NewzIntel.com

Category: Pandemic

  • MIL-OSI Global: How opioid deaths tripled in Philly over a decade − and what may be behind a recent downturn

    Source: The Conversation – USA – By Ben Cocchiaro, Assistant Clinical Professor of Family Medicine and Community Health, Drexel University

    Fatal overdose deaths in Philadelphia dropped 7% in 2023. The city is expected to release 2024 data in the spring. Spencer Platt via Getty Images

    After nearly a decade of almost year-over-year increases in overdose deaths, the tide may finally be turning in Philadelphia.

    The Centers for Disease Control and Prevention announced in May 2024 an estimated 3% decrease in overdose deaths in the U.S. in 2023 compared with 2022. Shortly after, data from the Philadelphia Department of Public Health showed a similar trend: Fatal overdoses across the city decreased 7% in 2023, from 1,207 to 1,122. The city is expected to release its 2024 data in the spring of 2025.

    While these declines are notable, the city’s 2023 fatal overdose numbers are three times higher than they were in 2013.

    Still, if 2024 numbers confirm the downward trend, it allows a little hope into an otherwise bleak epidemic that is killing more Philadelphians than homicides, car accidents and diabetes combined.

    Something may finally be working. But what?

    If over a decade spent treating and researching substance use disorders has taught me anything, it’s that the overdose epidemic is what researchers and policymakers refer to as a wicked problem. Wicked problems are constantly changing, complex, interconnected knots of other problems with no clear solution.

    But let’s look at what we do know about how overdose deaths in Philadelphia spiked in the first place – and why they may finally be decreasing.

    Why overdose deaths spiked

    The first wave of the overdose epidemic began in the late 1990s and is attributed to overprescription of opioid pain medicines. But the largest acceleration in deaths didn’t occur until after the government and health insurers implemented prescribing controls in the early 2010s. These controls led many people who were no longer able to get prescribed opioids to turn to illicit heroin.

    In a phenomenon known as the “iron law of prohibition,” stricter drug law enforcement led drug-trafficking organizations to shift from heroin toward more powerful synthetic opioids that are easier to produce, conceal and distribute. Gram for gram, pure fentanyl is over 50 times stronger than pure heroin.

    But street-obtained fentanyl has proven to be anything but pure.

    Local drug-testing efforts found as much as a fiftyfold difference in potency between bags of fentanyl that appear identical.

    This unpredictable potency is considered to be the chief contributor to the deadliness of street fentanyl. It’s like cracking a beer and not knowing whether drinking it will get you mildly buzzed or send you to the graveyard.

    Research suggests drug busts, though touted as improving public safety, can lead to more inconsistency and unpredictability in the potency of illicit opioids. An analysis of 14 studies conducted in the U.S. demonstrated a marked increase in fatal overdoses following the supply disruptions that result from drug seizures.

    There’s also some evidence that the heightened economic insecurity and despair caused by the COVID-19 pandemic may have intensified the fatal overdose epidemic.

    Andres Freire of Prevention Point stands on the ‘bupe bus,’ a mobile service that offers medication treatment such as buprenorphine to people with opioid use disorder in Philadelphia.
    Jeff Fusco for The Conversation U.S., CC BY-NC-ND

    Potential reasons for decline

    Just as economic insecurity was associated with rising deaths, the subsequent economic recovery as the U.S. emerged from the pandemic may have contributed to the 2023 drop in overdose fatalities nationwide.

    However, the unequal distribution of that recovery seems to track with worsening racial disparities in overdose rates in the late 2010s to early 2020s.

    Another possible explanation for the reduction in overdose deaths is the increasing availability of buprenorphine.

    Buprenorphine, an FDA-approved medication for opioid use disorder, reduces withdrawal and cravings for fentanyl. What’s more, it decreases overdose risk by more than 50%.

    However, efforts to increase access to this medication have stagnated. National prescribing rates for buprenorphine were relatively stable from 2019 to 2023, and the CDC estimates that only a quarter of those who need treatment are getting it. Efforts to make buprenorphine available without a prescription have not yet gained traction.

    Access to and education around naloxone, a lifesaving drug used to reverse opioid overdoses, has also increased, and the drug is increasingly being administered by bystanders. Over 1.3 million doses were distributed in Pennsylvania since 2017. National research suggests these distribution efforts, often spearheaded by local harm-reduction organizations, have led to quicker administration of naloxone. This saves lives while also decreasing reliance on emergency medical services.

    Finally, the consequences of a seemingly minor characteristic of fentanyl’s pharmacology might also be reducing the overdose death rate in Philadelphia.

    Fentanyl’s effects last only a third as long as heroin. This shorter duration led drug traffickers to add the animal tranquilizer xylazine – also called “tranq” – and the veterinary anesthetic medetomidine into Philadelphia’s street drug supply. In 2019, two-thirds of heroin or fentanyl sampled in Philadelphia had xylazine in it. By 2021 all of it did.

    These additives lengthen the duration of the effect, mitigate withdrawal symptoms and possibly reduce the amount of fentanyl needed per dose. Some evidence from animal studies shows that xylazine reduces fentanyl intake by suppressing fentanyl withdrawal, thereby lengthening the time before a person uses again.

    What’s more, the skin wounds and sedative effects that are associated with xylazine may be motivating some people to avoid using street fentanyl.

    Over 1.3 million doses of naloxone have been distributed for free in Pennsylvania since 2017.
    Jeff Fusco for The Conversation U.S., CC BY-NC-ND

    What’s next for Philadelphia

    The opioid settlement, a multibillion-dollar payment from the pharmaceutical industry to resolve legal actions against them, has led to increased funding in Philadelphia for naloxone and medications such as buprenorphine to treat opioid use disorder.

    However, in the past year the city eliminated funding for needle exchanges and implemented compulsory treatment strategies, which research suggests often do not reduce drug use or criminal recidividism.

    Meanwhile, at the federal level, Republican members of Congress have proposed cuts to Medicaid, the health insurance program for low-income Americans.

    Whether new data, when it’s released, will show overdose deaths in Philly have continued to decline or are back on the rise is anybody’s guess. But I do know that harm-reduction advocates, medical providers and communities of people who use drugs will continue to fight this epidemic as if their lives depend on it. For many, it does.

    Ben Cocchiaro is affiliated with Prevention Point Philadelphia but his opinions are his own. He served on the Data Analysis and Sharing Subcommittee of the Philadelphia Mayor’s Task Force to Combat the Opiate Epidemic from 2016-2017.

    – ref. How opioid deaths tripled in Philly over a decade − and what may be behind a recent downturn – https://theconversation.com/how-opioid-deaths-tripled-in-philly-over-a-decade-and-what-may-be-behind-a-recent-downturn-247768

    MIL OSI – Global Reports –

  • MIL-OSI: HomeTrust Bancshares, Inc. Announces Transfer of Listing of Common Stock to the New York Stock Exchange and Change in Ticker Symbol

    Source: GlobeNewswire (MIL-OSI)

    ASHEVILLE, N.C., Feb. 11, 2025 (GLOBE NEWSWIRE) — HomeTrust Bancshares, Inc. (NASDAQ: HTBI) (“Company” or “HomeTrust”), the holding company of HomeTrust Bank, today announced that the Company will transfer the listing of its common stock from the NASDAQ Stock Market LLC (“NASDAQ”) to the New York Stock Exchange LLC (“NYSE”). HomeTrust’s common stock is expected to commence trading on the NYSE on Monday, February 24, 2025 under a new ticker symbol, “HTB”. The Company’s common stock is expected to continue to trade on NASDAQ until the close of the market on Friday, February 21, 2025.

    “We are excited to announce our partnership with the NYSE,” said Hunter Westbrook, President and Chief Executive Officer. “In joining the world’s largest stock exchange, we believe leveraging the NYSE trading platform will provide greater exposure for our Company and long-term value for our stockholders. We look forward to celebrating this occasion and milestone for HomeTrust by ringing The Opening Bell on our first of day of trading on the NYSE.”

    “We are pleased to welcome HomeTrust Bancshares, Inc. to the New York Stock Exchange,” said Tara Dziedzic, Head of US Listings, New York Stock Exchange. “As an NYSE-listed company, HomeTrust joins our community of icons, disruptors and many of its peers, leveraging the membership value that our exchange uniquely provides.”

    About HomeTrust Bancshares, Inc.

    HomeTrust Bancshares, Inc. is the holding company for HomeTrust Bank. As of December 31, 2024, the Company had assets of $4.6 billion. The Bank, founded in 1926, is a North Carolina state chartered, community-focused financial institution committed to providing value added relationship banking with over 30 locations as well as online/mobile channels. Locations include: North Carolina (the Asheville metropolitan area, the “Piedmont” region, Charlotte, and Raleigh/Cary), South Carolina (Greenville and Charleston), East Tennessee (Kingsport/Johnson City, Knoxville, and Morristown), Southwest Virginia (Roanoke Valley) and Georgia (Greater Atlanta).

    Forward-Looking Statements

    This press release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to, the impact of bank failures or adverse developments involving other banks and related negative press about the banking industry in general on investor and depositor sentiment; the remaining effects of the COVID-19 pandemic on general economic and financial market conditions and on public health, both nationally and in the Company’s market areas; natural disasters, including the effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission – which are available on the Company’s website at www.htb.com and on the SEC’s website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    www.htb.com

    The MIL Network –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Restores Section 232 Tariffs

    Source: The White House

    COUNTERING TRADE PRACTICES THAT UNDERMINE NATIONAL SECURITY: Yesterday, President Donald J. Trump signed proclamations to close existing loopholes and exemptions to restore a true 25% tariff on steel and elevate the tariff to 25% on aluminum.

    • President Trump is taking action to protect America’s critical steel and aluminum industries, which have been harmed by unfair trade practices and global excess capacity.
    • President Trump is reinstating the full 25% tariff on steel imports and increasing tariffs on aluminum imports to 25%.
      • Key reforms include eliminating all alternative agreements, applying strict “melted and poured” standards, expanding tariffs to include key downstream products, terminating all general approved exclusions, and cracking down on tariff misclassification and duty evasion schemes.
    • The countries of Argentina, Australia, Brazil, Canada, Japan, Mexico, South Korea, the European Union, Ukraine, and the United Kingdom had received exemptions, which prevented the tariffs from being effective.
      • By granting exemptions to certain countries, the United States inadvertently created loopholes that were exploited by China and others with excess steel and aluminum capacity, undermining the purpose of these exemptions.
    • The President is exercising his authority under Section 232 of the Trade Expansion Act of 1962 to adjust imports of steel and aluminum to protect our national security.
      • This statute provides the President with authority to adjust imports being brought into the United States in quantities or under circumstances that threaten to impair national security.
      • In March 2018, President Trump invoked authority under Section 232 of the Trade Expansion Act of 1962 (19 U.S.C. § 1862) to impose 25% tariffs on steel imports and 10% tariffs on aluminum.  These measures were remarkably effective in supporting recovery and reinvestment in the American steel industry and saved the domestic primary aluminum industry from total collapse. But exemptions and loopholes have permitted evasion of the tariffs and weakened the effectiveness of the program.
      • The reinvigorated Section 232 tariffs on steel and aluminum will support the program’s original objective of revitalizing the domestic steel and aluminum industries and achieving sustainable capacity utilization of at least 80%.

    RESTORING FAIRNESS TO STEEL AND ALUMINUM MARKETS: President Trump is taking action to end unfair trade practices and the global dumping of steel and aluminum.

    • Foreign nations have been flooding the United States market with cheap steel and aluminum, often subsidized by their governments.
    • A report from the first Trump Administration found that steel import levels and global excess were weakening our domestic economy and threatening to impair national security.
      • The report found that excess production and capacity, particularly in China, has been a major factor in the decline of domestic aluminum production.
    • While the domestic steel industry briefly achieved 80% utilization in 2021, subsequent trade pressure following the COVID-19 pandemic has depressed domestic production.  In 2022 and 2023, capacity utilization fell to 77.3% and 75.3%, respectively.  High import volumes from sources exempt from Section 232 tariffs are a major factor in depressing domestic production volumes. 
    • For aluminum, there was an increase in the capacity utilization rate between 2017 and 2019, from 40% to 61% during that period. But since 2019, the aluminum capacity utilization has once again seen a steady decline, falling from 61% to 55% between 2019 and 2023.  
    • The United States does not want to be in a position where it would be unable to meet demand for national defense and critical infrastructure in a national emergency.

    STRENGTHENING AMERICA’S MANUFACTURING INDUSTRY: President Trump’s decision to close existing loopholes and exemptions will strengthen United States’ steel and aluminum industries.

    • In his first term, President Trump imposed Section 232 tariffs to protect the American steel and aluminum industries from unfair foreign competition.
    • The steel tariffs that President Trump implemented led to thousands of jobs gained and higher wages in the metals industry.
      • These tariffs were hailed as a “boon” for Minnesota’s iron ore industry, with state officials crediting tariffs for bolstering the local economy. 
      • Steel and aluminum imports drastically decreased under President Trump, falling by nearly a third from 2016 to 2020.
      • The tariffs led to a wave in investment across the United States, with more than $10 billion committed to build new mills.
    • It was recently announced that Hyundai Steel is actively considering building a steel plant in the United States.
    • U.S. steelmakers, including the American Iron and Steel Institute and the Steel Manufacturers Association, have praised President Trump’s America First trade policy.

    TARIFFS WORK: Studies have repeatedly shown that contrary to public rhetoric, tariffs can be an effective tool for achieving economic and strategic objectives.

    • A 2024 study on the effects of President Trump’s tariffs in his first Administration found that they “strengthened the U.S. economy,” and “led to significant reshoring” in industries like manufacturing and steel production.
    • A 2023 report by the U.S. International Trade Commission that analyzed the effects of Section 232 and 301 tariffs on more than $300 billion of U.S. imports found that the tariffs reduced imports from China, effectively stimulated more U.S. production of the tariffed goods, with very minor effects on prices.
    • According to the Economic Policy Institute, the tariffs implemented by President Trump during his first Administration “clearly show[ed] no correlation with inflation” and only had a temporary effect on overall price levels.
    • An analysis from the Atlantic Council found that “tariffs would create new incentives for US consumers to buy US-made products.”
    • Former Biden Treasury Secretary Janet Yellen affirmed last year that tariffs do not raise prices: “I don’t believe that American consumers will see any meaningful increase in the prices that they face.”

    A 2024 economic analysis found that a global tariff of 10% would grow the economy by $728 billion, create 2.8 million jobs, and increase real household incomes by 5.7%.

    MIL OSI USA News –

  • MIL-OSI Europe: Written question – Follow-up on State aid for airports, commercial aviation and rail in Portugal – E-000450/2025

    Source: European Parliament

    Question for written answer  E-000450/2025
    to the Commission
    Rule 144
    Adrian-George Axinia (ECR)

    The Commission’s answer to our question E-001390/2024 on State aid for the new Alcochete airport in Portugal basically stated that it was unaware of any State aid having been granted[1].

    Portuguese media recently reported on large tax benefits to state-owned airline TAP Air Portugal, which is soon due to be privatised. This follows EUR 3.28 million in State aid during the COVID-19 pandemic, which has not yet been reimbursed.

    In August the Portuguese Government announced a subsidised EUR 20 per month national rail pass. This seems to infringe every competition rule, undermining the economics of private railway operators.

    The Portuguese Government may be grossly distorting competition in the European airport, commercial aviation and railway sectors, setting bad precedents and potentially impacting the large neighbouring Spanish market, in particular.

    The mission letter to the new Executive Vice-President responsible for the competition portfolio clearly states that she ‘should preserve the level playing field while pursuing further simplification of State Aid, prioritising work on the most distortive aids.’

    State aid cannot be overlooked. It is the Commission’s duty to proactively scrutinise and enforce EU policies.

    Therefore:

    Given the many worrying signs, what scrutiny is being exercised over State aid for Lisbon’s new airport in Alcochete, for the privatisation of TAP Air Portugal and for Portuguese railways?

    Submitted: 3.2.2025

    • [1] https://www.europarl.europa.eu/doceo/document/E-10-2024-001390-ASW_EN.html.
    Last updated: 11 February 2025

    MIL OSI Europe News –

  • MIL-OSI China: Foreign Minister Lin confers Friendship Medal of Diplomacy on British Office Taipei Representative Dennis

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    No. 029 
    January 27, 2025

    Minister of Foreign Affairs Lin Chia-lung on January 24 conferred the Friendship Medal of Diplomacy on outgoing British Office Taipei Representative John Dennis in recognition of his efforts over the past five years to promote bilateral exchange and cooperation in all areas.

    Minister Lin thanked Representative Dennis for raising British attention on the Taiwan Strait and Indo-Pacific during his tenure. Minister Lin expressed pleasure that the G7 had begun stressing the importance of cross-strait peace and stability as an indispensable element to global security and prosperity since United Kingdom’s G7 presidency in 2021. He also noted that Parliamentary Under-Secretary of State for the Indo-Pacific at the Foreign, Commonwealth and Development Office Catherine West in November 2024 for the first time publicly expressed the UK government’s opposition to China’s misrepresentation of UN General Assembly Resolution 2758. 

    Furthermore, Minister Lin stated that Representative Dennis had initiated regular bilateral dialogue mechanisms on a wide range of issues and had facilitated the signing of bilateral memorandums of understanding on the exchange of driving licenses and organics equivalence, as well as the Enhanced Trade Partnership (ETP) arrangement, thereby further deepening people-to-people, agricultural, economic, and trade exchanges between the two countries. Minister Lin added that during Representative Dennis’s tenure the United Kingdom had actively participated in and co-hosted activities under the Global Cooperation and Training Framework, helping to consolidate partnerships based on democratic values.  

    Representative Dennis said that considerable progress had been made in Taiwan-UK ties in recent years and that bilateral trade had continued to grow. He stated that he had been honored to witness the flourishing collaboration between the two countries, as well as Taiwan’s achievements in combating the COVID-19 pandemic, advancing supply chain resilience, and responding to climate change. He also expressed hope that Taiwan and the United Kingdom would soon conclude negotiations and sign subagreements on key pillars of the ETP, including investment, digital trade, and energy and net-zero emissions.

    Meanwhile, Representative Dennis said that the United Kingdom would do its utmost to support Taiwan’s international participation so that the two countries could jointly contribute to global initiatives on health, ICT resilience, and sustainable development. He concluded his remarks by stressing that peace and stability across the Taiwan Strait were vital to global prosperity and that the United Kingdom and the other G7 members would continue to pay close attention to Taiwan Strait developments. 

    Since taking office in December 2020, Representative Dennis has actively sharpened the United Kingdom’s focus on Taiwan Strait and Indo-Pacific affairs. He has also promoted bilateral exchange and collaboration in such areas as the economy, trade, investment, science and technology, and talent cultivation. His outstanding contributions have further enhanced the mutually beneficial and substantive partnership between Taiwan and the United Kingdom. (E) 

    MIL OSI China News –

  • MIL-OSI USA: Single dose of broadly neutralizing antibody protects macaques from H5N1 influenza

    Source: US Department of Health and Human Services – 2

    Media Advisory

    Tuesday, February 11, 2025

    NIH science lays groundwork for future studies in people.

    What

    National Institutes of Health (NIH) scientists and their colleagues report that a single dose of a broadly neutralizing antibody (bnAb) administered prior to virus exposure protects macaques from severe H5N1 avian influenza. Highly pathogenic avian influenza (HPAI) H5N1 viruses have sporadically spilled over from birds into many other animals, including humans and dairy cows, in recent years. Although it has not yet acquired the capacity to spread readily between people, H5N1 has pandemic potential, which has spurred efforts to develop effective treatments and other countermeasures.

    The investigators studied a bnAb called MEDI8852, which was discovered and developed by Medimmune, now part of AstraZeneca. MEDI8852 targets a portion of a key flu protein that is less prone to change than other parts of the virus and thus is capable of conferring protection against a wide range of flu viruses. In the new study, a group of macaques received an injection of MEDI8852 and were exposed to aerosolized HPAI H5N1 virus three days later. All the pre-treated animals survived and experienced no or very limited signs of disease. In contrast, a group of control macaques developed severe or fatal illness within a short time after virus exposure. Of note, the scientists determined that MEDI8852 remained in the body for a prolonged time after the injection. According to scientists, protection from severe disease would extend to weeks beyond antibody infusion, providing a realistic preventative window in the face of an H5N1 outbreak.

    The research was conducted by Masaru Kanekiyo, D.V.M, Ph.D., and colleagues from NIH’s National Institute of Allergy and Infectious Diseases (NIAID) Vaccine Research Center (VRC) along with investigators from the University of Pittsburgh. It was published in Science.

    Article

    M Kanekiyo et al. Pre-exposure antibody prophylaxis protects macaques from severe influenza. Science DOI: 10.1126/science.ado6481 (2025).

    Who

    Dr. Kanekiyo, VRC, NIAID, is available to comment.

    This research was supported by the Vaccine Research Center, NIAID, NIH, as well as grants R01AI154894 and UC7AI180311 and contracts 75N93021C00014 and HHSN261201500003.

    NIAID conducts and supports research—at NIH, throughout the United States, and worldwide—to study the causes of infectious and immune-mediated diseases, and to develop better means of preventing, diagnosing and treating these illnesses. News releases, fact sheets and other NIAID-related materials are available on the NIAID website.

    About the National Institutes of Health (NIH): NIH, the nation’s medical research agency, includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. NIH is the primary federal agency conducting and supporting basic, clinical, and translational medical research, and is investigating the causes, treatments, and cures for both common and rare diseases. For more information about NIH and its programs, visit www.nih.gov.

    NIH…Turning Discovery Into Health®

    ###

    MIL OSI USA News –

  • MIL-OSI Economics: Christine Lagarde: European Parliament plenary debate on the European Central Bank Annual Report

    Source: Bank for International Settlements

    It is a great pleasure to take part in this plenary session and discuss your draft resolution on the ECB’s Annual Report.

    At the ECB, we are deeply committed to transparency and accountability, particularly in how we communicate with the public and their elected representatives in the European Parliament. In fact, in the last parliamentary term we interacted with this Parliament even more frequently than in previous terms.1

    At the same time, we greatly value the opportunity to hear the Parliament’s views. Your resolution and debate are an important pillar of the ECB’s accountability framework and a key channel for you to share your views with us – and we listen. For instance, next week will mark ten years since the ECB started publishing the accounts of the Governing Council’s monetary policy meetings2, a major step in enhancing our monetary policy communication and one that this Parliament had called for.

    This year’s draft resolution covers key issues that are central to the ECB’s mandate and the future of the euro area, including our response to inflation, the digital euro and the ECB’s role in supporting the EU’s broader economic policies. It also reflects the dynamic challenges we face in Europe today, and I look forward to hearing your thoughts on all of these issues and having a constructive dialogue with you.

    But let me first start by outlining our view on the current economic situation in the euro area and our monetary policy stance. I will then address the broader economic challenges we are facing and their implications for monetary policy.

    The euro area economy and the ECB’s monetary policy

    The euro area economy grew modestly in 2024. While output stagnated in the fourth quarter, it was still 0.9% higher than at the end of 2023. Surveys indicate that manufacturing continues to contract while services activity is expanding. Consumer confidence is fragile and, despite rising real incomes, households are hesitant to spend more.

    Nevertheless, the conditions for a recovery remain in place. A solid job market and higher incomes should strengthen consumer confidence and allow spending to rise. More affordable credit should boost consumption and investment over time. Exports should also support the recovery as global demand rises, although this is conditional on developments in international trade policies.

    Inflation stood at 2.5% in January and has recently developed broadly in line with staff projections. Core inflation has remained at 2.7% in recent months, reflecting a sideways movement in both services and goods inflation. Wage growth is moderating as expected, although it remains elevated, while profits are partially buffering the impact of wage increases on inflation.

    Inflation is set to return to our 2% medium-term target in the course of this year, with risks on both the upside and the downside. Greater friction in global trade would make the euro area inflation outlook more uncertain.

    In total, the ECB has lowered interest rates by 125 basis points since last June, and the deposit facility rate – the rate through which we steer the monetary policy stance – now stands at 2.75%. At our last meeting in January, we decided to lower our key interest rates by 25 basis points, based on an updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. In particular, the disinflation process in the euro area is well on track. Most measures of underlying inflation suggest that inflation will settle at around our target on a sustained basis. And while financing conditions continue to be tight, our recent interest rate cuts are gradually making borrowing less expensive.

    We are determined to ensure that inflation stabilises sustainably at our 2% medium-term target. We will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. We are not pre-committing to a particular rate path.

    A challenging economic environment for monetary policy

    Let me now turn to the broader economic environment and its implications for monetary policy.

    Europe has faced a series of unprecedented challenges in recent years, each with its own far-reaching impact. From the COVID-19 pandemic to surging energy prices and the geopolitical upheaval caused by Russia’s invasion of Ukraine, we have navigated our way through a storm of supply shocks. As we look ahead, the frequency of these shocks is likely to remain high.

    While we have weathered these crises, the past few years have also revealed missed opportunities and underinvestment in areas such as the digital transformation and the green transition – and the uncertainty surrounding trade and economic policy continues to weigh on consumption and investment.3 As a result, and as highlighted in reports by Enrico Letta and Mario Draghi, Europe finds itself lagging behind international competitors in productivity and growth.

    In a world driven by shifting global dynamics and rapid technological change, Europe must strike a delicate balance between achieving strategic autonomy and preserving its openness to the global economy. As President Ursula von der Leyen and I highlighted in a recent article, Europe’s response to these challenges must be bold and strategic. While the outlook may seem daunting, the prospects are more promising than they might appear.4

    One of Europe’s first priorities should be to deepen the Internal Market. By removing remaining barriers within the Single Market – barriers that effectively function like tariffs – we can unlock economies of scale, encourage innovation and reduce costs for consumers and producers alike. We are already home to a wealth of ideas and innovators. Our challenge is to transform these ideas into technologies that fuel economic growth. To do so, we need to reduce administrative burdens and foster an innovation-friendly environment.

    Another critical area is enhancing Europe’s autonomy in payments, which form the backbone of our economy and our single currency. At present, a few foreign providers dominate Europe’s payments landscape, leaving us vulnerable to external pressures. As we face an increasingly digital future, we must prepare the ground for a digital euro. This will ensure the resilience and public good nature of our payment systems. It will also provide a platform for private innovation in digital payments.

    With substantial savings at its disposal, Europe must channel more resources into private investment and scale up financing to support its innovators. A genuine capital markets union designed for citizens and businesses alike will be instrumental here.

    More broadly, investment must be the cornerstone of Europe’s economic transformation. The focus must be on investing in physical and digital infrastructure, research and development, and green technologies. These are not optional but essential investments required to drive productivity and guarantee Europe’s competitiveness on the global stage. Moreover, they will address our energy dependence and help us meet our climate goals – both pressing imperatives.

    In this regard, we welcome the European Commission’s Competitiveness Compass as a concrete roadmap for action, which will also support the ECB in maintaining price stability by reducing Europe’s susceptibility to supply shocks.

    That said, the ECB is not standing idle. We are committed to learning from the experiences of recent years. As part of the ongoing assessment of our monetary policy strategy, we are preparing for the risk of an increasingly volatile future. We are taking stock of a changed inflation environment and economic context. We are also focusing on the implications for monetary policy, our experiences with our evolving policy toolkit, our reaction function and how to better deal with risk and uncertainty in policy setting and communications. While the ECB continuously evaluates and adapts its economic models – a topic raised in your resolution – assessing new analytical needs will be one component of this assessment.

    Conclusion

    Let me conclude.

    The challenges facing Europe are immense, but solutions are within our reach. Our opportunity lies in more Europe.

    As Konrad Adenauer said 70 years ago, “European unity was the dream of a few. It became the hope for many. Today it is a necessity for all of us.” This sentiment rings true today more than ever.

    To jointly tackle Europe’s challenges, I am counting on the Parliament’s commitment. Within its mandate, the ECB will play its part. Ever since the introduction of the euro, the ECB has continuously adapted to changing economic environments to fulfil its mandate. We remain fully committed to delivering on this mandate. We are equally committed to maintaining our active and meaningful dialogue with the Parliament.

    Thank you for your attention. 

    MIL OSI Economics –

  • MIL-OSI Africa: International Monetary Fund (IMF) Staff Completes 2025 Article IV Consultation with Morocco

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

    RABAT, Morocco, February 11, 2025/APO Group/ —

    • Economic growth is accelerating thanks to strong domestic demand, amid a new investment cycle in many sectors.
    • Tax reforms have allowed the fiscal deficit in 2024 to be lower than expected while also funding spending measures. Going forward, saving part of the revenue windfall would help strengthen the fiscal buffers. The current monetary policy stance is appropriate and should remain data dependent.
    • Structural reforms should focus on strengthening job creation, including by better targeting active labor market polices, consolidating programs to support small and medium firms, and removing regulatory distortions that hinder firms’ growth.

    An International Monetary Fund (IMF) staff team led by Roberto Cardarelli conducted discussions with the Moroccan authorities in Rabat on the 2025 Article IV Consultation from January 27 to February 7. At the conclusion of the visit, Mr. Cardarelli issued the following statement:

    “Economic activity is expected to have grown by 3.2 percent in 2024 and to accelerate to 3.9 percent in 2025, as agricultural output rebounds after the recent droughts and the nonagricultural sector continues to expand at a robust pace amid strong domestic demand. Higher growth is expected to increase the current account deficit towards its estimated medium-term norm of around 3 percent, while inflation is expected to stabilize at around 2 percent. The risks to the outlook are broadly balanced, with significant uncertainty regarding the economic impact of geopolitical tensions and changing climate conditions.

    “With inflation expectations anchored around 2 percent and little signs of demand pressures, the current broadly neutral monetary policy stance is appropriate, and staff agrees with Bank Al-Maghrib that future changes of policy rates should remain data dependent. With inflation back to around 2 percent, Bank Al-Maghrib should continue its preparation to adopt an inflation-targeting framework.”

    “Recent reforms to the tax system and tax administration have helped expand the tax base while lowering the tax burden. As a result, tax revenues in 2024 have been greater than expected. With only a small part of the additional tax revenues being saved, the central government’s deficit for the year was 4.1 percent of GDP compared to the 4.3 announced in the 2024 Budget. While the 2025 Budget confirms the gradual pace of fiscal adjustment projected last year, higher-than-expected revenues should be used to accelerate the pace of debt reduction to levels closer to pre-pandemic. In addition, continuing to finance structural reforms may require further efforts to expand the tax base and rationalize spending, including by reducing transfers to state-owned enterprises as part of the ongoing reform of the sector and expanding the use of the Unified Social Registry to all social programs.

    “Staff welcomes the ongoing reform of the Organic Budget Law that should introduce a new fiscal rule based on a medium-term debt anchor. Good progress has been made in the Medium-Term fiscal framework to include an assessment of the risk from climate change. Staff encourages the authorities to build on this progress by adding more information on the impact of new policy measures and a quantification of the risks from the increased reliance on public-private partnership (PPP) projects.

     “Stronger job creation requires a novel approach to active labor market policies, focusing on labor displaced from the agricultural sector due to the sequence of droughts. A special focus should be placed on encouraging the growth of small and medium size enterprises (SME)  and favoring their integration into sectoral value chains. Staff welcomes the progress in the operationalization of the Mohammed VI Investment Fund that should help SMEs access equity financing. Measures that may encourage the development of a more buoyant private sector include strengthening the support for SMEs under the new Charter of Investment, strengthening regional investment centers so they can better help SMEs access the financial and technical resources needed for their growth, and reviewing the labor code, tax system, and regulatory and governance frameworks so as remove the distortion that incentivize firms to remain small or informal. It will also be necessary that the ongoing SOE reform effectively pursues market neutrality between public and private sector firms.

    “The IMF team held discussions with senior officials of the government of Morocco, Bank Al-Maghrib, and representatives of the public and private sectors. The team thanks the Moroccan authorities and other stakeholders for their hospitality and candid and productive discussions.”

    MIL OSI Africa –

  • MIL-OSI Economics: Tiff Macklem: Structural change, supply shocks and hard choices

    Source: Bank for International Settlements

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    So, what can all of us do?

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

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

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

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

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

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

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

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

    MIL OSI Economics –

  • MIL-OSI: International Petroleum Corporation Announces 2024 Year-End Financial and Operational Results and 2025 Budget, Reserves and Guidance

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operating results and related management’s discussion and analysis (MD&A) for the three months and year ended December 31, 2024. IPC is also pleased to announce its 2025 budget, including that IPC continues to progress the development of the Blackrod Phase 1 project in Canada in line with schedule and budget. IPC previously announced the renewal of the normal course issuer bid (NCIB) under which IPC may acquire a further 5.3 million common shares up to December 2025, in addition to the 2.2 million common shares already purchased for cancellation under the NCIB in December 2024 and January 2025. IPC’s 2025 capital and decommissioning expenditure budget is USD 320 million and its 2025 average daily production guidance is between 43,000 and 45,000 barrels of oil equivalent (boe) per day (boepd). 2024 year-end proved plus probable (2P) reserves are 493 million boe (MMboe) and best estimate contingent resources (unrisked) are 1,107 MMboe.(1)(2)

    William Lundin, IPC’s President and Chief Executive Officer, comments: “We are very pleased to announce that IPC achieved strong operational results in 2024. Our average net production was 47,400 boepd for the full year, with very strong operational and ESG performance across all our areas of operation. 2024 was a very significant investment year for our Blackrod Phase 1 development project, and we have spent over two-thirds of the forecast capital expenditure by the end of 2024. We generated strong cash flows from our business, and we returned USD 102 million to shareholders through share buybacks in 2024. With gross cash resources of USD 247 million at 2024 year-end, we continue to be well positioned to deliver on our three strategic pillars of Organic Growth, Stakeholder Returns, and M&A that drive value creation for our stakeholders.(1)(3)

    On Organic Growth, we are very pleased with the progress of the development of Phase 1 of the Blackrod project, Canada, which remains in line with schedule and budget. Phase 1 of the Blackrod project continues to forecast first oil in late 2026, with peak production planned to increase to 30,000 bopd by 2028. In 2024, IPC achieved over 250% reserves replacement ratio, ending the year with 493 MMboe of 2P reserves, the highest in our history.(1)(2)

    On Stakeholder Returns, we completed the 2023/2024 NCIB program, purchasing and cancelling 8.3 million IPC common shares over the period of December 5, 2023 to December 4, 2024, representing approximately 6.5% of the common shares outstanding at the start of that program. We immediately recommenced purchasing under the renewed 2024/2025 NCIB, purchasing for cancellation 0.8 million common shares during December 2024 and over 1.4 million common shares during January 2024. We are permitted to purchase up to a further 5.3 million common shares by early December 2025, which will represent a 6.2% reduction in the number of shares common outstanding at the beginning of the 2024/2025 NCIB.

    On M&A, we continue to review potential opportunities in Canada and internationally. IPC’s principal focus continues to be on progressing the Blackrod Phase 1 development as well as developing our existing asset base in Canada, France and Malaysia.

    IPC is well-positioned for 2025 and beyond as our Blackrod Phase 1 project is progressing according to plan, our existing production operations continue to generate strong cash flows, and our balance sheet is strong. At the same time, we continue return value to our shareholders by repurchasing and cancelling our common shares under the NCIB. I look forward to another exciting year at IPC with our high quality assets and our highly skilled and motivated teams across all areas of operation.”

    2024 Business Highlights

    • Average net production of approximately 47,400 boepd for the fourth quarter of 2024 was in line with the guidance range for the period (51% heavy crude oil, 15% light and medium crude oil and 34% natural gas).(1)
    • Full year 2024 average net production was 47,400 boepd, above the mid-point of the 2024 annual guidance of 46,000 to 48,000 boepd.(1)
    • Development activities on Phase 1 of the Blackrod project progressed in 2024 on schedule and on budget, with forecast first oil in late 2026. All major third-party contracts have been executed and construction is advancing according to plan, including construction of the central processing facility (CPF) and well pad facilities, finalization of the midstream agreements for the input fuel gas, diluent and oil blend pipelines, and advancement of drilling operations. As at the end of 2024, over two-thirds of the forecast Blackrod Phase 1 development capital expenditure of USD 850 million has been spent since project sanction in early 2023.
    • Drilling activity at the Southern Alberta assets in Canada continued with a total of thirteen wells drilled during 2024.
    • Successful completion of planned maintenance shutdowns at Onion Lake Thermal (OLT) in Canada and the Bertam field in Malaysia during 2024.
    • 8.3 million common shares purchased and cancelled from December 2023 to early December 2024 under IPC’s 2023/2024 NCIB and a further 2.2 million common shares purchased for cancellation during December 2024 and January 2025 under the renewed 2024/2025 NCIB.
    • In Q3 2024, published IPC’s fifth annual Sustainability Report.

    2024 Financial Highlights

    • Operating costs per boe of USD 18.2 for the fourth quarter of 2024 and USD 17.0 for the full year, in line with the most recent 2024 guidance of less than USD 18.0 per boe for the full year.(3)
    • Strong operating cash flow (OCF) generation for the fourth quarter and full year 2024 amounted to MUSD 78 and MUSD 342, respectively.(3)
    • Capital and decommissioning expenditures of MUSD 129 for the fourth quarter and MUSD 442 for the full year 2024, in line with the full year guidance of MUSD 437.
    • Free cash flow (FCF) generation for the full year 2024 of negative MUSD 135, with negative FCF generation of MUSD 61 for the fourth quarter in line with expectations and taking into account the significant capital expenditures during the quarter in respect of the Blackrod project. FCF for the full year 2024, before 2024 Blackrod Phase 1 development expenditure of MUSD 351, was MUSD 216.(3)
    • Net debt of MUSD 209 and gross cash of MUSD 247 as at December 31, 2024.(3)
    • Net result of MUSD 0.4 for the fourth quarter of 2024 and MUSD 102 for the full year 2024.
    • Entered into a letter of credit facility in Canada during 2024 to cover operational letters of credit, giving full availability under IPC’s undrawn CAD 180 million Revolving Credit Facility.

    Reserves and Resources

    • Total 2P reserves as at December 31, 2024 of 493 MMboe, with a reserve life index (RLI) of 31 years.(1)(2)
    • Contingent resources (best estimate, unrisked) as at December 31, 2024 of 1,107 MMboe.(1)(2)
    • 2P reserves net asset value (NAV) as at December 31, 2024 of MUSD 3,083 (10% discount rate).(1)(2)(5)(6)

    2025 Annual Guidance

    • Full year 2025 average net production forecast at 43,000 to 45,000 boepd.(1)
    • Full year 2025 operating costs forecast at USD 18 to 19 per boe.(3)
    • Full year 2025 OCF guidance estimated at between MUSD 210 and 280 (assuming Brent USD 65 to 85 per barrel).(3)
    • Full year 2025 capital and decommissioning expenditures guidance forecast at MUSD 320, including MUSD 230 relating to Blackrod capital expenditure.
    • Full year 2025 FCF ranges from approximately MUSD 80 to 150 (assuming Brent USD 65 to 85 per barrel) before taking into account proposed Blackrod capital expenditures, or negative MUSD 150 to 80 including proposed Blackrod capital expenditures.(3)

    Business Plan Production and Cash Flow Guidance

    • 2025 – 2029 business plan forecasts:
      • average net production forecast approximately 57,000 boepd.(1)(8)
      • capital expenditure forecast of USD 8 per boe, including USD 3 per boe for growth expenditure.(8)
      • operating costs forecast of USD 18 to 19 per boe.(3)(8)
      • FCF forecast of approximately MUSD 1,200 to 2,000 (assuming Brent USD 75 to 95 per barrel).(3)(8)
    • 2030 – 2034 business plan forecasts:
      • average net production forecast of approximately 63,000 boepd.(1)(8)
      • capital expenditure forecast of USD 5 per boe.(8)
      • operating costs forecast of USD 18 to 19 per boe.(3)(8)
      • FCF forecast of approximately MUSD 1,600 to 2,600 (assuming Brent USD 75 to 95 per barrel).(3)(8)
      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023
    Revenue 199,124   198,460     797,783   853,906
    Gross profit 42,774   39,955     210,171   250,514
    Net result 415   29,710     102,219   172,979
    Operating cash flow (3) 78,158   73,634     341,989   353,048
    Free cash flow (3) (61,476 ) (64,688 )   (135,497 ) 2,689
    EBITDA (3) 76,184   66,284     335,488   350,618
    Net Cash / (Debt) (3) (208,528 ) 58,043     (208,528 ) 58,043
                     

    IPC was launched in 2017 by way of spinning off the non-Norwegian assets from Lundin Energy. The strategy and vision from the outset was to be the international E&P growth vehicle for the Lundin Group by pursuing growth organically and through acquisitions. The foundation of this strategy was and is predicated on maximising long-term stakeholder value through responsible business operations focused on operational excellence and financial resilience to underpin optimal capital allocation decision-making.

    We are very pleased with the track record of value creation achieved by the company to date. IPC’s production, reserves, resources and cash flow exposure has increased materially through accretive acquisitions supplemented by base business investment. Excluding the growth capital expenditure assigned to the Blackrod Phase 1 development, over USD 1.5 billion in free cash flow (FCF) has been generated and over USD 0.5 billion has been returned to shareholders in the form of share buybacks since inception. IPC’s current shares outstanding are less than 5% higher than the original shares outstanding upon the formation of the company. IPC is determined to build on the historical success and the growth outlook has never been brighter.(3)

    2024 was a milestone year for the company through successfully delivering the largest capital investment campaign in its history. The record investment was accompanied by strong safety, operational and financial performance. IPC returned USD 102 million of value to shareholders in the year through share repurchases, whilst maintaining a strong balance sheet.

    Oil prices were rangebound in 2024 between Brent USD 70 to 90 per barrel, with a full year Brent average of USD 81 per barrel, in line with our original oil price sensitivities guided at CMD. The fourth quarter 2024 Brent price averaged USD 75 per barrel, the lowest quarterly price average in the year. The downward trend in benchmark oil prices through the second half of 2024 has been slightly reversed in current time as continuous crude inventory draws, strong demand, underwhelming non-OPEC production growth and continued OPEC production curtailments have supported the market balance. A new administration in the White House presents uncertainty for the oil market, as looming tariffs and sanctions pose a risk to global supply chain systems and trade flows. Around 40% of our 2025 Dated Brent and WTI exposure is hedged at USD 76 per barrel and USD 71 per barrel respectively.

    The fourth quarter 2024 WTI to WCS price differentials averaged less than USD 13 per barrel, around USD 2 per barrel lower than the full year average of USD 15 per barrel. The fourth quarter differential was the lowest quarterly average since the Covid pandemic in 2020 when benchmark oil prices were more than USD 30 per barrel less than current levels. The TMX pipeline is driving the tighter differentials with excess take-away capacity in the Western Canadian Sedimentary Basin (WCSB) relative to supply. Close to 50% of our 2025 WCS to WTI differential exposure is hedged at USD 14 per barrel, which should assist in mitigating adverse effects of potential US tariffs on Canadian production.

    Natural gas prices averaged CAD 1.5 per Mcf for 2024 and in the fourth quarter. Western Canada gas storage levels continue to sit above the five-year range. This is in part due to delays of the LNG Canada start-up project which was supposed to be onstream at end 2024, start-up is now anticipated for mid-2025. IPC has around 9,600 Mcf per day hedged at CAD 2.6 per Mcf for 2025.

    Fourth Quarter and Full Year 2024 Highlights

    During the fourth quarter of 2024, IPC’s assets delivered average net production of 47,400 boepd, in line with guidance for the quarter. Full year 2024 average net production of 47,400 boepd was above the 2024 mid-point guidance range of 46,000 to 48,000 boepd.(1)

    IPC’s operating costs per boe for the fourth quarter of 2024 was USD 18.2. Full year 2024 operating costs per boe was USD 17.0, in line with the most recent 2024 annual guidance of less than USD 18 per boe.(3)

    Operating cash flow (OCF) generation for the fourth quarter of 2024 was USD 78 million. Full year 2024 OCF was USD 342 million in line with the most recent guidance of USD 335 to 342 million.(3)

    Capital and decommissioning expenditure for the fourth quarter of 2024 was USD 129 million. Full year 2024 capital and decommissioning expenditure of USD 442 million was in line with guidance of USD 437 million.

    Free cash flow (FCF) generation was in line with guidance at negative USD 61 million during the fourth quarter of 2024, reflecting the higher level of capital expenditure on the Blackrod Phase 1 development project. Full year 2024 FCF generation was negative USD 135 million, in line with the most recent guidance of negative USD 140 to 133 million.(3)

    As at December 31, 2024, IPC’s net debt position was USD 209 million. IPC’s gross cash on the balance sheet amounts to USD 247 million which provides IPC with significant financial strength to continue progressing its strategies in 2025, including advancing the Blackrod development project, returning value to shareholders through the 2024/2025 NCIB, and remaining opportunistic to mergers and acquisitions activity.(3)

    Blackrod Project

    The Blackrod asset is 100% owned by IPC and hosts the largest booked reserves and contingent resources within the IPC portfolio. After more than a decade of pilot operations, subsurface delineation and commercial engineering studies, IPC sanctioned the Phase 1 Steam Assisted Gravity Drainage (SAGD) development in the first quarter of 2023. The Phase 1 development targets 259 MMboe of 2P reserves, with a multi-year forecast capital expenditure of USD 850 million to first oil planned in late 2026. The Phase 1 development is planned for plateau production of 30,000 bopd which is expected by early 2028.(1)(2)

    As at the end of 2024, USD 591 million of cumulative growth capital, has been spent on the Blackrod Phase 1 development since sanction with a peak annual investment of USD 351 million incurred in 2024. Significant progress has been made across all key scopes of the project including but not limited to: detailed engineering, procurement, fabrication, drilling, construction, third party transport pipelines, commissioning and operations planning. Site health and safety control has been excellent with zero lost time incidents since commercial development activities commenced.

    Looking forward, USD 230 million is planned to be spent in 2025 mainly relating to advancing the remaining fabrication, construction and substantial completion of the Central Processing Facility (CPF) for the Phase 1 development. The remaining growth capital expenditure to first oil is forecast to be spent in 2026 on drilling, completions and commissioning of the CPF with first steam anticipated by end Q1 2026.

    IPC is strongly positioned to deliver within plan with a clear line of sight to start-up. The Blackrod Phase 1 project is expected to generate significant value for all our stakeholders. And with over 1 billion barrels of best estimate contingent resources (unrisked) beyond Phase 1, IPC is pleased to announce a resource maturation plan that sees significant volume maturation into reserves through low cost of less than USD 0.15 per barrel. The 2P reserves attributable to Phase 1 has increased by 40 MMboe to 259 MMboe from year end 2023 to year end 2024.(2)

    As at the end of 2024, 70% of the Blackrod Phase 1 development capital had been spent since the project sanction in early 2023. All major work streams are progressing as planned and the focus continues to be on executing the detailed sequencing of events as facility modules are safely delivered and installed at site. The total Phase 1 project guidance of USD 850 million capital expenditure to first oil in late 2026 is unchanged. IPC intends to fund the remaining Blackrod Phase 1 development costs with forecast cash flow generated by its operations and cash on hand.

    Stakeholder Returns: Normal Course Issuer Bid

    During the period of December 5, 2023 to December 4, 2024, IPC purchased and cancelled an aggregate of approximately 8.3 million common shares under the 2023/2024 NCIB. The average price of shares purchased under the 2023/2024 NCIB was SEK 131 / CAD 17 per share.

    In Q4 2024, IPC announced the renewal of the NCIB, with the ability to repurchase up to approximately 7.5 million common shares over the period of December 5, 2024 to December 4, 2025. Under the 2024/2025 NCIB, IPC repurchased and cancelled approximately 0.8 million common shares in December 2024. By the end of January 2025, IPC repurchased for cancellation over 1.4 million common shares under the 2024/2025 NCIB. The average price of common shares purchased under the 2024/2025 NCIB during December 2024 and January 2025 was SEK 135 / CAD 17.5 per share.

    As at February 7, 2025, IPC had a total of 117,781,927 common shares issued and outstanding, of which IPC holds 508,853 common shares in treasury.

    Under the 2024/2025 NCIB, IPC may purchase and cancel a further 5.3 million common shares by December 4, 2025. This would result in the cancellation of 6.2% of shares outstanding as at the beginning of December 2024. IPC continues to believe that reducing the number of shares outstanding while in parallel investing in material production growth at Blackrod will prove to be a winning formula for our stakeholders.

    Environmental, Social and Governance (ESG) Performance

    As part of IPC’s commitment to operational excellence and responsible development, IPC’s objective is to reduce risk and eliminate hazards to prevent occurrence of accidents, ill health, and environmental damage, as these are essential to the success of our business operations. During the fourth quarter and for the full year 2024, IPC recorded no material safety or environmental incidents.

    As previously announced, IPC targets a reduction of our net GHG emissions intensity by the end of 2025 to 50% of IPC’s 2019 baseline and IPC remains on track to achieve this reduction. During 2024, IPC announced the commitment to remain at end 2025 levels of 20 kg CO2/boe through to the end of 2028.(4)

    Reserves, Resources and Value

    As at the end of December 2024, IPC’s 2P reserves are 493 MMboe. During 2024, IPC replaced 251% of the annual 2024 production. The reserves life index (RLI) as at December 31, 2024, is approximately 31 years.(1)(2)

    The net present value (NPV) of IPC’s 2P reserves as at December 31, 2024 was USD 3.3 billion. IPC’s net asset value (NAV) was USD 3.1 billion or SEK 287 / CAD 37 per share as at December 31, 2024.(1)(2)(5)(6)(7)

    In addition, IPC’s best estimate contingent resources (unrisked) as at December 31, 2024 are 1,107 MMboe, of which 1,025 MMboe relate to future potential phases of the Blackrod project.(1)(2)

    2025 Budget and Operational Guidance

    IPC is pleased to announce its 2025 average net production guidance is 43,000 to 45,000 boepd. IPC forecasts operating costs for 2025 between USD 18 and 19 per boe.(1)(3)

    IPC’s 2025 capital and decommissioning expenditure budget is USD 320 million, with USD 230 million forecast relating to Blackrod capital expenditure. The remainder of the 2025 budget in Canada includes drilling and ongoing optimization work at Onion Lake Thermal and Suffield Area assets. IPC also plans to advance the next phase of infill drilling and complete well maintenance works at the Bertam field in Malaysia. IPC expects to conduct technical studies for future development potential in France. In all of IPC’s areas of operation, IPC has significant flexibility to control its pace of spend based on the development of commodity prices during 2025.

    Notwithstanding a modest production decline expected in 2025, IPC’s production per share metric remains largely unchanged relative to 2024 and 2023. IPC has prioritised capital allocation to the transformational Blackrod Phase 1 development and share buybacks as opposed to further increasing its base business investment to preserve balance sheet strength and maximise long- term shareholder value.

    Further details regarding IPC’s proposed 2025 budget and operational guidance will be provided at IPC’s Capital Markets Day presentation to be held on February 11, 2025 at 15:00 CET. A copy of the Capital Markets Day presentation will be available on IPC’s website at www.international-petroleum.com.

    Notes:

    (1) See “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” below. See also the material change report (MCR) available on IPC’s website at www.international-petroleum.com and filed on the date of this press release under IPC’s profile on SEDAR+ at www.sedarplus.ca.
    (2) See “Reserves and Resources Advisory“ below. Further information with respect to IPC’s reserves, contingent resources and estimates of future net revenue, including assumptions relating to the calculation of NPV, are described in the MCR. The reserve life index (RLI) is calculated by dividing the 2P reserves of 493 MMboe as at December 31, 2024 by the mid-point of the 2025 CMD production guidance of 43,000 to 45,000 boepd. Reserves replacement ratio is based on 2P reserves of 468 boe as at December 31, 2024, sales production during 2024 of 16.6 MMboe, net additions to 2P reserves during 2024 of 41.7 MMboe, and 2P reserves of 493 MMboe as at December 31, 2024.
    (3) Non-IFRS measure, see “Non-IFRS Measures” below and in the MD&A.
    (4) Emissions intensity is the ratio between oil and gas production and the associated carbon emissions, and net emissions intensity reflects gross emissions less operational emission reductions and carbon offsets.
    (5) Net present value (NPV) is after tax, discounted at 10% and based upon the forecast prices and other assumptions further described in the MCR. See “Reserves and Resources Advisory” below.
    (6) Net asset value (NAV) is calculated as NPV less net debt of USD 209 million as at December 31, 2024.
    (7) NAV per share is based on 119,059,315 IPC common shares as at December 31, 2024, being 119,169,471 common shares outstanding less 110,156 common shares held in treasury and cancelled in January 2025. NAV per share is not predictive and may not be reflective of current or future market prices for IPC common shares.
    (8) Estimated FCF generation is based on IPC’s current business plans over the periods of 2025 to 2029 and 2030 to 2034, including net debt of USD 209 million as at December 31, 2024, with assumptions based on the reports of IPC’s independent reserves evaluators, and including certain corporate adjustments relating to estimated general and administration costs and hedging, and excluding shareholder distributions and financing costs. Assumptions include average net production of approximately 57 Mboepd over the period of 2025 to 2029, average net production of approximately 63 Mboepd over the period of 2030 to 2034, average Brent oil prices of USD 75 to 95 per bbl escalating by 2% per year, and average Brent to Western Canadian Select differentials and average gas prices as estimated by IPC’s independent reserves evaluator and as further described in the MCR. IPC’s market capitalization is at close on January 31, 2025 (USD 1,557 million based on 146.8 SEK/share, 117.7 million IPC shares outstanding (net of treasury shares) and exchange rate of 11.10 SEK/USD). IPC’s current business plans and assumptions, and the business environment, are subject to change. Actual results may differ materially from forward-looking estimates and forecasts. See “Forward-Looking Statements” and “Non-IFRS Measures” below.

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50    		       Or       Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15
             

    This information is information that International Petroleum Corporation is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 07:30 CET on February 11, 2025. The Corporation’s audited condensed consolidated financial statements (Financial Statements) and management’s discussion and analysis (MD&A) for the three months and year ended December 31, 2024 have been filed on SEDAR+ (www.sedarplus.ca) and are also available on the Corporation’s website (www.international-petroleum.com).

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

    Forward-looking statements include, but are not limited to, statements with respect to:

    • 2025 production ranges (including total daily average production), production composition, cash flows, operating costs and capital and decommissioning expenditure estimates;
    • Estimates of future production, cash flows, operating costs and capital expenditures that are based on IPC’s current business plans and assumptions regarding the business environment, which are subject to change;
    • IPC’s financial and operational flexibility to navigate the Corporation through periods of volatile commodity prices;
    • The ability to fully fund future expenditures from cash flows and current borrowing capacity;
    • IPC’s intention and ability to continue to implement its strategies to build long-term shareholder value;
    • The ability of IPC’s portfolio of assets to provide a solid foundation for organic and inorganic growth;
    • The continued facility uptime and reservoir performance in IPC’s areas of operation;
    • Development of the Blackrod project in Canada, including estimates of resource volumes, future production, timing, regulatory approvals, third party commercial arrangements, breakeven oil prices and net present values;
    • Current and future production performance, operations and development potential of the Onion Lake Thermal, Suffield, Brooks, Ferguson and Mooney operations, including the timing and success of future oil and gas drilling and optimization programs;
    • The potential improvement in the Canadian oil egress situation and IPC’s ability to benefit from any such improvements;
    • The ability of IPC to achieve and maintain current and forecast production in France and Malaysia;
    • The intention and ability of IPC to acquire further common shares under the NCIB, including the timing of any such purchases;
    • The return of value to IPC’s shareholders as a result of the NCIB;
    • IPC’s ability to implement its GHG emissions intensity and climate strategies and to achieve its net GHG emissions intensity reduction targets;
    • IPC’s ability to implement projects to reduce net emissions intensity, including potential carbon capture and storage;
    • Estimates of reserves and contingent resources;
    • The ability to generate free cash flows and use that cash to repay debt;
    • IPC’s continued access to its existing credit facilities, including current financial headroom, on terms acceptable to the Corporation;
    • IPC’s ability to identify and complete future acquisitions;
    • Expectations regarding the oil and gas industry in Canada, Malaysia and France, including assumptions regarding future royalty rates, regulatory approvals, legislative changes, and ongoing projects and their expected completion; and
    • Future drilling and other exploration and development activities.

    Statements relating to “reserves” and “contingent resources” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and that the reserves and resources can be profitably produced in the future. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

    Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

    These include, but are not limited to general global economic, market and business conditions, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; and changes in legislation, including but not limited to tax laws, royalties, environmental and abandonment regulations.

    Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in the MD&A (See “Risk Factors”, “Cautionary Statement Regarding Forward-Looking Information” and “Reserves and Resources Advisory” therein), the Corporation’s material change report dated February 11, 2025 (MCR), the Corporation’s Annual Information Form (AIF) for the year ended December 31, 2023, (See “Cautionary Statement Regarding Forward-Looking Information”, “Reserves and Resources Advisory” and “Risk Factors”) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).

    Management of IPC approved the production, operating costs, operating cash flow, capital and decommissioning expenditures and free cash flow guidance and estimates contained herein as of the date of this press release. The purpose of these guidance and estimates is to assist readers in understanding IPC’s expected and targeted financial results, and this information may not be appropriate for other purposes.

    Estimated FCF generation is based on IPC’s current business plans over the periods of 2025 to 2029 and 2030 to 2034, including net debt of USD 209 million as at December 31, 2024, with assumptions based on the reports of IPC’s independent reserves evaluators, and including certain corporate adjustments relating to estimated general and administration costs and hedging, and excluding shareholder distributions and financing costs. Assumptions include average net production of approximately 57 Mboepd over the period of 2025 to 2029, average net production of approximately 63 Mboepd over the period of 2030 to 2034, average Brent oil prices of USD 75 to 95 per bbl escalating by 2% per year, and average Brent to Western Canadian Select differentials and average gas prices as estimated by IPC’s independent reserves evaluator and as further described in the MCR. IPC’s current business plans and assumptions, and the business environment, are subject to change. Actual results may differ materially from forward-looking estimates and forecasts.

    Non-IFRS Measures
    References are made in this press release to “operating cash flow” (OCF), “free cash flow” (FCF), “Earnings Before Interest, Tax, Depreciation and Amortization” (EBITDA), “operating costs” and “net debt”/”net cash”, which are not generally accepted accounting measures under International Financial Reporting Standards (IFRS) and do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with similar measures presented by other public companies. Non-IFRS measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

    The definition of each non-IFRS measure is presented in IPC’s MD&A (See “Non-IFRS Measures” therein).

    Operating cash flow
    The following table sets out how operating cash flow is calculated from figures shown in the Financial Statements:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Revenue 199,124   198,460     797,783   853,906  
    Production costs and net sales of diluent to third party1 (119,371 ) (126,414 )   (447,481 ) (491,303 )
    Current tax (1,595 ) 1,588     (8,313 ) (14,457 )
    Operating cash flow 78,158   73,634     341,989   348,146  
                       

    1 Include net sales of diluent to third party amounting to USD 737 thousand for the fourth quarter of 2024 and the year ended December 31, 2024.

    The operating cash flow for the year ended December 31, 2023 including the operating cash flow contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 353,048 thousand.

    Free cash flow
    The following table sets out how free cash flow is calculated from figures shown in the Financial Statements:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Operating cash flow – see above 78,158   73,634     341,989   348,146  
    Capital expenditures (126,256 ) (128,825 )   (434,713 ) (312,729 )
    Abandonment and farm-in expenditures1 (3,364 ) (1,516 )   (8,302 ) (9,199 )
    General, administration and depreciation expenses before depreciation2 (3,569 ) (5,762 )   (14,814 ) (16,886 )
    Cash financial items3 (6,445 ) (2,219 )   (19,657 ) (5,812 )
    Free cash flow (61,476 ) (64,688 )   (135,497 ) 3,520  

    1 See note 19 to the Financial Statements
    2 Depreciation is not specifically disclosed in the Financial Statements
    3 See notes 5 and 6 to the Financial Statements

    The free cash flow for the year ended December 31, 2023 including the free cash flow contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 2,689 thousand. Free cash flow is before shareholder distributions and financing costs.

    EBITDA
    The following table sets out the reconciliation from net result from the consolidated statement of operations to EBITDA:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Net result 415   29,710     102,219   172,979  
    Net financial items 35,767   6,509     59,709   22,736  
    Income tax 3,852   4,691     33,325   55,362  
    Depletion and decommissioning costs 32,087   30,434     128,392   101,922  
    Depreciation of other tangible fixed assets 2,430   1,309     8,933   7,812  
    Exploration and business development costs 1,725   348     2,069   2,355  
    Depreciation included in general, administration and depreciation expenses1 308   389     1,241   1,569  
    Sale of assets2 (400 ) (7,106 )   (400 ) (19,018 )
    EBITDA 76,814   66,284     335,488   345,717  

    1 Item is not shown in the Financial Statements
    2 Sale of assets is included under “Other income/(expense)” but not specifically disclosed in the Financial Statements

    The EBITDA for the year ended December 31, 2023 including the EBITDA contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 350,618 thousand.

    Operating costs
    The following table sets out how operating costs is calculated:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Production costs 120,108   126,414     448,218   491,303  
    Cost of blending (36,036 ) (44,473 )   (152,735 ) (172,996 )
    Change in inventory position (4,633 ) 1,427     (1,473 ) 3,655  
    Operating costs 79,439   83,368     294,010   321,962  
                       

    The operating costs for the year ended December 31, 2023 including the operating costs contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 328,763 thousand.

    Net cash / (debt)
    The following table sets out how net cash / (debt) is calculated from figures shown in the Financial Statements:

    USD Thousands December 31, 2024   December 31, 2023  
    Bank loans (5,121 ) (9,031 )
    Bonds1 (450,000 ) (450,000 )
    Cash and cash equivalents 246,593   517,074  
    Net cash / (debt) (208,528 ) 58,043  

    1 The bond amount represents the redeemable value at maturity (February 2027).

    Reserves and Resources Advisory
    This press release contains references to estimates of gross and net reserves and resources attributed to the Corporation’s oil and gas assets. For additional information with respect to such reserves and resources, refer to “Reserves and Resources Advisory” in the MD&A and the MCR. Light, medium and heavy crude oil reserves/resources disclosed in this press release include solution gas and other by-products. Also see “Supplemental Information regarding Product Types” below.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in Canada are effective as of December 31, 2024, and are included in the reports prepared by Sproule Associates Limited (Sproule), an independent qualified reserves evaluator, in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101) and the Canadian Oil and Gas Evaluation Handbook (the COGE Handbook) and using Sproule’s December 31, 2024 price forecasts.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in France and Malaysia are effective as of December 31, 2024, and are included in the report prepared by ERC Equipoise Ltd. (ERCE), an independent qualified reserves auditor, in accordance with NI 51-101 and the COGE Handbook, and using Sproule’s December 31, 2024 price forecasts.

    The price forecasts used in the Sproule and ERCE reports are available on the website of Sproule (sproule.com) and are contained in the MCR. These price forecasts are as at December 31, 2024 and may not be reflective of current and future forecast commodity prices.

    The reserve life index (RLI) is calculated by dividing the 2P reserves of 493 MMboe as at December 31, 2024 by the mid-point of the 2025 CMD production guidance of 43,000 to 45,000 boepd. Reserves replacement ratio is based on 2P reserves of 468 MMboe as at December 31, 2023, sales production during 2024 of 16.6 MMboe, net additions to 2P reserves during 2024 of 41.7 MMboe and 2P reserves of 493 MMboe as at December 31, 2024.

    The reserves and resources information and data provided in this press release present only a portion of the disclosure required under NI 51-101. All of the required information will be contained in the Corporation’s Annual Information Form for the year ended December 31, 2024, which will be filed on SEDAR+ (accessible at www.sedarplus.ca) on or before April 1, 2025. Further information with respect to IPC’s reserves, contingent resources and estimates of future net revenue, including assumptions relating to the calculation of net present value and other relevant information related to the contingent resources disclosed, is disclosed in the MCR available under IPC’s profile on www.sedarplus.ca and on IPC’s website at www.international-petroleum.com.

    IPC uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). A BOE conversion ratio of 6:1 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of value.

    Supplemental Information regarding Product Types

    The following table is intended to provide supplemental information about the product type composition of IPC’s net average daily production figures provided in this press release:

      Heavy Crude Oil
    (Mbopd)    		 Light and Medium Crude Oil (Mbopd) Conventional Natural Gas (per day) Total
    (Mboepd)
    Three months ended        
    December 31, 2024 24.3 7.1 95.9 MMcf
    (16.0 Mboe)    		 47.4
    December 31, 2023 25.7 6.6 103.8 MMcf
    (17.3 Mboe)    		 49.6
    Year ended        
    December 31, 2024 23.9 7.7 95.1 MMcf
    (15.8 Mboe)    		 47.4
    December 31, 2023 25.8 8.1 102.8 MMcf
    (17.1 Mboe)    		 51.1
             

    This press release also makes reference to IPC’s forecast total average daily production of 43,000 to 45,000 boepd for 2025. IPC estimates that approximately 55% of that production will be comprised of heavy oil, approximately 12% will be comprised of light and medium crude oil and approximately 33% will be comprised of conventional natural gas.

    Currency
    All dollar amounts in this press release are expressed in United States dollars, except where otherwise noted. References herein to USD mean United States dollars. References herein to CAD mean Canadian dollars.

    The MIL Network –

  • MIL-OSI New Zealand: 11 February 2025 Kāinga Ora tackles rent debt As part of its reset, Kāinga Ora is changing its approach to managing rent debt to speed up repayment and address some historic issues. Chief Executive Matt Crockett outlines the changes that are being made and the reasons for them.

    Source: New Zealand Government Kainga Ora

    Over the past 12 months, our frontline teams have been working with tenants to reduce their rent debt. This has resulted in total rent debt falling from $21.6 million in January 2024 to $16.1 million at the same time this year.

    But we want the amount owed to fall faster and to make sure we keep rent debt down in the future. So we are making changes as part of the broader reset of Kāinga Ora to address this.

    New policy

    We’re going to reduce debt by taking a firmer approach with tenants who are behind on their rent. We will be fair and reasonable – but rent must be paid.

    We will continue to support households who fall on hard times but are making genuine attempts to get back on track with their rent. We’re a social housing landlord so that’s the right thing to do.

    But, through our new rent debt policy, we are drawing a line on how patient we can be. We don’t want to end tenancies, but we will if tenants are not meeting their obligations to reduce their rent debt, are skipping rent payments or refusing to work with us.

    We’re also taking action to prevent large debts in future. Our new approach seeks to ensure that tenants will not have accumulated more than 12 weeks’ worth of rent debt when their tenancy is ended. This means we will begin the process of ending a tenancy earlier than in the past. This provides clarity about what will happen, and when, to both our tenants and our frontline.

    Partial debt forgiveness

    A small number of Kāinga Ora tenants – less than 3% – have accumulated more than 12 weeks’ worth of rent debt. There are a range of reasons for this, including social and economic events over the past five years and the steps Kāinga Ora took to respond to government policy, particularly during the pandemic.

    We’re going to help those tenants get on top of their rent debt faster by reducing the amount owed to a level that is more realistic for them to repay in full. We’ll only do this for tenants who are consistently paying their rent and making reasonable payments to reduce their debt. In return for this one-off help, tenants must continue reducing their debt.

    This will provide a clear incentive to tenants who are not currently meeting their obligations to change their behaviour and speed up repaying what they owe. If they consistently do this, they will be eligible to have part of their debt forgiven. But if they do not, we will take steps to end their tenancy.

    We expect to forgive up to $8.3 million of the $16.17 million we’re owed. This is already provisioned for on our balance sheets as it is regarded as doubtful debt, so there will be no impact on our financial performance.

    We think this is the right thing to do. The likelihood of collecting all this debt is low, given the time it will take tenants to pay it off and the significant costs associated with chasing it. We’re also conscious that during the pandemic the steps we took to respond to government policy meant we didn’t chase debt in the way we normally would, so we carry a measure of responsibility.

    We’re being pragmatic. We think we’re better off focusing on recovering the remaining debt faster and ensuring current tenants do not get into too much debt.

    All tenants whose debt is reduced will still have a significant amount to repay. And they’ll have a strong incentive to do this under our new policy, which it makes it clear we will end tenancies if tenants do not meet their rent obligations.

    Looking ahead

    It’s important we strike the right balance between supporting households in difficult circumstances and ensuring that our tenants meet their obligations. We will be closely monitoring the impact of both the new rent debt policy and partial rent debt forgiveness to ensure we have the right balance. If necessary, we will make further adjustments.

    Page updated: 11 February 2025

    MIL OSI New Zealand News –

  • MIL-OSI USA: Cantwell Statement on Trump’s Latest Steel & Aluminum Tariffs: “He Wants to Double Down on Raising Costs for Americans Even More”

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.10.25

    Cantwell Statement on Trump’s Latest Steel & Aluminum Tariffs: “He Wants to Double Down on Raising Costs for Americans Even More”

    In 2024, state imported $1.2B worth of steel & aluminum for aerospace, shipbuilding, electronics & more; Last week, Cantwell delivered a speech on Senate floor calling for increasing exports & voted against advancing Trump’s trade nominee

    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and a senior member of the Senate Committee on Finance, issued the following statement in response to President Donald Trump’s new 25% tariffs on all steel and aluminum imports.

    “Many of Trump’s tariffs on steel and aluminum have been in place since 2018. Nothing was resolved and they added costs to cars, building materials, and energy projects. Now in 2025, he wants to double down raising costs for Americans even more,” Sen. Cantwell said.

    In Washington state, two out of every five jobs are tied to trade and trade-related industries. Combined, the state imported $1.21 billion worth of steel and aluminum last year – and the major industries and employers in Washington that rely on steel and aluminum include aerospace, shipbuilding, utilities, and electronics. When President Trump imposed steel tariffs in 2018, our trading partners immediately responded by imposing tariffs of their own on Washington products, especially agriculture, including cherries, apples, pears, and potatoes. Nationally, across all industries, the steel and aluminum tariffs resulted in a decrease in production worth about $3.4 billion per year, according to an ITC report.  The United States imports $58.81 billion in steel and aluminum every year.

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

    Sen. Cantwell also voted against advancing the nomination of Howard Lutnick, President Trump’s choice to be Secretary of the Department of Commerce, citing concerns with Lutnick’s support for Trump’s proposed tariffs. More information on how President Trump’s proposed tariffs on goods from Mexico, Canada, and China would affect consumers and businesses in the State of Washington can be found HERE.

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

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

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

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

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

    MIL OSI USA News –

  • MIL-OSI: F&M Bank Welcomes Peter Schork as Regional President for Toledo, Ohio & Southeast Michigan

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, Feb. 10, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) announced that Peter Schork has joined F&M as Regional President of the Toledo, Ohio, and Southeastern Michigan regions.

    Lars Eller, President and CEO of F&M stated, “As a proven community banker, Peter brings a wealth of experience to F&M. His leadership, deep market knowledge, and commitment to building strong relationships will be an invaluable resource to F&M as we continue to grow and serve our communities. We look forward to the impact he will make in driving success for our customers, employees, and stakeholders.”

    In his new role, Peter will oversee F&M’s presence in the Toledo, Ohio, and Birmingham, Michigan markets, including offices in Waterville, Swanton, Perrysburg, Sylvania, and Downtown Toledo, as well as F&M’s Loan Production Office in Troy and its Birmingham, Michigan location.

    Peter brings over 25 years of banking and financial experience to F&M. Prior to joining the Company, he served as the Ann Arbor President for Oxford Bank and co-founded the Ann Arbor State Bank serving as its President and CEO. In addition to his community bank experience, Peter was the CFO at Catalyst Commercial Real Estate, and the President of a Michigan-based title, mortgage, and real estate company. In addition to his business experience, Peter is a proud supporter of various community organizations. Currently, he serves on the Michigan Theater Board of Trustees, is a member of the Ray and Eleanor Cross Foundation and the Kiwanis Club of Ann Arbor and is a Board Member and Treasurer for the Homeless/Unhoused Mission. Peter holds a Master of Business Administration (M.B.A.) with a specialization in Finance from Eastern Michigan University.

    About F&M Bank:
    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe harbor statement
    Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    __________________________________________

    Company Contact: Investor and Media Contact:
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank    		 Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e11179be-cf20-449e-9416-ca1e8ff1fd2f

    The MIL Network –

  • MIL-OSI Security: South Carolina Woman Sentenced for Money Laundering in Relation to COVID-19 Relief Fraud Scheme

    Source: Office of United States Attorneys

    BLUEFIELD, W.Va. – Anna Marie Omar, 51, of Myrtle Beach, South Carolina, was sentenced today to five years of federal probation, including six months on home detention, and ordered to pay $23,410.60 in restitution for money laundering by engaging in monetary transactions in property derived from a fraudulent Paycheck Protection Program (PPP) loan. Omar admitted that she fraudulently obtained a $20,833 PPP loan guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

    According to court documents and statements made in court, on April 30, 2021, Omar applied for a PPP forgivable loan while living in Bluefield, West Virginia. PPP loans were available to qualifying independent contractors and self-employed individuals adversely impacted by the COVID-19 pandemic, to replace their normal income and for certain other expenses. Omar admitted that she falsely represented that she was an independent contractor, that she had earned $152,000 in gross income in that capacity during tax year 2020, that she earned that income while working for a water processing business, and that she had been in business since 2010. Omar further admitted that she obtained the COVID-19 relief money for her own personal use.

    A PPP lender approved Omar’s loan application and deposited $20,833 in loan proceeds into Omar’s personal checking account on May 17, 2021. Omar admitted that she transferred $12,216.70 of the loan proceeds from her personal checking account to her personal savings account the following day.

    United States Attorney Will Thompson made the announcement and commended the investigative work of the West Virginia State Police – Bureau of Criminal Investigation (BCI), the West Virginia State Auditor’s Office (WVSAO) Public Integrity and Fraud Unit (PIFU), Homeland Security Investigations, the Horry County South Carolina Sheriff’s Office and the Myrtle Beach Police Department.

    Senior United States District Judge David A. Faber imposed the sentence. Assistant United States Attorney Jonathan T. Storage prosecuted the case.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 1:24-cr-36.

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    MIL Security OSI –

  • MIL-OSI United Nations: Geopolitical, Environmental, Socioeconomic Crises Threatening Development Gains, Under-Secretary-General Tells Commission for Social Development

    Source: United Nations General Assembly and Security Council

    Global solidarity is more essential than ever to address poverty, hunger, inequality and other pressing challenges facing humanity, speakers emphasized today at the opening of the 2025 annual session of the Commission for Social Development, calling for increased investment in social protection to meet these urgent needs.

    “We must step up our efforts and confront these challenges and development gaps, with determination and a collective resolve,” said Li Junhua, Under-Secretary-General for Economic and Social Affairs.  He noted that geopolitical, environmental and socioeconomic crises — compounded by megatrends like digital transformation and aging populations — threaten hard-won development gains, jeopardizing solidarity, social inclusion and social cohesion.

    “We must reverse these trends,” urged Philémon Yang (Cameroon), President of the General Assembly, adding:  “When every $1 invested in social protection yields $3 of return, measured in improved health and productivity — we literally have everything to gain.  It offers our best shot to ensure we leave no one behind”.

    The Commission — established in 1946 by the Economic and Social Council as one of its functional organs — advises the United Nations on social development issues.  Its sixty-third session will run through 14 February under the priority theme:  “Strengthening solidarity, social inclusion and social cohesion to accelerate the delivery of the commitments of the Copenhagen Declaration on Social Development and Programme of Action of the World Summit for Social Development as well as the implementation of the 2030 Agenda for Sustainable Development”.

    In his introductory remarks, Bob Rae (Canada), President of the Economic and Social Council, stressed the importance of leaving no one behind and expressed deep concern about a high level of unemployment among young people:  “If young people can’t get their foot on the ladder, it creates a huge range of social problems.”  Developing an international legal instrument on the rights of older people could strengthen efforts to shift perceptions about old people and ageism and help understand what more can be done to allow them to become and remain active participants in their societies.  Moreover, he stressed the need to address the challenges faced by people with disabilities, which “we have not made anywhere near the progress that we need to make”.

    Liana Almony, Chair of the NGO (non-governmental organization) Committee for Social Development, demanded modifying certain sociocultural patterns and norms to eliminate stigma, prejudices and stereotypes.  “Vulnerable and marginalized individuals face social injustice, discrimination and exclusion in many, if not all, aspects of their everyday lives,” she said, adding:  “Legal recognition and identity play a critical role to ensure the global community upholds its promise of leaving no one behind.”

    Judy Kipkenda, Co-Chair of the UN Global Indigenous Youth Caucus, speaking on behalf of global youth constituents, put forward several recommendations to the Commission, including empowering youth-led organizations and providing funding, technical support, and platforms for youth-led initiatives that address social and economic challenges.  “By investing in youth, promoting equity and fostering social harmony, we can create a more just, equitable and sustainable future for all,” she said.

    “The year 2025 is a crucial year,” said Guy Rider, Under-Secretary-General for Policy in the Executive Office of the Secretary-General, noting that the second World Summit for Social Development [to be held in Doha in November 2025] must lay the foundation in fulfilling the commitments of the Copenhagen Declaration and accelerating the implementation of the 2030 Agenda.  “With only five years remaining until our SDG [Sustainable Development Goal] deadline, we simply must secure progress in the social dimension of sustainable development,” he said, adding:  “We must listen more attentively to people’s voices and ensure that they can shape their own futures.”

    Commission Chair Krzysztof Maria Szczerski (Poland) emphasized that the expected outcome of this session is actionable policy recommendations to support Member States and the Economic and Social Council in implementing the outcomes of the 2023 SDG Summit and the 2024 Summit of the Future, thereby accelerating the implementation of 2030 Agenda and preparing for the second World Summit for Social Development.

    The Commission also held a high-level panel discussion to take stock of the first World Summit in 1995 and the upcoming second conference.

    In his keynote speech, Danilo Türk, President of Club de Madrid, recalled that as a former President of Slovenia, he was personally involved in the preparation for the first Copenhagen Summit 30 years ago.  He pointed out that in the current global political climate, social development and social issues are often neglected or seen as not among the main priorities.  “That’s a big problem, a problem that affects the United Nations as an organization, as a community of nations,” he said.  So, the second Summit in Doha should, most importantly, reaffirm the existence of the UN social development mandate.

    He also highlighted the need to recognize that social challenges are increasingly multidimensional, requiring integrated, synergetic approaches to policymaking.  It is also essential to develop a practical methodology to systemically assess both policy proposals and the obstacles to their implementation, ensuring that ambitious goals are not set without clear mechanisms for action. He also called for creating a dedicated institutional space for UN agencies with strong social mandates to collaborate strategically, enhancing the Economic and Social Council’s role in fostering integrated solutions.  “The 1995 Copenhagen Summit was known as the ‘People’s Summit’, and we must reignite that spirit today,” he concluded.

    Valérie Berset Bircher, Deputy Head of the International Labour Affairs Division of the Swiss State Secretariat for Economic Affairs, said that advances have been made since Copenhagen.  “Extreme poverty has declined, life expectancy has increased, more children are in school and the world has witnessed economic growth,” she said.  The COVID-19 pandemic, however, has slowed progress.  “We need to have policies, measures and action that ensure that we are truly leaving no one behind,” she added.  Wealth inequality in the last several years has widened, leaving many unable to benefit from economic growth.  Women, young people and informal workers often lack access to stable jobs, fair wages and social protection.  As it prepares for the upcoming Summit in Doha, Switzerland will focus on policies that strengthen labour institutions and individual capacity to take advantage of the opportunities offered by today’s changing world, with a particular emphasis on vulnerable groups.

    Mario Nava, Director-General for Employment, Social Affairs and Inclusion of the European Commission, outlined efforts undertaken by the bloc.  Social rights are “at the centre of our action” with three headline targets that deal with employment, skill development and poverty eradication.  On the latter, the bloc will propose its first anti-poverty strategy in 2026 addressing the root causes of the scourge.  It will strengthen its child guarantee supported by the European Social Fund.  A new pact for European social dialogue has been agreed and will be signed at the beginning of March, he noted.  Looking forward, the views of social partners and civil society must be duly considered at the second Summit, where world leaders must renew the social contract, rebuild trust and embrace a comprehensive vision of human rights. International labour standards remain the basis for social development, he added.

    Anousheh Karvar, French Government representative to the International Labor Organization (ILO) and to the G-7 and G-20 for labour, employment and social protection, said that it is time to bring about social justice to as many people as possible.  There are many challenges that remain unresolved.  “As we speak, more than half of the world population does not have access to any social protections,” she stressed.  For 30 years, there has been a “certain fatigue”, she went on to say, urging the need to “breathe new life into the social agenda”.  The November 2025 Summit in Doha must not limit itself to “stock taking or goal setting”.  It must also call upon the world to come to an agreement on how to achieve development goals.  “We must fully implement the standards and norms set by the International Labour Organization (ILO) for more than 100 years,” she urged.

    Eleni Nikolaidou, Expert Minister Counsellor and Deputy Director General of Hellenic Aid at the Ministry of Foreign Affairs of Greece, said that the second Summit must advocate for sustained, long-term investment in social protection and employment programmes, strengthening social protection systems.  The Summit must also ensure equitable access to quality education and universal access to healthcare.  It must promote policies that support active aging by ensuring the inclusion of older persons in social, economic and cultural life, and leverage technology and digital transformation.  The Summit must also strengthen the rights of persons with disabilities by implementing comprehensive policies that promote accessibility, social inclusion and equal opportunities.  “Finally, we need a clear road map for action beyond 2025 — the Summit should not only review past commitments but set out specific, time-bound goals for implementation, with monitoring mechanisms to track progress and accountability,” she said.

    Fabio Veras, Senior Researcher at the Institute for Applied Economic Research, and Head of the International Policy Center for Inclusive Development, said that the concentration of wealth in the hands of a few continues to hinder social mobility.  Climate change, armed conflicts and economic crises amplify existing vulnerabilities, undermining progress and hindering the achievements of the SDGs.  “The lack of adequate social coverage, particularly in low-income countries, further compromises progress on the SDGs,” he said.  “Billions of people remain unprotected against life’s inherent risks perpetuating cycles of poverty and vulnerability,” he went on to say.  Further, he urged the need for a fundamental review of the international financial system to ensure that developing countries have access to affordable, long-term financing.  “Expanding universal social protection is necessary for reducing poverty, eradicating hunger and reducing inequality,” he added.

    Charles Katoanga, Director of the Division for Inclusive Social Development at the UN’s Department of Economic and Social Affairs, introduced the following four reports of the Secretary-General:  “Strengthening social cohesion through social inclusion” (document E/CN.5/2025/3); Social dimensions of the New Partnership for Africa’s Development (document E/CN.5/2025/2); Policies and programmes involving youth (document E/CN.5/2025/4); and Modalities for the fifth review and appraisal of the implementation of the Madrid International Plan of Action on Ageing, 2002 (document E/CN.5/2025/5).  He also introduced a note of the Secretary-General on “Social resilience and social development” (document E/CN.5/2025/7).

    In other business, the Commission elected, by acclamation, Joslyne Kwishaka (Burundi), AlMaha Mubarak Al-Thani (Qatar) and Oliver Gruenbacher (Austria) as Vice-Chairs, and designated Vice-Chair Paola Andrea Morris Garrido (Guatemala) to serve as Rapporteur.  The Commission also adopted the provisional agenda (document E/CN.5/2025/1).

    MIL OSI United Nations News –

  • MIL-OSI USA: Hassan, Cassidy Reintroduce Bill to Connect Individuals to The Workforce

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    WASHINGTON – U.S. Senators Maggie Hassan (D-NH) and Bill Cassidy, M.D. (R-LA) reintroduced the Improve and Enhance the Work Opportunity Tax Credit Act to build the U.S. workforce and help connect individuals to good jobs. The bill will strengthen the Work Opportunity Tax Credit (WOTC), which has a proven track record of helping disadvantaged individuals secure employment. Companion legislation was introduced in the U.S. House of Representatives by U.S. Representative Lloyd Smucker (R-PA-11).

    “Ensuring that every American has access to a good-paying job is critical to the success of our country and our local communities,” said Senator Hassan. “This commonsense, bipartisan legislation will help connect more Granite Staters to good-paying jobs, while also lowering costs for businesses that invest in hiring veterans, people with disabilities, and others who may face barriers to employment.”

    “It’s not always easy to rejoin the workforce,” said Dr. Cassidy. “By helping employers connect with prospective employees struggling to find work, we boost the American economy and reduce the reliance on government assistance. It’s a win-win.”

    “The best anti-poverty program is a good job. The Work Opportunity Tax Credit (WOTC) is a program that supports employers and employees as they reenter the workforce. I am committed to helping disadvantaged Americans get back to work by advancing legislation to improve this proven tool. WOTC is a bipartisan solution that every Member of Congress should support,” said Representative Smucker.

    The WOTC provides a federal tax credit to employers who invest in American workers who have consistently faced barriers to employment, including eligible veterans, SNAP recipients, individuals with disabilities, and long-term unemployed individuals. Employers incur higher recruitment and training costs to reach WOTC eligible populations and support their successful transition back into employment. WOTC has not been updated since its enactment twenty-seven years ago, and its value has been eroded significantly due to inflation. The National Employment Opportunity Network reports that the WOTC has saved federal governments an estimated $202 billion over ten years.

    The Improve and Enhance the Work Opportunity Tax Credit Act would:

    • Update the WOTC, which has not been changed since its enactment twenty-seven years ago and encourage longer-service employment. 
    • Increase the current credit percentage from 40% to 50% of qualified wages.
    • Add a second level of credit for employees who work 400 or more hours. 
    • Eliminate the arbitrary age cap at which SNAP recipients are eligible for WOTC. This change will provide an incentive to hire older workers and better align the credit with previously adopted work reforms.  

    The bill is supported by the Louisiana Retailers Association, Albertsons, American Health Care Association, American Hotel & Lodging Association, American Seniors Housing Association, American Staffing Association, American Trucking Associations, Argentum, Asian American Hotel Owners Association, Associated Builders and Contractors, Associated General Contractors of America, Associated Wholesale Grocers, Inc., Brookshire’s, Brookshire Grocery Company, Coalition of Franchisee Associations, Critical Labor Coalition, Due Process Institute, Dunkin Donuts Independent Franchisee Organization, FMI – The Food Industry Association, Franchise Business Services, Fresh By Brookshire’s, Giant Eagle and GetGo Café + Market, H-E-B. Honest Jobs, ICSC, International Franchise Association, The Worldwide Cleaning Industry Association, The Kroger Co., NAACP, NAPEO, National Association of Convenience Stores, National Association for Home Care and Hospice, National Association of Wholesaler-Distributors, National Beer Wholesalers Association, National Employment Opportunity Network (NEON), National Franchisee Association, National Grocers Association, National Restaurant Association, National Urban League, NATSO, Pete & Gerry’s Organics, LLC, Reasor’s, Retail Industry Leaders Association, Retail Grocers Association MO&KS, Retail Merchants Association, SIGMA: America’s Leading Fuel Marketers, Small Business & Entrepreneurship Council, Society for Human Resource Management, Spring Market, Super 1 Foods, UPS, and Wakefern Food Corp.

    “The restaurant industry has hundreds of thousands of jobs that it needs to fill every month, many of which can be filled by individuals who have traditionally faced barriers to employment. Getting these people back to work is valuable to the individual, the restaurant operator and the community. We appreciate Sens. Cassidy and Hassan’s efforts to improve on WOTC as a tool for restaurant operators to hire needed staff and increase their business viability,” said Sean Kennedy, Executive Vice President of Public Affairs, National Restaurant Association.

    “The Louisiana Restaurant Association applauds Sen. Cassidy for his leadership in introducing the Improve and Enhance the Work Opportunity Tax Credit (WOTC) Act. Restaurants in Louisiana are not just places to enjoy great food; they are training grounds for skill development and second chances for many individuals facing employment barriers. The WOTC program is essential for fostering opportunities, strengthening our workforce, and contributing to the economic vitality of our communities,” said Stan Harris, President and CEO, Louisiana Restaurant Association. 

    “America’s workforce is facing a perfect storm. The labor shortage, exacerbated by demographic shifts, aging population, declining participation, mismatch of skills and the lingering effects of the pandemic, has left employers struggling to fill jobs in critical industries. The Critical Labor Coalition strongly supports the Improve and Enhance the Work Opportunity Tax Credit Act, which will modernize WOTC to reflect today’s labor market realities and ensure that businesses—especially those hit hardest by workforce shortages—are incentivized to hire individuals from historically underemployed groups who may otherwise face barriers to entering the workforce,” said Misty Chally, Executive Director, Critical Labor Coalition.

    “FMI – The Food Industry Association applauds Senators Bill Cassidy (R-LA) and Maggie Hassan (D-NH) for introducing this legislation to improve the Work Opportunity Tax Credit (WOTC). WOTC is an important workforce-building tool, utilized by our grocery, wholesaler, and product supplier members, to hire individuals facing barriers to employment. FMI is excited to work with Senators Cassidy and Hassan and House companion bill sponsors Representatives Lloyd Smucker (R-PA) and Terri Sewell (D-AL) on strengthening the path for veterans, SNAP participants, justice-involved individuals, and others to obtain meaningful employment in the food industry through enactment of this measure,” said Christine Pollack, FMI Vice President, Government Relations.

    “The Work Opportunity Tax Credit has been a vital resource for franchise business owners that provide job opportunities to workers who have faced barriers to employment. IFA applauds Sens. Cassidy and Hassan for taking this important step to help franchised businesses hire workers from underserved communities and provide additional relief, especially since finding labor remains the most significant challenge for local franchises,” said Mike Layman, Chief Advocacy Officer, International Franchise Association.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Universities – Covid strategies ‘fell short’ for Pacific people, research finds – UoA

    Source: University of Auckland (UoA)

    Research on the impacts of Covid-19 highlights high death rates among Pacific people in Aotearoa and the need to provide better support in the future.

    A report has just been publicly released – Pacific contribution to the New Zealand COVID-19 response – Strengths, Weaknesses and Missed Opportunities.

    It notes that despite the overall success of New Zealand’s response to Covid, Pacific people were hard hit and the response failed to target their needs adequately, says research lead, Professor Sir Collin Tukuitonga, co-director of Te Poutoko Ora a Kiwa – Centre for Pacific and Global Health at the University of Auckland.

    “Despite clear and consistent evidence related to the disproportionate impact of Covid-19 on Pacific communities, the national response fell short of engaging with Pacific leaders, instead adopting a generic ‘one size fits all’ approach,” the report states.

    Pacific people were twice as likely to be hospitalised with Covid as non-Pacific and non-Māori in Aotearoa, according to the research, which was funded by the Ministry of Health and carried out by the Centre for Pacific and Global Health and two Pacific health and social service providers, the Pasifika Medical Association and the Fono.

    A far higher percentage of Pacific people aged under 80 died within 28 days of being reported as a case, than those aged under 80 in other ethnic groups. Of the people aged under 59 years who died within 28 days of being reported as a case, 20 percent were Pacific, compared to eight percent of those categorised as European/other ethnicities of the same age.

    The experiences of 147 Pacific people were gathered for the report, which states the virus and ensuing lockdowns took a significant toll on the mental health of all the participants.

    Media coverage named a Pacific church as central to a large Covid cluster in August 2021, fuelling “racist vilification” of the Sāmoan community, stigma and discrimination, the report says.

    “Government officials, media and Pacific community leaders need to collaborate closely and quickly to prevent similar occurrences of racism from media reports for future pandemics,” it states.

    Many Pacific people were essential workers, who experienced fear and anxiety of the virus, in addition to racism.

    The challenges of lockdowns and self-isolation were exacerbated for many Pacific families living in multi-generational households.

    “The findings from the Covid-19 global pandemic emphasise the existing socioeconomic disparities, such as overcrowded living conditions, high rates of co-morbidities, and delayed access to healthcare, contributing to the disproportionate impact on Pacific and Māori communities.

    “Recognising and addressing these structural inequalities are essential components of any comprehensive public health strategy aimed at mitigating the impact of pandemics on vulnerable populations,” the report states.

    About 28 percent of Pacific peoples felt they couldn’t access mental health support during alert levels two, three and four, and 26 percent felt they could not access healthcare.

    The report recommends that in the future, Pacific health services be given clear guidelines as soon as possible, so they can begin outreach work with Pacific communities and ensure patients still receive healthcare for long-term conditions.

    It recommends reviewing policies on hospital visitors, because these were the most challenging of all protective measures for Pacific families.

    Plans should enable Pacific communities to establish testing and vaccination centres at the beginning of an outbreak and factor in mental health impacts.

    The importance of the church in offering guidance, combating misinformation and offering social support during a pandemic is highlighted in the reports.

    While vaccine uptake was initially slow among Pacific people, 95 percent were fully vaccinated by December 2021. About 68 percent of the participants said caring for family motivated their decision to get vaccinated.

    Pacific households faced disproportionate economic hardship during 2020 compared to the general population, with 18 percent of households losing half of their income or more.

    Education also suffered, as online learning replaced classroom teaching. The research found 20 percent of Pacific students did not have or did not know if they had access to a device at home for distance learning.

    “Long-term impacts of loss in learning and disengagement from school require further investigation,” the report states.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Therapy helps peanut-allergic kids tolerate tablespoons of peanut butter

    Source: US Department of Health and Human Services – 2

    News Release

    Monday, February 10, 2025

    NIH trial informs potential treatment strategy for kids who already tolerate half a peanut or more.

    Eating gradually increasing doses of store-bought, home-measured peanut butter for about 18 months enabled 100% of children with peanut allergy who initially could tolerate the equivalent of at least half a peanut to consume three tablespoons of peanut butter without an allergic reaction, researchers report. This easy-to-implement treatment strategy could potentially fulfill an unmet need for about half of children with peanut allergy, who already can tolerate the equivalent of at least half a peanut, considered a high threshold. The findings come from a trial sponsored and funded by the National Institutes of Health’s National Institute of Allergy and Infectious Diseases (NIAID) and published today in the journal NEJM Evidence.

    “Children with high-threshold peanut allergy couldn’t participate in previous food allergy treatment trials, leaving them without opportunities to explore treatment options,” said NIAID Director Jeanne Marrazzo, M.D., M.P.H. “Today’s report focuses on this population and shows that a very safe and accessible form of therapy could be liberating for many of these children and their families.”

    The food allergy treatments currently approved by the Food and Drug Administration were tested in children with low-threshold peanut allergy, who cannot tolerate the equivalent of even half a peanut. These treatments are designed to decrease the likelihood of a reaction to a small amount of peanut despite efforts to avoid it, as might occur with accidental exposure. This approach is not relevant to the estimated 800,000 U.S. children who may have high-threshold peanut allergy, leaving them with only one management strategy prior to the new report: peanut avoidance.

    To address this need, researchers tested whether a low-cost, convenient treatment strategy could help children with high-threshold peanut allergy tolerate a much greater amount of peanut protein than they already did. The mid-stage trial involved 73 children ages 4 to 14 years. Based on parent or guardian report, nearly 60% of the children were white, 19% were Asian, 1.4% were Black, and 22% were more than one race. The study team assigned the children at random to either test the new treatment strategy or continue avoiding peanut.

    Those in the peanut-ingestion group began with a minimum daily dose of 1/8 teaspoon of peanut butter. They gradually increased their dose every eight weeks up to 1 tablespoon of peanut butter or an equivalent amount of a different peanut product, such as peanut flour or candies. Dose increases took place under medical supervision at the study site. None of the children in the peanut-ingestion group needed epinephrine to treat severe allergic reactions during home dosing, and only one child needed epinephrine during a supervised dosing visit at the study site.

    After undergoing the treatment regimen, the peanut-consuming children participated in an oral food challenge carefully supervised by the study team to see how much peanut butter they could eat without an allergic reaction. All 32 children who participated in the challenge could tolerate the maximum amount of 9 grams of peanut protein, the equivalent of 3 tablespoons of peanut butter. By contrast, only three of the 30 children in the avoidance group who underwent the oral food challenge after a similar amount of time in the trial could tolerate 9 grams of peanut protein. Three additional children in the avoidance group tolerated a challenge dose at least two doses greater than the amount they could tolerate at the start of the study.

    The trial took place during the COVID-19 pandemic, and some families preferred to avoid indoor close contact with others at that time, so some children did not return to the study site for the oral food challenge. Using a common statistical technique to account for those missing challenge results, 100% of the ingestion group and 21% of the avoidance group tolerated at least two doses greater than they could at the outset.

    Children in the peanut-ingestion group who could tolerate 9 grams of peanut protein during the oral food challenge consumed at least 2 tablespoons of peanut butter weekly for 16 weeks, then avoided peanut entirely for eight weeks. At that point, they were asked to return to the study site for a final oral food challenge.

    Twenty-six of the 30 treated children (86.7%) who participated in the final challenge continued to tolerate 9 grams of peanut protein, indicating they had achieved sustained unresponsiveness to peanut. The three children in the avoidance group who could eat 9 grams of peanut protein without a reaction at the earlier challenge were considered to have developed natural tolerance to peanut. Analyzing these outcomes and including all 73 children who began the trial, regardless of whether they participated in the final challenge, investigators found that 68.4% of the peanut-ingestion group achieved sustained unresponsiveness, while only 8.6% of the avoidance group developed natural tolerance.     

    Based on these encouraging results, the investigators want to learn if the same treatment strategy would work for food allergens other than peanuts. Future follow-up is needed to determine the therapy’s effectiveness at inducing long-lasting tolerance of peanut.

    Scott H. Sicherer, M.D., and Julie Wang, M.D., led the trial, which took place at the Elliot and Roslyn Jaffe Food Allergy Institute in Mount Sinai Kravis Children’s Hospital, New York. Dr. Sicherer is director of the Institute and the Elliot and Roslyn Jaffe Professor of Pediatric Allergy and Immunology. He is also chief of the Division of Allergy and Immunology in the Department of Pediatrics and medical director of the Clinical Research Unit in the ConduITS Institute for Translational Sciences at Icahn School of Medicine at Mount Sinai. Dr. Wang is a professor of pediatric allergy and immunology in the Elliot and Roslyn Jaffe Food Allergy Institute. 

    More information about the clinical trial, called the CAFETERIA study, is available at ClinicalTrials.gov under study identifier NCT03907397.

    NIAID conducts and supports research—at NIH, throughout the United States, and worldwide—to study the causes of infectious and immune-mediated diseases, and to develop better means of preventing, diagnosing and treating these illnesses. News releases, fact sheets and other NIAID-related materials are available on the NIAID website.

    About the National Institutes of Health (NIH): NIH, the nation’s medical research agency, includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. NIH is the primary federal agency conducting and supporting basic, clinical, and translational medical research, and is investigating the causes, treatments, and cures for both common and rare diseases. For more information about NIH and its programs, visit www.nih.gov.

    NIH…Turning Discovery Into Health®

    Reference

    SH Sicherer et al. Randomized trial of high dose, home measured peanut oral immunotherapy in children with high threshold peanut allergy. NEJM Evidence DOI: 10.1056/EVIDoa2400306 (2025)

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    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Sen. Joni Ernst in WSJ: USAID Is a Rogue Agency

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – In case you missed it, U.S. Senator Joni Ernst (R-Iowa) detailed in the Wall Street Journal how the U.S. Agency for International Development (USAID) acts against our nation’s best interests and stonewalled her oversight of where tax dollars are going and why. 
    As Senate DOGE Caucus chair and founder, Senator Ernst will continue to work with President Trump’s Department of Government Efficiency (DOGE) to examine how taxpayers’ money is spent and put an end to any waste, fraud, and abuse.
    WSJ: Sen. Joni Ernst: USAID Is a Rogue Agency
    It dodges congressional questions about money that went to sex traffickers and the Wuhan virus lab.
    By: Senator Joni Ernst
    In moments of crisis, America can be counted on for leadership. Our nation’s compassionate giving has saved millions of lives around the world that were at risk from starvation or disease. All Americans should be able to take great pride in our generosity. And the government agencies coordinating aid efforts should be eager to share details about how they’re using taxpayers’ money to make the world a better place.
    Yet the U.S. Agency for International Development, entrusted with disbursing tens of billions of aid dollars to other nations annually, is a rogue bureaucracy. I’ve uncovered that the agency often acts at odds with our nation’s best interests and uses intimidation and shell games to hide where money is going, how it’s being spent and why.
    USAID repeatedly rebuffed my requests for a list of recipients of U.S. tax dollars sent to Ukraine, claiming that the information was classified. Despite the pushback, I persisted. Eventually, USAID permitted my staff to review documents under surveillance in a highly secure room at USAID headquarters, with note-taking prohibited.
    What warranted such secrecy? We learned that the aid that was supposed to alleviate economic distress in the war-torn nation was spent on such frivolous activities as sending Ukrainian models and designers on junkets to New York City, London Fashion Week, Paris Fashion Week and South by Southwest in Austin, Texas.
    I faced the same stonewalling from USAID when I asked about tax dollars being diverted from project missions for largely unrelated costs, known as the negotiated indirect cost rate. The agency claimed that it wasn’t possible to track. My team debunked that by providing USAID staff with a link to a public database. The agency fired back, warning that divulging this information would violate federal laws, including the Economic Espionage Act.
    When I launched a formal investigation in cooperation with the House Foreign Affairs Committee, USAID relented. Turns out, the agency is allowing grantees to skim significant amounts of money, up to and even beyond half of the total, for themselves.
    We need guarantees that U.S. assistance is helping people in need, but a recent review by the agency’s own inspector general found USAID still “does not have proper documentation to support indirect costs charged” by grant recipients.
    I shouldn’t have to ask these questions. All federal spending is required to be publicly available on the website USAspending.gov, a searchable database created nearly two decades ago by a bipartisan law.
    USAID’s sketchy spending schemes were the impetus for this law aimed at making federal funding more transparent. Congressional investigators in 2005 caught the agency supporting an organization involved with the trafficking of teenage girls in Asia. USAID staff called the claims “destructive” and vehemently denied them. The evidence proved otherwise. A pass-through group, set up with the help of former agency employees, was found funneling U.S. tax dollars into abetting the sex trade operation.
    The agency has learned to exploit loopholes in the law, as my investigation into the origins of the pandemic exposed. The watchdog organization White Coat Waste Project was the first to release evidence that both USAID and Anthony Fauci’s National Institute of Allergy and Infectious Diseases were financing bat studies involving coronaviruses at the Wuhan Institute of Virology. Yet no grants to the Chinese lab appeared in USAspending.gov. Audits later uncovered that more than a million dollars from the U.S. government were paying for the dangerous research. The bulk of the money was provided by USAID, not Dr. Fauci.
    USAID evaded the obligation to report this transaction to USAspending.gov by using multiple pass-through organizations, including the nefarious EcoHealth Alliance, which is now barred from receiving U.S. government grants.
    What was our international development agency developing at China’s Wuhan Institute of Virology? If the Central Intelligence Agency and Federal Bureau of Investigation are correct that the Covid virus likely originated from a lab leak, USAID may have had a hand in a once-in-a-century pandemic that claimed the lives of millions.
    There’s no shortage of other questionable USAID projects. More than $9 million intended for civilian food and medical supplies in Syria ended up in the hands of violent terrorists. Another $2 million was spent promoting tourism to Lebanon, a nation the State Department warns against traveling to due to the risks of terrorism, kidnapping and unexploded land mines.
    USAID spent millions of dollars paying people to dig irrigation ditches in Afghanistan and encouraging farmers to grow food crops instead of poppies for opium. The result: Poppy cultivation nearly doubled.
    Many other groups supported by USAID are doing great work, such as caring for orphans and people living with HIV. Imagine how much more good work could be supported with the dollars that instead ended up enriching terrorists, sex traffickers, mad scientists and drug cartels.
    After keeping its spending records hidden from Congress and taxpayers, USAID employees are now protesting the review of the agency’s records by President Trump’s Department of Government Efficiency. It’s no surprise that Washington insiders are more upset at DOGE for trying to stop wasteful spending than at USAID for misusing tax dollars.
    The question we should be asking isn’t why USAID’s grants are being scrutinized, but why it took so long.
    Ms. Ernst, an Iowa Republican, is founder and chairwoman of the Senate DOGE Caucus.

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy, Hassan Reintroduce Bill to Connect Individuals to The Workforce

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Maggie Hassan (D-NH) reintroduced the Improve and Enhance the Work Opportunity Tax Credit Act to build the U.S. workforce and help connect individuals to good jobs. The bill will strengthen the Work Opportunity Tax Credit (WOTC), which has a proven track record of helping disadvantaged individuals secure employment. Companion legislation was introduced in the U.S. House of Representatives by U.S. Representative Lloyd Smucker (R-PA-11).
    “It’s not always easy to rejoin the workforce,” said Dr. Cassidy. “By helping employers connect with prospective employees struggling to find work, we boost the American economy and reduce the reliance on government assistance. It’s a win-win.”
    “Ensuring that every American has access to a good-paying job is critical to the success of our country and our local communities,” said Senator Hassan. “This commonsense, bipartisan legislation will help connect more Granite Staters to good-paying jobs, while also lowering costs for businesses that invest in hiring veterans, people with disabilities, and others who may face barriers to employment.”
    “The best anti-poverty program is a good job. The Work Opportunity Tax Credit (WOTC) is a program that supports employers and employees as they reenter the workforce. I am committed to helping disadvantaged Americans get back to work by advancing legislation to improve this proven tool. WOTC is a bipartisan solution that every Member of Congress should support,” said Representative Smucker.
    The WOTC provides a federal tax credit to employers who invest in American workers who have consistently faced barriers to employment, including eligible veterans, SNAP recipients, individuals with disabilities, and long-term unemployed individuals. Employers incur higher recruitment and training costs to reach WOTC eligible populations and support their successful transition back into employment. WOTC has not been updated since its enactment twenty-seven years ago, and its value has been eroded significantly due to inflation. The National Employment Opportunity Network reports that the WOTC has saved federal governments an estimated $202 billion over ten years.
    The Improve and Enhance the Work Opportunity Tax Credit Act would:

    Update the WOTC, which has not been changed since its enactment twenty-seven years ago and encourage longer-service employment. 
    Increase the current credit percentage from 40% to 50% of qualified wages.
    Add a second level of credit for employees who work 400 or more hours. 
    Eliminate the arbitrary age cap at which SNAP recipients are eligible for WOTC. This change will provide an incentive to hire older workers and better align the credit with previously adopted work reforms.  

    The bill is supported by the Louisiana Retailers Association, Albertsons, American Health Care Association, American Hotel & Lodging Association, American Seniors Housing Association, American Staffing Association, American Trucking Associations, Argentum, Asian American Hotel Owners Association, Associated Builders and Contractors, Associated General Contractors of America, Associated Wholesale Grocers, Inc., Brookshire’s, Brookshire Grocery Company, Coalition of Franchisee Associations, Critical Labor Coalition, Due Process Institute, Dunkin Donuts Independent Franchisee Organization, FMI – The Food Industry Association, Franchise Business Services, Fresh By Brookshire’s, Giant Eagle and GetGo Café + Market, H-E-B. Honest Jobs, ICSC, International Franchise Association, The Worldwide Cleaning Industry Association, The Kroger Co., NAACP, NAPEO, National Association of Convenience Stores, National Association for Home Care and Hospice, National Association of Wholesaler-Distributors, National Beer Wholesalers Association, National Employment Opportunity Network (NEON), National Franchisee Association, National Grocers Association, National Restaurant Association, National Urban League, NATSO, Pete & Gerry’s Organics, LLC, Reasor’s, Retail Industry Leaders Association, Retail Grocers Association MO&KS, Retail Merchants Association, SIGMA: America’s Leading Fuel Marketers, Small Business & Entrepreneurship Council, Society for Human Resource Management, Spring Market, Super 1 Foods, UPS, and Wakefern Food Corp.
    “The restaurant industry has hundreds of thousands of jobs that it needs to fill every month, many of which can be filled by individuals who have traditionally faced barriers to employment. Getting these people back to work is valuable to the individual, the restaurant operator and the community. We appreciate Sens. Cassidy and Hassan’s efforts to improve on WOTC as a tool for restaurant operators to hire needed staff and increase their business viability,” said Sean Kennedy, Executive Vice President of Public Affairs, National Restaurant Association.
    “The Louisiana Restaurant Association applauds Sen. Cassidy for his leadership in introducing the Improve and Enhance the Work Opportunity Tax Credit (WOTC) Act. Restaurants in Louisiana are not just places to enjoy great food; they are training grounds for skill development and second chances for many individuals facing employment barriers. The WOTC program is essential for fostering opportunities, strengthening our workforce, and contributing to the economic vitality of our communities,” said Stan Harris, President and CEO, Louisiana Restaurant Association. 
    “America’s workforce is facing a perfect storm. The labor shortage, exacerbated by demographic shifts, aging population, declining participation, mismatch of skills and the lingering effects of the pandemic, has left employers struggling to fill jobs in critical industries. The Critical Labor Coalition strongly supports the Improve and Enhance the Work Opportunity Tax Credit Act, which will modernize WOTC to reflect today’s labor market realities and ensure that businesses—especially those hit hardest by workforce shortages—are incentivized to hire individuals from historically underemployed groups who may otherwise face barriers to entering the workforce,” said Misty Chally, Executive Director, Critical Labor Coalition.
    “FMI – The Food Industry Association applauds Senators Bill Cassidy (R-LA) and Maggie Hassan (D-NH) for introducing this legislation to improve the Work Opportunity Tax Credit (WOTC). WOTC is an important workforce-building tool, utilized by our grocery, wholesaler, and product supplier members, to hire individuals facing barriers to employment. FMI is excited to work with Senators Cassidy and Hassan and House companion bill sponsors Representatives Lloyd Smucker (R-PA) and Terri Sewell (D-AL) on strengthening the path for veterans, SNAP participants, justice-involved individuals, and others to obtain meaningful employment in the food industry through enactment of this measure,” said Christine Pollack, FMI Vice President, Government Relations.
    “The Work Opportunity Tax Credit has been a vital resource for franchise business owners that provide job opportunities to workers who have faced barriers to employment. IFA applauds Sens. Cassidy and Hassan for taking this important step to help franchised businesses hire workers from underserved communities and provide additional relief, especially since finding labor remains the most significant challenge for local franchises,” said Mike Layman, Chief Advocacy Officer, International Franchise Association.

    MIL OSI USA News –

  • MIL-OSI USA: World Photo Day: Behind the Scenes with Goddard’s Documentary Photographers

    Source: NASA

    Ambiguity. 
    That’s the word that comes to mind when documentary photographers start each day at NASA’s Goddard Space Flight Center in Greenbelt, Maryland.

    “You walk in and think one thing is happening,” said OCI’s lead documentary photographer Desiree Stover. “But in an instant things change – maybe goes wrong –- and you need to be ready to capture it.”
    From build to testing to launch, one figure is always present in the background capturing the story of each Goddard mission – the documentary photographer. 
    In honor of #WorldPhotoDay, follow along as two of our documentarians share what it’s like to capture the story of Goddard’s latest mission build PACE. 
    PACE or Plankton, Aerosol, Cloud, ocean Ecosystem, is set to launch in early 2024. Its goal is to see ocean and atmosphere features in unparalleled detail. By measuring the intensity of the color that reflects from Earth’s ocean surface, PACE will capture fine details about tiny plant-like organisms and algae that live in the ocean, called phytoplankton, that are the basis of the marine food web and generate half of Earth’s oxygen. 
    Crafting the Story
    For Stover and her partner Denny Henry, PACE’s lead mission photographer, the story starts with the smallest details. 
    “I think one of the first things I photographed was the outside of a circuit port box. It was literally an empty metal box,” said Henry, who started photographing PACE in 2020, right before the pandemic. “It might be small, but it’s part of a system that’s going to do big things.”

    A typical day for these photographers usually starts with a morning meeting, assignments and getting ready. By the end of the day, the original plan has likely been changed, multiple times.
    “Some days we might shoot eight photos, other days it might be hundreds or more,” Stover said.

    Images captured during shoots are used for a variety of things, especially technical components of the mission. This includes documenting builds, spotting mistakes and testing. 
    Stover got her start at Goddard by photographing NASA’s James Webb Space Telescope before switching to capturing imagery of Goddard’s small instruments, including PACE’s Ocean Color Instrument, or OCI. This advanced sensor will enable continuous measurement of light throughout the ultraviolet to shortwave infrared spectrum to better understand Earth’s ocean and atmosphere.
    She says she’s still in awe that her teammates trust her “eye.”
    “One of the most fascinating things about working here is that we have a specific job,” she said. “And even though engineers can pick up a camera and take photos, they don’t. They know we’re the experts at it. They trust our eyes to tell and capture the story.”
    Henry said one of the most memorable days he’s documented so far was watching the PACE team integrate the SPEXone instrument into the spacecraft. 
    “All the partners were there as I photographed. It was a big deal,” he said. “I captured every bolt all the way to the mounting. It’s important to get these details. Six months from now someone who wasn’t there might want to see what was done in what order.”
    Henry said that capturing images is only part of the job. For every hour of shooting, there’s also an hour spent processing and working with partners to ensure things were documented correctly.
    Playing Detective
    While telling the story is important, Stover says that part of the job is speaking up, especially when you notice something wrong.
    During one assignment documenting vibration testing, Stover noticed that OCI’s Earth shade looked different.
    “We took the bagging off and could see tape peeling off the radiator panels, possibly loose wires in certain places,” she said. “When I saw this, I thought back to what it was like when we shot this the first time.”

    It’s common for the photographers to shoot things twice to examine how things might change when in testing. When Stover saw the tape, she got to work ensuring her hunch was right. 
    She sent a series of images to the thermal team lead letting him know what she found. Plans were already underway to change the design.
    The unexpected
    Stover and Henry agree that documenting missions has come with some interesting experiences.
    Both had to undergo fall protection harness training in the event they had to climb around one of Goddard’s cleanrooms, something that happened to Stover during one assignment.
    “Once I was up in Building 29’s high bay. Like up at the very top in the crane rafters shooting. I never thought I was afraid of heights until that moment,” she said. “But I focused on the image and what task I was accomplishing and completed the assignment without issue.”
    Henry said adjusting to Covid-19 required a lot of flexibility, especially with sudden changes.
    “This is not a job you can do from home,” he said. “After a few months, we adapted.”

    Henry said that many times mission teams will find that engineering drawings won’t match up with what was actually built. With the pandemic restrictions, PACE heavily relied on his images to note how things changed and why issues occurred. 
    As PACE heads toward big milestones in the next year, both Stover and Henry are excited to see their work come together, including the day of launch.
    They both agreed that photographing the teams involved in each aspect of PACE’s build is especially rewarding as they help create mementos that go along with their mission’s story. 

    By: Sara BlumbergNASA’s Goddard Space Flight Center, Greenbelt, Md. 

    MIL OSI USA News –

  • MIL-OSI Security: Two convicted in Eastern District of Texas COVID fraud scheme

    Source: Office of United States Attorneys

    SHERMAN, Texas – A Collin County man and a Floridian have been convicted of federal violations related to a COVID fraud scheme in the Eastern District of Texas, announced Acting U.S. Attorney Abe McGlothin, Jr.

    Cord Dean Newman, 47, of Homosassa, Florida, and Eric “Phoenix” Marascio, 53, of Allen, were found guilty of conspiracy to commit wire fraud and conspiracy to commit money laundering following a four-day trial before U.S. District Judge Jeremy D. Kernodle on February 6, 2025.

    According to information presented in court, Newman, a Hollywood stuntman, and Marascio, an author and baker, were convicted for their involvement in a multimillion-dollar loan fraud and money laundering conspiracy. The evidence at trial showed they were involved in a scheme to defraud lenders and the Small Business Administration’s (SBA’s) Paycheck Protection Program (PPP) by applying for and obtaining fraudulent PPP loans during the COVID-19 pandemic.  Once Newman and Marascio obtained the loans, they used the funds in a manner inconsistent with the program, including to invest in foreign exchange currency markets, to purchase vehicles, and for various other non-business-related expenditures.

    The Coronavirus Aid, Relief, and Economic Security (CARES) Act was a federal law enacted in March 2020 and designed to provide emergency financial assistance to the millions of Americans who were suffering the economic effects caused by the COVID-19 pandemic. One source of relief provided by the CARES Act was the authorization of forgivable loans to small businesses for job retention and certain other expenses, through a program referred to as the Paycheck Protection Program (PPP).  The Economic Injury Disaster Loan (EIDL) Program was an SBA program that provided low-interest financing to small businesses, renters, and homeowners in regions affected by declared disasters. 

    The defendants each face up to 20 years in federal prison at sentencing.  The maximum statutory sentence prescribed by Congress is provided here for information purposes, as the sentencing will be determined by the court based on the advisory sentencing guidelines and other statutory factors.  A sentencing hearing will be scheduled after the completion of a presentence investigation by the U.S. Probation Office.

    This case is being investigated by the Federal Bureau of Investigation and the Internal Revenue Service – Criminal Investigations.  This case is being prosecuted by Assistant U.S. Attorneys in the Eastern District of Texas.

    ###

    MIL Security OSI –

  • MIL-OSI: F&M Bank Welcomes Peter Schork as Market President for Toledo, OH & Birmingham, MI

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, Feb. 10, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) announced that Peter Schork has joined F&M as Market President of the Toledo, Ohio and Birmingham, Michigan markets.

    Lars Eller, President and CEO of F&M stated, “As a proven community banker, Peter brings a wealth of experience to F&M. His leadership, deep market knowledge, and commitment to building strong relationships will be an invaluable resource to F&M as we continue to grow and serve our communities. We look forward to the impact he will make in driving success for our customers, employees, and stakeholders.”

    In his new role, Peter will oversee F&M’s presence in the Toledo, Ohio, and Birmingham, Michigan markets, including offices in Waterville, Swanton, Perrysburg, Sylvania, and Downtown Toledo, as well as F&M’s Loan Production Office in Troy and its Birmingham, Michigan location.

    Peter brings over 25 years of banking and financial experience to F&M. Prior to joining the Company, he served as the Ann Arbor President for Oxford Bank and co-founded the Ann Arbor State Bank serving as its President and CEO. In addition to his community bank experience, Peter was the CFO at Catalyst Commercial Real Estate, and the President of a Michigan based title, mortgage, and real estate company. In addition to his business experience, Peter is a proud supporter of various community organizations. Currently he serves on the Michigan Theater Board of Trustees, is a member of the Ray and Eleanor Cross Foundation and the Kiwanis Club of Ann Arbor and is a Board Member and Treasurer for the Homeless/Unhoused Mission. Peter holds a Master of Business Administration (M.B.A.) with a specialization in Finance from Eastern Michigan University.

    About F&M Bank:
    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe harbor statement
    Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    Company Contact: 
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank    		 Investor and Media Contact:
    Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com
       

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e11179be-cf20-449e-9416-ca1e8ff1fd2f

    The MIL Network –

  • MIL-OSI Asia-Pac: Growth in Foreign Tourist Arrivals

    Source: Government of India

    Posted On: 10 FEB 2025 5:20PM by PIB Delhi

    As per data from the Bureau of Immigration, India recorded 9.52 million Foreign Tourist Arrivals (FTAs) in 2023, reflecting a 47.9% increase compared to 2022 year which account for Foreign Exchange Earnings (FEEs) of Rs.2,31,927 crore with a growth of 36.5%.

    The growth in Foreign Tourist Arrivals (FTAs) is mainly driven by the post-pandemic revival of global travel and increasing confidence in India as a diverse and culturally rich destination. Enhanced air connectivity has improved accessibility to key tourist spots, while continuous development of tourism infrastructure has elevated the visitor experience. Additionally, targeted domestic and international marketing campaigns have strengthened India’s global appeal, positioning it as a premier destination for travelers worldwide.

    Furthermore, Ministry of Tourism has taken several steps/initiatives over the years to give boost to the tourism sector in the country, details of which are:

    • The Ministry of Tourism under the schemes of ‘Swadesh Darshan’, ‘National Mission on Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASHAD)’ and ‘Assistance to Central Agencies for Tourism Infrastructure Development’ provides financial assistance to State Governments/Union Territory Administrations/Central Agencies for the development of tourism related infrastructure and facilities at various tourism destinations in the country.
    • Ministry of Tourism through its various campaigns and events promotes various tourism destinations and products of India in domestic and international markets. Some of the initiatives are Dekho Apna Desh campaign, Chalo India campaign, International Tourism Mart, Bharat Parv.
    • The Incredible India Content Hub was launched which is a comprehensive digital repository, featuring a rich collection of high-quality images, films, brochures, and newsletters related to tourism in India. Promotions are also carried out through the web-site – www.incredibleindia.org and social media handles of the Ministry.
    • Thematic tourism like wellness tourism, culinary tourism, rural, eco-tourism, etc. amongst other niche subjects are promoted so as to expand the scope of tourism into other sectors as well.
    • Enhance the overall quality and visitor experience through initiatives focused on capacity building, skill development such as ‘Capacity Building for Service Providers’, ‘Incredible India Tourist Facilitator’ (IITF), ‘Paryatan Mitra’ and ‘Paryatan Didi’.
    • For improving air connectivity to important tourist destinations, Ministry of Tourism has collaborated with Ministry of Civil Aviation under their RCS-UDAN Scheme. As on date, 53 tourism routes have been operationalized.
    • e-Visa scheme is now available to 167 countries and it is available for 9 sub-categories:

     

    i.       e-Tourist Visa

    ii.      e-Business Visa

    iii.     e-Medical Visa

    iv.     e-Conference Visa

    v.      e-Medical Attendant Visa

    vi.     e-Ayush Visa

    vii.    e-Ayush Attendant Visa

    viii.   e- Student Visa

    ix.     e-Student X Visa

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

    ***

    Sunil Kumar Tiwari

    tourism4pib[at]gmail[dot]com

    (Release ID: 2101371) Visitor Counter : 67

    MIL OSI Asia Pacific News –

  • MIL-OSI Global: AI dating is about data, not love: How to resist the tech takeover of romance

    Source: The Conversation – Canada – By Treena Orchard, Associate Professor, School of Health Studies, Western University

    If we permit AI to take over our dating and love lives too much, it risks hollowing out our relationships and connections. (Shutterstock)

    As in-person dating activities make a comeback and the allure of dating apps fade, platforms like Tinder, Bumble and Hinge are becoming passé for millennials and Gen Z.

    But while the era of dating apps is on the decline, people aren’t ditching the search for love altogether. There’s enough heart-shaped chocolates, red lingerie and silicone toys to keep us going for decades. The real question is: who or what is filling the void left by the dating app industry?

    The answer is artificial intelligence.

    Tech companies have woven AI into everything from facial recognition software to voice-activated assistants and sexbots. Now, it’s being inserted into online dating. As an anthropologist who writes about sexuality, dating and technology, this generates a lot of questions for me.

    For instance, what are some of the ethical dilemmas this technology raises in terms of privacy and safety? What can we do instead of giving ourselves over to artificial intelligence when it comes to love and romance? As we navigate the complexities of love in the digital age, these questions demand thoughtful answers.

    No one’s 20s and 30s look the same. You might be saving for a mortgage or just struggling to pay rent. You could be swiping dating apps, or trying to understand childcare. No matter your current challenges, our Quarter Life series has articles to share in the group chat, or just to remind you that you’re not alone.

    Read more from Quarter Life:

    The spectrum of AI dating

    AI has been quietly reshaping the dating landscape for years. Marketed as a hyper-efficient solution to securing optimum matches in record time, it’s easy to see how AI is more appealing than traditional apps. Who wouldn’t want to avoid the monotony of endless swiping or the possibility of ghosting?

    AI tools like ChatGPT can also generate dating conversations and optimize user profiles. However, the results can be hit-or-miss. One writer said ChatGPT made her “sound like someone’s 50-year-old uncle on Facebook.”

    Then there’s Meeno, a relationship advice app founded by former Tinder CEO Renate Nyborg. It uses generative AI and is designed to address loneliness among young people, especially men, who are statistically less likely to access help-seeking resources.

    AI tools like ChatGPT can help users write dating profiles.
    (Shutterstock)

    The most popular AI dating assistant at the moment is Rizz, an app that had more than 20,000 daily downloads in 2024. Rizz analyzes screenshots of conversations on other platforms and crafts reply suggestions.

    AI’s role in the dating world extends far beyond tools designed to help people connect — some users are forging actual relationships with AI chatbots.



    Read more:
    Sex bots, virtual friends, VR lovers: tech is changing the way we interact, and not always for the better

    Interestingly, men are twice as likely as women to consider an AI partner. This trend may be driven by differences in how men and women engage with technology, differences in societal expectations or a greater curiosity among men about combining AI with relationships.

    Introduced in 2017, Replika was one of the first generative AI dating chatbots. Marketed as “an AI companion who is eager to learn and would love to see the world through your eyes,” Replika quickly gained a reputation for its explicit content.

    When the company removed its adult content in 2023, users revolted so vehemently the functions were partially reinstated.

    AI dating research

    Security issues and data privacy are common concerns when it comes to AI, including romance scams and the sharing or selling of personal information. Equally scary is the prospect of queer folks being criminalized for using these dating tools in countries where being gay is illegal.

    In terms of gender, the trends in this domain mirror those on dating apps — men are the prime users and designers of these platforms.



    Read more:
    Dating apps: Lack of regulation, oversight and competition affects quality, and millions stand to lose

    Given the pronounced gender inequities already present in our society and the rise in sexual violence perpetrated by men against women through technology, AI dating platforms risk deepening these systemic inequities.

    AI’s impact on how young people learn about sex and dating is another important topic. A recent scoping review highlighted the dangers of AI resources that reflect conservative and unscientific worldviews about sex and romance. When exposed to such views, youth become at risk of developing internalized shame for being curious about sex, dating and cybersexual activities.

    Another troubling aspect of AI in dating is the proliferation of fraudulent dating apps that employ chatbots. These apps lure users into installing a dating app and paying subscription fees to chat with existing users. However, the sole purpose of these apps is to cheat new users into paying money to fake accounts that are managed by chatbots.

    Getting more groove in our hearts

    More technology doesn’t necessarily mean better lives. If anything, it can actually contribute to the current “loneliness pandemic” that’s caused, in part, by our over-reliance on devices.

    Selective doses of AI can be helpful to bounce ideas off of, or to help work through an unrequited crush, but if we permit AI to take over this vital aspect of life, our hearts could become lined with hollow connections. That’s the last thing we all need.

    Dating app platforms like Tinder, Bumble and Hinge are becoming passe for millennials and Gen Z.
    (Shutterstock)

    The good news is that young people are hungry for more in-person experiences and they’re leading the resistance against the dating app industry. Nostalgia for previous eras, especially the 1990s and early 2000s, reflects a desire to experience a time when life was less stressful and more carefree. Analogue technology and other forms of physical media are coming back in a big way.

    Vintage thrifting, cooking, game nights and do-it-yourself art projects are effective and fun ways to resist the AI creep, whether in dating or in daily life.

    However, creating these options isn’t something you should have to do alone. Community organizers, cultural leaders and thoughtful influencers also have roles to play in AI-free activities and opportunities that foster connection. Think old school cultural events tailored towards niche demographic groups, like queer, gender-diverse and women-only spaces.

    By creating and participating in these kinds of activities, you can cultivate experiences that help you make decisions about love and life on your own terms, versus being directed by what aggressive capitalist corporations want you to do.

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

    – ref. AI dating is about data, not love: How to resist the tech takeover of romance – https://theconversation.com/ai-dating-is-about-data-not-love-how-to-resist-the-tech-takeover-of-romance-247090

    MIL OSI – Global Reports –

  • MIL-OSI Russia: IMF Staff Completes 2025 Article IV Consultation with Morocco

    Source: IMF – News in Russian

    February 10, 2025

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • Economic growth is accelerating thanks to strong domestic demand, amid a new investment cycle in many sectors.
    • Tax reforms have allowed the fiscal deficit in 2024 to be lower than expected while also funding spending measures. Going forward, saving part of the revenue windfall would help strengthen the fiscal buffers. The current monetary policy stance is appropriate and should remain data dependent.
    • Structural reforms should focus on strengthening job creation, including by better targeting active labor market polices, consolidating programs to support small and medium firms, and removing regulatory distortions that hinder firms’ growth.

    Rabat, Morocco: An International Monetary Fund (IMF) staff team led by Roberto Cardarelli conducted discussions with the Moroccan authorities in Rabat on the 2025 Article IV Consultation from January 27 to February 7. At the conclusion of the visit, Mr. Cardarelli issued the following statement:

    “Economic activity is expected to have grown by 3.2 percent in 2024 and to accelerate to 3.9 percent in 2025, as agricultural output rebounds after the recent droughts and the nonagricultural sector continues to expand at a robust pace amid strong domestic demand. Higher growth is expected to increase the current account deficit towards its estimated medium-term norm of around 3 percent, while inflation is expected to stabilize at around 2 percent. The risks to the outlook are broadly balanced, with significant uncertainty regarding the economic impact of geopolitical tensions and changing climate conditions.

    “With inflation expectations anchored around 2 percent and little signs of demand pressures, the current broadly neutral monetary policy stance is appropriate, and staff agrees with Bank Al-Maghrib that future changes of policy rates should remain data dependent. With inflation back to around 2 percent, Bank Al-Maghrib should continue its preparation to adopt an inflation-targeting framework.”

    “Recent reforms to the tax system and tax administration have helped expand the tax base while lowering the tax burden. As a result, tax revenues in 2024 have been greater than expected. With only a small part of the additional tax revenues being saved, the central government’s deficit for the year was 4.1 percent of GDP compared to the 4.3 announced in the 2024 Budget. While the 2025 Budget confirms the gradual pace of fiscal adjustment projected last year, higher-than-expected revenues should be used to accelerate the pace of debt reduction to levels closer to pre-pandemic. In addition, continuing to finance structural reforms may require further efforts to expand the tax base and rationalize spending, including by reducing transfers to state-owned enterprises as part of the ongoing reform of the sector and expanding the use of the Unified Social Registry to all social programs.

    “Staff welcomes the ongoing reform of the Organic Budget Law that should introduce a new fiscal rule based on a medium-term debt anchor. Good progress has been made in the Medium-Term fiscal framework to include an assessment of the risk from climate change. Staff encourages the authorities to build on this progress by adding more information on the impact of new policy measures and a quantification of the risks from the increased reliance on public-private partnership (PPP) projects.

     “Stronger job creation requires a novel approach to active labor market policies, focusing on labor displaced from the agricultural sector due to the sequence of droughts. A special focus should be placed on encouraging the growth of small and medium size enterprises (SME)  and favoring their integration into sectoral value chains. Staff welcomes the progress in the operationalization of the Mohammed VI Investment Fund that should help SMEs access equity financing. Measures that may encourage the development of a more buoyant private sector include strengthening the support for SMEs under the new Charter of Investment, strengthening regional investment centers so they can better help SMEs access the financial and technical resources needed for their growth, and reviewing the labor code, tax system, and regulatory and governance frameworks so as remove the distortion that incentivize firms to remain small or informal. It will also be necessary that the ongoing SOE reform effectively pursues market neutrality between public and private sector firms.

    “The IMF team held discussions with senior officials of the government of Morocco, Bank Al-Maghrib, and representatives of the public and private sectors. The team thanks the Moroccan authorities and other stakeholders for their hospitality and candid and productive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Angham Al Shami

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

    https://www.imf.org/en/News/Articles/2025/02/10/pr-2533-morocco-imf-staff-completes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Finger Lakes Winners of DRI and NY Forward Programs

    Source: US State of New York

    Governor Kathy Hochul today announced that Canandaigua will receive $10 million in funding as the Finger Lakes winner of the eighth round of the Downtown Revitalization Initiative, and the Villages of Brockport and Phelps will each receive $4.5 million as the Finger Lakes winners of the third round of NY Forward. For Round 8 of the Downtown Revitalization Initiative and Round 3 of the NY Forward Program, each of the state’s 10 economic development regions are being awarded $10 million from each program, to make for a total state commitment of $200 million in funding and investments to help communities boost their economies by transforming downtowns into vibrant neighborhoods.

    “By investing in the future of these Finger Lakes communities, this funding will revitalize their downtown areas by building vibrant and thriving destinations where businesses, families, and visitors can flourish,” Governor Hochul said. “With our Pro-Housing Communities initiative, we’re giving local leaders the tools to transform their cities, towns and villages into hubs of opportunity, culture, and affordable living. This is how we build stronger, more connected communities that work for everyone across New York.”

    To receive funding from either the DRI or NY Forward program, localities must be certified under Governor Hochul’s Pro-Housing Communities Program – an innovative policy created to recognize and reward municipalities actively working to unlock their housing potential and encourage others to follow suit. Governor Hochul’s Pro-Housing Communities initiative allocates up to $650 million each year in discretionary funds for communities that pledge to increase their housing supply; to date, 273 communities across New York have been certified as Pro-Housing Communities. This year, Governor Hochul is proposing an additional $110 million in funding to cover infrastructure and planning costs for Pro-Housing Communities.

    Many of the projects funded through the DRI and NY Forward support Governor Hochul’s affordability agenda. The DRI has invested in the creation of more than 4,400 units of housing – 1,823 of which are affordable or workforce. The programs committed over $8.5 million to 11 projects that provide affordable or free childcare and childcare worker training. DRI and NY Forward have also invested in the creation of public parks, public art (such as murals and sculptures) and art, music and cultural venues that provide free outdoor recreation and entertainment opportunities.

    $10 Million Downtown Revitalization Initiative Award for Canandaigua

    Downtown Canandaigua is poised to be, and is already becoming, a residential and recreational hub of the Finger Lakes region. With anticipated growth related to programming and investment focused on the semiconductor industry, an investment in this transformation will help the region to put its best foot forward when recruiting future businesses, workers and residents. The City of Canandaigua seeks to connect the Canandaigua Lake waterfront via safe, quality walking and biking pathways that complement the existing streets. The City is focused on projects that will create a diverse mix of businesses, housing, events and arts in its downtown that create a vibrant atmosphere for residents and visitors of all backgrounds.

    $4.5 Million NY Forward Award for Brockport

    The Village of Brockport is an Erie Canal town, college town and central hub of activity for its own residents and those of other nearby small towns and villages. Brockport prioritizes living its history and bridging it to a thriving and culturally rich future in the Finger Lakes region. The Village’s downtown focus area centers on Main Street and adjacent side streets that offer several attractions for residents and visitors. This area highlights Brockport’s historic downtown corridor, canal front parcels and portions of historic districts on the Village’s west and east sides. The Village seeks to transform its historic downtown corridor into an accessible tourist destination and a home where visitors, residents and people of all abilities can recreate, socialize, live and age in comfort.

    $4.5 Million NY Forward Award for Phelps

    The Village of Phelps, a historically significant community with a population of 1,900 residents, is strategically positioned near major transportation routes, making it easily accessible for both residents and visitors. The Village’s walkable downtown area encompasses municipal parks, cultural and recreational attractions, museums and the multi-use community center. Its application is focused on streetscaping and aesthetic upgrades, so that no matter what route a resident or visitor might take through downtown, the path from one destination to the next will be interesting and attractive.

    New York Secretary of State Walter T. Mosley said, “The Downtown Revitalization and NY Forward programs work together to re-energize downtowns of all sizes across our State. Our newest winners for the Finger Lakes region – Canandaigua, Brockport and Phelps – will all leverage existing cultural, natural and historical assets to transform their downtowns into economic engines for their residents and the entire region. The Department of State looks forward to seeing the projects these communities select and how they will positively impact the region for generations to come!”

    Empire State Development President, CEO and Commissioner Hope Knight, said, “Under Governor Hochul’s leadership, the DRI and NY Forward programs continue to support projects that generate new investments and encourage transformational change in towns and communities throughout New York State. These plans from Canandaigua, Phelps and Brockport will revitalize downtown businesses, historic districts and waterfronts and spur economic development that will benefit residents and visitors to the beautiful Finger Lakes region.”

    New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Our local partners in Canandaigua, Brockport, and Phelps should be proud of their efforts to build vibrant and affordable neighborhoods that create new homes and new jobs. This State investment of nearly $20 million will give these certified Pro-Housing Communities the resources they need to thrive for generations to come. We thank Governor Hochul for her continued leadership on tackling the housing crisis and making the Finger Lakes a more affordable place to live and work.”

    Finger Lakes Regional Economic Development Council Co-Chairs Bob Duffy, President and CEO, Greater Rochester Chamber of Commerce, and Dr. Denise Battles, President of the State University of New York Geneseo, said, “The FLREDC is incredibly proud to continue our support for the City of Canandaigua and for the communities of Phelps and Brockport and their exciting futures through the Governor’s transformational Downtown Revitalization and NY Forward Initiatives. These selected, community-driven plans will benefit both residents and visitors alike, promoting economic growth and creating spaces where people will want to live, work, and play for generations to come.”

    New York State Canal Corporation Director Brian U. Stratton said, “With more than 25 Canal communities now among the growing roster of DRI and NY Forward awardees, I know how these important investments can jumpstart powerful change. This year, as we commemorate the Bicentennial of the Erie Canal’s completion and look forward to the opening of the Brockport Pedestrian Bridge, the timing of these awards could not be more welcomed or appropriate. The Canal Corporation sends its most sincere congratulations to Brockport, Canandaigua, and Phelps.”

    Canandaigua Mayor Bob Palumbo said, “On behalf of myself and our DRI team and City Council, I would like to thank the Governor and her team for awarding the $10 million-dollar DRI to the City of Canandaigua. I look forward to seeing the projects we supported in our DRI proposal unlock opportunities that create new jobs, add housing, and public amenities in our downtown.”

    Brockport Mayor Margay Blackman said, “‘It’s all in Brockport’ became our shared vision as we dreamed of what our village could become with a NY Forward grant. The Brockport of our NY Forward dreams is one that works for all – young, old, university student, resident, visitor, tourist. The water brings people, Brockporters say, and we will invest in our waterfront to establish Brockport as the premier, inclusive recreation community on the Erie Canal. What I’m especially proud of today is that 6 people, including our grant writer, crafted a successful proposal, in house, in 2 short years.”

    Village of Phelps Mayor Jim Cheney said, “On behalf of the community of Phelps, we are extremely excited, honored and grateful to be chosen for the NY Forward Grant. The residents of Phelps have been working hard to attract more visitors, businesses and housing to our community; to make it a special place to live, work and play in; and, to fit into the Finger Lakes Region’s economic strategic plan. This investment by the state will help push us over the top in our revitalization efforts. It is important for small communities, such as the Village of Phelps, to receive statewide taxpayer support such as this, to revitalize and thrive. It is in everyone’s best interest to help our local communities’ economies. Thank you to Governor Hochul, Ontario County, the REDC and all community partners for sharing and believing in our vision.”

    Canandaigua, Brockport and Phelps will now begin the process of developing a Strategic Investment Plan to revitalize their downtowns. A Local Planning Committee made up of municipal representatives, community leaders and other stakeholders will lead the effort, supported by a team of private sector experts and state planners. The Strategic Investment Plan will guide the investment of DRI and NY Forward grant funds in revitalization projects that are poised for implementation, will advance the community’s vision for their downtown and that can leverage and expand upon the state’s investment.

    The Finger Lakes Regional Economic Development Council conducted a thorough and competitive review process of proposals submitted from communities throughout the region and considered all criteria before recommending these communities as nominees.

    About the Downtown Revitalization Initiative

    The Downtown Revitalization Initiative was created in 2016 to accelerate and expand the revitalization of downtowns and neighborhoods in all ten regions of the state to serve as centers of activity and catalysts for investment. Led by the Department of State with assistance from Empire State Development, Homes and Community Renewal and NYSERDA, the DRI represents an unprecedented and innovative “plan-then-act” strategy that couples strategic planning with immediate implementation and results in compact, walkable downtowns that are a key ingredient to helping New York State rebuild its economy from the effects of the COVID-19 pandemic, as well as to achieving the State’s bold climate goals by promoting the use of public transit and reducing dependence on private vehicles. Through nine rounds, the DRI will have awarded a total of $900 million to 89 communities across every region of the State.

    About the NY Forward Program

    First announced as part of the 2022 Budget, Governor Hochul created the NY Forward program to build on the momentum created by the DRI. The program works in concert with the DRI to accelerate and expand the revitalization of smaller and rural downtowns throughout the State so that all communities can benefit from the State’s revitalization efforts, regardless of size, character, needs and challenges.

    NY Forward communities are supported by a professional planning consultant and team of State agency experts led by DOS to develop a Strategic Investment Plan that includes a slate of transformative, complementary and readily implementable projects. NY Forward projects are appropriately scaled to the size of each community; projects may include building renovation and redevelopment, new construction or creation of new or improved public spaces and other projects that enhance specific cultural and historical qualities that define and distinguish the small-town charm that defines these municipalities. Through three rounds, the NY Forward program will have awarded a total of $300 million to 62 communities across every region of the State.

    MIL OSI USA News –

  • MIL-OSI Economics: IMF Staff Completes 2025 Article IV Consultation with Morocco

    Source: International Monetary Fund

    February 10, 2025

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • Economic growth is accelerating thanks to strong domestic demand, amid a new investment cycle in many sectors.
    • Tax reforms have allowed the fiscal deficit in 2024 to be lower than expected while also funding spending measures. Going forward, saving part of the revenue windfall would help strengthen the fiscal buffers. The current monetary policy stance is appropriate and should remain data dependent.
    • Structural reforms should focus on strengthening job creation, including by better targeting active labor market polices, consolidating programs to support small and medium firms, and removing regulatory distortions that hinder firms’ growth.

    Rabat, Morocco: An International Monetary Fund (IMF) staff team led by Roberto Cardarelli conducted discussions with the Moroccan authorities in Rabat on the 2025 Article IV Consultation from January 27 to February 7. At the conclusion of the visit, Mr. Cardarelli issued the following statement:

    “Economic activity is expected to have grown by 3.2 percent in 2024 and to accelerate to 3.9 percent in 2025, as agricultural output rebounds after the recent droughts and the nonagricultural sector continues to expand at a robust pace amid strong domestic demand. Higher growth is expected to increase the current account deficit towards its estimated medium-term norm of around 3 percent, while inflation is expected to stabilize at around 2 percent. The risks to the outlook are broadly balanced, with significant uncertainty regarding the economic impact of geopolitical tensions and changing climate conditions.

    “With inflation expectations anchored around 2 percent and little signs of demand pressures, the current broadly neutral monetary policy stance is appropriate, and staff agrees with Bank Al-Maghrib that future changes of policy rates should remain data dependent. With inflation back to around 2 percent, Bank Al-Maghrib should continue its preparation to adopt an inflation-targeting framework.”

    “Recent reforms to the tax system and tax administration have helped expand the tax base while lowering the tax burden. As a result, tax revenues in 2024 have been greater than expected. With only a small part of the additional tax revenues being saved, the central government’s deficit for the year was 4.1 percent of GDP compared to the 4.3 announced in the 2024 Budget. While the 2025 Budget confirms the gradual pace of fiscal adjustment projected last year, higher-than-expected revenues should be used to accelerate the pace of debt reduction to levels closer to pre-pandemic. In addition, continuing to finance structural reforms may require further efforts to expand the tax base and rationalize spending, including by reducing transfers to state-owned enterprises as part of the ongoing reform of the sector and expanding the use of the Unified Social Registry to all social programs.

    “Staff welcomes the ongoing reform of the Organic Budget Law that should introduce a new fiscal rule based on a medium-term debt anchor. Good progress has been made in the Medium-Term fiscal framework to include an assessment of the risk from climate change. Staff encourages the authorities to build on this progress by adding more information on the impact of new policy measures and a quantification of the risks from the increased reliance on public-private partnership (PPP) projects.

     “Stronger job creation requires a novel approach to active labor market policies, focusing on labor displaced from the agricultural sector due to the sequence of droughts. A special focus should be placed on encouraging the growth of small and medium size enterprises (SME)  and favoring their integration into sectoral value chains. Staff welcomes the progress in the operationalization of the Mohammed VI Investment Fund that should help SMEs access equity financing. Measures that may encourage the development of a more buoyant private sector include strengthening the support for SMEs under the new Charter of Investment, strengthening regional investment centers so they can better help SMEs access the financial and technical resources needed for their growth, and reviewing the labor code, tax system, and regulatory and governance frameworks so as remove the distortion that incentivize firms to remain small or informal. It will also be necessary that the ongoing SOE reform effectively pursues market neutrality between public and private sector firms.

    “The IMF team held discussions with senior officials of the government of Morocco, Bank Al-Maghrib, and representatives of the public and private sectors. The team thanks the Moroccan authorities and other stakeholders for their hospitality and candid and productive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Angham Al Shami

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

    MIL OSI Economics –

  • MIL-OSI Global: Healthcare in Africa on brink of crisis as US exits WHO and USAid freezes funds: health scholar explains why

    Source: The Conversation – Africa – By Catherine Kyobutungi, Executive Director, African Population and Health Research Center

    US president Donald Trump has taken a series of decisions that have delivered body blows to the global management of health. He has announced that the US will leave the World Health Organization. And a 90-day freeze has been placed on money distributed by the US Agency for International Development (USAid) pending a review by the US State Department. This includes funds for the President’s Emergency Plan for Aids Relief (Pepfar). The decisions have triggered alarm in the global health sector.

    Catherine Kyobutungi, executive director of the African Population and Health Research Center, outlines which countries are most at risk and which health programmes will suffer the most damage.

    What does the US exit mean for Africa?

    The US exit from the WHO and the freeze announced on USAid funding are devastating moves that will have drastic effects on the health of millions of people in Africa.

    The US is by far the WHO’s largest state donor, contributing approximately 18% of the agency’s total funding.

    US development aid is used to run large-scale health programmes on the continent. For example, Nigeria received approximately US$600 million in health assistance from the US, over 21% of the 2023 health budget.

    The WHO is a global health body that synthesises scientific research and develops guidelines that countries in Africa rely on to shape their own policies and practices.

    The biggest loss for Africa under the USAID umbrella will be funding for Pepfar, which is used for HIV-related programmes including prevention, testing and treatment. Through Pepfar, the US government has invested over US$110 billion in the global HIV/Aids response.



    Read more:
    WHO in Africa: three ways the continent stands to lose from Trump’s decision to pull out

    What’s going to be lost?

    A range of capabilities.

    Firstly, technical guidance. The WHO provides technical guidance to countries on issues ranging from TB management to cost-effective malaria control.

    Secondly, the ability to mobilise resources. The WHO has the mandate and mechanisms to assemble experts from across the globe to evaluate new therapeutics, diagnostics and vaccines. They can evaluate new evidence on emerging patterns of new bugs, resistance to current treatments, and so on.

    Thirdly, the WHO has tools and mechanisms that have been key to African countries’ health policy decisions. These include:

    • the WHO’s list of Essential Medicines to inform decision-making on critical drugs

    • a similar mechanism to evaluate new vaccines, resulting in guidance that makes regulatory approval faster and easier in African countries which don’t have strong systems.

    Fourth, the WHO also provides resources for emergency response, as in the event of disease outbreaks such as Ebola and COVID-19. The WHO is able to quickly mobilise experts and funds and to coordinate emergency responses.

    Fifth, the WHO provides evidence-informed guidelines. It does this by gathering and sharing information like the causes of outbreaks, while monitoring signals of potential outbreaks and coordinating efforts to develop new technologies, such as vaccines and medical devices.

    Sixth, the WHO’s ability to support critical programmes in tuberculosis prevention and emergency response will be reduced.

    Seventh, the withdrawal of US citizens working in these global agencies – and the orders to stop sharing data – mean the US is essentially excluded from global information-sharing mechanisms that keep us all safe. It will be harder to share information about emerging health threats in the US with the rest of the world and vice versa.

    Which countries will be most affected?

    Many African countries are heavily reliant on the support provided by Pepfar and USAID to fund programmes in the health sector and for humanitarian assistance.

    Countries which will be most affected are those with a high burden of HIV, TB and malaria and those with large populations of refugee and internally displaced people.

    Currently the top eight USAid recipients in Africa are: Nigeria, Mozambique, Tanzania, Uganda, South Africa, Kenya, Zambia and the Democratic Republic of Congo.

    Without funds being rapidly mobilised to fill the gap left by the US withdrawal, the effect on the health of millions of Africans is at stake. Failure to prevent new infections, and the threat of drug resistance developing because of disrupted treatment, will have far-reaching consequences.

    In Uganda, where about 1.4 million people are living with HIV/Aids, 60% of the spending on its HIV/Aids programme was from Pepfar, and about 20% from the Global Fund (partly funded from Pepfar).

    A drastic reduction in funding will be devastating for patients and the greater health system.

    The Pepfar programme, a lifeline for millions of Africans, has been under threat since before the most recent aid freeze. In 2024, the American congress only gave a one-year authorisation instead of the typical five-year funding authorisation.

    A conservative backlash against this programme has been growing for years with concerns that some funds may be used to fund abortion. The current authorisation expires in March 2025 and falls within the 90-day aid review period. With the current approval expiring next month, and in light of the current atmosphere, it is very likely that it may not be renewed.



    Read more:
    How US policy on abortion affects women in Africa

    What steps should African countries be taking?

    There has a been a lot of discussion around jobs and lives lost, but not much around what happens next: how African governments are planning on mitigating shortfalls in their health budget in the short term and foreseeable future.

    Therefore we need to ask our governments what that means for us and how they are planning to ensure that we do not reverse the gains made so far. This includes preventing millions of HIV infections, improved testing and provision of life-saving antiretroviral treatment.

    The sudden and drastic decisions taken by the Trump administration have been hailed by several commentators as the wake-up call the continent needs – to wean itself off dependency on a flawed “development aid” system that is admittedly a tool for geopolitical influence.



    Read more:
    US health funding cuts: what Nigeria stands to lose

    The disbelief and chaos in the global health sector should be rapidly mobilised into citizen action, for governments to invest in a critical sector that has depended on foreign assistance for too long. In the absence of sustained investment, the gains in the health sector may be lost, reversing decades of progress in global health.

    Lastly, Africans, especially scientists and academics, need to stand up to the worrying anti-science trend that underlies some of these drastic policies. The growing mistrust in science and scientific institutions will not abate unless it is challenged.

    It is ridiculous that a continent of 1.3 billion people is reliant on the whims of one man many kilometres away; on his signature on a single document.

    The world needs to wake up. We need to wake up.

    Catherine Kyobutungi works for the African Population and Health Research Center which receives funding from the National Institutes of Health, Wellcome, and the Gates Foundation

    – ref. Healthcare in Africa on brink of crisis as US exits WHO and USAid freezes funds: health scholar explains why – https://theconversation.com/healthcare-in-africa-on-brink-of-crisis-as-us-exits-who-and-usaid-freezes-funds-health-scholar-explains-why-248906

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Healthcare in Africa on brink of crisis as US exits WHO and USAid freezes funds: health scholar explains why

    Source: The Conversation – Africa – By Catherine Kyobutungi, Executive Director, African Population and Health Research Center

    US president Donald Trump has taken a series of decisions that have delivered body blows to the global management of health. He has announced that the US will leave the World Health Organization. And a 90-day freeze has been placed on money distributed by the US Agency for International Development (USAid) pending a review by the US State Department. This includes funds for the President’s Emergency Plan for Aids Relief (Pepfar). The decisions have triggered alarm in the global health sector.

    Catherine Kyobutungi, executive director of the African Population and Health Research Center, outlines which countries are most at risk and which health programmes will suffer the most damage.

    What does the US exit mean for Africa?

    The US exit from the WHO and the freeze announced on USAid funding are devastating moves that will have drastic effects on the health of millions of people in Africa.

    The US is by far the WHO’s largest state donor, contributing approximately 18% of the agency’s total funding.

    US development aid is used to run large-scale health programmes on the continent. For example, Nigeria received approximately US$600 million in health assistance from the US, over 21% of the 2023 health budget.

    The WHO is a global health body that synthesises scientific research and develops guidelines that countries in Africa rely on to shape their own policies and practices.

    The biggest loss for Africa under the USAID umbrella will be funding for Pepfar, which is used for HIV-related programmes including prevention, testing and treatment. Through Pepfar, the US government has invested over US$110 billion in the global HIV/Aids response.

    Read more: WHO in Africa: three ways the continent stands to lose from Trump’s decision to pull out

    What’s going to be lost?

    A range of capabilities.

    Firstly, technical guidance. The WHO provides technical guidance to countries on issues ranging from TB management to cost-effective malaria control.

    Secondly, the ability to mobilise resources. The WHO has the mandate and mechanisms to assemble experts from across the globe to evaluate new therapeutics, diagnostics and vaccines. They can evaluate new evidence on emerging patterns of new bugs, resistance to current treatments, and so on.

    Thirdly, the WHO has tools and mechanisms that have been key to African countries’ health policy decisions. These include:

    • the WHO’s list of Essential Medicines to inform decision-making on critical drugs

    • a similar mechanism to evaluate new vaccines, resulting in guidance that makes regulatory approval faster and easier in African countries which don’t have strong systems.

    Fourth, the WHO also provides resources for emergency response, as in the event of disease outbreaks such as Ebola and COVID-19. The WHO is able to quickly mobilise experts and funds and to coordinate emergency responses.

    Fifth, the WHO provides evidence-informed guidelines. It does this by gathering and sharing information like the causes of outbreaks, while monitoring signals of potential outbreaks and coordinating efforts to develop new technologies, such as vaccines and medical devices.

    Sixth, the WHO’s ability to support critical programmes in tuberculosis prevention and emergency response will be reduced.

    Seventh, the withdrawal of US citizens working in these global agencies – and the orders to stop sharing data – mean the US is essentially excluded from global information-sharing mechanisms that keep us all safe. It will be harder to share information about emerging health threats in the US with the rest of the world and vice versa.

    Which countries will be most affected?

    Many African countries are heavily reliant on the support provided by Pepfar and USAID to fund programmes in the health sector and for humanitarian assistance.

    Countries which will be most affected are those with a high burden of HIV, TB and malaria and those with large populations of refugee and internally displaced people.

    Currently the top eight USAid recipients in Africa are: Nigeria, Mozambique, Tanzania, Uganda, South Africa, Kenya, Zambia and the Democratic Republic of Congo.

    Without funds being rapidly mobilised to fill the gap left by the US withdrawal, the effect on the health of millions of Africans is at stake. Failure to prevent new infections, and the threat of drug resistance developing because of disrupted treatment, will have far-reaching consequences.

    In Uganda, where about 1.4 million people are living with HIV/Aids, 60% of the spending on its HIV/Aids programme was from Pepfar, and about 20% from the Global Fund (partly funded from Pepfar).

    A drastic reduction in funding will be devastating for patients and the greater health system.

    The Pepfar programme, a lifeline for millions of Africans, has been under threat since before the most recent aid freeze. In 2024, the American congress only gave a one-year authorisation instead of the typical five-year funding authorisation.

    A conservative backlash against this programme has been growing for years with concerns that some funds may be used to fund abortion. The current authorisation expires in March 2025 and falls within the 90-day aid review period. With the current approval expiring next month, and in light of the current atmosphere, it is very likely that it may not be renewed.

    Read more: How US policy on abortion affects women in Africa

    What steps should African countries be taking?

    There has a been a lot of discussion around jobs and lives lost, but not much around what happens next: how African governments are planning on mitigating shortfalls in their health budget in the short term and foreseeable future.

    Therefore we need to ask our governments what that means for us and how they are planning to ensure that we do not reverse the gains made so far. This includes preventing millions of HIV infections, improved testing and provision of life-saving antiretroviral treatment.

    The sudden and drastic decisions taken by the Trump administration have been hailed by several commentators as the wake-up call the continent needs – to wean itself off dependency on a flawed “development aid” system that is admittedly a tool for geopolitical influence.

    Read more: US health funding cuts: what Nigeria stands to lose

    The disbelief and chaos in the global health sector should be rapidly mobilised into citizen action, for governments to invest in a critical sector that has depended on foreign assistance for too long. In the absence of sustained investment, the gains in the health sector may be lost, reversing decades of progress in global health.

    Lastly, Africans, especially scientists and academics, need to stand up to the worrying anti-science trend that underlies some of these drastic policies. The growing mistrust in science and scientific institutions will not abate unless it is challenged.

    It is ridiculous that a continent of 1.3 billion people is reliant on the whims of one man many kilometres away; on his signature on a single document.

    The world needs to wake up. We need to wake up.

    – Healthcare in Africa on brink of crisis as US exits WHO and USAid freezes funds: health scholar explains why
    – https://theconversation.com/healthcare-in-africa-on-brink-of-crisis-as-us-exits-who-and-usaid-freezes-funds-health-scholar-explains-why-248906

    MIL OSI Africa –