NewzIntel.com

Category: Russia

  • MIL-OSI Russia: China once again calls on G7 to stop interfering in its internal affairs – Chinese Foreign Ministry

    Translation. Region: Russian Federal

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

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

    BEIJING, June 18 (Xinhua) — China once again calls on the Group of Seven (G7) to recognize the global development trend, abandon the Cold War mentality and ideological prejudices, stop interfering in China’s internal affairs, stop provoking conflicts and confrontation, and do more for the interests of the international community, Chinese Foreign Ministry spokesman Guo Jiakun said at a regular briefing on Wednesday.

    Canadian Prime Minister Mark Carney said in a G7 summit chairman’s summary released on June 17 local time that participants stressed the need for constructive and stable relations with China, calling on China to avoid “market distortions” and “overcapacity,” and expressed serious concern about China’s “destabilizing activities” in the East China Sea and South China Sea and the importance of maintaining peace and stability in the Taiwan Strait.

    Commenting on the above document, Guo Jiakun noted that the G7 summit participants once again resorted to manipulating issues related to China. According to him, the G7 countries made irresponsible statements on Taiwan, the South China Sea and the East China Sea, and falsely accused China of “excess production capacity” and “market distortions.”

    “This is interference in China’s internal affairs and a violation of the basic norms of international relations. The Chinese side firmly opposes this and has made stern representations to the relevant parties,” Guo Jiakun said.

    The main factor undermining peace and stability in the Taiwan Strait today is the activities of separatists advocating “Taiwan independence” and the interference of external forces, the official representative noted. According to him, if the G7 countries truly care about peace in the Taiwan Strait, they should strictly adhere to the one-China principle, clearly oppose “Taiwan independence,” and support China’s reunification.

    Guo Jiakun pointed out that the situation in the East China Sea and the South China Sea is generally stable at present. He called on the G7 to respect the joint efforts of regional countries to resolve issues through dialogue and consultation, maintain peace and stability, and stop using maritime issues to sow discord among regional countries and increase tensions in the region.

    The Chinese diplomat said the allegations of “market distortions” and “excess production capacity” were completely untrue. As Guo Jiakun emphasized, the G7 countries resort to such claims to justify their trade protectionism, and in fact, to contain and suppress China’s industrial progress, politicize and weaponize trade and economic issues. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Chinese Foreign Minister Discusses Israeli-Iranian Conflict with Omani FM

    Translation. Region: Russian Federal

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

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

    BEIJING, June 18 (Xinhua) — Chinese Foreign Minister Wang Yi on Wednesday said Israel’s attack on Iran was a violation of international law and norms of international relations, an encroachment on the sovereignty and security of the Iranian state, and an undermining of peace and stability in the region.

    Wang Yi, also a member of the Politburo of the CPC Central Committee, made the statement in a telephone conversation with Omani Foreign Minister Badr bin Hamad bin Hamoud al-Busaidi, which was initiated by the Omani side. The Chinese diplomat noted that China has always advocated peaceful resolution of any disputes.

    Wang Yi stressed that the top priority at present is to achieve a ceasefire and end the conflict. He pointed out that China supports the joint statement on the Israel-Iran conflict issued by 21 Arab and Islamic countries including Oman, and hopes that they will unite and continue their efforts to promote peace talks.

    China will also maintain communication and coordination with Oman and other regional countries and play a constructive role within platforms such as the UN to help end the conflict and restore peace in the Middle East, the Chinese Foreign Minister said. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Two Iranian centrifuge production facilities attacked – IAEA

    Translation. Region: Russian Federal

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

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

    VIENNA, June 18 (Xinhua) — Two centrifuge production facilities in Iran, the TESA complex in Karaj and the Tehran Nuclear Research Center, were hit, the International Atomic Energy Agency (IAEA) said on Wednesday.

    As stated in the agency’s publication on the X social network, both facilities had previously been monitored and inspected by the IAEA in accordance with the Joint Comprehensive Plan of Action.

    It is noted that one building was damaged in the center in Tehran, while two buildings were destroyed in Karaj.

    On June 13, the IAEA called for an end to attacks on nuclear facilities. “Nuclear facilities should never be attacked, regardless of the context and circumstances,” IAEA Director General Rafael Grossi said at a meeting of the organization’s board of governors.

    “Such attacks have serious implications for nuclear safety, security and safeguards, as well as for peace and security in the region and around the world,” the IAEA chief emphasized. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: US Federal Reserve keeps interest rates unchanged

    Translation. Region: Russian Federal

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

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

    NEW YORK, June 18 (Xinhua) — The U.S. Federal Reserve on Wednesday left its target range for the federal funds rate unchanged at 4.25 percent to 4.5 percent, as robust economic growth bolsters the Fed’s wait-and-see approach.

    The Fed decided not to change its base rate for the fourth time in a row.

    “While fluctuations in net exports weigh on the data, recent data suggest that economic activity continues to expand at a strong pace,” the Fed said in a statement.

    According to the regulator’s assessment, the US maintains a low unemployment rate, stability in the labor market, and slightly elevated inflation.

    “Uncertainty about the economic outlook has diminished but remains high,” the statement said. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Review: BRICS Cooperation Space Constantly Expands – SPIEF Participants

    Translation. Region: Russian Federal

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

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

    St. Petersburg, June 18 (Xinhua) — The cooperation space between the BRICS countries is constantly expanding, especially after the expansion of the association began in 2024. This was stated on Wednesday by participants of the St. Petersburg International Economic Forum (SPIEF) at the session “BRICS and Partners: Creating a Joint Business Future.”

    Director of the Beijing-Moscow International Trade and Economic Center Ma Shuang noted that China has a long-term strategy for building relations with the BRICS countries. Among the areas that have the greatest potential for joint investment and opening up new markets, she named information technology and the Internet.

    Vice President of the India-South Africa Chamber of Commerce Lebohan Zulu stressed that the main barrier to increasing cooperation among BRICS countries is the legacy of the unipolar world system, which is expressed in the dominance of one currency in the world market, and the insufficient development of international transport and logistics networks. In her opinion, work in these areas, as well as the development of e-commerce platforms, can open up a huge number of prospects and opportunities for BRICS members and partners.

    According to Anna Nesterova, Chairperson of the Board of Directors of Global Rus Trade and Chairperson of the Russian Part of the BRICS Women’s Business Alliance, the expansion of the association has demonstrated broad interest in it among countries around the world. She believes that education and the involvement of more and more women in entrepreneurial activity are relevant areas for the development of cooperation in BRICS. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Chinese authorities have issued an emergency response to floods in five provincial-level regions.

    Translation. Region: Russian Federal

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

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

    BEIJING, June 18 (Xinhua) — China’s National Flood and Drought Control Headquarters on Wednesday issued a Level 4 flood emergency response in Anhui, Hubei, Hunan, Guizhou and Chongqing provinces as they braced for another round of heavy rains.

    According to the headquarters, three working groups were sent to key areas to provide assistance in flood control and rescue operations.

    Separately, China’s National Meteorological Center on Wednesday extended a yellow alert for heavy rainfall expected in parts of the country.

    According to forecasts, from 20:00 on June 18 to 20:00 on June 19, heavy rain and downpours are expected in some places in the provinces of Guizhou, Sichuan, Hubei, Hunan, Henan, Hebei, Shandong, Liaoning, Guangxi Zhuang Autonomous Region and the municipalities of Chongqing and Tianjin. In some areas, 100 to 180 millimeters of precipitation may fall.

    Local authorities are advised to step up screening and take risk mitigation measures in key areas, including areas at risk from flash floods and geological hazards, as well as low-lying urban and rural areas at risk of flooding. It is recommended to issue weather warnings in a timely manner and organize evacuations if necessary.

    China has a four-tier flood emergency response system, with Level 1 being the highest. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: B2B platform KIFA and RDIF agree to develop digital trade between China and Russia

    Translation. Region: Russian Federal

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

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

    St. Petersburg, June 18 (Xinhua) — KIFA, a B2B digital trade platform operating in the Eurasian Economic Union (EAEU) and China, and the Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, have agreed to partner to jointly develop digital trade between China and Russia and further expand trade between the two countries.

    The corresponding agreement was signed on Wednesday on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

    “In the new reality, high technology is becoming one of the key factors for success, and KIFA is proud of its contribution to the modernization of trade and economic relations between China and Russia. Trusting strategic cooperation with RDIF, in turn, will play one of the key roles in this process. Together we will be able to implement ambitious projects aimed at strengthening economic ties between our countries,” said Sun Tianshu, founder of the KIFA B2B platform and Chairman of the Board of Directors of KIFA PJSC.

    “China is the leader in terms of trade turnover with Russia, and a stable system of mutual trade has been built between our countries, including in the field of e-commerce. RDIF is focused on supporting the entry of Russian and Chinese companies into the markets of the two countries, in this regard, the partnership with KIFA is an important stage in the development of digital cross-border trade. Providing entrepreneurs of the two countries with broad opportunities for simple and effective interaction in a digital environment with a transparent process at all stages and gaining access to new large markets will make a significant contribution to the further increase in bilateral trade volumes,” said RDIF CEO Kirill Dmitriev.

    As noted, the development of digital trade between China and Russia and its modernization thanks to advanced tools and the use of artificial intelligence make it possible to achieve more transparent, efficient and convenient processes for each entrepreneur. The expansion of the range of goods and the reduction of costs, in turn, stimulate the growth of trade turnover between China and Russia, which is one of the strategic objectives of bilateral relations.

    KIFA is a leading innovation platform that modernizes cross-border trade through the application of digital technology and artificial intelligence, and creates a new digital trading world between China and Russia. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Exclusive: “Chinese-Central Asian spirit” reflects the essence of relations between China and Central Asian countries – former Kyrgyz Foreign Minister A. Dzhekshenkulov

    Translation. Region: Russian Federal

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

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

    BISHKEK, June 18 (Xinhua) — The concept of “China-Central Asian spirit” proposed by the Chinese side at the 2nd China-Central Asia Summit held in Astana, Kazakhstan on Tuesday reflects the essence of relations between China and Central Asian countries, former Kyrgyz Foreign Minister Alikbek Jekshenkulov told Xinhua.

    “The China-Central Asian spirit” is characterized by mutual respect, mutual trust, mutual benefit, mutual assistance and the promotion of joint modernization through high-quality development. “It serves as a spiritual foundation for the development of relations between China and Central Asian countries, pointing the way for regional cooperation,” A. Jekshenkulov noted.

    According to the expert, “mutual respect and mutual trust” reflect equality of sovereignty, respect for each country’s choice of development path, “mutual benefit and mutual assistance” indicate the spirit of cooperation, and “joint modernization” implies a common pursuit of prosperity and regional development through initiatives such as the Belt and Road.

    “This spirit will become a powerful engine for future cooperation between China and Central Asian countries, helping to form a closer community of shared destiny,” A. Dzhekshenkulov emphasized.

    As for the Global Development Initiative, the Global Security Initiative, the Global Civilization Initiative and the concept of a community with a shared future for mankind put forward by China, the former head of the Kyrgyz Foreign Ministry said that they demonstrate China’s firm commitment to peace and development.

    “The Global Development Initiative aims to bridge the development gap and promote inclusive globalization. The Global Security Initiative proposes a Chinese solution to overcome the security deficit, prioritizing dialogue over confrontation. The Global Civilization Initiative protects the diversity of civilizations and opposes the mentality of “clash of civilizations,” the Xinhua source said.

    These initiatives, as A. Dzhekshenkulov believes, actively contribute to the reform of the global governance system, ensuring the “stable anchor” for a multipolar world and universal benefit, which is fully in line with the general expectations of the international community.

    Speaking about the Treaty on Eternal Good-Neighborliness, Friendship and Cooperation between China and the Central Asian Countries signed during the summit, A. Dzhekshenkulov stated that it has historical significance.

    “This treaty not only lays the cornerstone of relations between China and Central Asian countries in the new era, but also demonstrates the powerful vitality of the concept of a community with a shared future for mankind. In the future, it will continuously stimulate the region to become an important platform for peaceful development, mutually beneficial cooperation and harmonious coexistence of civilizations,” the expert concluded. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Mauritius

    Source: IMF – News in Russian

    June 18, 2025

    • The Mauritian economy continues to exhibit resilience with growth at 4.7 percent in 2024 and contained inflation. The growth outlook remains favorable, though risks are to the downside.
    • Mauritius needs to recalibrate the macroeconomic policy mix to rebuild fiscal space. The monetary policy framework needs to be strengthened while continued monitoring of macro-financial risks is essential to maintain financial stability.
    • Advancing key reforms to foster external competitiveness and private sector-led growth while enhancing climate resilience will reduce external imbalances.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Mauritius.[1]

    Mauritius’ economy remains resilient. Real GDP grew by 4.7 percent in 2024, from 5.0 percent in 2023, driven by services, construction, and tourism. Headline inflation (12-month average) declined to
    2.5 percent in March 2025 from 7.0 percent in 2023, helped by easing international food and energy prices and lower fuel excise duties. The external current account deficit widened in 2024 to
    6.5 percent of GDP, mostly reflecting higher imports and freight costs. Gross foreign reserves increased to US$8.5 billion by end-2024, covering almost 12 months of imports. Looking ahead, the country needs to address fiscal and structural challenges, notably the high public debt, significant public investment needs, low productivity, and an ageing society.

    The outlook for growth is favorable. Real GDP growth is projected to soften to 3.0 percent in 2025 due to weakening external demand, easing tourism activity, and the drought. Over the medium term, growth is expected at around 3.4 percent, reflecting demographic headwinds and labor shortages. Inflation is projected to average 3.6 percent in 2025 and remain within BOM’s target range over the medium term. The external current account deficit is projected to reduce to 4.7 percent of GDP in 2025—reflecting lower oil prices, as exports grow modestly amid the slowdown in global demand—and to increase in 2026 due to subdued exports, but gradually decline thereafter. The primary fiscal deficit (excluding grants) for FY24/25 is projected to worsen by 3.4 ppt of GDP relative to FY23/24, to 6.5 percent of GDP, mostly driven by higher compensation of employees, social benefits, and grants and transfers. The stock of public sector debt is projected at around 88 percent of GDP at end-June 2025, and to gradually decline in the medium term.

    Risks to the outlook are on the downside, including from global uncertainty, tariff wars, higher-than-anticipated fuel and food prices, and extreme climate shocks.

     

    Executive Board Assessment[2]

    The economy has recovered solidly from the pandemic and the outlook is favorable, but fiscal and structural challenges remain. The recovery has been driven by services, construction, and tourism. The medium-term outlook is favorable but held back by demographic headwinds and labor shortages. Mauritius is facing fiscal and structural challenges from high public debt, significant public investment needs for climate, low productivity, and an ageing society. Risks to the outlook are on the downside including from high global uncertainty, highlighting the importance of addressing fiscal and external imbalances to increase the resilience of the economy.

    Fiscal policy should pursue frontloaded growth-friendly consolidation to shore up fiscal credibility, helping rebuild fiscal space while protecting the most vulnerable. Tax revenue should be increased and current and ESFs’ spending contained while safeguarding critical social spending and growth-enhancing capital spending. Pension system reform remains key to support fiscal sustainability, especially given the ageing of Mauritius’ population. Strengthening public financial management, including by streamlining ESFs, will support fiscal consolidation, transparency, and good governance.

    BOM should start to gradually phase out its ownership of MIC and strengthen the implementation of the monetary policy framework by resuming uncapped issuance of 7-Day BOM bills (at the key policy rate). BOM should stand ready to tighten the monetary policy stance should inflationary pressures reemerge. BOM should adopt amendments to the BOM Act, including to ensure fiscal backing, to protect central bank independence. Ministry of Finance and BOM are encouraged to strengthen the commitment on their mutual agreement for BOM independence. Mauritius should continue to rely on exchange rate flexibility and FX purchases when opportunities arise, and in line with the monetary policy framework, to help further build foreign reserves buffers to ensure ability to respond to large external shocks. 

    Mauritius’ external position at end-2024 is assessed as weaker than the level implied by fundamentals and desirable policies, and structural reforms to foster external competitiveness are needed to reduce external imbalances. Steady progress in strengthening the AML/CFT framework is welcome and should be sustained, including provisions related to non-resident and cross-border activity. Financial sector risks should continue to be closely monitored including of the real estate sector. Ongoing efforts to improve external sector statistics, including measurement of the GBCs sector, should be sustained. Statistical gaps and discrepancies should be addressed to improve the quality and credibility of macroeconomic statistics.

    Mauritius should advance structural reforms that boost investment and innovation to secure longer-term private sector-led growth. Priorities include strengthening workers’ skills through better education and narrowing gender gaps as well as advancing climate adaptation efforts to support economic resilience.

     

    Mauritius: Selected Economic Indicators
     
     

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    		  
           

    Est.

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.

    		  
     
                               
     

    (Annual percent change, unless otherwise indicated)

    		    

    National income, prices and employment

    		                          

    Real GDP

    		  

    -14.5

    3.4

    8.7

    5.0

    4.7

    3.0

    3.4

    3.4

    3.4

    3.4

    3.4

    		  

    Real GDP per capita

    		  

    -14.6

    3.6

    8.9

    5.1

    4.9

    3.2

    3.6

    3.6

    3.6

    3.7

    3.8

    		  

    GDP per capita (in U.S. dollars)

    		  

    9,011

    9,087

    10,235

    11,188

    11,883

    12,448

    13,287

    14,183

    15,128

    16,131

    17,190

    		  

    GDP deflator

    		  

    2.6

    3.2

    9.6

    6.6

    3.8

    3.8

    3.7

    3.7

    3.6

    3.6

    3.6

    		  

    Consumer prices inflation (period average)

    		  

    2.5

    4.0

    10.8

    7.0

    3.6

    3.6

    3.6

    3.5

    3.5

    3.5

    3.5

    		  

    Consumer prices inflation (end of period)

    		  

    2.7

    6.8

    12.2

    3.9

    2.9

    3.9

    3.5

    3.5

    3.5

    3.5

    3.5

    		  

    Unemployment rate (percent)

    		  

    9.2

    9.1

    6.8

    6.1

    5.8

    5.9

    5.9

    5.9

    5.9

    5.9

    5.9

    		  
                               
       

    (Annual percent change)

    		    

    External sector

    		                          

    Exports of goods and services, f.o.b.

    		  

    -23.8

    5.2

    45.7

    4.0

    3.0

    1.7

    2.3

    7.1

    6.2

    6.5

    7.4

    		  

    Of which: tourism receipts

    		  

    -73.8

    -23.8

    313.1

    29.7

    6.0

    -4.6

    5.3

    7.7

    8.6

    8.1

    7.7

    		  

    Imports of goods and services, f.o.b.

    		  

    -29.1

    16.0

    32.9

    -0.3

    6.4

    0.7

    4.7

    5.3

    4.9

    4.3

    5.3

    		  

    Nominal effective exchange rate (annual average)

    		  

    -8.0

    -8.0

    3.6

    0.5

    -1.4

    …

    …

    …

    …

    …

    …

    		  

    Real effective exchange rate (annual average)

    		  

    -7.6

    -7.5

    6.2

    1.7

    -0.6

    …

    …

    …

    …

    …

    …

    		  

    Terms of trade

    		  

    5.1

    -12.0

    -5.1

    8.3

    0.0

    2.3

    2.0

    0.7

    0.5

    0.5

    0.4

    		  
                               
             

    Money and credit

    		                          

    Net foreign assets

    		  

    16.4

    18.6

    -3.6

    -0.3

    18.3

    1.5

    2.7

    2.5

    2.1

    2.2

    3.0

    		  

    Domestic credit

    		  

    7.9

    15.6

    13.1

    9.7

    13.7

    7.2

    6.5

    6.3

    6.1

    6.0

    5.9

    		  

    Net claims on government

    		  

    8.8

    34.8

    24.6

    26.1

    31.3

    13.2

    7.7

    6.0

    5.3

    4.5

    3.7

    		  

    Credit to non-government sector

    		  

    2.7

    0.4

    -0.6

    8.0

    8.3

    6.0

    6.9

    7.2

    7.1

    7.1

    7.1

    		  

    Broad money

    		  

    17.7

    8.6

    4.1

    7.8

    12.9

    6.4

    7.6

    8.5

    8.4

    8.4

    7.9

    		  

    Income velocity of broad money (M2)

    		  

    0.8

    0.8

    0.9

    0.9

    0.9

    0.9

    0.9

    0.9

    0.9

    0.9

    0.9

    		  
                               
       

    (Percent of GDP, unless otherwise indicated)

    		    

    Central government finances 1

    		                          

    Overall borrowing requirement 2

    		  

    -22.1

    -5.5

    -4.7

    -6.1

    -10.4

    -5.4

    -3.7

    -3.4

    -2.9

    -2.4

    -2.0

    		  

    Primary balance (excluding grants) 

    		  

    -16.5

    -4.9

    -2.7

    -3.1

    -6.5

    -3.0

    -1.3

    -0.3

    0.1

    0.4

    0.5

    		  

    Revenues (incl. grants)

    		  

    21.6

    24.2

    24.5

    24.0

    25.7

    27.0

    27.3

    27.5

    27.5

    27.5

    27.4

    		  

    Expenditure, excl. net lending

    		  

    40.4

    31.1

    29.4

    29.7

    35.2

    32.3

    31.2

    30.3

    29.9

    29.4

    28.9

    		  

    Domestic debt of central government

    		  

    67.5

    61.9

    57.3

    58.7

    64.4

    65.8

    65.7

    65.3

    64.5

    64.0

    63.7

    		  

    External debt of central government

    		  

    15.8

    14.0

    13.8

    12.7

    14.8

    14.9

    14.8

    14.7

    14.6

    14.3

    13.9

    		  
                               

    Investment and saving 4

    		                          

    Gross domestic investment

    		  

    18.2

    19.8

    19.8

    20.2

    21.0

    22.0

    22.4

    22.5

    22.5

    22.5

    22.5

    		  

    Public

    		  

    4.1

    4.1

    3.9

    3.9

    3.8

    4.1

    4.2

    4.3

    4.3

    4.3

    4.3

    		  

    Private 3

    		  

    14.1

    15.7

    15.8

    16.3

    17.2

    17.9

    18.2

    18.2

    18.2

    18.2

    18.2

    		  

    Gross national savings

    		  

    11.6

    12.6

    17.1

    22.4

    23.4

    23.8

    25.0

    26.1

    26.5

    26.2

    26.4

    		  

    Public

    		  

    -7.9

    -5.6

    -2.0

    -2.4

    -4.5

    -4.0

    -1.7

    -0.7

    -0.1

    0.4

    0.8

    		  

    Private

    		  

    19.5

    18.2

    19.2

    24.8

    28.0

    27.8

    26.7

    26.8

    26.6

    25.9

    25.6

    		  

    External sector

    		                          

    Balance of goods and services

    		  

    -10.7

    -16.1

    -14.8

    -11.7

    -13.2

    -12.3

    -13.0

    -12.2

    -11.6

    -10.5

    -9.6

    		  

    Exports of goods and services, f.o.b.

    		  

    35.1

    36.7

    47.6

    45.3

    43.9

    42.7

    41.0

    41.2

    41.1

    41.2

    41.7

    		  

    Imports of goods and services, f.o.b.

    		  

    -45.8

    -52.7

    -62.4

    -56.9

    -57.2

    -55.0

    -54.0

    -53.4

    -52.7

    -51.7

    -51.2

    		  

    Current account balance

    		  

    -8.9

    -13.1

    -11.1

    -5.1

    -6.5

    -4.7

    -6.1

    -5.0

    -4.3

    -3.7

    -3.0

    		  

    Capital and financial account

    		  

    3.3

    23.3

    13.4

    -0.9

    14.5

    6.1

    9.1

    6.7

    5.9

    5.2

    4.6

    		  

    Overall balance

    		  

    -4.4

    10.2

    2.8

    -5.5

    7.3

    1.4

    2.9

    1.8

    1.6

    1.5

    1.6

    		  

    Total external debt

    		  

    110.7

    134.0

    132.2

    131.6

    139.2

    128.9

    119.3

    110.8

    102.2

    94.1

    87.1

    		  

    Gross international reserves (millions of U.S. dollars)

    		  

    7,242

    7,805

    7,740

    7,254

    8,510

    8,675

    9,163

    9,475

    9,781

    10,083

    10,420

    		  

    Months of imports of goods and services, f.o.b.

    		  

    14.3

    11.6

    11.6

    10.2

    11.8

    11.6

    11.6

    11.4

    11.3

    11.2

    11.1

    		  
                               

    Memorandum items:

    		                          

    GDP at current market prices (billions of Mauritian rupees)

    		  

    448.9

    478.8

    570.3

    638.3

    694.0

    742.3

    796.0

    853.3

    914.0

    979.0

    1,048.7

    		  

    GDP at current market prices (millions of U.S. dollars)

    		  

    11,408

    11,484

    12,908

    14,101

    14,953

    15,641

    16,662

    17,748

    18,890

    20,082

    21,326

    		  

    Public sector debt, fiscal year (percent of GDP)4

    		  

    91.9

    86.1

    81.8

    81.5

    88.3

    89.1

    88.1

    86.9

    85.3

    83.9

    82.7

    		  
                               

    Foreign and local currency long-term debt rating (Moody’s)

    		  

    Baa1

    Baa2

    Baa3

    Baa3

    Baa3

    Baa3

    …

    …

    …

    …

    …

    		  
                             

    Sources:  Country authorities; and IMF staff estimates and projections.

    		                          

    1GFSM 2001 concept of net lending/net borrowing, includes special and other extrabudgetary funds. Fiscal data reported for fiscal years (e.g, 2019=2019/20).

    		      

    2 Following the GFSM 2014, Sections 5.111.5.116, the transfers from the BOM to the

    Central Government are considered as financing.

    		            

    3  Excludes changes in inventories in 2022 and outer years.

    		                                                                                              

    4 The public debt series has been reclassified starting in the 2024 AIV Mission to allow

    consolidation of central government securities held by non-financial
    public corporations

    		                                                                    
                                                                                                                 

     

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Kwabena Akuamoah-Boateng

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

    https://www.imf.org/en/News/Articles/2025/06/18/pr-25204-mauritius-imf-concludes-2025-article-iv-consultation

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  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with the Republic of Uzbekistan

    Source: IMF – News in Russian

    June 18, 2025

    • Uzbekistan’s economic performance has remained strong, with robust growth, narrowing consolidated fiscal and current account deficits, and ample international reserves.
    • Despite elevated external uncertainty, growth is projected to stay robust amid ongoing reforms and strong remittances, while inflation is expected to moderate under tight macroeconomic and macroprudential policies.
    • The priorities ahead are to cement macro-financial stability and continue with the economic reform agenda to reduce the state’s footprint while fostering private sector-led and inclusive growth.

    Washington, DC: On June 16, 2025, the Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for the Republic of Uzbekistan.[1] The authorities have consented to the publication of the Staff Report prepared for this consultation.[2]

    Uzbekistan’s economic performance has remained strong. Real GDP growth stood at 6.5 percent in 2024, underpinned by robust domestic demand, and remained buoyant at 6.8 percent year-on-year in the first quarter of 2025. Inflation had trended downward through end-April 2024 but rose to 10.6 percent year-on-year in May 2024 that saw the implementation of needed energy price reform. By end-April 2025, it has only marginally eased to 10.1 percent. The current account deficit narrowed by 2.6 percentage points of GDP to about 5.0 percent in 2024, driven by strong remittances, rapidly growing non-gold exports, favorable commodity prices, and the unwinding of a one-off spike in imports in 2023. International reserves have remained ample. The consolidated fiscal deficit narrowed by 1.7 percentage points of GDP to 3.2 percent of GDP in 2024, largely on the back of growth-friendly expenditure measures, although borrowing and spending from the broader public sector were higher than anticipated.  

    The outlook remains broadly positive. Despite heightened global trade policy uncertainty, real GDP growth is projected to remain robust under the baseline, at close to 6 percent this year and next, supported by sustained strength in private consumption, investment, and advancement of structural reforms. The latter, continued tight monetary and macroprudential policies, and solidified fiscal discipline are expected to reduce inflation to the Central Bank of Uzbekistan’s (CBU) 5 percent target by end-2027. The external current account deficit is foreseen to stay at or slightly below 5 percent over 2025-26 while international reserves are expected to remain adequate, at 9.2 months of imports by end-2026.

    Downside risks to the outlook include prolonged and deeper trade policy shocks, more volatile commodity prices, tighter external financing, and contingent liabilities from state-owned enterprises and banks, and public-private partnerships. On the upside, opportunities stem from faster implementation of structural reforms, stronger inflows of income and capital, and favorable commodity prices.

    Executive Board Assessment[3]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Uzbekistan’s positive economic outlook amid continued progress in the transition to a market-oriented economy. Directors noted, however, that significant vulnerabilities persist, including from the still large state footprint in the economy and rising external uncertainty. Against this background, they emphasized the importance of sustaining the momentum in structural and institutional reforms, supported by Fund technical assistance, to entrench macroeconomic stability and maintain robust and resilient growth.

    Directors commended the authorities for the significant fiscal consolidation achieved. They broadly called for reversing the decline in the tax-to-GDP ratio and improving expenditure efficiency to create fiscal space for priority social and development needs. Directors stressed the importance of adhering to external borrowing limits and avoiding government spending procyclicality in response to high gold prices to support inflation reduction. They also advised improving monitoring and management of fiscal risks from SOEs and public-private partnerships and further strengthening PFM and fiscal transparency.

    Directors welcomed the commitment of the Central Bank of Uzbekistan (CBU) to reduce inflation. They agreed that monetary policy should remain data driven and be tightened further if core inflation or inflation expectations do not decline. Directors encouraged the CBU to continue strengthening communication and monetary policy transmission. They also recommended adopting greater exchange rate flexibility and implementing outstanding safeguards recommendations to strengthen central bank governance and independence. 

    Directors called for enhancing bank supervision and regulation to safeguard financial stability, while reducing the state’s role in the financial sector. In this regard, they recommended bolstering the commercial orientation of state banks and their corporate governance, phasing out directed and preferential lending, and expediting and expanding privatization efforts. Directors also advised the authorities to strengthen asset classification, NPL reporting and resolution, and the regulatory, supervisory, crisis management, and AML/CFT frameworks following the recommendations of the country’s first Financial Sector Assessment Program. Additional macroprudential measures could help mitigate risks from rapid growth in microcredit. 

    Directors encouraged deepening and accelerating structural reforms. While welcoming the progress with WTO accession and energy sector reform, they emphasized that it will be essential to complete price and trade liberalization, phase out support to SOEs, and accelerate privatizations while carrying them out in line with international best practices. Directors called on the authorities to make further progress in governance reforms, including improvements in transparency and accountability and the approval of the National Anti-Corruption Strategy. Closing data gaps and improving data quality remain priorities. 

    It is expected that the next Article IV consultation with Uzbekistan will be held on the standard 12-month cycle.

    Uzbekistan: Selected Economic Indicators 2022-2026

    2022

    2023

    2024

    2025

    2026

    Est.

    Proj.

    Proj.

    National income 1/

    Real GDP growth (percent change)

    6.0

    6.3

    6.5

    5.9

    5.8

    Nominal GDP (in trillions of Sum)

    996

    1,204

    1,455

    1,733

    2,005

    GDP per capita (in U.S. dollars)

    2,555

    2,849

    3,113

    3,487

    3,805

    Population (in millions)

    35.3

    36.0

    36.9

    37.7

    38.5

    Prices

    (Percent change)

    Consumer price inflation (end of period) 2/

    12.3

    8.7

    9.8

    8.4

    6.5

    GDP deflator

    14.5

    13.8

    13.3

    12.5

    9.4

    External sector

    (Percent of GDP)

    Current account balance

    -3.2

    -7.6

    -5.0

    -5.0

    -4.8

    External debt

    49.2

    54.5

    56.2

    55.4

    55.2

                     (Level)

    Exchange rate (in sums per U.S. dollar; end of period)

    11,225

    12,339

    12,920

    …

    …

    Real effective exchange rate

    		        

    (ave, 2015 =100, decline = depreciation)

    61.8

    58.8

    55.4

    …

    …

    Government finance

    (Percent of GDP)

    Consolidated budget revenues

    28.8

    26.7

    26.5

    26.3

    26.4

    Consolidated budget expenditures

    32.3

    31.6

    29.7

    29.3

    29.4

    Consolidated budget balance

    -3.5

    -4.9

    -3.2

    -3.0

    -3.0

    Adjusted revenues 3/

    27.7

    25.9

    25.5

    25.3

    25.5

    Adjusted expenditures 3/

    31.3

    29.9

    27.8

    27.3

    27.8

    Adjusted fiscal balance

    -3.7

    -4.0

    -2.3

    -2.0

    -2.3

    Policy-based lending

    -0.1

    0.9

    0.9

    1.0

    0.7

    Overall fiscal balance 3/

    -3.5

    -4.9

    -3.2

    -3.0

    -3.0

    Public debt

    30.5

    32.2

    32.6

    33.3

    33.2

    Money and credit

    (Percent Change)

    Reserve money

    31.4

    4.9

    9.5

    9.2

    8.8

    Broad money

    30.2

    12.2

    30.6

    19.4

    16.3

    Credit to the economy

    21.4

    23.2

    4.0

    19.3

    16.0

    Sources: Country authorities; and IMF staff estimates.

    1/ Incorporates latest revision to national accounts data, which raised the average nominal GDP for 2017-2023 by about 11 percent. 

    2/ The CPI projection incorporates the effect of the announced increases in energy prices in 2024 and 2025.

    3/ IMF staff adjusts budget revenues and expenditures for financing operations, such as equity injections, policy lending, and privatization of state enterprises. The overall fiscal balance until 2021 is more negative than the consolidated budget balance as the latter excluded privatization receipts. Since 2022, there is no difference as the authorities started including all privatization receipts as financing.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/Uzbekistan page.

    [3] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Wafa Amr

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

    https://www.imf.org/en/News/Articles/2025/06/18/pr-25206-uzbekistan-imf-executive-board-concludes-2025-article-iv-consultation

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  • MIL-OSI Russia: Vice Premier of the State Council of China calls for promoting high-quality development of foreign trade

    Translation. Region: Russian Federal

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

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

    QINGDAO, June 18 (Xinhua) — Chinese Vice Premier He Lifeng has called for stepping up efforts to stabilize foreign trade, strengthening support and improving services for foreign trade enterprises, and giving full play to their competitive advantages to ensure high-quality development of China’s foreign trade.

    He Lifeng, also a member of the Political Bureau of the CPC Central Committee, made the remarks during an inspection tour of east China’s Shandong Province from Tuesday to Wednesday.

    The Vice Premier pointed out that amid the complicated international environment this year, Chinese industrial exporters have overcome serious challenges and demonstrated outstanding resilience. By offering high-quality products at competitive prices, they not only support domestic economic development, but also further strengthen the stability of the world economy, he said.

    Exporters should give full play to their advantages by focusing on key areas, He Lifeng said, calling on them to take root in international markets and continuously upgrade products, technologies and business models.

    The Vice Premier of the State Council also called on industrial exporters to organically combine the expansion of foreign trade with the satisfaction of domestic demand.

    He Lifeng called on local authorities to promptly resolve practical issues of concern to foreign trade enterprises, strengthen their support and improve services to promote high-quality development of foreign trade. –0–

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  • MIL-OSI Russia: Xi Jinping’s participation in the 2nd China-Central Asia Summit helped strengthen friendly ties and chart a course for development – Chinese Foreign Minister

    Translation. Region: Russian Federal

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

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

    BEIJING, June 18 (Xinhua) — Chinese President Xi Jinping attended the 2nd China-Central Asia Summit in Astana, Kazakhstan, where he and the heads of five Central Asian states discussed traditional friendship and worked out a plan for further development, Chinese Foreign Minister Wang Yi said on Wednesday.

    Wang Yi, also a member of the Politburo of the CPC Central Committee, made the statement during a briefing for journalists following Xi Jinping’s visit.

    The Chinese diplomat noted that in Astana, Xi Jinping and the leaders of Central Asian countries discussed cooperation plans and achieved more than 100 cooperation results.

    According to the head of the Chinese Foreign Ministry, the most notable highlight of this summit was Xi Jinping’s introduction of the concept of “China-Central Asian spirit”, which is expressed in four aspects: mutual respect and equal treatment; deep mutual trust and mutual support; mutual benefit and joint development; mutual assistance and joint overcoming of difficulties.

    Central Asian leaders unanimously agreed to adhere to this spirit, Wang Yi said.

    The head of the Chinese Foreign Ministry stated that China and the five Central Asian countries are developing countries that always follow the path of modernization together.

    The most prominent theme of the summit, Wang Yi continued, was the joint announcement by the heads of the six states of 2025 and 2026 as the Years of High-Quality Development of China-Central Asian Cooperation.

    The two sides will focus cooperation on six priority areas: unimpeded trade, industrial investment, connectivity, green resources, agricultural modernization and facilitating people-to-people exchanges, to achieve new tangible results, the Chinese diplomat said.

    Wang Yi said that Xi Jinping attended the signing of the action plan for high-quality cooperation under the Belt and Road Initiative together with the heads of five Central Asian states. This was the first time that China signed a single document on cooperation under the Belt and Road Initiative with all countries in a neighboring region.

    The head of the Chinese Foreign Ministry recalled that China is the most important trade and investment partner of the Central Asian countries. All parties agreed that there are no winners in tariff and trade wars, and unilateralism and protectionism have no prospects.

    Responding to Central Asia’s urgent need to boost and enhance its capacity for independent development, Xi Jinping announced the establishment of three cooperation centers within the framework of China-Central Asia cooperation – on poverty alleviation, on educational exchanges, and on desertification prevention and control, and promised to provide 3,000 educational places for Central Asian countries in the next two years.

    The most important innovative initiative of this summit, as Wang Yi stated, was the signing by the heads of six states of the Treaty of Eternal Good-Neighborliness, Friendship and Cooperation, which enshrines the principle of eternal friendship in legal form and indicates that political mutual trust between China and the Central Asian countries has reached a new height.

    During the summit, China and Central Asian countries also achieved a number of new cooperation results in areas such as inter-regional cooperation, people-to-people exchanges, educational exchanges and cultural tourism.

    In addition, the six heads of state attended the signing of a number of sister city agreements. Wang Yi noted that this brought the number of sister city pairs between China and the five Central Asian countries to more than 100, achieving the goal of the initiative put forward by Xi Jinping three years ago. –0–

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  • MIL-OSI Russia: Financial news: Inflation continues to decline.

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    In May, the seasonally adjusted monthly price growth slowed to 4.5% on an annualized basis. Non-food items fell in price for the second month in a row. The rate of price increases for basic food products, household and medical services remained high.

    Annual inflation also continued to decline in May, but was still significantly above the target. The Bank of Russia intends to return inflation to 4.0% in 2026 and keep it close to this level thereafter.

    For more details, read the Bank of Russia’s information and analytical commentary “Dynamics of consumer prices”.

    Preview photo: Nejron Photo / Shutterstock / Fotodom

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //vv. KBR.ru/Press/Event/? ID = 24714

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  • MIL-OSI Russia: Denis Manturov met Indonesian President Prabowo Subianto at St. Petersburg airport

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    First Deputy Prime Minister of Russia Denis Manturov met Indonesian President Prabowo Subianto at Pulkovo Airport, who arrived on an official visit to hold talks with Russian President Vladimir Putin and participate in the XXVIII St. Petersburg International Economic Forum.

    Let us recall that First Deputy Prime Minister Denis Manturov, as the chairman of the Russian part of the Russian-Indonesian Joint Commission on Trade, Economic and Technical Cooperation, visited Jakarta in April of this year to hold the 13th meeting of the commission.

    The high dynamics of bilateral contacts contribute to the successful development of cooperation between Russia and Indonesia in a wide range of areas, including trade, industry, agriculture, energy, transport, tourism, as well as humanitarian spheres, in particular education, culture and sports.

    By the end of 2024, the volume of trade turnover between Russia and Indonesia amounted to 4.3 billion dollars.

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

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  • MIL-OSI Russia: Alexey Overchuk took part in a joint meeting of the State Duma committees

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Alexey Overchuk took part in a joint meeting of the State Duma committees (photo by the State Duma press service).

    Deputy Prime Minister Alexey Overchuk spoke at a joint meeting of the State Duma committees on CIS affairs, Eurasian integration and relations with compatriots, culture, education, family protection, fatherhood, motherhood and childhood, civil society development, public and religious associations and control.

    The meeting was held as part of preparations for a government hour dedicated to the development of cooperation between Russia and the CIS countries in the humanitarian sphere and the strengthening of common spiritual and moral values.

    The Deputy Prime Minister informed parliamentarians about the comprehensive work being carried out to preserve the common cultural space of the Commonwealth of Independent States and the implementation of measures in the areas of education and science, culture and tourism, and also answered questions from deputies.

    In his speech, the Deputy Prime Minister emphasized that Russia intends to deepen partnership with the CIS countries, combining economic cooperation with the preservation of a common cultural and civilizational space. The Government’s priorities in this area remain work with youth, the development of education and the popularization of traditional values and the preservation of the Russian language as a common language and means of international communication of the countries of Northern Eurasia.

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

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  • MIL-OSI Russia: Alexander Novak at a meeting with the OPEC Secretary General: Russia highly appreciates the effectiveness of cooperation within OPEC

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Deputy Prime Minister of Russia Alexander Novak met with OPEC Secretary General Haitham al-Gais at the St. Petersburg International Economic Forum.

    “Russia highly values the effectiveness of interaction within OPEC. Thanks to regular and trusting working contacts, including with the OPEC Secretariat, it is possible to compare positions in advance, develop coordinated approaches, and make decisions at our ministerial meetings that take into account the interests of each OPEC member,” said Alexander Novak, opening the meeting.

    In turn, the OPEC Secretary General highly appreciated the energy dialogue with Russia. He emphasized the importance of the partnership between the Russian Federation and OPEC at all levels and highly appreciated the leadership role that Russia plays within the framework of the Declaration of Cooperation as a co-chair of the OPEC and non-OPEC ministerial meetings.

    The parties discussed the situation on the global oil market, including in connection with the escalation of the conflict in the Middle East, interaction between Russia and OPEC both in a bilateral format and within the framework of the OPEC deal.

    Alexander Novak invited Haitham al-Gais to take part in the annual international forum “Russian Energy Week”, which will be held from October 15 to 17 in Moscow.

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

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  • MIL-OSI Russia: Djibouti Implements the Enhanced General Data Dissemination System (e-GDDS)

    Source: IMF – News in Russian

    June 18, 2025

    Washington, DC: With the successful launch of the new data portal—the National Summary Data Page (NSDP)—Djibouti has implemented a key recommendation of the IMF’s Enhanced General Data Dissemination System (e-GDDS) to publish essential macroeconomic and financial data. The e-GDDS is the first tier of the IMF Data Standards Initiatives that promote transparency as a global public good and encourages countries to voluntarily publish timely data that is essential for monitoring and analyzing economic performance.

    The launch of the NSDP is a testament to the Djibouti’s commitment to data transparency. It serves as a one-stop portal for disseminating various macroeconomic data compiled by multiple statistical agencies. The published data include statistics on national accounts, prices, government operations, debt, the monetary and financial sector, and the external sector.

    The launch of the NSDP was supported by an IMF technical assistance mission, financed by the Government of Japan through the Japan Administered Account for Selected Fund Activities, and conducted in collaboration with the African Development Bank from June 9 to 12, 2025. The mission was hosted by the Central Bank of Djibouti in close collaboration with the Ministry of Budget, the Ministry of Economy and Finance, as well as the National Statistics Institute of Djibouti.

    With this reform, Djibouti will join 75 countries worldwide and 35 countries in Africa using the e-GDDS to disseminate standardized data.  

    Mr. Bert Kroese, Chief Statistician and Data Officer, and Director of the IMF’s Statistics Department, commended the authorities for this major milestone in the Djibouti’s statistical development. He also emphasized that Djibouti would benefit from using the e-GDDS participation as a tool to further improve data transparency. The IMF stands ready to “continue supporting the authorities in further developing their statistical systems.”

    IMF Communications Department
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    https://www.imf.org/en/News/Articles/2025/06/18/pr-25205-djibouti-djibouti-implements-the-e-gdds

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  • MIL-OSI Russia: DPO will help overcome the shortage of personnel

    Translation. Region: Russian Federal

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

    Photo: Dmitry Orlov / Fornd Roscongress

    One of the key topics of the business program of the St. Petersburg International Economic Forum, which is taking place from June 18 to 21, was the development of education and personnel training. At the session “Personnel shortage and strategies for overcoming it”, held within the framework of the forum of small and medium entrepreneurship, Senior Director of the National Research University Higher School of Economics Andrey Lavrov spoke about the role of additional professional education in solving the personnel problem.

    Opening the discussion, session moderator Sergei Nuzhdin, member of the presidium of the board of the All-Russian public organization of small and medium-sized businesses “OPORA RUSSIA”, called the shortage of personnel one of the most pressing problems of the country and the economy as a whole.

    Andrey Lavrov noted that this problem needs to be solved here and now, so it would be wrong to talk about long-term strategies, including changes in approaches to university education, in this context. “A university is not a supplier of personnel to the labor market, but an environment that creates people who are able to respond to changes at different periods of their lives and careers,” he noted.

    According to the senior director of the National Research University Higher School of Economics, additional professional education helps to respond correctly to these changes. At HSE, the portfolio of additional professional education programs is formed taking into account the demands of consumers, which can be divided into two halves. The first half are employers who contact the university with a request to train their employees, the second are people who want to independently develop their qualifications.

    “We focus primarily on such people. If we take the broadest possible view, their age is from 25 to 45 years old, that is, they are not yesterday’s students,” Andrey Lavrov clarified. It is clear that, for example, AI technologies, for which they have demand today, were impossible to master earlier, within the framework of higher education, because such technologies did not exist at all.

    “We slightly underestimate the system of additional education. I am deeply convinced that a person’s educational trajectory, starting in early childhood, should in no case end with receiving a diploma of higher education. In order for each person to be competitive, so that the problem of personnel shortage does not arise, it is necessary to form a culture of continuous education of people,” says Andrei Lavrov.

    “The challenge and responsibility of universities is to create continuing education programs that, on the one hand, people need, and on the other hand, make them more competitive,” concluded the senior director of the HSE.

    Other approaches to solving the personnel problem were also considered at the session.

    Vladislav Grib, Deputy Secretary of the Public Chamber of the Russian Federation, proposed creating Russian colleges and universities in friendly countries and giving their graduates priority when finding employment in our country.

    Sergei Morozov, State Duma deputy and federal coordinator of the “Choose Your Own” project, spoke about the national project “Personnel”, comparing the conditions for its implementation with the era of the first five-year plans.

    Alexander Vaino, Director of the Young Professionals Department at the Agency for Strategic Initiatives, focused on developing the interest of young people in working at strategically important enterprises, primarily industrial ones, in their regions.

    Elena Didenko, Vice-Rector for Continuing Professional Education at the Financial University under the Government of the Russian Federation, proposed reconfiguring employment services to make them more client-centric.

    Natalia Vershinina-Adelman, Director, Private Employment Agency Regional Labor Exchange LLC, spoke about infrastructure solutions for attracting qualified personnel from BRICS countries.

    At the end of the session, the participants were presented with the project “Why are you needed at home”, within the framework of which the professional socialization of young people is carried out.

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

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Staff Completes 2025 Article IV Mission to Zimbabwe

    Source: IMF – News in Russian

    June 18, 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 discussions and decision.

    Harare, Zimbabwe: An International Monetary Fund (IMF) staff team led by Mr. Wojciech Maliszewski visited Harare from June 4 to June 18, 2025, to conduct the 2025 Article IV Consultation.

    At the conclusion of the IMF mission, Mr. Maliszewski issued the following statement:

    “Zimbabwe is experiencing a degree of macroeconomic stability despite lingering policy challenges. Following successive bouts of hyperinflation over the past few years, more disciplined policies—including halting and transferring to the Treasury the quasi-fiscal operations (QFOs) of the Reserve Bank of Zimbabwe (RBZ) and tighter monetary policy despite fiscal pressures—have helped stabilize the local currency (the ‘ZiG’) and reduce inflation. Growth this year is recovering following a sharp slowdown in 2024, which was affected by a drought that lowered agricultural output by 15 percent. Electricity production also fell, and declining prices for platinum and lithium weighed on the mining output. During the first half of 2025, better climate conditions and historically high gold prices have boosted agricultural and mining activity, strengthening the current account and contributing to the recovery, with growth projected at 6 percent in 2025.

    “Buoyed by the growth recovery and policy measures—a reduction in VAT tax reliefs, increased fees and levies, taxation of the COVID public servant allowance, and steps to reduce smuggling—revenue ratio increased sharply to 18 percent of GDP. That said, fiscal pressures intensified in 2024 and in the first months of 2025 as higher revenues proved insufficient to meet growing spending needs. These came notably from higher public sector wages, capital outlays related to a SADC summit, debt servicing costs on past QFOs by the RBZ taken over by the Treasury, and servicing liabilities related to the acquisition of assets for the Mutapa Investment Fund. The fiscal deficit was financed by T-bills issuance and direct borrowing from the RBZ’s overdraft facility to service debt, contributing to the expansion of domestic liquidity and an overnight drop in the value of the ZiG in September 2024, and a significant buildup of expenditure arrears that continued into 2025.

    “Following the overnight drop in the value of the ZiG, inflation spiked in October 2024 then declined significantly as both the willing-buyer willing-seller (WBWS) and parallel market rates have since stabilized, helping to bring month-on-month inflation down to an average of 0.5 percent over the period February to May 2025. At the same time, the gap between the WBWS and parallel market rates has narrowed significantly, but remains at around 20 percent. In this context, the mission welcomed the repeal of Statutory Instrument 81A of 2024—which had mandated the formal sector to use the WBWS rate in the pricing of goods and services, contributing to an increase in dollarization and informality.

    “To support the authorities’ stabilization efforts, key Article IV recommendations include: in the near term, fiscal policy actions to center on closing the financing gap without recourse to monetary financing and further domestic arrears buildup, while safeguarding social spending, and delivering a durable fiscal adjustment in the longer term; monetary and FX policy to focus on supporting a transition to stable national currency, with an effective monetary policy framework and market-determined exchange rate policy; and, to boost growth, structural and economic governance reforms. In this context, policy priorities include:

    • Fiscal. Closing a substantial fiscal financing gap for 2025 in a way consistent with available sustainable and non-inflationary financing. This would require rationalizing spending and increasing the effectiveness of the authorities’ strategy to run a cash budget through better planning and stronger political commitment to control spending. This would also require strengthening the public spending commitment control system to avoid further arrears accumulation; and a close monitoring of domestic arrears (including through an audit of remaining arrears). The 2026 Budget will be critical to establish a policy track record, and measures will be needed to close the fiscal gap in 2026. Over the medium term, fiscal adjustment should be accompanied by fiscal-structural policies to strengthen public financial management (PFM), expenditure controls, and budget credibility.
    • Monetary and FX. The mission recommends improving the functioning of the WBWS market through a more transparent price-setting mechanism and by gradually replacing surrender requirements with a requirement to convert export proceeds directly into the market through Authorized Dealers, while focusing the RBZ’s FX interventions to managing excessive volatility in the exchange rate. Monetary policy can be enhanced by the introduction of an effective deposit facility at the RBZ, followed by fully introducing indirect market instruments and phasing out direct instruments. In the longer-term, a comprehensive package of macroeconomic, financial, and structural policies should be pursued to allow for a gradual relaxation of other Capital Flow Management Measures (CFMs) and elimination of undesirable exchange restrictions noted by the Article VIII mission.
    • Mutapa Investment Fund and State-owned enterprises (SOEs). To mitigate fiscal risks, the mission recommends strengthening the governance framework for the Mutapa Investment Fund—including strengthening its reporting, audit, disclosure, and oversight requirements in line with international best practices—and the overall public sector transparency and reporting.

    “The authorities have also announced their plan to transition to a mono-currency system by 2030. The mission emphasized the need to continue strengthening the monetary and FX market framework in line with IMF staff recommendations. This should be complemented by measures to enhance the demand for ZiG in the domestic economy—most notably, increasing the share of Treasury’s operations (revenues and expenditures) in ZiG. To reduce any uncertainty weighing on financial intermediation, the authorities should provide more clarity on the operational implications of the transition plan, including clarifying that the use of a mono-currency will be limited to domestic transactions, allowing for bank deposits to remain denominated in both currencies.

    “In the context of the requested SMP, IMF staff stands ready to resume discussions in due course once decisive steps have been taken by authorities to address the key policy issues highlighted by the mission.

    “International reengagement remains critical for debt resolution and arrears clearance, which would open the door for access to external financing. In this context, the authorities’ reengagement efforts, through the Structured Dialogue Platform, are key for attaining debt sustainability and gaining access to concessional external financing.

    “The IMF maintains an active engagement with Zimbabwe and continues to provide policy advice and extensive technical assistance in the areas of revenue mobilization, expenditure control, financial supervision, debt management, economic governance, as well as macroeconomic statistics. However, the IMF is currently precluded from providing financial support to Zimbabwe due to its unsustainable debt situation—based on the IMF’s Debt Sustainability Analysis (DSA)—and official external arrears. An IMF financial arrangement would require a clear path to comprehensive restructuring of Zimbabwe’s external debt, including the clearance of arrears and a reform plan that is consistent with durably restoring macroeconomic stability; enhancing inclusive growth; lowering poverty; and strengthening economic governance.

    “IMF staff held meetings with His Excellency President Emmerson Mnangagwa; Minister of Finance, Economic Development and Investment Promotion Honorable Professor Mthuli Ncube, his Deputy Minister of Finance, Economic Development and Investment Promotion Honorable David Mnangagwa and his Permanent Secretary Mr. George Guvamatanga; Reserve Bank of Zimbabwe Governor Dr. John Mushayavanhu; Mr. Willard Manungo, Deputy Chief Secretary to the President and Cabinet; other senior government and RBZ officials; honorable members of Parliament; and representatives of the private sector, civil society, and Zimbabwe’s development partners.

    “The IMF staff would like to thank the Zimbabwean authorities and other stakeholders for constructive discussions and support during the 2025 Article IV consultation process.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Wafa Amr

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

    https://www.imf.org/en/News/Articles/2025/06/18/pr-25203-zimbabwe-imf-completes-2025-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Russia: China criticizes EU Commission chief’s industrial policy remarks, calls for rejection of double standards

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian –

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

    BEIJING, June 18 (Xinhua) — China’s Foreign Ministry on Wednesday expressed strong dissatisfaction and firm opposition to European Commission President Ursula von der Leyen’s recent remarks on China’s industrial subsidy policies, calling her words factually inaccurate and filled with bias and double standards.

    Chinese Foreign Ministry spokesman Guo Jiakun made the statement at a regular briefing in response to a journalist’s question about U. von der Leyen’s remarks at the G7 summit on June 16.

    China’s industrial subsidy policy adheres to the principles of openness, fairness and compliance with established norms, and strictly abides by the rules of the World Trade Organization, Guo Jiakun emphasized. According to him, China’s industrial development relies on the advantages of consistent technological innovation, a complete supply chain system, full-fledged market competition and abundant labor resources, which are due to the country’s actual capabilities rather than subsidies.

    As the diplomat emphasized, China’s new energy production capacity makes a significant contribution to the global fight against climate change and the energy transition. The so-called “overcapacity” problem, he noted, is essentially a projection of individual countries’ concerns about their own competitiveness and market share, which they intend to use as a pretext to justify protectionist measures.

    The official representative pointed out that in recent years the European Union has been continuously implementing industrial policy measures, providing a significant amount of subsidies to support European enterprises, and even openly offering to give preference to purchasing products from European manufacturers.

    The EU plans to provide more than €1.44 trillion in various subsidies from 2021 to 2030, with more than €300 billion already provided by 2024, Guo Jiakun said, citing incomplete statistics.

    According to him, at a time when the EU is striving to stimulate economic growth and increase competitiveness, it needs to abandon double standards and move towards greater openness in cooperation.

    In the 50 years since the establishment of diplomatic relations, cooperation between China and the EU has yielded fruitful results and brought tangible benefits to both sides, the official said, assuring that China, while continuing to firmly adhere to high-level opening up, will continue to provide European companies with its vast market and development opportunities.

    China hopes to strengthen communication and coordination with the European side and properly handle trade differences to achieve win-win results and common development, Guo Jiakun said. At the same time, he added, China firmly opposes any attempt to undermine its right to development or sacrifice Chinese interests for its own gains. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Israeli Defense Minister Says Iran’s ‘Internal Security Headquarters’ Destroyed

    Translation. Region: Russian Federal

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

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

    JERUSALEM, June 18 (Xinhua) — Israeli Defense Minister Israel Katz said Wednesday that fighter jets from the Jewish state’s air force destroyed “the headquarters of Iran’s internal security forces.”

    He added that Israel would continue to strike “symbols of Iranian rule,” without giving details of the operation or its targets.

    I. Katz’s comments came shortly after the Israeli military announced that its planes had begun a new series of airstrikes on “military targets of the Iranian regime” in Tehran.

    Videos circulating on social media showed plumes of smoke rising from several locations in east and southeast Tehran after the explosions.

    Iran’s Fars news agency reported that Israel also attacked Payam International Airport, a key Iranian aviation hub near Tehran, on Wednesday, adding that firefighters and rescue teams were working at the site of the blast northwest of the Iranian capital.

    According to official figures, the military action that began on June 13 with surprise Israeli airstrikes on Iran has so far killed about 600 people in Iran and 24 in Israel. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Iceland

    Source: IMF – News in Russian

    June 18, 2025

    • Growth decelerated in 2024 but is expected to rise to 1.6 percent in 2025 and 2.2 percent in 2026, while inflation is projected to decline to the Central Bank of Iceland’s 2.5 percent target in the second half of 2026. The direct impact of escalating global trade tensions is projected to be limited.
    • The authorities’ plans to turn the fiscal deficit in 2024 into a surplus by 2028 are appropriate given the need to rebuild buffers; details on the planned fiscal measures to achieve these targets have enhanced the credibility of the consolidation. Monetary policy is suitably tight given still elevated inflation, but the monetary stance should be reduced as inflation declines. Efforts to raise foreign exchange reserve coverage are welcome.
    • Investments in physical and human capital, alongside continued efforts to promote innovation and reduce skills mismatches are needed to support medium-term growth. Taxation can play a supportive role in reducing housing market imbalances.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Iceland.[1] The authorities have consented to the publication of the Staff Report prepared for this consultation.[2]

    The economy decelerated in 2024 to 0.5 percent due largely to weak exports from a disappointing fishing season and constraints on energy supply that curtailed aluminum production. Growth is expected to rebound to 1.6 percent in 2025 and 2.2 percent in 2026, driven by a recovery in exports, higher real wages, and continued monetary easing that more than offsets the impact of a moderately contractionary fiscal impulse. The impact of escalating global trade tensions is projected to be limited given that most goods exports are destined for Europe. Inflation is expected to gradually decline to the Central Bank of Iceland’s 2.5 percent target in the second half of 2026. Medium-term prospects are favorable, with continued diversification of the economy toward higher value-added export-oriented sectors anticipated to bolster productivity growth and inflows of foreign labor expected to support a modest increase in employment growth.

    Risks to growth are tilted to the downside while risks to inflation are broadly balanced. In particular, the impact of rising global trade tensions could be larger than anticipated if tariffs are extended to currently exempted items (e.g., pharmaceuticals) or if a reduction in travel to and from the US negatively affects tourism. Inflation could increase if trade tensions trigger supply disruptions or capital outflows, if a premature loosening of monetary policy further de-anchors inflation expectations, or as result of second-round effects from higher wage growth. Conversely, capital inflows could result in an appreciation of the exchange rate that would weaken competitiveness and put downward pressure on inflation.

    Executive Board Assessment[3]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed the prudent macroeconomic policies, which have helped to reduce imbalances. While noting that medium‑term growth prospects are favorable, Directors observed that risks are tilted to the downside, notably from rising trade tensions. They emphasized the need to ensure macroeconomic stability and gradually rebuild fiscal buffers, while supporting stronger growth and reducing vulnerability to shocks.

    Directors welcomed the ambitious fiscal targets and the improved transparency and credibility around the planned consolidation. They highlighted that increased infrastructure spending would help to close gaps in transport and energy and bolster growth prospects. Directors saw merit in implementing additional measures, if necessary, to achieve fiscal objectives. Noting the need to reduce procyclicality in fiscal policy, Directors supported the planned activation of revised fiscal rules in 2026. They also recommended measures to strengthen the Fiscal Council and increase the coverage and frequency of fiscal data. 

    Directors noted that price pressures remain elevated and agreed that tight monetary policy remained appropriate. They encouraged the Central Bank of Iceland (CBI) to gradually loosen the policy stance as inflation declines towards target and expectations become reanchored. Directors saw merit in transitioning to a more forecast‑based inflation targeting framework as uncertainty declines. Noting the importance of increasing reserves to more prudent levels, Directors welcomed the CBI’s decision to commence regular purchases of foreign exchange.  

    Directors welcomed that systemic risks in the financial sector are contained. They highlighted the need to remain vigilant to potential vulnerabilities in the housing market and the corporate sector, and to continue strengthening operational resilience. Directors saw scope to ease macroprudential policies should systemic risks recede as anticipated. While welcoming the progress on implementing FSAP recommendations, Directors urged further efforts to enhance pension fund governance, strengthen AML/CFT supervision of banks, and safeguard the independence and effectiveness of the CBI’s supervisory activities. 

    Directors emphasized the importance of reforms to bolster productivity and diversify the economy, including by improving infrastructure and supporting innovation. Important measures include reducing skill mismatches, maximizing the efficiency of R&D incentives, and promoting AI while mitigating related risks. Directors welcomed plans to increase housing supply and improve housing affordability. 

    It is expected that the next Article IV consultation with Iceland will be held on the standard 12‑month cycle. 

    Table 1. Iceland: Selected Economic Indicators, 2024–30
     

    2024

    2025

    2026

    2027

    2028

    2029

    2030
       

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.
     

    (Percentage change unless otherwise indicated)

    National Accounts (constant prices)

    		              

    Gross domestic product

    0.5

    1.6

    2.2

    2.4

    2.4

    2.4

    2.4

    Total domestic demand

    2.3

    1.5

    0.6

    2.2

    2.4

    2.4

    2.3

    Private consumption

    0.6

    2.2

    2.4

    2.5

    2.6

    2.6

    2.6

    Public consumption

    2.5

    1.5

    1.3

    1.0

    1.0

    1.0

    1.0

    Gross fixed investment

    7.5

    4.1

    -3.2

    2.8

    3.2

    3.2

    3.2

    Net exports (contribution to growth)

    -1.8

    -0.3

    1.6

    0.3

    0.1

    0.0

    0.2

    Exports of goods and services

    -1.2

    3.3

    3.0

    3.3

    3.1

    3.0

    3.2

    Imports of goods and services

    2.7

    3.9

    -0.7

    2.7

    2.9

    2.9

    2.9

    Output gap (percent of potential output)

    1.0

    0.2

    0.0

    0.0

    0.0

    0.0

    0.0
                   

    Selected Indicators

    		              

    Unemployment rate (percent of labor force)

    3.4

    3.9

    4.0

    4.0

    4.0

    4.0

    4.0

    Employment

    4.1

    0.4

    0.9

    1.1

    1.1

    1.1

    1.1

    Labor productivity

    -3.3

    1.2

    1.3

    1.3

    1.3

    1.3

    1.3

    Real wages

    0.5

    1.4

    1.3

    1.3

    1.3

    1.3

    1.3

    Nominal wages

    6.4

    4.9

    4.4

    3.8

    3.8

    3.9

    3.8

    Consumer price index (average)

    5.9

    3.5

    3.0

    2.5

    2.5

    2.5

    2.5

    Consumer price index (end period)

    4.7

    3.6

    2.5

    2.5

    2.5

    2.5

    2.5

    ISK/€ (average)

    164

    …

    …

    …

    …

    …

    …

     

     

    Money and Credit (end period)

    		              

    Credit to nonfinancial private sector

    8.1

    5.6

    5.6

    5.6

    5.6

    5.6

    5.7

    Central bank 7 day term deposit rate 1/

    8.50

    7.50

    …

    …

    …

    …

    …
     

    (Percent of GDP unless otherwise indicated)

    General Government Finances 2/

    Revenue

    42.8

    43.2

    42.4

    42.4

    42.4

    42.5

    42.6

    Expenditure

    46.3

    44.5

    43.2

    42.9

    42.8

    42.7

    42.7

    Overall balance 3/

    -3.5

    -1.3

    -0.7

    -0.5

    -0.3

    -0.2

    -0.1

    Cyclically-adjusted primary balance

    -1.5

    0.7

    0.9

    1.2

    1.4

    1.6

    1.7

    Structural primary balance 4/

    0.7

    1.1

    1.1

    1.3

    1.4

    1.6

    1.7

    Gross debt

    59.1

    47.7

    45.4

    43.6

    41.7

    39.9

    38.1
                   

    Balance of Payments

    		              

    Current account balance

    -2.5

    -2.6

    -0.5

    0.0

    0.4

    0.7

    1.0

    Gross external debt

    67.0

    65.4

    61.6

    58.5

    55.4

    52.4

    49.5

    Sources: Central Bank of Iceland; Ministry of Finance; Statistics Iceland; and IMF staff projections.

    1/ For 2025, policy rate as of May.

    2/ In April 2025, an agreement was reached on the settlement of remaining outstanding liabilities in the IL Fund (HFF).

    3/ For 2024, the deficit now includes 1.2 percent of GDP in costs related to the purchase of houses in Grindavík that in the 2024 Article IV were classified below the line due to uncertainty about the correct statistical treatment.

    4/ Cyclically-adjusted primary balance excluding one offs.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/iceland page.

    [3] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

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

    https://www.imf.org/en/News/Articles/2025/06/18/pr-25201-iceland-imf-executive-board-concludes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Russia: The Gambia: IMF Executive Board Approves Resilience and Sustainability Facility Arrangement and Completes the Third Review Under the Extended Credit Facility Arrangement

    Source: IMF – News in Russian

    June 18, 2025

    • The IMF Executive Board approved a new 18-month arrangement under the Resilience and Sustainability Facility (RSF) for The Gambia for an amount equivalent to about US$63.55 million, to help the authorities improve macroeconomic resilience and build policy buffers against climate shocks. The Executive Board also completed the third review under the existing Extended Credit Facility (ECF) arrangement, enabling immediate disbursement of about US$16.95 million.
    • Despite substantial downside risks, The Gambia’s economic outlook remains positive, with growth expected to reach 5.7 percent in 2025 and inflation returning to single digits.
    • The Gambia has made good progress in implementing their economic reform program despite fiscal policy challenges. Key priorities include increasing domestic revenue and advancing with fiscal consolidation to safeguard debt sustainability while strengthening social and spending.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) has approved an 18-month arrangement under the Resilience and Sustainability Facility (RSF) for The Gambia in the amount of SDR 46.65 million (about US$63.55 million), with disbursements to begin when the first review of the arrangement is completed. The RSF arrangement will help the authorities tackle challenges posed by climate change and reinforce the country’s long-term resilience by strengthening the legal framework and institutional environment, green public finance management, climate data and transition taxonomy, adaptation and resilience, and the energy transition.

    The Executive Board also completed the third review of The Gambia’s Extended Credit Facility (ECF) arrangement, approved on January 12, 2024, supporting reforms to address long-standing structural impediments to inclusive growth. The completion of the review allows for the immediate disbursement of SDR 12.44 million (about US$16.95 million), bringing total disbursements under this arrangement to SDR 37.31 million (about US$50.82 million).

    The Gambia’s economic outlook remains positive, with real GDP estimated to expand by 5.7 percent in 2025, supported by continuous recovery in the tourism sector and good performance in the agricultural and construction sectors. Headline inflation has gradually declined, reaching 8.1 percent by end-April 2025. The outlook is subject to significant downside risks stemming from global uncertainty.

    While the authorities remain committed to the objectives set out in the ECF arrangement and revenue collection has been strong, unbudgeted spending pressures including from the National Water and Electricity Corporation (NAWEC) continue to weigh on fiscal balances. Going forward, steadfast implementation of the policy and reform agenda will be essential to safeguard macroeconomic gains and debt sustainability.

    The Executive Board approved the authorities’ request for waivers of nonobservance of the performance criterion on the end-June 2024 floor on the domestic primary balance and the end-December 2024 ceiling on net domestic borrowing, based on corrective actions taken.

    Following the Executive Board’s discussion, Deputy Managing Director Bo Li issued the following statement:

    “The Gambia’s economic momentum remains robust, with resilient growth and gradually declining inflation. Program implementation has been mixed, showing satisfactory adherence to quantitative performance criteria and indicative targets but delays in meeting structural benchmarks. The authorities have reiterated their commitment to their reform agenda despite ongoing global geopolitical uncertainties.

    “The authorities plan to offset the carryover of 2024 spending commitments and unbudgeted transfers by restraining non-priority spending in 2025. Adhering to the fiscal consolidation and fiscal targets for 2025 is vital for reducing fiscal risks and ensuring debt sustainability. Enhancing revenue collection to build additional fiscal buffers is also critical. Improving public financial management to prevent domestic arrears and better control multi-year commitments will support fiscal discipline and accountability. Furthermore, it is essential to limit fiscal risks from state-owned enterprises and public-private partnerships.

    “The Central Bank of The Gambia’s tight and data-dependent monetary policy is appropriate and should ensure that inflation converges to the medium-term target. The foreign exchange market is functioning smoothly following the new foreign exchange policy implementation, and it is crucial to maintain an exchange rate that reflects market forces. The central bank’s commitment to cease direct financial support to public entities is a welcome measure to protect its balance sheet. Strengthening its regulatory capacity and risk-based supervision is essential to preserve the financial sector’s stability.

    “Progress with structural reforms is necessary to enhance governance and improve the business environment, thereby promoting private sector development and job creation. Implementation of recommendations from the recent governance diagnostic and prompt appointment of an anti-corruption commission are essential. 

    “Steadfast implementation of the authorities’ climate agenda under the newly approved Resilience and Sustainability Facility (RSF) arrangement will complement the Extended Credit Facility in bolstering economic resilience and reducing balance of payment risks. The RSF is expected to foster tighter coordination among domestic stakeholders and development partners. It will be important to carefully sequence reforms under both arrangements, supported by targeted capacity development.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Kwabena Akuamoah-Boateng

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

    https://www.imf.org/en/News/Articles/2025/06/18/pr-25202-gambia-imf-apprv-resil-sustain-facil-arrange-completes-the-3rd-rev-under-ecf-arrange

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  • MIL-OSI Russia: Moscow presents key city projects at SPIEF-2025 — Sergei Sobyanin

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    The capital traditionally takes part in the St. Petersburg International Economic Forum (SPIEF) and presents key projects in the economy, transport, industry, construction, culture, social and other spheres. This was reported by Sergei Sobyanin in his telegram channel.

    “At the Moscow Government stand, visitors will be able to familiarize themselves with the key economic indicators of the capital. On interactive panels, they will be able to learn about the supplier portal, where entrepreneurs and organizations from 42 regions of the country work, as well as how Moscow companies increase labor productivity,” the Moscow Mayor noted.

    Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin

    A separate space is dedicated Moscow metro, which turned 90 this year. The stand also features a model of the newest train, Moscow-2026.

    You can get to know the Moscow of the future thanks to VR walks in the urban development zone. Visitors can be the first to study the details of large-scale projects – the new Great Moscow Circus and the development Mnevnikovskaya floodplainHere they will also show how the metro is being built using a tunnel boring machine and what centers of economic activity will appear on the map of the capital.

    “Visitors will see how electric batteries for urban transport are created. Soon they will also be assembled at the Krasnaya Pakhra site in the Technopolis Moscow SEZ, where the first cluster for the production of batteries for electric transport in Russia is being formed,” added Sergei Sobyanin.

    In addition, they will be offered to go to the most high-tech sites of the capital. Thus, the shuttle of the future will “take” to the special economic zone “Technopolis Moscow”. And guests will also get acquainted with the technologies of the innovative elevator Karacharovsky mechanical plant.

    The stand will also tell about the largest resource center “Mosvolonter”, project “Youth of Moscow” and ways to support the capital’s non-profit organizations (NPOs).

    Moscow Mayor Tells How the City Supports Good Deeds of Moscow NGOs

    In the section dedicated to the social sphere, you can see a unique installation of the new complex of the N.V. Sklifosovsky Research Institute of Emergency Care, as well as an interactive map with key objects of Moscow medicine. In addition, visitors will learn about the development of secondary vocational education first-hand – from students of the capital’s colleges.

    Forum guests are invited to the “Moscow” store, where goods produced in the capital are presented. There are also products from program participants there “Made in Moscow”.

    Everyone will be able to visit the VDNKh metaverse. This is a unique interactive educational project for a walk around the main exhibition of the country from any corner of Russia.

    The Moscow Culture block features the capital’s theaters, museums, parks, zoo, concert venues and events. Visitors will also be introduced toMoscow Film Cluster and the first in Russia Video Game and Animation Cluster.

    “This year, the Moscow stand is very large-scale, technologically advanced and clearly demonstrates the great teamwork of all industries for the benefit of the city and its residents. We still have many new heights ahead of us,” concluded the Mayor of Moscow.

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

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    HTTPS: //vv.mos.ru/mayor/tkhemes/12958050/

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  • MIL-OSI Russia: “I fell in love with Russia, I especially like your culture”

    Translation. Region: Russian Federal

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

    © Higher School of Economics

    A round table for international students was held at the HSE, organized by the inter-university student project “Adventures of Foreigners in Russia” The guests were treated to useful tips and memos on adaptation and life in Russia, as well as convenient navigation on where to go and what to do in Moscow in their free time. Foreign students also shared their stories with each other about why they decided to move to Russia and how their studies at the university are going.

    The project “Adventures of Foreigners in Russia” was the result of a diploma thesis, said its director Natalia Belyaeva. At the moment, it operates with the support of the Russian Ministry of Education and Science. “We ourselves were foreign students in other countries. The author of the project did an academic internship in Poland, I did it in China, so we know firsthand how difficult it is to adapt to a new information field,” said Natalia Belyaeva.

    The project accumulates all the information needed by foreign students in a Telegram channel: legal norms, answers to migration questions, opportunities offered (Olympiads, grants, forums), useful links and interesting places to visit. “We tell you what important documents you need to have with you, how to arrange your departure from the university if the student is going home or leaving for another region of Russia,” explained Natalia Belyaeva.

    The project also provides advisory assistance to foreign students through a special bot.

    “We will soon have a meeting with Valery Falkov, the Minister of Science and Higher Education of the Russian Federation, where we will clarify the story with grants. You have probably heard that, in addition to the quota of the Government of the Russian Federation, an additional opportunity for social assistance for foreign students has appeared. They can take part in the competition and receive full payment for tuition and accommodation. However, there is no application platform yet, so we will look for all the information,” shared Natalia Belyaeva.

    During the round table, the guests were able to get to know each other better and make new contacts. Maria Kaminskaya, 2nd year student of the OP “Media communications” HSE, came from Belarus, the city of Vitebsk. “Literally every second classmate of mine was applying to HSE, so I decided to give it a try, too,” she says. “I was also applying in my home city, and got through there, but I chose Moscow.”

    As the student notes, it was quite difficult to adapt, since she moved from a small town, and the Russian capital seemed very unusual. “I have no relatives here, no one at all. I lived in a hostel in the Moscow region. I like studying, I do not regret that I came, although it was difficult at first. I found friends among my classmates, everything is great,” Maria Kaminskaya summed up.

    Benedetta Armando, 1st year student postgraduate school of cultural studies HSE, came from Italy, the city of Maratea. She has been living in Russia for three years already, before that the girl studied for a master’s degree in St. Petersburg.

    Benedetta Armando decided to study at the HSE because, in her opinion, it has the most modern educational programs, and the university itself is highly rated not only in Russia, but also in other countries. The Russian language was not easy for the girl: “I studied it intensively for three years, and have been studying it for six years in total. Very complex grammar, cases, a completely different alphabet.”

    The student says she feels comfortable in Russia. “I fell in love with Russia, with your cities: Moscow, St. Petersburg, Nizhny Novgorod. I like the standard of living, transportation, various structures, and especially the culture, which you care about very much,” added Benedetta Armando.

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

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  • MIL-OSI Russia: About 70,000 people have been evacuated in Huaiji County in southern China due to flooding caused by heavy rains.

    Translation. Region: Russian Federal

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

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

    GUANGZHOU, June 18 (Xinhua) — As of Wednesday afternoon, continuous heavy rains had affected about 300,000 residents in Huaiji County, Zhaoqing City, south China’s Guangdong Province, including about 70,000 people who had been evacuated to safer areas, local authorities said.

    Heavy rains caused by Typhoon Wutip, the first typhoon of the year, along with the influence of a trough and the monsoon season, have hit the region since June 14. By 7:05 a.m. on Wednesday, the water level at the Huaiji hydrological station had reached 55.22 meters, exceeding the danger mark by 5.22 meters.

    The natural disaster affected 19 volosts and villages in the county, where dams, roads and arable lands were damaged. A total of 15 people were injured, but none of them are in life-threatening condition.

    Currently, more than 10 thousand rescuers and over 500 units of emergency rescue equipment have been mobilized.

    At 7 p.m. Tuesday, Huaiji’s flood emergency response was raised to Level 1, the highest level. Schools, work, manufacturing, transportation and business activities were suspended across the county. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Chinese authorities issue directive to transform Shanghai into international financial center

    Translation. Region: Russian Federal

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

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

    BEIJING, June 18 (Xinhua) — The transformation of east China’s Shanghai into an international financial center befitting China’s comprehensive strength and global influence will be basically completed within the next five to 10 years, according to a newly issued guideline.

    As noted in the policy document on supporting Shanghai’s accelerated development into an international financial center issued by the Central Financial Commission, the adaptability, competitiveness and inclusiveness of the city’s modern financial system are expected to be significantly enhanced, and its functions as a hub of financial openness will be greatly strengthened.

    The document states that in order to achieve these goals, it is planned to actively develop the Shanghai financial market. The scientific and technological innovation platform on the Shanghai Stock Exchange will play a more significant and inclusive role in promoting “hard technologies”. In addition, support will be provided to the Shanghai Futures Exchange in its transformation into a world-class exchange.

    According to the directive, Shanghai will take measures to attract a wide range of legal entities, branches of both Chinese and foreign large financial institutions, as well as licensed specialized organizations. The city will promote the formation and attraction of stable and effectively regulated financial holding companies, and encourage the placement of international financial organizations on its territory.

    By forming an advanced international financial infrastructure system, the metropolis will intensify the development of the cross-border payment and settlement system in yuan. Shanghai will consistently expand the institutional openness of the financial sector and achieve full compliance with high-standard international trade and economic rules.

    In addition, Shanghai will develop green finance standards in line with international practices and actively participate in international cooperation in this field. According to the directive, efforts will also be made to ensure financial security in an open environment using technologies such as blockchain, big data and artificial intelligence.

    To implement the directive, the State Financial Supervision Administration of China and the Shanghai People’s Government have issued an action plan that includes a series of measures to enhance the city’s competitiveness and influence as an international financial center. These measures cover areas such as streamlining financial services, expanding institutional openness, and strengthening financial regulation. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Innovation Workshop: How Business and Science Will Unite at the “University of Entrepreneurs”

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    A “University of Entrepreneurs” will appear in Moscow. It will start working on September 1, 2025. This is a joint project Department of Entrepreneurship and Innovative Development of the City of Moscow, the Agency for Strategic Initiatives (ASI) and the ANO “Human Capital Development”. The key element in it will be workshops of famous Russian businessmen, where they, using scientific developments and the infrastructure of partner universities, will work together with students and research staff to create new business projects.

    During the session “Interaction of Science, Business and the State as the Basis of Russia’s Technological Sovereignty” held on June 18 at the St. Petersburg International Economic Forum, organized by the Moscow Government and ASI, experts discussed how to translate scientific knowledge and university research into working business products and what models of interaction between all parties – the state, the business sector and universities – allow this to be done effectively.

    Leading representatives of business, science and government took part in the dialogue. Among them was the head of the Department of Entrepreneurship and Innovative Development of the City of Moscow Kristina Kostroma, General Director of the ANO “University of Entrepreneurs” Grigory Gorchakov, Rector of the Moscow Institute of Physics and Technology Dmitry Livanov and others.

    “The potential of modern universities allows them to become full-fledged participants in the innovative transformation that our country is actively experiencing today. Thanks to research and high-tech projects, universities are becoming centers for generating ideas and innovative solutions. The University of Entrepreneurs, which is based on the symbiosis of business and science, will allow fundamental projects to quickly find application in the real sector of the economy, creating an opportunity for the formation of start-ups and the commercialization of scientific developments,” noted Kristina Kostroma.

    The experts also discussed the development strategy and the plan for implementing the university’s program for 2025. The main focus was on approaches to overcoming the difficulties of coordination between universities, the scientific community and business when introducing technological products to the market. The participants considered the mechanisms of effective interaction necessary for the successful launch and implementation of projects aimed at achieving technological sovereignty.

    Following the discussion, the Chairman of the Board of Directors of the Aquarius Group of Companies, Alexey Kalinin, presented a manifesto on the interaction of science, business and the state, initiated by the ANO University of Entrepreneurs and the Gorki International Business School. The document emphasizes that the creation and development of a technology business, as well as the achievement of technological sovereignty, should be based not only on commercial and innovative components, but also on the common value guidelines of all participants in the process.

    “This platform is critically important for discussing approaches to coordinating the efforts of universities, science and entrepreneurs. Each of these groups has its own characteristics and interests. Our task is to create conditions under which these interests will be taken into account, which will ensure a high-quality contribution to science and the subsequent transformation of scientific developments into technologies in demand by the market. The presentation of the manifesto is an important step in the formation of this cooperation based on common values,” said Alexander Vaino, Director of the Young Professionals direction of the ASI, member of the Supervisory Board of the University of Entrepreneurs program.

    Twenty entrepreneurs — market leaders — have already confirmed their participation in the project. They include Andrey Krivenko (JSC VkusVill, agrotechnologies), Mikhail Goncharov (JSC Teremok, foodtech), Andrey Davidyuk (co-founder of Motorika) and others. The University of Entrepreneurs will become a place for business where entrepreneurs will have direct access to the best developments of leading Russian universities, scientific infrastructure, laboratories, and intellectual capital.

    The result of the interaction of the “University of Entrepreneurs” with business will be the launch of hundreds of technological startups, the integration of scientific developments into business practice and the formation of a sustainable ecosystem. In this environment, entrepreneurs will gain access to promising ideas, and students will gain invaluable practical experience and opportunities to scale their developments to the level of a market product, contributing to the strengthening of Russia’s technological sovereignty.

    After the session, a ceremonial signing of cooperation agreements took place between the ANO “University of Entrepreneurs” and eight leading universities of the country. Among them are the Moscow Institute of Physics and Technology, the Skolkovo Institute of Science and Technology, the National Research University “Higher School of Economics”, the National Research Nuclear University “Moscow Engineering Physics Institute”, the National University of Science and Technology “MISIS”, the Plekhanov Russian University of Economics, the First Moscow State Medical University named after I.M. Sechenov and the Central University. As part of the signed agreements, a project was created where scientists, business teams and students will develop innovative solutions for key sectors of the Russian economy.

    Get the latest news quickly official telegram channel the city of Moscow.

     

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/155447073/

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  • MIL-OSI Russia: Head of Organizational Work Department of CPC Central Committee Meets with Delegation of Sri Lankan People’s Liberation Front Party

    Translation. Region: Russian Federal

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

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

    BEIJING, June 18 (Xinhua) — Shi Taifeng, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and director of the Organizational Work Department of the CPC Central Committee, met in Beijing on Wednesday with a delegation of senior cadres of the Sri Lanka People’s Liberation Front (SPLF) Party led by Party General Secretary Tilwin Silva.

    As Shi Taifeng noted, China is ready to work with Sri Lanka, using the important agreements reached by the heads of state as a strategic guideline, to develop mutually beneficial cooperation in such areas as high-quality collective construction of the Belt and Road, deepen the exchange of experience in governing the party and state, and jointly build a community of shared future for China and Sri Lanka.

    T. Silva, for his part, assured that Sri Lanka is ready to implement the important agreements reached by the leaders of the two countries, further deepen inter-party ties and strengthen Sri Lankan-Chinese friendship. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Armenian Prime Minister dismisses director of National Security Service

    Translation. Region: Russian Federal

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

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

    YEREVAN, June 18 (Xinhua) — Armenian Prime Minister Nikol Pashinyan has dismissed Director of the National Security Service (NSS) Armen Abazyan, who has held the post since November 2020. The corresponding decree was published on the website of the Armenian government on Wednesday.

    The reasons for this decision are not stated in the official document, but N. Pashinyan, during a conversation with journalists in the National Assembly /parliament/ of Armenia, said: “The entire process of his tenure in this post was extremely difficult. I think he deserves a little rest, because working for five years in tense conditions as the director of the National Security Service, as you understand, is not easy.”

    The head of the Armenian government temporarily assigned the duties of the head of the service to the deputy director of the National Security Service Andranik Simonyan. –0–

    MIL OSI Russia News –