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Category: Eurozone

  • MIL-OSI: Bpce: BPCE signs a Memorandum of Understanding to acquire novobanco, Portugal’s fourth-largest bank

    Source: GlobeNewswire (MIL-OSI)

    BPCE signs a Memorandum of Understanding to acquire novobanco, Portugal’s fourth-largest bank

    Paris, 06 13 2025

    Groupe BPCE, the second-largest bank in France1and the fourth-largest in Europe2, has signed a Memorandum of Understanding for the acquisition of a 75% equity interest in novobanco from the private equity firm Lone Star Funds. The transaction, representing a cash amount of approximately3€6.4bn (for 100% of the shares) and a multiple of around 9x annual earnings, is the biggest cross-border acquisition in the euro zone for more than 10 years.

    Following the creation of BPCE Equipment Solutions at the start of the year, this project marks a new key stage in the execution of the “Vision 2030” strategic plan, geared to developing and diversifying BPCE in France, Europe and the wider world. On completion of the transaction, Portugal would become the Group’s second-largest domestic retail market.

    Novobanco, a solid player in Portugal demonstrating exemplary growth in recent years

    Novobanco, Portugal’s fourth-largest bank4, has built up a solid franchise and holds market shares of c.9% with individual customers and c.14% with corporate clients. It has 1.7 million individual customers and manages a €17bn corporate loan book. With its 4,200 employees, novobanco operates through some 290 branches and an extensive network of external partners, while also offering a rich customer experience through its digital channels.

    In recent years, novobanco has become one of the most profitable banks in Europe, posting a cost-income ratio under 35% and a return on tangible equity (RoTE) exceeding 20%5. These results have been underpinned by the quality of novobanco’s teams, together with the engagement of its shareholders for the last eight years.

    BPCE, lasting engagement in Portugal, focused on financing the economy

    BPCE currently employs over 3,000 staff in Portugal, a figure testifying to its lasting engagement with the country. Since 2017, the opening of a multi-business center of expertise in Porto has deepened its local ties.

    By welcoming novobanco into the Group, alongside the Banque Populaire and Caisse d’Epargne banking networks, which already serve the French economy, BPCE would further strengthen its role as an important development partner for the Portuguese economy, recognized for its solid fundamentals and resilience. Through the transaction, BPCE intends to facilitate financing for local companies and individuals’ projects, while also expanding the range of services offered to Portuguese customers. BPCE will leverage all of its expertise to strengthen value creation in close collaboration with novobanco.

    Execution of the “Vision 2030” strategic plan

    The acquisition of novobanco would help diversify BPCE in two respects: geographically, via access to a dynamic economy, and in balance sheet terms, by increasing the proportion of variable rate loans on its balance sheet, thus improving its revenue profile. The acquisition would be a growth driver for the whole Group. It is perfectly consistent with BPCE’s “Vision 2030” strategy, underlining the Group’s determination to expand in France, Europe and the wider world through strategic investments that create lasting value. The transaction marks a new key stage in the Group’s European-scale growth, following the creation of BPCE Equipment Solutions in February 2025 and the ongoing project to create the leading European asset manager in partnership with Generali. On completion of the transaction, Groupe BPCE’s CET1 ratio would remain above 15%.

    Timing of the transaction

    BPCE is engaging in discussions with the Portuguese government and the Portuguese Banking Resolution Fund with a view to acquiring their equity interests in novobanco (11.5% and 13.5%, respectively), on identical terms.

    BPCE will proceed with the necessary consultations with employee representative bodies in order to sign the acquisition contract. The project is projected for completion in the first half of 2026.

    For Nicolas Namias, CEO of BPCE

    “BPCE is pleased to announce today the project to acquire novobanco in Portugal. Holding market shares of c.9% with individual customers and c.14% with corporate clients, novobanco possesses excellent fundamentals, strong growth potential and an already high level of profitability. Major player in local banking in France thanks to the Banque Populaire and Caisse d’Epargne banking networks, BPCE would become a retail banking player in Europe with the acquisition of novobanco and would actively participate in financing the Portuguese economy.

    A few months after the creation of BPCE Equipment Solutions, the projected transaction marks a new key stage in the execution of our Vision 2030 strategic plan, announced close to a year ago.

    The financial terms of the transaction reflect a disciplined and stringent valuation approach, as well as our confidence in novobanco’s ability to create value over time.

    BPCE’s executive managers and employees are all particularly enthusiastic about the prospect of welcoming novobanco, its management and its 4,200 employees, in order to write a new chapter of growth, innovation and performance in Europe together”. 

    About Groupe BPCE

    Groupe BPCE is the second-largest banking group in France and the fourth-largest in the euro zone in terms of capital. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group’s financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

    1 Ranking based on market share of outstanding loans for all non-financial customer segments (Banque de France 3Q24)
    2 Ranking in terms of capital (€73bn for BPCE)
        3 Estimated consideration as of December 2025
    4 Ranking in terms of balance-sheet size at end-2024
    5 In first-quarter 2025

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Yannis Stournaras: Central banks – opportunities and implications posed by artificial intelligence

    Source: Bank for International Settlements

    Introduction

    Many thanks to the conference organisers for inviting me to be here today. It’s a privilege to be part of this dialogue that is helping to shape the digital era.

    Central banks may seem far removed from your world-but we share an important feature: all of us are engaged in understanding complexity, managing uncertainty, and preparing for the future.

    Today, I would like to discuss how central banks can harness the transformative potential of artificial intelligence (AI) in their mission to safeguard monetary and financial stability. My remarks will unfold along three dimensions, focusing on several important issues, but without being exhaustive.

    • First, on the ways that AI intersects with our monetary policy strategy at the European Central Bank (ECB).
    • Second, on the opportunities AI offers to central banks for efficiency gains in areas such as communication and economic analysis.
    • Third, on the implications posed by AI for price stability, monetary policy transmission and financial stability.

    Intersections of monetary policy strategy with AI

    So, let me briefly discuss the ways that AI intersects with our monetary policy strategy.

    When the ECB Governing Council embarked on its strategy review last year, we made it clear that price stability remains our objective. We also decided to keep the symmetric, 2% inflation target unchanged.

    The clarity which that objective provides, and our success in achieving that objective, have provided the ECB with credibility, which was essential in keeping inflation expectations anchored around the 2 per cent level during the recent inflation surge.

    Although our updated strategy is only expected to be concluded and announced later this year, the following is important.

    When the review was initiated, no one could have possibly foreseen the tectonic eruptions to the geopolitical landscape that ensued.

    These developments have only reinforced the importance of the review and the need to ensure that our policies will remain fit for a rapidly evolving world — a world that is now being shaped by geopolitical tensions, trade disruptions, ongoing climate change, and rapid advances in artificial intelligence.

    In such a world, central banks need to be able to respond with agility, which is undoubtedly a guiding virtue for everyone in this room.

    We have to deliver a strategy that is not only robust but also flexible: one that allows adjustments to the monetary policy stance and our toolkit in response to shocks and provides a foundation that can guide the Governing Council in navigating through challenges in the years to come.

    In today’s fast-moving environment-where inflation dynamics can shift rapidly, financial conditions are increasingly volatile and uncertainty is ever-present-we need to improve our ability to communicate, assess economic developments in real time and make more accurate projections of the outlook to guide our monetary policy making.

    This is where AI begins to play a potentially transformative role. In the following, I will focus on the opportunities provided by AI in core central banking fields, namely communication and economic analysis.

    Opportunity to enhance communication

    I start with communication.

    Central banks have come a long way in their communication strategies. As you may know, it was not always the case that the words “central bank” and “communication” could even stand together in the same sentence.

    In the 1960s and 1970s, the conventional wisdom among central bankers was: “the less said, the better.” The aim was often to surprise markets with the announcement of their policy decisions. Significant policy decisions were sometimes made without immediate public disclosure, and the rationale behind them was not always transparently communicated. The language used would often make the oracles of Delphi seem crystal clear.

    Alan Greenspan once captured this perfectly when he said, “if I seem unduly clear to you, you must have misunderstood what I said.”

    Things began to change in the 1980s and 1990s. Two factors, in particular, helped bring about this change.

    The first factor was credibility. As more and more central banks adopted inflation targeting frameworks, they realized that to achieve their targets, they needed to control inflation expectations. In other words, they needed to be credible.

    The second factor was independence. As central banks achieved independence from politicians, they also had to communicate in a transparent way with the public to help build trust, and safeguard accountability.

    An important corollary of the improved communication is that it has increased the effectiveness of monetary policy transmission.

    The previous ECB strategy review in 2021 consolidated this finding, while also calling for central banks in the euro area to use simpler and engaging language to directly access a broader audience.

    More recently, efforts are being made to exploit AI for the benefit of our communication processes, to enhance transparency, foster trust, and ensure that our monetary policy reaction function is clearly understood, thereby supporting the anchoring of inflation expectations.

    An important application involves the sentiment analysis of official publications, such as monetary policy statements, speeches, and press releases. For example, using Large Language Models (LLMs) the impact of ECB statements on financial markets1 can be explored. This kind of work helps understand how the language in communications shapes market expectations for inflation and interest rates.

    AI models can be trained on financial and policy-specific issues to detect subtle shifts in tone – such as whether a message appears more hawkish (in favour of tighter monetary policy) or dovish (in favour of looser monetary policy) – before publication. This allows communications teams to adjust language in order to ensure it aligns with the intended policy signal, minimising the risk of misinterpretation by the markets that could trigger undue volatility.

    AI can also play a growing role in the crafting and refining of speeches by policy makers. LLMs can support a consistent voice in communication, while also tailoring the tone and content to specific audiences – be it financial market analysts, other expert audiences, or the wider public.

    Moreover, AI supports a wide range of multilingual and accessibility needs. Machine translation models – fine-tuned for economic and legal language – help ensure timely publication of central bank materials across multiple official languages, a feature very useful to the European System of Central Banks which speaks all 24 official languages of the EU.

    Recourse to AI for communication purposes, however, necessitates caution. Over-reliance on AI in crafting and interpreting central bank communications could create an “echo chamber.” This would occur when AI tools respond to, and amplify, each other’s outputs, leading to overly uniform narratives and repetitive signals, that may distort the policymakers’ message. This is a clear case that illustrates the need for human oversight in overviewing processes to ensure that communication stays varied, accurate, and relevant.

    Opportunity to improve central bank economic analysis and decision making

    Another area that AI is poised to enhance is economic analysis. Following the AI revolution, we have started to build expertise in incorporating AI and non-traditional data in our analytical tools. These tools are rapidly being applied in the economic analyses that inform our monetary policy decisions.

    A question however arises: Is the use of AI in this context a hype? Or could it mark a methodological revolution that will help us better pursue our mandate? I believe that there are unique opportunities but also several challenges.

    First, central banks rely heavily on economic data to make informed decisions on monetary policy. Traditional statistical methods may not be sufficient to apprehend the complexity of the current uncertain environment. The use of LLMs can deliver enhanced data processing and analysis of unstructured data sets of textual data (like news articles or social media). This enables us to access new and non-traditional data sources, that could provide useful insights into our policies.

    Furthermore, machine learning (ML) models can quickly detect patterns, trends, and potential risks that might not be visible using traditional methods. Thus, we could identify structural breaks and patterns that would otherwise be difficult to detect.

    These tools can also help identify non-linear relationships. This is particularly important in a complex environment, since capturing non-linearities in the data is essential to understanding how the economy will evolve under stress and how seemingly small disturbances could lead to large-scale economic disruptions.

    In addition, by processing real-time data, AI can provide timely insights and rigorous analysis, allowing central banks more flexibility in decision making. This is valuable in a world prone to shocks and in times of pervasive uncertainty.

    There is also a possibility that these tools will be useful in the prediction of turning points in the business cycle and of tail events, such as fiscal crises.

    Finally, AI could improve forecasting and nowcasting inflation and economic activity. The Eurosystem already uses AI to improve its forecasting processes. For example, ML techniques are applied in inflation forecasting2 or in nowcasting global trade3. Moreover, short-term forecasts of economic activity are informed by sentiment indicators derived from the textual analysis of news, using LLMs4. Research5 at the Bank of Greece has produced forecasting models of inflation based on textual indicators of supply and demand disturbances in commodity markets. With the help of AI tools, these indicators can be updated on a daily basis and thus help predict inflation more accurately. This research has found that out-of-sample inflation forecast errors are reduced by up to 30 per cent.

    Still, there are several challenges.

    First, AI models are often complex and opaque, lacking transparency. Being like a “black box”, they are – at least for the time being – difficult to reconcile with the principles of transparency and accountability of central banks.

    Second, AI models (usually LLMs) could occasionally provide inaccurate or misleading information, raising practical, reputational and legal concerns. Therefore, human supervision is of the essence, especially in processes that require rational reasoning.

    Third, the quality of non-traditional data is often poor and the process of reconciling these data with our existing data sources is demanding. In a similar vein, the use of AI should not create an over-reliance on machine-driven outcomes.

    Overall, I believe that AI is a potent technology which has already brought about tectonic shifts in economic analysis. Its potential is still unfolding, and the benefits it offers are only beginning to be realised. The cutting-edge research promoted at this conference marks a point of methodological revolution. I believe that such research will fundamentally transform the way we understand economic dynamics and will ultimately enable us to make better-informed decisions.

    While AI opens unique opportunities for central banks in the pursuit of their mandate, it also brings a number of emerging implications that we must carefully consider. I’d like to share what I see as some of the most significant.

    Implications on productivity, employment, inflation

    Let me start with the effects on the macroeconomic outlook.

    AI has strong potential to raise productivity, both through its direct impact on total factor productivity, but also through improvements of efficiency on individual firm level. However, the aggregate effects remain uncertain and vary widely across studies6.

    One reason is that a disproportionate share of the benefits generated by AI may be concentrated in a small number of highly advanced firms, particularly large technology companies with the resources and infrastructure to develop and deploy cutting-edge AI tools.

    This concentration poses a risk: while AI can deliver substantial productivity benefits at the enterprise level, these gains may not necessarily translate into broad-based growth in aggregate productivity, unless mechanisms are in place to ensure that the diffusion of AI is wide across sectors, firms and countries.

    In a similar vein, the potential impact of AI on employment is difficult to estimate. On the one hand, it can automate routine, lower-skilled tasks – potentially displacing workers. On the other hand, AI can create new opportunities by increasing labour demand for non-automated tasks, as well as giving rise to new types of jobs. To maximise the favourable effects of AI on employment and to mitigate risks such as labour market inequality, reskilling the workforce with AI-complementary skills will be essential.

    Turning to prices, the impact of AI on inflation could go in both directions. Increased global demand for energy – driven by the computational intensity of AI technologies – could raise energy prices. According to the IMF7, electricity used by data centres alone, is already as much as that of Germany or France, and by 2030 would be comparable to that of India which is the world’s third largest electricity user. At the same time, AI can also contribute to more efficient energy use and improved grid management, potentially lowering costs.

    Moreover, AI-induced productivity improvements might help offset labour shortages, especially in times of low unemployment and ageing population. This could lead to a decline in unit labour costs, exerting thus downward price pressures. However, the overall impact of AI on employment and wage growth is difficult to predict.

    Expectations also play a central role in the price formation process. If consumers fully anticipate future benefits from AI (such as better products, lower costs, or higher wages), they may bring forward consumption in the short term, creating inflationary pressures. However, if expectations are only regressively formed, disinflationary forces may dominate in the near term due to delayed consumption and investment.

    Implications for monetary policy transmission

    The transmission of monetary policy to the economy, and thus monetary policy making are significantly impacted by AI.

    As I already noted, AI is expected to bring about distributional shifts in income and wealth. These shifts matter for monetary policy, since they influence households’ marginal propensity to consume and their access to credit.

    Should AI disproportionally raise the income share of lower-income households – with a higher marginal propensity to consume and greater credit constraints – the transmission of monetary policy could be strengthened. In contrast, if the gains accrue mainly to higher-income, more skilled households – who have lower marginal propensity to consume and are less responsive to interest rate changes — then monetary policy transmission may weaken.

    AI is also affecting how firms set prices. Companies that are more digitalised and employ algorithmic pricing tools can adjust prices more frequently and with greater precision in response to economic shocks. Higher price flexibility could induce – all else equal, a more efficient real economy.

    At the same time, ML tools enable firms to personalise prices and introduce heterogeneity, which is likely to weaken the link between monetary policy measures and prices, although AI could provide tools that enhance price transparency and improve consumers’ ability to compare prices. There is also the risk that algorithmic pricing could lead to tacit collusion among firms and greater market power, undermining the effectiveness of monetary policy in controlling inflation.

    Finally, AI may influence wage-setting dynamics. If the presence of automation erodes workers’ bargaining power, wage responsiveness to changes in unemployment could be reduced. This would weaken the sensitivity of inflation to shifts in monetary policy and complicate central banks’ ability to steer inflation effectively.

    Implications for financial stability

    Turning now to financial stability, the implications of AI technologies are complex and multifaceted.

    On the one hand, AI offers powerful tools to enhance financial institutions’ capabilities in risk assessment, liquidity management and strategic decision making. On the other hand, AI can exacerbate existing vulnerabilities and create new ones.

    For example, generative AI could be deliberately misused – such as through the creation of deepfakes or fabricated statements – potentially aimed at manipulating sentiment or triggering market stress.

    There is also the risk of herding behavior. As more institutions adopt similar AI models, the likelihood of systemic stress increases. What may initially appear as isolated, micro-level risk could rapidly escalate via AI and pose serious threats to financial stability.

    If financial institutions, market participants or the public at large base their key decisions on such inputs, without adequate human verification, we may witness situations of disorderly market volatility. Overreliance to a limited number of AI providers could further raise operational risks and adversely affect the resilience of the financial sector.

    Therefore, it is critical that these tools are deployed with caution. Sound governance, robust regulatory oversight, and adequate safeguards will be essential to ensuring that AI acts as a tool for strength, rather than a source of systemic risk.

    Conclusion

    To conclude, the core task of central banks remains safeguarding price and financial stability, and AI poses unprecedented opportunities but also considerable challenges.

    From enhancing communication and improving economic analysis, to reshaping the channels through which monetary policy and the financial system operate, AI is already redefining the way we pursue our tasks.

    As I have outlined today, AI can make central banks more agile, more transparent, and more effective. But its use also demands flexibility – not only in the tools we use, but in the way we think, plan and make decisions. In a world of growing complexity and rapid technological change, we must ensure that innovation goes hand in hand with responsibility, transparency, and trust.

    This calls for thoughtful integration, not blind adoption. As we integrate AI into our policymaking, we must ensure that human judgment and critical thinking remain central to our decisions. AI should serve as a tool to enhance – not replace – our responsibility to make sound, efficient policy choices in the interest of our citizens.

    The euro area faces a dual challenge: harnessing the opportunities that artificial intelligence presents while actively addressing its broader implications.

    To rise to this challenge, it is vital that we craft a comprehensive European AI strategy. To improve the environment for AI innovation and diffusion of new technologies, our strategy has to rest on three pillars: funding, regulation and energy.

    Developing and scaling AI requires substantial investment, particularly in digital infrastructure. There is broad consensus on the importance of building a savings and investment union to jump-start European projects on innovation, including AI.

    Complementary efforts to equip people with the skills they need to thrive in an AI-driven economy and to mitigate the risk of widening inequality are also of high importance.

    In addition, regulatory burdens and weak institutional quality can significantly hold back the expansion of high-tech sectors. That’s why we need simple but efficient regulation, while ensuring protection of personal data and strong institutions to defend AI-generated innovation.

    Energy, too, is a critical piece of the puzzle. AI diffusion across the economy will place greater demands on Europe’s energy infrastructure. Addressing supply constraints now is essential to ensuring that AI adoption is sustainable in the long run.

    All these considerations need to be taken into account when assessing challenges and opportunities arising from this very innovative technology. The successful adoption of AI requires a flexible adjustment in a constantly evolving environment. Therefore, we need to commence our journey on that potentially wonderful vessel with urgency but also with careful consideration, towards a new shore.

    I am confident that the insights shared at this conference, and the research being pursued by many of you in this room, will be instrumental in guiding us forward.

    Thank you.

    MIL OSI Economics –

  • Key targets and capabilities: a look at Iran’s nuclear facilities amid Israeli strikes

    Source: Government of India

    Source: Government of India (4)

    Israel said early on Friday it had struck Iranian nuclear targets to block Tehran from developing atomic weapons, and Iranian media and witnesses reported explosions including at the country’s main uranium enrichment facility. Israeli Prime Minister Benjamin Netanyahu said the strikes are aimed at hurting Iran’s nuclear infrastructure, ballistic missile factories and military capabilities.

    Below are some of Iran’s main nuclear facilities.

    WHERE ARE IRAN’S NUCLEAR FACILITIES?

    Iran’s nuclear programme is spread over many locations. While the threat of Israeli airstrikes has loomed for decades, only some of the sites have been built underground.

    DOES IRAN HAVE A NUCLEAR WEAPONS PROGRAMME?

    The United States and the U.N. nuclear watchdog believe Iran had a coordinated, secret nuclear weapons programme that it halted in 2003. The Islamic Republic denies ever having had one or planning to have one.

    Iran agreed to restrictions on its nuclear activities in exchange for relief from international sanctions under a 2015 deal with world powers. That pact fell apart after Trump – then serving his first term as president – pulled the United States out of it in 2018 and Iran started abandoning the restrictions in the following year.

    IS IRAN INCREASING ITS URANIUM ENRICHMENT?

    Yes. Iran has been expanding its uranium enrichment programme ever since the pact broke down, reducing the so-called “breakout time” it would need to produce enough weapons-grade uranium for a nuclear bomb to days or little more than a week from at least a year under the 2015 deal.

    Actually making a bomb with that material would take longer. How long is less clear and is the subject of debate.

    Iran is now enriching uranium to up to 60% fissile purity, close to the 90% of weapons-grade, at two sites, and in theory it has enough material enriched to that level, if enriched further, for six bombs, according to a yardstick of the International Atomic Energy Agency (IAEA), the U.N. watchdog.

    NATANZ

    Netanyahu said on Friday that Israel had targetted Natanz as part of its attack.

    A complex at the heart of Iran’s enrichment programme on a plain abutting mountains outside the Shi’ite Muslim holy city of Qom, south of Tehran. Natanz houses facilities including two enrichment plants: the vast, underground Fuel Enrichment Plant (FEP) and the above-ground Pilot Fuel Enrichment Plant (PFEP).

    An exiled Iranian opposition group revealed in 2002 that Iran was secretly building Natanz, igniting a diplomatic standoff between the West and Iran over its nuclear intentions that continues today.

    The FEP was built for enrichment on a commercial scale, able to house 50,000 centrifuges. Around 16,000 centrifuges are currently installed there, roughly 13,000 of which are in operation, refining uranium to up to 5% purity.

    Diplomats with knowledge of Natanz describe the FEP as being about three floors below ground. There has long been debate about how much damage Israeli airstrikes could do to it.

    Damage has been done to centrifuges at the FEP by other means, including an explosion and power cut in April 2021 that Iran said was an attack by Israel.

    The above-ground PFEP houses only hundreds of centrifuges but Iran is enriching to up to 60% purity there.

    FORDOW

    On the opposite side of Qom, Fordow is an enrichment site dug into a mountain and therefore probably better protected from potential bombardment than the FEP.

    The 2015 deal with major powers did not allow Iran to enrich at Fordow at all. It now has around 2,000 centrifuges operating there, most of them advanced IR-6 machines, of which up to 350 are enriching to up to 60%.

    The United States, Britain and France announced in 2009 that Iran had been secretly building Fordow for years and had failed to inform the IAEA. U.S. President Barack Obama said then: “The size and configuration of this facility is inconsistent with a peaceful programme.”

    ISFAHAN

    Iran has a large nuclear technology centre on the outskirts of Isfahan, its second largest city.

    It includes the Fuel Plate Fabrication Plant (FPFP) and the uranium conversion facility (UCF) that can process uranium into the uranium hexafluoride that is fed into centrifuges.

    Iran also stores enriched uranium at Isfahan, diplomats say.

    There is equipment at Isfahan to make uranium metal, a process that is particularly proliferation-sensitive since it can be used to devise the core of a nuclear bomb.

    The IAEA has said there are machines for making centrifuge parts at Isfahan, describing it in 2022 as a “new location”.

    KHONDAB

    Iran has a partially built heavy-water research reactor originally called Arak and now Khondab. Heavy-water reactors pose a nuclear proliferation risk because they can easily produce plutonium which, like enriched uranium, can be used to make the core of an atom bomb.

    Under the 2015 deal, construction was halted, the reactor’s core was removed and filled with concrete to make it unusable. The reactor was to be redesigned “to minimise the production of plutonium and not to produce weapon-grade plutonium in normal operation”. Iran has informed the IAEA that it plans to start operating the reactor in 2026.

    TEHRAN RESEARCH CENTRE

    Iran’s nuclear research facilities in Tehran include a research reactor.

    BUSHEHR

    Iran’s only operating nuclear power plant, on the Gulf coast, uses Russian fuel that Russia then takes back when it is spent, reducing the proliferation risk.

    (Reuters)

  • MIL-OSI Africa: Training Ethiopia’s next wave of freelancers to earn, grow and go global


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    A digital training initiative is helping young Ethiopians turn freelancing into a viable career, opening up new opportunities for income, independence and access to global work.

    Ethiopia is emerging as a strong contender in the global freelance economy. With more than 200,000 science graduates each year, expanding internet access, and some of the most competitive labour costs in Africa, the country has the conditions to scale remote work. Supported by digital payment reforms and a national taskforce focused on freelancing, the country is working to turn its digital talent into a driver of economic growth.

    Until recently, however, few young people had access to structured support or training to help them enter the freelance market. That’s starting to change. A recent Digital Freelancing Training Programme trained 353 participants – 186 women and 167 men – in how to build sustainable careers as freelancers and access the global gig economy. The training covered everything from financial planning and personal branding to project management and securing online clients. The training was supported by the Netherlands Trust Fund V (NTF V) Ethiopia Tech project at the International Trade Centre (ITC).

    From employment to independence

    Nardos Seifu, a design and research strategist based in Addis Ababa, joined the programme after seeing a post on social media. Her work focuses on human-centred design, innovation, and facilitating learning experiences. She had long been interested in consulting but didn’t know how to position herself as a freelancer.

    ‘I had the skills, but I didn’t know how to offer them as a service,’ she said. ‘The training explained how freelancing works, including how to price your time, promote yourself, and manage your work professionally.’

    Since completing the course, she has formalized a tutoring side job and is applying for remote design consulting roles. She credits the financial planning sessions for helping her organise her income and time and is using platforms like LinkedIn and Facebook to grow her visibility.

    ‘I’ve always wanted to open a design studio that trains young people in design thinking. Now I feel like that’s possible.’

    Adapting to local realities

    The training was delivered online through weekly webinars, practical guides and interactive sessions. Internet access was a challenge for some participants, particularly outside Addis Ababa, so the team used multiple channels, including Telegram, SMS and email, to keep learners engaged.

    A key resource was the Become a Freelancer Checklist, a step-by-step guide to setting goals, building online profiles, and managing client work. Enquanhone also authored a companion eBook, Become an Online Freelancer, which covers everything from branding and pricing to productivity and digital tools.

    Turning lessons into action

    Participants were encouraged to apply what they learnt immediately. For Seifu, that meant tracking tutoring hours, setting a consistent hourly rate, and using scheduling tools to stay on top of her workload.

    ‘We were taught to treat freelancing like a business,’ she said. ‘That means knowing your value, being organised, and communicating clearly.’

    The programme also introduced tools for building an online presence. Nardos, previously hesitant about platforms like TikTok, is now using it to share insights and reach new audiences. ‘There are a lot of tools out there. The programme helped me figure out which ones matter and how to use them.’

    Following the training, many participants began applying their new skills immediately. A total of 148 entrepreneurs – including 63 women and 137 young people – have enhanced their ability to work as freelancers as a result of gaining practical tools to manage clients, projects and income streams. Of those trained, 87 participants (35 women and 81 youth) secured new jobs, demonstrating the programme’s early success in improving employability and access to income-generating opportunities.

    Growing a freelance community

    Participants came from diverse sectors – including marketing, development, and tech – and peer learning was a core part of the experience.

    ‘We were learning from each other,’ said Seifu. ‘We talked about our goals and shared what was working.’

    Still, Ethiopia’s freelance ecosystem is young. Seifu noted the lack of local networks or co-working spaces for freelancers. A Telegram group created through the programme helps alumni stay in touch and share opportunities, but participants see the need for more structured, long-term support.

    A model for future growth

    The early results are promising. Graduates are putting their new skills into practice and exploring new income streams. But to sustain progress, Ethiopia will need to invest in ongoing mentorship, stronger digital infrastructure and formal recognition of the freelance sector.

    ‘This training was a starting point,’ said Enquanhone. ‘Now we need to expand access, build networks and make freelancing a respected path to employment.’

    With the right support, Ethiopia’s freelancers could help shape the country’s digital economy and become a model for others across the continent.

    A model for future growth

    The early results are promising. Graduates are putting their new skills into practice and exploring new income streams. But to sustain progress, Ethiopia will need to invest in ongoing mentorship, stronger digital infrastructure and formal recognition of the freelance sector.

    ‘This training was a starting point,’ said Enquanhone. ‘Now we need to expand access, build networks and make freelancing a respected path to employment.’

    With the right support, Ethiopia’s freelancers could help shape the country’s digital economy and become a model for others across the continent.

    Distributed by APO Group on behalf of International Trade Centre.

    MIL OSI Africa –

  • MIL-OSI China: SCIO briefs media on promoting green development in Zhejiang

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

    SCIO briefs media on promoting green development in Zhejiang

    China SCIO | June 13, 2025

    The State Council Information Office (SCIO) organized a media trip to eastern China’s Zhejiang province from June 11 to 13, bringing together over 40 journalists – including foreign correspondents from the United States, the United Kingdom, Spain, Singapore, Indonesia, Turkey, South Korea, Japan and Brazil – to observe the progress of green development in the province.

    A press briefing was held Thursday in Zhejiang’s capital city Hangzhou, where Xu Wenguang, executive vice governor of Zhejiang province, briefed the media and answered questions.

    On June 12, 2025, the State Council Information Office (SCIO) holds a press briefing in Hangzhou, Zhejiang province. [Photo by Luan Haijun/China SCIO]

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    MIL OSI China News –

  • MIL-OSI China: De Bruyne completes Napoli move after Man City exit

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

    Kevin De Bruyne has ended his 10-year spell at Manchester City and joined Napoli as a free agent, the Serie A club confirmed on Thursday.

    Kevin De Bruyne of Manchester City (R) vies with Vitinha of Paris Saint-Germain during the UEFA Champions League football match in Paris, France, Jan. 22, 2025. (Photo by Glenn Gervot/Xinhua)

    De Bruyne arrived at Manchester City from German side Wolfsburg in the summer of 2015. Over 10 seasons, the Belgian midfielder helped the club win six Premier League titles, five League Cups, two FA Cups, and a UEFA Champions League trophy. He made 422 appearances for City, scoring 108 goals and providing 170 assists.

    The 33-year-old’s contract with City was set to expire this summer. Although he received lucrative offers from Saudi Arabia and Major League Soccer, he opted to stay in Europe to continue playing at a high competitive level.

    Napoli edged out Inter Milan to claim its fourth Serie A title in the 2024-25 season. At Napoli, De Bruyne will reunite with his Belgium national teammate Romelu Lukaku. 

    MIL OSI China News –

  • MIL-OSI China: Shanghai to host FIBA 3×3 Women’s Series Final from 2025-28

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

    Shanghai will host the FIBA 3×3 Women’s Series Final from 2025 to 2028, the International Basketball Federation (FIBA) announced on Thursday.

    Yang Shuyu (L) of China competes during the women’s 3×3 basketball pool round match between China and Italy at the Aomi Urban Sports Park in Tokyo, Japan, July 25, 2021. (Xinhua/Zhang Xiaoyu)

    “Shanghai will create a festival-like atmosphere for the next four editions of the FIBA 3×3 Women’s Series Final. The city’s energetic atmosphere will provide a perfect backdrop for both players and fans, transforming the event into a true celebration of the world’s most thrilling urban team sport,” FIBA said in a statement.

    The 2025 edition is scheduled for September 13-14, with the exact location to be confirmed. Seven top teams from the regular season will join host nation China in competing for the title.

    “We are very excited that the vibrant metropolis of Shanghai will host the FIBA 3×3 Women’s Series Final for the next four years,” said FIBA 3×3 Managing Director Alex Sanchez. “A modern and innovative city with a fantastic track record in hosting major international sports events, Shanghai will be an amazing host for the world’s best 3×3 women’s basketball players.”

    The FIBA 3×3 Women’s Series was established in 2019 and is recognized as the premier global professional competition for women’s 3×3 basketball.

    MIL OSI China News –

  • MIL-OSI New Zealand: Foreign Minister visit strengthens ties with Indonesia

    Source: New Zealand Government

    Foreign Minister Winston Peters’ visit to Indonesia today has secured tangible progress in New Zealand’s relationship with Southeast Asia’s most populous nation.

    “Indonesia is an indispensable partner for New Zealand,” Mr Peters says. 

    “Demonstrating our commitment to the relationship, this is our fourth visit to Indonesia in the past 18 months, including for President Prabowo’s inauguration. 

    “We are pleased to have made tangible, concrete progress today across the Indonesia relationship, which will deliver benefits for the New Zealand and Indonesian people.” 

    Mr Peters, alongside Indonesian Foreign Minister Sugiono, announced in Jakarta today: 

    • the conclusion of a cooperation arrangement on halal products, which will facilitate halal food trade between New Zealand and Indonesia;
    • the signing of an enhanced education cooperation arrangement, to facilitate student and research exchanges;
    • an increase from 45 to 70 in the annual number of scholarships for Indonesian students to study in New Zealand; and
    • a port visit by HMNZS Te Kaha to Jakarta later this month.

    “By working more closely together, New Zealand and Indonesia are fostering mutual economic growth, deepening regional cooperation, and strengthening the connections between our people. 

    “The arrangement concluded today on halal is particularly noteworthy. Indonesia is recognising New Zealand’s domestic processes for certification of halal products. This will improve access for New Zealand meat and dairy into the world’s largest Muslim country.

    “We are also pleased that the new arrangement on education will spur closer student and research exchanges.”

    Mr Peters arrives back in New Zealand tomorrow, having completed a three-country tour of France (for the Pacific-France Summit and the UN Ocean Conference), Italy and Indonesia. 

    At the conclusion of their talks, Minister Peters and Sugiono released a joint statement.

    Media contact: John Tulloch +64 21 868 943

    MIL OSI New Zealand News –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for June 13, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on June 13, 2025.

    As Antarctic sea ice shrinks, iconic emperor penguins are in more peril than we thought
    Source: The Conversation (Au and NZ) – By Dana M Bergstrom, Honorary Senior Fellow in Ecology, University of Wollongong When winter comes to Antarctica, seals and Adélie penguins leave the freezing shores and head for the edge of the forming sea ice. But emperor penguins stay put. The existence of emperor penguins seems all but

    Bougainville legal dept looking towards sorcery violence policy
    RNZ Pacific The Department of Justice and Legal Services in Bougainville is aiming to craft a government policy to deal with violence related to sorcery accusations. The Post-Courier reports that a forum, which wrapped up on Wednesday, aimed to dissect the roots of sorcery/witchcraft beliefs and the severe violence stemming from accusations. An initial forum

    NZ has a vast sea territory but lags behind other nations in protecting the ocean
    Source: The Conversation (Au and NZ) – By Conrad Pilditch, Professor of Marine Sciences, University of Auckland, Waipapa Taumata Rau Getty Images For the past fortnight, the city of Nice in France has been the global epicentre of ocean science and politics. Last week’s One Ocean Science Congress ended with a unanimous call for action

    US Army’s image of power and flag-waving rings false to Gen Z weary of gun violence − and long-term recruitment numbers show it
    Source: The Conversation (Au and NZ) – By Jacob Ware, Adjunct Professor of Domestic Terrorism, Georgetown University A recruit participates in the Army’s future soldier prep course at Fort Jackson in Columbia, S.C., on Sept. 25, 2024. AP Photo/Chris Carlson The U.S. Army will celebrate its 250th birthday on Saturday, June 14, 2025, with a

    It took more than a century, but women are taking charge of Australia’s economy – here’s why it matters
    Source: The Conversation (Au and NZ) – By Duygu Yengin, Associate Professor of Economics, University of Adelaide For the first time in its 124-year history, Treasury will be led by a woman. Jenny Wilkinson’s appointment is historic in its own right. Even more remarkable is the fact she joins Michele Bullock at the Reserve Bank

    With Trump undoing years of progress, can the US salvage its Pacific Islands strategy?
    Source: The Conversation (Au and NZ) – By Alan Tidwell, Director, Center for Australian, New Zealand and Pacific Studies, Georgetown University Donald Trump signs a proclamation expanding fishing rights in the Pacific Islands, April 17. Getty Images Since 2018, the United States has worked, albeit often haltingly, to regain its footing with Pacific Island countries.

    Workers need better tools and tech to boost productivity. Why aren’t companies stepping up to invest?
    Source: The Conversation (Au and NZ) – By John Hawkins, Head, Canberra School of Government, University of Canberra As Prime Minister Anthony Albanese and Treasurer Jim Chalmers turn their attention to improving productivity growth across the economy, it will be interesting to see what the business community brings to a planned summit in August. Labour

    AI overviews have transformed Google search. Here’s how they work – and how to opt out
    Source: The Conversation (Au and NZ) – By T.J. Thomson, Senior Lecturer in Visual Communication & Digital Media, RMIT University cosma/Shutterstock People turn to the internet to run billions of search queries each year. These range from keeping tabs on world events and celebrities to learning new words and getting DIY help. One of the

    ‘Like an underwater bushfire’: SA’s marine algal bloom is still killing almost everything in its path
    Source: The Conversation (Au and NZ) – By Erin Barrera, PhD Candidate, School of Public Health, University of Adelaide Paul Macdonald of Edithburgh Diving South Australian beaches have been awash with foamy, discoloured water and dead marine life for months. The problem hasn’t gone away; it has spread. Devastating scenes of death and destruction mobilised

    Sunday Too Far Away at 50: how a story about Aussie shearers launched a local film industry
    Source: The Conversation (Au and NZ) – By Michael Walsh, Associate Professor, Screen and Media, Flinders University Released 50 years ago, Sunday Too Far Away deals episodically with a group of shearers led by Foley (Jack Thompson), and the events leading up to the national shearers’ strike of 1956. The shearers are a ragtag group

    Khartoum before the war: the public spaces that held the city together
    Source: The Conversation (Au and NZ) – By Ibrahim Z. Bahreldin, Associate Professor of Urban & Environmental Design, University of Khartoum What makes a public space truly public? In Khartoum, before the current conflict engulfed Sudan, the answer was not always a park, a plaza or a promenade. The city’s streets, tea stalls (sitat al-shai),

    Politics with Michelle Grattan: Senator Tammy Tyrrell on wild days in Tasmania
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Tasmanian politics has been thrown into chaos after a Labor motion of no confidence forced Premier Jeremy Rockliff to either resign or call for a new election. The premier opted for the latter, with Tasmanians to vote on July 19,

    Chris Hedges: The last days of Gaza
    Report by Dr David Robie – Café Pacific. – The genocide is almost complete. When it is concluded it will have exposed the moral bankruptcy of Western civilisation, writes Chris Hedges. ANALYSIS: By Chris Hedges This is the end. The final blood-soaked chapter of the genocide. It will be over soon. Weeks. At most. Two

    Grattan on Friday: the galahs are chattering about ‘productivity’, but can Labor really get it moving?
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Former prime minister Paul Keating famously used to say the resident galah in any pet shop was talking about micro-economic policy. These days, if you encounter a pet shop with a galah, she’ll be chattering about productivity. Productivity is currently

    Greenpeace activists aboard Rainbow Warrior disrupt Pacific industrial fishing operation
    By Emma Page Greenpeace activists on board the Greenpeace flagship Rainbow Warrior disrupted an industrial longlining fishing operation in the South Pacific, seizing almost 20 km of fishing gear and freeing nine sharks — including an endangered mako — near Australia and New Zealand. Crew retrieved the entire longline and more than 210 baited hooks

    View from The Hill: Is the US playing cat and mouse ahead of expected Albanese-Trump talks?
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra For the first time in memory, an Australian prime minister is approaching a prospective meeting with a US president with a distinct feeling of wariness. Of course Anthony Albanese would deny it. But it’s undeniable the government is relieved that

    Caitlin Johnstone: Staring down the barrel of war with Iran once again
    Report by Dr David Robie – Café Pacific. – COMMENTARY: By Caitlin Johnstone Well it looks like the US is on the precipice of war with Iran again. US officials are telling the press that they anticipate a potential impending Israeli attack on Iran while the family members of US military personnel are being assisted

    Global outrage over Gaza has reinforced a ‘siege mentality’ in Israel – what are the implications for peace?
    Source: The Conversation (Au and NZ) – By Eyal Mayroz, Senior Lecturer in Peace and Conflict Studies, University of Sydney After more than 20 months of devastating violence in Gaza, the right-wing Israeli government’s pursuit of two irreconcilable objectives — “destroying” Hamas and releasing Israeli hostages — has left the coastal strip in ruins. At

    The weight loss drug Mounjaro has been approved to treat sleep apnoea. How does it work?
    Source: The Conversation (Au and NZ) – By Yaqoot Fatima, Professor of Sleep Health, University of the Sunshine Coast coldsnowstorm/Getty Images Last week, Australia’s Therapeutic Goods Administration (TGA) approved the weight-loss drug Mounjaro to treat sleep apnoea, a condition in which breathing stops and starts repeatedly during sleep. The TGA has indicated Mounjaro can be

    Not all insecure work has to be a ‘bad job’: research shows job design can make a big difference
    Source: The Conversation (Au and NZ) – By Rose-Marie Stambe, Adjunct Research Fellow, social and economic marginalisation, The University of Queensland Matej Kastelic/Shutterstock Inflation has steadied and interest rates are finally coming down. But for many Australians, especially those in low-paid, insecure or precarious work, the cost-of-living crisis feels far from over. The federal government

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Sculpture of Yuan Longping, father of hybrid rice, unveiled in Florence academy

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

    A sculpture of Yuan Longping, the renowned Chinese scientist known as the “father of hybrid rice,” was unveiled on Thursday at the Georgofili Academy in Florence, Italy. The work was created and donated by Wu Weishan, director of the National Art Museum of China.

    The donation marks the 55th anniversary of diplomatic relations between China and Italy, highlighting the two countries’ cooperation in science and art.

    “Everyone in agricultural science knows Yuan Longping,” said Massimo Vincenzini, president of the Georgofili Academy. “He was an outstanding scientist who made a profound impact in the global fight against hunger.”

    Chinese Consul General in Florence Yin Qi said the event symbolized cross-cultural dialogue, coinciding with the first International Day for Dialogue among Civilizations.

    In a video message, sculptor Wu Weishan expressed hope that the artwork would inspire deeper exchanges between civilizations.

    Born in 1930, Yuan succeeded in cultivating the world’s first high-yield hybrid rice strain in 1973, which was later grown on a large scale in China and other countries to substantially raise output. He passed away at the age of 91.

    The sculpture will be permanently housed at the Georgofili Academy, one of the world’s oldest agricultural research institutions, founded in 1753. 

    MIL OSI China News –

  • MIL-OSI Russia: Press Briefing Transcript: Julie Kozack, Director, Communications Department, June 12, 2025

    Source: IMF – News in Russian

    June 12, 2025

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

    MS. KOZACK: Good morning, everyone, and welcome to this IMF Press Briefing. My name is Julie Kozak. I’m the Director of Communications at the IMF.  As usual, this press briefing will be embargoed until 11:00 a.m. Eastern Time in the United States.  And as usual, I will start with a few announcements, and then I’ll take your questions in person on WebEx and via the Press Center.  And I have quite a few announcements today, so please do bear with me. 

    On June 18th, the Managing Director will travel to Brussels, where she will hold bilateral meetings with officials.  On June 19th, she will travel to Luxembourg to present the Euro Area Annual Consultation at the Eurogroup meeting.  On June 20th, the Managing Director will be in Rome to speak at the Mattei Plan for Africa and the Global Gateway event, a joint effort with the African Continent.  This event is co-chaired by Italian Prime Minister Giorgia Meloni and European Commission President Ursula von der Leyen.  And from there, the Managing Director will travel to Japan from June 22nd to 24th.  During her visit, she will hold meetings with Japanese officials, members of the private sector, and other stakeholders. 

    Turning to other management travel.  First Deputy Managing Director Gita Gopinath will travel to Sri Lanka, Singapore, and Indonesia.  On June 16th, she will participate in the Sri Lanka Road to Recovery Conference, where she will deliver opening remarks.  And in all three countries, our FDMD will meet with officials and various stakeholders during this trip. 

    From June 24th through 26th, our Deputy Managing Director Bo Li will attend the World Economic Forum Annual Meeting of the New Champions in Tianjin, China.  DMD Li will participate in sessions on safeguarding growth engines and the role of digital assets in Global payment systems. 

    On June 30th, Deputy Managing Director Nigel Clarke will participate in the Finance for Development Conference and in Sevilla, Spain. 

    And with that, I will now open the floor to your questions.  For those of you who are connecting virtually, please do turn on both your camera and microphone when speaking.  All right, let’s open the floor.   

    QUESTIONER: I have two questions on Ukraine.  After meetings in Kyiv last month, the IMF mission emphasized the importance of Ukraine’s upcoming budget declaration for 2026-2028, which will determine the course of the fiscal framework and policies.  What are the Fund’s expectations, and does the IMF have any specific requirements or policy guidelines for this document?  And secondly, if I may, do you have data of the IMF Board — IMF support meetings to approve the aides review for Ukraine?     

    MS. KOZACK: Any other questions on Ukraine?                                          

    QUESTIONER: So, Ukraine has recently defaulted on its GDP-linked securities and, before that, failed to reach an agreement with creditors to restructure its part of its sovereign debt.  How concerned is IMF with these developments, and do you see any risks for the EFF repayments from Ukraine?  Thank you. 

    QUESTIONER: Some follow-up to your question.  IMF sources indicate that Ukraine transferred $171 million repayment to the Fund on June 9th, the first repayment on loans received post-February 2022.  Can you confirm this payment was received?  And how does the IMF view Ukraine’s emerging shift towards repayment on wartime financing?  Thank you. 

    MS. KOZACK: Let me take these questions for a moment, and I’ll remind you where we are on Ukraine.

    On May 28th, IMF staff and the Ukrainian authorities reached Staff–Level Agreement.  And this was for the Eighth Review of the EFF program.  Subject to approval by our Executive Board, Ukraine will have access to about U.S. $500 million, and that would bring total disbursements under the program to U.S. $10.6 billion.  The Board is scheduled to take place in the coming weeks, and we’ll provide more details as they become available.  I can also add that Ukraine’s economy has remained resilient.  Performance under the EFF has continued to be strong despite very challenging circumstances.  The authorities met all of their quantitative performance criteria and indicative targets, and progress does continue on the structural agenda in Ukraine.

    Now, with respect to the specific questions on the budget declaration, what I can provide there is that our view is that the 2026-2028 budget declaration will provide a strategic framework for fiscal policy for the remainder of the program over that period of time.  It will help focus the debate on key expenditure priorities, including recovery, reconstruction, defense, and social spending.  And it will also form the basis for discussion of the 2026 budget, which, of course, will also be an important milestone for Ukraine. 

    On the question regarding the debt, what I can say there is that we encourage the Ukrainian authorities and their creditors to continue to make progress toward reaching an agreement in line with the debt sustainability targets under the IMF’s program and the authority’s announced strategy.  So that’s sort of our broad view on the debt.  On the implications for completion of the review, as in all cases where a member country may have arrears to private creditors, staff will assess whether the requirements under the Fund’s lending into arrears policy are met.  In light of this, again, we encourage the authorities to continue to make good-faith efforts toward reaching an agreement in light of the debt sustainability targets. 

    And on your question about Ukraine’s payment to the Fund, what I can say is that, in general, we don’t comment on specific transactions of individual members.  What I can guide you to is that we do provide on our website detailed information on members’ repayments.  And this is made available on a monthly basis.  So, at the end of each month, if you look at the Ukraine page, you can see the transactions that were made.  And on a daily basis, we provide detail on member countries outstanding obligations to the IMF.  So that can give you a sense of how the overall obligations of Ukraine have evolved on a daily basis. 

    QUESTIONER: Can you give us an update on the relationship between the IMF and Senegal?  Where do things currently stand with misreporting and a new program?  This is my first question.  And the second one I have is the Fifth Review under the Policy Coordination concerning Rwanda.  The IMF stated that “Rwanda continues to demonstrate leadership in integrating climate consideration into macroeconomic policy and leveraging institutional reforms to mobilize climate finance.”  Now my question is, can you please tell us concretely what kind of institutional reforms have been implemented by Rwanda? 

    MS. KOZACK: So, before I answer this, are there any other questions on Senegal or Rwanda? I see none in the room. Anyone online want to come in on Senegal?  Okay, I don’t see anyone coming in, so let’s start with Senegal, and then we’ll move to Rwanda. 

    What I can say on Senegal is that we, the IMF and our team in particular, remained actively engaged with the Senegalese authorities, including during a visit to Dakar over March and April and further discussions during the Spring Meetings, which were held here in Washington in April.  We do continue to work with the authorities to address the complex misreporting case that is ongoing.  And addressing this complex case does require a rigorous and time-intensive process.

    I also want to take the opportunity to add that the IMF supports our member countries in a variety of ways, and it goes beyond just providing financing.  So, for example, in the case of Senegal, we are continuing to provide the authorities with technical assistance, including, for example, on our debt sustainability analysis that is tailored to low-income countries.  We’re working closely with the authorities on compiling government financial statistics.  This is being led by our Statistics Department.  We’re providing technical assistance on energy sector reform, public investment management, and revenue mobilization, and that, of course, is with support from our fiscal experts. 

    With respect to a new program.  We don’t have currently a fixed timeline for a new program, and we are awaiting the final audit outcome. 

    Now, turning to your question on Rwanda here.  What I can say, and maybe just to step back and remind everyone of where we are in Rwanda.  On June 4th, so just a few days ago, our Executive Board concluded the Fifth Review of Rwanda’s policy Coordination Instrument.  Rwanda’s economic growth remains among the strongest in Sub-Saharan Africa, and that’s despite rising pressures both on the fiscal side and the external side.  Rwanda, of course, we’re encouraging Rwanda to continue with a credible fiscal consolidation, strong domestic revenue mobilization, and a strong monetary policy. 

    With respect to your specific question, Rwanda successfully completed its Resilience and Sustainability Fund program, the RSF program, in December of 2024, six months ahead of the initial timetable.  And under this RSF, Rwanda did carry out a number of institutional reforms that were focused on green public financial management, climate public investment management, climate-related risk management for financial institutions, and disaster risk reduction.  So, these are some of the institutional reforms that Rwanda completed, which led us to make that statement about their leadership in this area. 

    I can also add that these reforms, along with some of the other reforms they’re having, they’re undertaking, such as a green taxonomy and the adoption of best practices in climate risk reporting by financial institutions.  The idea is that this together will help to close information gaps, improve transparency, and that hopefully will allow for a boost to private sector engagement in advancing Rwanda’s ambitious climate goals and its broader goals toward economic development and strong and sustainable growth. 

    QUESTIONER: Two questions on Syria.  The Fund said this week that Syria needs substantial international assistance for its recovery efforts.  Firstly, can you give us an estimation of how much economic assistance Syria will need?  And secondly, could you just let us know if there were any discussions around if a potential Article IV was discussed? 

    MS. KOZACK: Thank you. Any other questions on Syria?                   

    QUESTIONER: Just to know if there was any demand from the Syrian government for any kind of technical assistance from the IMF to help them recover, economically speaking?

    MS. KOZACK: Does anyone online want to come in on Syria? I don’t see anyone coming in. So let me step back again and give a sense of where we are on Syria.

    I think, as many of you know, an IMF staff team visited Syria from June 1st through 5th.  This was the first IMF visit to Syria since 2009.  The goal of the visit was to assess the economic and financial conditions in Syria, as well as to discuss with the authorities their economic policy, and also to ascertain the authorities ‘ capacity-building priorities, ultimately to support the recovery of the Syrian economy.  I think, as we’ve discussed here before, Syria faces enormous challenges following years of conflict that have caused immense human suffering, and it’s reduced the Syrian economy to a fraction of its former size. 

    At the IMF, we’re committed to supporting Syria in its efforts.  Based on the findings of the mission, IMF staff, in coordination with other partners, are developing a detailed roadmap for policy and capacity development priorities for key economic institutions.  And within the IMF’s mandate, this covers the Finance Ministry, the Central Bank, and the Statistics Agency.  So those would be the areas where we will be focusing in terms of the detailed roadmap on priorities, economic and capacity building priorities. 

    Syria, as noted, will need substantial international assistance.  We don’t yet have a precise estimate of that assistance.  But what I can say is this will also — it will not only require concessional financial support, but also substantial capacity development support for the country.  And that’s basically where we have left it with the Syrian authorities.  And, of course, we will continue to engage closely with them, and we are committed to helping them, supporting them on their recovery journey. 

    QUESTIONER: Is the date of the IMF mission to Argentina already said?  And based on that definition, when would the First Review of the agreement could take place?  And another one, in the last few days, the Argentina government has launched different mechanisms to try to increase the level of foreign exchange reserves.  Is the IMF worried that Argentina will not reach the target set in the agreement?  And could the IMF give Argentina a waiver on this?  Thank you very much. 

    MS. KOZACK: Okay, any other questions in the room on Argentina? I know we have several online.

    QUESTIONER: Thanks for taking my questions.  I would like to know how does the IMF evaluate the listed economy measures, particularly the issue of the measure to use undeclared dollars.  Thank you.

    QUESTIONER: My first question is about the reserve target for the new program with Argentina.  Central Bank is about $4 billion below the target set for June.  Also, some operations are expected that could increase their reserve stock.  Officials said on Monday evening that local currency bonds can now be purchased with U.S. dollar and that the minimum time requirement for foreign investors to hold onto some Argentina bonds will be eliminated.  The IMF is concerned that the Central Bank is not accumulating reserves touch foreign trade and is only receiving income touch debt.  Is the consensus with the authorities to postpone the Frist Review and allow time for Argentina to activate credit operation in order to close — to get closer to the target set for June, or Argentina should resort to a waiver?  And what is your view on the recent measures? 

    And that second question is about the possibility of an IMF mission arriving in Argentina in the coming weeks.  Is that possible?  Would it be a technical staff mission, or could the Managing Director or Deputy Executive Director also come?  Thank you very much. 

    QUESTIONER: So, the question is the same as (connection issue) First Review of the agreement signed in April (connection issue)

    QUESTIONER: -Is the IMF considering granting a waiver and also if they build up. 

    MS. KOZACK: You’ve broken up quite a bit, and now we’re not able to hear you, so we’ll try to get you back, or I think what I understood from your question is it’s broadly along the same lines as some of the other questions. What we can do is if you want to connect via the Press Center, I can read the question out loud. But what I’m going to do is move on.                      

    QUESTIONER:  Basically, echoing my colleague’s questions on the timing of the mission and whether an extension was granted to meet the reserve’s target, well, for the First Review generally.  And separately, Argentina has July 9th dollar debt payments, which will obviously affect reserves.  How will that payment and timing affect your calculus of the reserves target within the First Review?  Thank you.

    QUESTIONER: Well, yes, also echoing my colleague’s question regarding whether the timeline for the First Review, the end date remains this Friday, which was what it said on the Staff Report.  And also, there was a ruling lately, these past few days, against former President Cristina Kirchner.  I was wondering if that raises any concerns in the IMF regarding any political conflict or any subsequent economic impact. 

    MS. KOZACK: I think we’ve covered all the questions on Argentina. Anyone else on Argentina? Okay, very good.  So, let me try to give a response that tries to cover as many of these questions as I can.  So again, I’m just going to step back and provide where we are with Argentina. 

    So, on April 11th, the IMF’s Executive Board approved a new four-year EFF arrangement worth $20 billion for Argentina.  The initial disbursement was $12 billion, and the goal of the program was to support is to support Argentina’s transition to the next phase of state stabilization and reform.  The Milei administration’s policies continue to evolve and to deliver impressive results, as we have previously noted. 

    In this regard, we welcome the recent measures announced this week by the Central Bank and the Ministry of Finance as they represent another important step in efforts to consolidate disinflation, support the government’s financing strategy and to rebuild reserves and, more specifically, steps to strengthen the monetary framework and to improve liquidity management.  These are important to further reduce inflation and inflation expectations.  The Treasury’s successful reentry into capital markets and other actions to mobilize financing for Argentina are also expected to boost reserves, and stability overall for the country continues to be supported by the implementation of strong fiscal anchor in the country. 

    Our team continues to engage frequently and constructively with the Argentine authorities as part of the program’s First Review.  I can add that a technical mission will visit Buenos Aires in late June to assess progress on program targets and objectives and to also discuss the authority’s forward-looking reform agenda.  More broadly and despite the more challenging environment, the authorities, as I said, have continued to make very notable and impressive progress.  So, I will leave it at that. 

    Let’s go online for a bit, and then we’ll come — no, let’s go right here in the back.  You haven’t had a question, and you’re in the room.                             

    QUESTIONER: Given the recent escalation in global trade tensions and the effect of the tariffs, what is the IMF’s assessment of how these developments are affecting emerging economies?  And what policy recommendation does the IMF have for countries facing increased external pressures? 

    MS. KOZACK: Okay, let me answer — let me turn to this question on emerging markets, a very important constituency and part of our membership here at the IMF. So, let me start with where we were and what our assessment was as of April.

    In April, when we launched our World Economic Outlook, we projected growth in emerging and developing countries to slow from 4.3 percent in 2024 to 3.7 percent in 2025 and then to come back a little bit to 3.9 percent in 2026.  We did have at that time also significant downgrades for countries most affected by the trade measures, and that includes China, for example.  We have seen since then that there have been some positive surprises to growth in the first quarter for this group of countries, including China.  We have also seen recent reductions in some tariffs, and that represents kind of an upside risk to our forecast.  And, of course, we will be updating our forecast, including for this group of emerging and developing countries, as part of our July WEO update, and that will be released toward the end of July. 

    In terms of our recommendations, we recommend what we would call a multi-pronged policy response.  So first, to carefully calibrate monetary policy and also macroprudential or prudential policies to maintain stability in countries.  We also recommend for this group of countries, but for all of our members, to rebuild fiscal buffers to restore policy space to respond to, of course, future shocks that may occur.  For countries that may face particular disruptive pressures in the foreign currency, foreign exchange market, we would say that they could pursue targeted interventions if those instances are disruptive.  We also are encouraging again all of our countries to undertake the necessary reforms to no longer delay reforms associated with boosting productivity and longer-term growth. 

    I think maybe stepping back, we’ve been talking for quite some time in the IMF about a low growth, high debt environment.  And this, of course, applies to this group of countries as well.  So, dealing with the debt side, of course, is important through fiscal consolidation, but also, very importantly, boosting growth and productivity growth.  So, countries can also have a more prosperous society and also deal with some of their debt issues through stronger growth is also very important. 

    All right, let me go online, and then I’ll come back to the room.  Let’s see.  Online, I see a few hands up.                             

    QUESTIONER: My question is on Japanese tour conducted by Managing Director.  Could you give more details on how Japanese tour played this month?  For example, is there any chance for giving speeches or press conference and so on? 

    MS. KOZACK: So, as I said, the Managing Director will visit Japan later this month. Her visit will mostly entail meetings with government officials and also the business community as well as other stakeholders. She will have an opportunity to also do some outreach, and we can provide further details to you as her agenda becomes more concrete.  But she is very much looking forward to the visit.  Japan, as I think we’ve said before, is an important partner for the IMF.  And the Managing Director is very much looking forward to meeting with Japanese officials and talking more broadly to other stakeholders in Japan about the important partnership that the IMF has with Japan. 

    I see some other hands up online.  Unfortunately, I can’t see.  So, I think if you’re online and you have your hand up, just jump in. 

    QUESTIONER: You already referred to your own economic outlooks when you talked about emerging markets.  But I was — I wanted to ask you, does the IMF anticipate a similar growth downgrade as we’ve just seen for the World Bank this week and its economic assessment?  Because, of course, back in April, the cutoff point for your last report was just as Donald Trump was announcing the Liberation Day tariffs. 

    MS. KOZACK: Okay, so thank you for that. Any other questions on the global outlook? Okay, so let me take this one, and then we’ll come back to some other questions. 

    So, what I can say in terms of the forward-looking, I mean, first, I want to start by reiterating that we will release a revised set of projections in July as part of our regular WEO update.  What I can add is that since we released our World Economic Outlook, what we call the WEO, in April, we have seen some, you know, some data come in and some other developments.  So first, we have seen some trade deals that have lowered tariffs, notably between the U.S. and China, but also the U.S. and the UK, and at the same time, the U.S. has raised further tariffs on steel and aluminum imports.  So taken together, such announcements, combined with the April 9th pause on the high level of tariffs, these could support activity relative to the forecast that we had in April.  But nonetheless, we do have an outlook for the global economy that remains subject to heightened uncertainty, especially as trade negotiations continue. 

    I can also add that recent activity indicators reflect a complex economic landscape.  So, this is recent high-frequency data.  We have some outturns in the first quarter, which indicated a front-loading of activity ahead of the tariff announcements that took place in April.  And some high-frequency indicators also show some trade diversion and unwinding of that earlier front loading.  So, this is kind of the more recent indicators.  So, all of this creates kind of a complicated picture for us with some upside risk, some other developments, and we’ll take all of these developments together into account as we update our forecast toward the end of July in our WEO. 

    QUESTIONER: When you say support activity, do you mean there’s a chance it could be an improved outlook? 

    MS. KOZACK: So yes, by support activity, what we mean is that it’s kind of positive, it’s a little bit of a positive sign for economic activity. So that’s related, though, I would say, to the specific announcements. So, so just going back to say, the announcements of the trade deals that have lowered tariffs, particularly the ones between the U.S. and China and the U.S. and the UK, those could be supportive or a bit more positive for economic activity going forward.  But the overall picture is both complicated for the reasons that I mentioned. 

    We have some front loading in the first quarter.  Some of that seems perhaps to be unwinding in more recent indicators.  And we also, of course, have to remember that we are in an environment of very high uncertainty, and uncertainty, in general, tends to dampen economic activity. 

    So, the overall picture is quite complex.  And so, we will take all of these factors into account as we move forward with our forecast in July.  And, of course, between now and when we release our forecast later in July, we would expect that there will be further data releases.  And also, there is the possibility that there can be further announcements that we would have to take into account or further developments that we would have to take into account as well. 

    Let me just stay online for another minute.  I think I have one more hand up online or two hands online. 

    QUESTIONER: My question is about Egypt.  I was hoping to ask you if the Egyptian authorities have requested a waiver from the Fund for any of the requirements related to the Fifth Review of the country’s ongoing loan program and specifically if a waiver has been requested related to targets for divestment from state-owned assets.  And if you have any update on the timing of the Fifth Review, that would also be very helpful.  I know there were some suggestions that the Fifth Review could be combined with the Sixth Review, in which case we wouldn’t see it until September rather than the June date that had previously been talked about.  Thank you.

    MS. KOZACK: Anyone else on Egypt?

    QUESTIONER: My question is related to the previous one by my colleague.  She asked about the state-owned companies to be listed for IPOs or for private sectors to be having a bigger stake in the economy.  How the IMF evaluate the progress achieved by the Egyptian authorities during that?  And also, when the Fifth Review to be finished after the physical meetings happened in past May?  And what are the most recent progress achieved until now during this?  And also, I’d like to ask about how IMF evaluated the latest step by Egyptian government to give the Minister of Finance the right to issue sukuk in the guarantee of place in Red Sea as published in the last two days. 

    MS. KOZACK: Okay, thank you. Anyone else have questions on Egypt? So, on Egypt, as I think many of you know, an IMF team visited Cairo.  From May 6th to May 18th, the team held productive discussions with the Egyptian authorities on their economic and financial policies.  Discussions are continuing virtually to finalize agreement on remaining policies and reforms that could support the completion of the Fifth Review under the EFF. So again, discussions around the Fifth Review are continuing virtually. 

    As we have said here before, Egypt has made clear progress on its macroeconomic reform program with notable improvements in inflation and in the level of international reserves.  As Egypt’s macroeconomic stabilization is taking hold, it’s now the time for efforts to focus on accelerating and deepening reforms, including reducing the footprint of the state, leveling the playing field, and improving the business environment in Egypt. 

    What I can add is that in order to deliver on these objectives, particularly with respect to reducing the footprint of the state, leveling the playing field, et cetera, it’s important to decisively reduce the role of the public sector in the economy.  The implementation of the state ownership policy, as well as the asset divestment program in sectors where the state has committed to reduce its footprint, will be playing a critical role in strengthening the ability of Egypt’s private sector to contribute to growth and activity in the Egyptian economy, which will ultimately support improvements in livelihoods of the Egyptian people.  We remain committed to supporting Egypt in building economic resilience and fostering stronger private sector-led growth. 

    On some of the more specific questions related to Sukuk, I don’t have a response here, but we’ll come back to you bilaterally. 

    QUESTIONER: It’s a quick overall question.  Could you remind us the condition for a country to come under IMF supervision?  Does it require specifically a program, or can it come from the IMF itself?  Thank you very much. 

    MS. KOZACK: Can you clarify what you mean by IMF supervision? Just so I understand.

    QUESTIONER: To be perfectly honest, in the past few days, we had comments from the French government about the fact that it could become under IMF supervision.  I’m not very interested in specifically about France, but just in general overall how IMF comes to work with governments.  What are the conditions for the IMF to step in and come to help the government?  Thank you very much. 

    MS. KOZACK: Very good. So, let me maybe take this opportunity to step back and explain kind of the three big pillars of the work of the IMF.

    So, the first is policy advice, and this is done mainly through the Article IV consultation process.  The reason it’s called Article IV is because it’s in Article IV of our Articles of Agreement, and every member country of the IMF — so, we have 191 member countries — every member country commits when they join the IMF to participate in the Article IV consultation process.  So that applies to every member.  And that is a process that I know you here are very familiar with, where the IMF sends a team, and we conduct an assessment of the economy, and we provide policy advice to the country.  That’s done for all members. 

    Another leg or another pillar of what we do at the IMF is capacity development.  And for capacity development, this is at the request of the member.  So, this could be, you know, very specific advice on a specific area where our technical expert would go and do sort of a deep dive analysis and provide detailed policy recommendations.  But it’s really meant at building state capacity.  So often, this is done in areas such as revenue mobilization or public financial management, statistics, monetary policy frameworks, and debt management.  These are some of the areas where we would provide technical assistance to countries.  That’s at the request of the member. 

    And the same is true for our financial support.  So, for financial support, this is done again at the request of the member country.  The member would request financial support from the Fund, and then the Fund would then send a team and ultimately develop a program that reflects the commitments of the authorities.  But that program would need to be aimed at getting the country back on its feet.  In our technical language, it’s restoring medium-term viability for the country.  And that financing program has a balance between financial resources that the Fund provides and also policy measures taken by the part of the authorities.  But that, again, is at the request of the member country. 

    QUESTIONER: So, my question is about cryptocurrency and digital assets.  What is the IMF’s view right now on the daily use transactions by people, by governments, in paying and accumulating Bitcoin and other digital currencies?  What risks and opportunities do you see on behalf of the IMF and what shall be done on the governmental level to implement any additional safeguards requirements to make this like a daily routine operations?  Thank you. 

    MS. KOZACK: Okay, so I think on the broad topic of kind of crypto assets, what we can say is that they have gained popularity as an asset class. And also, what we see is that the underlying technology, which is a digital ledger that is shared, trusted, and programmable, is broadly viewed as highly valuable. And that technology may have broader societal benefits.  So, we do see crypto assets as a speculative asset as an asset class.  At the IMF, we generally don’t recommend crypto assets as legal or cryptocurrencies as legal tender.  We also do see that there are some potential risks that could arise from crypto assets.  These include risks to financial stability, to consumer and investor protection, and also to market integrity. 

    So, in order to balance, in a sense, the opportunities based on the technology and a new asset class with some of these risks, what we advise countries to do is to establish a robust policy framework to effectively mitigate some of the risks while allowing society to take advantage of the benefits or the opportunities that arise from this new technology. 

    QUESTIONER:  The Bank of Russia recently cut its key interest rate from 21 percent to 20 percent, marking its first easing move since September 2022.  From the IMF perspective, what are the implications of this monetary policy shift?  Thank you. 

    MS. KOZACK: So, on Russia, let me just step back a minute, and I’ll provide our overall assessment of the economy, and then I’ll get to your specific question.

    So, what we see in Russia is that last year, we saw the economy overheating, and now what we observe in Russia is a, is sharp slowdown of the economy, with growth slowing but inflation still relatively elevated.  Growth in 2025 is expected to slow to 1.5 percent based on our forecast from April, and this was compared to 4.3 percent in 2024.  And this reflects policy tightening, cyclical factors, and also lower oil prices. 

    Now, with respect to the action by the Central Bank, as you noted, the Central Bank indeed reduced the key policy rate from 21 percent to 20 percent for the first time.  This was the first reduction since September of 2022.  And the action taken by the Central Bank was in response to slowing growth, which I just mentioned, and also some easing of inflation pressures. 

    So, as I noted, inflation still remains high.  It was just under 10 percent in May.  But our forecast has inflation declining going forward.  So, we expect inflation to ease to 8.2 percent by the end of this year.  And we anticipate that inflation will turn to the target of 4 percent in the first half of 2027.  So that’s the IMF forecast.  So, the inflation challenge for Russia remains, and it’s appropriate.  Therefore, that monetary policy remains tight, and even with this cut, monetary policy is still tight. 

    I am going to now take the opportunity to read one question or some questions on Ghana and some questions on Sri Lanka, and then we’ll bring the Press Briefing to a close.  So, on Ghana, I have three questions.  The first one is about an update on when Ghana’s program will be presented to the Board following Staff–Level Agreement. 

    The second question is about the amended Energy Sector Levy Act to add GH₵1 per liter on petroleum products to defray the cost of fuel purchases for thermal plants.  Has the IMF taken note of this, and what’s its position on using taxes versus passing these costs through tariffs? 

    The third question on Ghana is whether the IMF is looking at the possibility of revising Ghana’s IMF program targets as the cedi’s sharp appreciation against the dollar has affected many variables that influence these targets set by the Fund? 

    So let me take a moment to just respond on Ghana.  So again, stepping back to where we are on Ghana.  On April 15th, the IMF staff and the Ghanaian authorities reached Staff–Level Agreement on the Fourth Review of Ghana’s Extended Credit Facility.  Upon approval by our Executive Board, Ghana would be scheduled to receive about U.S. $370 million, bringing total support under the ECF to $2.4 billion since May of 2023.  We anticipate bringing the review to our Board in early July, so in just a few weeks. 

    What I can add about the question about the cedi’s sharp appreciation is that you know, of course, as we look at a program, we look at all of these developments, including, of course, developments in the exchange rate.  And so, future program reviews will provide an opportunity for the team to carefully assess all of the evolving macroeconomic and financial conditions, including exchange rate movements, and to ensure that the program’s targets and objectives remain appropriate and achievable. 

    And on the fuel levy, what I can say is that this is a new measure that will help generate additional resources to tackle the challenges in Ghana’s energy sector, and it’s also going to bolster Ghana’s ability to deliver on the fiscal objectives under the program. 

    And I’m going to read one last set of questions on Sri Lanka, and then we will bring the Press briefing to a close.  So, we have a number of journalists asking about Sri Lanka.  So there’s — we’re consolidating the questions here.  So, these journalists are asking for updates on the IMF’s view on Sri Lanka’s progress in implementing cost recovery, electricity prices, and the automatic price adjustment system.  They’re asking about the date for the Executive Board’s consideration of the Fourth Review under the program. 

    And another question, has the government raised the issue of recent global shocks and possible further pressure on the economy and its ability to meet its reform program targets?  How do we rate the new government’s approach to corruption? 

    QUESTIONER: My question is, recently Sri Lankan president announced that the existing IMF program is likely (inaudible) that it will be the final program for the country as it tries to achieve financial independence.  What is the IMF’s view on this?  Is it achievable given the current situation in Sri Lanka?  And what is the progress on the IMF Board approval for the next review?  Thank you. 

    MS. KOZACK: All right, so again, just stepping back and reminding where we are on Sri Lanka.

    So, on April 25th, IMF staff and the Sri Lankan authorities reached Staff–Level Agreement on their fourth review of Sri Lanka’s economic reform program.  The program and Sri Lanka’s ambitious reform agenda continue to deliver commendable outcomes.  Performance under the program remains strong overall, and the government remains committed to program objectives.  Completion of the review is pending approval of the IMF’s Executive Board, and it is contingent on the completion of prior actions. 

    What I can add is that our IMF team, of course, is closely engaged with the authorities to assess the measures that were recently announced by the regulator on June 11th.  And these include a 15 percent increase in in electricity tariffs and the publication of a revised bulk supply transaction account guidelines for this.  So, these were two prior actions.  Once the review is completed by our Executive Board, Sri Lanka would have access to about $344 million in financing, and we will announce the Board date for Sri Lanka in due course. 

    With respect to some of the more specific questions on governance, what I can add is that in end-February, the government published an updated government action plan on governance reforms.  And this action plan included important commitments such as enacting a public procurement law, an asset recovery law, and other actions that are aligned with the recommendations that were included in the IMF’s Governance Diagnostic Report. 

    On the question about kind of the global situation and the impact on Sri Lanka, what I can say there is that, like for all countries in an environment of high uncertainty around policy and in general, high global uncertainty, this poses, of course, risks to an economy like Sri Lanka’s, as it does to many others.  If some of the risks associated with high global uncertainty were to materialize, the way we will approach this will be to work very closely with the authorities first to assess the impact of any downside risk that materializes, and then we will also work with the authorities to consider what are the appropriate policy responses within the contours of the program. And more broadly, for all countries, including Sri Lanka, it’s really critical for each country to sustain its own reform momentum.  Sustaining reform momentum, both with macroeconomic policy reforms and, importantly, some of the growth-enhancing reforms that we were talking about earlier, is critical for all countries in our membership, including Sri Lanka. 

    And on the question regarding the president’s remarks, I think there, what I can simply say is to repeat that, you know, Sri Lanka has made commendable progress, you know, in implementing some very difficult but much-needed reforms.  The effects — these efforts are really starting to bear fruit.  We see a remarkable rebound in growth following Sri Lanka’s crisis.  Inflation is low, international reserves are continuing to grow, revenue collection on the fiscal side is improving, and the debt restructuring process is nearly complete.  So, I think it’s really important to recognize, you know, the significant efforts that Sri Lanka has taken and also the tremendous progress that has been made.  Right now, of course, we are very much focused on the current EFF, and therefore, as I mentioned, it’s going to be critical for Sri Lanka to sustain the reform momentum through the remainder of this EFF program. 

    And with that, I am going to bring this Press Briefing to a close.  Let me thank you all for your participation today.  As a reminder, as usual, this briefing is embargoed until 11:00 A.M. Eastern Time in the United States.  A transcript will be made available later on IMF.org, and should you have any clarifications or additional queries, please reach out to my colleagues media@imf.org. This concludes our Press Briefing for today.  I wish everyone a wonderful day, and I do look forward to seeing you all next time.  Thank you very much. 

    *  *  *  *  *

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Brian Walker

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

    https://www.imf.org/en/News/Articles/2025/06/12/tr-061225-com-regular-press-briefing-june-12-2025

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI China: Zheng survives Kessler, will meet Raducanu in Queen’s quarters

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

    China’s Olympic champion Zheng Qinwen fought hard to reach the quarterfinals of the women’s singles at the Queen’s Club Championships on Thursday.

    The 22-year-old Zheng, ranked world No. 5, needed two hours and 11 minutes to overcome McCartney Kessler of the United States 6-3, 4-6, 7-5 in the second round.

    Zheng entered the WTA 500 tournament as the top seed and received a bye in the first round. She said she didn’t expect her first match on grass this season to be easy – and she was indeed tested Thursday evening.

    Zheng admitted she lost focus briefly after taking the opening set and struggled to adjust in time.

    World No. 42 Kessler broke in the 10th game of the second set to even the match and then broke first in the decider, but a composed Zheng fought back to seal the win.

    “I believe I should play even more aggressive on the grass court, but I need to be patient at the same time. I need to find the balance,” said Zheng after the match.

    The Paris Olympic champion will next face British wild card Emma Raducanu on Friday. Raducanu, a former US Open champion, advanced by defeating Rebecca Sramkova of Slovakia 6-4, 6-1.

    “As a British player, she definitely has more experience on the grass court,” Zheng said. “But I will pull out all the stops tomorrow. I will try my best to focus on every point.”

    Former Wimbledon champion Elena Rybakina also secured a quarterfinal berth by defeating Britain’s Heather Watson 6-4, 6-2.

    The fourth-seeded Kazakh will face German veteran Tatjana Maria on Friday. 

    MIL OSI China News –

  • MIL-OSI Economics: Press Briefing Transcript: Julie Kozack, Director, Communications Department, June 12, 2025

    Source: International Monetary Fund

    June 12, 2025

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

    MS. KOZACK: Good morning, everyone, and welcome to this IMF Press Briefing. My name is Julie Kozak. I’m the Director of Communications at the IMF.  As usual, this press briefing will be embargoed until 11:00 a.m. Eastern Time in the United States.  And as usual, I will start with a few announcements, and then I’ll take your questions in person on WebEx and via the Press Center.  And I have quite a few announcements today, so please do bear with me. 

    On June 18th, the Managing Director will travel to Brussels, where she will hold bilateral meetings with officials.  On June 19th, she will travel to Luxembourg to present the Euro Area Annual Consultation at the Eurogroup meeting.  On June 20th, the Managing Director will be in Rome to speak at the Mattei Plan for Africa and the Global Gateway event, a joint effort with the African Continent.  This event is co-chaired by Italian Prime Minister Giorgia Meloni and European Commission President Ursula von der Leyen.  And from there, the Managing Director will travel to Japan from June 22nd to 24th.  During her visit, she will hold meetings with Japanese officials, members of the private sector, and other stakeholders. 

    Turning to other management travel.  First Deputy Managing Director Gita Gopinath will travel to Sri Lanka, Singapore, and Indonesia.  On June 16th, she will participate in the Sri Lanka Road to Recovery Conference, where she will deliver opening remarks.  And in all three countries, our FDMD will meet with officials and various stakeholders during this trip. 

    From June 24th through 26th, our Deputy Managing Director Bo Li will attend the World Economic Forum Annual Meeting of the New Champions in Tianjin, China.  DMD Li will participate in sessions on safeguarding growth engines and the role of digital assets in Global payment systems. 

    On June 30th, Deputy Managing Director Nigel Clarke will participate in the Finance for Development Conference and in Sevilla, Spain. 

    And with that, I will now open the floor to your questions.  For those of you who are connecting virtually, please do turn on both your camera and microphone when speaking.  All right, let’s open the floor.   

    QUESTIONER: I have two questions on Ukraine.  After meetings in Kyiv last month, the IMF mission emphasized the importance of Ukraine’s upcoming budget declaration for 2026-2028, which will determine the course of the fiscal framework and policies.  What are the Fund’s expectations, and does the IMF have any specific requirements or policy guidelines for this document?  And secondly, if I may, do you have data of the IMF Board — IMF support meetings to approve the aides review for Ukraine?     

    MS. KOZACK: Any other questions on Ukraine?                                          

    QUESTIONER: So, Ukraine has recently defaulted on its GDP-linked securities and, before that, failed to reach an agreement with creditors to restructure its part of its sovereign debt.  How concerned is IMF with these developments, and do you see any risks for the EFF repayments from Ukraine?  Thank you. 

    QUESTIONER: Some follow-up to your question.  IMF sources indicate that Ukraine transferred $171 million repayment to the Fund on June 9th, the first repayment on loans received post-February 2022.  Can you confirm this payment was received?  And how does the IMF view Ukraine’s emerging shift towards repayment on wartime financing?  Thank you. 

    MS. KOZACK: Let me take these questions for a moment, and I’ll remind you where we are on Ukraine.

    On May 28th, IMF staff and the Ukrainian authorities reached Staff–Level Agreement.  And this was for the Eighth Review of the EFF program.  Subject to approval by our Executive Board, Ukraine will have access to about U.S. $500 million, and that would bring total disbursements under the program to U.S. $10.6 billion.  The Board is scheduled to take place in the coming weeks, and we’ll provide more details as they become available.  I can also add that Ukraine’s economy has remained resilient.  Performance under the EFF has continued to be strong despite very challenging circumstances.  The authorities met all of their quantitative performance criteria and indicative targets, and progress does continue on the structural agenda in Ukraine.

    Now, with respect to the specific questions on the budget declaration, what I can provide there is that our view is that the 2026-2028 budget declaration will provide a strategic framework for fiscal policy for the remainder of the program over that period of time.  It will help focus the debate on key expenditure priorities, including recovery, reconstruction, defense, and social spending.  And it will also form the basis for discussion of the 2026 budget, which, of course, will also be an important milestone for Ukraine. 

    On the question regarding the debt, what I can say there is that we encourage the Ukrainian authorities and their creditors to continue to make progress toward reaching an agreement in line with the debt sustainability targets under the IMF’s program and the authority’s announced strategy.  So that’s sort of our broad view on the debt.  On the implications for completion of the review, as in all cases where a member country may have arrears to private creditors, staff will assess whether the requirements under the Fund’s lending into arrears policy are met.  In light of this, again, we encourage the authorities to continue to make good-faith efforts toward reaching an agreement in light of the debt sustainability targets. 

    And on your question about Ukraine’s payment to the Fund, what I can say is that, in general, we don’t comment on specific transactions of individual members.  What I can guide you to is that we do provide on our website detailed information on members’ repayments.  And this is made available on a monthly basis.  So, at the end of each month, if you look at the Ukraine page, you can see the transactions that were made.  And on a daily basis, we provide detail on member countries outstanding obligations to the IMF.  So that can give you a sense of how the overall obligations of Ukraine have evolved on a daily basis. 

    QUESTIONER: Can you give us an update on the relationship between the IMF and Senegal?  Where do things currently stand with misreporting and a new program?  This is my first question.  And the second one I have is the Fifth Review under the Policy Coordination concerning Rwanda.  The IMF stated that “Rwanda continues to demonstrate leadership in integrating climate consideration into macroeconomic policy and leveraging institutional reforms to mobilize climate finance.”  Now my question is, can you please tell us concretely what kind of institutional reforms have been implemented by Rwanda? 

    MS. KOZACK: So, before I answer this, are there any other questions on Senegal or Rwanda? I see none in the room. Anyone online want to come in on Senegal?  Okay, I don’t see anyone coming in, so let’s start with Senegal, and then we’ll move to Rwanda. 

    What I can say on Senegal is that we, the IMF and our team in particular, remained actively engaged with the Senegalese authorities, including during a visit to Dakar over March and April and further discussions during the Spring Meetings, which were held here in Washington in April.  We do continue to work with the authorities to address the complex misreporting case that is ongoing.  And addressing this complex case does require a rigorous and time-intensive process.

    I also want to take the opportunity to add that the IMF supports our member countries in a variety of ways, and it goes beyond just providing financing.  So, for example, in the case of Senegal, we are continuing to provide the authorities with technical assistance, including, for example, on our debt sustainability analysis that is tailored to low-income countries.  We’re working closely with the authorities on compiling government financial statistics.  This is being led by our Statistics Department.  We’re providing technical assistance on energy sector reform, public investment management, and revenue mobilization, and that, of course, is with support from our fiscal experts. 

    With respect to a new program.  We don’t have currently a fixed timeline for a new program, and we are awaiting the final audit outcome. 

    Now, turning to your question on Rwanda here.  What I can say, and maybe just to step back and remind everyone of where we are in Rwanda.  On June 4th, so just a few days ago, our Executive Board concluded the Fifth Review of Rwanda’s policy Coordination Instrument.  Rwanda’s economic growth remains among the strongest in Sub-Saharan Africa, and that’s despite rising pressures both on the fiscal side and the external side.  Rwanda, of course, we’re encouraging Rwanda to continue with a credible fiscal consolidation, strong domestic revenue mobilization, and a strong monetary policy. 

    With respect to your specific question, Rwanda successfully completed its Resilience and Sustainability Fund program, the RSF program, in December of 2024, six months ahead of the initial timetable.  And under this RSF, Rwanda did carry out a number of institutional reforms that were focused on green public financial management, climate public investment management, climate-related risk management for financial institutions, and disaster risk reduction.  So, these are some of the institutional reforms that Rwanda completed, which led us to make that statement about their leadership in this area. 

    I can also add that these reforms, along with some of the other reforms they’re having, they’re undertaking, such as a green taxonomy and the adoption of best practices in climate risk reporting by financial institutions.  The idea is that this together will help to close information gaps, improve transparency, and that hopefully will allow for a boost to private sector engagement in advancing Rwanda’s ambitious climate goals and its broader goals toward economic development and strong and sustainable growth. 

    QUESTIONER: Two questions on Syria.  The Fund said this week that Syria needs substantial international assistance for its recovery efforts.  Firstly, can you give us an estimation of how much economic assistance Syria will need?  And secondly, could you just let us know if there were any discussions around if a potential Article IV was discussed? 

    MS. KOZACK: Thank you. Any other questions on Syria?                   

    QUESTIONER: Just to know if there was any demand from the Syrian government for any kind of technical assistance from the IMF to help them recover, economically speaking?

    MS. KOZACK: Does anyone online want to come in on Syria? I don’t see anyone coming in. So let me step back again and give a sense of where we are on Syria.

    I think, as many of you know, an IMF staff team visited Syria from June 1st through 5th.  This was the first IMF visit to Syria since 2009.  The goal of the visit was to assess the economic and financial conditions in Syria, as well as to discuss with the authorities their economic policy, and also to ascertain the authorities ‘ capacity-building priorities, ultimately to support the recovery of the Syrian economy.  I think, as we’ve discussed here before, Syria faces enormous challenges following years of conflict that have caused immense human suffering, and it’s reduced the Syrian economy to a fraction of its former size. 

    At the IMF, we’re committed to supporting Syria in its efforts.  Based on the findings of the mission, IMF staff, in coordination with other partners, are developing a detailed roadmap for policy and capacity development priorities for key economic institutions.  And within the IMF’s mandate, this covers the Finance Ministry, the Central Bank, and the Statistics Agency.  So those would be the areas where we will be focusing in terms of the detailed roadmap on priorities, economic and capacity building priorities. 

    Syria, as noted, will need substantial international assistance.  We don’t yet have a precise estimate of that assistance.  But what I can say is this will also — it will not only require concessional financial support, but also substantial capacity development support for the country.  And that’s basically where we have left it with the Syrian authorities.  And, of course, we will continue to engage closely with them, and we are committed to helping them, supporting them on their recovery journey. 

    QUESTIONER: Is the date of the IMF mission to Argentina already said?  And based on that definition, when would the First Review of the agreement could take place?  And another one, in the last few days, the Argentina government has launched different mechanisms to try to increase the level of foreign exchange reserves.  Is the IMF worried that Argentina will not reach the target set in the agreement?  And could the IMF give Argentina a waiver on this?  Thank you very much. 

    MS. KOZACK: Okay, any other questions in the room on Argentina? I know we have several online.

    QUESTIONER: Thanks for taking my questions.  I would like to know how does the IMF evaluate the listed economy measures, particularly the issue of the measure to use undeclared dollars.  Thank you.

    QUESTIONER: My first question is about the reserve target for the new program with Argentina.  Central Bank is about $4 billion below the target set for June.  Also, some operations are expected that could increase their reserve stock.  Officials said on Monday evening that local currency bonds can now be purchased with U.S. dollar and that the minimum time requirement for foreign investors to hold onto some Argentina bonds will be eliminated.  The IMF is concerned that the Central Bank is not accumulating reserves touch foreign trade and is only receiving income touch debt.  Is the consensus with the authorities to postpone the Frist Review and allow time for Argentina to activate credit operation in order to close — to get closer to the target set for June, or Argentina should resort to a waiver?  And what is your view on the recent measures? 

    And that second question is about the possibility of an IMF mission arriving in Argentina in the coming weeks.  Is that possible?  Would it be a technical staff mission, or could the Managing Director or Deputy Executive Director also come?  Thank you very much. 

    QUESTIONER: So, the question is the same as (connection issue) First Review of the agreement signed in April (connection issue)

    QUESTIONER: -Is the IMF considering granting a waiver and also if they build up. 

    MS. KOZACK: You’ve broken up quite a bit, and now we’re not able to hear you, so we’ll try to get you back, or I think what I understood from your question is it’s broadly along the same lines as some of the other questions. What we can do is if you want to connect via the Press Center, I can read the question out loud. But what I’m going to do is move on.                      

    QUESTIONER:  Basically, echoing my colleague’s questions on the timing of the mission and whether an extension was granted to meet the reserve’s target, well, for the First Review generally.  And separately, Argentina has July 9th dollar debt payments, which will obviously affect reserves.  How will that payment and timing affect your calculus of the reserves target within the First Review?  Thank you.

    QUESTIONER: Well, yes, also echoing my colleague’s question regarding whether the timeline for the First Review, the end date remains this Friday, which was what it said on the Staff Report.  And also, there was a ruling lately, these past few days, against former President Cristina Kirchner.  I was wondering if that raises any concerns in the IMF regarding any political conflict or any subsequent economic impact. 

    MS. KOZACK: I think we’ve covered all the questions on Argentina. Anyone else on Argentina? Okay, very good.  So, let me try to give a response that tries to cover as many of these questions as I can.  So again, I’m just going to step back and provide where we are with Argentina. 

    So, on April 11th, the IMF’s Executive Board approved a new four-year EFF arrangement worth $20 billion for Argentina.  The initial disbursement was $12 billion, and the goal of the program was to support is to support Argentina’s transition to the next phase of state stabilization and reform.  The Milei administration’s policies continue to evolve and to deliver impressive results, as we have previously noted. 

    In this regard, we welcome the recent measures announced this week by the Central Bank and the Ministry of Finance as they represent another important step in efforts to consolidate disinflation, support the government’s financing strategy and to rebuild reserves and, more specifically, steps to strengthen the monetary framework and to improve liquidity management.  These are important to further reduce inflation and inflation expectations.  The Treasury’s successful reentry into capital markets and other actions to mobilize financing for Argentina are also expected to boost reserves, and stability overall for the country continues to be supported by the implementation of strong fiscal anchor in the country. 

    Our team continues to engage frequently and constructively with the Argentine authorities as part of the program’s First Review.  I can add that a technical mission will visit Buenos Aires in late June to assess progress on program targets and objectives and to also discuss the authority’s forward-looking reform agenda.  More broadly and despite the more challenging environment, the authorities, as I said, have continued to make very notable and impressive progress.  So, I will leave it at that. 

    Let’s go online for a bit, and then we’ll come — no, let’s go right here in the back.  You haven’t had a question, and you’re in the room.                             

    QUESTIONER: Given the recent escalation in global trade tensions and the effect of the tariffs, what is the IMF’s assessment of how these developments are affecting emerging economies?  And what policy recommendation does the IMF have for countries facing increased external pressures? 

    MS. KOZACK: Okay, let me answer — let me turn to this question on emerging markets, a very important constituency and part of our membership here at the IMF. So, let me start with where we were and what our assessment was as of April.

    In April, when we launched our World Economic Outlook, we projected growth in emerging and developing countries to slow from 4.3 percent in 2024 to 3.7 percent in 2025 and then to come back a little bit to 3.9 percent in 2026.  We did have at that time also significant downgrades for countries most affected by the trade measures, and that includes China, for example.  We have seen since then that there have been some positive surprises to growth in the first quarter for this group of countries, including China.  We have also seen recent reductions in some tariffs, and that represents kind of an upside risk to our forecast.  And, of course, we will be updating our forecast, including for this group of emerging and developing countries, as part of our July WEO update, and that will be released toward the end of July. 

    In terms of our recommendations, we recommend what we would call a multi-pronged policy response.  So first, to carefully calibrate monetary policy and also macroprudential or prudential policies to maintain stability in countries.  We also recommend for this group of countries, but for all of our members, to rebuild fiscal buffers to restore policy space to respond to, of course, future shocks that may occur.  For countries that may face particular disruptive pressures in the foreign currency, foreign exchange market, we would say that they could pursue targeted interventions if those instances are disruptive.  We also are encouraging again all of our countries to undertake the necessary reforms to no longer delay reforms associated with boosting productivity and longer-term growth. 

    I think maybe stepping back, we’ve been talking for quite some time in the IMF about a low growth, high debt environment.  And this, of course, applies to this group of countries as well.  So, dealing with the debt side, of course, is important through fiscal consolidation, but also, very importantly, boosting growth and productivity growth.  So, countries can also have a more prosperous society and also deal with some of their debt issues through stronger growth is also very important. 

    All right, let me go online, and then I’ll come back to the room.  Let’s see.  Online, I see a few hands up.                             

    QUESTIONER: My question is on Japanese tour conducted by Managing Director.  Could you give more details on how Japanese tour played this month?  For example, is there any chance for giving speeches or press conference and so on? 

    MS. KOZACK: So, as I said, the Managing Director will visit Japan later this month. Her visit will mostly entail meetings with government officials and also the business community as well as other stakeholders. She will have an opportunity to also do some outreach, and we can provide further details to you as her agenda becomes more concrete.  But she is very much looking forward to the visit.  Japan, as I think we’ve said before, is an important partner for the IMF.  And the Managing Director is very much looking forward to meeting with Japanese officials and talking more broadly to other stakeholders in Japan about the important partnership that the IMF has with Japan. 

    I see some other hands up online.  Unfortunately, I can’t see.  So, I think if you’re online and you have your hand up, just jump in. 

    QUESTIONER: You already referred to your own economic outlooks when you talked about emerging markets.  But I was — I wanted to ask you, does the IMF anticipate a similar growth downgrade as we’ve just seen for the World Bank this week and its economic assessment?  Because, of course, back in April, the cutoff point for your last report was just as Donald Trump was announcing the Liberation Day tariffs. 

    MS. KOZACK: Okay, so thank you for that. Any other questions on the global outlook? Okay, so let me take this one, and then we’ll come back to some other questions. 

    So, what I can say in terms of the forward-looking, I mean, first, I want to start by reiterating that we will release a revised set of projections in July as part of our regular WEO update.  What I can add is that since we released our World Economic Outlook, what we call the WEO, in April, we have seen some, you know, some data come in and some other developments.  So first, we have seen some trade deals that have lowered tariffs, notably between the U.S. and China, but also the U.S. and the UK, and at the same time, the U.S. has raised further tariffs on steel and aluminum imports.  So taken together, such announcements, combined with the April 9th pause on the high level of tariffs, these could support activity relative to the forecast that we had in April.  But nonetheless, we do have an outlook for the global economy that remains subject to heightened uncertainty, especially as trade negotiations continue. 

    I can also add that recent activity indicators reflect a complex economic landscape.  So, this is recent high-frequency data.  We have some outturns in the first quarter, which indicated a front-loading of activity ahead of the tariff announcements that took place in April.  And some high-frequency indicators also show some trade diversion and unwinding of that earlier front loading.  So, this is kind of the more recent indicators.  So, all of this creates kind of a complicated picture for us with some upside risk, some other developments, and we’ll take all of these developments together into account as we update our forecast toward the end of July in our WEO. 

    QUESTIONER: When you say support activity, do you mean there’s a chance it could be an improved outlook? 

    MS. KOZACK: So yes, by support activity, what we mean is that it’s kind of positive, it’s a little bit of a positive sign for economic activity. So that’s related, though, I would say, to the specific announcements. So, so just going back to say, the announcements of the trade deals that have lowered tariffs, particularly the ones between the U.S. and China and the U.S. and the UK, those could be supportive or a bit more positive for economic activity going forward.  But the overall picture is both complicated for the reasons that I mentioned. 

    We have some front loading in the first quarter.  Some of that seems perhaps to be unwinding in more recent indicators.  And we also, of course, have to remember that we are in an environment of very high uncertainty, and uncertainty, in general, tends to dampen economic activity. 

    So, the overall picture is quite complex.  And so, we will take all of these factors into account as we move forward with our forecast in July.  And, of course, between now and when we release our forecast later in July, we would expect that there will be further data releases.  And also, there is the possibility that there can be further announcements that we would have to take into account or further developments that we would have to take into account as well. 

    Let me just stay online for another minute.  I think I have one more hand up online or two hands online. 

    QUESTIONER: My question is about Egypt.  I was hoping to ask you if the Egyptian authorities have requested a waiver from the Fund for any of the requirements related to the Fifth Review of the country’s ongoing loan program and specifically if a waiver has been requested related to targets for divestment from state-owned assets.  And if you have any update on the timing of the Fifth Review, that would also be very helpful.  I know there were some suggestions that the Fifth Review could be combined with the Sixth Review, in which case we wouldn’t see it until September rather than the June date that had previously been talked about.  Thank you.

    MS. KOZACK: Anyone else on Egypt?

    QUESTIONER: My question is related to the previous one by my colleague.  She asked about the state-owned companies to be listed for IPOs or for private sectors to be having a bigger stake in the economy.  How the IMF evaluate the progress achieved by the Egyptian authorities during that?  And also, when the Fifth Review to be finished after the physical meetings happened in past May?  And what are the most recent progress achieved until now during this?  And also, I’d like to ask about how IMF evaluated the latest step by Egyptian government to give the Minister of Finance the right to issue sukuk in the guarantee of place in Red Sea as published in the last two days. 

    MS. KOZACK: Okay, thank you. Anyone else have questions on Egypt? So, on Egypt, as I think many of you know, an IMF team visited Cairo.  From May 6th to May 18th, the team held productive discussions with the Egyptian authorities on their economic and financial policies.  Discussions are continuing virtually to finalize agreement on remaining policies and reforms that could support the completion of the Fifth Review under the EFF. So again, discussions around the Fifth Review are continuing virtually. 

    As we have said here before, Egypt has made clear progress on its macroeconomic reform program with notable improvements in inflation and in the level of international reserves.  As Egypt’s macroeconomic stabilization is taking hold, it’s now the time for efforts to focus on accelerating and deepening reforms, including reducing the footprint of the state, leveling the playing field, and improving the business environment in Egypt. 

    What I can add is that in order to deliver on these objectives, particularly with respect to reducing the footprint of the state, leveling the playing field, et cetera, it’s important to decisively reduce the role of the public sector in the economy.  The implementation of the state ownership policy, as well as the asset divestment program in sectors where the state has committed to reduce its footprint, will be playing a critical role in strengthening the ability of Egypt’s private sector to contribute to growth and activity in the Egyptian economy, which will ultimately support improvements in livelihoods of the Egyptian people.  We remain committed to supporting Egypt in building economic resilience and fostering stronger private sector-led growth. 

    On some of the more specific questions related to Sukuk, I don’t have a response here, but we’ll come back to you bilaterally. 

    QUESTIONER: It’s a quick overall question.  Could you remind us the condition for a country to come under IMF supervision?  Does it require specifically a program, or can it come from the IMF itself?  Thank you very much. 

    MS. KOZACK: Can you clarify what you mean by IMF supervision? Just so I understand.

    QUESTIONER: To be perfectly honest, in the past few days, we had comments from the French government about the fact that it could become under IMF supervision.  I’m not very interested in specifically about France, but just in general overall how IMF comes to work with governments.  What are the conditions for the IMF to step in and come to help the government?  Thank you very much. 

    MS. KOZACK: Very good. So, let me maybe take this opportunity to step back and explain kind of the three big pillars of the work of the IMF.

    So, the first is policy advice, and this is done mainly through the Article IV consultation process.  The reason it’s called Article IV is because it’s in Article IV of our Articles of Agreement, and every member country of the IMF — so, we have 191 member countries — every member country commits when they join the IMF to participate in the Article IV consultation process.  So that applies to every member.  And that is a process that I know you here are very familiar with, where the IMF sends a team, and we conduct an assessment of the economy, and we provide policy advice to the country.  That’s done for all members. 

    Another leg or another pillar of what we do at the IMF is capacity development.  And for capacity development, this is at the request of the member.  So, this could be, you know, very specific advice on a specific area where our technical expert would go and do sort of a deep dive analysis and provide detailed policy recommendations.  But it’s really meant at building state capacity.  So often, this is done in areas such as revenue mobilization or public financial management, statistics, monetary policy frameworks, and debt management.  These are some of the areas where we would provide technical assistance to countries.  That’s at the request of the member. 

    And the same is true for our financial support.  So, for financial support, this is done again at the request of the member country.  The member would request financial support from the Fund, and then the Fund would then send a team and ultimately develop a program that reflects the commitments of the authorities.  But that program would need to be aimed at getting the country back on its feet.  In our technical language, it’s restoring medium-term viability for the country.  And that financing program has a balance between financial resources that the Fund provides and also policy measures taken by the part of the authorities.  But that, again, is at the request of the member country. 

    QUESTIONER: So, my question is about cryptocurrency and digital assets.  What is the IMF’s view right now on the daily use transactions by people, by governments, in paying and accumulating Bitcoin and other digital currencies?  What risks and opportunities do you see on behalf of the IMF and what shall be done on the governmental level to implement any additional safeguards requirements to make this like a daily routine operations?  Thank you. 

    MS. KOZACK: Okay, so I think on the broad topic of kind of crypto assets, what we can say is that they have gained popularity as an asset class. And also, what we see is that the underlying technology, which is a digital ledger that is shared, trusted, and programmable, is broadly viewed as highly valuable. And that technology may have broader societal benefits.  So, we do see crypto assets as a speculative asset as an asset class.  At the IMF, we generally don’t recommend crypto assets as legal or cryptocurrencies as legal tender.  We also do see that there are some potential risks that could arise from crypto assets.  These include risks to financial stability, to consumer and investor protection, and also to market integrity. 

    So, in order to balance, in a sense, the opportunities based on the technology and a new asset class with some of these risks, what we advise countries to do is to establish a robust policy framework to effectively mitigate some of the risks while allowing society to take advantage of the benefits or the opportunities that arise from this new technology. 

    QUESTIONER:  The Bank of Russia recently cut its key interest rate from 21 percent to 20 percent, marking its first easing move since September 2022.  From the IMF perspective, what are the implications of this monetary policy shift?  Thank you. 

    MS. KOZACK: So, on Russia, let me just step back a minute, and I’ll provide our overall assessment of the economy, and then I’ll get to your specific question.

    So, what we see in Russia is that last year, we saw the economy overheating, and now what we observe in Russia is a, is sharp slowdown of the economy, with growth slowing but inflation still relatively elevated.  Growth in 2025 is expected to slow to 1.5 percent based on our forecast from April, and this was compared to 4.3 percent in 2024.  And this reflects policy tightening, cyclical factors, and also lower oil prices. 

    Now, with respect to the action by the Central Bank, as you noted, the Central Bank indeed reduced the key policy rate from 21 percent to 20 percent for the first time.  This was the first reduction since September of 2022.  And the action taken by the Central Bank was in response to slowing growth, which I just mentioned, and also some easing of inflation pressures. 

    So, as I noted, inflation still remains high.  It was just under 10 percent in May.  But our forecast has inflation declining going forward.  So, we expect inflation to ease to 8.2 percent by the end of this year.  And we anticipate that inflation will turn to the target of 4 percent in the first half of 2027.  So that’s the IMF forecast.  So, the inflation challenge for Russia remains, and it’s appropriate.  Therefore, that monetary policy remains tight, and even with this cut, monetary policy is still tight. 

    I am going to now take the opportunity to read one question or some questions on Ghana and some questions on Sri Lanka, and then we’ll bring the Press Briefing to a close.  So, on Ghana, I have three questions.  The first one is about an update on when Ghana’s program will be presented to the Board following Staff–Level Agreement. 

    The second question is about the amended Energy Sector Levy Act to add GH₵1 per liter on petroleum products to defray the cost of fuel purchases for thermal plants.  Has the IMF taken note of this, and what’s its position on using taxes versus passing these costs through tariffs? 

    The third question on Ghana is whether the IMF is looking at the possibility of revising Ghana’s IMF program targets as the cedi’s sharp appreciation against the dollar has affected many variables that influence these targets set by the Fund? 

    So let me take a moment to just respond on Ghana.  So again, stepping back to where we are on Ghana.  On April 15th, the IMF staff and the Ghanaian authorities reached Staff–Level Agreement on the Fourth Review of Ghana’s Extended Credit Facility.  Upon approval by our Executive Board, Ghana would be scheduled to receive about U.S. $370 million, bringing total support under the ECF to $2.4 billion since May of 2023.  We anticipate bringing the review to our Board in early July, so in just a few weeks. 

    What I can add about the question about the cedi’s sharp appreciation is that you know, of course, as we look at a program, we look at all of these developments, including, of course, developments in the exchange rate.  And so, future program reviews will provide an opportunity for the team to carefully assess all of the evolving macroeconomic and financial conditions, including exchange rate movements, and to ensure that the program’s targets and objectives remain appropriate and achievable. 

    And on the fuel levy, what I can say is that this is a new measure that will help generate additional resources to tackle the challenges in Ghana’s energy sector, and it’s also going to bolster Ghana’s ability to deliver on the fiscal objectives under the program. 

    And I’m going to read one last set of questions on Sri Lanka, and then we will bring the Press briefing to a close.  So, we have a number of journalists asking about Sri Lanka.  So there’s — we’re consolidating the questions here.  So, these journalists are asking for updates on the IMF’s view on Sri Lanka’s progress in implementing cost recovery, electricity prices, and the automatic price adjustment system.  They’re asking about the date for the Executive Board’s consideration of the Fourth Review under the program. 

    And another question, has the government raised the issue of recent global shocks and possible further pressure on the economy and its ability to meet its reform program targets?  How do we rate the new government’s approach to corruption? 

    QUESTIONER: My question is, recently Sri Lankan president announced that the existing IMF program is likely (inaudible) that it will be the final program for the country as it tries to achieve financial independence.  What is the IMF’s view on this?  Is it achievable given the current situation in Sri Lanka?  And what is the progress on the IMF Board approval for the next review?  Thank you. 

    MS. KOZACK: All right, so again, just stepping back and reminding where we are on Sri Lanka.

    So, on April 25th, IMF staff and the Sri Lankan authorities reached Staff–Level Agreement on their fourth review of Sri Lanka’s economic reform program.  The program and Sri Lanka’s ambitious reform agenda continue to deliver commendable outcomes.  Performance under the program remains strong overall, and the government remains committed to program objectives.  Completion of the review is pending approval of the IMF’s Executive Board, and it is contingent on the completion of prior actions. 

    What I can add is that our IMF team, of course, is closely engaged with the authorities to assess the measures that were recently announced by the regulator on June 11th.  And these include a 15 percent increase in in electricity tariffs and the publication of a revised bulk supply transaction account guidelines for this.  So, these were two prior actions.  Once the review is completed by our Executive Board, Sri Lanka would have access to about $344 million in financing, and we will announce the Board date for Sri Lanka in due course. 

    With respect to some of the more specific questions on governance, what I can add is that in end-February, the government published an updated government action plan on governance reforms.  And this action plan included important commitments such as enacting a public procurement law, an asset recovery law, and other actions that are aligned with the recommendations that were included in the IMF’s Governance Diagnostic Report. 

    On the question about kind of the global situation and the impact on Sri Lanka, what I can say there is that, like for all countries in an environment of high uncertainty around policy and in general, high global uncertainty, this poses, of course, risks to an economy like Sri Lanka’s, as it does to many others.  If some of the risks associated with high global uncertainty were to materialize, the way we will approach this will be to work very closely with the authorities first to assess the impact of any downside risk that materializes, and then we will also work with the authorities to consider what are the appropriate policy responses within the contours of the program. And more broadly, for all countries, including Sri Lanka, it’s really critical for each country to sustain its own reform momentum.  Sustaining reform momentum, both with macroeconomic policy reforms and, importantly, some of the growth-enhancing reforms that we were talking about earlier, is critical for all countries in our membership, including Sri Lanka. 

    And on the question regarding the president’s remarks, I think there, what I can simply say is to repeat that, you know, Sri Lanka has made commendable progress, you know, in implementing some very difficult but much-needed reforms.  The effects — these efforts are really starting to bear fruit.  We see a remarkable rebound in growth following Sri Lanka’s crisis.  Inflation is low, international reserves are continuing to grow, revenue collection on the fiscal side is improving, and the debt restructuring process is nearly complete.  So, I think it’s really important to recognize, you know, the significant efforts that Sri Lanka has taken and also the tremendous progress that has been made.  Right now, of course, we are very much focused on the current EFF, and therefore, as I mentioned, it’s going to be critical for Sri Lanka to sustain the reform momentum through the remainder of this EFF program. 

    And with that, I am going to bring this Press Briefing to a close.  Let me thank you all for your participation today.  As a reminder, as usual, this briefing is embargoed until 11:00 A.M. Eastern Time in the United States.  A transcript will be made available later on IMF.org, and should you have any clarifications or additional queries, please reach out to my colleagues media@imf.org. This concludes our Press Briefing for today.  I wish everyone a wonderful day, and I do look forward to seeing you all next time.  Thank you very much. 

    *  *  *  *  *

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Brian Walker

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

    MIL OSI Economics –

  • MIL-OSI China: Poland manager Probierz resigns after Lewandowski row

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

    Head coach Michal Probierz informed in a statement that he has decided to leave the Poland team after defeat against Finland in the FIFA World Cup qualifier.

    On Tuesday Poland lost to Finland 2-1 in the 2026 FIFA World Cup qualifier. Currently, which made it sit in the third place of Group G with 6 points behind Finland and the Netherlands.

    On Sunday the Polish Football Association (PZPN) informed that Piotr Zielinski replaced Robert Lewandowski to captain the national team, a decision made by the coach. Then the Barcelona forward said he would no longer represent the national team as long as Probierz remained in charge.

    “I have come to the conclusion that in the current situation, the best decision for the good of the national team is for me to resign from the position of coach. Performing this function was the fulfillment of my professional dreams and the greatest honor of my life,” coach Probierz wrote in a statement on the official site of the PZPN on Thursday.

    “I would like to thank the president and board of the Polish Football Association for their trust. I would like to thank all the players I had the pleasure of meeting on this path. I will keep my fingers crossed for all of you, because the national team is our common national asset,” he added.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: President Lee’s visit to Canada for G7 Summit

    Source: Government of the Republic of Korea

    Foreign Affairs

    President Lee Jae-myung will attend the Group of Seven (G7) Summit in Alberta, Canada.
    Presidential spokesperson Kang Yu-jung on June 7 told a news briefing, “President Lee has accepted his invitation to attend the G7 Summit from June 15-17 in Alberta, Canada.”

    The meeting will mark President Lee’s debut in summit diplomacy since he took office, with U.S. President Donald Trump, Japanese Prime Minister Shigeru and the leaders of the U.K., Germany, France, Italy and Canada to attend.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Baldwin Statement on Reports Secretary Kennedy Allegedly Rehired CDC Staff, Including Lead Prevention Staff

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    WASHINGTON, D.C. – Today, U.S. Senator Tammy Baldwin (D-WI), Ranking Member of the Senate Appropriations Subcommittee on Labor, Health and Human Services, and Education (LHHS), released the following statement after reports that the Trump Administration reinstated some of the Centers for Disease Control and Prevention (CDC) staff that were previously fired as part of the administration’s mass layoffs across HHS:
    “If Secretary Kennedy thinks he deserves kudos for putting out part of the fire he started, he’s looking at the wrong person. This administration recklessly fired the very experts who should have been on the ground helping communities address serious public health threats – like in Milwaukee, which is grappling with a lead poisoning crisis. I have heard the harrowing stories from Milwaukee families who have children suffering from lead contamination – and it’s simply unconscionable that this administration fired the experts who could have helped them. I have been demanding that Secretary Kennedy rehire these experts for weeks, not only because Wisconsinites need and deserve it, but also because it’s the law and this administration is not above it. This administration has shown they play fast and loose with the truth, and I will not rest until I see boots on the ground in Milwaukee – and other communities just like it – to deal with this crisis.”
    In Milwaukee, lead exposure has shuttered six Milwaukee Public Schools (MPS) and displaced 1,800 children. However, after applying for support from the CDC to help mitigate the lead found in school classrooms, MPS was notified that their request for support was denied because the Trump administration fired the agency’s entire Childhood Lead Poisoning Prevention Surveillance Branch.
    Senator Baldwin and Congresswoman Gwen Moore (D-WI-04) demanded that the Trump Administration reinstate the fired CDC lead poisoning experts and approve Milwaukee’s plea for federal assistance to help keep children safe. Senator Baldwin also pressed Kennedy on the firings at a Senate Health, Education, Labor, and Pensions Committee hearing. Senator Baldwin visited Milwaukee Public Schools’ Frances Starms Discovery Learning Center to meet with parents whose children’s health was at risk and whose schools were closed this year because of lead hazards. Yesterday, Senators Baldwin and Jack Reed (D-RI) demanded written answers from Secretary Kennedy in response to detailed questions on the Trump Administration’s firing of childhood lead experts at CDC.
    Local officials continue to confirm that the requested aid is not being provided, and Secretary Kennedy has provided no documentation that the fired employees have been rehired, as Senator Baldwin demanded.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: The Foreign Secretary’s Mansion House Speech 2025

    Source: United Kingdom – Executive Government & Departments

    Speech

    The Foreign Secretary’s Mansion House Speech 2025

    The Foreign Secretary delivers his 2025 Mansion House Speech.

    My Lord Mayor, Your Excellencies, ladies and gentlemen…

    thank you for hosting me.

    My thoughts are with all those affected by the tragic plane crash in Ahmedabad this morning.

    I have been in touch with Minister Jaishankar to offer my condolences…

    and the Foreign Office has stood up a crisis team to support British nationals and their families.

    Tonight, I want to speak about power.

    This is an audience which will understand that…

    because the City’s financial power scales up every innovation…

    and powers up the world economy.

    Thank you for what you do.

    I became MP for Tottenham 25 years ago.

    I’ll be honest with you…

    I didn’t feel that powerful for many of those years.

    It was a long wait to become Foreign Secretary…

    though not nearly as long as the wait for Tottenham to win a European trophy.

    Politics and supporting Spurs…

    if you stick at them…

    pay off in the end.

    I also want to thank the tens of thousands of diplomats, intelligence officers and development specialists…

    that stand up for Britain in the world.

    Together…

    we’ve tackled wars, evacuations, hurricanes, …

    and thanks to your work…

    much of it classified…

    we are all safer…

    even if your Foreign Secretary is now a little greyer…

    a little thinner…

    and, I hope, a little wiser.

    We do our work in the shadow of history.

    Coming here tonight, I think of Anthony Eden, one of the first Foreign Secretaries to speak in this tradition.

    But I do not think this is the new 1930s.

    The more compelling reference point is 1925.

    A century ago, our world was experiencing what the great historian Adam Tooze called a deluge of modernity.

    New technologies…

    new industries…

    …shifted the balance of power. 

    There is a cheap reading of the 1920s… 

    that a Second World War was inevitable.

    However, I’m not sure it was. 

    With the Locarno Treaties in 1925…

    we almost got there.

    Ultimately though, democracy failed to keep the peace.

    I look back at 1925 today…

    because 2025 is also a molten moment…

    when the earth moves.

    What we are living through is in fact a Great Remaking…

    as modernity leaps forward and reshapes geopolitics.

    In 2025, technology is power.

    Nowhere do we see this more clearly than with China…

    a great civilisation with a long history…

    but today defined as much by their technological cutting edge as anything else.

    Take DeepSeek…

    revealing Chinese AI power.

    BYD’s export boom…

    revealing Chinese battery power.

    And the Chang’e-6 moon landing…

    revealing Chinese space power.

    We cannot ignore how the West and Russia are no longer alone on the technological frontier.

    Nor can we ignore the fact that China has installed more renewables capacity than the US, EU and India combined.

    Britain will be dealing with the threats and opportunities Chinese technology poses for generations to come.

    But it is the United States…

    Britain’s closest ally….

    that is the world’s leading technological power…

    number one when it comes to biotech, AI and quantum.

    But facing such a vast challenge, it is natural the Americans will focus more on the Indo-Pacific.

    And they’ve repeatedly told us, facing Russia, we in Europe need to rely more on ourselves.

    But to quote my friend Vice-President Vance:

    “It’s completely ridiculous to think you’re ever going to be able to drive a wedge between the US and Europe.”

    I agree with J.D. Vance…

    though maybe not when it comes to his love for Diet Mountain Dew…

    I prefer a full fat Coke.

    The United States and China are doing remarkable things with new technology.

    But this is the truth about power today…

    technology is making it more diffuse.

    Power is not just in the hands of the superstates…

    nor the super-spoiler, Putin’s Russia. 

    Many powers are shaping this multipolar age.

    Since 2000, Britain has more Nobel laureates for science than China, India and Russia combined.

    South Korea makes more advanced semiconductors than China.

    The UAE has reached Mars…

    whilst Russia hasn’t been since the collapse of the USSR.

    In 1997, when my party last came to power…

    the US held the majority of the world’s top supercomputers.

    Today, barely a third.

    The cast-list of players is growing.

    When the US talks to Russia, they both head to Riyadh…

    when they talk to China, they both come to London.

    This large group of states, together, are the new great powers.

    This is also our age.

    Your Excellencies, that’s why I want to work even more closely with even more of you…

    some as allies, some as partners…

    some of you on everything, some of you on single issues.

    We are not all the same.

    We do not agree on everything.

    But together, we can build new constellations and coalitions which give us all a seat at the table.

    This is at the heart of our offer to the Global South and our new Approach to the continent Africa.

    It is the core of what I mean by progressive realism.

    Cooperation, not condescension.

    Listening, not lectures.

    A realpolitik of progress.

    For Britain, progressive realism means listening…

    deepening…

    and toughening up.

    For years…

    friends from Africa to Eastern Europe have been saying Britain needs to do more to tackle dirty money.

    Kleptocrats and money launderers rob all our citizens of wealth and security.

    We don’t need to wait for superpowers…

    we can clamp down on blatant theft ourselves.

    And so I can announce today that London will host a Countering Illicit Finance Summit…

    …bringing together a broad coalition for action.

    I will never allow London mansions to be the bitcoin of kleptocrats.

    We will expose them.

    We will punish them.

    And drive them out of our city.

    In the Middle East, I personally find the horrific suffering of civilians in Gaza intolerable.

    We all want to see an immediate ceasefire…

    the release of all the hostages…

    the end of Hamas’ reign of terror.

    That’s why Britain is leading efforts to break the deadlock through new coalitions.

    I can hear others’ desire for peace.

    With France and Canada…

    we sent a clear warning in May that Israel must stop its assault on Gaza.

    With Australia, Canada, Norway and New Zealand…

    we’ve sanctioned those inciting violence against Palestinians in the West Bank…

    the territory that must form the heart of a future Palestinian state.

    We support the Gulf’s indispensable work on mediation and a plan for the day after.

    Because the two-state solution is the only path to a lasting peace.

    But progressive realism is not only about this…

    but deepening Britain’s alliances and partnerships.

    We actually delivered three deals in two weeks with three of the world’s greatest economies.

    And that’s not all we’ve achieved – we are injecting real momentum into so many of Britain’s partnerships.

    We’re delivering deals for climate…

    launching the Global Clean Power Alliance in Brazil…

    partnering with my friend Mia Mottley’s Bridgetown Initiative…

    securing a climate tech partnership with Qatar.

    Jobs in Cambridge, jobs in Southampton.

    We’re delivering deals for defence…

    the ITAR breakthrough with our AUKUS partners…

    progress in our new fighter jet programme with Italy and Japan.

    Jobs in Glasgow, jobs in Reading.

    We’re delivering deals for growth…

    massive investments from America’s Universal…

    Japan’s car giants…

    German manufacturers…

    and Saudi investors.

    Jobs in Bedford, jobs in north Wales, jobs in Northern Ireland.

    Crucially, we’re also delivering deals on irregular migration.

    Better cooperation with the Balkans…

    new returns agreements with Iraq and Moldova…

    the world’s first sanctions regime targeting smuggling gangs and their enablers.

    This is now a priority for the Foreign Office in a way it never was before.

    This is us playing our bit ensuring those with no right to be here piling pressure on our public services.

    When partners step up on irregular migration…

    this is transforming our wider relationship.

    But if they are unwilling to do so…

    then that has to have consequences for what we can offer them in return.

    And finally, progressive realism is about toughening up.

    I came into politics inspired by the generation who were tested by war in Bosnia and Kosovo.

    My generation here in Europe is the Kyiv generation…

    one that has toughened up.

    The view from that night train to visit President Zelenskyy is not simply out into darkness…

    …but into history in the making.

    You feel what a journey Europe has been on since 2022.

    Britain has toughened up.

    As Secretary of State for GCHQ and SIS…

    I am proud that we are investing £600 million in the UK intelligence community…

    so our spies can defend our way of life.

    As a result, I can confirm today that Britain will spend two point six per cent of GDP on defence from 2027.

    This is a generational uplift…

    keeping working people safe.

    Our soldiers and our intelligence staff are ready to compete with our adversaries.

    And with the new counter-hybrid taskforce I am announcing today…

    our diplomats too will be ready for this murky new age of sabotage and subterfuge…

    where technology is power.

    And I know…

    Europe has toughened up too…

    switching to Putin-free energy…

    as the EU goes further than ever before with common borrowing for military spending.

    Putin believes that we, as Europeans, are unable to stick it out for years to come.

    But just as Ukraine’s heroes have surprised the Kremlin with their endurance…

    so too has Europe been astounding the Kremlin with our dogged persistence in standing with Zelenskyy.

    Today, we had confirmation that Russian casualties in this senseless war have reached one million.

    Every one a reminder that this war is not only a crime against the Ukrainian people…

    but a waste of young Russian lives…

    yet more blood on the Kremlin’s hands.

    With grit, we will prove Putin wrong.

    Europe is not afraid to stand up and fight.

    Our Plan for Change…

    our international strategy…

    is delivering for working people.

    I can see Britain in the years to come…

    safer…

    greener…

    richer…

    happier…

    if we stick to the Plan.

    For me, patriotism has always been about realism…

    And, of course, football!

    Taking the world as it is, not as we wish it to be.

    Taking ourselves as we are, and being proud of it.

    Taking actions that are both astute and bold.

    This is our realpolitik.

    A realpolitik of progress.

    A realpolitik for Britain.

    Thank you.

    Updates to this page

    Published 13 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI China: Beijing International Book Fair to showcase 220,000 books

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

    BEIJING, June 12 — The upcoming 31st Beijing International Book Fair (BIBF) will gather over 1,700 exhibitors from 80 countries and regions to display approximately 220,000 Chinese and international books, the fair’s organizers said at a press conference on Thursday.

    The book fair will open on June 18 and run through June 22, with Malaysia as this year’s guest country of honor.

    It will have an exhibition space of 60,000 square meters. Nine countries are participating for the first time, including Chile, Cyprus and Belarus, and they will join leading publishers such as Elsevier, Penguin Random House and Springer Nature.

    The event will introduce specialized sections such as world cultural heritage and books marking the 80th anniversary of victory in the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War.

    It will also include activities such as an awards ceremony, forums on international publishing and children’s books, and a copyright trade fair.

    First held in 1986, the BIBF has evolved into a premier global platform for book exhibition and copyright trade.

    MIL OSI China News –

  • MIL-OSI New Zealand: Health and Business – Ora Pharm targets growing Europe market for medicinal cannabis in trade mission

    Source: Ora Pharm

    Launches collective solution to meet needs of European customers
    Leading medicinal cannabis company Ora Pharm heads to Europe this week as part of a unique trade mission to promote New Zealand pharmaceutical products based on cannabis in the fast-growing European market.
    “European Cannabis Week is a huge opportunity to showcase New Zealand’s medicinal cannabis industry and promote what we do well,” said Ora Pharm Chief Executive and founder Zoe Reece.
    The NZTE trade mission to European Cannabis Week takes Ora Pharm and other companies to the world’s largest cannabis expo in Berlin and to the Cannabis Europa Conference in London.
    “We want to show the European market that Ora Pharm is uniquely placed to solve the issues it faces from fragmented supply, inconsistent quality and problems reliably meeting demand. What Ora Pharm does is unite our growers under a single export-focused platform, which allows us to coordinate supply and produce high quality pharmaceutical products consistently.”
    Ora Pharm currently contracts about two thirds of the licensed New Zealand cannabis cultivators.
    “Ora Pharm can be a one-stop shop for European customers – we aim to give them confidence that we can provide the quality products they need, tailored to the preferences of their patients, and at scale given our partnership with growers.
    “Complying with regulations is critically important and New Zealand’s regulatory framework is modelled on EU-GMP – the regulatory framework that ensures medicines are safe, effective, and of high quality so that should also help build confidence in our products.”
    Germany is the leading market for medicinal cannabis with forecast growth of over 26% (compound annual growth). In the first nine months of 2024 Germany imported nearly 40 tonnes of medicinal cannabis, and New Zealand made up just 0.6% of that. Demand is also growing strongly in the UK, Switzerland and Poland.
    “Right now, European producers can’t keep up with demand. New Zealand with its enviable reputation for high quality agricultural and horticultural products is well placed to take advantage of that and build a long-term trading relationship.”
    Zoe Reece will be delivering a keynote address at the BvCW Expert Conference in Berlin.
    “This trade mission will position the industry well for future growth. I can’t wait to tell our great medicinal cannabis story.”

    MIL OSI New Zealand News –

  • MIL-Evening Report: NZ has a vast sea territory but lags behind other nations in protecting the ocean

    Source: The Conversation (Au and NZ) – By Conrad Pilditch, Professor of Marine Sciences, University of Auckland, Waipapa Taumata Rau

    Getty Images

    For the past fortnight, the city of Nice in France has been the global epicentre of ocean science and politics.

    Last week’s One Ocean Science Congress ended with a unanimous call for action to turn around the degradation of the ocean. And this week, the United Nation’s Ocean Conference agenda focused on better protection of marine biodiversity, sustainable fisheries and emissions cuts.

    The message is clear. With only five years to the UN’s 2030 target for its sustainable development goal – to conserve the oceans, seas and marine resources – and the Global Biodiversity Framework requirement to protect 30% of the ocean, we need to make significant progress.

    We all attended last week’s meeting, together with more than 2,000 marine scientists from 120 countries. Here, we reflect on New Zealand’s role and obligations to contribute to these global goals.

    Legal imperatives

    Globally, the ocean is warming and acidifying at accelerating rates. New Zealand’s waters are not immune to this, with more marine heatwaves which further stress our threatened marine biodiversity.

    We depend directly on these ocean ecosystems to provide the air we breathe, moderate the impacts of climate change and feed millions of people.

    New Zealand has significant influence on ocean policy – from Antarctica to the sub-tropical Pacific, and within its sea territory, which is 15 times the size of its landmass and spans 30 degrees of latitude.

    The government is required by law to take action to secure a healthy ocean.

    A recent advisory opinion from the International Tribunal on the Law of the Sea unanimously found that states, including New Zealand, have obligations under international law to reduce the impacts of climate change on marine areas, to apply an ecosystem approach to marine law and policy, reduce pollution and support the restoration of the ocean.

    New Zealand courts have recognised the need to take a precautionary and ecosystem-based approach to marine management, based on science, tikanga and mātauranga Māori. These legal cases are part of a global upswell of strategic environmental and climate litigation.

    If New Zealand does not comply with these marine legal obligations, it may well find itself before the courts, incurring significant legal and reputational costs.

    New Zealand committed to protecting at least 30% of the world’s coastal and marine areas by the end of this decade.
    Getty Images

    International agreements

    In 2022, New Zealand was one of 196 countries that committed to protecting at least 30% of the world’s coastal and marine areas by 2030 under the Global Biodiversity Framework. New Zealand was an enthusiastic supporter, but only 0.4% of its marine territory is fully protected in no-take marine reserves.

    Former prime minister Helen Clark has criticised the current government for lagging behind on marine protection, especially in failing to ban bottom trawling.

    At this week’s UN ocean summit, a further 18 countries have ratified an agreement known as the High Seas Treaty, bringing the total to 50, still short of the 60 nations needed for it to enter into force.

    New Zealand signed this treaty just before the last general election, but is yet to ratify it. Foreign Minister Winston Peters represented New Zealand at the UN ocean conference, but focused mainly on issues in the Pacific.

    Meanwhile, the government announced sweeping changes to the national direction on environmental policy, including reworking the New Zealand Coastal Policy Statement to better enable the use and development of the coastal environment for “priority activities” such as aquaculture, resource extraction, infrastructure and energy.

    Oceanic environmental change is real and accelerating

    Some countries showed that effective leadership can help navigate to a safe future for the oceans. For example, China’s commitment to clean energy has seen carbon dioxide emissions begin to fall for the first time despite higher power consumption.

    At the UN ocean summit, French Polynesia’s president announced his administration would establish one of the world’s largest networks of marine protected areas.

    The cost of inaction far outweighs the economics of the status quo. Ongoing ocean warming is already affecting weather patterns, with more extreme storms.

    It is possible for marine ecosystems to recover quite rapidly if they are protected, at least temporarily. Yet this year, New Zealand’s government found itself in hot water (once again) with both conservationists and Māori for its management of fisheries.

    We argue New Zealand has an opportunity and responsibility to demonstrate it can shift the downward spiral of oceanic degradation.

    The overwhelming message at the half-way point of the UN Ocean Decade is that for marine science to transform the state of our oceans it needs to include Indigenous peoples who have routinely been sidelined from ocean policy discussions despite their longstanding rights and relationships with the ocean.

    New Zealand already has a foundation of transdisciplinary and Indigenous ocean research to develop ocean policies that are fit for local purposes and to answer global calls to action. We have a unique window of opportunity to lead the changes needed.

    Conrad Pilditch currently receives funding from the Department of Conservation and the Ministry for Business, Innovation and Employment.

    Elizabeth Macpherson receives funding from Te Apārangi The Royal Society.

    Karin Bryan receives funding from the Marsden Fund, the Ministry for Business, Innovation and Employment, the George Mason Centre for the Natural Environment and Waikato Regional Council.

    Simon Francis Thrush receives funding from ERC, Ministry for Business, Innovation and Employment and the Auckland Foundation

    Joanne Ellis, Karen Fisher, and Rachael Mortiaux do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. NZ has a vast sea territory but lags behind other nations in protecting the ocean – https://theconversation.com/nz-has-a-vast-sea-territory-but-lags-behind-other-nations-in-protecting-the-ocean-258470

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Two-state solution in the Middle East has been a core US policy for 25 years – is the Trump administration eyeing a change?

    Source: The Conversation – Global Perspectives – By Dan Arbell, Scholar-in-residence at the Center for Israeli Studies, American University

    Mike Huckabee, the U.S. ambassador to Israel, holds a note given to him from President Donald Trump to be placed in the cracks of the Western Wall in the old city of Jerusalem on April 18, 2025. Gil Cohen-Magen/AFP via Getty Images

    For a generation, the promotion of a “two-state solution” to the Israeli-Palestinian conflict has been a core pillar of U.S. policy in the Middle East.

    But ahead of a major United Nations conference on how to advance that solution, some are asking if Washington is eyeing a change.

    On June 10, 2025, the U.S. ambassador to Israel, Mike Huckabee, stated in an interview to Bloomberg that he opposes the establishment of a Palestinian state at this time, noting that “unless there are some significant things that happen that change the [Palestinian] culture, there is no room for it.” He added that those changes “are not likely to occur in our lifetime.”

    Asked if the establishment of a Palestinian state is still the goal of U.S. policy, Huckabee replied, “I don’t think so.” He went on to mull the carving out of land from a Muslim-majority country for Palestinians, rather than a future homeland for them coming from the area currently controlled by Israel and the Palestinian Authority in the West Bank.

    The comments by Huckabee, a Donald Trump political appointee and ardent pro-Israel Evangelical Christian, have been interpreted as a signal that the Trump administration is potentially breaking away from long-standing U.S. policy. Adding credence to that view has been the administration’s antipathy toward the U.N. conference on the two-state solution, due to convene in New York from June 17-20.

    As a 25-year veteran of the Israeli Foreign Service who served in the embassy in Washington twice, I know that such a turn in U.S. policy is possible. But it is not without difficulties, as the Trump administration will need to present an alternative plan for resolving the conflict.

    President Trump has recently shown he is prepared to break with long-standing U.S policies, as was the case in his decision to lift sanctions on Syria and meet with the country’s interim president, Ahmed al-Sharaa – to the great surprise of many. But calling it quits on the two-state solution is different – it could lead to the further destabilization of an already unstable region.

    What is the two-state solution?

    For the past quarter-century, U.S. policy – endorsed by Republican and Democratic administrations alike – has advocated for the resolution of the Israeli-Palestinian conflict through the advancement of a two-state solution. In practical terms, this means the establishment of a Palestinian state encompassing the Palestinian people currently living in the occupied West Bank and possibly the Hamas-controlled Gaza Strip, alongside the state of Israel.

    The idea that these two coexisting states could provide a permanent end to the conflict formally came to prominence in June 2002 as part of the Road Map to Peace for the Middle East Conflict announced by U.S. President George W. Bush and adopted by the International Quartet on the Middle East, comprising the U.S., Russia, European Union and the U.N.

    U.S. President George W. Bush, Israeli Prime Minister Ariel Sharon, left, and Palestinian President Mahmoud Abbas in Aqaba, Jordan, in June 2003.
    Hussein Malla/AFP via Getty Images

    U.S. Presidents George W. Bush and Barack Obama took active steps to advance the two-state solution, including direct involvement in negotiations between Israelis and Palestinians.

    And in his first term, Trump presented his own plan, which he called the “Deal of the Century.” With the subheading “a realistic two-state solution,” it laid out a path to Palestinian statehood if the Palestinians’ political leadership met a set of benchmarks.

    President Joe Biden continuously raised the two-state solution as the most viable way to resolve the conflict – even after the Oct. 7, 2023, attacks by Hamas and the war subsequently launched by Israel in Gaza.

    But for years, international observers have worried about the viability of the two-state solution in the face of opposition from right-wing Israeli governments, continued Israeli settlement activity in the West Bank, and weak and divided Palestinian leadership and polity. Yet the alternatives – including continued Israeli occupation, a one-state solution or a confederation with Jordan – are viewed as less viable options.

    Galvanizing support behind statehood

    For these reasons, the two-state solution remains the most acceptable formula to much of the international community.

    Member states of the European Union, Arab countries, as well as most countries in Asia, Latin America and Africa, have been advocating for decades for the implementation of the two-state solution and have incorporated it into their foreign policies.

    The upcoming U.N. conference in New York, to be chaired by France and Saudi Arabia, intends to underscore the importance of getting to a two-state outcome.

    While there is no real expectation the conference will lead to the establishment of a Palestinian state anytime soon, it aims to galvanize international support for the concept of Palestinian statehood.

    Huckabee’s comments were made in the context of the U.N. conference. And they are of no real surprise: Huckabee’s personal views on the subject are very well known.

    But the former Arkansas governor is now the United States’ representative in Israel, and that gives his words weight.

    Warning or notice of intent?

    While there was wide speculation that the comments reflect a change in U.S. policy, the Trump administration did not rush to endorse them – but nor did it distance itself from Huckabee’s words.

    As the war in Gaza continues, there is a growing realization among leading Republicans as well as mainstream Democrats in the U.S. that talk of advancing the two-state solution is premature if not unrealistic at present, especially taking into account the stern opposition of Israeli Prime Minister Benjamin Netanyahu’s nationalist-religious government.

    But that does not suggest the Trump administration has necessarily steered away from this option for the future.

    Rather, it could be that the U.S. administration has calculated that as it devotes efforts to ending the war in Gaza, at least temporarily, and securing the release of the remaining Israeli hostages being held, talk of a two-state solution now is counterproductive to its efforts.

    And Huckabee’s comments may be aimed more at those delegates shortly arriving in New York for the U.N. summit, serving as a warning rather than a notice of intent.

    In a cable sent from the State Department to U.S. embassies around the world, American diplomats were reportedly asked to discourage countries from participating in the conference – not because the U.S. is “disowning” the two-state solution, but rather because the administration believes the conference may undermine its current efforts.

    The cable stated that the U.S. opposes any steps that unilaterally recognize a Palestinian state, which it feels “adds significant legal and political obstacles to the eventual resolution of the conflict.”

    The wording was not coincidental. U.S. policy has been consistent over the years in stating that any resolution of the conflict should be reached through negotiations between the main parties – the Israeli government and Palestinian representatives – which need to refrain from taking any unilateral steps.

    A man walks in front of a sign with portraits of U.S. President Donald Trump and Ambassador to Israel Mike Huckabee in central Jerusalem on May 7, 2025.
    Ahmad Gharabli/AFP via Getty Images

    Getting ahead of policy

    Notwithstanding all this, Huckabee’s comments were not made in a vacuum.

    While the U.S. administration has not formally moved away from the two-state formula, there is a growing number of conservatives in Congress, as well as in the Washington think-tank community, that see an opportunity to bring a change in U.S. policy in the aftermath of the Oct. 7 attacks.

    In his first term, Trump was relatively tepid in his approach. So far in his second term, he has given little sign of where he stands on the issue. Huckabee’s comments, in this regard, may have been a subtle nudge – with the ambassador getting ahead of where he hopes policy is heading.

    Dan Arbell does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Two-state solution in the Middle East has been a core US policy for 25 years – is the Trump administration eyeing a change? – https://theconversation.com/two-state-solution-in-the-middle-east-has-been-a-core-us-policy-for-25-years-is-the-trump-administration-eyeing-a-change-258753

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: The UK voted in favour in line with our unwavering determination to end the suffering in Gaza, bring the hostages home and move towards lasting peace: UK Statement at the UN General Assembly

    Source: United Kingdom – Government Statements

    Speech

    The UK voted in favour in line with our unwavering determination to end the suffering in Gaza, bring the hostages home and move towards lasting peace: UK Statement at the UN General Assembly

    Explanation of vote by Ambassador Barbara Woodward, UK Permanent Representative to the UN, after the adoption of UN General Assembly resolution A/RES/ES-10/27 on the Occupied Palestinian Territories.

    The UK voted in favour of this resolution in line with our unwavering determination to end the suffering in Gaza, bring the hostages home and move towards lasting peace in the region.

    Let me start by repeating our unequivocal condemnation of Hamas and their despicable actions on and since 7 October. They must be held accountable and can play no role in the future governance of Gaza. The UK’s commitment to Israel’s security is resolute.

    President, the text of the resolution is clear that both Israel and Hamas need to agree to an immediate and unconditional ceasefire; that Hamas must immediately and unconditionally release the hostages; and that Israel, as the occupying power, must end its blocks on aid and ensure unhindered humanitarian access.

    And crucially, there must be an end to any actions that stand in the way of a two-state solution and the best chance for peace for the Israeli and Palestinian people.

    That is why this week, the UK, along with Australia, Canada, New Zealand, and Norway, sanctioned Bezalel Smotrich and Itamar Ben-Gvir. These two men are responsible for inciting settler violence against Palestinians in the West Bank with their extremist rhetoric. Attacks by violent settlers have led to the deaths of Palestinian civilians and the displacement of whole communities.

    We will not stand by while Israeli actions attempt to entrench a one-state reality.

    The UK is deeply concerned by ongoing Israeli operations in the West Bank, including incidents where children have been killed. This is appalling and unacceptable.

    President, there can be no military solution to this conflict.

    Over 55,000 Palestinians have been killed and the IPC have been clear that half a million people are facing starvation. 

    Israeli Government policies which have completely blocked or severely restricted humanitarian aid are unacceptable. That civilians have been killed whilst desperately trying to feed their families is inhumane. And the UK rejects any attempts at demographic or territorial change in the Gaza strip.

    While the UK voted in favour of this resolution, we wish to clarify that our long-standing position remains that Common Article 1 of the Geneva Conventions does not impose a legal obligation on states to ensure respect for international law by third parties.

    President, a two-state solution remains the only viable framework for a just and lasting peace. This is the fundamental principle that we must continue to strive for, to end the cycle of violence and give Palestinians and Israelis alike a better future.

    We welcome the leadership of France and Saudi Arabia in convening next week’s Conference in pursuit of this.

    Updates to this page

    Published 12 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: Prime Minister to visit China and Europe

    Source: New Zealand Government

    Prime Minister Christopher Luxon will travel to China and Europe next week. He will be joined in Shanghai and Beijing with a delegation of senior New Zealand business leaders.

    “China is New Zealand’s largest trading partner and a vital part of our economic story,” Mr Luxon says.

    The visit will focus on growing trade, which was worth over $38 billion last year, as well as also look to strengthen education and tourism links and to maximise opportunities for New Zealand businesses.

    “New Zealand is a trusted supplier of safe, high-quality food and beverage products to Chinese consumers. It is an important market, and I look forward to doing what I can to support Kiwi businesses to thrive,” Mr Luxon says.

    China is New Zealand’s largest source of international students and is our third-largest tourism market. 

    “This visit is about backing the recovery of international education and tourism and putting New Zealand front and centre as a world-class destination for travel, study, and long-term connection,” Mr Luxon says.

    The Prime Minister will meet China’s top leadership, including President Xi Jinping and Premier Li Qiang, to discuss the comprehensive bilateral relationship and key regional and global issues.

    “The challenging global outlook makes it vital that we are sharing perspectives and engaging China on issues that matter to New Zealand.”

    The Prime Minister will be accompanied by the 2025 Te Matatini champions, Te Kapa Haka o Ngatī Whakaue.

    The Prime Minister and his delegation will be in China from 17 to 20 June.

    Europe

    Mr Luxon will then travel on to Europe to undertake bilateral visits in Brussels and the Hague. He will meet with leaders, including from the European Union, to discuss trade, security, and the shifting geopolitical landscape.  

    “We have a high-quality trade relationship with the European Union, and the Netherlands and Belgium are gateways for New Zealand’s growing exports to Europe,” Mr Luxon says. 

    “Since the early entry into force of the New Zealand-European Union Free Trade Agreement, Kiwi goods exports have grown by over 25 per cent, which is a more than NZ$1 billion increase.” 

    In the Netherlands, the Prime Minister will participate in the NATO Summit and hold one-on-one talks with a number of NATO leaders. 

    “Prosperity is only possible with security, and our discussions will focus on connections between the Euro-Atlantic and Indo-Pacific security environments,” Mr Luxon says. 

    New Zealand has been invited to the NATO Summit alongside other members of the Indo-Pacific Four – Australia, Japan and Korea. 

    “I look forward to building our positive relationship with our European friends, and to forging stronger links with businesses and investors as part of our wider plan to rebuild New Zealand’s economy.” 

    The Prime Minister is in Europe from 21 to 25 June

    MIL OSI New Zealand News –

  • MIL-OSI Canada: National Coordinators advance work on Icebreaker Collaboration Effort 

    Source: Government of Canada News

    Representatives from Canada, Finland and the United States met to discuss the next steps in the collaboration to build Arctic and polar icebreakers

    June 12, 2025  – Ottawa, Ontario                     

    The National Coordinators of the Icebreaker Collaboration Effort (ICE Pact) and other officials from the governments of Canada, Finland and the United States (U.S.) have successfully concluded a 2-day meeting to discuss their shared commitment to strengthening Arctic presence and icebreaking capabilities through the ICE Pact.

    During the discussions, delegates from Canada, Finland and the U.S. successfully advanced deliverables under the ICE Pact workplan by focusing on the 4 areas of work: technical expertise and information exchange, workforce development, relations with allies and industry, and research and development.

    The 3 countries each presented their initial review and analysis of their Request for Information, which collected industry views and recommendations within their respective markets. This will help in engaging with interested shipyards and supply chains, and in laying the groundwork for future involvement with the private sector. 

    The delegates also participated in a panel discussion and roundtable with Canadian industry, academia and think tank representatives, hosted by the Canadian Global Affairs Institute. The event was an important forum to discuss the purpose and potential of the ICE Pact and identify opportunities for industrial collaboration. Participants shared valuable insights into the national perspectives on the ICE Pact and Arctic collaboration, promoting trilateral cooperation and strengthening stakeholder support for ICE Pact activities.

    The 3 partner countries concluded a successful meeting with a strong commitment to continue the ICE Pact work. They agreed to meet again in-person in fall 2025. The U.S. will host the next meeting.

    MIL OSI Canada News –

  • MIL-OSI: Issue of 32.274 MEUR Green Bonds of UAB “Atsinaujinančios energetikos investicijos” and implementation of the cash tender offer

    Source: GlobeNewswire (MIL-OSI)

    UAB “Atsinaujinančios energetikos investicijos” (hereinafter, the “Company”) on 11 June 2025 has finished a public offering led by FMĮ “Orion securities” during which the Company has successfully distributed 32.274 MEUR Green Bonds first series and first tranche issue at 8.0% yield, under its EUR 100 million unsecured fixed-interest note programme. The base prospectus of the programme was approved by the Bank of Lithuania on 27 May 2025. This transaction marks a continuation of the implementation of a distinctive Green Bond Programme in the Baltic market. The proceeds from the note issuance will be used to refinance existing bonds (ISIN LT0000405938).

    32.274 MEUR Green Bonds issue (issue date 13 June 2025) is expected to be listed on the Baltic Bond list of Nasdaq Vilnius not later than within 30 days as from the issue date.

    Additional information:

    Issuer’s full name UAB “Atsinaujinančios energetikos investicijos”
    Issuer’s short name AEIB050025A
    Securities ISIN code LT0000134439
    Nominal value of one bond EUR 100,000, which may be increased in increments of EUR 1,000
    Total aggregated nominal value EUR 32,274,000
    Issue commencement date: 2025-06-13
    Maturity date 2027-12-13

    On 12 June 2025 the Company has also closed a cash tender offer, during which holders of EUR 2021/2025 notes (ISIN LT0000405938) were offered to tender their notes for 99 per cent of denomination per each note. As a result of the tender, the Company will redeem 10 102 units of EUR 2021/2025 notes (ISIN LT0000405938) for a total price of EUR 10 000 980. Investors will receive tender cash payment on 16 June 2025.

    Investors who subscribed for bonds via exchange offer will receive newly issued notes to their investment accounts on 16 June 2025.

    After issue of new notes and implementation of the cash tender offer outstanding nominal value of EUR 2021/2025 notes (ISIN LT0000405938) will be EUR 54 134 000.

    FMĮ “Orion securities” acted as Arranger and Dealer on the transaction, law firm TGS Baltic acted as legal advisor of the transaction.

    Contact person for further information:

    Mantas Auruškevičius

    Manager of the Investment Company

    mantas.auruskevicius@lordslb.lt

    The MIL Network –

  • MIL-OSI Africa: Egypt: President El-Sisi Speaks with German Chancellor

    Source: Africa Press Organisation – English (2) – Report:

    Download logo

    Today, President Abdel Fattah El-Sisi spoke by phone with German Chancellor Friedrich Merz.

    The Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said President El-Sisi congratulated the German Chancellor on his well-deserved victory in the German elections, which reflected the confidence of the German people. The President wished the new government success in its ambitious plans to consolidate Germany’s pivotal role on the European and international arenas. The President noted that the current situation is of paramount importance in light of the accelerating regional and international changes and the urgent need to respect established international rules and principles and international law, in alignment with Germany’s efforts and expertise over recent decades.

    The German Chancellor expressed his appreciation for the kind gesture and emphasized his country’s commitment to maintaining close relations with Egypt. Both sides affirmed their commitment to strengthening and deepening bilateral relations in all fields, particularly economic, trade, and investment, as well as enhancing development cooperation, thus strengthening ties between the two friendly peoples.

    The call focused on the current regional and international developments. President El-Sisi reviewed ceasefire efforts in Gaza and stressed that it was important for the international community to exert pressure for an immediate cessation of military operations in the Strip and the provision of humanitarian aid, in addition to the complete rejection of plans to displace Palestinians from their land. The President noted the importance of expanding recognition of the Palestinian state in line with the two-state solution.

    The call also touched on the developments in Syria, Lebanon, Libya, Sudan, and Somalia, as well as ways to restore stability in the Middle East. The German Chancellor affirmed his country’s commitment to continuing coordination and consultation with Egypt to restore regional calm and peace.

    – on behalf of Presidency of the Arab Republic of Egypt.

    MIL OSI Africa –

  • MIL-OSI Economics: Thales invests €55 million euros to anchor next-generation resilient navigation in France

    Source: Thales Group

    Headline: Thales invests €55 million euros to anchor next-generation resilient navigation in France

    • Thales strengthens its European leadership in resilient navigation, for air, land and sea, by enhancing its Châtellerault and Valence industrial sites in France.
    • The Group will invest €55 million in order to meet growing demand for secure navigation solutions for both the civil and military sectors.
    • This industrial ramp-up will quadruple the production capacity of the Châtellerault site, while in Valence, the serial production of TopStar-M GNSS receivers and the TopShield anti-jamming solution will be launched, and a new sovereign production line for inertial micro-electromechanical systems (MEMS) will be established.

    Thales, the European leader in resilient navigation, today announces a major €55 million investment to strengthen its industrial sites in Châtellerault and Valence, France. This investment, which will be made between 2025 and 2028, will meet the growing demand for high-performance navigation solutions, both civilian and military, and will strengthen its sovereign and cutting-edge industrial base.

    A comprehensive range of solutions for resilient navigation

    In a context of increasing jamming and spoofing of GNSS (Global Navigation Satellite System) signals, Thales is deploying a complete range of resilient navigation solutions that combine precision, autonomy, and security. These technologies are essential to ensure operational continuity, whether for critical military missions or civil aviation safety.

    By integrating two technological pillars combining inertial systems and GNSS signal reception, Thales enables reliable navigation even in contested environments. Autonomous navigation capability is maintained at all times due to the high performance of the TopAxyz inertial navigation systems. Signal reception integrity is ensured by combining the encrypted, multi-constellation TopStar-M receiver with the TopShield anti-jamming solution. These innovations are supported by France’s Directorate General of Armaments (DGA) under the OMEGA (Operation for the Modernization of GNSS Equipment of the Armed Forces) programme. The performance and unique combination of these solutions make Thales the European leader in resilient navigation.

    A strengthened, sustainable, and sovereign industrial base

    At Châtellerault, the production capacity of inertial navigation systems will be increased fourfold, with a gradual ramp-up through 2028. This site, with sixty years of expertise in laser gyroscopes, and as the only European supplier equipping civil aircraft, will thus be able to meet growing demand and to provide solutions for aircraft, land vehicles, ships, and munitions.

    In Valence, mass production of TopStar-M receivers and TopShield systems will begin in 2026. A new production line dedicated to inertial MEMS sensors—a breakthrough technology combining compactness and high performance—will be created, establishing the site as the spearhead of France’s sovereign MEMS technology sector for defense. The launch of this new production line will be accelerated with the support of Tronics Microsystems for certain industrial expertise.

    A strong human and regional commitment

    More than 800 employees are currently working at the two sites, and 150 new hires are planned by 2028. These investments strengthen Thales’ regional footprint and actively contribute to positioning France at the forefront of the navigation industry.

    “Thales, a leader in resilient navigation, is reinforcing its industrial base in France, and thanks to this investment, it will have a sovereign and sustainable industrial capability, delivering the most advanced and competitive solutions to meet growing needs across both civil and military customers” said Yannick Assouad, Executive Vice-President, Avionics, Thales.

    MIL OSI Economics –

  • MIL-OSI Economics: Celebrating the Q1 2025 recipients of Bloomberg’s FOSS Fund

    Source: Bloomberg Press Statements

    Headline: Celebrating the Q1 2025 recipients of Bloomberg’s FOSS Fund

    Open source software is foundational to Bloomberg’s engineering culture. As an open source-first company with a deep commitment to philanthropy, Bloomberg believes it is imperative to strengthen the broader technology ecosystem by sustaining the projects that power its products and services.

    These principles led the firm to launch the Bloomberg Free and Open Source Software (FOSS) Contributor Fund in January 2023. The initiative is designed to empower the company’s technologists to vote on directed grants to open source projects that they use, admire, and believe in, in order to support the communities and people behind them that keep the web running.

    The FOSS Contributor Fund, led jointly by Bloomberg’s Open Source Program Office (OSPO) and Corporate Philanthropy teams, actively engages technologists across the firm in the allocation of funding to open source projects. It also provides financial support to maintain or expand projects, gives recognition to well-deserving technologies, and fosters a greater sense of ownership, responsibility, and pride within Bloomberg’s internal open source community.

    Let’s meet the Q1 2025 recipients who have been awarded Bloomberg FOSS Contributor Fund grants of $10,000 each: OpenMetadata and Wikimedia Foundation.

    OpenMetadata: OpenMetadata is an open and unified metadata platform for data discovery, observability, and governance. Since managing data across modern systems can be messy, OpenMetadata helps clean that up by providing a standard for metadata management, getting the right data to the right people, informing data lineage, and collectively managing risk and compliance. It’s helping organizations understand and trust their data, enabling teams to make better decisions, faster.

    “We are deeply honored to receive the Bloomberg FOSS Fund grant as recognition of the OpenMetadata community and validation of the amazing work our contributors are doing,” said OpenMetadata committer Sriharsha Chintalapani. “At OpenMetadata, our mission is to democratize data discovery, observability, and governance for every data team. It’s the reason why thousands of companies — from startups to Fortune 500s — rely on OpenMetadata everyday to unlock the value of their data. This grant will be put back into our community to ensure our ecosystem evolves at the pace of modern data and AI.”

    Wikimedia Foundation: Wikimedia is the nonprofit behind Wikipedia, the free online encyclopedia that anyone can edit, and a constellation of other free knowledge projects. Wikipedia is one of the world’s most visited websites and a cornerstone of open knowledge on the internet. It’s maintained by volunteers who can edit text, data, references, and images. It’s also a reminder that not all open source impact is technical – some of it is cultural and educational.

    “The Wikimedia Foundation is grateful to receive this grant from Bloomberg’s FOSS Fund. As the host of Wikipedia and other Wikimedia free knowledge projects, this funding will support the technology that makes Wikipedia possible and improvements to how people read and share knowledge on the site,” said Lisa Seitz Gruwell, Wikimedia Foundation’s Chief Advancement Officer. “This recognition from Bloomberg’s staff is testament to Wikipedia’s value as the world’s largest open source free knowledge project, made possible by a global community of nearly 260,000 volunteers committed to making trustworthy knowledge accessible to all.”

    Alyssa Wright of Bloomberg’s OSPO shares, “OpenMetadata and Wikimedia Foundation join 24 other impactful open source projects that have been recognized by the Bloomberg FOSS Contributor Fund over the past two years. This program plays a pivotal role in how Bloomberg supports open source, and my team is proud to give back to the communities that make modern software possible.”

    The FOSS Contributor Fund represents one key facet of Bloomberg’s broader, sustained commitment to supporting the open source ecosystem. Wright explains, “We do a great deal to support the open source ecosystem, empowering our engineers to be active and leading contributors, and providing support to the foundations and communities vital to open source. Corporate Philanthropy is an incredible partner in this work.”

    Francesca Romano of Bloomberg’s Corporate Philanthropy team comments, “What sets Bloomberg’s open source strategy apart is how deeply it’s shaped by our long-standing commitment to philanthropy. Charitable giving and service are central to our culture, and we apply that same spirit to open source and the critical digital infrastructure that drives innovation. Through initiatives like our FOSS Contributor Fund, we’re proud to invest in a stronger, more sustainable and impactful open source ecosystem.”

    Additional FOSS Contributor Fund recipients will be announced throughout the year, each one a reflection of the vital role open source plays in powering innovation both within Bloomberg and in the shared digital world around us.

    MIL OSI Economics –

  • MIL-OSI NGOs: Northern Ireland: Racist violence fuelled by disinformation and irresponsible political rhetoric

    Source: Amnesty International –

    In response to the continued racist and violent disorder spreading across Northern Ireland, Patrick Corrigan, Amnesty International’s Northern Ireland Director, said:

    “We are in the midst of a racist pogrom. Families have already lost their homes, and lives may soon be lost unless this violence ends now. We are only a petrol bomb away from someone being killed.

    “This violence is being fuelled by racist hatred – stoked by disinformation on social media and amplified by politicians who irresponsibly conflate immigration with crime and social issues which affect all communities.

    “We need politicians to speak truthfully about immigration, not echo vague concerns from the streets or false claims on social media that profit off lies.

    “According to the 2021 census, only 3.4% people in Northern Ireland are from minority ethnic backgrounds. That means 96.6% are not. We remain the whitest and least diverse part of the UK and Ireland.

    “While immigration has gradually increased over the last decade, crime rates have fallen – except for racially motivated hate crime, which is now higher than sectarian hate crime. People from immigrant and minoritised communities are far more likely to be victims of hate crime than anyone else.

    “Recent research from the Northern Ireland Assembly highlights migrant workers are vital in sustaining essential public services, including hospitals and community care. We must do more to protect their rights to live free from harassment and violence – we should recognise, thank, and celebrate them for their contributions to and enrichment of our communities.”

    View latest press releases

    MIL OSI NGO –

  • MIL-OSI Europe: Written question – Immediate need to protect primary residences and address the housing crisis in the European Union – E-002171/2025

    Source: European Parliament

    Question for written answer  E-002171/2025
    to the Commission
    Rule 144
    Elena Kountoura (The Left)

    In recent years, the housing crisis has taken on alarming proportions in many EU Member States, affecting an ever-increasing number of citizens who are unable to meet housing costs and their loan obligations.[1] In Greece in particular, the economic crisis dating back many years has led thousands of households to lose their primary residence through auctions.[2]

    Despite repeated calls for the protection of borrowers,[3] especially the vulnerable, in many cases their loans are sold to funds and debt management companies (servicers) at prices significantly lower than the original debt, without them having the opportunity to repurchase them on correspondingly favourable terms. Furthermore, the aggressive and inhumane collection practices applied by such actors intensify the pressures on borrowers and guarantors.[4]

    :

    • 1.What measures does the Commission intend to put in place to ensure full protection of primary residences at EU level, in particular for vulnerable citizens?
    • 2.Does the Commission intend to propose guidelines or legislative measures to prohibit the transfer of mortgage loans to servicers and funds, given the aggressive recovery practices they often follow?
    • 3.Does the Commission intend to propose the establishment of an EU framework for the early detection of repayment difficulties and the automatic activation of support measures, through the adoption of legislation allowing borrowers who have proven difficulty in meeting their loan obligations to have a priority right to redeem their loans at a discount or to secure more favourable repayment terms?

    Submitted: 30.5.2025

    • [1] In recent years, the social and economic impacts of this state of affairs have worsened, especially for vulnerable groups of the population, such as low-wage earners, single-parent families, people with disabilities, pensioners and young people. Forced evictions and auctions violate fundamental rights and lead to wider consequences, such as homelessness, social exclusion and the disruption of social cohesion and family life.
    • [2] The removal of primary residence protection resulted in a 5.8 % reduction in the homeownership rate between 2019 and 2023, from 75.4 % of the population to 69.6 %.
    • [3] With the establishment of minimum standards in the EU, such as a general moratorium on evictions, debt restructuring mechanisms, mandatory acceptance of the arrangement by servicers and funds, more favourable repayment terms, state guarantees, etc.
    • [4] Loan guarantors, who are often family members or close acquaintances, are also severely affected, facing the possible loss of their own home or property.
    Last updated: 12 June 2025

    MIL OSI Europe News –