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Category: Russia

  • MIL-OSI Russia: Türkiye to host NATO summit in 2026 – R.T. Erdogan

    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

    ANKARA, July 1 (Xinhua) — Türkiye will host the 2026 NATO leaders’ summit in its capital Ankara, President Recep Tayyip Erdogan said on Monday.

    “I hope that Turkey will host the NATO summit in July 2026. We will host NATO leaders in our capital Ankara and prepare the ground for making very important decisions,” he said at a press conference following the cabinet meeting.

    The president spoke at length about Turkey’s participation in the recent NATO summit held in The Hague on June 24-25, during which he stressed the need to lift trade restrictions in the defense industry within the bloc.

    “We have reflected in the alliance documents our readiness to remove barriers to trade in defense products,” Erdogan said, adding that he discussed the humanitarian crisis in Gaza both in closed sessions and in bilateral meetings with other leaders.

    The President stressed that Türkiye remains committed to actively promoting NATO unity and effectiveness, while continuing to raise humanitarian issues on global platforms.

    Türkiye has been a member of NATO since 1952 and hosts the headquarters of NATO’s ground forces. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Heat and rain to hit Chinese capital

    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, July 1 (Xinhua) — Hot and rainy weather is forecast for Beijing this week, with the capital’s meteorological administration warning of frequent showers, thunderstorms and high humidity across the city.

    Significant amounts of precipitation are expected from midnight Monday through midday Tuesday. Temperatures will rise steadily from Thursday, with a combination of heat and humidity making the weather particularly muggy, according to a statement from the city’s weather service.

    This weather is caused by a warm and humid front coming from the periphery of a subtropical anticyclone, which leads to daily changes in the amount of precipitation, as well as the time and place of its fall. Local showers and strong winds are also expected.

    Forecasters recommend that city residents monitor weather forecasts and plan trips, taking into account the dangerous nature of adverse weather conditions, including heavy rains, thunderstorms and strong winds. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: Two rockets hit airbase in northern Iraq

    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

    BAGHDAD, July 1 (Xinhua) — Two rockets hit an air base in the northern Iraqi city of Kirkuk on Monday evening, leaving no casualties, the Iraqi News Agency reported, citing a senior security source.

    According to him, two Katyusha rockets were fired towards the airbase – one fell between the airfield’s runways, and the other hit a nearby residential building.

    “The attack did not cause any casualties or damage,” the source said, adding that no group had yet claimed responsibility for the incident. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: Death toll from Israeli strike on Gaza cafe rises to 34 – sources

    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

    GAZA, July 1 (Xinhua) — The death toll from an Israeli airstrike on a beach cafe in Gaza City has risen to 34, Palestinian medical and security sources said Monday.

    A brief statement from al-Shifa hospital said most of the dead were women and children. The injured and the bodies of the victims were taken to the hospital after the attack.

    According to eyewitnesses, the cafe, located in the western part of the al-Shati refugee camp, was often used by journalists and civilians to access the internet.

    Security officials and Palestinian eyewitnesses told Xinhua that the Israeli aircraft fired at least one missile at the target.

    Among those killed was journalist Ismail Abu Khatab, while another media worker, Bayan Abu Sultan, was wounded and is in stable condition, local sources said.

    The Israeli military has not yet commented on the incident. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: China’s bond market issuance in May totaled nearly 7.2 trillion yuan

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian –

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

    BEIJING, July 1 (Xinhua) — A total of 7.195 trillion yuan (about 1 trillion U.S. dollars) in debt was issued in China’s bond market in May 2025, according to the latest data from the People’s Bank of China (PBOC, the central bank).

    In particular, the volume of government bond issuance amounted to 1.49 trillion yuan, and local government bonds amounted to 779.44 billion yuan.

    In addition, financial bonds worth 1.22 trillion yuan and unsecured corporate bonds worth 902.27 billion yuan were also issued during the reporting period.

    The balance of funds under trust management in the bond market at the end of May was 187.2 trillion yuan. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: China to host SCO Forum on Digital Economy

    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

    TIANJIN, July 1 (Xinhua) — The Shanghai Cooperation Organization (SCO) Forum on Digital Economy will be held in north China’s Tianjin City from July 10 to 11.

    The event, entitled “New Ties of the Digital Economy, New Horizons of Cooperation,” will aim to highlight the role of the digital economy as a hub and driving force in creating a new space for the development of the SCO and ensuring the availability of digital dividends for the population of the organization’s member states, the organizers said.

    More than 600 participants from China and abroad are expected to discuss topics of common interest: data circulation and trade, industrial digitalization, digital infrastructure, artificial intelligence applications, smart cities and digital talent development.

    The forum was organized by the State Data Administration (SDA) of the People’s Republic of China and the Tianjin Municipal Government.

    China attaches great importance to international cooperation in the digital economy, Yu Ying, deputy head of the department, said at a press conference on Monday. Since the establishment of the GUD in October 2023, China has signed memorandums of understanding on cooperation in the digital economy with 26 countries, including Russia, Brazil, Hungary, Nigeria and Malaysia.

    In recent years, China has made positive progress in developing its digital economy, with the added value created by key digital industries accounting for 10 percent of the country’s GDP by the end of 2024, Yu Ying said. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: Chinese authorities have allocated an additional 140 million yuan to flood-affected provinces of Guizhou and Hunan.

    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, July 1 (Xinhua) — China’s Ministry of Finance said it has allocated an additional 140 million yuan (about 19.5 million U.S. dollars) to help flood-hit Guizhou Province in southwest China and Hunan Province in central China. Recall that 160 million yuan was allocated for the same purpose from the central disaster relief fund on June 23.

    Since mid-June, both provinces have been hit by prolonged rains that have caused severe flooding. The worst situation has developed in the Rongjiang and Congjiang areas of Qiandongnan-Miao-Dong Prefecture of Guizhou, where there has been a mass evacuation of residents and heavy damage.

    The allocated funds will go primarily to support search and rescue operations, housing affected residents and paying their living expenses during the transition period, as well as repairing damaged homes, the Finance Ministry reported. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation and Completes the Eighth Review under the Extended Credit Facility with Guinea-Bissau

    Source: IMF – News in Russian

    June 30, 2025

    • The IMF Executive Board today concluded the 2025 Article IV consultation and completed the eighth review under the Extended Credit Facility (ECF) for Guinea-Bissau. The completion of the review allows for an immediate disbursement of SDR 4.73 million (about US$ 6.5 million), bringing total disbursement under the arrangement to SDR 35.04 million (about US$ 48.1 million)
    • Program performance was mixed. Seven out of nine Quantitative Performance Criteria and three out of four Structural Benchmarks for end-December 2024 were met. The continuous Structural Benchmark on debt service payments was met while the continuous Structural Benchmark on the expenditure committee (COTADO) was missed.
    • Growth is expected to reach 5.1 percent in 2025 while inflation should average 2 percent. The current account deficit is expected to narrow to 5.8 percent of GDP in 2025, reflecting better terms of trade. The authorities are committed to achieving a fiscal deficit of 3.4 percent of GDP in 2025, to put public debt on a firm downward trajectory. The economic outlook is positive but remains subject to significant domestic and external risks.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded today the 2025 Article IV consultation[1] and completed the eighth review under Extended Credit Facility (ECF) arrangement for Guinea-Bissau. The three-year arrangement, approved on January 30, 2023, aims to secure debt sustainability, improve governance, and reduce corruption, while creating fiscal space to foster inclusive growth. The Executive Board granted an augmentation of access (140 percent of quota or SDR 39.76 million) on November 29, 2023. The completion of the eighth review enables the disbursement of SDR 4.73 million (about US$ 6.5 million) to help meet the country’s balance-of-payments and fiscal financing needs. This brings total disbursement under the arrangement to SDR 35.04 million (about US$ 48.1 million). The authorities have consented to the publication of the Staff Report prepared for this consultation.[2]

    Program performance was mixed. Seven out of nine Quantitative Performance Criteria and three out of four Structural Benchmarks for end-December 2024 were met. The continuous Structural Benchmark on debt service payments was met while the continuous Structural Benchmark on the expenditure committee (COTADO) was missed. In completing the eighth review, the Executive Board granted waivers for the non-observance of quantitative performance criteria based on corrective actions taken by the authorities [including the revenue and expenditure measures adopted as prior actions for the review], approved the authorities’ request for modification of performance criteria and indicative targets, and completed the financing assurance review. The Executive Board also approved the authorities’ request for the program extension until July 29, 2026, and rephasing of access to provide them with sufficient time to implement fiscal consolidation policies supported by the ECF program.

    Economic growth is projected to reach 5.1 percent in 2025, supported by strong exports and investments, while inflation is expected to decelerate and average 2 percent. The current account deficit should narrow to 5.8 percent of GDP in 2025, reflecting a significant improvement in Guinea-Bissau’s terms of trade. The authorities are committed to achieving a fiscal deficit of 3.4 percent of GDP in 2025 to put public debt on a firm downward trajectory. While the direct impact of recent global trade tensions on Guinea-Bissau is limited, the economy remains subject to significant downside risks amid a challenging socio-political climate in an election year and capacity constraints. The 2025 Article IV consultation discussions focused on policies aimed at supporting economic diversification to reduce dependency on cashew nuts, maintaining fiscal sustainability through domestic revenue mobilization, and bolstering social protection and human capital to promote inclusive growth.

    Following the Executive Board discussion, Mr. Okamura, Deputy Managing Director and Acting Chair, issued the following statement:

    “The economy of Guinea-Bissau has been resilient, supported by strong investment spending. While growth is projected to continue around its potential of 4½-5 percent over the medium term, significant challenges remain. In particular, the high export dependency on cashew nuts and the high risk of debt distress leave the country vulnerable to adverse changes in the international environment. Against this background, the authorities are focused on policies designed to diversify the economy and broaden the export base, including by supporting additional growth sectors such as mining and fishing.

    “Achieving the fiscal consolidation target for 2025 is essential to reduce public debt vulnerabilities. In this context, the authorities remain committed to containing domestic primary spending within the 2025 budget and to maintain strict control over the wage bill. This is being supported by strong expenditure controls, including by ensuring that project disbursements are thoroughly verified and discretionary spending remains within agreed allocations. Measures to boost revenue mobilization to bring tax collection closer to its potential through a combination of tax policy measures and revenue administration reforms are vital to create fiscal space to support economic development while reducing fiscal risks.

    “Good progress has been made in addressing financial sector vulnerabilities. The recent approval by the regional Banking Commission for the purchase offer for the undercapitalized bank, and the authorities’ decision to divest the government’s stake in the bank, are important steps in reducing systemic financial sector risks.

    “Boosting inclusive growth calls for implementing sustained social protection programs to protect the poor, diversifying the economy, strengthening the business environment and governance, and improving the efficiency of education and health spending. Broadening the coverage of social protection programs and mainstreaming them within government structures would help reduce poverty indicators. At the same time, progressively reducing broad-based subsidies and moving towards more targeted programs would also boost the impact of social spending.”

     

    Executive Board Assessment[3]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed the resilience of the economy and the significant progress in infrastructure development since the last Article IV consultation. Noting the mixed performance under the ECF and significant downside risks, they welcomed the strong corrective measures that have been implemented as prior actions for the eighth ECF review. They supported the authorities’ request for a six-month extension of the ECF, to help anchor the fiscal targets for the whole of 2025 and reinforce the commitment to fiscal consolidation.

    Given the high risk of debt distress, Directors underscored the critical importance of sustained fiscal consolidation and further reinforcing debt management to ensure that the debt to GDP ratio remains on a downward trajectory. They encouraged the authorities to boost revenue mobilization through tax policy and tax administration measures, thereby creating fiscal space for priority social and development spending while strengthening debt sustainability. They called for reinforcing expenditure controls and strengthening public financial management to contain the wage bill and prevent the recurrence of spending overruns. Continuing to refrain from nonconcessional borrowing while keeping further concessional borrowing within program targets remains important. Fiscal risks from the public utility company should also be addressed, including by speeding up its revenue mobilization.

    Directors welcomed the approval of the sale of the undercapitalized bank, which paves the way for the government’s disengagement. They called for a swift capitalization of the bank by its new owners to strengthen financial sector resilience.

    Directors stressed the need for sustained structural reforms to underpin macroeconomic stabilization and boost growth. They highlighted the importance of efforts to strengthen the business environment, remove market distortions, and reduce informality. Diversifying the economy, notably in sectors with potential such as fishing, mining, and traditional agriculture, remains critical for inclusive growth and reducing dependence on cashew exports. They urged the authorities to expedite steps to strengthen governance, anti-corruption, and AML/CFT standards. They called for reforms to strengthen procurement transparency and enhance the robustness of the audit function, to help improve public sector transparency and efficiency.

    Directors positively noted the authorities’ efforts to address gaps in the provision of macroeconomic data.

    It is expected that the next Article IV consultation with Guinea Bissau will be held on a 24-month cycle in accordance with the Executive Board decision on consultation cycles for members with Fund arrangements.

     

    Guinea-Bissau: Selected Economic Indicators, 2022-26

    Population (2024): 2.0 million                                      Per capita GDP (2024): US$ 1,104

    Main export product: cashew nuts                               Key export markets: India, Vietnam

     

    2022

    2023

    2024

    2025

    2026
         

    Prel.

    Proj.

    Proj.

    Output

    		          

    Real GPD growth (%)

    4.6

    5.2

    4.8

    5.1

    5.0

    Prices

    		          

    Inflation (annual average, %)

    7.9

    7.2

    3.7

    2.0

    2.0

    Central government finances

    		          

    Revenue and grants (% GDP)

    15.2

    13.7

    13.1

    16.1

    15.7

    Expenditure (% GDP)

    21.3

    21.9

    20.4

    19.5

    19.2

    Fiscal balance (% GDP)

    -6.1

    -8.2

    -7.3

    -3.4

    -3.5

    Public debt (% GDP)

    80.7

    79.4

    82.2

    78.5

    76.3

    Money and credit

    		          

    Broad money (% change)

    3.5

    -1.1

    6.2

    5.6

    5.4

    Credit to economy (% change)

    23.5

    -9.4

    -12.2

    14.4

    13.8

    Balance of payments

    		          

    Current account (% GDP)

    -8.6

    -8.6

    -8.2

    -5.8

    -5.0

    FDI (% GDP)

    1.2

    1.2

    1.2

    1.2

    1.2

    WAEMU reserves (US$ billions)

    25.2

    26.1

    …

    …

    …

    External public debt (% GDP)

    39.0

    35.4

    34.7

    32.0

    30.9

    Exchange rate

    		          

    CFAF/US$ (average)

    622.4

    606.5

    606.2

    …

    …

    Sources: Guinea-Bissau authorities and IMF staff estimates and projections

    [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/guinea-bissau 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: Julie Ziegler

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

    https://www.imf.org/en/News/Articles/2025/07/01/pr25230-guinea-bissau-2025-article-iv-and-eighth-review

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Russia: ​104th Anniversary of the Founding of the CPC

    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

    В Китае> Новости>
    Russians. Ori.org.KN | 01. 07. 2025 Font: aaa

    Russians. Ori.org.KN | 01. 07. 2025

    Keywords: 104th Anniversary of the CPC

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    Source: russian.china.org.cn

    ​104th Anniversary of the Founding of the CPC 104th Anniversary of the Founding of the CPC

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Executive Board Completes the Second Review under the Extended Credit Facility Arrangement for Togo

    Source: IMF – News in Russian

    June 30, 2025

    • The IMF Executive Board today completed the second review under the Extended Credit Facility (ECF) arrangement for Togo, allowing the authorities to draw about SDR 44.0 million (about US$ 60.5 million). The Executive Board approved the 42-month ECF arrangement in March 2024 and concluded the first review in December 2024.
    • Growth has remained robust, and inflation has continued to slow. The medium-term economic outlook is favorable, with sustained robust growth, but elevated risks remain.
    • Implementation of the IMF-supported program has been broadly satisfactory: the authorities met all quantitative targets at end-December 2024 except for the performance criterion on the fiscal balance, and they have met all but one structural benchmark due since the completion of the first ECF review.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the second review of the Extended Credit Facility (ECF) arrangement for Togo. The Board’s decision enables the immediate disbursement of about SDR 44.0 million (about US$ 60.5 million), which will be used for budget support. The ECF-arrangement provides overall financing of SDR 293.60 million (about US$ 403.4 million) on favorable terms.

    The IMF approved the ECF arrangement in March 2024 to help the authorities address the legacies of shocks experienced since 2020, notably the COVID pandemic and the increase in global food and fuel prices. The Togolese authorities were able to lessen the impacts of these shocks on the Togolese population, but this came at the price of large fiscal deficits and a rapidly rising public debt burden. The IMF-supported government program aims to (i) make growth more inclusive while strengthening debt sustainability, and (ii) implement structural reforms to support growth and limit fiscal and financial sector risks. The IMF Executive Board completed the first ECF review in December 2024.  

    The medium-term outlook is broadly favorable, with continued robust growth. Economic growth reached an estimated 5.3 percent in 2024 and is projected at 5.2 percent in 2025 and 5.5 percent per year thereafter, according to IMF staff projections, barring major adverse shocks. Headline inflation eased to 2.6 percent in April 2025 and core inflation (which excludes the prices of energy and fresh products) fell to 1.3 percent (annual averages).

    However, the outlook is subject to high risks. In particular, insecurity from the presence of terrorist groups at the country’s northern border continues, putting pressure on spending. The authorities face challenging trade-offs between the need to achieve fiscal consolidation to lower the debt burden and the need to maintain security, enhance inclusion, and support growth.

    Implementation of the IMF-supported program has been broadly satisfactory. The authorities met all quantitative targets at end-December 2024 except for the performance criterion on the fiscal balance. A notable success has been that the authorities raised tax revenue in 2024 as planned and pushed non-tax revenue beyond expectations. At the same time, higher-than-budgeted spending pushed debt higher. The authorities also met all but one structural benchmark due since the completion of the first ECF review, thanks to public financial management and banking sector reforms.

    At the conclusion of the Executive Board’s discussion, Mr. Kenji Okamura, Deputy Managing Director, and Acting Chair, made the following statement: 

    “The authorities have implemented the IMF-supported program in an overall satisfactory manner in an environment marked by continued security challenges, tight financing conditions, and elevated global uncertainty. Among other achievements, the authorities mobilized tax revenue in line with targets, while non-tax revenue exceeded projections.

    “Nonetheless, progress on fiscal consolidation has been slower than programmed due to operations the authorities recorded below the line, resulting in faster-than-expected debt accumulation. The authorities’ efforts to address this development, in particular the publication of an innovative note on budget execution and debt accumulation, are welcome.

    “Against this background, the authorities are encouraged to redouble their efforts at fiscal consolidation while preserving growth and strengthening inclusion. The IMF approves the authorities’ request for a limited relaxation of the fiscal deficit target for 2024 and for delaying the goal of lowering the present value of debt below 55 percent of GDP by one year, to 2027. These modifications appropriately balance the need to respond to security threats against the need to strengthen debt sustainability. 

    “Further, the authorities are encouraged to continue efforts to enhance revenue while making taxation more efficient, supported by a timely elaboration of a medium-term revenue mobilization strategy. Reforms to improve the efficiency of spending and strengthen the effectiveness of the social safety net, including phasing out fuel subsidies, will also be important. Further, it will be important to strengthen electricity and water provision, including raising tariffs to ensure cost recovery in combination with measures to protect the most vulnerable.

    “The IMF welcomes the authorities’ efforts to reduce financial sector and fiscal risks by recapitalizing the remaining state-owned bank, which have boosted the bank’s compliance with regulatory norms. Further efforts will be needed to address the remaining breaches of regulatory norms and to restructure the bank’s operations to ensure its stability and profitability.

    “Finally, efforts to strengthen governance will be critical for nurturing the business environment and supporting sustainable growth. The authorities’ commitment to publishing the planned Governance Diagnostic Assessment is very welcome. The authorities should also align asset and income declarations regime with international standards.”

    Togo: Selected Economic and Financial Indicators, 2023–27
     

    2023

    2024

    2025

    2026

    2027
     

    Estimates

    Projections

    Real GDP

    5.6

    5.3

    5.2

    5.5

    5.5

    Real GDP per capita

    3.1

    2.8

    2.7

    3.0

    3.0

    GDP deflator

    2.9

    2.2

    2.0

    2.0

    2.0

    Consumer price index (annual average)

    5.3

    2.9

    2.3

    2.0

    2.0

    GDP (CFAF billions)

    5,507

    5,927

    6,360

    6,843

    7,364

    Exchange rate CFAF/US$ (annual average level)

    606

    …

    …

    …

    …

    Real effective exchange rate (appreciation = –)

    -8.2

    …

    …

    …

    …

    Terms of trade (deterioration = –)

    2.5

    -0.4

    -0.3

    0.9

    0.6
     

    Monetary survey

    		  

    Net foreign assets

    2.0

    1.3

    3.6

    2.4

    2.3

    Net credit to government

    1.2

    8.6

    2.6

    -1.3

    -0.1

    Credit to nongovernment sector

    2.9

    3.6

    1.4

    7.4

    7.0

    Broad money (M2)

    6.5

    8.5

    7.3

    7.6

    7.6

    Velocity (GDP/end-of-period M2)

    2.0

    2.0

    2.0

    2.0

    2.0
     

    Investment and savings

    		  

    Gross domestic investment

    28.0

    26.8

    25.6

    24.4

    25.3

    Government

    11.5

    10.1

    8.5

    7.1

    7.8

    Nongovernment

    16.5

    16.7

    17.1

    17.3

    17.5

    Gross national savings

    24.0

    23.7

    23.2

    23.0

    24.3

    Government

    4.8

    2.7

    4.6

    4.1

    4.8

    Nongovernment

    19.2

    20.9

    18.7

    18.8

    19.5
     

    Government budget

    		          

    Total revenue and grants

    19.8

    19.0

    18.8

    18.5

    19.0

    Revenue

    16.8

    17.0

    16.6

    17.1

    17.6

    Tax revenue

    14.8

    14.9

    15.4

    15.9

    16.4

    Expenditure and net lending

    26.6

    26.4

    22.7

    21.5

    22.0

    Expenditure and net lending (excl. banking sector operations)

    26.6

    25.4

    22.3

    21.5

    22.0

    Primary balance (commitment basis, incl. grants)

    -3.9

    -4.5

    -1.2

    -0.2

    -0.4

    Overall balance (commitment basis, incl. grants, excl. banking sector operations)

    -6.7

    -6.4

    -3.5

    -3.0

    -3.0

    Overall balance (commitment basis, incl. grants)

    -6.7

    -7.4

    -3.9

    -3.0

    -3.0

    Primary balance (cash basis, incl. grants)

    -3.9

    -4.5

    -1.2

    -0.2

    -0.4

    Overall balance (cash basis, incl. grants, excl. banking sector operations)

    -6.7

    -6.4

    -3.5

    -3.0

    -3.0

    Overall balance (cash basis, incl. grants)

    -6.7

    -7.4

    -3.9

    -3.0

    -3.0
     

    External sector

    		          

    Current account balance

    -4.0

    -3.2

    -2.3

    -1.4

    -1.0

    Exports (goods and services)

    26.3

    25.5

    25.5

    25.5

    25.7

    Imports (goods and services)

    -37.8

    -35.9

    -34.3

    -32.8

    -32.5

    External public debt1

    26.3

    30.4

    32.8

    32.1

    32.7

    External public debt service (percent of exports)1

    7.7

    10.0

    14.8

    15.0

    8.1

    Domestic public debt2

    42.3

    41.7

    37.5

    36.6

    34.3

    Total public debt3

    68.6

    72.1

    70.2

    68.7

    66.9

    Total public debt (excluding SOEs)4

    67.3

    71.2

    69.6

    68.2

    66.6

    Present value of total public debt3

    62.3

    63.2

    60.0

    57.0

    54.0

    Sources: Togolese authorities and IMF staff estimates and projections.
     

    1 Includes state-owned enterprise external debt.

    2 Includes domestic arrears and state-owned enterprise domestic debt.

    3 Includes domestic arrears and state-owned enterprise debt.

    4 Includes domestic arrears.
    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/2025/06/30/pr25229-togo-imf-completes-the-second-review-under-the-ecf-arrangement-for-togo

    MIL OSI

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  • MIL-OSI Russia: China Resolutely Opposes Forced Shutdown of Hikvision’s Business in Canada – China’s Ministry of Commerce

    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 30 (Xinhua) — China expresses strong dissatisfaction and firmly opposes the Canadian government’s order to stop Chinese company Hikvision’s operations in Canada, a spokesman for China’s Ministry of Commerce said Monday.

    China noted that the Canadian side forcibly stopped Hikvision’s operations in the country and prohibited Canadian government agencies from purchasing and using Hikvision products under the pretext of protecting “national security,” the official said.

    According to him, the so-called national security review undertaken by the Canadian side lacked transparency and yielded uncertain results. The representative of the Chinese agency called it a typical example of the generalization of the concept of national security.

    “The actions of the Canadian side not only undermine the legitimate rights and interests of Chinese enterprises, but also negatively affect the confidence of companies from both countries in cooperation, and harm normal trade and economic relations between China and Canada,” the official representative emphasized.

    China, he continued, urges Canada to immediately correct its wrong actions, stop politicizing economic and trade issues and generalizing the concept of national security, and ensure an open, fair, just and non-discriminatory environment for enterprises from all countries, including China, to invest and do business in Canada.

    The Chinese side will take all necessary measures to resolutely protect the legitimate rights and interests of Chinese enterprises, added the official representative of the Ministry of Commerce of the People’s Republic of China. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Naval squadrons led by Chinese aircraft carriers return to ports after completing deep-sea training /more details/

    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 30 (Xinhua) — The Chinese People’s Liberation Army Navy (PLA Navy) naval squadrons led by the aircraft carriers Liaoning and Shandong have safely returned to their home ports after completing combat-style training on the high seas, the PLA Navy said Monday.

    The training was conducted in a coordinated and systematic manner. Two aircraft carrier formations deployed to the western Pacific Ocean, interacted with the relevant branches of the armed forces, and carried out a number of tasks simulating real combat operations, such as reconnaissance and early detection, counterattack, naval assault, air defense, and day and night tactical flights of carrier-based aircraft.

    The current exercise has produced a series of research results in relevant areas of military affairs and greatly enhanced the systemic combat potential of China’s aircraft carrier formations. It is a continuation of the previous two-carrier high-sea exercise conducted jointly by the two naval formations last year.

    It is noted that during the training, individual foreign warships and aircraft repeatedly carried out close reconnaissance, escort and surveillance maneuvers. The Chinese naval units maintained heightened vigilance and combat readiness for immediate response, organized numerous carrier-based aircraft sorties, and professionally and confidently dealt with the situation that arose.

    The PLA Navy said that these exercises, conducted in accordance with the annual plan, have effectively tested the results of joint training of relevant troops and enhanced their capacity to protect the country’s sovereignty, security and development interests. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Mainland China criticizes Taiwan leader’s separatist rhetoric

    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 30 (Xinhua) — State Council Taiwan Affairs Office spokesperson Zhu Fenglian on Monday slammed Taiwan leader Lai Qingde’s recent remarks over the weekend as a further escalation of provocations aimed at achieving “Taiwan independence” and seriously damaging cross-Strait relations.

    In response to a journalist’s question, Zhu Fenglian pointed out that in his speeches, Lai Qingde inflated the topic of “continental threat,” propagated the thesis of “Taiwan independence,” distorted the legal framework and historical facts, ignoring the prevailing public opinion on the island.

    Zhu Fenglian noted that Lai Qingde’s misinterpretation of UN General Assembly Resolution 2758, a political document embodying the one-China principle, and attempts to sever the historical and legal ties between the two sides of the Taiwan Strait once again expose his fear of and resistance to closer exchanges between compatriots from both sides.

    “The return of Taiwan to China after Japanese occupation is a fundamental element of the international order established after World War II and the result of the joint efforts of compatriots from both sides of the strait to safeguard national dignity. Those who act against the common interests of the Chinese nation are doomed to failure, and attempts to challenge China’s sovereignty and territorial integrity at the expense of ‘Taiwan independence’ will only lead to a dead end,” the official representative stated.

    Reiterating that people on both sides of the strait share the common aspiration of peace, development, exchanges and cooperation, Zhu Fenglian said the mainland is committed to advancing the peaceful and integrated development of the two sides.

    She called on compatriots in Taiwan to see through the hypocrisy and political manipulation of the Democratic Progressive Party administration and work hand in hand with compatriots on the mainland to achieve national reunification and rejuvenation. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Executive Board Concludes the 2025 Article IV Consultation with the Republic of Serbia and Completes the First Review Under the Policy Coordination Instrument

    Source: IMF – News in Russian

    June 30, 2025

    • Serbia’s prudent macroeconomic policies have supported economic resilience in an uncertain global environment. After a brief slowdown in early 2025, growth is expected to reaccelerate in 2026 and 2027.
    • The authorities are maintaining fiscal discipline and implementing macro-critical structural reforms under the Policy Coordination Instrument, having completed the first review. While Serbia faces domestic and external uncertainties, it has built strong buffers to withstand potential shocks.
    • Reinvigorating reforms to improve the business environment and governance would help sustain Serbia’s strong growth over the medium term.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the 2025 Article IV Consultation with the Republic of Serbia and completed the first review of Serbia’s performance under the Policy Coordination Instrument (PCI).[1] The authorities have consented to the publication of the Staff Report prepared for the consultation and the review.[2]

    Serbia’s macroeconomic performance remains resilient amid a challenging global environment. IMF staff projects real GDP growth at 3 percent in 2025, rising to 4 percent in 2026 and 4.5 percent in 2027. Headline inflation has returned to National Bank of Serbia’s target band (3 percent +/-1.5 percentage points), driven by declining energy prices and moderating core inflation. The monetary policy stance is appropriately restrictive.

    Despite increased public investment, the fiscal deficit remains under control due to strong revenue performance and prudent management of current spending. While the current account deficit has widened, reflecting higher imports supporting the public investment drive and weak external demand, international reserves remain ample.

    Fiscal structural reforms are progressing, including in further strengthening public financial management and public investment management. Energy sector reforms are also advancing but more remains to be done to ensure financial sustainability and operational efficiency in state-owned energy enterprises. Reinvigorating reforms to strengthen the business environment and improve governance is important for supporting Serbia’s growth rates over the medium term.

    Downside risks to the outlook are elevated. A global slowdown and further geoeconomic fragmentation could weigh on exports and foreign direct investment. Domestically, heightened political tensions could erode consumer and investor confidence. But Serbia is well-positioned to manage potential shocks— international reserves and government deposits are high, public debt is declining, and banks are well-capitalized and liquid.

    At the conclusion of the Board discussion on the Republic of Serbia, Ms. Gita Gopinath, First Deputy Managing Director, made the following statement:

    “Serbia’s prudent macroeconomic policies and strong engagement with the IMF have delivered impressive results. Growth has been resilient, and fiscal and external buffers have strengthened. Reflecting these accomplishments, Serbia received its first-ever investment grade sovereign rating in 2024. Under the Policy Coordination Instrument (PCI), the Serbian authorities have continued their commitment to sound economic policies and structural reforms.

    “In light of easing inflation and heightened domestic and external challenges, the planned fiscal expansion focused on growth-enhancing investment, can help cushion the near-term slowdown while boosting medium-term growth. Fiscal policy anchored to the deficit target, which safeguards hard-earned fiscal credibility and contains pressures on current spending, is critical. As the current investment cycle winds down, gradual fiscal consolidation is needed to rebuild buffers against external shocks. Advancing fiscal structural reforms remains essential, particularly to strengthen public financial management, enhance governance and transparency in public investment management, and address emerging fiscal risks.

    “A restrictive monetary policy stance remains appropriate until disinflation is firmly sustained. While banks have been resilient and systemic risks remain contained, financial intermediation would benefit from additional improvements in regulatory and supervisory frameworks, including by closer alignment with EU standards. Continued progress on strengthening AML/CFT is also important.

    “Further energy reforms remain crucial for securing sustainable and stable energy supplies. Increases in grid fees and electricity tariffs would improve cost recovery and the financial strength of energy state-owned enterprises and allow for investment in a more diversified and less carbon-intensive energy mix.

    “Serbia faces medium-term challenges including from population aging. Enhancing productivity will be critical to sustaining income convergence with advanced economies. This will require structural and governance reforms to attract higher value-added FDI and domestic private investment to support growth. Improving the business environment will require measures to enhance commercial judicial frameworks, foster innovation, and strengthen governance.”

     

    Executive Board Assessment[3]

    Executive Directors agreed with the thrust of the staff appraisal. They commended Serbia’s prudent macroeconomic policies and strong commitment to reforms and welcomed the satisfactory performance under the Policy Coordination Instrument. Noting the heightened domestic and external risks to the outlook, Directors emphasized the importance of sustaining fiscal discipline, rebuilding buffers to shocks, and increasing productivity to support more sustainable growth.

    Directors underscored that a fiscal deficit of 3.0 percent of GDP or lower would allow for priority investment spending, while preserving hard won credibility. They recognized the authorities’ commitment to adhere to the wage and pension special fiscal rules, which should help to keep public debt firmly on a downward path and support investor confidence. Directors welcomed the focus on ensuring transparent, accountable, and efficient government operations. Measures to improve public financial and investment management and fiscal risk management will help to maintain fiscal discipline, while ensuring the delivery of quality public investment. Directors also underscored the need to strengthen tax administration capacity. They welcomed the authorities’ commitment to addressing domestic arrears and preventing the accumulation of new arrears.

    Directors agreed on the need to maintain a monetary policy tightening bias to achieve sustained disinflation. While noting that the banking sector has been resilient and systemic risks remain contained, Directors stressed the need for continued efforts to enhance regulatory and supervisory frameworks, including through closer alignment with EU standards. Continued efforts to strengthen AML/CFT frameworks are also important.

    Directors highlighted that energy sector reforms remain essential to secure sustainable and stable energy supplies and support decarbonization. Accordingly, they welcomed the authorities’ commitment to strengthen the financial viability of energy state owned enterprises and support investment in a more diversified energy mix. In this regard, ensuring cost recovery through increased household electricity tariffs is important.

    Directors agreed that ambitious structural and governance reforms are critical to achieving strong and sustainable medium term growth. Noting the impact of the aging population, Directors stressed the need to enhance employment opportunities for women and youth and to ensure better matching of skills with evolving labor market demands. They also supported intensified efforts to improve the business environment, including by enhancing commercial judicial frameworks, fostering innovation, and improving governance. Continued efforts to reduce corruption are important.

    It is expected that the next Article IV consultation with the Republic of Serbia will be held on the 24-month cycle.

    Serbia:  Selected Economic and Social Indicators, 2024–27

    2024

    2025

    2026

    2027

    Est.

    PCI Request

    Proj.

    PCI Request

    Proj.

    PCI Request

    Proj.

    Output

    Real GDP growth (%)

    3.8

    4.2

    3.0

    4.2

    4.0

    4.5

    4.5

     

     

     

    Employment

     

     

     

    Unemployment rate (labor force survey) (%)

    8.6

    8.5

    8.5

    8.4

    8.4

    8.3

    8.3

     

     

     

    Prices

     

     

     

    Inflation (%), end of period

    4.3

    3.4

    3.3

    3.3

    3.2

    3.2

    3.2

     

     

     

    General Government Finances

     

     

     

    Revenue (% GDP)

    40.9

    41.2

    40.9

    40.9

    40.4

    40.9

    40.1

    Expenditure (% GDP)

    42.9

    44.2

    43.9

    43.9

    43.4

    43.9

    43.1

    Fiscal balance (% GDP)

    -2.0

    -3.0

    -3.0

    -3.0

    -3.0

    -3.0

    -3.0

    Public debt (% GDP)

    47.5

    47.7

    46.8

    46.9

    46.5

    46.4

    46.4

     

     

     

    Money and Credit

     

     

     

    Broad money, eop (% change)

    13.6

    8.0

    7.8

    7.8

    8.0

    8.3

    8.8

    Credit to the private sector, eop (% change) 1/

    8.5

    7.9

    9.3

    5.7

    9.6

    9.2

    10.5

     

     

     

    Balance of Payments

     

     

     

    Current account (% GDP)

    -4.7

    -5.1

    -5.4

    -5.2

    -5.6

    -5.5

    -4.5

    FDI (% GDP)

    5.6

    5.1

    4.4

    4.8

    4.8

    4.7

    4.4

    Reserves (months of prospective imports)

    7.3

    6.6

    7.0

    6.3

    6.5

    5.9

    6.5

    External debt (% GDP)

    61.9

    60.3

    61.3

    58.7

    59.3

    55.9

    54.8

     

     

     

    Exchange Rate

     

     

     

    REER (% change)

    2.3

    …

    …

    …

    …

    …

    …

     

     

     Sources: Serbian authorities and IMF staff estimates.

     1/ Calculated at a constant exchange rate to exclude the valuation effects. 

    [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/Serbia 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: Camila Perez

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

    https://www.imf.org/en/News/Articles/2025/06/30/pr-25228-serbia-imf-concludes-2025-art-iv-consult-completes-1st-rev-policy-coor-instrument

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Russia: The Politburo of the CPC Central Committee reviewed a set of regulations on the work of the directive, advisory and coordinating bodies of the CPC Central Committee.

    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 30 (Xinhua) — The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on Monday to review a set of regulations on the work of the decision-making, advisory and coordinating organs of the CPC Central Committee. General Secretary of the CPC Central Committee Xi Jinping chaired the meeting.

    The meeting participants noted that the establishment of the CPC Central Committee’s decision-making, advisory and coordinating organs is an important institutional measure to strengthen the unified centralized leadership of the CPC Central Committee over key work and ensure the fulfillment of key tasks. The formulation and issuance of regulations will further standardize the establishment, definition of duties and operation of such organs. The regulations are of great significance for improving top-level planning, overall coordination, comprehensive advancement and effective implementation of key work.

    The meeting stressed that the decision-making, advisory and coordinating organs of the CPC Central Committee should have a clear understanding of their duties and status. They should focus on planning, discussing and supervising the implementation of major tasks, and provide more effective overall leadership and coordination of key work. While fully fulfilling their coordinating duties, they should avoid taking on other people’s functions and exceeding the limits of their authority. At the same time, they should conduct in-depth studies to improve the quality and efficiency of decision-making and discussion, and propose practical and effective policies. At the same time, it is extremely important to avoid formalism and bureaucracy and achieve practical results.

    Other issues were also discussed during the meeting. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Georgia and the International Maritime Organization discussed expanding cooperation at sea

    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

    Tbilisi, June 30 (Xinhua) — Georgian Minister of Economy and Sustainable Development Mariam Kvrivishvili met with International Maritime Organization (IMO) Secretary General Arsenio Dominguez, who is visiting Georgia, in Tbilisi on Monday. The issues of introducing electronic services in Georgian ports, implementing joint projects, developing maritime education and employing seafarers were discussed during the meeting, the Georgian Ministry of Economy and Sustainable Development reported.

    M. Kvrivishvili emphasized that the maritime sector plays an important role in the country’s economy and its development is one of the priorities for the Georgian government. According to her, Georgia fulfills all obligations stipulated by the international legal instruments of the IMO and consistently maintains high standards in the field of maritime safety, training and certification of seafarers, and environmental protection.

    The parties noted the important role of maritime infrastructure in realizing Georgia’s transit potential, including in terms of further development of the Trans-Caspian International Transport Route. Particular attention was paid to the Anaklia deep-water port project, which, as M. Kvrivishvili noted, will create favorable conditions for the development of logistics services and an industrial zone in the adjacent territory.

    Georgia has been a member of the IMO since 1993. In 2015, the country underwent a voluntary audit, and in 2025, a mandatory audit. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Uzbekistan exported $17.1 million worth of tomatoes in the first five months of 2025

    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

    Tashkent, June 30 (Xinhua) — Uzbekistan exported 17.1 thousand tons of tomatoes worth $17.1 million in the first five months of this year, Uzbek media reported on Monday, citing data from the National Statistics Committee of the Republic of Uzbekistan.

    It is reported that among the countries to which the export was carried out, Russia was the main buyer, with 14 thousand tons of products sent there.

    After Russia, Kazakhstan and Kyrgyzstan were the main buyers of Uzbek tomatoes, where 1.6 thousand and 1.4 thousand tons were exported, respectively. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Executive Board Completes the Eighth Review of the Extended Arrangement under the Extended Fund Facility for Ukraine

    Source: IMF – News in Russian

    June 30, 2025

    • The IMF Board today completed the Eighth Review of the Extended Arrangement under the Extended Fund Facility (EFF) for Ukraine, enabling a disbursement of about US$0.5 billion (SDR 0.37 billion) to Ukraine, which will be channeled for budget support.
    • Ukraine’s economy remains resilient, and the authorities met all end-March and continuous quantitative performance criteria, the prior action, and two structural benchmarks for the review.
    • Despite the challenges, progressing with domestic revenue mobilization, strengthening the investment climate, improving governance, and completing the debt restructuring strategy are necessary to restore fiscal and debt sustainability and support growth. The full and timely disbursement of external support during the program period remains indispensable for macroeconomic stability

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) today completed the Eighth Review of the EFF, enabling the authorities to draw US$0.5 billion (SDR 0.37 billion, which will be channeled for budget support. This will bring the total disbursements under the IMF-supported program to US$10.6 billion.

    Ukraine’s 48-month EFF, with access of SDR 11.6 billion (equivalent to about US$15.5 billion, or 577 percent of quota), was approved on March 31, 2023, and forms part of an international support package totaling US$152.9 billion in the program’s baseline scenario. Ukraine’s IMF-supported program helps anchor policies that sustain fiscal, external, and macro-financial stability at a time of exceptionally high uncertainty. The EFF aims to support Ukraine’s economic recovery, enhance governance, and strengthen institutions with the aim of promoting long-term growth and investment.

    For the Eighth Review, Ukraine met all end-March and continuous quantitative performance criteria as well as the prior action to submit to the Cabinet of Ministers of Ukraine a detailed reform plan for the State Customs Service (SCS). Two structural benchmarks on tax reporting for digital platform operators and publication of the external audit of NABU were also completed. Four new benchmarks were also established, including: measures to update the single project pipeline; preparation of a prioritized roadmap for financial market infrastructure; implementation of international valuation standards; and development of legislative proposals to align securitization and bonds with international standards. The timelines of some other structural benchmarks, including the appointment of the head of the SCS, have been reset by the IMF Executive Board to allow the authorities more time to complete these important reforms. The authorities also requested a rephasing of access to IMF financing over the remainder of 2025 to better align them with Ukraine’s updated balance of payments needs, while the overall size of the program remains unchanged.   

    The 2025 growth forecast has been maintained at 2–3 percent as a smaller electricity deficit is offset by lower gas production and weaker agricultural exports. Pressures from Russia’s war will require a supplementary budget for 2025, and the medium-term fiscal path has been revised to better reflect the authorities’ policy intentions on revenue mobilization and expenditure prioritization. The National Bank of Ukraine (NBU) has maintained a tight monetary policy to respond to the still high inflation, while inflation expectations remain anchored. FX reserves remain adequate, sustained by continued sizeable external support. Overall, the outlook remains subject to exceptionally high uncertainty.

    Following the Executive Board discussion on Ukraine, Ms. Gita Gopinath, First Deputy Managing Director of the IMF, issued the following statement[1]:

    “Russia’s war continues to take a devastating social and economic toll on Ukraine. Nevertheless, macroeconomic stability has been preserved through skillful policymaking as well as substantial external support. The economy has remained resilient, but the war is weighing on the outlook, with growth tempered by labor market strains and damage to energy infrastructure. Risks to the outlook remain exceptionally high and contingency planning is key to enable appropriate policy action should risks materialize.

    “The Fund-supported program remains fully financed, with a cumulative external financing envelope of US$153 billion in the baseline scenario and US$165 billion in the downside scenario, over the 4-year program period. This includes the full utilization of the approximately US$50 billion from the G7’s Extraordinary Revenue Acceleration Loans for Ukraine (ERA) initiative. Full, timely, and predictable disbursement of external support—on terms consistent with debt sustainability—remains essential to achieving program objectives.

    “The continuing war has necessitated a Supplementary Budget for 2025. Restoring fiscal sustainability and meeting elevated priority expenditures over the medium term will require continued decisive efforts to implement the National Revenue Strategy. This includes modernization of the tax and customs services (including the timely appointment of the customs head), reduction in tax evasion, and harmonization of legislation with EU standards. These reforms, combined with improvements in public investment management frameworks, medium-term budget preparation, and fiscal risk management, are critical to underpinning growth and investment. 

    “The authorities continue working to complete their debt restructuring strategy in line with the program’s debt sustainability objectives, which is essential to create room for priority expenditures, reduce fiscal risks, and restore debt sustainability.

    “Given still elevated inflation, the tight monetary policy stance is appropriate, and the NBU should stand ready to tighten further should inflation expectations deteriorate. Greater exchange rate flexibility will help strengthen economic resilience while safeguarding reserves.

    “The financial sector remains stable, though vigilance is needed given heightened risks. Operational and governance weaknesses in the security markets regulator need to be tackled urgently. Closing gaps in Ukraine’s capital markets infrastructure will be key to attracting foreign private capital for post-war reconstruction.

    “Sustained progress in anticorruption and governance reforms remains crucial. The completed audit of the National Anti-Corruption Bureau is an important step; additional efforts are required, including amending the criminal procedures code, appointing the new head of the Economic Security Bureau, and strengthening AML/CFT frameworks.”

    Table 1. Ukraine: Selected Economic and Social Indicators, 2021–27

    2021

     

    2022

     

    2023

    2024

    2025

    2026

    2027

    Act.

    Act.

    Act.

    Proj.

    Proj.

    Proj.

    Proj.

    Real economy (percent change, unless otherwise indicated)

    Nominal GDP (billions of Ukrainian hryvnias) 1/

    5,451

    		  

    5,239

    		  

    6,628

    7,659

    8,866

    10,192

    11,322

    Real GDP 1/

    3.4

    		  

    -28.8

    		  

    5.5

    2.9

    2-3

    4.5

    4.8

    Contributions:

    		                  

    Domestic demand

    12.8

    		  

    -19.0

    		  

    11.9

    3.8

    5.2

    3.4

    2.7

    Private consumption

    4.5

    		  

    -19.0

    		  

    3.0

    4.6

    2.8

    3.4

    2.7

    Public consumption

    0.1

    		  

    5.6

    		  

    3.0

    -1.5

    0.3

    -2.5

    -2.0

    Investment

    8.1

    		  

    -5.5

    		  

    5.8

    0.6

    2.1

    2.5

    2.0

    Net exports

    -9.3

    		  

    -9.8

    		  

    -6.3

    -0.8

    -3.2

    1.1

    2.1

    GDP deflator

    24.8

    		  

    34.9

    		  

    19.9

    12.3

    13.5

    10.0

    6.0

    Unemployment rate (ILO definition; period average, percent)

    9.8

    		  

    24.5

    		  

    19.1

    13.1

    11.6

    10.2

    9.4

    Consumer prices (period average)

    9.4

    		  

    20.2

    		  

    12.9

    6.5

    12.6

    7.6

    5.3

    Consumer prices (end of period)

    10.0

    		  

    26.6

    		  

    5.1

    12.0

    9.0

    7.0

    5.0

    Nominal wages (average)

    20.8

    		  

    1.0

    		  

    20.1

    23.1

    17.4

    13.7

    10.8

    Real wages (average)

    10.5

    		  

    -16.0

    		  

    6.4

    15.6

    4.2

    5.7

    5.3

    Savings (percent of GDP)

    12.5

    		  

    17.0

    		  

    12.8

    11.4

    4.4

    10.0

    18.3

    Private

    12.7

    		  

    30.2

    		  

    27.4

    23.3

    21.4

    15.9

    18.0

    Public

    -0.2

    		  

    -13.1

    		  

    -14.6

    -11.8

    -17.1

    -5.9

    0.3

    Investment (percent of GDP)

    14.5

    		  

    12.1

    		  

    18.1

    18.6

    20.9

    22.6

    23.7

    Private

    10.7

    		  

    9.6

    		  

    13.4

    13.3

    16.6

    18.3

    18.9

    Public

    3.8

    		  

    2.5

    		  

    4.7

    5.4

    4.3

    4.3

    4.9
                     

    General Government (percent of GDP)

    		                  

    Fiscal balance 2/

    -4.0

    		  

    -15.6

    		  

    -19.3

    -17.2

    -21.3

    -10.1

    -4.6

    Fiscal balance, excl. grants 2/

    -4.0

    		  

    -24.8

    		  

    -25.8

    -23.1

    -22.1

    -10.4

    -5.6

    External financing (net)

    2.5

    		  

    10.7

    		  

    16.2

    15.0

    24.5

    8.9

    1.7

    Domestic financing (net), of which:

    1.5

    		  

    5.0

    		  

    3.1

    0.3

    -3.1

    1.3

    2.8

    NBU

    -0.3

    		  

    7.3

    		  

    -0.2

    -0.2

    -0.1

    -0.1

    -0.1

    Commercial banks

    1.4

    		  

    -1.5

    		  

    2.5

    2.9

    2.7

    0.8

    3.4

    Public and publicly-guaranteed debt

    48.9

    		  

    77.7

    		  

    81.2

    89.7

    108.6

    110.4

    106.4
                     

    Money and credit (end of period, percent change)

    		                  

    Base money

    11.2

    		  

    19.6

    		  

    23.3

    7.7

    21.7

    13.1

    10.4

    Broad money

    12.0

    		  

    20.8

    		  

    23.0

    13.4

    14.4

    13.2

    10.4

    Credit to nongovernment

    8.4

    		  

    -3.1

    		  

    -0.5

    13.5

    10.6

    17.7

    18.6
                     

    Balance of payments (percent of GDP)

    		                  

    Current account balance

    -1.9

    		  

    4.9

    		  

    -5.3

    -7.2

    -16.5

    -12.6

    -5.4

    Foreign direct investment

    3.8

    		  

    0.1

    		  

    2.5

    1.8

    2.2

    4.0

    5.0

    Gross reserves (end of period, billions of U.S. dollars)

    30.9

    		  

    28.5

    		  

    40.5

    43.8

    53.4

    52.8

    55.6

    Months of next year’s imports of goods and services

    4.5

    		  

    3.8

    		  

    5.3

    5.1

    6.3

    6.3

    6.5

    Percent of short-term debt (remaining maturity)

    74.4

    		  

    83.3

    		  

    100.3

    130.9

    178.9

    171.5

    172.1

    Percent of the IMF composite metric (float)

    105.5

    		  

    110.3

    		  

    130.2

    125.4

    125.5

    114.0

    115.7

    Goods exports (annual volume change in percent)

    39.0

    		  

    -37.5

    		  

    -8.5

    16.8

    3.0

    14.9

    14.3

    Goods imports (annual volume change in percent)

    15.1

    		  

    -29.7

    		  

    18.5

    6.0

    19.3

    4.7

    5.5

    Goods terms of trade (percent change)

    -8.4

    		  

    -11.6

    		  

    3.6

    0.5

    1.3

    1.0

    0.4
                     

    Exchange rate

    		                  

    Hryvnia per U.S. dollar (end of period)

    27.3

    		  

    36.6

    		  

    38.0

    42.0

    …

    …

    …

    Hryvnia per U.S. dollar (period average)

    27.3

    		  

    32.3

    		  

    36.6

    40.2

    …

    …

    …

    Real effective rate (CPI-based, percent change)

    2.6

    		  

    3.2

    		  

    -6.7

    -6.5

    …

    …

    …

    Memorandum items:

    Per capita GDP / Population (2017): US$2,640 / 44.8 million

    Literacy / Poverty rate (2022 est 3/): 100 percent / 25 percent perpercentpercent

    Sources: Ukrainian authorities; World Bank, World Development Indicators; and IMF staff estimates.

    1/ GDP is compiled as per SNA 2008 and excludes territories that are or were in direct combat zones and temporarily occupied by Russia (consistent with the TMU).

    2/ The general government includes the central and local governments and the social funds.

    3/ Based on World Bank estimates.

    [1] 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 summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    https://www.imf.org/en/News/Articles/2025/06/30/pr-25227-ukraine-imf-completes-8th-rev-of-ext-arrang-under-eff

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Russia: Six New Tourist Highways Open in Xinjiang

    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

    URUMQI, June 30 (Xinhua) — Six new highways have opened to traffic in northwest China’s Xinjiang Uygur Autonomous Region, with a total investment of 10.7 billion yuan (about 1.5 billion U.S. dollars) and a total length of 965 km.

    The routes connect diverse natural landscapes, from snow-capped mountains and steppes to forests, lakes, deserts and oases, and aim to develop Xinjiang’s “fast entry, slow travel” tourism network and expand opportunities for independent car tourism, according to the regional transportation department.

    The new highways link key attractions across Xinjiang’s vast territory, where tourist sites are often relatively far apart, the department said.

    In recent years, Xinjiang has stepped up efforts to build a multi-dimensional tourism transportation network. The region has opened new civil aviation routes, launched specialized railway lines such as the Taklamakan Desert Loop, and built scenic roads for car tourism. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Givi Mikanadze appointed as new Minister of Education, Science and Youth of Georgia

    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

    TBILISI, June 30 (Xinhua) — Givi Mikanadze has been appointed Minister of Education, Science and Youth of Georgia. The new minister was introduced by Georgian Prime Minister Irakli Kobakhidze at a briefing at the Georgian government administration on Monday.

    G. Mikanadze replaced Alexander Tsuladze in the ministerial post, who announced his resignation on Monday.

    Before his appointment, G. Mikanadze was the Chairman of the Parliamentary Committee on Education, Science and Youth Affairs.

    A. Tsuladze has held the post of Minister of Education, Science and Youth since October 2024. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: China to offer 10% tax break to foreign investors who reinvest dividends in Chinese companies

    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 30 (Xinhua) — China’s financial, tax and trade authorities on Monday announced a 10 percent corporate income tax rebate for foreign investors on domestic direct investment financed by dividends from Chinese enterprises’ profits.

    The credit, which runs from January 1, 2025, to December 31, 2028, allows unused credit to be carried forward to a later date and allows lower rates to be applied under applicable tax treaties.

    Foreign investors may reinvest dividends in increasing the share capital of resident enterprises, establishing new resident enterprises, or acquiring shares of resident enterprises from unaffiliated parties. The industry in which the investee enterprise operates must be included in the Catalogue of Industries Encouraging Foreign Investment.

    Foreign investors may apply for a refund of the tax credit for reinvestments made between January 1, 2025 and the date of the announcement of the introduction of this benefit. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: China Coast Guard Conducts Law Enforcement Patrol in Waters Around Huangyan Island /more details/

    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 30 (Xinhua) — The China Coast Guard (CCG) on Monday conducted law enforcement patrols in the territorial waters around Huangyan Dao Island and its surrounding areas.

    In its statement, the BOC said it had continuously strengthened patrols in the territorial waters around Huangyan Dao Island and its adjacent areas in June, conducting tracking and monitoring, verbal warning, interception and expulsion operations in accordance with laws and regulations.

    As the BOC emphasized, these steps were aimed at strengthening governance and control in the relevant maritime areas, and firmly protecting China’s territorial sovereignty and maritime rights and interests. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: A student of the State University of Management became the author of the best startup in Russia: the results of the All-Russian competition “Startup as a Diploma” have been announced

    Translation. Region: Russian Federal

    Source: State University of Management – Official website of the State –

    On June 27, 2025, the final of the All-Russian competition of final qualification works in the format “Startup as a Diploma” was held at the National Center “Russia”, the winner of which was a student of the State University of Management.

    The author of the best startup in Russia, a 4th-year student of the Institute of Industry Management of the State University of Management of the educational program “Small and Medium Business Management” Danila Yakovlev, has developed a glass processing technology that allows obtaining a finished product for sale – glass pebbles. The project “

    The Minister of Science and Higher Education Valery Falkov, the Deputy Minister of Science and Higher Education Olga Petrova and the Deputy Director of the Department of State Youth Policy and Educational Activities of the Ministry of Education and Science Alexander Vedekhin, as well as the First Deputy Chair of the Committee on Science and Higher Education of the State Duma Ksenia Goryacheva addressed the young entrepreneurs and guests of the event with welcoming words.

    Our student’s performance did not leave the members of the expert jury indifferent – following the results of the final pitches, Danila Yakovlev became the absolute winner of the competition and took 1st place. In addition, he received a special prize from the Moscow School of Management “Skolkovo”, a certificate for participation in the acceleration program “Academy of Innovators” and other gifts from the competition partners. The scientific director of the project Victoria Degtyareva received special gratitude.

    Only 14 finalists presented their innovative ideas to the expert jury. The podium of honor looks like this:
    1st place – startup “Innovative glass pebbles”#Proesklo “, State University of Management;
    2nd place – startup “Automated irrigation system – Control’s”, Russian State Agrarian University – MSCHA named after K.A. Timiryazeva;
    3rd place – Startup Recyclix – plastic processing, Far Eastern Federal University.

    The event brought together over 400 participants – students from different regions of Russia, experts, entrepreneurs, industry representatives, universities and government bodies. The hosts were Olga Serebryannikova, Director of the Project Office for the Development of Youth Entrepreneurship in Higher Education Institutions, and Andrey Goryachev, a finalist of the 2024 Startup as a Diploma competition. The young entrepreneurs and guests of the event were addressed with welcoming speeches by the Minister of Science and Higher Education of the Russian Federation Valery Falkov, First Deputy Chairperson of the Committee on Science and Higher Education of the State Duma of the Russian Federation Ksenia Goryacheva, Deputy Minister of Science and Higher Education of the Russian Federation Olga Petrova and Deputy Director of the Department of State Youth Policy and Educational Activities of the Ministry of Education and Science of Russia Alexander Vedekhin.

    The final became an important part of the large-scale joint work of university teams, mentors and partners in the development of youth entrepreneurship. Students and employees of the State University of Management, including his scientific supervisor, Associate Professor of the Department of Innovation Management Victoria Degtyareva, came to support Danila at the final stage of the competition. Also on the day of the final, an exhibition of the TOP-50 projects of the Startup as a Diploma competition of 2025 was held at the site of the National Center “Russia”, where one could get acquainted with another innovative development of the State University of Management – the project of the Business Incubator resident Mikhail Zorin HolterTECH (a wireless Holter designed to monitor the work of the heart), which was also highly appreciated by the experts of the competition this year.

    We asked Danila Yakovlev for details about his project.

    «

    What is unique about your product and what advantages does it provide? — The technology itself is not unique, but for some reason large businesses do not use it. Construction companies tried to make materials cheaper with this technology, but we transferred the product to another industry where people are willing to pay for beauty and comfort. In addition, we were able to significantly reduce the time and labor costs of the processing process, which allows us to save on electricity and human resources. Plus, given the integration into an existing business, our raw material cost is negative, that is, the waste generator pays us to take this glass from them. It should also be added that the production line can fit on 100 square meters, and only two operators can control it. In terms of numbers, this is a very promising project.

    What investments will be required to fully launch the project? – We have outlined several stages of investment. At the first stage, we will need 3.5 million rubles to purchase equipment to complete the first line, launch and adjust the process.

    What difficulties do you face in the process of project implementation and how do you overcome them? — The main problem today is that I have 24 hours in a day, like everyone else. I understand that all entrepreneurs are busy people. Every hour is not that expensive, but it is very valuable. Sometimes there is simply not enough time to sleep or spend time with family. In addition, unemployment in Russia is now extremely low, everyone works somewhere, but for some reason no one wants to here. Fortunately, there are young ambitious students who are eager to work not for money, but for the sake of prospects. And in general, you can’t say “problems”. There are tasks that need to be solved. And there are dreams. I invite everyone to achieve them together. We now need a warehouse manager, even a young one with no experience, we need simple warehouse employees, sales managers. We need everyone. If you want, we will accept everyone. We have a lot of ideas, we have an agreement with the State University of Management and students can do paid internships with us. I think together we can build a cool future.

    How do you see the future?

    The full interview with Danila Yakovlev will soon be available on the GUU channel on RuTube.

    We are posting Danila’s contact on Telegram for those who would like to join his project or do an internship: https://t.me/yakovleff_dan

     

    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: Russia imposes restrictions on 15 European web resources in response to EU sanctions

    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

    Moscow, June 30 /Xinhua/ – Russia, in response to the European Union’s restrictions on Russian publications and information channels, is restricting access from the territory of the Russian Federation to the web resources of 15 European media outlets, the Russian Foreign Ministry reported.

    “As a response to the latest restrictions by the European Union against eight Russian publications and information channels /Eurasia Daily, Fondsk, Lenta, News Front, Rubaltic, South Front, the Strategic Culture Foundation, and the Federal State Budgetary Institution RIC Krasnaya Zvezda/, adopted within the framework of the so-called 16th sanctions ‘package’ approved by the EU Council in February of this year, the Russian side has decided to introduce counter restrictions on access from the territory of the Russian Federation to the web resources of fifteen media outlets of the bloc’s member states that participate in the dissemination of false information,” the Russian Foreign Ministry said in a statement.

    As noted on Smolenskaya Square, official Brussels and the capitals of EU member states have been repeatedly warned that bans and unjustified restrictions directed against Russian media, as well as other forms of politically motivated repression, will not go unanswered by the Russian side. Responsibility for such developments lies entirely with the European Union and the bloc’s member states that supported the unlawful decisions.

    The Russian Foreign Ministry also noted that “if restrictions on domestic publications and information channels are lifted, the Russian side will also reconsider its decision regarding European media.”

    On February 24, the EU Council approved the 16th package of sanctions against Russia. The restrictive measures affected 48 individuals and 35 legal entities. The restrictions included a ban on broadcasting of a number of Russian media outlets, an expansion of the list of vessels in the Russian Federation’s “shadow fleet”, disconnection of 13 Russian banks from the SWIFT interbank system, an update to the list of goods prohibited for export to Russia, and sanctions against Russian ports and airports. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Death toll from Israeli strikes on Iran rises to 935 – Iranian authorities

    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

    TEHRAN, June 30 (Xinhua) — The death toll from Israeli strikes on Iran between June 13 and 24 has risen to 935, including 38 children and 132 women, Iran’s official IRNA news agency reported on Monday.

    As Iranian judicial spokesman Asghar Jahangir said at a press conference in Tehran, citing data from the Iranian Forensic Medicine Organization, some of the women killed were pregnant.

    On June 13, Israel launched a series of massive airstrikes on nuclear and military sites in the Islamic Republic, killing military commanders, nuclear scientists and civilians and injuring many others, according to Iranian officials.

    Iran responded by launching several waves of missile and drone attacks on Israeli territory, which also resulted in casualties and destruction.

    A ceasefire agreement between the two countries was reached on June 24, ending a 12-day standoff. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: On June 28, the monorail in Moscow ended its operation and its reconstruction into the first year-round high-altitude park in Russia began.

    Translation. Region: Russian Federal

    More than 71% of the capital’s residents voted for the idea of creating a green park on the site of the monorail on the Active Citizen portal. It is planned to open in 2027. Now they will receive a new urban space that will connect 5 districts at once, where 300 thousand people live.

    Trips in this direction will continue using the developed transport network. Today, the monorail has alternatives in the form of convenient and fast routes through new metro and MCC stations, as well as trams and buses with electric buses, which partially duplicate its route.

    The monorail was built more than 20 years ago, during which time it never fully began to perform its transport function. A scheduled inspection revealed the need for major repairs.

    The monorail can be given a second life by updating its infrastructure and creating a new beautiful park space for Moscow residents.

    The modern and unusual park will have free and round-the-clock entry. The number of visitors could reach up to 20,000 people per day, which is 10 times more than the monorail uses today.

    For the first time in Russia, a running track for active recreation in any weather and quiet walking areas can be stretched along the entire length of the 4 km and 6 m above the ground! Everyone will be able to run their own “mono race” here. The park will offer a stunning view of the VDNKh area and the Ostankino Tower.

    MIL OSI Russia News –

  • MIL-OSI Russia: China extends anti-dumping duties on stainless steel imports from EU, UK, South Korea and Indonesia — China’s Ministry of Commerce

    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 30 (Xinhua) — China’s Ministry of Commerce announced Monday that it will extend anti-dumping duties on stainless steel billets and hot-rolled sheets and coils imported from the European Union, Britain, the Republic of Korea (ROK) and Indonesia for another five years from July 1.

    This decision was made following an investigation initiated in July 2024 at the request of the Chinese industry in connection with the expiration of anti-dumping measures in relation to the above-mentioned products.

    As noted by the Ministry of Commerce, if the anti-dumping measures are terminated, dumping of stainless steel billets and hot-rolled sheets and coils imported from the EU, UK, ROK and Indonesia may continue or resume, potentially causing further or new damage to China’s industry.

    Under the expanded measures, anti-dumping duties on imported stainless steel were set in the range of 23.1% to 103.1% for Kazakhstan, 43% for the EU and the UK, and 20.2% for Indonesia.

    Stainless steel billets and hot rolled sheets and coils are widely used in shipbuilding, container manufacturing, railway construction, electric power, petroleum and petrochemical industries. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: On June 28, monorail service in Moscow came to an end, and reconstruction began to transform it into Russia’s first year-round elevated park.

    The idea to create a green park on the former monorail route received support from over 71% of city residents in a vote on the «Active Citizen» portal. The park is scheduled to open in 2027. This new urban space will connect five districts, home to 300,000 people.

    Travel along this corridor will continue thanks to Moscow’s extensive transport network. Today, the monorail has convenient and fast alternatives, including new metro and Moscow Central Circle (MCC) stations, as well as trams and electric buses—many of which partially duplicate its route.

    The monorail was built over 20 years ago but never fully realized its potential as a transport link. Scheduled inspections revealed the need for major repairs.

    Now, the monorail can be given a second life by updating its infrastructure and creating a beautiful new park space for Moscow residents.

    The modern, unique park will offer free, round-the-clock entry. It is expected to attract up to 20,000 visitors a day—ten times more than the monorail ever served.

    For the first time in Russia, a 4-kilometer-long running track will stretch the entire length of the park, six meters above ground, enabling active recreation in any weather, along with peaceful walking areas. Everyone will be able to run their own «mono-race» here. The park will also offer stunning views of the VDNKh area and the Ostankino Tower.

    MIL OSI Russia News –

  • MIL-OSI Russia: HSE and JSC Nanotronika launch strategic partnership in electronic engineering

    Translation. Region: Russian Federal

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

    Photo: JSC “MNTs MIET”

    At the industry conference “Electronic Engineering – 2025” held in early June MIEM HSE University and JSC Nanotronika (part of the Element Group of Companies) signed a strategic partnership agreement. The conference was held on the campus of SberUniversity and brought together more than 600 participants from 200 organizations, including leading enterprises, research centers, and universities. The event was supported by the Ministry of Industry and Trade of the Russian Federation and the Ministry of Industry of the Republic of Belarus.

    The conference was actively attended by HSE Vice-Rector and MIEM Director Dmitry Kovalenko, Institute Advisor and Lecturer in the Department of Electronic Engineering Vladimir Vetrov, HSE Full Professor and Corresponding Member of the Russian Academy of Sciences Konstantin Petrosyants and MIEM Head of the Department of Electronic Engineering Boris Lvov.

    Dmitry Kovalenko and Konstantin Petrosyants spoke at the conference. The report by the MIEM Director touched upon the problems of training and developing the industry’s human resources potential in the context of the country’s course to strengthen technological sovereignty. Dmitry Kovalenko presented a detailed picture of the institute’s educational technologies aimed at solving modern problems in the field of electronic engineering, placing special emphasis on the mechanisms of interaction with technological partners from the industry implemented by the institute: large companies, leading research and financial organizations. The report was presented as part of the round table “Human Resources for Electronic Engineering”. Corresponding Member of the Russian Academy of Sciences Konstantin Petrosyants presented a report on the testing and implementation of a subsystem for determining the parameters of SPICE models of electronic components for industrial circuit CAD systems.

    The main event of the conference for MIEM was the conclusion of an agreement with JSC Nanotronika, one of the young and most promising companies in the field of microelectronics and equipment, part of the Element Group. The agreement opens up new horizons for cooperation. The document provides for comprehensive interaction affecting educational, scientific and design areas of activity.

    Among the priorities of the joint work is the organization of educational events with the participation of specialists and managers of the company “Nanotronika”. Representatives of the company will regularly give lectures to students, conduct practical classes and master classes, providing students with knowledge and skills relevant to the labor market.

    An important element of the partnership will be project and research activities. The Nanotronika company will form a pool of projects, participation in which will allow MIEM students to gain real experience in solving modern engineering and technological problems. It is also envisaged to conduct joint scientific research and experimental design work (R&D), organize conferences, seminars and round tables with the participation of both parties.

    The agreement pays special attention to the organization of industrial and pre-graduation practice. Students will be able to get acquainted with the high-tech production of the Nanotronika company, which will allow them to improve their professional competence and successfully adapt to industry enterprises after completing their studies. The company, for its part, will regularly inform MIEM about vacancies and employment opportunities for graduates who have proven themselves during practice and training.

    In addition, the parties agreed to jointly prepare and publish scientific articles, reports and teaching aids reflecting the results of joint projects. One of the most important steps in implementing the agreement will be the creation of a joint workshop in the field of electronic engineering. This workshop will be equipped with modern tools and technologies and will become a practical platform where students and specialists of the company will be able to jointly develop and test innovative technologies.

    “The development of electronic engineering today is of strategic importance for ensuring the technological sovereignty of the country,” says Dmitry Kovalenko. “In the context of global restrictions and growing demands on domestic microelectronics, the need to create our own infrastructure is growing – from design to production. The issue of personnel is especially acute: the industry requires highly qualified engineers capable of developing, implementing and servicing the most complex technological systems. This is why partnerships between leading universities and industrial companies are becoming not just desirable, but vital for the formation of a sustainable innovation ecosystem.”

    “JSC Nanotronika specializes in the development and production of special technological equipment for microelectronics,” says Yulia Sukhoroslova, CEO of JSC Nanotronika. “It is impossible to provide Russian electronic components manufacturers with domestic high-tech installations without qualified personnel. Therefore, it is especially important for us to develop cooperation with universities and form teams of specialists with the necessary competencies. One of the most effective ways to train personnel is to involve students in solving real scientific and industrial problems. Our company, as an industrial partner, provides future specialists with the opportunity to participate in advanced projects and gain unique experience in developing the most modern equipment.”

    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: Clarifications on issues of credit institutions related to blocked assets

    Translation. Region: Russian Federal

    Source: Central Bank of Russia (2) –

    Updated: 30.06.2025.

    Bank of Russia Instruction No. 6379-U of 23.03.2023 “On the procedure for reflecting certain assets and liabilities in foreign currency in accounting accounts by credit institutions under restrictive measures” (hereinafter referred to as Instruction No. 6379-U) establishes the specifics of reflecting non-refundable blocked assets denominated in foreign currency in accounting accounts: these assets are recorded in rubles without reflecting currency revaluation. At the same time, Instruction No. 6379-U does not provide for any other exceptions from the general methodological principles of reflecting financial assets in accounting.

    Due to the requirements of the Bank of Russia’s accounting regulations, when applying them, credit institutions are guided by International Financial Reporting Standards (hereinafter referred to as IFRS). Thus, the estimated reserve for expected credit losses on financial assets is reflected by credit institutions in accounting in accordance with paragraph 5.5.1 of IFRS 9 “Financial Instruments” (hereinafter referred to as IFRS 9), and the method for assessing expected credit losses is determined in accordance with paragraph 5.5.17 of IFRS 9.

    It is important to note that the principles of IFRS 9 do not provide for any specifics regarding assets that are non-current assets for Russian credit institutions, including the fact that the definition of a credit-impaired financial asset does not contain any circumstances due to which a blocked asset is recognized as non-current assets.

    In their economic essence, NZA are losses of the CI, which, due to the relaxation introduced by the Bank of Russia, are recognized for the purposes of prudential regulation not at one time, but over a long period of time, until 2032, under the preferential reserve formation scheme for possible losses. At the same time, the preferential reserve scheme is not provided for by the principles of IFRS 9, that is, estimated reserves for expected credit losses are formed, including for accrued but not received interest income on NZA, in the amount of 100%.

    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 –