Category: Russia

  • MIL-OSI Russia: “Farm of the Future”: Possibilities of Genetic Engineering in Agriculture

    Translation. Region: Russian Federal

    Source: Novosibirsk State University – Novosibirsk State University –

    As part of the 63rd International Scientific Student Conference, which was held at NSU in the second half of April, candidate of biological sciences, head of the laboratory of developmental genetics of the Institute of Cytology and Genetics of the Siberian Branch of the Russian Academy of Sciences (ICG SB RAS), associate professor of the Department of Cytology and Genetics Faculty of Natural Sciences, Novosibirsk State University Nariman Battulin gave a popular science lecture, “Farm of the Future: How Genetic Technologies Change Animals.” The scientist told conference participants in an accessible form about how geneticists can influence the genome of farm animals.

    How to read a genome?

    A geneticist reads genetic texts (genomes) the same way we all read books or posts on the Internet. There are only 4 letters in DNA – A, T, G, C, but one line of the human genome contains 3 billion letters. These texts describe all the characteristics and features of living organisms, right down to eye color and perception of cold. Geneticists study these texts with great interest and try to decipher them.

    — The control section of DNA switches on and off certain genes in the right organ at the right time and at the right stage of development. If we learn to understand the “genetic texts”, we will be able to control the properties of organisms. Replacing just one letter can lead to dramatic changes. For example, “turning” brown eyes into blue. Naturally, this excites the imagination of scientists, because it opens up huge opportunities for them. Knowing the DNA “texts”, it is possible to solve many problems in various fields. The simplest is forensics: if the perpetrator left his DNA at the crime scene, it can be read and certain properties of his body and even some details of his appearance can be restored. A more difficult task is genetic modification. If we learn to modify DNA, we will be able to artificially set the properties of the organism we need. To do this, we need to solve a big interesting problem — learn to find those sections of DNA that are responsible for the formation of a certain feature, — explained Nariman Battulin.

    The scientist said that geneticists learn which letters in the DNA “text” are responsible for certain properties of the body using genome-wide association studies (GWAS), which helps scientists identify genes associated with a certain disease (or other trait). This method studies the entire DNA set (genome) of a large group of people, identifying small variations called single nucleotide polymorphisms or SNPs. It is based on a statistical procedure that determines the significance of the difference of a particular SNP between groups of people with and without a trait. In this way, it is possible to identify areas of the genome responsible for eye color or hair structure, cognitive abilities and mental characteristics. Up to the genes responsible for a person’s sense of musical rhythm or sense of humor, as well as the grades they receive in class or the level of income they will be able to achieve. Thanks to such studies, geneticists, if a person detects any pathology or body trait, can determine in which area of the genome the gene “breakdown” occurred.

    More muscles!

    In animal husbandry, similar studies are aimed at identifying genes responsible for economically valuable traits in animals, such as muscle mass in cattle, pigs and sheep, or egg production in birds. Geneticists have learned to identify regions of the genome that enable cows to produce record milk yields, which has revolutionized agriculture, because since this approach was first used to identify the best milk or meat producing animals, there has been a significant increase in agricultural productivity. This approach is no more than 10 years old, but the results achieved during this time allow us to look to the future with optimism and confidently predict further growth in productivity in the livestock industry.

    There is another approach: geneticists look for genome sections responsible for any pathological features of an organism by studying the genomes of animals with deformities. “Breakdowns” of genes can lead to the strangest changes in the phenotype of organisms. These changes are an excellent source of information for searching for DNA sections responsible for their development.

    Nariman Battulin mentioned the Belgian Blue cow breed as an example. Its characteristic feature is hypertrophied, sculpted muscles. It seems that this is how a product of genetic engineering should look, but no. The reason for this was not the experiments of geneticists, but a random mutation in one gene, which increased muscle growth. It happened quite a long time ago, but was fixed by breeders by selecting individuals with increased muscle mass as an economically valuable trait. Then it turned out that the initial mutation occurred as a result of a “breakdown” of just one gene – myostatin, which prevents the formation of an excessive number of muscle cells. If this gene is knocked out, nothing prevents muscle growth and their volume increases twice as much as normal. And scientists quickly learned to use this.

    There is another effective way to interfere with the genome of living organisms. Since they are all distant relatives and have a common ancestor, they also have common genes. If a “broken” myostatin gene is found in cows, this may indicate that a similar gene is present in other animals, and most likely, in their organisms it is responsible for the same trait or property.

    There is only one example in the scientific literature of a “breakdown” in a gene that prevents excessive muscle growth in humans—the same one that affects Belgian Blue cows. This is a boy born with a knockout of the myostatin gene. The baby had twice as much muscle tissue as his peers.

    — It would seem that here it is, an alternative to grueling workouts in gyms: it is enough to block myostatin, and relief muscles are provided from birth and without any effort. But this medal has a reverse side. All muscles increase twofold, and even those whose increase directly affects the quality of life and health. For example, the tongue, which is also a muscle.

    The complexity of such modifications is that each gene affects many traits at once. On the one hand, myostatin knockout increases muscle growth, on the other hand, it creates problems with nutrition due to the tongue being twice as large, and on the third hand, such massive animals with such a large muscle volume cannot be born naturally. For example, the same breed of cows, the Belgian Blue. Almost always, calves of this breed are born by cesarean section. Therefore, before creating such animals using genetic technologies, one should think: will it be economically justified and is it worth settling them on the farm of the future? Yes, they will give much more meat, but how many veterinarians will be needed if the production of meat from such cows is put on stream? After all, the birth of each calf will be accompanied by a surgical operation, – said Nariman Battulin.

    As a result, it turns out that the economic effect of one mutation is not really that impressive due to the additional costs of changing the technology of keeping animals with a knocked-out gene. Genetic engineers should always think through such situations. “Improving” one trait can lead to problems with another. And finding a balance so that the desired genetic variants are productive and economically effective is very difficult. In addition, as practice shows, there are very few of them.

    “Genetic scissors”

    — From the point of view of fundamental biology, if we want to learn how genes work, we need to study this mechanism in animals in which the mutation occurred by chance. But to better understand this mechanism, we need to reproduce it ourselves, transferring this genetic variant to another organism, and see what happens. Geneticists have several tools for this task. The most popular is the CRISPR/Cas9 genome editing tool. It is based on an element of the bacterial defense system that biologists have adapted to make changes to the DNA of plants, animals and humans. It consists of using short RNA that directs CRISPR/Cas9 to the desired site in the genome. After attaching to the target DNA, CRISPR/Cas9 cuts two DNA strands, allowing scientists to either deactivate the gene or insert a new DNA segment in place of the cut. Just one break is enough to “break” the gene and make changes to the DNA. In essence, this genomic editing tool is a biological molecule that can find the right place in the genome to “hit”. This is very important because the human genome, like the genome of a cow and other mammals, consists of 3 billion nucleotides, and finding the right one is not so easy. Genomic editing tools allow us to do this, – explained Nariman Battulin.

    With these tools, the most popular genetic variants can be transferred from one animal species to another. For example, the genome of the same Belgian Blue cows contains a knockout of the myostatin gene, while cows of other breeds do not. It is possible to introduce this genetic change by crossing, but it will take too much time. But with the help of genomic editing tools, it is quite possible to introduce the desired genetic variant directly into the DNA of meat breeds. And such calves have already been obtained.

    One of the scientific articles on this topic, “Efficient introduction of mutations into the piglet genome using CRISPR/Cas9,” which was published in the scientific journal Scientific Reports, says that the authors obtained 8 piglets with a knockout of the myostatin gene. And indeed, their muscles were twice as big as those of normal piglets. However, all the modified animals died within a week. But why did genome editing, which is successfully carried out on cows, fail on pigs?

    — The thing is that each gene affects not just one function, but several at once. For example, the genomes of Belgian Blue cows contain other genetic variants that compensate for the negative impact of myostatin knockout on the body, while pigs do not have such variants. Therefore, it is important for geneticists to remember that the results of transferring one genetic variant to another genetic background can be unpredictable and undesirable, which is what happened in the case of piglets, in whose genome the myostatin gene was knocked out. But sometimes the results are positive. Lambs successfully tolerated the knockout of the myostatin gene — their muscle mass increased, but, unlike piglets, they were viable. This gene was successfully blocked in fish. In Japan, sea bream was subjected to this manipulation, after which the muscle mass of this species increased by 17%. Experiments on “building up” muscles in these fish continue, attempts are being made to bring genetically improved sea bream to market. But genetically modified salmon has already entered the American market. True, it took the enterprise implementing such a bold project 30 years of work and 100 million dollars in investments. If a regular salmon at the age of 18 months reaches 33 cm in length and weighs 1.3 kg, then its transgenic relative is twice as long and reaches a weight of 3 kg, – said Nariman Battulin.

    By the way, the farm of the future will have a place for aquaculture, which is currently becoming an important element of agriculture. Most of the fish that comes to our table are not caught in the wild, but grown in fish farms.

    Beneficial mutations

    With the help of genetic engineering, scientists can make various useful changes to the genome of animals. For example, depriving cattle of horns, which will avoid many problems, namely, injury to other animals or farm workers.

    — There are genetic variants of natural mutations obtained in hornless cows. By identifying the genes responsible for such a beneficial mutation, it is possible to artificially edit the genome of cows of other breeds, and calves will be born that fully correspond to their breed with only one exception — they will not grow horns. At the same time, other features and advantages of the breed remain unchanged. Such calves have already been obtained. Normally, animals of their breed are characterized by long horns, but genetically modified cows of this breed do not have them, — Nariman Battulin specified.

    By means of genome editing, it is possible to “adapt” cows to climate change. For example, to global warming. There are genetic variants that allow increasing their temperature adaptation, i.e. resistance to heat stress. For example, if you introduce a corresponding mutation into the genome of Angus cows, “breaking” just one gene, the skin of the genetically modified animal becomes slightly thinner, and the wool becomes thinner, which reduces body temperature by 0.3-0.5 degrees under heat stress. Therefore, despite the fact that the absolute figures are small, from the point of view of the biological system, this is a very significant change.

    Cold-resistant animals can be created in a similar way. In this task, geneticists are looking for inspiration in the Yakut breeds of cattle, which can withstand even the harshest frosts. They can winter in open areas, so there is no need to build warm barns. And the reason for such resistance to the cold lies, of course, in their genome. Scientists have identified the very genetic variant that affects the cold resistance of Yakut breeds of cattle. This same genetic variant is found in deep-diving animals, as well as in mammals that can hibernate or significantly change their own body temperature.

    — Before actually reproducing these genetic variants in other breeds, it is very important to try to understand the mechanism by which these processes are realized. Therefore, at the Institute of Cytology and Genetics of the Siberian Branch of the Russian Academy of Sciences, we created modified mice in which we reproduced the genetic variant of Yakut cows. Now we are trying to understand how these mice feel in low temperatures. We are observing changes in the heart rate of mouse embryos depending on the decrease in the ambient temperature. And there is hope that very soon we will understand how this mechanism works and will be able to create cold-resistant mice. But it is desirable that they do not exist on the farm of the future, — the scientist said.

    According to Nariman Battulin, the most impressive thing that could be on a farm of the future is pigs that will become organ donors for humans. Unfortunately, humanity does not have the ability to provide donor organs to everyone in need. Genetically modified animals, whose organs can be transplanted to humans, could become an alternative to regular donors. By many parameters, the only species that can be used for these purposes is the pig. In recent years, significant progress has been made in this area. There are known cases of successful xenotransplantation of a kidney from a transgenic pig to a human in the world. However, after this, the few patients lived very short lives. The record holder was a man who underwent surgery in the United States in January of this year. He has been living with such a kidney for four months now.

    — The most complex genetic changes that were made on animals were made on pigs for the purpose of subsequent xenotransplantation. In this case, it is necessary to introduce dozens of modifications into the genome, to “break” the genes that produce proteins that our immune system perceives as foreign. In addition, it is necessary to combine the immune systems and blood coagulation systems of humans and pigs. And many such modifications need to be made — the more, the more successful the xenotransplantation procedure will be. Geneticists from all over the world, including scientists from the Novosibirsk Akademgorodok, are working on solving this problem, — the lecturer noted.

    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: A digital assistant for housing and communal services in the science city of Koltsovo is being created at NSU

    Translation. Region: Russian Federal

    Source: Novosibirsk State University – Novosibirsk State University –

    Employees of the Center for Artificial Intelligence of Novosibirsk State University have begun to create a digital twin of the infrastructure management systems of the science city of Koltsovo. The first project, the prototype of which should be presented this summer, will be a digital assistant for preparing the public utilities of the science city for the heating season. This was reported by Igor Boldyrev, Deputy Director of the NSU Center for Artificial Intelligence.

    — Our cooperation is developing within the framework of the agreement between Koltsovo and NSU, the leadership of the science city set us a number of tasks, in the solution of which artificial intelligence technologies could help. And to date, we have advanced the furthest in cooperation with the enterprises of the city housing and communal services, namely in the area of preparing the municipality for the beginning of the heating season, — he explained.

    At present, following a series of working meetings, a technical assignment has been formed for the team of developers of the NSU Center for Information Technologies, which determines what tasks their digital assistant should solve.

    First of all, preparation for the heating season involves following certain protocols, including collecting information and preparing relevant documentation, all within strictly specified timeframes.

    “This work fits completely into our concept of a digital twin of the SIGMA control system, which is one of the central developments of the NSU Artificial Intelligence Center,” Igor Boldyrev emphasized.

    In addition, NSU Center for Information Technologies and Communications specialists propose using their competencies in the field of creating systems for monitoring the state of the heating system and forecasting possible accidents and heat leaks, also integrating its work with a digital assistant. This will further increase the efficiency of both preparation for the heating season and its implementation.

    The university notes that virtually all municipalities in our country face similar challenges, and after testing on the Koltsovo infrastructure, the solutions created can be offered for widespread implementation in other populated areas.

    — Now the Center is entering a stage where we are moving from theoretical work to creating specific digital products and services based on this research, which involve the use of artificial intelligence in urban management and the construction industry. Let me remind you that the practical application of our developments was one of the key conditions for opening the center. And the science city of Koltsovo was immediately considered as one of the main sites for the implementation of pilot projects, — noted Alexander Lyulko, Director of the NSU Center for Innovative Research.

    The prototype of the digital assistant should be ready by the end of June, so that during the summer municipal enterprises of Koltsovo can test its operation and give appropriate assessments.

    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: Marat Khusnullin: Traffic has been launched on four-lane sections of the M-9 “Baltia” highway from Moscow to the Rzhev Memorial

    Translation. Region: Russian Federal

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

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    The section of the highway from Moscow to the Rzhev Memorial to the Soviet Soldier has been expanded

    In anticipation of the 80th anniversary of the Victory in the Great Patriotic War, federal road workers launched traffic on sections of the federal highway M-9 “Baltia” in the Tver and Moscow regions that were widened as a result of major repairs. Now the entire route from Moscow to the Rzhev Memorial to the Soviet Soldier has four or more traffic lanes. This was reported by Deputy Prime Minister Marat Khusnullin.

    “The Rzhev Memorial is the most important symbol of the Great Victory of our country, the dedication and bravery of the soldiers of the Soviet Army. Today, this memorial is a place of universal attraction. Since 2020, it has already attracted about 5 million visitors. Of course, the route to the memorial should be as convenient, safe and comfortable as possible. To this end, we are actively working to expand the federal highway “Baltia” on the section from Moscow to the Rzhev Memorial. The total length of this route is about 212 km within the boundaries of the Tver and Moscow regions. For 101 km, this highway already had four or more traffic lanes, and the main emphasis in the major repairs was on the remaining 111 km. It is very important that on the eve of Victory Day, we are launching traffic on the entire expanded route, and on the memorial day, it will be more convenient for citizens to get to the military-patriotic complex,” said Marat Khusnullin.

    The bulk of the work was concentrated in the Tver Region, where the Rzhev Memorial is located – at the 229th km of the M-9 “Baltia” highway. The capital repair project and the program for further comprehensive development of automobile approaches to this historical complex were implemented, among other things, on the initiative of the Governor of the Tver Region Igor Rudenya, which was supported by the President of Russia Vladimir Putin.

    It is important to note that the comprehensive modernization of the M-9 “Baltia” highway will contribute to the further development of the tourism potential of both the Tver and Moscow regions.

    “The expansion of sections of the M-9 Baltiya highway is not only an important step towards increasing the transport accessibility of iconic historical sites in these regions, but also a key factor in the development of the entire Central Federal District. The Baltiya highway provides a connection between Moscow and the northwestern part of our country. Increasing the capacity of this transport artery will give impetus to many sectors of the economy, especially tourism,” emphasized Transport Minister Roman Starovoit.

    In the Tver region, the work on the major repairs of the Baltiya was carried out in the Zubtsovsky and Rzhevsky municipal districts. And in the Moscow region – within the boundaries of the Volokolamsky and Shakhovskaya urban districts.

    “Large-scale capital repair work was mainly concentrated on the section from the 118th to the 229th km, in parallel on several sections at once. Much attention was paid to the issue of increasing road safety, including by separating traffic flows. Today we are launching work traffic, and the entire range of capital repair work on the M-9 “Baltia” highway in the Moscow and Tver regions will be completed in November of this year,” said the head of the Federal Road Agency Roman Novikov.

    In the Tver Region, the main front of work fell on the section from km 158 to km 229. In particular, on the section from km 214 to km 220, the roadway was fully expanded to four traffic lanes. Culverts were installed, treatment facilities were installed, road markings were applied, and a dividing parapet fence was installed. At the moment, specialists are installing road signs. Similar work was carried out on the section from km 194 to km 204, where new markings are still being applied.

    The adjacent section, from the 180th to the 194th km, where another iconic monument symbolizing the victory of the Soviet people in the Great Patriotic War is located, was also expanded to four lanes. It is a monument to the legendary BM-13 combat vehicle, the Katyusha (187th km of the M-9 highway). It is installed in a significant place – here, on August 4, 1942, soldiers of the 118th Rifle Division, together with other units of the Soviet Army, broke through the defense of the Nazi troops. At the moment, the installation of local treatment facilities and noise protection screens, as well as the planning and strengthening of the slopes of the culverts are being completed on this section.

    On sections from 158 to 180 km and from 220 to 229 km, specialists also carried out work to increase the number of traffic lanes. At the same time, work on the construction of the roadbed, lower and upper layers of the base and layers of asphalt concrete pavement is currently being completed.

    In the Moscow Region, the road infrastructure on the Baltiya highway is also being actively modernized. During the major repairs, a section of about 40 km (from the 118th to the 158th km) was expanded from two to four lanes. Currently, road workers are completing the installation of road surfaces and applying markings. To improve safety, a metal barrier fence will be installed, which will prevent cars from driving into the oncoming lane. In addition, it is planned to install local lighting near pedestrian crossings, at junctions and intersections with local roads.

    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: IMF Executive Board Completes Review of the Fund’s Income Position for FY 2025 and FY 2026

    Source: IMF – News in Russian

    May 2, 2025

    • The Fund’s General Resources Account (GRA) net income is projected to remain strong for FY 2025, and is estimated at about US$3.0 billion (SDR 2.3 billion). The positive net income trend is expected to be maintained in FY 2026.
    • The Executive Board approved the first annual distribution of net income, transferring about US$1.81 billion (SDR 1.38 billion) from the GRA into the Interim Placement Administered Account (IPAA) established in October 2024 as part of a framework to facilitate the generation of Poverty Reduction and Growth Trust (PRGT) subsidy resources.
    • Precautionary balances are expected to remain above the medium-term target of SDR 25 billion and to reach SDR 25.9 billion (US$34.4 billion) by end FY 2025, after the distribution into the IPAA.

    Washington, DC: On April 18, 2025, the Executive Board of the International Monetary Fund (IMF) completed its annual review of the Fund’s income position for the financial year (FY) ending April 30, 2025.

    FY 2025 Income Position and Related Decisions

    GRA net income, before the distribution and related transfer of about US$1.81 billion (SDR 1.38 billion) into the IPAA, is anticipated at about US$3.0 billion (SDR 2.3 billion). Total comprehensive income for FY 2025, including the estimated pension-related remeasurement gain[1] and the estimated retained income in the investment account of about US$1.3 billion (SDR 1.0 billion) in addition to GRA net income, is expected to reach US$4.5 billion (SDR 3.4 billion).

    Given the strong income position, the Fund’s precautionary balances, after the distribution into the IPAA, are expected to increase to US$34.4 billion (SDR 25.9 billion) at the end of FY 2025, above the medium-term target of SDR 25 billion.

    The Executive Board adopted several decisions that are relevant to the Fund’s finances. These included decisions to: (i) reimburse costs to the GRA for the expenses of conducting the business of the SDR Department and for the operational cost of administering the Resilience and Sustainability Trust (RST); (ii) transfer a portion of the income from the Fixed-Income Subaccount and the Endowment Subaccount to the GRA for meeting FY 2025 administrative expenses; (iii) place any pension-related remeasurement gain[2] to the Special Reserve; (iv) distribute US$1.81 billion (SDR 1.38 billion) from net income to facilitate new PRGT subsidy contributions and to place the distribution amount in the IPAA; (v) place residual GRA net income to the Special Reserve; and (iv) transfer currencies equivalent to the increase in the Fund’s reserves from the GRA to the Investment Account.

    Projections of the Fund’s income and precautionary balances remain susceptible to risks stemming from the uncertain global economic environment and financial market volatility. The FY 2025 annual financial statements will update the income position for the impact of changes in key assumptions made at the time of the April projections.

    FY 2026 Income Position and Lending Rate

    GRA net income for FY 2026 is expected to remain strong, with projected annual net income of about US$2.3 billion (SDR 1.7 billion), before any distribution. However, these projections remain susceptible to financial market volatility, intensifying downside risks to global growth, and uncertainties around the global interest rate environment that are expected to impact the performance of the Fund’s investment and retirement plan asset portfolios. The projections are also sensitive to the timing and amounts of disbursements under approved and projected lending arrangements.

    The IMF’s basic lending rate for member countries’ use of GRA credit is the SDR interest rate plus a fixed margin. The Executive Board agreed to keep the margin for the rate of charge at 60 basis points over the SDR interest rate, the level set by the Executive Board in October 2024 for the rest of FY 2025 and FY 2026.

    [1] IAS 19 ‘Employee Benefits’, requires the actuarial remeasurement of post‑employment obligations.

    [2] In case of a remeasurement loss, such loss up to SDR 1,020 million would be charged against the General Reserve and any loss exceeding that amount would be charged against the Special Reserve.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    https://www.imf.org/en/News/Articles/2025/05/02/pr-25128-imf-executive-board-completes-review-of-the-funds-income-position-for-fy-2025-and-fy-2026

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  • MIL-OSI Russia: IMF Executive Board Approves FY2026–FY2028 Medium-Term Budget

    Source: IMF – News in Russian

    May 2, 2025

    Washington, DC—On April 18, the Executive Board of the International Monetary Fund (IMF) approved the 2026-28 financial years (FY26-28) medium-term budget. While proving resilient in the post-pandemic period, the global economy is at a pivotal juncture amidst transformations in the economic landscape and shifting policy priorities around the world. Reflecting this complex economic backdrop, member countries continue to look to the IMF for support across the range of its operations.

    While the issues that the Fund has been called on to address have become increasingly complex over the years, the Fund’s budget is roughly the same in real terms as it was two decades ago, reflecting the Fund’s longstanding emphasis on budget discipline. In the current context, budget management remains challenging given elevated demands and high budget execution rates, requiring difficult tradeoffs. In this context, the Board emphasized the importance of continued prudent stewardship of members’ resources and continued reprioritization to ensure that the Fund can keep responding with agility to the needs of its membership.

    The approved net administrative budget for FY26 (May 1, 2025–April 30, 2026) totals US$1,551.7 million, consistent with projected income and the path for the precautionary balances target. The maximum amount of unused budget resources that can be carried forward from previous years will be reduced from 5 to 4 percent in FY26, with this level expected to decline further to 3 percent in FY27.

    The FY26 capital budget is set at US$132.5 million and will support both facilities-related needs and IT-intensive investments, supporting end-of-life facilities replacements, field office support, ongoing IT-intensive modernization and legacy replacements, as well as investment in Artificial Intelligence and in the Fund’s cyber-security posture.

    Additional information can be found in the staff paper on the FY26-28 Medium-Term Budget.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    https://www.imf.org/en/News/Articles/2025/05/02/pr-25127-imf-executive-board-approves-fy2026-fy2028-medium-term-budget

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  • MIL-OSI Russia: Tajikistan: Staff Concluding Statement for the 2025 Article IV Mission

    Source: IMF – News in Russian

    May 2, 2025

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

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

    Washington, DC: An International Monetary Fund (IMF) mission led by Mr. Matthew Gaertner held the 2025 Article IV consultation and discussions on the second review under the Policy Coordination Instrument (PCI) with the Tajikistan authorities during April 2-15, 2025, in Dushanbe. At the conclusion of the mission, Mr. Gaertner issued the following statement:

    Economic Developments, Outlook and Risks

    Strong broad-based growth continued in 2024, and the external position remained favorable. Real GDP increased 8.4 percent in 2024, marking the fourth consecutive year of growth above 8 percent, as strong momentum in mining, manufacturing and agriculture was underpinned by public and private investment. Strong financial inflows, including remittances, have also supported domestic demand and liquidity and contributed to a current account surplus of 6.2 percent of GDP in 2024. This alongside the NBT’s purchases of domestic gold production has boosted FX reserves from $3.6 billion at end-2023 to $4.7 billion at the end of February 2025, amounting to 7 months import coverage.

    Inflation remains well contained within the NBT’s target range. Twelve-month inflation stood at 3.7 percent in February, within the NBT’s updated target range of 5 percent (±2 percent) for 2025, reflecting stable prices for imported food and fuel and an appreciation of the somoni against key trading partner currencies. Reserve money growth has moderated since mid-2024 as the NBT stepped up its sterilization efforts but remained strong at 32 percent (y/y) in February, boosted by the NBT’s gold purchases.

    Banks’ asset quality continued to improve in 2024, amid strong growth in consumer lending. Banks’ NPL ratio declined to 7.0 percent in February as they continued to clean up their balance sheets, largely through write-offs of legacy NPLs. Credit to the private sector grew at 29 percent (y/y) in February, boosted by a continued expansion of banks’ deposit base. This has been primarily driven by household loans in local currency, supported by the introduction of new retail lending products.

    The medium-term outlook appears positive. Real GDP is projected to increase by 7 percent in 2025, retaining the current strong momentum. Twelve-month inflation (y/y) is projected to remain close to the mid-point of the NBT’s target range in 2025 and 2026, in line with stable inflation expectations. The current account surplus is expected to narrow in 2025 as financial inflows stabilize, with FX reserves projected to remain at comfortable levels. Financial inflows are expected to normalize over the medium term after the strong inflows experienced since 2022, heightening the importance of continuing to advance structural reforms to strengthen potential growth over the medium-term.

    Risks to the outlook are tilted to the downside, in the context of significant regional and global uncertainty. A pronounced decline in financial inflows due to a less favorable environment for remittances or a slowdown in Tajikistan’s key trading partners would adversely affect growth, fiscal performance, and the banking sector. More frequent and severe natural disasters and heightened security risks can also strain budget resources. On the upside, continued strength in gold prices and rising demand for rare earth metals could attract increased investment in the mining sector.

    Fiscal Policy

    Fiscal performance remained well within the program target in 2024, with a fiscal surplus of 0.3 percent. The favorable fiscal outturn was underpinned by stable revenue growth despite a reduction in the VAT rate from 15 to 14 percent, while externally financed capital spending was lower than planned. Revenue collection reflected continued improvements in tax and customs administration supported by digitalization measures. The 2025 budget envisages a fiscal deficit of up to 2.5 percent of GDP, conditional on available financing. In this context, continuing to expand the domestic debt market is key to diversifying sources of financing. The MOF successfully launched market-based auctions of government securities in 2024; establishing a robust secondary market for these instruments will help to expand the investor base and further deepen the market.

    The fiscal deficit target of 2.5 percent of GDP remains an important anchor to ensure that debt remains on a favorable medium-term trajectory. Prudent fiscal policy coupled with strong GDP growth has contributed to a notable reduction in the public debt ratio over the past few years, with public debt declining to 25 percent of GDP at the end of 2024. Public debt is assessed as sustainable but remains at high risk of distress due to large debt service obligations during 2025-2027; the first semi-annual Eurobond repayment was completed as planned in March. Building fiscal buffers is key to mitigating fiscal risks from potential shocks to revenue and expenditure in the context of the uncertain external environment, with contingency plans for spending reprioritization to protect social assistance and other critical spending.

    Improved revenue mobilization and spending efficiency are key to increasing fiscal space for priority social and development projects. The Medium-Term Revenue Plan (MTRP) aims to raise total revenues by at least 2 percentage points to 26 percent of GDP in 2026 through a combination of tax policy, tax administration and SOE reform measures. In line with the MTRP, the MOF has taken steps to improve revenue mobilization through the expansion of digitalization of payments. Moreover, tax exemptions granted to several large investment projects were discontinued in 2024. A time-bound action plan is essential to anchor a further streamlining of tax exemptions and customs preferences over the medium-term. On the expenditure side, strengthening appraisal, selection and oversight of internally financed capital projects are crucial for enhancing the efficiency of public investment.

    Strong corporate governance and oversight is essential to strengthen SOE efficiency and minimize fiscal risks. Recent reforms include the expansion of the MOF’s financial monitoring coverage from 27 SOEs to 77 entities with state participation, and amendments to the regulations for SOE board composition to ensure that board members are appointed through transparent and competitive procedures in line with best practices. The MOF has also continued to expand the scope of the annual fiscal risk statement, which provides an overview of SOE performance, including profitability, leverage, and budget allocations to SOEs. The publication of an updated SOE list and completion of the ongoing sectorization exercise will also improve monitoring and oversight.

    Greater efforts are needed to improve the financial performance of the electricity sector. Low collection rates for key electricity consumers, together with high technical and commercial losses and end-user tariffs that are below cost recovery levels has led the state electricity generation company Barki Tojik to accumulate sizable arrears to suppliers and creditors. Reducing quasi-fiscal losses in the electricity sector will require sustained efforts to improve collection rates for the largest electricity consumers, as well as implementation of the authorities’ strategy to roll-out smart metering, increase penalties for electricity theft and improve cost controls across the electricity sector. The electricity tariff was increased by about 15 percent in April 2025, and further annual tariff adjustments are envisaged to reach cost recovery by 2027.

    Monetary, Exchange Rate and Financial Sector Policies

    Inflation remains well contained, but strong credit growth warrants continued vigilance. The NBT lowered its inflation target from 6 to 5 percent (±2 percent) for 2025 to reflect well-anchored inflation expectations, and the policy rate was lowered by 25 basis points to 8.75 percent in February 2025 as inflation remains close to the lower bound. Although the real policy rate is still relatively high at about 5 percent (based on realized inflation), monetary policy should remain data-driven and vigilant to potential upward demand pressure on inflation from strong credit growth and robust financial inflows. Proactive liquidity management also remains essential to moderate the impact of the NBT’s gold purchases and FX interventions on the money supply.

    Enhancing exchange rate flexibility is essential to build resilience to external shocks. The NBT has taken several measures to modernize the local FX market, including ending auctions of inward transfers improving the mechanism for executing public sector FX transactions; enhancing the dissemination of information on FX rates; and introducing price-based auctions for FX interventions to facilitate price discovery. The NBT should also aim to limit its FX operations only to avoid disorderly market conditions to facilitate development of the FX market and further support greater exchange rate flexibility.

    Strong macroprudential oversight and banking supervision are key to mitigating external risks to financial stability. The banking system has strengthened its balance sheet following the resolution of two troubled banks but may face possible challenges from the volatile external environment and any reversal of recent inflows. Strong lending to households warrants careful oversight of macroprudential norms to ensure prudent lending standards, and close monitoring of maturity mismatches and funding- and asset-side concentration risk. The planned introduction of macroprudential tools and forward-looking stress tests is essential to manage risks posed by strong credit growth.

    Structural Reforms

    Governance and transparency reforms across economic sectors aim to foster sustainable and inclusive growth. Structural reforms are underway to close existing governance gaps across the public and private sectors through upgrades to the legal and regulatory frameworks. The reforms aim to (i) improve public sector efficiency; (ii) foster financial and private sector development; and (iii) promote an enabling investment climate for private sector-led growth.

    Transparent governance and policy frameworks and robust financial safety nets are key to further strengthen trust in public institutions. Good governance fosters macro-financial stability both directly and indirectly by enhancing the credibility and effectiveness of macroeconomic policies. Transparent corporate ownership is critical to promote an enabling business climate based on the rule of law and prudent AML-CFT standards.

    Timely and comprehensive macroeconomic data is essential to economic policymaking. The authorities have started publishing fiscal statistics in line with GFS standards and broadened the coverage of state-owned enterprises. Compilation of quarterly demand-side GDP data and expanding the use of GFS-based fiscal data would further strengthen data quality.

    Discussions on the policies to complete the second review under the PCI are well advanced and will continue following this mission. The mission would like to thank the Tajik authorities for their hospitality and close collaboration and express its appreciation for the constructive and insightful discussions.

     

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Angham Al Shami

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

    https://www.imf.org/en/News/Articles/2025/05/02/mcs-tajikistan-staff-concluding-statement-for-the-2025-article-iv-mission

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: 02.05.2025, 13-46 the values of the lower limit of the repo price corridor, the carry rate and the range of interest rate risk assessment of the BSPB (BSP ao) security were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    02.05.2025

    13:46

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 02.05.2025, 13-46 (Moscow time), the values of the lower limit of the repo price corridor with the settlement code Y0/Y1Dt (up to -88.62%), the transfer rate and the range of interest rate risk assessment (up to -3.313 rubles, equivalent to a rate of 120.28%) of the BSPB (BSP JSC) security were changed.

    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

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    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: 02.05.2025, 15-03 the values of the lower limit of the repo price corridor, the transfer rate and the range of interest rate risk assessment for the ABIO (iARTGEN ao) security were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    02.05.2025

    15:03

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 02.05.2025, 15-03 (Moscow time), the values of the lower limit of the repo price corridor with the settlement code Y0/Y1Dt (up to -23.66%), the transfer rate and the range of interest rate risk assessment (up to -0.189 rubles, equivalent to a rate of 48.82%) of the ABIO security (iARTGEN ao) were changed.

    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: //VVV. MOEX.K.M.M.

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: 02.05.2025, 15-08 the values of the lower limit of the repo price corridor, the transfer rate and the range of interest rate risk assessment of the WUSH (iВУШХолднг) security were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    02.05.2025

    15:08

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 02.05.2025, 15-08 (Moscow time), the values of the lower limit of the repo price corridor with the settlement code Y0/Y1Dt (up to -75.22%), the transfer rate and the range of interest rate risk assessment (up to -1.21 rubles, equivalent to a rate of 105.54%) of the WUSH (iВУШХоднг) security were changed.

    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: //VVV. MEEX.K.M.M.

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: 02.05.2025, 15-50 the values of the lower limit of the repo price corridor, the transfer rate and the range of interest rate risk assessment for the ABIO (iARTGEN ao) security were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    02.05.2025

    15:50

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 02.05.2025, 15-50 (Moscow time), the values of the lower limit of the repo price corridor with settlement code Y0/Y1Dt (up to -34.4%), the transfer rate and the range of interest rate risk assessment (up to -0.269 rubles, equivalent to a rate of 60.64%) of the ABIO security (iARTGEN ao) were changed.

    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: //VVV. MEEX.K.M.M.

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: 02.05.2025, 15-56 the values of the lower limit of the repo price corridor, the transfer rate and the range of interest rate risk assessment for the ABIO (iARTGEN ao) security were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    02.05.2025

    15:56

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 02.05.2025, 15-56 (Moscow time), the values of the lower limit of the repo price corridor with settlement code Y0/Y1Dt (up to -45.15%), the transfer rate and the range of interest rate risk assessment (up to -0.349 rubles, equivalent to a rate of 72.46%) of the ABIO security (iARTGEN ao) were changed.

    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 News

  • MIL-OSI Russia: Financial news: On the placement of additional issue No. 1 of exchange bonds of series BO-001P-08-USD of PJSC MMC Norilsk Nickel from May 5, 2025.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    For bidders

    We inform you that in accordance with Part I. General Part of the Rules for Conducting Trading on the Stock Market, Deposit Market and Credit Market of PJSC Moscow Exchange MICEX-RTS, approved by the decision of the Supervisory Board of PJSC Moscow Exchange on February 7, 2025 (Minutes No. 16) and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market and Credit Market of PJSC Moscow Exchange MICEX-RTS, approved by the decision of the Supervisory Board of PJSC Moscow Exchange on February 7, 2025 (Minutes No. 16), the following form, time, term and procedure for the placement of exchange-traded bonds of series BO-001P-08-USD of PJSC MMC Norilsk Nickel (additional issue No. 1) are established:

    Name of the Issuer Public Joint Stock Company “Mining and Metallurgical Company “Norilsk Nickel”
    Name of security exchange-traded interest-bearing non-convertible non-documentary bonds series BO-001P-08-USD (additional issue 1)
    Identification/Registration Number of the Issue 4B02-08-40155-F-001P dated 04/25/2025
    Start date of placement May 05, 2025
    Trading start date May 05, 2025
    Information about the placement (trading mode, placement form) Trading mode “Placement: Addressed orders” by concluding transactions based on addressed orders at a fixed price (yield). (Settlements: Ruble)
    Trade code RU000A10B4K3
    ISIN code RU000A10B4K3
    End date of placement the earlier of the following dates: a) the date of placement of the last Exchange Bond, or b) the 3rd (Third) business day from the Placement Commencement Date (not including this date)
    Placement price 101.10% of the nominal value of the Exchange Bond of Additional Issue No. 1
    Calculation code Z0
    Underwriter Limited Liability Company “Newton Investments” (Bidder Identifier – MC0436800000; Short Name of Bidder – NEWTONINVEST)
    Trading time on the placement start date Trading hours: bid collection period: 10:00 – 13:30; bid execution period: 13:45 – 14:45.

    After the satisfaction period ends:

    period for collecting and processing applications: 15:00 – 18:30.

    At the same time, the submission of applications for concluding transactions is not allowed from 17:29 until information is received from the NCO NCC (JSC) about the completion of processing the report on the consolidated order of the DEPO.

    Trading time for placement during a period other than the placement start date Time for collecting applications and concluding transactions: 10:00 – 18:30.

    At the same time, the submission of applications for concluding transactions is not allowed from 17:29 until information is received from the NCO NCC (JSC) about the completion of processing the report on the consolidated order of the DEPO.

    On the basis of the issue documents, when placing securities, it is not allowed to submit applications and execute transactions at the expense of Trading Participants, as well as at the expense of Clients of Trading Participants, if such persons are associated with a foreign state included in the List of foreign states and territories committing unfriendly acts against the Russian Federation, Russian legal entities and individuals, approved by Order of the Government of the Russian Federation dated 05.03.2022 No. 430-r (as amended on the date of filing the application), or are under the control of the said persons, with the exception of controlled foreign companies in accordance with Decree of the President of the Russian Federation dated 05.03.2022 No. 95 “On the temporary procedure for fulfilling obligations to certain foreign creditors”.

    Contact information for media 7 (495) 363-3232Pr@moex.kom

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    HTTPS: //VVV. MOEX.K.M.M.

    MIL OSI Russia News

  • MIL-OSI Russia: A new thematic train has arrived on the Arbatsko-Pokrovskaya line. We dedicated it to the Moscow ambulance service.

    Translation. Region: Russian Federal

    The train’s exterior is designed in the style of medical vehicles. Inside, there are many facts about the Moscow ambulance service. Passengers will learn about:

    Equipment of cars, including unique equipment in the world. Contents of the orange suitcase. Digitalization of medicine, thanks to which assistance is provided even faster and more efficiently. Comparison of the principles of ambulance work in Soviet and modern times.

    You’ll also see quotes from a variety of employees, from drivers to intensive care doctors, telling passengers why they love their jobs.

    “The capital’s transport complex supports important city projects on behalf of Moscow Mayor Sergei Sobyanin. For the Day of the Ambulance Worker, we launched a new themed train, which will run along the Arbatsko-Pokrovskaya line for six months. Previously, we issued thematic cards “Troika” dedicated to the capital’s medicine, and launched a branded train with thanks to medical workers. Since last year, for the comfort of ambulance drivers, work has been underway to improve traffic conditions at 19 medical institutions in the capital,” said Maxim Liksutov.

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: 02.05.2025, 13-35 the values of the lower limit of the repo price corridor, the carry rate and the range of interest rate risk assessment of the WUSH security (iВУШХолднг) were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    02.05.2025

    13:35

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 02.05.2025, 13-35 (Moscow time), the values of the lower limit of the repo price corridor with the settlement code Y0/Y1Dt (up to -64.68%), the transfer rate and the range of interest rate risk assessment (up to -1.05 rubles, equivalent to a rate of 93.95%) of the WUSH (iВУШХоднг) security were changed.

    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: //VVV. MOEX.K.M.M.

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: 02.05.2025, 13-36 the values of the lower limit of the repo price corridor, the carry rate and the range of interest rate risk assessment of the BSPB (BSP ao) security were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    02.05.2025

    13:36

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 02.05.2025, 13-36 (Moscow time), the values of the lower limit of the repo price corridor with settlement code Y0/Y1Dt (up to -69.4%), the transfer rate and the range of interest rate risk assessment (up to -2.61 rubles, equivalent to a rate of 99.14%) of the BSPB (BSP JSC) security were changed.

    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: //VVV. MOEX.K.M.M.

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: 02.05.2025, 12-13 the values of the lower limit of the repo price corridor, the carry rate and the range of interest rate risk assessment of the WUSH security (iВУШХолднг) were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    02.05.2025

    12:13

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 02.05.2025, 12-13 (Moscow time), the values of the lower limit of the repo price corridor with the settlement code Y0/Y1Dt (up to -33.08%), the transfer rate and the range of interest rate risk assessment (up to -0.55 rubles, equivalent to a rate of 59.18%) of the WUSH (iВУШХоднг) security were changed.

    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: //VVV. MEEX.K.M.M.

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: 02.05.2025, 12-30 the values of the lower limit of the repo price corridor, the carry rate and the range of interest rate risk assessment of the WUSH security (iВУШХоднг) were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    02.05.2025

    12:30

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 02.05.2025, 12-30 (Moscow time), the values of the lower limit of the repo price corridor with the settlement code Y0/Y1Dt (up to -43.61%), the transfer rate and the range of interest rate risk assessment (up to -0.72 rubles, equivalent to a rate of 70.77%) of the WUSH (iВУШХоднг) security were changed.

    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: //VVV. MEEX.K.M.MOM

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: 02.05.2025, 13-08 the values of the lower limit of the repo price corridor, the carry rate and the range of interest rate risk assessment of the WUSH (iВУШХолднг) security were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    02.05.2025

    13:08

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 02.05.2025, 13-08 (Moscow time), the values of the lower limit of the repo price corridor with the settlement code Y0/Y1Dt (up to -54.15%), the transfer rate and the range of interest rate risk assessment (up to -0.88 rubles, equivalent to a rate of 82.36%) of the WUSH (iВУШХоднг) security were changed.

    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: //VVV. MEEX.K.M.M.

    MIL OSI Russia News

  • MIL-OSI Russia: A new themed train hits Line 3, dedicated to Moscow emergency medical service workers.

    A new themed train has been launched on Line 3, dedicated to the employees of Moscow’s emergency medical service. The exterior of the train is styled like medical vehicles, and the interior is filled with numerous facts about the Moscow emergency medical service. Passengers will learn about:

    • The equipment in the vehicles, including unique world-class devices.
    • The contents of the iconic orange medical suitcase.
    • The digitization of medicine, which allows for faster and more efficient care.
    • The comparison of emergency medical service principles from Soviet times to the present.

    Additionally, passengers will see quotes from a variety of employees, ranging from drivers to resuscitation doctors, sharing why they love their jobs.

    The capital’s transport complex supports important city projects under the directive of Moscow Mayor Sergey Sobyanin. In honor of the Emergency Medical Service Worker’s Day, we have launched a new themed train that will run on Line 3 for six months. Previously, we released themed Troika cards dedicated to Moscow’s healthcare system and launched a branded train expressing gratitude to medical workers. Since last year, efforts have been made to improve traffic conditions around 19 medical institutions in the capital for the comfort of emergency vehicle drivers, — noted Maksim Liksutov.

    MIL OSI Russia News

  • MIL-OSI Russia: The government has changed the procedure for paying fees for concluding new agreements for the use of fishing areas

    Translation. Region: Russian Federal

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

    The government continues to improve the conditions for doing business, including those related to industrial and amateur fishing. A resolution has been signed changing the procedure for paying fees for concluding new agreements for the use of fishing areas.

    Until now, when concluding a contract, it was necessary to pay 40% of the total amount of the fee, 30% no later than one year from the date of concluding the contract, and another 30% no later than two years from the date of concluding the contract.

    Now the document stipulates four payments instead of three. When concluding the contract, it is necessary to pay 25% of the payment amount, another 15% no later than one year, 30% no later than two years from the date of the contract, and another 30% no later than three years from the date of the contract.

    “These opportunities will become available to existing enterprises without bidding if their contract expires. The entrepreneur himself makes the decision to renew it,” Mikhail Mishustin noted during Government meetings on April 30.

    The Prime Minister recalled that there are a significant number of small and medium-sized enterprises operating in this area, including artels and agricultural cooperatives. Their profitability is not that high, and the previously established payments were significant expenses for them. He added that the new regulation will improve the sustainability of the industry and will help preserve jobs in the regions.

    The document will be published.

    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: Financial news: 02.05.2025, 10-39 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A102DB2 (GPB001P18P) were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    02.05.2025

    10:39

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 02.05.2025, 10-39 (Moscow time), the values of the upper limit of the price corridor (up to 108.78) and the range of market risk assessment (up to 1244.79 rubles, equivalent to a rate of 11.25%) of the RU000A102DB2 (GPB001P18P) security were changed.

    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: //VVV. MEEX.K.MO/N89993

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: 02.05.2025, 11-24 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for security RU000A1074A5 (IADOM 1P38) were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    02.05.2025

    11:24

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 02.05.2025, 11-24 (Moscow time), the values of the upper limit of the price corridor (up to 69.39) and the range of market risk assessment (up to 609.35 rubles, equivalent to a rate of 22.5%) of the security RU000A1074A5 (IADOM 1P38) were changed.

    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: //VVV. MEEX.K.M.M.

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: 02.05.2025, 11-34 the values of the lower limit of the repo price corridor, the carry rate and the range of interest rate risk assessment for the WUSH (iВУШХолднг) security were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    02.05.2025

    11:34

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 02.05.2025, 11-34 (Moscow time), the values of the lower limit of the repo price corridor with settlement code Y0/Y1Dt (up to -22.54%), the transfer rate and the range of interest rate risk assessment (up to -0.38 rubles, equivalent to a rate of 47.59%) of the WUSH (iВУШХоднг) security were changed.

    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: //VVV. MEEX.K.M.M.

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: 02.05.2025, 11-44 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A105ML5 (NorNikB1P5) were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    02.05.2025

    11:44

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 02.05.2025, 11-44 (Moscow time), the values of the upper limit of the price corridor (up to 104.46) and the range of market risk assessment (up to 12243.92 rubles, equivalent to a rate of 10.0%) of the RU000A105ML5 (NorNikB1P5) security were changed.

    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: Financial news: 02.05.2025, 12-09 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the SU26231RMFS9 security (OFZ 26231) were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    02.05.2025

    12:09

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 02.05.2025, 12-09 (Moscow time), the values of the upper limit of the price corridor (up to 9.05) and the range of market risk assessment (up to 104.91 rubles, equivalent to a rate of 50.0%) of the SU26231RMFS9 security (OFZ 26231) were changed.

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  • MIL-OSI Russia: The government allocated funds to the Jewish Autonomous Region for the reconstruction of the bridge across the Khingan River and the repair of roads

    Translation. Region: Russian Federal

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

    Document

    Order dated April 30, 2025 No. 1087-r

    In 2025, 233.6 million rubles will be allocated for the reconstruction of the bridge across the Khingan River in the city of Obluchye in the Jewish Autonomous Region, which was destroyed by the flood, as well as for putting regional roads in order. An order to this effect has been signed.

    The Federal Road Fund’s funds in the amount of 68 million rubles are intended for the final stage of work on restoring the bridge across the Khingan on Leninskaya Street in Obluchye. The crossing was destroyed by the elements in 2019. Another 165 million rubles are planned to be spent on repairing and upgrading roads.

    The work is being carried out within the framework of the new national project “Infrastructure for Life”.

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  • MIL-OSI Russia: IMF Management Approves the First Review New Staff Monitored-Program with Haiti

    Source: IMF – News in Russian

    May 1, 2025

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

    • Management of the International Monetary Fund (IMF) has approved the First Review of the Staff-Monitored Program (SMP) with Haiti.
    • The SMP takes into account Haiti’s fragility and capacity constraints, linked to security. It is designed to support the authorities’ economic policy objectives and build a track record of reform implementation.
    • Fund management welcomes the authorities’ publication of the Governance Diagnostic Report.

    Washington, DC: Management of the International Monetary Fund (IMF) approved on April 15, 2025 the first review of Haiti’s Staff-Monitored Program (SMP). SMPs are arrangements between country authorities and the IMF to monitor the implementation of the authorities’ economic program and to establish a track record of policy implementation that could pave the way for financial assistance from the Fund under the Upper Credit Tranche (UCT).

    Haiti faces a multidimensional crisis with a challenging outlook which is highly uncertain. The country is affected by both global and country-specific shocks, which have worsened its fragility, since the negotiation of the SMP. Risks to the outlook are tilted to the downside and include worsening insecurity that would constrain further activity and the ability to implement reforms and attract aid and the foreign direct investment. The supply-side shock caused by the security crisis will continue to suppress growth and feed inflation unless the security outlook improves. Therefore, restoration of security is the priority.

    Despite domestic and global difficulties, the authorities are firmly committed to implement this SMP and have managed to contain the impact of the various shocks, thereby averting even worse economic outcomes. Net international reserves were valued at over US$1.1 billion at the end of December 2024. Despite the political transition and insecurity both the Ministry of Finance and the Bank of the Republic of Haiti (the Central Bank) have remained continuously engaged. They have consistently attempted to adopt feasible measures to limit macroeconomic imbalances and have been able to demonstrate full ownership and support for the SMP through the high-level Program Monitoring Committee which meets with IMF staff on a continuous basis.

    Implementation under the SMP has been broadly satisfactory and its objectives remain achievable. All quantitative targets have been met, with a comfortable margin. Of the seven structural benchmarks assessed under this review, six were implemented and one is expected to be met by June (due to constraints related to insecurity).

    The SMP is an important anchor for signaling the authorities’ commitment to continue making progress toward macroeconomic stabilization and strengthen governance, and locking in macroeconomic gains accumulated over recent years, despite the many headwinds.

    An urgent government priority is re-starting the mobilization of revenue to support the country’s massive development needs and boost well-targeted spending. The measures under the SMP should help achieve these goals. Continued strengthening of the social safety net is essential to cushion the impact of the shocks on the population and alleviate widespread poverty. The spending commitments previously indicated by the authorities using Food Shock Window resources should be audited in line with SMP commitments.

    The fiscal and monetary authorities’ commitment to keeping monetary financing of the deficit at zero is commendable and should continue. The FY2023 financial audit of the BRH is urgent and its eventual publication by August 2025 would be important for demonstrating transparency.

    In addition to addressing insecurity, advancing governance reforms is paramount to help Haiti exit from fragility, ensure macroeconomic stability and build trust with the private sector and development partners. In this vein, the authorities’ publication of the Governance Diagnostic Report and action plan is commendable. The report should provide a road map for reforms to enhance governance and will require capacity development support not only from the Fund but also from development partners.

    A government-led strategy to continue to strengthen the economy’s resilience to multiple shocks requires the financial support of the international community. This assistance is indispensable to allow quality spending, over the short, medium, and long term. Without it, Haiti will continue to suffer large import compression. External assistance should take the form of grants. The authorities should avoid contracting non-concessional loans, to ensure consistency with the SMP commitments. Non-concessional loans would not only be against SMP commitment. It would also undermine debt sustainability.

    In line with the Fund Strategy for Fragile and Conflict-Affected States, IMF staff will also continue to coordinate closely with Haiti’s main development partners, particularly on governance and capacity development.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Brian Walker

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

    https://www.imf.org/en/News/Articles/2025/05/01/pr-25126-haiti-imf-approves-1st-review-new-staff-monitored-program

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  • MIL-OSI Russia: On April 27, as part of the “Interweek”, the exhibition “© – Symbol” from the NSU Art Club opened under the dome of NSU

    Translation. Region: Russian Federal

    Source: Novosibirsk State University – Novosibirsk State University – The exhibition is dedicated to the modern interpretation of symbolism in art. The organizers set themselves the goal of making complex artistic images accessible for understanding, revealing the meanings embedded by the artists and helping viewers avoid misinterpretations. The main criterion for selecting works was the presence of a specific symbol – artists were asked not only to create a work, but also to accompany it with an author’s explanation in order to immerse the viewer deeper into their concept.

    The exhibition opening began with a performance by Anastasia Pomenchuk, who played a composition on a Chinese drum. Then Nina Leonidovna Panina, associate professor of the Department of History, Culture and Arts of the Humanitarian Institute of NSU, gave a lecture on the symbolism of the 20th century. The program was supplemented by a modern dance by Alexandra Shcherbakova and a painting competition, and Roman Li concluded the evening with a musical performance. Inspired by Paganini, he gradually removed the strings from the violin, continuing to play on the remaining ones – this number became a bright final point of the event.

    The event attracted a total of 110 guests. The exhibition featured paintings created using a variety of techniques and materials, from small cardboard canvases to large canvases on a stretcher.

    — I really like the atmosphere, and I am incredibly happy that the exhibition took place here at this time, because the light space below and the dark space above are a great way to break out of the routine of life. And I really like the level of the works that are presented here. Among them, there are those that you have to understand and look behind which you can see a whole mechanism, — Roman Li shared his impressions.

    Another guest was inspired by the exhibition to undertake a creative experiment: “I wanted to go through all the exhibited paintings and paint each piece of paper in accordance with the associations it evoked, and also add an emotionally charged signature – inside each piece of the letters of the word ‘N O R M’ there would be different elements, and the outline of the letter itself could be, for example, broken (anxiety), pale (detachment, emptiness), wavy (lightness, pliability),” said Nikita Butin.

    Couldn’t make it to the opening? No problem! The exhibition will continue to run for a month on the 2nd floor of Block 2 of NSU. You still have the opportunity to immerse yourself in the world of art and discover new facets of the creativity of NSU artists.

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  • MIL-OSI Russia: Financial news: 04/30/2025, 16-17 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A0ZYJ91 (FSK RS B4) were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    04/30/2025

    16:17

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 30.04.2025, 16-17 (Moscow time), the values of the upper limit of the price corridor (up to 106.0) and the range of market risk assessment (up to 1127.41 rubles, equivalent to a rate of 7.5%) of the security RU000A0ZYJ91 (FSK RS B4) were changed.

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  • MIL-OSI Russia: Financial news: 05.05.2025 will be held deposit auction of JSC “Corporation “MSP”

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    Parameters: Date of the deposit auction 05.05.2025. Placement currency RUB. Maximum amount of funds placed (in the placement currency) 1,110,000,000.00 Placement term, days 35. Date of depositing funds 05.05.2025. Date of return of funds 09.06.2025. Minimum placement interest rate, % per annum 20.00 Terms of the conclusion, urgent or special (Urgent). Minimum amount of funds placed for one application (in the placement currency) 1,110,000,000.00 Maximum number of applications from one Participant, pcs. 1. Auction form, open or closed (Open).

    The basis of the Agreement is the General Agreement. Schedule (Moscow time). Applications in preliminary mode from 10:30 to 10:40. Applications in competitive mode from 10:40 to 10:50. Setting the cutoff percentage rate or declaring the auction invalid before 11:30.

    Additional terms

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