want to own a house but require housing for short term basis. The scheme guidelines of PMAY-U 2.0 are available at https://pmay-urban.gov.in/uploads/guidelines/Operational-Guidelines-of-PMAY-U-2.pdf.

    The reply was given by THE MINISTER OF STATE IN THE MINISTRY OF HOUSING AND URBAN AFFAIRS SHRI TOKHAN SAHU in Rajya Sabha Today.

    *****

    SK

    (Release ID: 2114459) Visitor Counter : 46

    MIL OSI Asia Pacific News

  • MIL-OSI USA: California doubles down to protect communities from wildfire with 25 key deliverables for 2025

    Source: US State of California 2

    Mar 24, 2025

    What you need to know: The Governor’s Wildfire and Forest Resilience Task Force released a list of 25 key deliverables to build on the state’s ongoing efforts to protect Californians from increasing threats posed by catastrophic wildfire and a changing climate.

    SACRAMENTO – Following the devastation of the Los Angeles firestorms and with escalating risks of catastrophic wildfires, the Governor’s Wildfire and Forest Resilience Task Force today released a list of 25 key deliverables that will protect communities and natural landscapes statewide. 

    The list builds on Governor Gavin Newsom’s emergency proclamation to expedite wildfire prevention projects across the state, and the extensive work of the Task Force to date. A full list of the 2025 Key Deliverables is available here.

    The deliverables outline the highest priority actions underway this year to achieve the commitments in California’s Wildfire and Forest Resilience Action Plan, launched in 2021, and to advance key new initiatives that will be highlighted in the forthcoming update of the Action Plan to be released later this year. Many of the deliverables are already underway.

    The Los Angeles firestorms put another exclamation point on the need to use every tool we have available to protect communities from wildfire. These deliverables pull from the state’s already nation-leading toolbox of solutions and push California to move even faster.

    Governor Gavin Newsom

    This comes at a critical time, building on the unprecedented actions Governor Newsom has already taken in response to the Los Angeles fires and advancing the Governor’s emergency proclamation to cut red tape and fast-track wildfire prevention projects.

    “The Task Force has made strong progress to protect Californians from catastrophic wildfire,” said California Natural Resources Secretary Wade Crowfoot. “But much more work is needed. These deliverables chart out critical solutions we will put in place to protect people and their homes, restore the health of our landscapes, and continue to build out a long-term comprehensive approach to strengthening our resilience to wildfire.” 

    What are the top priorities of the 2025 Key Deliverables?

    The deliverables strategically prioritize community safety, forest health, and rural economies through actions that will:

    • Improve home and community wildfire resilience.
    • Streamline regulatory processes.
    • Expand landscape-scale resilience programs.
    • Scale-up beneficial fire.
    • Increase post-fire restoration programs.
    • Create forest sector jobs and a sustainable wood products market.
    • Build a science-based framework for measuring progress.

    Building on nation-leading progress

    The 2025 Key Deliverables are the next advancement made by California to increase wildfire response and forest management in the face of a hotter, drier climate. From day 1, Governor Newsom declared California’s firefighters and wildfire resilience as a top priority of his administration. Since taking office, the Governor has committed more resources and investments than ever before to significantly boost wildfire response capabilities while tackling root causes of the wildfire crisis head-on. A full list of California’s progress on wildfire resilience is available here.

    Historic investments — Overall, the state has more than doubled investments in wildfire prevention and landscape resilience efforts, providing more than $2.5 billion in wildfire resilience since 2020, with an additional $1.5 billion to be allocated from the 2024 Climate Bond.

    On-the-ground progress — More than 2,200 landscape health and fire prevention projects are complete or underway, and from 2021-2023, the state and its partners treated nearly 1.9 million acres, including nearly 730,000 acres in 2023. 

    Increasing transparency — The Governor’s Task Force launched an Interagency Treatment Dashboard to display completed federal, state, local, and private vegetation management projects across the state. The Dashboard, launched in 2023, provides transparency, tracks progress, facilitates planning, and informs firefighting efforts.

    Protecting communities — Since 2019, CAL FIRE has awarded more than $450 million for 450 wildfire prevention projects across the state and conducts Defensible Space Inspections on more than 250,000 homes each year.

    Leveraging cutting-edge technology — On top of expanding the world’s largest aerial firefighting fleet, CAL FIRE has doubled its use of drones and the state is utilizing AI-powered tools to spot fires quicker.

    Press Releases, Recent News

    Recent news

    News What you need to know: Governor Newsom, in partnership with the Legislature, is announcing the largest-ever funding award of $76 million to 347 community groups and nonprofit organizations to protect them from hate-motivated violence. Sacramento, California –…

    News What you need to know: 125 new California Highway Patrol officers sworn in to protect the state. WEST SACRAMENTO – Marking the successful completion of an intense 26-week training program, today Governor Newsom congratulated 125 cadets who graduated into their…

    News 10 days left to apply for assistance and no-cost debris removal for Los Angeles fire survivors What you need to know: The March 31 deadline is quickly approaching for residents affected by recent wildfires in Los Angeles County to apply for critical disaster…

    MIL OSI USA News

  • MIL-OSI USA: NEWS RELEASE: CBED Program Awards Grant to INPEACE to Support Native Hawaiian Businesses at 2025 Merrie Monarch Festival

    Source: US State of Hawaii

    NEWS RELEASE: CBED Program Awards Grant to INPEACE to Support Native Hawaiian Businesses at 2025 Merrie Monarch Festival

    Posted on Mar 24, 2025 in Latest Department News, Newsroom

     

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

    DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

    KA ʻOIHANA HOʻOMOHALA PĀʻOIHANA, ʻIMI WAIWAI A HOʻOMĀKAʻIKAʻI

     

    BUSINESS DEVELOPMENT AND SUPPORT DIVISION

     

    JOSH GREEN, M.D.
    GOVERNOR

    KE KIAʻĀINA

     

    JAMES KUNANE TOKIOKA

    DIRECTOR

    KA LUNA HOʻOKELE

     

    DENNIS T. LING

    ADMINISTRATOR

    CBED PROGRAM AWARDS GRANT TO INPEACE TO SUPPORT NATIVE HAWAIIAN BUSINESSES AT 2025 MERRIE MONARCH FESTIVAL

     

    FOR IMMEDIATE RELEASE

    March 24, 2025

     

    HONOLULU – The Department of Business, Economic Development and Tourism (DBEDT) Community-Based Economic Development (CBED) Program has awarded an $8,000 grant to the Institute for Native Pacific Education and Culture (INPEACE) Center for Entrepreneurship. The funding will support nine Native Hawaiian-owned small businesses in participating as vendors at the Kākoʻo Hawaiʻi Merrie Monarch Market, taking place April 24-26, 2025 at Sangha Hall in Hilo, Hawai‘i, in conjunction with the Merrie Monarch Festival.

    “The CBED Program is committed to fostering economic opportunities that strengthen Hawaiʻi’s small business community, particularly those that align with cultural preservation and sustainability,” said DBEDT Business Support Division Branch Chief Mark Ritchie. “By supporting Native Hawaiian entrepreneurs at the Merrie Monarch Festival, we are investing in the long-term success of local businesses while celebrating and perpetuating Hawaiian culture.”

    As one of Hawai‘i’s premier cultural events, the Merrie Monarch Festival attracts thousands of attendees, including residents, visitors and cultural practitioners. The Kākoʻo Hawaiʻi Merrie Monarch Market, which runs alongside the festival, provides a unique opportunity for local artisans, food vendors and entrepreneurs to showcase their products, increase brand recognition and generate revenue.

    “This funding allows us to provide critical support for Native Hawaiian small businesses – helping them grow their brands, expand their customer base and contribute to the local economy,” said Lisa Pakele, program director of the INPEACE Center for Entrepreneurship. “We are grateful to the CBED Program for its commitment to community-based economic development.”

    The grant funding will cover vendor booth fees, travel expenses and marketing efforts to enhance visibility for participating businesses. The selected cohort includes:

    • Bujo Bae: Island-inspired stationery, paper goods, scrapbooking materials and journals. (Honolulu, O‘ahu)
    • Honolulu Baby Company: Keiki apparel and accessories that are comfy, conscious and cute. (Honolulu, O‘ahu)
    • Kākou Collective: Stationery, greeting cards, notebooks and apparel featuring hand-drawn artwork by Native Hawaiian artist Kea Peters. (‘Ewa Beach, O‘ahu)
    • Kaulana Mahina: A research-based resource promoting Hawaiian culture and language through mahina workshops, moon calendars, maps, keiki books and more. (Keaʻau, Hawaiʻi Island)
    • Keha Hawai‘i: A blend of classic and contemporary fashion for men and women that pays homage to the ʻāina, kānaka, ʻōlelo and moʻolelo of Hawaiʻi. (Honolulu, O‘ahu)
    • The Keiki Dept: A lifestyle brand for the ‘ohana that encourages families to have conversations about the plants and animals featured on their products. (ʻAiea, O‘ahu)
    • Mahina Made: A Hawaiʻi lifestyle brand of apparel, accessories and home goods. (Honolulu, O‘ahu)
    • Pawniolo Pets: Offering high-quality pet food and snacks rooted in the traditions of its family cattle ranch on Hawaiʻi Island. (Waimea, Hawaiʻi Island)
    • Sweetheart Farm: Farm-fresh products ranging from microgreens and chili pepper jelly to baked goods and lilikoi butter. (Hilo, Hawai‘i Island)

    The CBED Program supports initiatives that promote economic self-sufficiency and sustainable business development in Hawaiʻi. By investing in community-driven projects, DBEDT aims to strengthen local industries, enhance job creation and foster long-term economic resilience.

    For more information about the CBED Program and its initiatives, visit https://invest.hawaii.gov/business/cbed/. To learn more about INPEACE and its programs, visit https://inpeace.org/.

    About the Department of Business, Economic Development and Tourism (DBEDT)

    DBEDT is Hawai‘i’s resource center for economic and statistical data, business development opportunities, energy and conservation information, as well as foreign trade advantages. DBEDT’s mission is to achieve a Hawai‘i economy that embraces innovation and is globally competitive, dynamic and productive, providing opportunities for all Hawai‘i’s citizens. Through its attached agencies, the department fosters planned community development, creates affordable workforce housing units in high-quality living environments and promotes innovation-sector job growth.

    About the Community-Based Economic Development (CBED) Program

    The CBED Program is dedicated to supporting the economic growth and sustainability of Hawaiʻi’s communities. By providing grants, loans and technical assistance, CBED empowers local businesses and organizations to thrive and contribute to a vibrant local economy.

    About the Institute for Native Pacific Education and Culture (INPEACE)

    INPEACE is a nonprofit organization committed to the education, culture and economic development of Native Hawaiians. Through a range of programs and initiatives, INPEACE strives to create opportunities that promote self-sufficiency and enhance the quality of life for Native Hawaiian communities. The INPEACE Center for Entrepreneurship supports new family-owned businesses and start-ups on the Leeward Coast of O‘ahu to increase their capacity to succeed. The center provides intensive individual support, personal and business finance training, 1-on-1 coaching, access to business micro loans, peer networking, business equipment, administrative back-office support, specialized services and expert mentors.

    # # #

     

    Media Contacts:

     

    Laci Goshi

    Communications Officer

    Department of Business, Economic Development and Tourism
    Cell: 808-518-5480

    Email: [email protected]

    Mark Ritchie

    Branch Chief, Business Support Division

    Department of Business, Economic Development and Tourism

    Phone: 808-586-2355

    Email: [email protected]

    Lisa Pakele

    INPEACE Program Director

    Center for Entrepreneurship

    Phone 808-693-7222 ext. 116

    Email: [email protected]

    MIL OSI USA News

  • MIL-OSI USA: DLNR News Release: APPLICATIONS FOR 2025 LĀNAʻI MOUFLON SHEEP SEASON OPEN MARCH 31

    Source: US State of Hawaii

    DLNR News Release: APPLICATIONS FOR 2025 LĀNAʻI MOUFLON SHEEP SEASON OPEN MARCH 31

    Posted on Mar 24, 2025 in Latest Department News, Newsroom

     

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF LAND AND NATURAL RESOURCES

    KA ‘OIHANA KUMUWAIWAI ‘ĀINA

     

         JOSH GREEN, M.D.
    GOVERNOR

     

    DAWN CHANG
    CHAIRPERSON

     

    APPLICATIONS FOR 2025 LĀNAʻI MOUFLON SHEEP SEASON OPEN MARCH 31

    FOR IMMEDIATE RELEASE 

    March 24, 2025

     

    HONOLULU – Applications for the 2025 Lānaʻi mouflon sheep hunting season will be available on March 31, 2025.

     

    Lānaʻi’s mouflon sheep season will consist of four hunts: an archery hunt, a youth hunt, a muzzleloader hunt, and a general rifle hunt. All four hunts may be subject to a lottery drawing.

     

    Depending on application levels, standby hunting opportunities may be offered for the general rifle season. If application numbers are higher or lower than anticipated for the general rifle season, one or more weekends may be added or eliminated.

     

    For more information and to apply, go to: https://dlnr.hawaii.gov/recreation/hunting/. Click on “Apply for Hunts” and select 2025 Lānaʻi Mouflon Sheep Season.

     

     

    # # #

     

    RESOURCES

    (All images/video Courtesy: DLNR)

     

    Photograph – attached

     

    Additional hunt details are available at the link below or by calling DLNR Division of Forestry and Wildlife offices.

     

    https://dlnr.hawaii.gov/recreation/files/2025/03/2025-Mouflon-Sheep-Season-Public-Notice_Hunting-Webpage.pdf  

     

     

    O‘ahu: 1-808-587-0166                                  Maui: 1-808-984-8100

    Hawai‘i: 1-808-974-4221 (Hilo)                    Moloka‘i: 1-808-553-1745

    Kaua‘i: 1-808-274-3433                                 Lāna‘i: 1-808-565-7916

     

     

    Media Contact: 

    Ryan Aguilar

    Communications Specialist

    Hawai‘i Dept. of Land and Natural Resources

    808-587-0396 

    Email: [email protected] 

    MIL OSI USA News

  • MIL-OSI Banking: Verizon to speak at New Street Research Conference on March 26

    Source: Verizon

    Headline: Verizon to speak at New Street Research Conference on March 26

    NEW YORK – Frank Boulben, senior vice president and chief revenue officer for the Consumer Group of Verizon (NYSE, Nasdaq: VZ), is scheduled to speak at the New Street Research and BCG Future of Connectivity Leaders Conference on Wednesday, March 26, at 8:30 a.m. ET. His remarks will be webcast, with access instructions available on Verizon’s Investor Relations website, www.verizon.com/about/investors.

    Boulben will discuss the unit’s progress to innovate on its mobile and broadband platforms, bringing differentiated offers to the market and enhancing its value proposition, while elevating the customer experience and strengthening customer relationships.

    Verizon is on track to deliver on its full-year 2025 financial and operational guidance and remains committed to its three key priorities of growing wireless service revenue, expanding adjusted EBITDA1 and generating strong free cash flow1.

    For 2025, Verizon continues to expect the following:

    • Total wireless service revenue growth2 3 of 2.0 percent to 2.8 percent.
    • Adjusted EBITDA growth1 of 2.0 percent to 3.5 percent.
    • Adjusted EPS1 growth of 0 to 3.0 percent.
    • Cash flow from operations of $35.0 billion to $37.0 billion.
    • Capital expenditures between $17.5 billion and $18.5 billion.
    • Free cash flow1 of $17.5 billion to $18.5 billion.

    1 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).

    2 Total wireless service revenue represents the sum of Consumer and Business segments.

    3 Reflects the reclassification of recurring device protection and insurance related plan revenues from other revenue into wireless service revenue beginning January 2025. Reclassified 2024 annual revenues were more than $2.9 billion.

    Forward-looking statements

    In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences; failure to take advantage of, or respond to competitors’ use of, developments in technology, including artificial intelligence, and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; disruption of our key suppliers’ or vendors’ provisioning of products or services, including as a result of geopolitical factors or the potential impacts of global climate change; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; the impact of public health crises on our business, operations, employees and customers; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier Communications Parent, Inc. and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.

    Non-GAAP Reconciliations

    Free Cash Flow Forecast

    (dollars in millions)

    12 Mos. Ended 12/31/25

    Net Cash Provided by Operating Activities Forecast

    $ 35,000 – 37,000

    Capital expenditures forecast (including capitalized software)

    (17,500 – 18,500)

    Free Cash Flow Forecast

    $ 17,500 – 18,500

    MIL OSI Global Banks

  • MIL-OSI Europe: REPORT on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Arab Republic of Egypt – A10-0037/2025

    Source: European Parliament

    DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

    on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Arab Republic of Egypt

    (COM(2024)0461 – C10‑0009/2024 – 2024/0071(COD))

    (Ordinary legislative procedure: first reading)

    The European Parliament,

     having regard to the Commission proposal to Parliament and the Council (COM(2024)0461),

     having regard to Article 294(2) and Article 212 of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C10‑0009/2024),

     having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

     having regard to the budgetary assessment by the Committee on Budgets,

     having regard to Rule 60 of its Rules of Procedure,

     having regard to the opinion of the Committee on Foreign Affairs,

     having regard to the report of the Committee on International Trade (A10-0037/2025),

    1. Adopts its position at first reading hereinafter set out;

    2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

    3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

     

     

    Amendment  1

    Proposal for a decision

    Recital 1 a (new)

     

    Text proposed by the Commission

    Amendment

     

    (1a) This Decision has implications for the Union budget. Accordingly, the European Parliament’s Committee on Budgets adopted a budgetary assessment, which forms an integral part of Parliament’s mandate for negotiations.

    Amendment  2

    Proposal for a decision

    Recital 2 a (new)

     

    Text proposed by the Commission

    Amendment

     

    (2a) On 17 March 2024, Egypt and the European Union jointly decided to upgrade their relations to a strategic and comprehensive partnership, based on the values of equity and mutual respect and trust in order to strengthen their common stability, peace and prosperity.

    Amendment  3

     

    Proposal for a decision

    Recital 3

     

    Text proposed by the Commission

    Amendment

    (3) In line with the Partnership Priorities, the EU and Egypt are committed to ensuring accountability, the rule of law, the full respect of human rights, fundamental freedoms, promoting democracy, gender equality and equal opportunities as constitutional rights of all their citizens. These commitments contribute to the advancement of the partnership and to Egypt’s sustainable development and stability. The increased and constructive engagement between the EU and Egypt in the last period has opened the path to more meaningful dialogue on human rights related issues. The subcommittee on Political Matters, Human Rights and Democracy, International and Regional issues of December 2022 and the Association Committee of May 2023 provided the institutional platforms to exchange on an array of human rights issues, which the EU would like to continue and build on. The improvement of the human rights situation in Egypt will have a positive impact on EU-Egypt relations.

    (3) In line with the Partnership Priorities, the EU and Egypt are committed to ensuring accountability, the rule of law, the full respect of human rights, fundamental freedoms, promoting democracy, gender equality and equal opportunities as constitutional rights of all their citizens. These commitments contribute to the advancement of the partnership and to Egypt’s sustainable development, good governance and socio-economic stability. The increased and constructive engagement between the EU and Egypt in the last period has opened the path to more meaningful dialogue on human rights related issues. The subcommittee on Political Matters, Human Rights and Democracy, International and Regional issues of December 2022 and the Association Committee of May 2023 provided the institutional platforms to exchange on an array of human rights issues, which the EU would like to continue and build on. The steady improvement of the human rights situation and women’s rights and fundamental freedoms due to an active, coherent and proactive policy in that area in Egypt will have a positive impact on EU-Egypt relations.

    Amendment  4

    Proposal for a decision

    Recital 3 a (new)

     

    Text proposed by the Commission

    Amendment

     

    (3a) Egypt’s economic and financial situation has been marked by several macroeconomic adjustment programmes implemented under the aegis of the IMF in exchange for credit facilities (USD 12 billion from 2016 to 2019 and USD 3 billion in 2022, rising to USD 8 billion in March 2024);

    Amendment  5

     

    Proposal for a decision

    Recital 5

     

    Text proposed by the Commission

    Amendment

    (5) The EU recognises Egypt’s key role for regional security and stability. Terrorism, organised crime and conflicts are common threats against our security and the social fabric of nations across both sides of the Mediterranean. Therefore, the EU and Egypt have a common interest in strengthening cooperation highlighted in the Partnership Priorities, in full compliance with international law, including human rights and international humanitarian law.

    (5) The EU recognises Egypt’s key role for regional security and stability. Terrorism, organised crime, such as human trafficking, irregular migration, and conflicts, are common threats against our security and the social fabric of nations across both sides of the Mediterranean. Similarly, energy is also one of the most pressing challenges facing countries on both sides of the Mediterranean. The Energy Cooperation between the Union and Egypt in the Eastern Mediterranean could not only offer a source of economic prosperity for the region but also strengthen energy security for the Union by diversifying energy supplies and encouraging regional collaboration. In that respect, the East Mediterranean Gas Forum serves as a platform of positive regional cooperation. Therefore, the EU and Egypt have a common interest in strengthening cooperation highlighted in the Partnership Priorities, in full compliance with international law, including the International Law of the Sea, human rights and international humanitarian law.

    Amendment  6

     

    Proposal for a decision

    Recital 6

     

    Text proposed by the Commission

    Amendment

    (6) Recalling the geo-political challenges, such as the consequences of Hamas terrorist attacks across Israel on 7 October 2023 as well as the conflict in Sudan, and the strategic importance of Egypt as the largest country in the region and a pillar of stability for the whole Middle East, the Union is embarking on concluding a Strategic and Comprehensive partnership with Egypt as outlined in the Joint Declaration.

    (6) Recalling the global and regional geo-political challenges, such as the humanitarian crisis in Gaza, resulting from the aftermath of the Hamas terrorist attacks across Israel on 7 October 2023, the escalating tensions in the Horn of Africa and the safety of navigation in the Red Sea and the Suez Canal, as well as migratory pressure from the conflict in Sudan, uncertainties in Syria, the instability in Libya, Egypt’s responsibilities as a host to large numbers of refugees and migrants and the strategic importance of Egypt as the largest country in the region and a pillar of stability for the whole Middle East, the Union has embarked on a Strategic and Comprehensive partnership with Egypt as outlined in the Joint Declaration.

    Amendment  7

     

    Proposal for a decision

    Recital 7

     

    Text proposed by the Commission

    Amendment

    (7) The objective of the Strategic and Comprehensive Partnership with Egypt is to elevate the EU-Egypt political relations to a strategic partnership and enable Egypt to fulfil its key role of providing stability in the region. The partnership aims to contribute to support Egypt’s macroeconomic resilience and enable the implementation of ambitious socio-economic reforms in a manner that complements and reinforces the reform process foreseen under the IMF programme for Egypt. As outlined in the Joint Declaration, the partnership will address a wide set of policy measures clustered across six pillars of intervention, namely: political relations; economic stability; investment and trade; migration; security and law enforcement cooperation; demography and human capital.

    (7) The objective of the Strategic and Comprehensive Partnership with Egypt is to elevate the EU-Egypt political relations to a strategic partnership and enable Egypt to fulfil its key role of providing stability in the region, the Middle East and North Africa. The partnership aims to contribute to support Egypt’s macroeconomic resilience and enable the implementation of ambitious socio-economic reforms in a manner that complements and reinforces the reform process foreseen under the IMF programme for Egypt. As outlined in the Joint Declaration, the partnership will address a wide set of policy measures clustered across six pillars of intervention, namely: political relations; economic stability; investment and trade; irregular migration and mobility in respect of human rights; security and law enforcement cooperation; demography and human capital. Such Strategic and Comprehensive Partnership should be developed in line with initiatives at Union and Member State level such as the Global Gateway and the Mattei Plan for Africa.

    Amendment  8

     

    Proposal for a decision

    Recital 8

     

    Text proposed by the Commission

    Amendment

    (8) Underpinning the partnership will be a financial package of EUR 7.4 billion consisting of short- and longer-term support for the necessary macro-fiscal and socio-economic reform agenda, as well as increased amounts available to support investments in Egypt and targeted support for the implementation of the different strategic priorities. Part of the support package is the EU MFA package of up to EUR 5 billion in loans, composed of two MFA operations, one short-term for up to EUR 1 billion and a regular, more medium-term one for up to EUR 4 billion, financial instruments, such as guarantees and blending instruments, aimed at mobilising public and private investments with the objective of generating substantial new investments. This will be complemented by programmes to support specific priorities under the Strategic and Comprehensive Partnership through individual projects and technical assistance implemented under the Neighbourhood, Development and International Cooperation Instrument2 .

    (8) Underpinning the partnership is a financial package of EUR 7.4 billion consisting of short- and longer-term support for the necessary macro-fiscal and socio-economic reform agenda, as well as increased amounts available to support investments in Egypt and targeted support for the implementation of the different strategic priorities, particularly in terms of irregular migration and renewable energy. Part of the support package is the EU MFA package of up to EUR 5 billion in concessional loans, composed of two MFA operations, one short-term for up to EUR 1 billion and a regular, more medium-term one for up to EUR 4 billion, financial instruments, such as guarantees and blending instruments, aimed at mobilising public and private investments that benefit the majority of Egyptians with the objective of generating substantial new investments. This will be complemented by programmes to support specific priorities under the Strategic and Comprehensive Partnership through individual projects and technical assistance implemented under the Neighbourhood, Development and International Cooperation Instrument2.

    __________________

    __________________

    2 Established by Regulation (EU) 2021/947 of the European Parliament and of the Council of 9 June 2021 establishing the Neighbourhood, Development and International Cooperation Instrument – Global Europe, amending and repealing Decision No 466/2014/EU and repealing Regulation (EU) 2017/1601 and Council Regulation (EC, Euratom) No 480/2009 (OJ L 209, 14.6.2021, p. 1)

    2 Established by Regulation (EU) 2021/947 of the European Parliament and of the Council of 9 June 2021 establishing the Neighbourhood, Development and International Cooperation Instrument – Global Europe, amending and repealing Decision No 466/2014/EU and repealing Regulation (EU) 2017/1601 and Council Regulation (EC, Euratom) No 480/2009 (OJ L 209, 14.6.2021, p. 1)

    Amendment  9

     

    Proposal for a decision

    Recital 9

     

    Text proposed by the Commission

    Amendment

    (9) Egypt’s macro-fiscal situation has faced significant challenges and deteriorated substantially over recent months, as external pressures have intensified and public debt has increased further, with substantial downside risks to the economic outlook persisting. The repercussions of Russia’s war on Ukraine and of Hamas terrorist attacks against Israel have led to protracted capital outflows and lower foreign currency receipts, notably due to sharply falling income from tourism and Suez Canal proceeds. This is particularly challenging amid Egypt’s difficult fiscal situation, which is characterised by constant fiscal deficits and high and growing debt to GDP ratios.

    (9) Egypt’s macro-fiscal situation has faced significant challenges and deteriorated substantially over recent months, as external pressures have intensified and public debt has increased further, with substantial downside risks to the economic outlook persisting. The repercussions of Russia’s war on Ukraine and the geopolitical tensions and conflicts in the Middle East have led to protracted capital outflows and lower foreign currency receipts, notably due to sharply falling income from tourism, Suez Canal proceeds and gas production and loss of confidence among foreign investors. This is particularly challenging amid Egypt’s difficult fiscal situation, which is characterised by constant fiscal deficits and high and growing debt to GDP ratios. Despite that difficult external context, in 2024 Egypt was able to implement reforms, such as the unification of exchange rates and making progress in tightening monetary policy, to help preserve macroeconomic stability.

    Amendment  10

    Proposal for a decision

    Recital 12

     

    Text proposed by the Commission

    Amendment

    (12) Egypt re-engaged with the IMF in early 2024 and reached a staff-level agreement on 6 March 2024 on a revamped Extended Fund Facility programme scaled up to USD 8 billion. The new programme is expected to be adopted by IMF Executive Board decision in March 2024 and aims to address the areas of 1) credible exchange rate flexibility, 2) sustainable tightening of monetary policy, 3) fiscal consolidation to preserve debt sustainability, 4) a new framework to rein in infrastructure spending, 5) providing adequate levels of social spending to protect vulnerable groups, and 6) implementation of the State Ownership Policy and reforms to level the playing field. Together with the staff level agreement’s signature, Egypt also enacted a flexibilisation of the exchange rate, and raised the central bank’s key policy rate by a sizeable 600 basis points, in line with the IMF programme’s priorities.

    (12) Egypt re-engaged with the IMF in early 2024 and reached a staff-level agreement on 6 March 2024 on a revamped Extended Fund Facility programme scaled up to USD 8 billion. Negotiations at expert level on the fourth revision of Egypt’s economic reform programme were concluded in December 2024. The new programme aims to address the areas of 1) credible exchange rate flexibility, 2) sustainable tightening of monetary policy, 3) fiscal consolidation to preserve debt sustainability, 4) a new framework to rein in infrastructure spending, 5) providing adequate levels of social spending to protect vulnerable groups from the cost of living and energy price rises, and 6) implementation of the State Ownership Policy and reforms to level the playing field by promoting the development of the private sector in the economy. Together with the staff level agreement’s signature, Egypt also enacted a flexibilisation of the exchange rate, and raised the central bank’s key policy rate by a sizeable 600 basis points, in line with the IMF programme’s priorities.

    Amendment  11

    Proposal for a decision

    Recital 16

     

    Text proposed by the Commission

    Amendment

    (16) Given that there is still a significant residual external financing gap in Egypt’s balance of payments over and above the resources provided by the IMF and other multilateral institutions, the Union macro-financial assistance to be provided to Egypt is, under the current exceptional circumstances, considered to be an appropriate response to Egypt’s request for support to the economic stabilisation, in conjunction with the IMF programme. The Union’s macro-financial assistance package, including the MFA of up to EUR 4 billion under this proposal, would support the economic stabilisation and the structural reform agenda of Egypt, supplementing resources made available under the IMF’s financial arrangement.

    (16) Given that there is still a significant residual external financing gap in Egypt’s balance of payments over and above the resources provided by the IMF and other multilateral institutions and regional partners, the Union macro-financial assistance to be provided to Egypt is, under the current exceptional circumstances, considered to be an appropriate response to Egypt’s request for support to the economic stabilisation, in conjunction with the IMF programme. The Union’s macro-financial assistance package, including the MFA of up to EUR 4 billion under this proposal, would support the economic stabilisation and the structural reform agenda of Egypt, supplementing resources made available under the IMF’s financial arrangement.

    Amendment  12

     

    Proposal for a decision

    Recital 19

     

    Text proposed by the Commission

    Amendment

    (19) The Commission should ensure that the Union’s macro-financial assistance is legally and substantially in line with the key principles, objectives and measures taken within the different areas of external action and with other relevant Union policies.

    (19) The Commission should ensure that the Union’s macro-financial assistance is legally and substantially in line with the key principles, objectives and measures taken within the different areas of external action and with other relevant Union policies, including those relating to democracy, human rights and rule of law, in line with Article 2 of the EU-Egypt Association Agreement.

    Amendment  13

     

    Proposal for a decision

    Recital 22

     

    Text proposed by the Commission

    Amendment

    (22) A pre-condition for granting the Union’s macro-financial assistance to Egypt should be that the country continues to make concrete and credible steps towards respecting effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law, and guarantees respect for human rights. In addition, the specific objectives of the Union’s macro-financial assistance should strengthen the efficiency, transparency and accountability of the public finance management systems, the governance and supervision of the financial sector in Egypt and promote structural reforms aimed at supporting sustainable and inclusive growth, decent employment creation and fiscal consolidation. The fulfillment of the pre-condition and the achievement of the specific objectives should be regularly monitored by the Commission services and the European External Action Service.

    (22) Macro-financial assistance should remain an economic instrument. However, a pre-condition for granting the Union’s macro-financial assistance to Egypt should be that the country continues to make concrete, credible and tangible steps towards respecting and strengthening effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law, and guaranteeing respect for human rights. In addition, the specific objectives of the Union’s macro-financial assistance should strengthen the efficiency, transparency and accountability of the public finance management systems, the governance and supervision of the financial sector in Egypt and promote structural reforms aimed at supporting sustainable and inclusive growth, decent employment creation and fiscal consolidation. The fulfillment of the pre-condition and the achievement of the specific objectives should be regularly monitored by the Commission services and the European External Action Service.

    Amendment  14

    Proposal for a decision

    Recital 23

     

    Text proposed by the Commission

    Amendment

    (23) In order to ensure that the Union’s financial interests linked to the Union’s macro-financial assistance are protected efficiently, Egypt should take appropriate measures relating to the prevention of, and fight against, fraud, corruption and any other irregularities linked to the assistance. In addition, a loan agreement to be concluded between the Commission and the Egyptian authorities should contain provisions authorising European Anti-Fraud Office (OLAF) to carry out investigations, including on-the-spot checks and inspections, in accordance with the provisions and procedures laid down in Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council3 and Council Regulation (Euratom, EC) No 2185/964 , the Commission and the Court of Auditors to carry out audits and the European Public Prosecutor’s Office to exercise its competences with regard to the provision of the Union’s macro-financial assistance during and after its availability period.

    (23) It is essential to underline that Egypt has to meet the necessary economic pre-condition for eligibility. Egypt has demonstrated its solvency and financial stability, which have been verified by the Commission. However, in order to ensure that the Union’s financial interests linked to the Union’s macro-financial assistance are protected efficiently. Egypt should take appropriate measures relating to the prevention of, and fight against, fraud, corruption and any other irregularities linked to the assistance. In addition, a loan agreement to be concluded between the Commission and the Egyptian authorities should contain provisions authorising European Anti-Fraud Office (OLAF) to carry out investigations, including on-the-spot checks and inspections, in accordance with the provisions and procedures laid down in Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council3 and Council Regulation (Euratom, EC) No 2185/964 , the Commission and the Court of Auditors to carry out audits and the European Public Prosecutor’s Office to exercise its competences with regard to the provision of the Union’s macro-financial assistance during and after its availability period.

    __________________

    __________________

    3 Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council of 11 September 2013 concerning investigations conducted by the European Anti-Fraud Office (OLAF) and repealing Regulation (EC) No 1073/1999 of the European Parliament and of the Council and Council Regulation (Euratom) No 1074/1999 (OJ L 248, 18.9.2013, p. 1).

    3 Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council of 11 September 2013 concerning investigations conducted by the European Anti-Fraud Office (OLAF) and repealing Regulation (EC) No 1073/1999 of the European Parliament and of the Council and Council Regulation (Euratom) No 1074/1999 (OJ L 248, 18.9.2013, p. 1).

    4 Council Regulation (Euratom, EC) No 2185/96 of 11 November 1996 concerning on-the-spot checks and inspections carried out by the Commission in order to protect the European Communities’ financial interests against fraud and other irregularities (OJ L 292, 15.11.1996, p. 2).

    4 Council Regulation (Euratom, EC) No 2185/96 of 11 November 1996 concerning on-the-spot checks and inspections carried out by the Commission in order to protect the European Communities’ financial interests against fraud and other irregularities (OJ L 292, 15.11.1996, p. 2).

    Amendment  15

     

    Proposal for a decision

    Recital 26

     

    Text proposed by the Commission

    Amendment

    (26) The Union’s macro-financial assistance should be managed by the Commission. In order to ensure that the European Parliament and the Council are able to follow the implementation of this Decision, the Commission should regularly inform them of developments relating to the assistance and provide them with relevant documents.

    (26) The Union’s macro-financial assistance should be managed by the Commission. In order to ensure that the European Parliament and the Council are able to follow the implementation of this Decision, the Commission should regularly inform them with an annual report of developments relating to the assistance and on respect for effective democratic mechanisms, as per the pre-conditions referred to in this Decision, and provide them with relevant documents.

    Amendment  16

     

    Proposal for a decision

    Recital 28

     

    Text proposed by the Commission

    Amendment

    (28) The Union’s macro-financial assistance should be subject to economic policy conditions, to be laid down in a Memorandum of Understanding. In order to ensure uniform conditions of implementation and for reasons of efficiency, the Commission should be empowered to negotiate such conditions with the Egyptian authorities under the supervision of the committee of representatives of the Member States in accordance with Regulation (EU) No 182/2011. Under that Regulation, the advisory procedure should, as a general rule, apply in all cases other than as provided for in that Regulation. Considering the potentially important impact of assistance of more than EUR 90 million, it is appropriate that the examination procedure be used for operations above that threshold. Considering the amount of the Union’s macro-financial assistance to Egypt, the examination procedure should apply to the adoption of the Memorandum of Understanding, and to any reduction, suspension or cancellation of the assistance.

    (28) The Union’s macro-financial assistance should be subject to sustainable economic policy reforms, to be laid down in a Memorandum of Understanding. In order to ensure uniform conditions of implementation and for reasons of efficiency, the Commission should be empowered to negotiate such conditions with the Egyptian authorities under the supervision of the committee of representatives of the Member States in accordance with Regulation (EU) No 182/2011. Under that Regulation, the advisory procedure should, as a general rule, apply in all cases other than as provided for in that Regulation. Considering the potentially important impact of assistance of more than EUR 90 million, it is appropriate that the examination procedure be used for operations above that threshold. Considering the amount of the Union’s macro-financial assistance to Egypt, the examination procedure should apply to the adoption of the Memorandum of Understanding, and to any reduction, suspension or cancellation of the assistance.

    Amendment  17

     

    Proposal for a decision

    Article 1 – paragraph 1

     

    Text proposed by the Commission

    Amendment

    1. The Union shall make macro-financial assistance of a maximum amount of up to EUR 4 billion available to Egypt (“the Union’s macro-financial assistance”), with a view to supporting Egypt’s economic stabilisation and a substantive reform agenda. The release of the Union’s macro-financial assistance is subject to the approval of the Union budget for the relevant year by the European Parliament and the Council. The assistance shall contribute to covering Egypt’s balance of payments needs as identified in the IMF programme.

    1. The Union shall make macro-financial assistance in the form of concessional loans of a maximum amount of up to EUR 4 billion available to Egypt (“the Union’s macro-financial assistance”), with a view to supporting Egypt’s socio-economic stabilisation and a substantive structural reform agenda, as well as its responsibility to mitigate the effects of irregular migration and managing migratory flows. The release of the Union’s macro-financial assistance is subject to the approval of the Union budget for the relevant year by the European Parliament and the Council. The assistance shall contribute to covering Egypt’s balance of payments needs as identified in the IMF programme.

    Amendment  18

    Proposal for a decision

    Article 1 – paragraph 3 a (new)

     

    Text proposed by the Commission

    Amendment

     

    3a. Macro-financial assistance may, as far as possible, contribute to the Union’s growth and economic resilience.

    Amendment  19

     

    Proposal for a decision

    Article 2 – paragraph 1

     

    Text proposed by the Commission

    Amendment

    1. A pre-condition for granting the Union’s macro-financial assistance shall be that Egypt continues to make concrete and credible steps towards respecting effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law, and guarantees respect for human rights.

    1. A pre-condition for granting the Union’s macro-financial assistance shall be that Egypt continues to make concrete and credible steps towards respecting and strengthening effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law, and continues to make efforts in order to guarantee respect for human rights.

    Amendment  20

     

    Proposal for a decision

    Article 2 – paragraph 2

     

    Text proposed by the Commission

    Amendment

    2. The Commission services and the European External Action Service shall monitor the fulfilment of this pre-condition throughout the life-cycle of the Union’s macro-financial assistance.

    2. The Commission services and the European External Action Service shall monitor the fulfilment of this pre-condition throughout the life-cycle of the Union’s macro-financial assistance and report, regularly and in writing, to the European Parliament and the Council on the fulfilment of the economic policy and financial conditions set out in the Memorandum of Understanding.

    Amendment  21

    Proposal for a decision

    Article 3 – paragraph 1

     

    Text proposed by the Commission

    Amendment

    1. The Commission, in accordance with the examination procedure referred to in Article 7(2), shall agree with the Egyptian authorities on clearly defined economic policy and financial conditions, focusing on structural reforms and sound public finances, to which the Union’s macro-financial assistance is to be subject, to be laid down in a Memorandum of Understanding (“the Memorandum of Understanding”) which shall include a timeframe for the achievement of those reforms. The economic policy and financial conditions set out in the Memorandum of Understanding shall be consistent with the agreements or understandings referred to in Article 1(3), including the macroeconomic adjustment and structural reform programmes implemented by Egypt with the support of the IMF.

    1. The Commission, in accordance with the examination procedure referred to in Article 7(2), shall agree with the Egyptian authorities on clearly defined economic policy and financial conditions, focusing on structural reforms, such as the new criminal procedure reform, and sound public finances, to which the Union’s macro-financial assistance is to be subject, to be laid down in a Memorandum of Understanding (“the Memorandum of Understanding”) which shall include a timeframe for the achievement of those reforms. The economic policy and financial conditions set out in the Memorandum of Understanding shall be consistent with the agreements or understandings referred to in Article 1(3), including the macroeconomic adjustment and structural reform programmes implemented by Egypt with the support of the IMF.

    Amendment  22

     

    Proposal for a decision

    Article 3 – paragraph 2

     

    Text proposed by the Commission

    Amendment

    2. The conditions referred to in paragraph 1 shall aim, in particular, at enhancing the efficiency, transparency and accountability of the public finance management systems in Egypt, including for the use of the Union’s macro-financial assistance. Progress in mutual market opening, the development of rules-based and fair trade, and other priorities in the context of the Union’s external policy shall also be duly taken into account when designing the policy measures. Progress in attaining those objectives shall be regularly monitored by the Commission.

    2. The economic policy and financial conditions referred to in paragraph 1 shall aim, in particular, at enhancing the efficiency, transparency and accountability of the public finance management systems in Egypt, including for the use of the Union’s macro-financial assistance. Progress in mutual market opening, including for SMEs, the development of rules-based and fair trade, sustainable development, good governance and other priorities in the context of the Union’s external policy shall also be duly taken into account when designing the policy measures. Progress in attaining those objectives shall be regularly monitored by the Commission.

    Amendment  23

    Proposal for a decision

    Article 4 – paragraph 4

     

    Text proposed by the Commission

    Amendment

    4. Where the conditions in paragraph 3 are not met, the Commission shall temporarily suspend or cancel the disbursement of the Union’s macro-financial assistance. In such cases, it shall inform the European Parliament and the Council of the reasons for that suspension or cancellation.

    4. Where the conditions in paragraph 3 are not met, the Commission shall temporarily suspend or cancel the disbursement of the Union’s macro-financial assistance. In such cases, it shall inform the European Parliament and the Council without delay of the reasons for that suspension or cancellation.

    Amendment  24

    Proposal for a decision

    Article 5 – paragraph 1

     

    Text proposed by the Commission

    Amendment

    (1) In order to finance the support under the macro-financial assistance in the form of loans, the Commission shall be empowered, on behalf of the Union, to borrow the necessary funds on the capital markets or from financial institutions in accordance with Article 220a of Regulation (EU, Euratom) 2018/1046.

    1. In order to finance the support under the macro-financial assistance in the form of loans, the Commission shall be empowered, on behalf of the Union, to borrow the necessary funds on the capital markets or from financial institutions in accordance with Article 223 of Regulation (EU, Euratom) 2024/2509.

     

    Amendment  25

    Proposal for a decision

    Article 5 – paragraph 2

     

    Text proposed by the Commission

    Amendment

    (2) The Commission shall enter into a loan agreement with Egypt in respect of the amount referred to in Article 1. The detailed terms of the support under the MFA in the form of loans shall be laid down in a loan agreement in accordance with Article 220 of the Financial Regulation, to be concluded between the Commission and the Egyptian authorities. The loan agreement shall lay down the availability period and the detailed terms of the support under the macro-financial assistance in the form of loans, including in relation to the internal control systems. The loans shall be granted at terms that allow Egypt to repay the loan over a long period, including a possible grace period. The maximum duration of the loans shall be 35 years. The Commission shall inform the European Parliament and the Council of developments in the operations referred to in paragraph 3.

    2. The Commission shall enter into a loan agreement with Egypt in respect of the amount referred to in Article 1. The detailed terms of the support under the MFA in the form of loans shall be laid down in a loan agreement in accordance with Article 223 of the Financial Regulation, to be concluded between the Commission and the Egyptian authorities. The loan agreement shall lay down the availability period and the detailed terms of the support under the macro-financial assistance in the form of loans, including in relation to the internal control systems. Egypt shall reimburse the loan, which shall be granted at terms that allow its repayment over a long period, including, after a formal notification to the European Parliament and the Council, a possible grace period. The maximum duration of the loans shall be 35 years. The Commission shall inform the European Parliament and the Council of developments in the operations referred to in paragraph 3.

    Amendment  26

    Proposal for a decision

    Article 6 – paragraph 1

     

    Text proposed by the Commission

    Amendment

    1. The Union’s macro-financial assistance shall be implemented in accordance with Regulation (EU, Euratom) No 2018/1046 of the European Parliament and of the Council7.

    1. The Union’s macro-financial assistance shall be implemented in accordance with Regulation (EU, Euratom) No 2024/2509 of the European Parliament and of the Council7.

    _________________

    _________________

    7 Regulation (EU, Euratom) No 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union and repealing Regulation (EC, Euratom) No 966/2012 (OJ L 193, 30.07.2018, p. 1).

    7 Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union (OJ L, 2024/2509, 26.9.2024, ELI: http://data.europa.eu/eli/reg/2024/2509/oj).

    Amendment  27

    Proposal for a decision

    Article 8 – paragraph 1 – point b

     

    Text proposed by the Commission

    Amendment

    (b) assess the economic situation and prospects of Egypt, as well as progress made in implementing the policy measures referred to in Article 3(1);

    (b) assess the economic situation and prospects of Egypt, as well as progress made in implementing the policy measures referred to in Article 2 and Article 3(1);

    Amendment  28

    Proposal for a decision

    Article 8 – paragraph 1 – point c

     

    Text proposed by the Commission

    Amendment

    (c) indicate the connection between the economic policy reform measures laid down in the Memorandum of Understanding, Egypt’s on-going economic and fiscal performance and the Commission’s decisions to release the instalments of the Union’s macro-financial assistance.

    (c) indicate the connection between Egypt’s economic policy reforms under the Memorandum of Understanding, its fiscal performance, and the release of Union macro-financial assistance, while outlining steps taken towards democratic mechanisms, the rule of law and human rights.

     

     

    EXPLANATORY STATEMENT

    Political dialogue between Egypt and the EU was suspended after the revolution in 2011, and remained frozen through 2015. However, following Sisi’s election as president in May 2014, a rapprochement between Europe and Egypt gradually began to take place. The stability of the country became defining characteristics of European policy towards the Egypt. In 2024 the European Union (‘EU’) and Egypt have agreed to deepen their relationship and develop a strategic and comprehensive partnership for shared prosperity, stability and security, based on joint interest and mutual trust and building on the already existing positive agenda in EU-Egypt relations. The Strategic and Comprehensive Partnership covers specific areas of cooperation outlined in the Joint Declaration, clustered across six pillars of intervention, namely: political relations; economic stability; investment and trade; migration; security and law enforcement cooperation; demography and human capital.

    The partnership is based on a financial package consisting of short- and longer-term support for the necessary macro-fiscal and socio-economic reform agenda, as well as increased amounts available to support investments in Egypt and targeted support for the implementation of the different strategic priorities.

    Given Egypt’s critical economic and financial situation and Egypt’s role as an important stabilising factor amid geopolitical tensions in an increasingly volatile region, the Commission proposed on 15 March 2024 to support Egypt with macro-financial assistance (‘MFA’) of up to EUR 5 billion in loans as part of the EUR 7.4 billion financial package, divided into a short-term MFA operation of up to EUR 1 billion to be disbursed in one instalment, and a regular MFA operation of up to EUR 4 billion to be disbursed in three instalments.

    The short-term MFA was agreed without involvement of the European Parliament for urgency reasons. The rapporteur highlights that this can only be an exception and European Parliament should not be bypassed in the future.

    The amount of the proposed two new MFA operations corresponds to 56.7% of the estimated residual financing gap for the period FY24/25-FY26/27. This is consistent with standard practices on burden-sharing for MFA operations (for a country with an Association Agreement, the upper limit would be 60% according to the Council conclusions of 8 October 2002), taking into account the assistance pledged to Egypt by other bilateral and multilateral donors.

    The rapporteur would like to point out that the EU’s cooperation with Egypt does not begin with this MFA which is just a piece of the puzzle and in fact consequence of a longstanding cooperation with Egypt on human rights and security highlighted by the Association Agreement/Euro-Mediterranean Agreement (2004), the EU’s new Agenda for the Mediterranean (2021), the Partnership Priorities (2022) and the Joint Declaration launching a new Strategic and Comprehensive partnership (2024). Moreover, Egypt is a strategic, economic, military and geopolitical partner of the EU and the EU is the leading investor in Egypt.

    Given the instability in the region, Egypt remains a stable partner that engages in constructive dialogue with its partners. The EU need allies like that in the Middle East, and we need to emphasise their importance.

    But Egypt is also hit by a series of external shocks.

    A migratory shock first and foremost, with almost 10 million migrants and 800 000 registered refugees. Egypt is also committed to providing access to education for children, access to health services, help in finding housing and help in finding employment, with the support of NGOs. These commitments, if they are to be carried out properly, come at a cost.

    A geopolitical shock with the uncertainty of developments in Israel / Palestine and Syria.

    An economic shock, because Egypt, like many other countries, is seeing the cost of debt repayment and civil service salaries rise, thus limiting investment capacity.

    This MFA is based on strict pre-conditions requiring Egypt to continue to make concrete and credible steps towards democratic mechanism, rule of law and human rights. The rapporteur believes that those pre-conditions embedded in the long-term cooperation with Egypt will lead to reforms and long-term improvements in the country.

    Moreover, it is important to underline that Egypt already made big improvements in several areas.

    Firstly, on human rights, with a major plan launched in 2021 underlining the country’s commitment to this path. Some may feel that things are not moving fast enough, but it is hard to deny that the country is on the right track.

    Then there is the question of the place of women in society, which is very often a thermometer of democracy in a country. Wearing the veil is not compulsory. Women have access to public jobs and elected office (27% of women elected to the House, 13% to the Senate). Although Egyptian society is seen as patriarchal, the position of women has changed considerably in recent years.

    This is a financial instrument designed to support our partner in the face of the challenges it faces, but also to help it pursue change. The European Parliament will be closely monitoring progress and the rapporteur is asking the Commission to keep the European Parliament duly informed at all stages of the process. After all, the MFA is a loan and the grants are subject to reimbursement.

    To conclude the rapporteur would like to highlight that the MFA is an emergency instrument that has to be granted as soon as possible. The rapporteur is convinced that the MFA will be an effective incentive for – political and financial reforms in the country that will ensure a sustainable partnership between the EU and Egypt.

     

     

    ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur declares that she received input from the following entities or persons in the preparation of the report, prior to the adoption thereof in committee:

    Entity and/or person

    European Commission – DG ECFIN

    European Commission – DG NEAR

    EEAS

    Embassy of Egypt

    Members of the Egyptian Parliament

    Amnesty International

    Human Rights Watch

    The list above is drawn up under the exclusive responsibility of the rapporteur.

    Where natural persons are identified in the list by their name, by their function or by both, the rapporteur declares that she has submitted to the concerned natural persons the European Parliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

     

     

    MINORITY POSITION

    Pursuant to Rule 56(4) of the Rules of Procedure

    Vicent Marzà Ibáñez (Greens/EFA)

    On behalf of the Greens/EFA group, I would like to express our opposition to the fact that the European Commission has treated Egypt differently from other countries that receive Macro-Financial Assistance (MFA) from the EU.

    Following an agreement between the Council and Parliament, all MFAs should, as a pre-condition, respect human rights, democracy, and the rule of law. However, the Commission chose not to adhere to this policy when EC President Ursula von der Leyen announced a package of €7.4 billion in support for Egypt in March 2024, including €5 billion in Macro-Financial Assistance in the form of loans.

    We support providing Egypt with macro-financial assistance as a means to improve the living conditions of the Egyptian people, to reduce poverty and inequalities as well as to promote human rights. Our group has previously supported providing macro-financial assistance to alleviate financial burdens for countries in difficulty, while also promoting democratic values and human rights worldwide. However, the Commission must respect the agreements made by Parliament and the Council and act in line with the principles enshrined in the EU Treaties regarding external action.

     

     

    BUDGETARY ASSESSMENT OF THE COMMITTEE ON BUDGETS (29.1.2025)

    for the Committee on International Trade

    on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Arab Republic of Egypt

    (COM(2024)0461 – C10‑0009/2024 – 2024/0071(COD))

    Rapporteur for budgetary assessment: Matjaž Nemec

     

    The Committee on Budgets has carried out a budgetary assessment of the proposal under Rule 58 of the Rules of Procedure and has reached the following conclusions:

     having regard to Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union[1] (Financial Regulation),

     having regard to Council Regulation (EU, Euratom) 2020/2093 of 17 December 2020 laying down the multiannual financial framework for the years 2021 to 2027[2],

     having regard to the Interinstitutional Agreement of 16 December 2020 between the European Parliament, the Council of the European Union and the European Commission (IIA) on budgetary discipline, on cooperation in budgetary matters and on sound financial management, as well as on new own resources, including a roadmap towards the introduction of new own resources[3],

    A. whereas Egypt continues to face sizeable and unmet financing needs, with an external financing gap estimated by the International Monetary Fund (IMF) programme at around USD 17.7 billion for 2024-2027, requiring substantial international support to maintain economic stability and implement crucial reforms;

    B. whereas recently, Egypt’s macro-fiscal situation has deteriorated noticeably, with intensified external pressures and increased debt, reflecting both domestic challenges and external shocks, including the repercussions of Russia’s war against Ukraine and regional instability;

    C. whereas the destructive and ongoing conflict in Gaza and the attacks in the Red Sea have severely impacted Egypt’s key sources of foreign currency earnings, particularly tourism revenues and Suez Canal proceeds, while persistent capital outflows and lower services exports have further strained the country’s external position; whereas Egypt’s socio-economic situation, including poverty rates and the Human Development Index, are also expected to be negatively impacted[4];

    D. whereas the severe deterioration of external accounts and the strategic importance of regional stability conditionally justify this comprehensive support package, while stressing the need for the EU to work towards a lasting long-term peace solution in the Middle East, which will help alleviate the reasons behind Egypt’s financial struggles;

    E. whereas Egypt’s public debt burden had increased substantially to 95.9 % of GDP at the end of the 2022/2023 fiscal year, up from 88.5 % the previous fiscal year, reaching its highest level since 2017 and raising concerns about long-term debt sustainability;

    F. whereas Egypt’s real GDP growth declined to 2.4 % in the 2023/2024 fiscal year due to inflation and external pressures, with food price inflation remaining a strain, especially on vulnerable households;

    G. whereas all major rating agencies have downgraded Egypt’s sovereign credit ratings to below-investment grade following the outbreak of the conflict in Gaza, reflecting increased regional risks and deteriorating humanitarian and economic conditions; whereas this has further complicated the country’s access to international financial markets;

    H. whereas the proposed macro-financial assistance (MFA) of up to EUR 4 billion would help Egypt address its external financing needs while supporting the implementation of structural reforms aimed at improving the macroeconomic situation, strengthening economic governance and transparency, and enhancing conditions for sustainable and inclusive growth;

    I. whereas on 12 April 2024, the Council adopted Decision (EU) 2024/1144 providing EUR 1 billion in short-term macro-financial assistance to the Arab Republic of Egypt[5], pursuant to the urgency procedure provided under Article 213 of the Treaty on the Functioning of the European Union (TFEU), bypassing Parliament entirely; whereas the Commission adopted a decision on 20 December 2024 to release this single instalment to Egypt;

    J. whereas the IMF has confirmed Egypt’s implementation of key reforms that have contributed to preserving macroeconomic stability despite the challenging environment;

    K. whereas the short-term macro-financial assistance was subject to conditions set out in the Memorandum of Understanding (MoU) agreed on and signed by the Commission and the Egyptian authorities on 29 June 2024, including the implementation of economic reforms, concrete and credible steps towards respecting democratic principles, and an on-track IMF programme; whereas the Commission and the European External Action Service undertook a review mission to Cairo in October 2024 and subsequently evaluated the Egyptian authorities’ written compliance reporting, with an overall positive assessment of Egypt’s progress in fulfilling these conditions;

    L. whereas Parliament, as one arm of the EU’s budgetary authority, was not involved in the negotiation and drafting of the MoU, which sets out the structural reform measures associated with the proposed MFA operation, including aspects of timing and sequencing for the disbursement of the initial assistance of EUR 1 billion;

    M. whereas the MoU to be concluded with the Egyptian authorities for the remainder of the MFA is an essential part of the assistance itself; whereas Parliament’s lack of involvement in this process severely hinders its budgetary scrutiny; whereas it is necessary to find an appropriate way to involve Parliament when such memorandums with non-EU countries are negotiated by the Commission;

    N. whereas the MoU should crucially provide the Commission with a mechanism to monitor progress as regards the implementation of structural reforms, notably the specific conditions for disbursement of the assistance;

    1. Recalls that while MFA is meant to be an exceptional crisis response instrument and should not serve as a substitute for structural development aid, its increasing use to address structural economic challenges in partner countries risks diluting its emergency nature;

    2. Highlights the importance of MFA in urgently addressing the situation in Egypt, taking into account Egypt’s critical economic and financial situation and its role as an important stabilising actor in an increasingly volatile region;

    3. Regrets the fact that the first proposal of this package bypassed the co-decision rights of Parliament and undermined its democratic oversight role by using Article 213 TFEU instead of Article 212 TFEU; insists that this should not set a precedent and that Parliament’s rights and role should be respected in future proposals; emphasises that MFA is an instrument requiring proper parliamentary and budgetary scrutiny;

    4. Notes that the Commission proposal of EUR 4 billion in MFA requires EUR 360 million in provisioning under the External Action Guarantee from the Neighbourhood, Development and International Cooperation Instrument – Global Europe, which represents a significant allocation of limited resources;

    5. Recalls its previous concerns about the effectiveness of MFA in driving sustainable reforms; acknowledges, however, that linking this assistance to the broader strategic partnership framework can, when properly implemented, provide stronger leverage for implementing the agreed reform agenda; recalls that the partnership priorities cover three broad areas, namely sustainable modern economy and social development, partnering in foreign policy, and enhancing stability;

    6. Takes note of Egypt’s overall compliance with reform implementation under the previous MFA; reiterates its calls for transparent and timely reporting of assistance implementation; calls for adequate monitoring mechanisms with clear benchmarks and outcomes to be established in the MoU, and for regular reporting to the budgetary authority on developments related to the assistance, given the unprecedented size of this MFA package;

    7. Notes that while the MFA loan structure spreads repayments over a longer period, this creates extended contingent liabilities for the EU budget that require careful monitoring over multiple financial frameworks;

    8. Emphasises that the MFA constitutes a general budgetary support instrument for the benefit of Egypt and that the EU has no control over how the funds are actually spent; nevertheless encourages the Egyptian authorities and counterparties to disclose information on spending at the Commission’s request;

    9. Recalls that Article 6 of the Financial Regulation establishes the obligation for the Commission to ensure compliance with the Charter of Fundamental Rights of the EU and to respect the values enshrined in Article 2 of the Treaty on European Union when implementing the EU budget; stresses that such a budgetary principle constitutes a core legal requirement for any form of EU financial assistance; underscores, therefore, the fact that the proposal lacks sufficient safeguards and clear benchmarks to measure progress towards compliance, particularly regarding respect for human dignity, freedom, democracy, equality, the rule of law and human rights, including the rights of persons belonging to minorities and freedom of belief, in order to protect the EU’s financial interests and ensure the MFA’s implementation in accordance with the Regulation;

    10. Recalls that a pre-condition for granting MFA involves respecting effective democratic mechanisms, including a multiparty parliamentary system and the rule of law, and guaranteeing respect for human rights; highlights that, in this case, Egypt should continue to make concrete and credible steps towards respecting these criteria; emphasises the need to ensure their robust implementation;

    11. Emphasises that strict adherence to democratic principles, the rule of law and fundamental freedoms should remain non-negotiable prerequisites for accessing EU financial support; calls on the Commission to withhold disbursements in the absence of credible progress on these fronts; notes that the Commission’s decision to disburse the short-term macro-financial assistance reflects Egypt’s progress in implementing reforms and the EU’s commitment to supporting Egypt’s economic stabilisation and reform agenda under the strategic and comprehensive partnership, while noting that human rights challenges in Egypt remain significant; stresses, in this respect, the importance of Egypt’s stability and its crucial role in the region, particularly in the current geopolitical context;

    12. Regrets Parliament’s lack of involvement in and scrutiny of the MoU concluded between the Commission and the Egyptian authorities, which, among other things, includes important budgetary provisions that fall within the remit of Parliament, will determine clearly defined economic policy and financial conditions, focusing on structural reforms and sound public finances, and will include a time frame for achieving those reforms, which are linked to loan disbursement;

    13. Concludes that the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Arab Republic of Egypt is compatible with the elements referred to in Rule 58(3) of the Rules of Procedure.

     

    As part of its budgetary assessment, the Committee on Budgets also submits the following amendments to the proposal:

     

    Amendment  1

    Proposal for a decision

    Recital 1 a (new)

     

    Text proposed by the Commission

    Amendment

     

    (1a) This Decision has implications for the Union budget. Accordingly, the European Parliament’s Committee on Budgets adopted a budgetary assessment, which forms an integral part of Parliament’s mandate for negotiations.

     

    Amendment  38

    Proposal for a decision

    Article 5 – paragraph 1

     

    Text proposed by the Commission

    Amendment

    (1) In order to finance the support under the macro-financial assistance in the form of loans, the Commission shall be empowered, on behalf of the Union, to borrow the necessary funds on the capital markets or from financial institutions in accordance with Article 220a of Regulation (EU, Euratom) 2018/1046.

    (1) In order to finance the support under the macro-financial assistance in the form of loans, the Commission shall be empowered, on behalf of the Union, to borrow the necessary funds on the capital markets or from financial institutions in accordance with Article 223 of Regulation (EU, Euratom) 2024/2509.

     

    Amendment  39

    Proposal for a decision

    Article 5 – paragraph 2

     

    Text proposed by the Commission

    Amendment

    (2) The Commission shall enter into a loan agreement with Egypt in respect of the amount referred to in Article 1. The detailed terms of the support under the MFA in the form of loans shall be laid down in a loan agreement in accordance with Article 220 of the Financial Regulation, to be concluded between the Commission and the Egyptian authorities. The loan agreement shall lay down the availability period and the detailed terms of the support under the macro-financial assistance in the form of loans, including in relation to the internal control systems. The loans shall be granted at terms that allow Egypt to repay the loan over a long period, including a possible grace period. The maximum duration of the loans shall be 35 years. The Commission shall inform the European Parliament and the Council of developments in the operations referred to in paragraph 3.

    (2) The Commission shall enter into a loan agreement with Egypt in respect of the amount referred to in Article 1. The detailed terms of the support under the MFA in the form of loans shall be laid down in a loan agreement in accordance with Article 223 of the Financial Regulation, to be concluded between the Commission and the Egyptian authorities. The loan agreement shall lay down the availability period and the detailed terms of the support under the macro-financial assistance in the form of loans, including in relation to the internal control systems. The loans shall be granted at terms that allow Egypt to repay the loan over a long period, including a possible grace period. The maximum duration of the loans shall be 35 years. The Commission shall inform the European Parliament and the Council of developments in the operations referred to in paragraph 3.

     

    Amendment  40

    Proposal for a decision

    Article 6 – paragraph 1

     

    Text proposed by the Commission

    Amendment

    (1) The Union’s macro-financial assistance shall be implemented in accordance with Regulation (EU, Euratom) No 2018/1046 of the European Parliament and of the Council7.

    (1) The Union’s macro-financial assistance shall be implemented in accordance with Regulation (EU, Euratom) No 2024/2509 of the European Parliament and of the Council7.

    _________________

    _________________

    7 Regulation (EU, Euratom) No 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union and repealing Regulation (EC, Euratom) No 966/2012 (OJ L 193, 30.07.2018, p. 1).

    7 Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union (recast) (OJ L, 2024/2509, 26.9.2024, ELI: http://data.europa.eu/eli/reg/2024/2509/oj).

    Amendment  41

    Proposal for a decision

    Article 8 – paragraph 1 – point b

     

    Text proposed by the Commission

    Amendment

    (b) assess the economic situation and prospects of Egypt, as well as progress made in implementing the policy measures referred to in Article 3(1);

    (b) assess the economic situation and prospects of Egypt, as well as progress made in implementing the policy measures referred to in Articles 2 and 3(1);

    ANNEX: ENTITIES OR PERSONS
    FROM WHOM THE RAPPORTEUR FOR BUDGETARY ASSESSMENT HAS RECEIVED INPUT

    Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur for budgetary assessment declares that he received input from the following entities or persons in the preparation of the budgetary assessment, prior to the adoption thereof in committee:

    Entity and/or person

    European Commission

    Ambassador of Egypt to the EU

    Head of delegation of the European Union to Egypt

    The Minister of Foreign Affairs of the Arab Republic of Egypt

    The list is drawn up under the exclusive responsibility of the rapporteur for budgetary assessment.

    Where natural persons are identified in the list by their name, by their function or by both, the rapporteur for budgetary assessment declares that he has submitted to the natural persons concerned the European Parliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

     

    PROCEDURE – COMMITTEE ASKED FOR BUDGETARY ASSESSMENT

    Title

    Macro-financial assistance to the Arab Republic of Egypt

    References

    COM(2024)0461 – C10-0009/2024 – 2024/0071(COD)

    Committee(s) responsible

    INTA

     

     

     

     Date announced in plenary

    BUDG

    13.11.2024

    Rapporteur for budgetary assessment

     Date appointed

    Matjaž Nemec

    24.10.2024

    Discussed in committee

    16.1.2025

     

     

     

    Date adopted

    29.1.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    32

    5

    1

    Members present for the final vote

    Georgios Aftias, Rasmus Andresen, Isabel Benjumea Benjumea, Tobiasz Bocheński, Olivier Chastel, Tamás Deutsch, Angéline Furet, Jens Geier, Thomas Geisel, Jean-Marc Germain, Sandra Gómez López, Monika Hohlmeier, Alexander Jungbluth, Janusz Lewandowski, Giuseppe Lupo, Siegfried Mureşan, Matjaž Nemec, Danuše Nerudová, João Oliveira, Ruggero Razza, Karlo Ressler, Julien Sanchez, Hélder Sousa Silva, Joachim Streit, Carla Tavares, Nils Ušakovs, Lucia Yar, Auke Zijlstra

    Substitutes present for the final vote

    Damian Boeselager, Michalis Hadjipantela, Moritz Körner, Tiago Moreira de Sá, Rasmus Nordqvist, Michele Picaro, Jacek Protas, Beata Szydło

    Members under Rule 216(7) present for the final vote

    Thierry Mariani, Aodhán Ó Ríordáin

     

    FINAL VOTE BY ROLL CALL
    IN COMMITTEE ASKED FOR BUDGETARY ASSESSMENT

    32

    +

    ECR

    Tobiasz Bocheński, Michele Picaro, Ruggero Razza, Beata Szydło

    NI

    Thomas Geisel

    PPE

    Georgios Aftias, Isabel Benjumea Benjumea, Michalis Hadjipantela, Monika Hohlmeier, Janusz Lewandowski, Siegfried Mureşan, Danuše Nerudová, Jacek Protas, Karlo Ressler, Hélder Sousa Silva

    PfE

    Tamás Deutsch, Angéline Furet, Thierry Mariani, Tiago Moreira de Sá, Julien Sanchez

    Renew

    Olivier Chastel, Moritz Körner, Joachim Streit, Lucia Yar

    S&D

    Jens Geier, Jean-Marc Germain, Sandra Gómez López, Giuseppe Lupo, Matjaž Nemec, Aodhán Ó Ríordáin, Carla Tavares, Nils Ušakovs

     

    5

    PfE

    Auke Zijlstra

    The Left

    João Oliveira

    Verts/ALE

    Rasmus Andresen, Damian Boeselager, Rasmus Nordqvist

     

    1

    0

    ESN

    Alexander Jungbluth

     

    Key to symbols:

    + : in favour

     : against

    0 : abstention

     

     

     

     

    OPINION OF THE COMMITTEE ON FOREIGN AFFAIRS (30.1.2025)

    for the Committee on International Trade

    on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Arab Republic of Egypt

    (COM(2024)0461 – C10‑0009/2024 – 2024/0071(COD))

    Rapporteur for opinion: Tineke Strik

     

    SHORT JUSTIFICATION

    As enshrined in the Treaties, the EU is required to uphold and promote the principles of human rights, democracy and the rule of law in its external action. While acknowledging the importance of the EU-Egypt strategic partnership and the need for MFA-support to Egypt in light of the economic impact of, among others, the current geopolitical situation, this opinion aims to integrate human rights, democracy and the rule of law as core parts of the MFA and to strengthen provisions related to parliamentary scrutiny and transparency. The Rapporteur is pleased that the Foreign Affairs Committee (AFET) confirmed that these founding principles of the EU should form the basis of EU-Egypt relations, and concrete improvement from Egypt in this regard is a precondition for the disbursement of the MFA. Moreover, the vote confirmed that the AFET Committee is convinced that Commission services and the European External Action Service have the responsibility to integrate this approach into the Memorandum of Understanding to be negotiated with Egypt, and report on progress on the specific conditions to the European Parliament and Council. Payment of each instalment should be subject to concrete improvements on human rights, democracy and the rule of law. The Rapporteur has full trust that the competences of the AFET Committee will be integrated into the report of the Committee on International Trade, and will engage with the respective Rapporteur to that end.

    AMENDMENTS

    The Committee on Foreign Affairs submits the following to the Committee on International Trade, as the committee responsible:

    Amendment  1

     

    Proposal for a decision

    Recital 3

     

    Text proposed by the Commission

    Amendment

    (3) In line with the Partnership Priorities, the EU and Egypt are committed to ensuring accountability, the rule of law, the full respect of human rights, fundamental freedoms, promoting democracy, gender equality and equal opportunities as constitutional rights of all their citizens. These commitments contribute to the advancement of the partnership and to Egypt’s sustainable development and stability. The increased and constructive engagement between the EU and Egypt in the last period has opened the path to more meaningful dialogue on human rights related issues. The subcommittee on Political Matters, Human Rights and Democracy, International and Regional issues of December 2022 and the Association Committee of May 2023 provided the institutional platforms to exchange on an array of human rights issues, which the EU would like to continue and build on. The improvement of the human rights situation in Egypt will have a positive impact on EU-Egypt relations.

    (3) In line with the Partnership Priorities, the EU and Egypt are committed to ensuring accountability, the rule of law, the full respect of human rights, fundamental freedoms, promoting democracy, gender equality and equal opportunities as constitutional rights of all their citizens. These commitments contribute to the advancement of the partnership and to Egypt’s sustainable social and economic development and stability. The increased and constructive engagement between the EU and Egypt in the last period has opened the path to more meaningful dialogue on human rights related issues. The subcommittee on Political Matters, Human Rights and Democracy, International and Regional issues of December 2022 and the Association Committee of May 2023 provided the institutional platforms to exchange on an array of human rights issues, which the EU would like to continue and build on. A future improvement of the human rights situation in Egypt, such as improving the rights to freedom of expression, association and peaceful assembly, introducing a moratorium on death penalty, combating torture and enforced disappearances, and improving the conditions of prisons, will have a positive impact on EU-Egypt relations.

    Amendment  2

     

    Proposal for a decision

    Recital 5

     

    Text proposed by the Commission

    Amendment

    (5) The EU recognises Egypt’s key role for regional security and stability. Terrorism, organised crime and conflicts are common threats against our security and the social fabric of nations across both sides of the Mediterranean. Therefore, the EU and Egypt have a common interest in strengthening cooperation highlighted in the Partnership Priorities, in full compliance with international law, including human rights and international humanitarian law.

    (5) The EU recognises Egypt’s key role for regional security and stability, and has a strong interest in preventing short-term economic instability in that country that could have broader consequences as well as benefit geopolitical rivals. Terrorism, organised crime, disinformation, conflicts and persecution of religious and ethnic minorities are common threats against our security and the social fabric of nations across both sides of the Mediterranean. Therefore, the EU and Egypt have a common interest in strengthening cooperation highlighted in the Partnership Priorities, in full compliance with international law, including human rights and international humanitarian law, as well as in promoting joint interests and addressing common challenges.

    Amendment  3

     

    Proposal for a decision

    Recital 6

     

    Text proposed by the Commission

    Amendment

    (6) Recalling the geo-political challenges, such as the consequences of Hamas terrorist attacks across Israel on 7 October 2023 as well as the conflict in Sudan, and the strategic importance of Egypt as the largest country in the region and a pillar of stability for the whole Middle East, the Union is embarking on concluding a Strategic and Comprehensive partnership with Egypt as outlined in the Joint Declaration.

    (6) Recalling the geo-political challenges, such as the broader consequences of the situation in the Middle East following the Hamas terrorist attacks of 7 October 2023, as well as the armed conflict in Sudan and instability in Syria, and the strategic importance of Egypt as the largest country in the region and a pillar of stability and security for the whole Middle East, the Union is embarking on concluding a Strategic and Comprehensive partnership with Egypt as outlined in the Joint Declaration.

    Amendment  4

     

    Proposal for a decision

    Recital 9

     

    Text proposed by the Commission

    Amendment

    (9) Egypt’s macro-fiscal situation has faced significant challenges and deteriorated substantially over recent months, as external pressures have intensified and public debt has increased further, with substantial downside risks to the economic outlook persisting. The repercussions of Russia’s war on Ukraine and of Hamas terrorist attacks against Israel have led to protracted capital outflows and lower foreign currency receipts, notably due to sharply falling income from tourism and Suez Canal proceeds. This is particularly challenging amid Egypt’s difficult fiscal situation, which is characterised by constant fiscal deficits and high and growing debt to GDP ratios.

    (9) Egypt’s macro-fiscal situation has faced significant challenges and deteriorated substantially over recent months, as external pressures have intensified and public debt has increased further, with substantial downside risks to the economic outlook persisting. The repercussions of Russia’s war on Ukraine and of the situation in the Middle East have led to protracted capital outflows and lower foreign currency receipts, notably due to sharply falling income from tourism and Suez Canal proceeds. This is particularly challenging amid Egypt’s difficult fiscal situation, which is characterised by constant fiscal deficits and high and growing debt to GDP ratios. Moreover, instability and uncertainty in Syria would further exacerbate the already existing macro-financial issues for Egypt.

    Amendment  5

     

    Proposal for a decision

    Recital 19

     

    Text proposed by the Commission

    Amendment

    (19) The Commission should ensure that the Union’s macro-financial assistance is legally and substantially in line with the key principles, objectives and measures taken within the different areas of external action and with other relevant Union policies.

    (19) As enshrined in Article 212 TFEU, the Commission should ensure that the Union’s macro-financial assistance is legally and substantially in line with the key principles, objectives and measures taken within the different areas of external action, and in particular with Article 2 of the EU-Egypt Association Agreement of 2004 concerning the respect of democratic principles and fundamental human rights and with other relevant Union policies.

    Amendment  6

     

    Proposal for a decision

    Recital 22

     

    Text proposed by the Commission

    Amendment

    (22) A pre-condition for granting the Union’s macro-financial assistance to Egypt should be that the country continues to make concrete and credible steps towards respecting effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law, and guarantees respect for human rights. In addition, the specific objectives of the Union’s macro-financial assistance should strengthen the efficiency, transparency and accountability of the public finance management systems, the governance and supervision of the financial sector in Egypt and promote structural reforms aimed at supporting sustainable and inclusive growth, decent employment creation and fiscal consolidation. The fulfillment of the pre-condition and the achievement of the specific objectives should be regularly monitored by the Commission services and the European External Action Service.

    (22) A pre-condition for granting the Union’s macro-financial assistance to Egypt should be that the country takes concrete and credible steps towards respecting and enhancing effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law, and guarantees respect for human rights, In addition, the specific objectives of the Union’s macro-financial assistance should strengthen the efficiency, transparency and accountability of the public finance management systems, the governance and supervision of the financial sector in Egypt and promote structural reforms aimed at supporting sustainable and inclusive growth, decent employment creation and fiscal consolidation. The fulfillment of the pre-condition and the achievement of the specific objectives should be regularly monitored by the Commission services and the European External Action Service.

    Amendment  7

     

    Proposal for a decision

    Recital 26

     

    Text proposed by the Commission

    Amendment

    (26) The Union’s macro-financial assistance should be managed by the Commission. In order to ensure that the European Parliament and the Council are able to follow the implementation of this Decision, the Commission should regularly inform them of developments relating to the assistance and provide them with relevant documents.

    (26) The Union’s macro-financial assistance should be managed by the Commission. In order to ensure that the European Parliament and the Council are able to follow the implementation of this Decision, the Commission should regularly inform them with an annual report of developments relating to the assistance and on the respect of effective democratic mechanisms, as per the pre-conditions referred to in this Decision and, provide them with relevant documents.

    Amendment  8

     

    Proposal for a decision

    Recital 28

     

    Text proposed by the Commission

    Amendment

    (28) The Union’s macro-financial assistance should be subject to economic policy conditions, to be laid down in a Memorandum of Understanding. In order to ensure uniform conditions of implementation and for reasons of efficiency, the Commission should be empowered to negotiate such conditions with the Egyptian authorities under the supervision of the committee of representatives of the Member States in accordance with Regulation (EU) No 182/2011. Under that Regulation, the advisory procedure should, as a general rule, apply in all cases other than as provided for in that Regulation. Considering the potentially important impact of assistance of more than EUR 90 million, it is appropriate that the examination procedure be used for operations above that threshold. Considering the amount of the Union’s macro-financial assistance to Egypt, the examination procedure should apply to the adoption of the Memorandum of Understanding, and to any reduction, suspension or cancellation of the assistance.

    (28) The Union’s macro-financial assistance should be subject to economic policy and democracy, rule of law and human rights conditions, to be laid down in a Memorandum of Understanding. In order to ensure uniform conditions of implementation and for reasons of efficiency, the Commission should be empowered to negotiate such conditions with the Egyptian authorities under the supervision of the committee of representatives of the Member States in accordance with Regulation (EU) No 182/2011. Under that Regulation, the advisory procedure should, as a general rule, apply in all cases other than as provided for in that Regulation. Considering the potentially important impact of assistance of more than EUR 90 million, it is appropriate that the examination procedure be used for operations above that threshold. Considering the amount of the Union’s macro-financial assistance to Egypt, the examination procedure should apply to the adoption of the Memorandum of Understanding, and to any reduction, suspension or cancellation of the assistance.

    Amendment  9

     

    Proposal for a decision

    Article 1 – paragraph 3 – subparagraph 1

     

    Text proposed by the Commission

    Amendment

    The release of the Union’s macro-financial assistance shall be managed by the Commission in a manner consistent with the agreements or understandings reached between the IMF and Egypt, and with the key principles and objectives of economic reforms set out in the EU-Egypt Association Agreement.

    The release of the Union’s macro-financial assistance shall be managed by the Commission in a manner consistent with the agreements or understandings reached between the IMF and Egypt, and with the key principles and objectives set out in the EU-Egypt Association Agreement.

    Amendment  10

     

    Proposal for a decision

    Article 1 – paragraph 3 – subparagraph 2

     

    Text proposed by the Commission

    Amendment

    The Commission shall regularly inform the European Parliament and the Council of developments regarding the Union’s macro-financial assistance, including disbursements thereof, and shall provide those institutions with the relevant documents in due time.

    The Commission shall regularly inform the European Parliament and the Council of developments regarding the Union’s macro-financial assistance, including disbursements thereof, as well as on the progress made relating to economic and democratic reforms in Egypt, and shall provide those institutions with the relevant documents, including third-party independent assessments, in due time.

    Amendment  11

     

    Proposal for a decision

    Article 1 – paragraph 3 – subparagraph 2 a (new)

     

    Text proposed by the Commission

    Amendment

     

    The transparent management of funds allocated under this macro-financial assistance is essential in order to ensure that resources are used wisely, in accordance with the set objectives. The Union shall ensure that effective and independent control and audit mechanisms are put in place to prevent any misappropriation.

    Amendment  12

     

    Proposal for a decision

    Article 2 – paragraph 1

     

    Text proposed by the Commission

    Amendment

    1. A pre-condition for granting the Union’s macro-financial assistance shall be that Egypt continues to make concrete and credible steps towards respecting effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law, and guarantees respect for human rights.

    1. A pre-condition for granting the Union’s macro-financial assistance shall be that Egypt takes concrete and credible steps towards respecting effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law, and made a quantitative and substantial improvement in the respect for human rights, since the signing in June 2024 of the Memorandum of Understanding linked to the EUR 1 billion macro-financial assistance package, and that it continues to make concrete and credible improvements in those areas throughout the period covered by this Decision.

    Amendment  13

     

    Proposal for a decision

    Article 2 – paragraph 2

     

    Text proposed by the Commission

    Amendment

    2. The Commission services and the European External Action Service shall monitor the fulfilment of this pre-condition throughout the life-cycle of the Union’s macro-financial assistance.

    2. The Commission services and the European External Action Service shall monitor the fulfilment of this pre-condition throughout the life-cycle of the Union’s macro-financial assistance in a transparent process in which civil society and international entities such as UN organisations are able to contribute, and report, regularly and in writing, to the European Parliament on the conditions referred to in Article 2 (1).

    Amendment  14

     

    Proposal for a decision

    Article 3 – paragraph 1

     

    Text proposed by the Commission

    Amendment

    1. The Commission, in accordance with the examination procedure referred to in Article 7(2), shall agree with the Egyptian authorities on clearly defined economic policy and financial conditions, focusing on structural reforms and sound public finances, to which the Union’s macro-financial assistance is to be subject, to be laid down in a Memorandum of Understanding (“the Memorandum of Understanding”) which shall include a timeframe for the achievement of those reforms. The economic policy and financial conditions set out in the Memorandum of Understanding shall be consistent with the agreements or understandings referred to in Article 1(3), including the macroeconomic adjustment and structural reform programmes implemented by Egypt with the support of the IMF.

    1. The Commission, in accordance with the examination procedure referred to in Article 7(2), shall agree with the Egyptian authorities on clearly defined economic policy and financial conditions, focusing on structural reforms and sound public finances, as well as on democracy, rule of law and human rights conditions, to which the Union’s macro-financial assistance and the release of each separate instalment is to be subject, to be laid down in a Memorandum of Understanding (“the Memorandum of Understanding”) which shall include a timeframe for the achievement of those reforms. The economic policy and financial conditions set out in the Memorandum of Understanding shall be consistent with the agreements or understandings referred to in Article 1(3), including the macroeconomic adjustment and structural reform programmes implemented by Egypt with the support of the IMF.

    Amendment  15

     

    Proposal for a decision

    Article 3 – paragraph 2

     

    Text proposed by the Commission

    Amendment

    2. The conditions referred to in paragraph 1 shall aim, in particular, at enhancing the efficiency, transparency and accountability of the public finance management systems in Egypt, including for the use of the Union’s macro-financial assistance. Progress in mutual market opening, the development of rules-based and fair trade, and other priorities in the context of the Union’s external policy shall also be duly taken into account when designing the policy measures. Progress in attaining those objectives shall be regularly monitored by the Commission.

    2. The conditions referred to in paragraph 1 shall aim, in particular, at introducing reforms towards respecting effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law, and ensuring respect for human rights, enhancing the efficiency, transparency and accountability of the public finance management systems in Egypt, including for the use of the Union’s macro-financial assistance. Progress in mutual market opening, poverty reduction, good governance, the fight against corruption, the development of rules-based and fair trade, and other priorities in the context of the Union’s external policy, including those relating to democracy, rule of law and human rights, shall also be duly taken into account when designing the policy measures. Progress in attaining those objectives shall be regularly monitored by the Commission.

    Amendment  16

     

    Proposal for a decision

    Article 4 – paragraph 3 – subparagraph 1 – point c

     

    Text proposed by the Commission

    Amendment

    (c) the satisfactory implementation of the economic policy conditions and financial conditions agreed in the Memorandum of Understanding.

    (c) the satisfactory implementation of the economic policy conditions, financial conditions, and democracy, rule of law and human rights conditions, agreed in the Memorandum of Understanding.

    Amendment  17

     

    Proposal for a decision

    Article 8 – paragraph 1 – point c a (new)

     

    Text proposed by the Commission

    Amendment

     

    (ca) outline the concrete and credible steps Egypt has taken towards respecting effective democratic mechanisms, including a multi-party parliamentary system, and the rule of law, and towards ensuring respect for human rights.

    ANNEX: ENTITIES OR PERSONS
    FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur for the opinion received input from the following entities or persons in the preparation of the opinion:

    Entity and/or person

     

    European Commission – DG ECFIN

    EEAS

    Various Egyptian authorities on multiple occassion

    Amnesty International

    Euromed Rights

    CIHRS

    Egyptian Front for Human Rights

    Committee to Protect Journalists

    Various Members of the Egyptian Parliament

    UNHCR

    Save the Children

    Frontex

    Various diplomats of EU Member States in Caïro

    Various local civil society organisations in Egypt

    Third country diplomat in Egypt

    The list above is drawn up under the exclusive responsibility of the rapporteur for the opinion.

    Where natural persons are identified in the list by their name, by their function or by both, the rapporteur for the opinion declares that she has submitted to the concerned natural persons the European Parliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

    PROCEDURE – COMMITTEE ASKED FOR OPINION

    Title

    Macro-financial assistance to the Arab Republic of Egypt

    References

    COM(2024)0461 – C10-0009/2024 – 2024/0071(COD)

    Committee(s) responsible

    INTA

     

     

     

    Opinion by

     Date announced in plenary

    AFET

    13.11.2024

    Rapporteur for the opinion

     Date appointed

    Tineke Strik

    14.10.2024

    Discussed in committee

    3.12.2024

     

     

     

    Date adopted

    30.1.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    59

    6

    7

    Members present for the final vote

    Mika Aaltola, Lucia Annunziata, Petras Auštrevičius, Jordan Bardella, Dan Barna, Wouter Beke, Robert Biedroń, Ioan-Rareş Bogdan, Marc Botenga, Grzegorz Braun, Sebastião Bugalho, Danilo Della Valle, Özlem Demirel, Elio Di Rupo, Michael Gahler, Geadis Geadi, Giorgos Georgiou, Raphaël Glucksmann, Bernard Guetta, Rima Hassan, Rasa Juknevičienė, Sandra Kalniete, Łukasz Kohut, Rihards Kols, Andrey Kovatchev, Vilis Krištopans, Nathalie Loiseau, Claudiu Manda, David McAllister, Sven Mikser, Francisco José Millán Mon, Arkadiusz Mularczyk, Leoluca Orlando, Kostas Papadakis, Tonino Picula, Thijs Reuten, Nacho Sánchez Amor, Andreas Schieder, Alexander Sell, Villy Søvndal, Davor Ivo Stier, Sebastiaan Stöteler, Stanislav Stoyanov, Marie-Agnes Strack-Zimmermann, Michał Szczerba, António Tânger Corrêa, Marta Temido, Cristian Terheş, Riho Terras, Hermann Tertsch, Pierre-Romain Thionnet, Sebastian Tynkkynen, Reinier Van Lanschot, Roberto Vannacci, Hilde Vautmans, Harald Vilimsky, Željana Zovko

    Substitutes present for the final vote

    Jaume Asens Llodrà, Malik Azmani, Engin Eroglu, Sandra Gómez López, Evin Incir, András László, Ana Catarina Mendes, Hans Neuhoff, Nicolás Pascual de la Parte, Chloé Ridel, Tineke Strik, Şerban Dimitrie Sturdza, Ingeborg Ter Laak, Matej Tonin, Ivaylo Valchev, Isabel Wiseler-Lima

    Members under Rule 216(7) present for the final vote

    Catarina Vieira

     

     

    FINAL VOTE BY ROLL CALL IN COMMITTEE ASKED FOR OPINION

    59

    +

    ECR

    Geadis Geadi, Rihards Kols, Arkadiusz Mularczyk, Şerban Dimitrie Sturdza, Cristian Terheş, Ivaylo Valchev

    PPE

    Mika Aaltola, Wouter Beke, Ioan-Rareş Bogdan, Sebastião Bugalho, Michael Gahler, Rasa Juknevičienė, Sandra Kalniete, Łukasz Kohut, Andrey Kovatchev, David McAllister, Francisco José Millán Mon, Nicolás Pascual de la Parte, Davor Ivo Stier, Michał Szczerba, Ingeborg Ter Laak, Riho Terras, Matej Tonin, Isabel Wiseler-Lima, Željana Zovko

    PfE

    András László, António Tânger Corrêa, Hermann Tertsch, Roberto Vannacci

    Renew

    Petras Auštrevičius, Malik Azmani, Dan Barna, Engin Eroglu, Bernard Guetta, Nathalie Loiseau, Marie-Agnes Strack-Zimmermann, Hilde Vautmans

    S&D

    Lucia Annunziata, Robert Biedroń, Elio Di Rupo, Raphaël Glucksmann, Sandra Gómez López, Evin Incir, Claudiu Manda, Ana Catarina Mendes, Sven Mikser, Tonino Picula, Thijs Reuten, Nacho Sánchez Amor, Andreas Schieder, Marta Temido

    The Left

    Özlem Demirel, Rima Hassan

    Verts/ALE

    Jaume Asens Llodrà, Leoluca Orlando, Villy Søvndal, Tineke Strik, Reinier Van Lanschot, Catarina Vieira

     

    6

    NI

    Grzegorz Braun, Kostas Papadakis

    PfE

    Jordan Bardella, Sebastiaan Stöteler, Pierre-Romain Thionnet, Harald Vilimsky

     

    7

    0

    ECR

    Sebastian Tynkkynen

    ESN

    Hans Neuhoff, Alexander Sell, Stanislav Stoyanov

    The Left

    Marc Botenga, Danilo Della Valle, Giorgos Georgiou

     

    Key to symbols:

    + : in favour

     : against

    0 : abstention

     

     

     

     

     

    PROCEDURE – COMMITTEE RESPONSIBLE

    Title

    Macro-financial assistance to the Arab Republic of Egypt

    References

    COM(2024)0461 – C10-0009/2024 – 2024/0071(COD)

    Date submitted to Parliament

    15.3.2024

     

     

     

    Committee(s) responsible

    INTA

     

     

     

    Committees asked for opinions

     Date announced in plenary

    AFET

    13.11.2024

     

     

     

    Rapporteurs

     Date appointed

    Céline Imart

    30.9.2024

     

     

     

    Discussed in committee

    14.10.2024

    30.1.2025

     

     

    Date adopted

    20.3.2025

     

     

     

     

    BUDG

    29.1.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    28

    7

    5

    Members present for the final vote

    Christophe Bay, Brando Benifei, Anna Bryłka, Udo Bullmann, Benoit Cassart, Markéta Gregorová, Bart Groothuis, Céline Imart, Karin Karlsbro, Bernd Lange, Ilia Lazarov, Thierry Mariani, Javier Moreno Sánchez, Ştefan Muşoiu, Daniele Polato, Majdouline Sbai, Lukas Sieper, Dominik Tarczyński, Francesco Torselli, Kathleen Van Brempt, Jörgen Warborn, Iuliu Winkler, Bogdan Andrzej Zdrojewski, Juan Ignacio Zoido Álvarez

    Substitutes present for the final vote

    Mika Aaltola, Nicolas Bay, Markus Buchheit, João Cotrim De Figueiredo, Danilo Della Valle, Borja Giménez Larraz, Vicent Marzà Ibáñez, Marina Mesure, Martin Schirdewan, Kris Van Dijck

    Members under Rule 216(7) present for the final vote

    Hildegard Bentele, Mélanie Disdier, Niels Geuking, Chloé Ridel, Romana Tomc, Matthieu Valet

    Date tabled

    24.3.2025

     

    FINAL VOTE BY ROLL CALL BY THE COMMITTEE RESPONSIBLE

    28

    +

    ECR

    Nicolas Bay, Daniele Polato, Dominik Tarczyński, Francesco Torselli, Kris Van Dijck

    ESN

    Markus Buchheit

    NI

    Lukas Sieper

    PPE

    Mika Aaltola, Hildegard Bentele, Niels Geuking, Borja Giménez Larraz, Céline Imart, Ilia Lazarov, Romana Tomc, Jörgen Warborn, Iuliu Winkler, Bogdan Andrzej Zdrojewski, Juan Ignacio Zoido Álvarez

    PfE

    Christophe Bay, Anna Bryłka, Mélanie Disdier, Thierry Mariani, Matthieu Valet

    Renew

    Benoit Cassart, João Cotrim De Figueiredo, Bart Groothuis, Karin Karlsbro

    S&D

    Javier Moreno Sánchez

     

    7

    S&D

    Udo Bullmann

    The Left

    Danilo Della Valle, Marina Mesure, Martin Schirdewan

    Verts/ALE

    Markéta Gregorová, Vicent Marzà Ibáñez, Majdouline Sbai

     

    5

    0

    S&D

    Brando Benifei, Bernd Lange, Ştefan Muşoiu, Chloé Ridel, Kathleen Van Brempt

     

    Key to symbols:

    + : in favour

     : against

    0 : abstention

     

     

    MIL OSI Europe News

  • MIL-OSI Europe: REPORT on the nomination of Lucian Romașcanu as a Member of the Court of Auditors – A10-0039/2025

    Source: European Parliament

     

    ANNEX 1: CURRICULUM VITÆ OF LUCIAN ROMAȘCANU

    ABOUT ME

    Married, two children

    Politician with top parliamentary and governmental experience with a wealth of prior experience in the private sector.

    Solid experience in working with public and European funds in the public positions held, minister, senator or head of a higher administrative territorial unit.

    EDUCATION AND TRAINING

    [ 2000 – 2002 ] Executive MBA

    University Of Washington, Seattle / ASEBUSS Bucharest

    City: Bucharest | Country: Romania |

    [ 1986 – 1991 ] BSc

    Academy Of Economic Studies

    City: Bucharest | Country: Romania |

    WORK EXPERIENCE

    [ 28/10/2024 – Current ] President

    Buzău County Council

    City: Buzău | Country: Romania

     uninominal elected position

     administrative coordination of Buzău county, 404 000 inhabitants and 87  administrative territorial units

     yearly budget – over EUR 100 million

    [ 21/12/2016 – 27/10/2024 ] Senator

    The Senate of Romania

    City: Bucharest | Country: Romania

    Various positions in the parliament of Romania:

     Chair, Culture and Media Committee

     President, Romanian parliament delegation to the Parliamentary Assembly of the Organization for Security and Co-operation in Europe (OSCE)

     Leader, Social-Democratic Party senators

    [ 11/2021 – 06/2023 ] Minister Of Culture

    Government of Romania

    City: Bucharest | Country: Romania

    • yearly budget – over EUR 300 million

     

    [ 06/2017 – 01/2018 ] Minister Of Culture

    Government of Romania

    City: Bucharest | Country: Romania

    • yearly budget – over EUR 270 million

    [ 2015 – 2016 ] Management Advisor to the President of the Board

    Romanian National Television

    City: Bucharest | Country: Romania

     100 % state owned

     5 TV Channels

     EUR 67 million yearly turnover

     2 450 employees

    [ 2012 – 2015 ] Managing Director

    Dogan Media International

    City: Bucharest | Country: Romania

     Turkish capital

     EUR 20 million yearly turnover

     over 400 employees

     32 % y-o-y revenue growth

    [ 2009 – 2012 ] General Manager

    Cancan Media

    City: Bucharest | Country: Romania

     EUR 8 million yearly turnover

     140 employees

     12% y-o-y revenue growth

    [ 2006 – 2009 ] Managing Director

    Ringier Romania

    City: Bucharest | Country: Romania

     Swiss capital

     EUR 30 million yearly turnover

     240 employees

    [ 2004 – 2006 ] Managing Director

    Best Print Services

    City: Bucharest | Country: Romania

     EUR 10 million yearly turnover

     110 employees

     financing negotiations, investment programme supervising

     ERP design and implementation

     18 % y-o-y revenue growth

    [ 2002 – 2004 ] General Manager

    HL Display Romania

    City: Bucharest | Country: Romania

     Swedish capital

     start-up

     EUR 1 million yearly turnover

     5 employees

     Accountable for the Profit and Loss (P&L) statement

     budgeting, revenue and cost control responsibility

     

    [ 1999 – 2002 ] Sales Director

    Ringier Romania

    City: Bucharest | Country: Romania

     Swiss capital

     sales team coordination (14 people)

     crafting sales strategy, planning action, setting sales objectives

     sales presentations delivered to media agencies, key clients; contract negotiation

    [ 1997 – 1999 ] Sales Director

    MediaPro Holding

    City: Bucharest | Country: Romania

     organising and harmonising the sales structures of the different group companies

     crafting sales strategy, planning action, setting sales objectives

     sales presentations delivered to media agencies, key clients; negotiating sales budgets responsibility, in depth reorganisation of the sales structure of 16 different companies

    [ 1993 – 1997 ] Country Representative Amorim Irmaos

    City: Bucharest | Country: Romania

     start-up

     EUR 4 million yearly turnover

     building the presence on the Romanian market, obtaining and maintaining the leader position (90 % market share)

    [ 1991 – 1993 ] Account manager

    Vinexport Trading Co.

    City: Bucharest | Country: Romania

     coordinating exports to Dutch, Canadian and Israeli markets

     taking part in negotiations, supervising deliveries, preparing export documents.

    MANAGEMENT AND LEADERSHIP SKILLS

    Team leader, good negotiator

     good teams coordination

     precise identification and delimitation of competences and hierarchies, multitasking with attention to detail

     analytical but also action and results oriented

     very good communication and presentation skills

     strong negotiation skills with different typologies or cultures

    COMMUNICATION AND INTERPERSONAL SKILLS

    Excellent communicator, adaptable and perseverant

     excellent interpersonal and communication skills within different environments, coordinating and motivating teams of various sizes

     committed, self-starter, dynamic, perseverant, adaptable, rapidly assimilating new information from various fields

    LANGUAGE SKILLS

    Mother tongue(s): Romanian

    Other language(s):

    English

    LISTENING C2 READING C2 WRITING C2

    SPOKEN PRODUCTION C2 SPOKEN INTERACTION C2

    French

    LISTENING B2 READING B2 WRITING B1

    SPOKEN PRODUCTION B1 SPOKEN INTERACTION B1

    Levels: A1 and A2: Basic user; B1 and B2: Independent user; C1 and C2: Proficient user

    DIGITAL SKILLS

    My Digital Skills

    Excellent command of Microsoft Office (Word, Excel, Outlook) | Proficiency of using computer and internet | Enterprise-Resource-Planning-Software (ERP) | Implement change management: from organisational changes to CRMs launch

    DRIVING LICENCE

    Motorbikes:  A

    Cars:  B

    HOBBIES AND INTERESTS

    Avid reader, passionate about sports and music

    ANNEX 2: ANSWERS BY LUCIAN ROMAȘCANU TO THE QUESTIONNAIRE

    Questionnaire for Candidates for Membership of the Court of Auditors

    Professional experience

    1. Please list your professional experience in public finance be it in budgetary planning, budget implementation or management or budget control or auditing.

     A:

     As manager in the private sector

    i. I proposed, negotiated, approved and controlled budgets of EUR tens of millions in the different companies I managed.

     

     As Senator in the Romanian Parliament:

    i. I discussed, amended and approved eight of the Romanian yearly budgets with all the activities involved in this laborious process.

    ii. I received, analysed, and was involved in amending, approving or rejecting the budgets of the institutions that operate directly under the supervision of the Senate of Romania – Romanian National Television, Romanian National Radio, the Romanian Cultural Institute, the Audio Visual Council, among others.

    iii. I was involved in top level decisions during major crises, including the pandemic and the energy crisis, where the budgetary impact and control over decisions was a key priority.

     

     As Minister of Culture

    i. I analysed past years’ budgets and drew conclusions on the performance of the previous budgets and implemented corrective measures where necessary.

    ii. I drew up the yearly budgets, negotiated them with the Ministry of Finance and presented them in front of the Romanian parliament – the yearly budget of the Ministry of Culture is about EUR 300 million.

    iii. I oversaw the execution of the yearly budgets both in terms of performance and legality.

    iv. I worked closely with the Romanian Court of Accounts in all aspects related to their activities concerning my ministry.

     

     As President of Buzau County

    i. I analysed the previous years’ budgets to allow me to draw conclusions on the County’s financial performance and subsequently prepared budgetary corrections for the next period.

    ii. I drew up the 2025 budget and supervised its approval by the County counsellors – the yearly budget is about EUR 110 million.

    2. What have been your most significant achievements in your professional career?

     A: Considering the scope of this questionnaire, I would list some of the achievements related to the financial and budgetary fields:

    i. In my first mandate as Minister, I was able to increase the budget of the Ministry of Culture by 47 % and oversaw an execution rate of more than 98 % without any adverse opinion from the Romanian Court of Accounts.

    ii. As the leader of the group of the Social Democratic Party senators I was a key actor in the negotiation and successful vote of the Romania’s annual budgets in due time.

    iii. As member of the Parliament during the COVID-19 crisis I was able, together with my colleagues, to ensure – through the necessary Parliamentary decisions – all the resources that the state needed to fight the pandemic and follow-up the way the resources were allocated and spent.

    3. What has been your professional experience of international multicultural and multilinguistic organisations or institutions based outside your home country?

     A:

    i. In the private sector I worked on top executive positions for multinational companies, where I exposed to different cultures within the organisations I worked for.

    ii. As a member of the Romanian parliament and a committee chair, I was constantly involved in activities of parliamentary diplomacy with representatives of different countries and cultures. As the President of the Romanian Parliament delegation to the Organization for Security and Co-operation in Europe (OSCE) I was involved in meetings, discussions and negotiations with representatives from more than 50 member countries.

    iii. As a minister I had the opportunity to have a full international agenda with meetings and negotiations with colleagues from different countries and cultures.

    4. Have you been granted discharge for the management duties you carried out previously, if such a procedure applies?

     A: The duties I carried out previously were not subject to a discharge procedure.

    5. Which of your previous professional positions were a result of a political nomination?

     A: For the past eight years of my career, I was in the public service following general or local elections and I was appointed twice as Minister of Culture. All positions were held as a member of the Social Democratic Party (PSD).

    6. What are the three most important decisions to which you have been party in your professional life?

     A: Having a career that spans over decades, there were several important decisions that made the difference, and I am proud of. I will mention three of them, which are relevant for the three main chapters of my career so far, in the private sector, government and parliament:

    i. One of my important decisions I made during my years as manager in the private sector was the deep restructuring of the division I was in charge of in within Ringier Romania, the result being that the newspaper and magazine titles in my portfolio accounted for 50 % of the group’s turnover and almost 100 % of the group’s profit.

    ii. As Minister of Culture, I was able to restructure and streamline the budget to allocate 270 % more money to domestic cultural projects than in the preceding year.

    iii. As a senator and group leader I supported, negotiated in the committees and got the votes for the investment programmes of the Government, including recovery and resilience fund (RRF) projects, which reached almost 7 % of Romania’s GDP in 2024.

    Independence

    7. The Treaty stipulates that the Members of the Court of Auditors must be ‘completely independent’ in the performance of their duties. How would you act on this obligation in the discharge of your prospective duties?

    A: If confirmed, as a Member of the Court of Auditors, I commit myself to carry out my duties in full independence and with the highest ethical standards, in the general interest of the European Union and of the European citizens, and in full respect of the Treaties’ provisions and the Rules of Procedure of the Court. I will fully comply with the provisions of the Code of conduct for ECA members and observe the ethical principles enshrined therein: integrity, independence, objectivity, competence, professional behaviour, confidentiality, transparency, dignity, commitment, loyalty, discretion and collegiality.

    I will neither seek nor take instructions from any government or other institution, body office, or entity. At the same time, I shall refrain from any action incompatible with my prospective duties, striving to set an example by my personal conduct. Even after the cessation of my duties, I undertake to ensure the confidentiality of information and respect the rules concerning appointments and benefits.

    In this role, I will ensure that the Court’s independence is rigorously protected and that my duties are performed with integrity, impartiality and a strong commitment to the highest standards of public service.

    8. Do you or your close relatives (parents, brothers and sisters, legal partner and children) have any business or financial holdings or any other commitments, which might conflict with your prospective duties?

     A: Neither I nor any member of my family have any business or financial interests that could give rise to a conflict of interest with the duties and responsibilities associated with the role of Member of the European Court of Auditors (ECA).

    9. Are you prepared to disclose all your financial interests and other commitments to the President of the Court and to make them public?

     A: Yes, I am ready to disclose all requested information and provide a declaration of interest in accordance with the European Court of Auditors’ Code of Conduct and ethical guidelines, ensuring complete transparency and accountability.

    10. Are you involved in any current legal proceedings? If so, please provide us with details.

     A: No, I am not involved in any current legal proceedings.

    11. Do you have any active or executive role in politics, if so at what level? Have you held any political position during the last 18 months? If so, please provide us with details.

     A: Yes, I am currently the leader of the Buzau County organisation of the Social Democratic Party and the national spokesperson of the party for all matters.

    12. Will you step down from any elected office or give up any active function with responsibilities in a political party if you are appointed as a Member of the Court?

     A: Yes, without any hesitation. Becoming a member of ECA means that I will put an end to my political career.

    13. How would you deal with a major irregularity or even fraud and/or corruption case involving persons in your Member State of origin?

     A: If such a case happens, I would handle it in the same manner as any other case of fraud in any other Member State, with the utmost independence and integrity, taking a fully impartial, objective, unbiased and professional approach.

     Upholding impartiality and integrity, respecting the rule of law, strictly following established policies, rules, and procedures, and ensuring fairness and equal treatment are all essential for any institution to function effectively and maintain the trust of EU citizens.

    Performance of duties

    14. What should be the main features of a sound financial management culture in any public service? How could the ECA help to enforce it?

    A: Within the framework set by the Financial Regulation, sound financial management is understood as budget implementation in compliance with the three principles of:

    i) economy

    ii) efficiency

    iii) effectiveness.

    Public funds must be used for the public good, upholding the fundamental principles of transparency and accountability, which are the two key pillars of good governance.

    I strongly believe that transparency, fairness and accountability, with a focus on performance as well, should be seen as the main features of implementing these principles and fostering a sound financial management culture in public service and these have been guiding elements in both my private and public-sector career.

    What is more, the challenging context we are facing requires that we all do our utmost to rebuild and strengthen citizens’ trust in public institutions and decision-making processes at national and European levels. In this regard, I see added value in a multilayered approach aiming to ensure that proper budgetary planning is accompanied by ethical governance and transparent reporting, followed by a thorough controlling and accountability process, all supported by clear and proactive communication efforts at each of these stages. Not least, I see merit in incorporating early risk analysis and mitigation in all stages described above, to ensure the best possible outputs.

     The ECA has the important role of helping to establish a culture of professional financial management and ensuring its sustainability across all EU institutions. The ECA delivers recommendations and monitors their implementation, both key activities for the above-mentioned role. Identifying best practices and issuing audit recommendations are essential ways to strengthen sound financial management. Furthermore, the ECA’s substantial moral authority can help inspire more transparent and accountable accounting practices throughout the EU.

     The ECA also plays a significant role in simplifying the legislative framework and administrative procedures where appropriate, contributing to effective financial management and facilitating necessary reforms. The EU needs simpler procedures with less bureaucracy, and the ECA can play a vital role in Europe’s simplification agenda.

    15. Under the Treaty, the Court is required to assist Parliament in exercising its powers of control over the implementation of the budget. How would you further improve the cooperation between the Court and the European Parliament (in particular, its Committee on Budgetary Control) to enhance both the public oversight of the general spending and its value for money?

    A: As a prospective Member of the Court of Auditors, I assure you of my commitment to building a relationship based on openness, transparency, mutual trust and efficiency between the European Parliament – in particular its Committee on Budgetary Control (CONT) – and the Court of Auditors. As we are still early in the current institutional and legislative cycle, I believe we need to work, from both sides, to further strengthen the connection between the two institutions and foster a culture of constant engagement between the CONT Committee and the ECA. As such, if confirmed, I would like to assure you of my full openness to dialogue and suggestions on how to improve and strengthen the Court’s contributions in support of the decision-making process in the CONT Committee, meant to allow Parliament to exercise its democratic oversight effectively, particularly when exercising its powers of control over the implementation of the budget. Also given the current difficult regional and international context, I cannot stress enough the importance of safeguarding the EU budget – both at EU and national levels – and I am aware that this is a prime concern for this Parliament and for the CONT Committee in particular.

     

    By working together, we can ensure that any expenditure of EU money is made in a legal, responsible, and accountable manner, having at heart the best interests of the EU and its citizens.

     Moreover, since Members of the European Parliament directly represent the interests of EU citizens, it is crucial to incorporate their perspectives to ensure the ECA’s work remains relevant to the challenges faced by EU citizens, while upholding the Court’s full independence in its work.

     

    16. What added value do you think performance auditing brings and how should the findings be incorporated in management procedures?

     

    A: Compliance audits, financial audits and performance audits complement each other. While compliance auditing verifies whether activities and programmes comply with applicable legal and regulatory requirements, performance auditing evaluates whether these activities and programmes have been executed optimally.

     

    In the context of the implementation of the current multi-annual financial framework for 2021-2027, the Court of Auditors has already recommended future-proofing EU funding for climate adaptation as part of the EU’s economic growth strategy, with implications for the EU’s competitiveness both internally and externally. This contributed to building a results-oriented approach and ensuring that financial decisions are properly translated into effective actions and solutions to the benefit of EU citizens.

     

    Building on this model, further actions could be envisaged in order to support the proper follow-up to the efficiency of spending on the EU’s competitiveness objectives, based on performance auditing, also taking into account the need to consider the EU’s overall development objectives.

     In the same logic, a stronger focus on performance could prove useful in support of the new Commission objectives related to simplification and accountability, also with respect to public procurement procedures. Performance-based evaluations could also consider the administrative costs at the level of Member States, as well as at the level of the business community. Performance auditing offers forward-looking insights, evaluating whether processes are functioning effectively to achieve the set targets and goals.

    Given the projected increased complexity of the EU financial instruments, accountability and traceability of EU funds becomes even more important, also as a prerequisite of the performance-based model, to be considered in the future endeavours of the Court of Auditors, as well as in the relationship with the other EU institutions with budgetary responsibilities – namely the European Commission and the European Parliament.

     That being said, we must always strive to make recommendations that are both relevant and practical, and that can be clearly understood and embraced by the audited entity, especially by the appropriate management level with the competence to implement them optimally in terms of time, cost, and resources.

     

    17. How could cooperation between the Court of Auditors, the national audit institutions and the European Parliament (Committee on Budgetary Control) on auditing of the EU budget be improved?

     A: At this stage, I cannot provide a definitive answer, as I have yet to assess the matter from the perspectives of either the Committee on Budgetary Control or ECA. Gaining practical experience at the Court of Auditors will be essential in forming a well-informed view.

     What is clear, however, is that the cooperation between the Court of Auditors and national audit bodies, as outlined in Article 287(3) of the Treaty on the Functioning of the European Union, is crucial for effective budgetary control. In the context of shared management, leveraging the expertise of national auditors is particularly important.  

     Maintaining an open dialogue with the budgetary and legislative authorities, national SAIs, and other stakeholders strengthen the institution’s relevance and the impact of its work.

    Both the European Parliament (through the CONT Committee) and national audit institutions that report to national parliaments are key stakeholders for the ECA, with a shared goal of safeguarding the EU budget and ensuring optimal use of EU taxpayers’ money. In this regard, the ECA should continue to share its relevant reports with national audit bodies and other institutions to keep them informed of its activities and to communicate its recommendations on pertinent policy areas.

    Therefore, I believe that a well organised, transparent exchange of information, a strong understanding of each side’s needs, and effective collaborative arrangements are key to success. Any actions taken must uphold the legal framework for cooperation, ensuring both the obligation to work in good faith and the independence of the Court of Auditors and national audit bodies.

    Moreover, I would encourage direct structured dialogue between the Contact Committee and the EP Committee on Budgetary Control, with regular exchanges on good practices and lessons learned, effective budget implementation and control, governance, transparency and accountability matters. Additionally, I believe that joint risk analyses could also be a part of this more structured dialogue, a common understanding on challenges and specific risk across the EU, and exchange on ways to address these.

    At its end, the European Parliament also plays a significant role in raising awareness of the ECA’s work and the EU budget control system among their constituents. Also, the Members of the European Parliament should help the audit authorities in their respective Member States to better understand the challenges they face in carrying out their duties.

    18. How would you further develop the reporting of the ECA to give the European Parliament all the necessary information on the accuracy of the data provided by the Member States to the European Commission?

    A: High-quality reporting is based mainly on the quality of data provided. ECA evaluation and reporting depends on the quality of the data provided, especially since it supports the European Parliament in consolidating its budgetary decisions.

    In this respect, also considering that European statistics are public goods, and building on the current Regulation on European Statistics, it is important to analyse, in dialogue with the European Commission and the other institutions, how the current system could be improved to focus on new data sources, new technologies and insights generated by the digital era, as to ensure that the data provided reflect the new set of challenges and economic realities in order to support the reasoning of EU decisions and policy objectives.

    Always remembering that the Court itself has limited resources and must best use them to report its work.

    Other questions

    19. Will you withdraw your candidacy if Parliament’s opinion on your appointment as Member of the Court is unfavourable?

    A: As a former member of the Romanian parliament and former committee chair, I have full respect for the decisions of the European Parliament. In this respect, if any doubts were raised about my integrity or independence, I would of course consider, after discussions with my Member State, withdrawing my nomination. I would also carefully consider the views and discussions in the Budgetary Control Committee regarding the areas of professional improvement and act accordingly.

    Nevertheless, since I was nominated by the Romanian Government and the procedure under the TFEU states that the Council has the final decision, I consider that following the full procedure is the correct way to act that respects all the institutions involved.

    ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    The rapporteur declares under his exclusive responsibility that he did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

     

    INFORMATION ON ADOPTION IN COMMITTEE RESPONSIBLE

    Date adopted

    18.3.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    22

    2

    5

    Members present for the final vote

    Georgios Aftias, Gilles Boyer, Caterina Chinnici, Tamás Deutsch, Dick Erixon, Daniel Freund, Gerben-Jan Gerbrandy, Niclas Herbst, Monika Hohlmeier, Virginie Joron, Kinga Kollár, Giuseppe Lupo, Marit Maij, Claudiu Manda, Csaba Molnár, Fidias Panayiotou, Jacek Protas, Julien Sanchez, Jonas Sjöstedt, Carla Tavares, Tomáš Zdechovský

    Substitutes present for the final vote

    Maria Grapini, Erik Marquardt, Bert-Jan Ruissen, Vlad Vasile-Voiculescu, Annamária Vicsek

    Members under Rule 216(7) present for the final vote

    Andrzej Halicki, Valentina Palmisano, Georgiana Teodorescu

     

     

    MIL OSI Europe News

  • MIL-OSI Europe: REPORT on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Hashemite Kingdom of Jordan – A10-0038/2025

    Source: European Parliament

    DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

    on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Hashemite Kingdom of Jordan

    (COM(2024)0159 – C9‑0146/2024 – 2024/0086(COD))

    (Ordinary legislative procedure: first reading)

    The European Parliament,

     having regard to the Commission proposal to Parliament and the Council (COM(2024)0159),

     having regard to Article 294(2) and Article 212 of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C9‑0146/2024),

     having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

     having regard to Rule 60 of its Rules of Procedure,

     having regard to the budgetary assessment by the Committee on Budgets,

     having regard to the opinion of the Committee on Foreign Affairs,

     having regard to the report of the Committee on International Trade (A10-0038/2025),

    1. Adopts its position at first reading, taking over the Commission proposal;

    2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

    3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

     

     

    EXPLANATORY STATEMENT

    In an increasingly challenging global economic context, Jordan faces persistent structural challenges compounded by significant external shocks. While the country has maintained moderate growth of around 2% in recent years, this level remains insufficient to address fundamental economic needs: reducing high unemployment (22.9% in 2022) and alleviating a substantial public debt burden (88.7% of GDP in 2023).

    These domestic challenges are further exacerbated by heightened regional tensions, including the war between Israel and Gaza and ongoing instability in Syria, which are disrupting trade, straining public resources and jeopardizing key sectors such as tourism. Therefore, Jordan is facing a series of unfavorable factors with economic, political, social and demographic consequences, and must receive appropriate and rapid support as a reliable and stable partner of the EU. Moreover, the migratory pressure is very high in the Kingdom with 1.3 million refugees from Syria out of total of 3.8 million of refugees. It means 1/3 of the Kingdom population are refugees.

    To support Jordan’s economic stability and cover the country’s residual financing needs over the operation’s availability period, the Commission proposes a macro-financial assistance (MFA) operation of up to €500 million in loans, despite the Jordan’s request for €700 million.

    This assistance is designed to address pressing economic challenges, including high public debt, a structurally elevated budget deficit (5.1% of GDP in 2023), and a persistent external deficits (average of around 6.5% of GDP over the last five years). It also aims to mitigate the fiscal constraints exacerbated by recent crises, such as the COVID-19 pandemic and regional instability.

    The political and economic conditions necessary for granting the proposed MFA are fulfilled, as confirmed by the Commission’s evaluation of Jordan’s current situation. The loan will be provided under the External Action Guarantee with a provisioning at a rate of 9%, which will be programmed under the NDICI-GE, for a total amount of EUR 45 million. To ensure risk coverage, the EU will provision 9% of the total amount, or €45 million, under the External Action Guarantee.

    The MFA will have a validity period of two and a half years following the entry into force of the Memorandum of Understanding (MoU). The disbursement of funds will occur in three tranches, contingent upon the full and timely implementation of the agreed-upon economic policies outlined in the MoU. These policies include ambitious reforms in key areas such as public governance, fiscal management, and anti-corruption efforts, ensuring that the assistance supports Jordan’s long-term economic resilience.

    This assistance complements the ongoing IMF program approved in January 2024, which provides $1.2 billion over four years, and aligns with support from other international partners, including substantial U.S. grants. It also builds on Jordan’s track record with macro-financial assistance, being the fourth MFA operation since 2014, totaling €1.08 billion to date. These successive programs underscore the EU’s ongoing commitment to strengthening Jordan’s institutional capacity and promoting economic stability.

    By addressing Jordan’s immediate financing needs and supporting reforms in key areas, the MFA reinforces the country’s economic resilience while contributing to regional stability. Subordinated to clear economic policy conditions, this assistance ensures accountability and progress. The full and timely implementation of these policies will remain a prerequisite for the disbursement of each tranche, ensuring that Jordan continues to meet its reform commitments.

    Jordan is a key partner in the region, able to engage in dialogue with the various geopolitical players in the Middle East. It is important to give Jordan due consideration and not to take its support for granted. It is therefore important to build a global and strategic partnership with Jordan, alongside and in addition to this MFA, in order to quickly lay the foundations for tomorrow’s collaboration.

     

     

    ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur declares that she received input from the following entities or persons in the preparation of the report, prior to the adoption thereof in committee:

    Entity and/or person

    European Commission – DG ECFIN

    European Commission – DG NEAR

    EEAS

    Embassy of the Hashemite Kingdom of Jordan

    The list above is drawn up under the exclusive responsibility of the rapporteur.

    Where natural persons are identified in the list by their name, by their function or by both, the rapporteur declares that she has submitted to the concerned natural persons the European Parliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

     

    BUDGETARY ASSESSMENT OF THE COMMITTEE ON BUDGETS (4.2.2025)

    for the Committee on International Trade

    on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Hashemite Kingdom of Jordan

    (COM(2024)0159 – C9‑0146/2024 – 2024/0086(COD))

    Rapporteur for budgetary assessment: Johan Van Overtveldt 

    The Committee on Budgets has carried out a budgetary assessment of the proposal under Rule 58 of the Rules of Procedure and has reached the following conclusions:

    A. whereas Jordan continues to face significant external financing needs and economic challenges, with a current account deficit of 7.1 % of gross domestic product (GDP) in the first half of 2023, driven by persistent deficits in trade in goods; whereas Jordan’s public debt burden remains high at 88.7 % of GDP in 2023, raising concerns about long-term fiscal sustainability;

    B. whereas Jordan’s narrow revenue base, with domestic tax revenue at only 16 % of GDP, raises concerns about long-term fiscal sustainability and capacity to service external debts;

    C. whereas the policy measures associated with macro-financial assistance (MFA) cover selected provisions related to the Association Agreement and the EU-Jordan Partnership Priorities 2021-2027;

    D. whereas significant structural challenges hinder economic growth, with deficiencies in the business environment, access to finance, labour market flexibility and public administration; whereas unemployment remains high, especially among women, youth and university graduates, with women’s labour force participation at just 14 % in 2023, among the lowest globally; whereas the EU-Jordan Partnership Priorities 2021-2027 aim to address these issues by fostering decent work, innovation, skills development and comprehensive social protection systems;

    E. whereas the EU-Jordan Partnership Priorities 2021-2027 highlight cooperation in inter-religious and intercultural dialogue and the protection of cultural heritage as drivers of peace and sustainable development; whereas these efforts can include safeguarding historical manuscripts and archives, contributing to inclusive dialogue and mutual understanding;

    F. whereas Jordan’s economy has suffered significantly from protracted conflicts and crises in the region, notably in neighbouring Syria, and most recently in Israel/Gaza and the Red Sea; whereas these pose further risks to Jordan’s economic outlook, particularly affecting tourism and trade, with disruptions to exports and vessel traffic;

    G. whereas the severe deterioration of external accounts and Jordan’s strategic importance for regional stability justify this support package;

    H. whereas the conflicts in Gaza and the wider region have been exacerbating socioeconomic challenges in Jordan given its geographical position;

    1. Notes that the Commission proposal of EUR 500 million in MFA requires EUR 45 million in provisioning under the External Action Guarantee from the Neighbourhood, Development and International Cooperation Instrument – Global Europe; points out that the evolving financial and economic realities in Jordan might require a revision of the proposed amount of MFA, consequently having an effect on provisioning;

    2. Notes that the assistance will be disbursed in three instalments between 2024 and 2027, with release strictly linked to the progress of the implementation of both the International Monetary Fund programme and additional policy measures;

    3. Recalls that this represents the fourth MFA operation for Jordan since 2014, bringing total MFA support to EUR 1.58 billion, demonstrating the EU’s sustained commitment to supporting Jordan’s economic stability;

    4. Acknowledges that the loan structure includes a grace period and spreads repayments over a long period, creating extended contingent liabilities for the EU budget that require monitoring over multiple financial frameworks;

    5. Acknowledges that the International Monetary Fund assessed Jordan’s public debt level as sustainable in its report of January 2024, while noting that debt sustainability risks remain significant;

    6. Recalls that previous MFA operations for Jordan have demonstrated positive track records in terms of repayment;

    7. Emphasises that the MFA underpins Jordan’s continued commitment to values shared with the Union, including democracy, rule of law, good governance and respect for human rights; highlights that these commitments are key to ensuring effective reforms and long-term stability; stresses that a precondition for granting the Union’s macro-financial assistance is that Jordan respects effective democratic mechanisms – including a multi-party parliamentary system – and guarantees respect for human rights;

    8. Stresses the importance of the regular verification of Jordan’s compliance with the preconditions, ongoing conditionality and objectives to protect the EU’s financial interests and ensure the implementation of the MFA in accordance with the regulation;

    9. Calls for proper monitoring and regular reporting to Parliament and the Council on developments relating to the assistance as well as the continuous monitoring of conditions and objectives;

    10. Recalls that while MFA is meant to be an exceptional crisis response instrument, its increasing use to address structural economic challenges in partner countries risks diluting its emergency nature;

    11. Concludes that the proposal for a decision on providing macro-financial assistance to Jordan is compatible with the EU’s budgetary framework and financial rules.

     

     

    ANNEX: ENTITIES OR PERSONS
    FROM WHOM THE RAPPORTEUR FOR BUDGETARY ASSESSMENT HAS RECEIVED INPUT

    The Chair in his capacity as rapporteur for budgetary assessment declares under his exclusive responsibility that he did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

     

    PROCEDURE – COMMITTEE ASKED FOR BUDGETARY ASSESSMENT

    Title

    Macro-financial assistance to the Hashemite Kingdom of Jordan

    References

    COM(2024)0159 – C9-0146/2024 – 2024/0086(COD)

    Committee(s) responsible

    INTA

     

     

     

     Date announced in plenary

    BUDG

    25.4.2024

    Rapporteur for budgetary assessment

     Date appointed

    Johan Van Overtveldt

    5.12.2024

    Discussed in committee

    16.1.2025

     

     

     

    Date adopted

    29.1.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    35

    2

    1

    Members present for the final vote

    Georgios Aftias, Rasmus Andresen, Isabel Benjumea Benjumea, Tobiasz Bocheński, Olivier Chastel, Tamás Deutsch, Angéline Furet, Jens Geier, Thomas Geisel, Jean-Marc Germain, Sandra Gómez López, Monika Hohlmeier, Alexander Jungbluth, Janusz Lewandowski, Giuseppe Lupo, Siegfried Mureşan, Matjaž Nemec, Danuše Nerudová, João Oliveira, Ruggero Razza, Karlo Ressler, Julien Sanchez, Hélder Sousa Silva, Joachim Streit, Carla Tavares, Nils Ušakovs, Lucia Yar, Auke Zijlstra

    Substitutes present for the final vote

    Damian Boeselager, Michalis Hadjipantela, Moritz Körner, Tiago Moreira de Sá, Rasmus Nordqvist, Michele Picaro, Jacek Protas, Beata Szydło

    Members under Rule 216(7) present for the final vote

    Thierry Mariani, Aodhán Ó Ríordáin

     

     

     

    FINAL VOTE BY ROLL CALL
    IN COMMITTEE ASKED FOR BUDGETARY ASSESSMENT

    35

    +

    ECR

    Tobiasz Bocheński, Michele Picaro, Ruggero Razza, Beata Szydło

    NI

    Thomas Geisel

    PPE

    Georgios Aftias, Isabel Benjumea Benjumea, Michalis Hadjipantela, Monika Hohlmeier, Janusz Lewandowski, Siegfried Mureşan, Danuše Nerudová, Jacek Protas, Karlo Ressler, Hélder Sousa Silva

    PfE

    Tamás Deutsch, Angéline Furet, Thierry Mariani, Tiago Moreira de Sá, Julien Sanchez

    Renew

    Olivier Chastel, Moritz Körner, Joachim Streit, Lucia Yar

    S&D

    Jens Geier, Jean-Marc Germain, Sandra Gómez López, Giuseppe Lupo, Matjaž Nemec, Aodhán Ó Ríordáin, Carla Tavares, Nils Ušakovs

    Verts/ALE

    Rasmus Andresen, Damian Boeselager, Rasmus Nordqvist

     

    2

    PfE

    Auke Zijlstra

    The Left

    João Oliveira

     

    1

    0

    ESN

    Alexander Jungbluth

     

    Key to symbols:

    + : in favour

     : against

    0 : abstention

    OPINION OF THE COMMITTEE ON FOREIGN AFFAIRS (31.1.2025)

    for the Committee on International Trade

    on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Hashemite Kingdom of Jordan

    (COM(2024)0159 – C9‑0146/2024 – 2024/0086(COD))

    Rapporteur for opinion: Malik Azmani

     

     

    AMENDMENTS

    The Committee on Foreign Affairs submits the following to the Committee on International Trade, as the committee responsible:

    Amendment  1

    Proposal for a decision

    Recital 2

     

    Text proposed by the Commission

    Amendment

    (2) Since 2011, Jordan has embarked on a number of political reforms to strengthen parliamentary democracy and the rule of law. A Constitutional Court and an Independent Electoral Commission have been set up and a number of major laws, including the Electoral Act and the Political Parties Act as well as laws on decentralisation and municipalities, have been passed by the Jordanian Parliament. Legislative improvements as regards the independence of the judiciary and women’s rights have been adopted.

    (2) Since 2021, Jordan has embarked on a number of political reforms to strengthen parliamentary democracy and the rule of law. A Constitutional Court and an Independent Electoral Commission have been set up and a number of major laws, including the Electoral Act and the Political Parties Act as well as laws on decentralisation and municipalities, have been passed by the Jordanian Parliament. Legislative improvements as regards the independence of the judiciary and women’s rights have been adopted. The European Election Observation Mission in Jordan took note of the inclusive and well-organised parliamentary elections that took place on 10 September 2024 in the context of the political modernisation initiated by the King in 2021. It is crucial that the Union continues to support peace in Jordan and does everything within its power to preserve the unique Jordanian model of ethnic and religious representation in order to ensure legitimate representation of those groups.

    Amendment  2

     

    Proposal for a decision

    Recital 3

     

    Text proposed by the Commission

    Amendment

    (3) The Jordanian economy has suffered significantly from protracted conflicts in the region, notably in neighbouring Syria, and most recently in Israel/Gaza and the Red Sea. Since the start of the war in Syria, the Jordanian economy has been impacted by a large inflow of Syrian refugees, which has increased pressure on its fiscal position, public services and infrastructure. In addition to regional instability, the macroeconomic and fiscal challenges related to the COVID-19 pandemic in 2020/2021, commodity price developments following Russia’s invasion of Ukraine in 2022, high exposure to trade fluctuations and the increase of borrowing costs for emerging markets globally continued to weigh on the Jordanian economy. As a result, Jordan experienced an economic contraction in 2020, followed by a slow economic recovery, as unemployment increased significantly in 2020 and remained high, and new fiscal and external financing needs emerged.

    (3) The Jordanian economy has suffered significantly from protracted conflicts in the region, notably in neighbouring Syria, and most recently in Israel/Gaza and the Red Sea. Since the start of the war in Syria, the Jordanian economy has been impacted by a large inflow of Syrian refugees, which has increased pressure on its fiscal position, public services and infrastructure. The current uncertainty in Syria further exacerbates the already highly detrimental instability for Jordan. Jordan hosts around 1,3 million refugees, making it one of the countries with the highest number of refugee populations per capita. In addition to regional instability, the macroeconomic and fiscal challenges related to the COVID-19 pandemic in 2020/2021, commodity price developments following Russia’s invasion of Ukraine in 2022, high exposure to trade fluctuations and the increase of borrowing costs for emerging markets globally continued to weigh on the Jordanian economy. As a result, Jordan experienced an economic contraction in 2020, followed by a slow economic recovery, as unemployment increased significantly in 2020 and remained high, and new fiscal and external financing needs emerged. Moreover, significant structural issues hinder economic growth, particularly in the area of private sector development. Challenges such as an unfavourable business environment and inflexibility in the labour market remain unresolved.

    Amendment  3

     

    Proposal for a decision

    Recital 4 a (new)

     

    Text proposed by the Commission

    Amendment

     

    (4a) The Union recognises Jordan’s pivotal role in promoting regional stability and mediating conflicts, particularly amidst heightened tensions. The proposed macro-financial assistance aims to support Jordan in maintaining its positive role in the region. In that context, and in recognition of Jordan being one of the Union’s strongest regional partners, it is imperative for the Commission and the European External Action Service (EEAS) to further deepen and strengthen the EU-Jordan partnership, thereby advancing cooperation.

    Amendment  4

     

    Proposal for a decision

    Recital 21

     

    Text proposed by the Commission

    Amendment

    (21) A pre-condition for granting the Union’s macro-financial assistance should be that Jordan respects effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law, and guarantees respect for human rights. In addition, the specific objectives of the Union’s macro-financial assistance should strengthen the efficiency, transparency and accountability of the public finance management systems in Jordan and promote structural reforms aimed at supporting sustainable and inclusive growth, employment creation and fiscal consolidation. Both the fulfilment of the pre-conditions and the achievement of those objectives should be regularly monitored by the Commission and the EEAS.

    (21) A pre-condition for granting the Union’s macro-financial assistance should be that Jordan respects effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law, and guarantees respect for human rights. In addition, the specific objectives of the Union’s macro-financial assistance should strengthen the efficiency, transparency and accountability of the public finance management systems in Jordan and promote structural reforms aimed at supporting sustainable and inclusive growth, employment creation, and fiscal consolidation and policies. Both the fulfilment of the pre-conditions and the achievement of those objectives should be regularly monitored by the Commission and the EEAS, which should subsequently be reported to the European Parliament. The Union should encourage Jordan’s efforts toward economic diversification and sustainability, particularly in sectors such as renewable energy, technology  and digital services, in order to reduce its reliance on tourism and chemical exports and to enhance long-term resilience.

    Amendment  5

     

    Proposal for a decision

    Recital 27

     

    Text proposed by the Commission

    Amendment

    (27) The Union’s macro-financial assistance should be subject to economic policy conditions, to be laid down in a Memorandum of Understanding. In order to ensure uniform conditions of implementation and for reasons of efficiency, the Commission should be empowered to negotiate such conditions with the Jordanian authorities under the supervision of the committee of representatives of the Member States in accordance with Regulation (EU) No 182/2011. Under that Regulation, the advisory procedure should, as a general rule, apply in all cases other than as provided for in that Regulation. Considering the potentially important impact of assistance of more than EUR 90 million, it is appropriate that the examination procedure be used for operations above that threshold. Considering the amount of the Union’s macro-financial assistance to Jordan, the examination procedure should apply to the adoption of the Memorandum of Understanding, and to any reduction, suspension or cancellation of the assistance.

    (27) The Union’s macro-financial assistance should be subject to clear and measurable economic, as well as democracy, rule of law and human rights policy conditions, to be laid down in a Memorandum of Understanding. In order to ensure uniform conditions of implementation and for reasons of efficiency, the Commission should be empowered to negotiate such conditions with the Jordanian authorities under the supervision of the committee of representatives of the Member States in accordance with Regulation (EU) No 182/2011. Under that Regulation, the advisory procedure should, as a general rule, apply in all cases other than as provided for in that Regulation. Considering the potentially important impact of assistance of more than EUR 90 million, it is appropriate that the examination procedure be used for operations above that threshold. Considering the amount of the Union’s macro-financial assistance to Jordan, the examination procedure should apply to the adoption of the Memorandum of Understanding, including clear and measurable benchmarks to evaluate the implementation of each instalment, and to any reduction, suspension or cancellation of the assistance.

    Amendment  6

     

    Proposal for a decision

    Article 2 – paragraph 2

     

    Text proposed by the Commission

    Amendment

    2. The Commission and the European External Action Service shall monitor the fulfilment of this pre-condition throughout the life cycle of the Union’s macro-financial assistance..

    2. The Commission and the European External Action Service shall monitor the fulfilment of this pre-condition throughout the life cycle of the Union’s macro-financial assistance in a transparent process in which independent third parties are able to contribute meaningfully. The Commission and the EEAS shall also report, both regularly and in writing, to the European Parliament and to the Council on the fulfilment of the pre-condition referred to in paragraph 1.

    Amendment  7

     

    Proposal for a decision

    Article 3 – paragraph 2

     

    Text proposed by the Commission

    Amendment

    2. The conditions referred to in paragraph 1 shall aim, in particular, at enhancing the efficiency, transparency and accountability of the public finance management systems in Jordan, including for the use of the Union’s macro-financial assistance. Progress in mutual market opening, the development of rules-based and fair trade, and other priorities in the context of the Union’s external policy shall also be duly taken into account when designing the policy measures. Progress in attaining those objectives shall be regularly monitored by the Commission.

    2. The conditions referred to in paragraph 1 shall aim, in particular, at enhancing the efficiency, transparency and accountability of the public finance management systems in Jordan, including for the use of the Union’s macro-financial assistance. This shall include the publication of regular and detailed reports by the Jordanian government on the use of funds, specifying allocations for key sectors such as healthcare, education, and infrastructure, ensuring public access to such information. Progress in public services, mutual market opening, the development of rules-based and fair trade, and other priorities in the context of the Union’s external policy, including those related to democracy, rule of law and human rights, shall also be duly taken into account when designing the policy measures. Progress in attaining those objectives shall be regularly monitored by the Commission and the EEAS, and shall be communicated to the European Parliament.

    Amendment  8

    Proposal for a decision

    Article 4 – paragraph 4

     

    Text proposed by the Commission

    Amendment

    4. Where the conditions referred to in the first subparagraph of paragraph 3 are not met, the Commission shall temporarily suspend or cancel the disbursement of the Union’s macro-financial assistance. In such cases, it shall inform the European Parliament and the Council of the reasons for the suspension or cancellation.

    4. Where the conditions referred to in the first subparagraph of paragraph 3 are not met, the Commission shall temporarily suspend or cancel the disbursement of the Union’s macro-financial assistance. In such cases, it shall inform the European Parliament and the Council of the reasons for the suspension or cancellation and of the subsequent steps.

     

     

    ANNEX: ENTITIES OR PERSONS
    FROM WHOM THE RAPPORTEUR FOR THE OPINION HAS RECEIVED INPUT

    Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur for the opinion received input from the following entities or persons in the preparation of the opinion:

    Entity and/or person

     

    European Commission – DG ECFIN

    The Court of Auditors

    The Ambassador of Jordan to the EU

    Member of the Royal committee to Modernize the Political System in Jordan

    The list above is drawn up under the exclusive responsibility of the rapporteur for the opinion.

    Where natural persons are identified in the list by their name, by their function or by both, the rapporteur for the opinion declares that he has submitted to the concerned natural persons the European Parliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

     

    PROCEDURE – COMMITTEE ASKED FOR OPINION

    Title

    Macro-financial assistance to the Hashemite Kingdom of Jordan

    References

    COM(2024)0159 – C9-0146/2024 – 2024/0086(COD)

    Committee(s) responsible

    INTA

     

     

     

    Opinion by

     Date announced in plenary

    AFET

    25.4.2024

    Rapporteur for the opinion

     Date appointed

    Malik Azmani

    14.10.2024

    Date adopted

    30.1.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    54

    11

    6

    Members present for the final vote

    Mika Aaltola, Lucia Annunziata, Petras Auštrevičius, Jordan Bardella, Dan Barna, Wouter Beke, Robert Biedroń, Ioan-Rareş Bogdan, Marc Botenga, Grzegorz Braun, Sebastião Bugalho, Danilo Della Valle, Özlem Demirel, Elio Di Rupo, Michael Gahler, Geadis Geadi, Giorgos Georgiou, Raphaël Glucksmann, Bernard Guetta, Rima Hassan, Rasa Juknevičienė, Sandra Kalniete, Łukasz Kohut, Rihards Kols, Andrey Kovatchev, Vilis Krištopans, Nathalie Loiseau, Claudiu Manda, David McAllister, Sven Mikser, Francisco José Millán Mon, Arkadiusz Mularczyk, Leoluca Orlando, Kostas Papadakis, Tonino Picula, Nacho Sánchez Amor, Andreas Schieder, Alexander Sell, Villy Søvndal, Davor Ivo Stier, Sebastiaan Stöteler, Stanislav Stoyanov, Marie-Agnes Strack-Zimmermann, Michał Szczerba, António Tânger Corrêa, Marta Temido, Cristian Terheş, Riho Terras, Hermann Tertsch, Pierre-Romain Thionnet, Sebastian Tynkkynen, Reinier Van Lanschot, Roberto Vannacci, Hilde Vautmans, Harald Vilimsky, Željana Zovko

    Substitutes present for the final vote

    Malik Azmani, Engin Eroglu, Sandra Gómez López, Evin Incir, András László, Ana Catarina Mendes, Hans Neuhoff, Nicolás Pascual de la Parte, Tineke Strik, Ingeborg Ter Laak, Matej Tonin, Ivaylo Valchev, Isabel Wiseler-Lima, Milan Zver

    Members under Rule 216(7) present for the final vote

    Catarina Vieira

     

    FINAL VOTE BY ROLL CALL IN COMMITTEE ASKED FOR OPINION

    54

    +

    ECR

    Geadis Geadi, Rihards Kols, Arkadiusz Mularczyk, Cristian Terheş, Ivaylo Valchev

    PPE

    Mika Aaltola, Wouter Beke, Ioan-Rareş Bogdan, Sebastião Bugalho, Michael Gahler, Rasa Juknevičienė, Sandra Kalniete, Łukasz Kohut, Andrey Kovatchev, David McAllister, Francisco José Millán Mon, Nicolás Pascual de la Parte, Davor Ivo Stier, Michał Szczerba, Ingeborg Ter Laak, Riho Terras, Matej Tonin, Isabel Wiseler-Lima, Željana Zovko, Milan Zver

    PfE

    András László

    Renew

    Petras Auštrevičius, Malik Azmani, Dan Barna, Engin Eroglu, Bernard Guetta, Nathalie Loiseau, Marie-Agnes Strack-Zimmermann, Hilde Vautmans

    S&D

    Lucia Annunziata, Robert Biedroń, Elio Di Rupo, Raphaël Glucksmann, Sandra Gómez López, Evin Incir, Claudiu Manda, Ana Catarina Mendes, Sven Mikser, Tonino Picula, Nacho Sánchez Amor, Andreas Schieder, Marta Temido

    The Left

    Özlem Demirel, Rima Hassan

    Verts/ALE

    Leoluca Orlando, Villy Søvndal, Tineke Strik, Reinier Van Lanschot, Catarina Vieira

     

    11

    ECR

    Sebastian Tynkkynen

    NI

    Grzegorz Braun, Kostas Papadakis

    PfE

    Jordan Bardella, Vilis Krištopans, Sebastiaan Stöteler, António Tânger Corrêa, Hermann Tertsch, Pierre-Romain Thionnet, Roberto Vannacci, Harald Vilimsky

     

    6

    0

    ESN

    Hans Neuhoff, Alexander Sell, Stanislav Stoyanov

    The Left

    Marc Botenga, Danilo Della Valle, Giorgos Georgiou

     

    Key to symbols:

    + : in favour

     : against

    0 : abstention

     

     

     

     

    PROCEDURE – COMMITTEE RESPONSIBLE

    Title

    Macro-financial assistance to the Hashemite Kingdom of Jordan

    References

    COM(2024)0159 – C9-0146/2024 – 2024/0086(COD)

    Date submitted to Parliament

    8.4.2024

     

     

     

    Committee(s) responsible

    INTA

     

     

     

    Committees asked for opinions

     Date announced in plenary

    AFET

    25.4.2024

     

     

     

    Rapporteurs

     Date appointed

    Céline Imart

    30.9.2024

     

     

     

    Discussed in committee

    14.10.2024

    30.1.2025

     

     

    Date adopted

    20.3.2025

     

     

     

     

    BUDG

    29.1.2025

     

     

     

    Result of final vote

    +:

    –:

    0:

    35

    2

    3

    Members present for the final vote

    Christophe Bay, Brando Benifei, Anna Bryłka, Udo Bullmann, Benoit Cassart, Markéta Gregorová, Bart Groothuis, Céline Imart, Karin Karlsbro, Bernd Lange, Ilia Lazarov, Thierry Mariani, Javier Moreno Sánchez, Ştefan Muşoiu, Daniele Polato, Majdouline Sbai, Lukas Sieper, Dominik Tarczyński, Francesco Torselli, Kathleen Van Brempt, Jörgen Warborn, Iuliu Winkler, Bogdan Andrzej Zdrojewski, Juan Ignacio Zoido Álvarez

    Substitutes present for the final vote

    Mika Aaltola, Nicolas Bay, Markus Buchheit, João Cotrim De Figueiredo, Danilo Della Valle, Borja Giménez Larraz, Vicent Marzà Ibáñez, Marina Mesure, Martin Schirdewan, Kris Van Dijck

    Members under Rule 216(7) present for the final vote

    Hildegard Bentele, Mélanie Disdier, Niels Geuking, Chloé Ridel, Romana Tomc, Matthieu Valet

    Date tabled

    24.3.2025

     

    FINAL VOTE BY ROLL CALL BY THE COMMITTEE RESPONSIBLE

    35

    +

    ECR

    Daniele Polato, Dominik Tarczyński, Francesco Torselli, Kris Van Dijck

    NI

    Lukas Sieper

    PPE

    Mika Aaltola, Hildegard Bentele, Niels Geuking, Borja Giménez Larraz, Céline Imart, Ilia Lazarov, Romana Tomc, Jörgen Warborn, Iuliu Winkler, Bogdan Andrzej Zdrojewski, Juan Ignacio Zoido Álvarez

    PfE

    Christophe Bay, Anna Bryłka, Mélanie Disdier, Thierry Mariani, Matthieu Valet

    Renew

    Benoit Cassart, João Cotrim De Figueiredo, Bart Groothuis, Karin Karlsbro

    S&D

    Brando Benifei, Udo Bullmann, Bernd Lange, Javier Moreno Sánchez, Ştefan Muşoiu, Chloé Ridel, Kathleen Van Brempt

    Verts/ALE

    Markéta Gregorová, Vicent Marzà Ibáñez, Majdouline Sbai

     

    2

    ECR

    Nicolas Bay

    ESN

    Markus Buchheit

     

    3

    0

    The Left

    Danilo Della Valle, Marina Mesure, Martin Schirdewan

     

    Key to symbols:

    + : in favour

     : against

    0 : abstention

     

     

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – The impact of red tape on European competitiveness – E-001084/2025

    Source: European Parliament

    Question for written answer  E-001084/2025
    to the Commission
    Rule 144
    Nora Junco García (ECR), Diego Solier (ECR)

    The recent study by the ifo Institute in Germany confirms what the European business sector has been denouncing for years: the bureaucratic burden imposed by national and European regulations is stifling competitiveness and economic growth. The figures are stark.

    German workers spend 22 % of their time on administrative tasks, at a cost of EUR 150 billion per year.

    This structural problem is the result of an administration obsessed with control and regulation. Instead of facilitating business development, the EU imposes regulations that slow down innovation, discourage investment and force companies to divert valuable resources towards complying with unnecessary administrative requirements.

    The Commission’s ‘Competitiveness Compass’ is another example of the disconnection between economic reality and EU bureaucracy. Grand statements about reducing administrative burdens do not translate into real changes. SMEs, Europe’s economic engine, suffer the consequences of these short-sighted policies. The proof of this is the AI Act, the excessive regulation of which will hamper European technological development while the US and China move ahead unimpeded.

    • 1.Does the Commission recognise that its regulatory policy is damaging European competitiveness and encouraging relocation?
    • 2.What concrete steps will it take to ensure that cutting red tape is real and not merely a declaration of intent?
    • 3.How will the Commission ensure that regulations such as the AI Act do not stifle technological development in Europe?

    Submitted: 13.3.2025

    Last updated: 24 March 2025

    MIL OSI Europe News

  • MIL-OSI: Dragonfly Energy Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter Revenue Growth of 17% Led by Significant OEM Growth
    Debt Restructuring and Concurrent Capital Raise Enhance Financial Position and Liquidity
    Initiates Corporate Optimization Program
    Guides to First Quarter 2025 Net Sales of Approximately $13.3 Million
    Targets Positive Adjusted EBITDA in Fourth Quarter 2025

    RENO, Nev., March 24, 2025 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), an industry leader in energy storage and battery technology, today reported its financial and operational results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter and Full Year 2024 Financial Highlights

    • Net sales of $12.2 million and $50.6 million
    • OEM net sales of $6.2 million and $27.6 million
    • Gross Margin of 20.8% and 23.0%
    • Net Loss of $(9.8) million and $(40.6) million
    • Adjusted EBITDA of $(2.0) million and $(18.5) million

    “After quarter end, we were very pleased to have successfully negotiated a significant debt restructuring with our lenders, allowing for covenant relief while pushing off the maturity date. With this action, our debt will be classified as long-term debt on our balance sheet. Concurrent with the debt restructuring, we also secured additional capital through a strategic investor,” commented Dr. Denis Phares, Chief Executive Officer. “We believe these actions greatly strengthen our near-term financial position, allowing us to focus on executing on our key strategic initiatives for 2025, including achieving positive anticipated Adjusted EBITDA in the fourth quarter.”

    “In addition, we have launched a corporate optimization program to establish a more efficient cost structure, aligning our operations with near-term revenue growth opportunities, which we believe will provide us with a path to profitability. As part of this initiative, we have promoted Dr. Vick Singh to Chief Operating Officer, where he will oversee the program while also driving operational efficiencies across the company.

    “Despite ongoing challenges in the RV market, our fourth-quarter net sales grew approximately 17%, marking a return to year-over-year growth, driven by increased adoption among OEM customers,” continued Dr. Phares. “Throughout the year, we have made significant strides in expanding our customer base beyond the RV sector, leveraging strategic partnerships in trucking and industrial markets. We believe the strong order activity from our recently announced partnerships reinforces this strategy, and we anticipate meaningful revenue contributions in 2025 and beyond.”

    Fourth Quarter 2024 Financial and Operating Results
    (All financial result comparisons made are against the prior-year period unless otherwise noted)

     
    Net Sales by Customer Type
    (in millions)
           
      Fiscal Quarter Ended
       
      December 31, 2024
      December 31, 2023
      Change (YoY)
    DTC $5,726   $6,561   -13%
    OEM $6,236   $3,877   61%
    Licensing $250   $0   N/A
    Net Sales $12,212   $10,438   17%
               

    Net Sales increased 17.0% to $12.2 million. OEM net sales grew 61% to $6.2 million, driven by increased adoption of existing products and new customer acquisitions. DTC net sales were $5.7 million compared to $6.6 million, reflecting ongoing macroeconomic pressures.

    Gross Profit increased 12.5% to $2.6 million. Gross Margin was 20.8%, compared to 21.6%, due to higher material costs and a shift in mix to OEM sales. Operating Expenses were $(6.3) million, compared to $(5.4) million. The increase was primarily due to one-time expenses related to patent litigation and the reverse stock split. We also incurred expenses associated with moving into our new 400,000 square foot facility. This strategic relocation is expected to drive long-term operational efficiencies as we centralize operations previously spread across multiple locations.

    The Company reported a Net Loss of $(9.8) million, or $(1.39) per diluted share, compared to Net Income of $3.3 million or $0.50 per diluted share. Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of our warrants, and other one-time expenses, was negative $(2.3) million, compared to negative $(1.8) million.

    Full Year 2024 Financial and Operating Results
    (All financial result comparisons made are against the prior-year period unless otherwise noted)

     
    Net Sales by Customer Type
    (in millions)
           
      Fiscal Year Ended
       
      December 31, 2024
      December 31, 2023
      Change (YoY)
    DTC $22,616   $36,875   -39%
    OEM $27,612   $27,517   0%
    Licensing $417   $0   N/A
    Net Sales $50,645   $64,392   -21%
               

    Net Sales were $50.6 million, compared to $64.4 million. OEM net sales of $27.6 million were flat year-over-year, as increased adoption of existing products and new customer acquisitions were offset by the impact of our largest customer transitioning our product from a standard offering to an option. DTC net sales declined to $22.6 million, from $36.9 million, reflecting continued softness in the RV market due to continued macroeconomic pressures.

    Gross Profit was $11.6 million, with a gross margin of 23.0%, compared to gross profit of $15.4 million, with a gross margin of 24.0%. The year-over-year declines were primarily attributable to lower sales volume. Operating Expenses were $(34.0) million, compared to $(42.9) million, led by lower employee-related costs and lower stock-based compensation, partially offset by higher R&D costs.

    The Company reported a Net Loss of $(40.6) million, or $(5.91) per diluted share, compared to a Net Loss of $(13.8) million or $(2.36) per diluted share. Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of our warrants, and other one-time expenses, was negative $(18.5) million, compared to negative $(17.1) million.

    Form 10-K Filing

    The independent registered public accounting firm’s audit report with respect to the Company’s fiscal year-end financial statements will not be issued until the Company files its annual report on Form 10-K. Accordingly, the financial results reported in this earnings release are pending completion of the audit.

    Summary and Outlook

    “Dragonfly Energy is advancing energy storage with innovative lithium battery technology, delivering safe, reliable, and efficient power solutions for industries that demand superior performance,” commented Dr. Denis Phares. “As we look ahead to 2025, our focus remains on driving shareholder value through growth, diversification across end markets, and continued product innovation. We anticipate continued year-over-year growth in the first quarter with revenue of approximately $13.3 million. And with the resumption of revenue growth alongside our corporate optimization program, we expect to achieve positive Adjusted EBITDA by the fourth quarter of this year.”

    1Q25 Guidance

    • Net Sales of approximately $13.3 million
    • Adjusted EBITDA of approximately $(3.8) million

    Webcast Information

    The Dragonfly Energy management team will host a conference call to discuss its fourth quarter and full year 2024 financial and operational results this afternoon, March 24, 2025. The call can be accessed live via webcast by clicking here, or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (646) 564-2877, toll-free in North America (800) 549-8228, or for international callers +1 (289) 819-1520, and referencing conference ID: 85219. Please log in to the webcast or dial in to the call at least 10 minutes prior to the start of the event.

    An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy’s website, along with the earnings press release.

    About Dragonfly Energy

    Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

    To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit https://investors.dragonflyenergy.com/.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s guidance for 2025, results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

    These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to: improved recovery in the Company’s core markets, including the RV market; the Company’s ability to successfully increase market penetration into target markets; the Company’s ability to penetrate the heavy-duty trucking and other new markets; the growth of the addressable markets that the Company intends to target; the Company’s ability to retain members of its senior management team and other key personnel; the Company’s ability to maintain relationships with key suppliers including suppliers in China; the Company’s ability to maintain relationships with key customers; the Company’s ability to access capital as and when needed under its $150 million ChEF Equity Facility; the Company’s ability to protect its patents and other intellectual property; the Company’s ability to successfully utilize its patented dry electrode battery manufacturing process and optimize solid state cells as well as to produce commercially viable solid state cells in a timely manner or at all, and to scale to mass production; the Company’s ability to timely achieve the anticipated benefits of its licensing arrangement with Stryten Energy LLC; the Company’s ability to achieve the anticipated benefits of its customer arrangements with THOR Industries and THOR Industries’ affiliated brands (including Keystone RV Company); the Company’s ability to maintain the listing of its common stock and public warrants on the Nasdaq Capital Market; the Russian/Ukrainian conflict; the Company’s ability to generate revenue from future product sales and its ability to achieve and maintain profitability; and the Company’s ability to compete with other manufacturers in the industry and its ability to engage target customers and successfully convert these customers into meaningful orders in the future. These and other risks and uncertainties are described more fully in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 to be filed with the SEC and in the Company’s subsequent filings with the SEC available at www.sec.gov.

    If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

    Financial Tables

     
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Consolidated Balance Sheets
    (U.S. Dollars in thousands, except share and per share data)
                 
            As of
            December 31, 2024   December 31, 2023
    Current Assets        
      Cash and cash equivalents   $ 4,849     $ 12,713  
      Accounts receivable, net of allowance for credit losses     2,416       1,639  
      Inventory     21,716       38,778  
      Prepaid expenses     806       772  
      Prepaid inventory     1,362       1,381  
      Prepaid income tax     307       519  
      Assets held of sale     644        
      Other current assets     825       118  
        Total Current Assets     32,925       55,920  
    Property and Equipment        
        Property and Equipment, Net     22,107       15,969  
      Operating lease right of use asset     19,737       3,315  
      Other assets     445        
      Total Assets   $ 75,214     $ 75,204  
                 
    Current Liabilities        
      Accounts payable   $ 10,716     $ 10,258  
      Accrued payroll and other liabilities     4,129       7,107  
      Accrued tariffs     1,915       1,713  
      Accrued settlement, current portion     750        
      Customer deposits     317       201  
      Deferred revenue, current portion     1,000        
      Uncertain tax position liability     55       91  
      Notes payable, current portion, net of debt issuance costs           19,683  
      Operating lease liability, current portion     2,926       1,288  
      Financing lease liability, current portion     47       36  
        Total Current Liabilities     21,855       40,377  
    Long-Term Liabilities        
      Deferred revenue, net of current portion     3,583        
      Warrant liabilities     5,133       4,463  
      Accrued expenses, long-term           152  
      Accrued settlement, net of current portion     1,750        
      Notes payable, non current portion, net of debt issuance costs     29,646        
      Operating lease liability, net of current portion     22,588       2,234  
      Financing lease liability, net of current portion     63       66  
      Total Long-Term Liabilities     62,763       6,915  
    Total Liabilities
        84,618       47,292  
                         
    Equity                
      Preferred stock, 5,000,000 shares at $0.0001 par value, authorized, no shares issued and outstanding as of of December 31, 2024 and December 31, 2023, respectively            
      Common stock, 250,000,000 shares at $0.0001 par value, authorized, 7,232,650 and 6,695,587 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively     1       6  
    Additional paid in capital     72,749       69,445  
    Accumulated deficit     (82,154 )     (41,539 )
    Total Stockholders’ (Deficit) Equity     (9,404 )     27,912  
    Total Liabilities and Stockholders’ (Deficit) Equity   $ 75,214     $ 75,204  
                         
     
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Interim Consolidated Statement of Operations
    (U.S. Dollar in Thousands, except share and per share data)
            Three Months Ended   Year Ended
            December 31,   December 31,   December 31,   December 31,
            2024   2023   2024   2023
                         
    Net Sales   $ 12,212     $ 10,438     $ 50,645     $ 64,392  
                         
    Cost of Goods Sold     9,674       8,181       39,019       48,946  
                         
    Gross Profit     2,538       2,257       11,626       15,446  
                         
    Operating Expenses                
      Research and development     956       531       5,451       3,863  
      General and administrative     3,658       3,275       18,536       26,389  
      Selling and marketing     1,696       1,548       10,025       12,623  
                         
    Total Operating Expenses     6,310       5,354       34,012       42,875  
                         
      Loss From Operations     (3,772 )     (3,097 )     (22,386 )     (27,429 )
                         
    Other Income (Expense)                
      Interest expense     (6,251 )     (4,034 )     (21,504 )     (16,015 )
      Other (Expense) Income           19       (36 )     19  
      Loss on settlement     (2,500 )           (2,500 )      
      Loss on impairment of assets     (873 )           (873 )      
      Change in fair market value of warrant liability     3,554       10,400       6,684       29,582  
        Total Other (Expense) Income     (6,070 )     6,385       (18,229 )     13,586  
                         
    Net (Loss) Income Before Taxes     (9,842 )     3,288       (40,615 )     (13,843 )
                         
    Income Tax (Benefit) Expense           (26 )            
                         
    Net (Loss) Income   $ (9,842 )   $ 3,314     $ (40,615 )   $ (13,843 )
                         
    Net (Loss) Gain Per Share- Basic & Diluted   $ (1.39 )   $ 0.50     $ (5.91 )   $ (2.36 )
    Weighted Average Number of Shares- Basic & Diluted     7,085,956       6,621,115       6,866,826       5,865,165  
                                     
     
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Consolidated Statement of Cash Flows
    Years Ended December 31, 2024 and 2023
    (U.S. in thousands)
          2024   2023
    Cash flows from Operating Activities        
    Net Loss   $ (40,615 )   $ (13,817 )
    Adjustments to Reconcile Net Loss to Net Cash        
    Used in Operating Activities        
      Stock based compensation     1,020       6,710  
      Amortization of debt discount     7,241       1,470  
      Change in fair market value of warrant liability     (6,684 )     (29,582 )
      Non-cash interest expense (paid-in-kind)     10,058       4,938  
      Provision for credit losses     3       114  
      Depreciation and amortization     1,372       1,237  
      Amortization of right of use assets     2,231       1,179  
      Loss on disposal of property and equipment           116  
      Loss on impairment of assets     873        
      Write-off of prepaid inventory     69       596  
    Changes in Assets and Liabilities        
      Accounts receivable     (780 )     (309 )
      Inventories     17,062       11,411  
      Prepaid expenses     (42 )     852  
      Prepaid inventory     (50 )     25  
      Other current assets     (707 )     149  
      Other assets     (445 )     1,198  
      Income taxes payable     212       6  
      Accounts payable and accrued expenses     (5,365 )     (3,527 )
      Accrued tariffs     202       781  
      Accrued settlement     2,500        
      Deferred revenue     4,583        
      Uncertain tax position liability     (36 )     (37 )
      Customer deposits     116       (37 )
    Total Adjustments     33,433       (2,710 )
    Net Cash Used in Operating Activities     (7,182 )     (16,527 )
               
    Cash Flows From Investing Activities        
      Proceeds from disposal of property and equipment     8        
      Purchase of property and equipment     (2,737 )     (6,885 )
      Net Cash Used in Investing Activities     (2,729 )     (6,885 )
               
    (Continued)        
    Cash Flows From Financing Activities        
      Proceeds from public offering           24,177  
      Payment of public offering costs           (1,258 )
      Proceeds from public offering (ATM), net     2,043       0  
      Proceeds from note payable, related party     2,700       1,000  
      Repayment of note payable, related party     (2,700 )     (1,000 )
      Repayment of note payable           (5,275 )
      Proceeds from exercise of public warrants           747  
      Proceeds from exercise of options     4       586  
      Proceeds from exercise of Investor Warrants           546  
      Net Cash Provided by Financing Activities     2,047       19,523  
               
    Net Decrease in Cash and cash equivalents     (7,864 )     (3,889 )
    Cash and cash equivalents – beginning of period     12,713       17,781  
    Cash and cash equivalents – end of period   $ 4,849     $ 13,892  
               
    Supplemental Disclosures of Cash Flow Information:        
      Cash paid for income taxes           238  
      Cash paid for interest   $ 6,288     $ 9,102  
    Supplemental Non-Cash Items        
      Purchases of property and equipment, not yet paid   $ 1,703     $ 96  
      Recognition of right of use asset obtained in exchange for operating lease liability   $ 18,653     $  
      Recognition of leasehold improvements obtained in exchange for operating lease liability   $ 4,683     $  
      Recognition of warrant liability – Penny Warrants   $ 7,354     $ 698  
      Recognition of warrant liability – Investor Warrants   $     $ 13,762  
      Settlement of accrued liability for employee liability for employee stock purchase plan   $ 250     $  
      Reclassification of assets held for sale   $ 644     $  
      Non-cash impact of cash exercise of liability classified warrants   $     $ 617  
      Cashless exercise of liability classified warrants   $     $ 12,629  
               
               
     
    Dragonfly Energy Holdings Corp.
    Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
    (U.S. Dollars in Thousands)
     
          Three Months Ended   Year Ended
          December 31,   December 31,   December 31,   December 31,
          2024   2023   2024   2023
    EBITDA Calculation                
    Net (Loss) Income Before Taxes   $ (9,842 )   $ 3,314     $ (40,615 )   $ (13,817 )
      Interest Expense     6,251       4,034       21,504       16,015  
      Taxes           (26 )           (26 )
      Depreciation and Amortization     381       328       1,372       1,237  
    EBITDA   $ (3,210 )   $ 7,650     $ (17,739 )   $ 3,409  
                       
    Adjustments to EBITDA                
      Stock Based Compensation     261       323       1,020       6,710  
      Secondary offering costs                       720  
      Separation Agreement                       904  
      Tariff Investigation                 463        
      Patent Litigation     624             624        
      Reverse Stock Split     90             90        
      Stryten Agreement                 284        
      Loss on Settlement     2,500             2,500        
      Loss on Impairment of Assets     873             873        
      Write off of Prepaid Inventory     69       596       69       712  
      Change in fair market value of warrant liability     (3,554 )     (10,400 )     (6,684 )     (29,582 )
    Adjusted EBITDA   $ (2,347 )   $ (1,831 )   $ (18,500 )   $ (17,127 )
                     
     
    Dragonfly Energy Holdings Corp.
    Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA)
    Three Months Ended March 31, 2025
    (U.S. Dollars in Thousands)
     
    Non-GAAP Financial Guidance          
                 
    Operating Loss(1) $ (4,843 )    
      Taxes        
      Depreciation and Amortization   297      
    EBITDA $ (4,546 )    
                 
    Adjustments to EBITDA          
      Stock Based Compensation   219      
      ATW Deal expenses   150      
      Patent Litigation expenses   368      
    Adjusted EBITDA $ (3,809 )    
     
     
    (1) Although net loss is the most directly comparable GAAP measure, this table reconciles adjusted EBITDA to operating loss because we are not able to calculate forward-looking net loss without unreasonable efforts due to significant uncertainties with respect to the impact of accounting for our change in fair market value of the Company’s warrant liability.
     

    Investor Relations:
    Eric Prouty
    Szymon Serowiecki
    AdvisIRy Partners
    DragonflyIR@advisiry.com

    The MIL Network

  • MIL-OSI USA: Peters and Shaheen Demand Answers on Destruction of USAID Documents, Urge Compliance with Federal Records Law

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    Published: 03.21.2025

    WASHINGTON, D.C.– U.S. Senators Gary Peters, Ranking Member of the Senate Homeland Security and Governmental Affairs Committee, and Jeanne Shaheen, Ranking Member of the Senate Foreign Relations Committee, pressed Secretary of State and Acting USAID Administrator Marco Rubio for information on whether the agency’s directive to shred and burn certain classified documents complied with the Federal Records Act (FRA), the federal law that requires the preservation of government records. The directive, sent out on March 11, instructed staff to clear out classified safes and personnel documents through a combination of shredding and burn bags. The Senators raised concerns about the legality of this directive, particularly as it follows recent staffing changes and grant terminations at the agency.
    “While not all federal records are required to be preserved permanently, the FRA requires that records only be disposed of in accordance with an approved records schedule,” wrote the senators. “The email does not make any distinction between categories of federal records and does not make any reference to approved agency records schedules. It is unclear whether additional orders were conveyed by other means.” 
    “In a court filing last week, attorneys from the Department of Justice asserted that these disposals did not violate the FRA because ‘they were copies of documents from other agencies or derivatively classified documents, where the originally classified document is retained by another government agency and for which there is no need for USAID to retain a copy,” the senators continued. “This explanation is insufficient.”  
    Under the law, federal agencies are required to submit potential schedules for disposition of records to the National Archives and Records Administration (NARA), which partners with the agencies to determine if and when the documents in question can be destroyed. The determination is based on whether the records possess enough historical or research value to be retained by the government, not on the existence of duplicate copies at other agencies.
    In the letter, the Senators requested that Acting Administrator Rubio provide all relevant records disposition schedules, communications regarding the March 11 directive, communications with the National Archives and Records Administration (NARA), and information on the status of USAID personnel records by March 21, 2025. The Senators also reminded USAID officials that unauthorized destruction of federal records could result in penalties including fines, imprisonment, and loss of government office under federal law. They have requested a response by March 28.
    The full text of the letter can be found here.
     

    MIL OSI USA News

  • MIL-OSI Asia-Pac: WAM! Mumbai 2025 Concludes with Overwhelming Participation

    Source: Government of India (2)

    Posted On: 24 MAR 2025 5:20PM by PIB Mumbai

    Mumbai, 24th March 2025

    The Ministry of Information & Broadcasting in collaboration with the Media & Entertainment Association of India (MEAI), hosted WAM! (WAVES Anime & Manga Contest) at Whistling Woods International in Mumbai on 23rd March 2025.  WAM! is one of the WAVES (World Audio Visual Entertainment Summit  – Create in India Challenges. Around 300 participants competed across three key categories, Manga, Webtoon, and Anime, at the latest edition in Mumbai. The event also featured a Voice Acting showdown with 34 participants and an electrifying Cosplay contest with 45 participants.

    Winners of WAM! Mumbai 2025

    • Voice Acting Competition

    Winner: Chinchakar Ganesh Sanyog

    Runners-up: Aditi Joshi & Payal Vishal

    • Cosplay Contest

    Winner: Kaizad Sheshbaradaran as Okarun

    First Runner-up: Yash Mokal as Monkey D. Luffy

    Second Runner-up: Esha Joshi as Robin

    • Manga Category

    Student Winner: Jay Kumar Nagori

    Professional Winner: Hriday Biswas

    • Webtoon Category

    Professional Winner: Eesha Chavan

    • Anime Category

    Student Winner: Chinmay Narote

    Professional Winner: Reubun Saldhana

    Winners in the Manga, Webtoon, and Anime categories received prizes including pen tablets, art supplies, official merchandise, and cash prizes. Additionally, Anime category winners will receive English, Hindi, and Japanese dubs for their pilot episode. Toonsutra has confirmed the distribution of the Webtoon winners’ work on their platform.

    In a special segment, attendees got an exclusive first look at TRIO, India’s first anime currently in development. The event also featured notable industry leaders, including: Sushil Bhasin – President, Media & Entertainment Association of India;  Abhishek Dutta – Associate Vice President – Acquisition & Programming (Kids Cluster), Star India Pvt Ltd; Sumeet Pathak – Actor, Chief Operating Officer & Managing Director, Gulmohar Media; Ankur Javeri – Actor, Voice Artist, and Founder & Past President of the Association of Voice Artists; Jazyl Homavazir – 2D Animation Professional and Creator of India’s first Manga – Beast Legion; Dakshata Pawar – COSPLAY Artist and Founder of MAGE.

    The previous editions of WAM were conducted in Guwahati, Kolkata, Bhubaneswar, Varanasi, and Delhi.

    For More Details: Ankur Bhasin; Secretary, Media & Entertainment Association of India
    +91 98806 23122 ; secretary@meai.in

    About WAVES

    The Government of India is set to host the first-ever World Audio Visual & Entertainment Summit (WAVES), a landmark event for the Media & Entertainment (M&E) sector, from May 1st to 4th, 2025, in Mumbai. Whether you’re an industry professional, investor, creator, or innovator, WAVES – as a global platform – offers the ultimate platform to connect, collaborate, innovate and contribute to the global M&E landscape.

    With a vision to position India as a global creative powerhouse, WAVES aims to set new benchmarks in creativity, innovation, and influence on the world stage. The summit will magnify India’s creative strength, amplifying its position as a hub for content creation, intellectual property, and technological innovation. Industries and sectors in focus include Broadcasting, Print Media, Television, Radio, Films, Animation, Visual Effects, Gaming, Comics, Sound And Music, Advertising, Digital Media, Social Media Platforms, Generative AI, augmented reality (AR), virtual reality (VR), and extended reality (XR).

    Have questions? Find answers here  

    Come, Sail with us! Register for WAVES now (Coming soon!)

    PIB TEAM WAVES 2025 | Dhanlakshmi/ Preeti Malandkar | 076

    Follow us on social media: @PIBMumbai     /PIBMumbai     /pibmumbai   pibmumbai[at]gmail[dot]com   /PIBMumbai     /pibmumbai

    (Release ID: 2114470) Visitor Counter : 53

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Survival in today’s battlespace is not about being fittest, but about those who adapt, transform, and position themselves & seize emerging opportunities: CDS Gen Anil Chauhan

    Source: Government of India (2)

    Posted On: 24 MAR 2025 8:05PM by PIB Delhi

           “Survival in today’s battlespace is not about being the fittest, but about those who adapt, transform, and position themselves and seize emerging opportunities.”, said Chief of Defence Staff (CDS) General Anil Chauhan at the College of Defence Management (CDM), Secunderabad. He was addressing future strategic leaders undergoing Higher Defence Management Course HDMC-20 on the challenges of navigating the complex security landscape of the 21st century.

            In his address, Gen Anil Chauhan highlighted the importance of adaptability, resilience and visionary leadership amidst rapidly shifting global power dynamics, non-traditional threats and technological advancements, characterised by fast paced AI disruptions, to address contemporary and emerging security challenges effectively. The CDS impressed upon the need for a whole of nation approach towards synergetic response and underscored the role of Indian Armed Forces in shaping the country’s national security strategy.

            The CDS, in his talk on National Security Architecture and Change Management in the Year of Defence Reforms, gave a deep insight into the functioning of the Department of Military affairs (DMA) and the transformative drive towards fostering jointness, integration and synergy in the armed forces. He provided a nuanced perspective of the roadmap for year of transformation marked by articulation of Vision 2047 for the armed forces, joint doctrines, defence & military policies along with efforts towards finalisation of Integrated Capability Development Plan, while elaborating upon the Atmanirbharta initiatives undertaken by the DMA.

            During the visit, General Chauhan engaged with faculty members and course participants, including officers from friendly foreign countries, sharing his insights on the importance of fostering innovation, experimentation and collaboration within the defence establishment to stay ahead in an evolving strategic environment. The visit of CDS to CDM is a testament to the institution’s commitment to excellence in defence management education and its role in shaping the future of India’s National Security.

    ******

    SR/Anand

    (Release ID: 2114581) Visitor Counter : 22

    MIL OSI Asia Pacific News