NewzIntel.com

Category: Taxation

  • MIL-OSI Security: Former Stoneham Police Officer Sentenced to More Than Two Years in Prison for Bribery Charges

    Source: Office of United States Attorneys

    Defendant defrauded a company to obtain tens of millions of dollars of Mass Save funds through paying bribes and kickbacks to company employees

    BOSTON – A former Stoneham Police Officer has been sentenced in federal court in Boston for a bribery and kickback scheme that netted millions of dollars in Mass Save contracts.  

    Joseph Ponzo, 51, of Stoneham, was sentenced by U.S. District Court Judge Nathaniel M. Gorton to 27 months in prison, to be followed by two years of supervised release. Joseph Ponzo was also ordered to pay $115,528 in restitution and a $100,000 fine. In November 2024, Joseph Ponzo pleaded guilty to one count of conspiracy to commit honest services wire fraud; 24 counts of honest services wire fraud; one count of making false statements to government officials; and four counts of causing false tax returns to be filed with the Internal Revenue Service from 2016 to 2019. Joseph Ponzo was indicted by a federal grand jury in January 2023 along with his brother Christopher Ponzo.

    “Joseph Ponzo was a sworn officer, who pledged an oath to uphold the law, not violate it. However, he chose greed over integrity,” said United States Attorney Leah B. Foley. “Joseph Ponzo’s greed came at the cost of consumers who were left paying the bill. A prison sentence is the price he will now pay for taking bribes and kickbacks.”

    “When an officer shrugs off his sworn oath and breaks the law to pad his paycheck like Joseph Ponzo did, he betrays the people of his community – and all of us who wear a badge,” said Jodi Cohen, Special Agent in Charge of the FBI’s Boston Division. “Every year, Massachusetts homeowners spend millions of dollars to fund energy conservation projects for consumers. Joseph Ponzo and his brother cheated them by shelling out hundreds of thousands of dollars in a steady stream of bribes and kickbacks to an insider who steered contracts their way, ignoring all ethical boundaries. Know that the FBI will continue to tenaciously investigate such corruption, and bring those involved to justice.”

    “Today’s sentencing of Joseph Ponzo demonstrates IRS-CI’s commitment to routing out corruption from all levels of the government.” said Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office. “Ponzo orchestrated an elaborate kickback scheme to improperly obtain contracts from a government backed program designed to aid the citizens of the Commonwealth of Massachusetts. Programs like Mass Save are designed to help all citizens of Massachusetts, especially the less fortunate, who otherwise would not be able to afford these upgrades to their homes.”

    Joseph Ponzo, along with his brother and co-conspirator Christopher Ponzo, conspired to pay, and did pay, tens of thousands of dollars in cash bribes, kickbacks, and other in-kind benefits, including a John Deere tractor, a computer, home bathroom fixtures and free electrical work, among other things, to Company A employees (Associates 1 and 2) in exchange for the Associates’ assistance in getting the defendants millions of dollars in Mass Save contracts.

    Massachusetts law requires utility companies to collect an energy efficiency surcharge on all Massachusetts energy consumers. These funds, which amount to hundreds of millions of dollars each year, are to be disbursed by the utility companies to fund energy efficiency programs and initiatives in Massachusetts. Under the Mass Save program, the utility companies select lead vendors, like Company A, to approve and select contractors to perform energy improvement work for residential customers. This contracting work – performed by contractors at no-cost or reduced cost to the customer – is then paid for by Company A with Mass Save funds.

    On a weekly basis, from 2013 to 2017, Christopher Ponzo paid Associate 1 $1,000 in cash. At times, Christopher Ponzo paid Associate 1 $5,000 to $10,000 in cash, telling Associate 1 that the extra money was from Joseph Ponzo for his part in the bribery scheme. In return for these payments, Associate 1, among other things, helped Joseph Ponzo set up a shell company, Air Tight, to do insulation work and get approved as a Company A contractor under the Mass Save program. Joseph Ponzo put his spouse’s name on Air Tight incorporation documents and contracting licenses in order to conceal his involvement in his corrupt side business. Despite having no professional experience in residential insulation work, Joseph Ponzo collected over $7 million under the Mass Save program.    

    After Associate 1 left Company A in 2017, Christopher Ponzo and Joseph Ponzo recruited Associate 2 to the bribery-kickback scheme from approximately 2018 to 2022, paying Associate 2 thousands of dollars in cash and hiring a relative of Associate 2 as part of the ongoing scheme.

    During the course of the bribery-kickback scheme, Joseph Ponzo aided in the filing of false tax returns from 2016 to 2019 by claiming hundreds of thousands of dollars in false business deductions. To disguise personal expenses as business deductions, Joseph Ponzo used his company credit card to make hundreds of thousands of dollars in purchases at The Home Depot, Lowes and Staples, claiming to his tax preparers that charges at those establishments were business-related. In reality, Joseph Ponzo used the company credit card at those stores to purchase gift cards that he and his spouse then used to make thousands of dollars in personal expenditures.  

    In April 2022, both Joseph Ponzo and Christopher Ponzo falsely denied making bribe payments to any Company A employees when interviewed by federal agents.

    In February 2025, Christopher Ponzo was sentenced to 27 months in prison, to be followed by two years of supervised release. Christopher Ponzo was also ordered to pay a $300,000 fine.

    U.S. Attorney Foley; FBI SAC Cohen; and IRS Acting SAC Demeo made the announcement today. Assistant U.S. Attorneys Lauren Maynard and Dustin Chao of the Criminal Division prosecuted the case.

    MIL Security OSI –

  • MIL-OSI USA: Labrador Letter – School Choice in Idaho

    Source: US State of Idaho

    Dear Friends,
    After several years and several attempts, Idaho finally has a law supporting real school choice.  As with most all legislation, it’s not perfect, but it’s a good start for something that plays an outsized role in our state – meeting the educational needs of our kids.  Education has never been effective as a one-size-fits-all approach, and our test scores reflect that, despite almost $2.5 billion dollars of taxpayer money every year sent to public schools.  HB93 – now signed into law – is a step forward.  This bill even received the unexpected endorsement of President Trump who said the bill had his, “complete and total support.”
    To no one’s surprise, there are those who oppose the idea of school choice, claiming that any public money spent on private education weakens a dismally under-performing system, and only by increasing the flow of money into the failing system can the outcomes be improved.  Anyone watching the ever-growing education budgets overlaid with declining performance knows this argument is intellectually flawed.
    The weakest argument levied against Idaho’s new school choice law is that it violates Idaho’s Constitution, which prohibits public monies from being used to support religious education.  This is known as the Blaine Amendment, and you will see this cited by school choice opponents regularly.  Idaho is one of 37 states to have a Blaine Amendment.
    The Idaho Constitution says:
    “Neither the legislature nor any county, city, town, township, school district, or other public corporation, shall ever make any appropriation, or pay from any public fund or moneys whatever, anything in aid of any church or sectarian or religious society, or for any sectarian or religious purpose, or to help support or sustain any school, academy, seminary, college, university or other literary or scientific institution, controlled by any church, sectarian or religious denomination whatsoever…”However, in the 2020 Supreme Court case of Espinoza v. Montana, the Supreme Court determined that applying the Blaine Amendment in cases where the state is giving funds to non-sectarian institutions while excluding religious institutions violates the Free Exercise Clause of the United States Constitution, which reserves the right of citizens to practice any religious belief of their choice without discrimination.In Espinoza, the Montana legislature had established a program to provide tax credits for people who donated to organizations that award scholarships for private school tuition. To reconcile this statute with Montana’s Blaine Amendment, their Department of Revenue established a rule prohibiting families from using the scholarships at religious schools. Parents of students attending a private Christian school filed a lawsuit that made its way to the United States Supreme Court. The reasoning for the SCOTUS decision is that while a state may prohibit private schools from receiving public funds, religious schools can’t be excluded if public funds are made available to private, non-religious schools.
    The Supreme Court said in Espinoza v. Montana:
    “The Supremacy Clause provides that “the Judges in every State shall be bound” by the Federal Constitution, “any Thing in the Constitution or Laws of any State to the Contrary notwithstanding.” “[T]his Clause creates a rule of decision” directing state courts that they “must not give effect to state laws that conflict with federal law[ ].” That “supreme law of the land” condemns discrimination against religious schools and the families whose children attend them. They are “member[s] of the community too,” and their exclusion from the scholarship program here is “odious to our Constitution” and “cannot stand.”If Idaho’s new school choice law discriminates against children attending religious schools by refusing to provide tax credits to those families, Idaho parents could bring a lawsuit like the Espinoza case against the state.  For Idaho’s Blaine Amendment to survive such a lawsuit, a federal court would have to find that application of the Idaho Blaine Amendment advanced a narrowly tailored, compelling government interest, known as “strict scrutiny.”  Montana’s Blaine Amendment was not able to satisfy that requirement in Espinoza.  It would likewise be very challenging for Idaho’s Blaine Amendment to pass this “strict scrutiny” hurdle.
    The trend in the courts disfavors any laws that prohibit generally available funds from being used at or for religious schools. Last year, in Loffman v. California Department of Education, Orthodox Jewish schools and families sued California’s law that prohibited the state from contracting with religious schools to provide education for students with disabilities, claiming it violated their rights under the Free Exercise Clause.  California’s law provided funding for special education and related services and allowed non-religious private schools to be certified to receive the funds and to provide the services needed to students. The Ninth Circuit Court of Appeals concluded that California’s requirement that a private school be non-religious failed strict scrutiny and therefore violated the Free Exercise Clause.
    Idaho’s new law will probably be challenged in court by those who oppose school choice based on the misapplication of the Blaine Amendment.  However, as your Attorney General, I will be there to vigorously defend our school choice law every step of the way.  As the Supreme Court justices wrote, the families and children who attend religious schools are members of our community too, and their exclusion is “odious to our Constitution.”
    Best regards,

    Not yet subscribed to the Labrador Letter?  Click HERE to get our weekly newsletter and updates.  Miss an issue?  Labrador Letters are archived on the Attorney General website.

    MIL OSI USA News –

  • MIL-OSI Security: Eight Gang Members Arrested in Operation Targeting Area Known as “Dead End”

    Source: Office of United States Attorneys

    Eight gang members were arrested Tuesday in ATF-led  “Operation Blue Laces,” announced Acting U.S. Attorney for the Northern District of Texas Chad Meacham.

    Monday’s takedown, which occurred in the Wheatley Place Neighborhood in South Dallas, resulted in the apprehension of eight members of the 42 Oakland Crips street gang. They made their initial appearances Wednesday before U.S. Magistrate Judge Renee H. Toliver.

    Those charged in three separate indictments include: 

    • Kendrick Jamal Young, aka “Peanut,” charged with conspiracy to possess with intent to distribute controlled substances, felon in possession of a firearm (a Springfield Hellcat 9mm pistol, a Ruger 9mm pistol, and a FedArm AR-15 style pistol), and possession of a firearm in furtherance of a drug trafficking crime
    • Christopher Jamiel Love, aka “Black,” charged with conspiracy to possess with intent to distribute controlled substances, felon in possession of a firearm (a Springfield Hellcat 9mm pistol, a Ruger 9mm pistol, and a FedArm AR-style pistol) and possession of a firearm in furtherance of a drug trafficking crime
    • Alex Jerome Bowman, aka “Big A,” charged with conspiracy to possess with intent to distribute controlled substances
    • Victor Scott Wingham, aka “Johnny Joe,” charged with conspiracy to possess with intent to distribute controlled substances
    • Joshua Jimond Wheatley, charged with conspiracy to possess with intent to distribute controlled substances
    • Travion Williams, aka “Traa Savage,” charged with carjacking and brandishing a firearm during a crime of violence (a Taurus 9mm pistol and a Glock 9mm pistol)
    • Jihadd Thies Gorree Thomas, charged with carjacking and brandishing a firearm during a crime of violence (a Taurus 9mm pistol and a Glock 9mm pistol)
    • Jamarian Augustus Hewitt, charged with possession with intent to distribute a controlled substances, felon in possession of a firearm (a Ruger 9mm pistol), possession of a firearm in furtherance of a drug trafficking crime , and using a communication facility (cell phone) to facilitate a drug felony

    At a detention hearing on Friday, prosecutors said defendants had been dealing drugs on a daily basis on Dallas’ Casey Street, in an area known as the “Dead End.” Phone records introduced into evidence showed that several members of the conspiracy texted to warn one another about upcoming law enforcement raids, sent young people in to look for missing dope following the raids, and went right back to dealing drugs after the raids concluded.

    Many of the arrestees had extensive criminal histories, with rap sheets that included drug and gun crimes.

    During the takedown, agents seized 14 firearms, more than a kilogram’s worth of methamphetamine pills, as well as oxycodone, hydrocodone, codeine, alprazolam, marijuana, TXC wax, hash, and more than $47,000 in cash. They also seized six vehicles, several pieces of Crips -themed jewelry, and a caiman alligator, which was transported to the Dallas Zoo. 

    Indictments are merely allegations of criminal conduct, not evidence. All defendants are presumed innocent until proven guilty in a court of law. 

    If convicted, some defendants face up to life in federal prison. 

    The Bureau of Alcohol, Tobacco, Firearms & Explosives conducted the investigation with the assistance of the Drug Enforcement Administration’s Dallas Field Division, the Dallas Police Department, Homeland Security Investigation’s Dallas Field Office, the U.S. Marshals Service, IRS – Criminal Investigative Division, the Texas Department of Public Safety, the Kaufman County Sheriff’s Office, and the Texas Game Wardens. The U.S. Fish and Wildlife Service assisted with care and transportation of the seized alligator. Assistant U.S. Attorney Rick Calvert is prosecuting the case. 

    MIL Security OSI –

  • MIL-OSI Security: Former State Official and State Representative Charged with Offenses Related to Cancelled State Audit of Medicaid Provider

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, Anish Shukla, Acting Special Agent in Charge of the New Haven Division of the FBI, and Harry T. Chavis, Jr., Special Agent in Charge of IRS Criminal Investigation in New England, today announced that a federal grand jury in New Haven has returned an 18-count indictment charging KONSTANTINOS “KOSTA” DIAMANTIS, 68, of Farmington, and CHRISTOPHER ZIOGAS, 73, of Bristol, with various offenses related to the cancelling of a state audit of a Medicaid provider who engaged in health care fraud.

    The indictment was returned on February 25, 2025.  Diamantis and Ziogas each appeared today before U.S. Magistrate Judge S. Dave Vatti in Bridgeport, entered pleas of not guilty to the charges in the indictment, and were released on $500,000 bonds.

    As alleged in the indictment, between January and June 2020, Diamantis, while serving at Deputy Secretary of the State of Connecticut’s Office of Policy and Management (OPM), and Ziogas, who served as a State Representative for Connecticut’s 79th Assembly District, engaged in a scheme in which Diamantis solicited and received corrupt payments and benefits from Helen Zervas, an optometrist and owner of Family Eye Care in Bristol, in exchange for official acts concerning a State of Connecticut audit of Zervas’s and Family Eye Care’s Medicaid overbilling.  Diamantis and Ziogas then took steps to conceal their conduct.

    As part of the alleged scheme, in January 2020, an official with Connecticut’s Department of Social Services (DSS) provided notice that it would perform an audit of Zervas’s and Family Eye Care’s Medicaid billing.  Zervas, who has been charged separately, knew that she had fraudulently overbilled Medicaid for medical services that she had not provided, or that were not medically necessary.  Zervas sought assistance from Ziogas, who was her fiancée, to prevent the DSS audit from proceeding.  Ziogas, in turn, sought help from Diamantis.  In exchange for payments from Ziogas and Zervas, Diamantis undertook official acts, and pressured other state officials to undertake official acts, aimed at favorably resolving the DSS audit.

    As alleged in the indictment, on March 4, 2020, Ziogas made a bribe payment to Diamantis in the amount of $20,000.  On that date, Zervas’s attorney emailed a DSS official with a settlement offer to resolve DSS’s audit.  The next day, Zervas reimbursed Ziogas with a $25,000 check from Family Eye Care.  On March 12, 2020, Ziogas made a $10,000 bribe payment to Diamantis, and was subsequently reimbursed by Zervas.  After having been advised and pressured indirectly by Diamantis through officials at OPM and DSS, the DSS official cancelled the DSS audit and, on May 1, 2020, accepted Zervas’s settlement proposal.

    The indictment further alleges that, on May 12, 2020, Diamantis and Ziogas delivered a check from Family Eye Care in the amount of $599,810 to DSS.  On May 15, 2020, Ziogas, through Zervas, made a final bribe payment of $65,000 to Diamantis.

    The indictment also alleges that Diamantis and Ziogas made multiple false statements when interviewed by the FBI during the investigation of this matter, and that Diamantis failed to include the $95,000 in corrupt payments on his 2020 federal tax return.

    Finally, the indictment alleges that Ziogas, an attorney, separately committed bank fraud.  Ziogas was the trustee of a client trust, identified in the indictment as “Trust-1.”  In November 2019, Ziogas prepared and caused to be negotiated a check from Trust-1 in the amount of $5,500 made out to “Kosta Diamantis.”

    The indictment charges Diamantis and Ziogas with extortion under color of official right, which carries a maximum term of imprisonment of 20 years; bribery, which carries a maximum term of imprisonment of 10 years; conspiracy to commit extortion under color of official right, which carries a maximum term of imprisonment of 20 years; and conspiracy to commit bribery, which carries a maximum term of imprisonment of five years.

    The indictment also charges Diamantis with seven counts, and Ziogas with two counts, of making false statements, which carries maximum term of imprisonment of five years on each count; Diamantis with one count of filing a false tax return, which carries a maximum term of imprisonment of three years; Ziogas with three counts of making illegal monetary transactions, which carries a maximum term of imprisonment of 10 years on each count; and Ziogas with one count of bank fraud, which carries a maximum term of imprisonment of 30 years.

    Acting U.S. Attorney Silverman stressed that an indictment is only a charge and is not evidence of guilt.  Charges are only allegations, and each defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.

    This investigation is being conducted by the Federal Bureau of Investigation and the Internal Revenue Service – Criminal Investigation Division.  The case is being prosecuted by Assistant U.S. Attorneys Jonathan N. Francis and David E. Novick.

    MIL Security OSI –

  • MIL-OSI Security: Seymour Woman Sentenced for $850,000 Fraud Scheme

    Source: Office of United States Attorneys

    SPRINGFIELD, Mo. – A Seymour, Mo., woman was sentenced in federal court today for a more than $850,000 fraud scheme in which she used the personal identity information of her fellow inmates in state prison to obtain student loans and tax refunds.

    Renee Delann Clouse, 56, was sentenced by U.S. District Judge Roseann Ketchmark to 10 years in federal prison without parole. The court also ordered Clouse to pay $857,618 in restitution and to forfeit to the government $857,618. Clouse was taken into custody at the end of the hearing to immediately begin serving her sentence.

    On April 23, 2024, Clouse pleaded guilty to two counts of wire fraud. Clouse admitted that she harvested the personal information of fellow inmates while she was incarcerated on a state drug conviction, then after being released from prison used that information to fraudulently obtain a total of $338,610 in student loan funds and tax refunds to which she was not entitled.

    Clouse fraudulently obtained federal education loans of 18 other individuals totaling $285,435, in addition to more than $500,000 that was sent to the educational institutions, for a fraud scheme that totaled $804,434. Clouse also fraudulently obtained IRS refunds of 10 other individuals totaling $53,174.

    According to court documents, Clouse continued her fraud scheme even after she knew she was being investigated by federal agents, and after agreeing to plead guilty.

    This case was prosecuted by Assistant U.S. Attorney Patrick Carney. It was investigated by the Department of Education, Office of Inspector General, Kansas City, Mo.

    MIL Security OSI –

  • MIL-OSI Security: Colorado Dentist Pleads Guilty to Multiple Tax Evasion Charges

    Source: United States Attorneys General

    A Colorado dentist pleaded guilty today to six counts of tax evasion related to his use of an illegal tax shelter.

    According to court documents and statements made in court, since 2014, Ryan Ulibarri owned and operated Ulibarri Family Dentistry in Fort Collins, Colorado. In 2016, Ulibarri purchased an abusive-trust tax shelter for $50,000. The tax shelter involved concealing income and creating false tax deductions through the use of a so-called business trust, family trust, charitable trust and a private family foundation, all of which Ulibarri created and controlled. From 2017 through 2022, Ulibarri used this tax shelter to conceal from the IRS over $3.5 million in income he earned from his dental practice.

    To set up the tax shelter, Ulibarri, as the purported trustee, signed trust instruments purporting to create the three trusts and foundation, and he opened bank accounts in the name of each. He further recruited friends to falsely sign his trust instruments as the purported creators of the trusts. Ulibarri then transferred majority ownership of his dental practice to the business trust. Ulibarri did this despite having been warned by attorneys and CPAs that, in Colorado, a trust could not own a dental practice.

    He then transferred over $3 million he earned from his dental practice into the bank accounts of the various trusts and foundation to create the illusion that the funds belonged to those entities. In reality, Ulibarri retained complete control over the funds and used the funds to pay for personal expenses including his home mortgage, credit card bills, boats and professional baseball season tickets. Finally, he filed false tax returns for himself, his dental practice, the trusts and foundation that falsely reported the income he earned from his dental practice as income of the trusts. On those tax returns Ulibarri also claimed fraudulent deductions for his personal living expenses which he disguised as trust expenses and charitable donations.

    In total, Ulibarri is alleged to have caused a tax loss to the IRS of over $1 million.

    Ulibarri is scheduled to be sentenced on June 17. He faces a maximum penalty of five years in prison for each count of tax evasion as well as a period of supervised release, restitution and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Special Agent in Charge Amanda Prestegard of IRS Criminal Investigation’s Denver Field Office made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorneys Amanda R. Scott and Lauren K. Pope and Assistant Chief Andrew J. Kameros of the Tax Division are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI USA: Support Pours in for President Trump, VP Vance’s America First Strength

    US Senate News:

    Source: The White House
    Today, President Donald J. Trump and Vice President JD Vance made clear to the world that the United States will not be taken advantage of — a sentiment echoed by the cabinet and members of Congress from across the country.
    Secretary of State Marco Rubio: “Thank you @POTUS for standing up for America in a way that no President has ever had the courage to do before. Thank you for putting America First. America is with you!”
    Sen. Lindsey Graham: “I’ve never been more proud of President Trump for showing the American people — and the world — you don’t trifle with this man … He wanted to get a ceasefire. He wants to end the war and Zelenskyy felt like he needed to bait Trump in the Oval Office.”
    Secretary of Homeland Security Kristi Noem: “I am so proud of our Commander-in-Chief. Thank you President @RealDonaldTrump and @VP for standing up for America. We will not tolerate the political games and disrespect of America. America is back.”
    Secretary of Defense Pete Hegseth: “Amen, Mr. President.”
    Secretary of the Treasury Scott Bessent: “Thank you, President Trump, for standing up for the American people and our nation on the global stage.”
    Secretary of the Interior Doug Burgum: “Thank you @POTUS for standing strong for America while working to end the killing abroad.”
    Secretary of Agriculture Brooke Rollins: “American leadership is back — in the Oval Office — and on the world stage. FEARLESS. BOLD. RELENTLESS. We will save America.”
    Secretary of Transportation Sean Duffy: “Thank you @POTUS for standing up for the United States. The American people will not stand for disrespect of our President, Oval Office, or our generous taxpayers. Peace is only accomplished through strength and our allies need to understand that.”
    Secretary of Housing and Urban Development Scott Turner: “President Trump is standing up for forgotten Americans, not endless foreign wars. Biden’s legacy — increased homelessness, record high interest rates, all-time highs to buy a house, and Americans footing the bill. That ended January 20th. The American people are behind @POTUS.”
    Sen. Jim Banks: “Thank you President Trump for standing up for America!”
    Sen. Marsha Blackburn: “Thank you President Trump and VP Vance or standing up for America.”
    Sen. Bill Hagerty: “The United States of America will no longer be taken for granted. The contrast between the last four years and now could not be more clear. Thank you, Mr. President.”
    Sen. Josh Hawley: “Remember: the U.S. Senate has repeatedly and for years voted BILLIONS of taxpayer dollars to Ukraine with no strings attached and with no true oversight. It’s time for some ACCOUNTABILITY.”
    Sen. Jim Justice: “Glad to have a @POTUS and @VP in charge that absolutely put America FIRST.”
    Sen. Mike Lee: “Thank you for standing up for OUR COUNTRY and putting America first, President Trump and Vice President Vance!”
    Sen. Bernie Moreno: “Finally we have a President who will speak the TRUTH and stand up against Washington’s endless wars. American taxpayers have been funding this war, it’s time to stop the killing and stop risking World War 3!”
    Sen. Markwayne Mullin: “Under this President— the greatest, freest, and most generous nation on Earth is putting America First. I’d encourage anyone who has a problem with that to reevaluate their priorities.”
    Sen. Rick Scott: “Thank you President Trump for standing up for America.”
    Sen. Eric Schmitt: “It’s about time we have leaders who say what the American people are really thinking and prioritize the core national interests of America. The American taxpayer is tapped out, and President Trump and VP Vance are spot on.”
    Sen. Tommy Tuberville: “Thank you Mr. President and Vice President Vance for putting America first”
    Majority Leader Steve Scalise: “President Trump is fighting for PEACE around the world and is putting America First as our best negotiator—he’s the only one to get Russia to the table to consider a serious and lasting peace agreement with Ukraine.”
    Chairwoman Lisa McClain: “President Trump inherited this war. He has said from the beginning he wants to bring peace. @POTUS is a strong leader, and I know his negotiations will bring a deal together.”
    Rep. Andy Biggs: “Gone are the days of foreign leaders walking all over us and snubbing their noses at America’s generosity. There’s a new President and Vice President in town. World leaders would be wise to humble themselves.”
    Rep. Tim Burchett: “Job well done by @realDonaldTrump and our VP @JDVance. Give respect to get respect.”
    Rep. Mike Collins: “Thank God we finally have a @POTUS who is willing to put America FIRST. Blessed are the peacemakers.”
    Rep. Eli Crane: “America First. Thank you, President Trump and Vice President Vance.”
    Rep. Dan Crenshaw: “If you are the leader of a country in a dire situation with no path to peace without American support, do not come into the Oval Office and argue with the President of the United States in public. Just a word of advice.”
    Rep. Andrew Clyde: “President Trump and Vice President Vance are standing up for the AMERICAN PEOPLE. Our great country will NOT be taken advantage of or disrespected.”
    Rep. Byron Donalds: “This is what putting the AMERICAN PEOPLE FIRST looks like. Thank you @realdonaldtrump and @JDVance for standing up for our nation.”
    Rep. Brandon Gill: “America First in action. Thank you, @realdonaldtrump and @JDVance, for prioritizing our people and for promoting peace!”
    Rep. Lance Gooden: “President @realdonaldtrump and Vice President @JDVance will never allow the United States to be disrespected or taken advantage of. America First, always!”
    Rep. Paul Gosar: “Thank you, Mr. President and Vice President. The days of the USA getting pushed around are clearly over.”
    Rep. Marjorie Taylor Greene: “President Trump and Vice President Vance will put America First every single time. Putting Zelensky in his place while he disrespects the U.S. in the Oval Office is exactly what American leadership should look like. This is what We The People want to see!”
    Rep. Pat Harrigan: “America’s priorities come first. @POTUS and @VP made it clear—Ukraine’s interests are not America’s interests. We’ve spent hundreds of billions with no accountability, no clear objectives, and no plan for peace. It’s time to put America first and end this war.”
    Rep. Mark Harris: “Thank you, President Trump and Vice President Vance, for boldly defending America’s interests. This is PEACE THROUGH STRENGTH”
    Rep. Diana Harshbarger: “The act displayed by Zelenskyy in the Oval Office was nothing short of a massive show of disrespect for the Trump Administration and the American people. Despite this, President Trump and Vice President Vance are holding the line and trying to end this conflict peacefully. God bless them both.”
    Rep. Wesley Hunt: “You do NOT blame the people fighting to save your country! America leads—no more excuses!”
    Rep. Nancy Mace: “Peace through strength live from the Oval”
    Rep. Thomas Massie: “Is this the end of Zelensky’s presidency? He hitched his wagon to Biden and the deep state. They lost and now he doesn’t seem to be playing his cards well.”
    Rep. Brian Mast: “American won’t be taken advantage of and America won’t be taken for granted. Thank you, President Trump and Vice President Vance for standing up for America.”
    Rep. Addison McDowell: “AMERICA AND THE AMERICAN TAXPAYER ALWAYS COME FIRST”
    Rep. Mary Miller: “What has happened in Ukraine is a travesty. Joe Biden threw “gas on the fire.” Ukraine lost an entire generation, and Americans hundreds of billions in tax dollars. We thank God for giving us strong leadership. Thank you @POTUS and @VP for putting America’s interests first, and working to end this terrible war.”
    Rep. Riley Moore: “It is amazing to have a President and VP who put America First! Thank you President Trump and VP Vance for fighting for our country and our people!”
    Rep. Troy Nehls: “President Trump and Vice President Vance are standing up for the American people. This is America First leadership on display. Thank you POTUS and VP!”
    Rep. Ralph Norman: “THIS is strong leadership that is ensuring we put the American people FIRST. Thank you @realDonaldTrump and @JDVance for standing up for our nation.”
    Rep. Andy Ogles: “This is what it looks like to stand up for America.”
    Rep. Mike Rulli: “You don’t have the cards!”
    Rep. Keith Self: “TOUGH and FAIR. The world is witnessing American leadership back in the White House. Thank you President Trump and Vice President Vance.”
    Rep. Victoria Spartz: “Zelensky is doing a serious disservice to the Ukrainian people insulting the American President and the American people – just to appease Europeans and increase his low polling in Ukraine after he failed miserably to defend his country. This is not a theater act but a real war!”
    Rep. Greg Steube: “Ridiculous grandstanding by Zelensky in the Oval Office. The United States has spent hundreds of billions of dollars to defend Ukraine. And this is the thanks the American people get?  It’s time to end this war.”
    Rep. Marlin Stutzman: “TRUMP IS THE GREATEST NEGOTIATOR AMERICA HAS EVER HAD! AMERICA IS BEING MADE GREAT BEFORE OUR VERY EYES!”
    Rep. Andy Weber: “America FIRST. Strong, unapologetic leadership on the world stage is BACK!”
    Rep. Joe Wilson: “I agree with President Trump that Ukrainian soldiers have been unbelievably brave! Critical Minerals Deal a major step forward toward ending the war responsibly. More sanctions on Russia & arms for Ukraine create maximum leverage for FULL land swap Art of the Deal!”

    MIL OSI USA News –

  • MIL-OSI USA: Colorado Dentist Pleads Guilty to Multiple Tax Evasion Charges

    Source: US State of California

    A Colorado dentist pleaded guilty today to six counts of tax evasion related to his use of an illegal tax shelter.

    According to court documents and statements made in court, since 2014, Ryan Ulibarri owned and operated Ulibarri Family Dentistry in Fort Collins, Colorado. In 2016, Ulibarri purchased an abusive-trust tax shelter for $50,000. The tax shelter involved concealing income and creating false tax deductions through the use of a so-called business trust, family trust, charitable trust and a private family foundation, all of which Ulibarri created and controlled. From 2017 through 2022, Ulibarri used this tax shelter to conceal from the IRS over $3.5 million in income he earned from his dental practice.

    To set up the tax shelter, Ulibarri, as the purported trustee, signed trust instruments purporting to create the three trusts and foundation, and he opened bank accounts in the name of each. He further recruited friends to falsely sign his trust instruments as the purported creators of the trusts. Ulibarri then transferred majority ownership of his dental practice to the business trust. Ulibarri did this despite having been warned by attorneys and CPAs that, in Colorado, a trust could not own a dental practice.

    He then transferred over $3 million he earned from his dental practice into the bank accounts of the various trusts and foundation to create the illusion that the funds belonged to those entities. In reality, Ulibarri retained complete control over the funds and used the funds to pay for personal expenses including his home mortgage, credit card bills, boats and professional baseball season tickets. Finally, he filed false tax returns for himself, his dental practice, the trusts and foundation that falsely reported the income he earned from his dental practice as income of the trusts. On those tax returns Ulibarri also claimed fraudulent deductions for his personal living expenses which he disguised as trust expenses and charitable donations.

    In total, Ulibarri is alleged to have caused a tax loss to the IRS of over $1 million.

    Ulibarri is scheduled to be sentenced on June 17. He faces a maximum penalty of five years in prison for each count of tax evasion as well as a period of supervised release, restitution and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Special Agent in Charge Amanda Prestegard of IRS Criminal Investigation’s Denver Field Office made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorneys Amanda R. Scott and Lauren K. Pope and Assistant Chief Andrew J. Kameros of the Tax Division are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI Security: Suspected bank robbers arrested in Belgium

    Source: Eurojust

    28 February 2025|

    Eurojust coordinated the collaboration between French and Belgian authorities that led to the arrest of 12 gang members on 26 February. The criminals are suspected of attempting to rob cash transports for banks. Due to the swift cooperation between the authorities, the criminals were stopped before committing a robbery.

    Two High Value Targets specialised in armed robbery were part of the criminal group. One of the suspects is known as the ‘escape king’ due to him escaping from prison multiple times. In the course of their investigation, the French authorities noticed the two High Value Targets travelling regularly to Belgium. They suspected the targets were planning to commit a crime. After their investigations showed that the members had links with Belgian suspects, cooperation with the Belgian authorities was quickly set up through Eurojust. 

    A joint investigation team was set up at Eurojust to allow the Belgian and French authorities to work together swiftly and efficiently, exchanging information and evidence in real time. To stop the criminals, a joint operation was planned at Eurojust. 

    In the late hours of 26 February, the Belgian authorities arrested 12 suspects. The authorities know several of the people arrested. Following the arrests, several searches were carried out in France and Belgium. Investigations into the robbers are ongoing. 

    The following authorities carried out the operations: 

    • France: JIRS PARIS inter regional specialised jurisdiction; OCCLO National Police Organised Crime unit  
    • Belgium: PPO Brussels; Investigative Judge Brussels; Judicial Police Brussels (PJF Bruxelles); Special Units Belgian Federal Police (DSU)

    MIL Security OSI –

  • MIL-OSI Asia-Pac: SIMPLIFICATION AND TRANSPARENCY IN FINANCIAL LAWS HAVE PROVIDED AN ENABLING ENVIRONMENT FOR INVESTMENT IN INDIA: LOK SABHA SPEAKER

    Source: Government of India (2)

    SIMPLIFICATION AND TRANSPARENCY IN FINANCIAL LAWS HAVE PROVIDED AN ENABLING ENVIRONMENT FOR INVESTMENT IN INDIA: LOK SABHA SPEAKER

    TODAY’S INDIA WITH DEEPER DEMOCRATIC SPIRIT, STABLE GOVERNMENT AND VISIONARY LEADERSHIP, IS A LAND OF IMMENSE OPPORTUNITIES FOR INVESTMENT: LOK SABHA SPEAKER

    FOR THE FIRST TIME IN INDIA, AN EFFORT HAS BEEN MADE TO CHANGE COLONIAL LAWS, TO REPEAL REDUNDANT LAWS AND TO MAKE NEW LAWS IN SYNC WITH HOPES AND ASPIRATIONS OF PEOPLE: LOK SABHA SPEAKER

    NEW LAWS ARE SIMPLE, TRANSPARENT, PROGRESSIVE AND INCLUSIVE: LOK SABHA SPEAKER

    OUR FINANCIAL INSTITUTIONS COMMAND RESPECT ALL OVER THE WORLD: LOK SABHA SPEAKER

    LOK SABHA SPEAKER ADDRESSES INAUGURAL SESSION OF A TWO-DAY SYMPOSIUM ON ‘ADOPTION TO CHANGING LANDSCAPE: MY VIKSIT BHARAT – 2047’ ORGANISED BY THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

    Posted On: 28 FEB 2025 8:48PM by PIB Delhi

    Lok Sabha Speaker Shri Om Birla today stressed that the recent initiatives in simplification and transparency in financial laws have provided an enabling environment for investment in India. Today’s India with deeper democratic spirit, stable government and visionary leadership, is a land of immense opportunities for the investors, he noted. The fastest growing economy in the world is a favourite destination for investment across the world, he added.

    Shri Birla made these remarks in his inaugural address at the two day symposium on ‘Adoption to Changing landscape: My Viksit Bharat – 2047′ organized by the Northern India Regional Council, Institute of Cost Accountants of India (ICAI) at New Delhi. Shri Faggan Singh Kulaste, Ms. Bansuri Swaraj, both Members of Parliament, and other dignitaries graced the occasion.

    Referring to legal reforms in India, Shri Birla noted that for the first time in India, an effort has been made to change colonial laws, to repeal the redundant laws and to make new laws which are in sync with the hopes and aspirations of people of New India. Mentioning about GST, proposed income tax legislation, changes in labour laws and company laws, Shri Birla emphasized that these initiates reflect the vision of the leadership to take the country on the path of progress and prosperity. New laws are not only simple, transparent and progressive but also inclusive to improve the life of the last person in the society, he observed. Progressive laws always take into consideration the changing requirements of the country and the society and the changing international scenario, he added.

    Stating that developments in the fields of infrastructure, road connectivity, rail connectivity, air connectivity have augmented the capacity to bring in more investment to the country, Shri Birla observed that these investments will ultimately benefit the society at large. He also mentioned about the clarion call of the Prime Minister to pursue sustainable living for a better future. India is leading the world in inspiring the people to pursue the path of sustainable living, he added.

    Mentioning that India’s financial institutions are its strength, Shri Birla noted that our financial institutions command respect all over the world. Hailing the contributions of the ICAI, Shri Birla opined that this institution not only plays an important role in ensuring transparency in financial system but also for guiding the country on mass production with minimum cost. Playing a vital role in strengthening economic potential of the country, the ICAI, with its management skills, is improving the lives of the people.  He expressed hope that the two day symposium would provide a roadmap about the contributions of the ICAI to fulfill the resolve of the Prime Minister to make India a developed country by 2047 a reality.

    Lok Sabha Speaker Shri Om Birla addressed the inaugural session of a two-day symposium on ‘Adoption to Changing landscape: My Viksit Bharat – 2047’ organised by The Institute of Cost Accountants of India in New Delhi on 28 February, 2025.

    ***

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    MIL OSI Asia Pacific News –

  • MIL-OSI United Nations: Committee on Economic, Social and Cultural Rights Concludes Seventy-Seventh Session after Adopting Concluding Observations on Reports of Croatia, Peru, Philippines, Rwanda and the United Kingdom

    Source: United Nations – Geneva

    The Committee on Economic, Social and Cultural Rights this afternoon concluded its seventy-seventhsession after adopting concluding observationson the reports of Croatia, Peru, Philippines, Rwanda and the United Kingdom under the International Covenant on Economic, Social and Cultural Rights .

    The concluding observations will be transmitted to the States concerned and made available on the webpage of the session   on the afternoon of Monday, 3 March.

    Laura-MariaCraciunean-Tatu, Committee Chair, said that during the intense session, in addition to engaging with five States parties, the Committee had considered two follow-up reports; adopted three lists of issues on Cabo Verde, North Macedonia and Turkmenistan; conducted work on communications under the Optional Protocol; and discussed one draft and two future general comments and one statement.

    Ms. Craciunean-Tatu said that this session, the Committee had welcomed four new members, and would formally welcome its fifth, Peijie Chen (China), in its next session. Despite the discontinuance of formal hybrid meetings, the Committee continued to engage with a wide range of stakeholders in person and remotely outside of formal meeting time. Ms. Craciunean-Tatu expressed thanks to all those who worked to promote and protect the rights enshrined in the Covenant.

    During the session, she said, the Committee adopted assessments on the follow-up reports to concluding observations for Serbia and Uzbekistan. The assessments would be transmitted to the States concerned and made available publicly in the weeks to come. The Committee urged other States to submit follow-up reports which were overdue or due.

    Under the Optional Protocol, the Committee adopted decisions relating to 48 individual communications. It found violations of the Covenant in three cases concerning the right to housing; declared admissible one case on alleged violation of the right to work of a human rights defender; and declared inadmissible two cases on alleged unequal pay for overtime in teaching-related activities and alleged wage discrimination. The Committee further discontinued the consideration of 42 cases concerning the right to housing. Finally, it adopted a follow-up progress report on individual communications.

    Ms. Craciunean-Tatu saidthe Committee had adopted a Statement on Tax Policy and the International Covenant on Economic, Social and Cultural Rights. It hoped that this statement would guide States parties, both domestically and in the context of international tax cooperation, to observe increasingly inclusive and transparent tax policy-making processes, thus encouraging the implementation of tax systems that supported the enjoyment of the rights enshrined in the Covenant, with a focus on disadvantaged and marginalised groups.

    Regarding general comments, the Committee completed a second reading of the draft general comment on the environmental dimension of sustainable development, and continued discussing the scope of two general comments on drug policy and on armed conflict as they related to the enjoyment of economic, social and cultural rights. These discussions would continue at the next session.

    During the session, Ms. Craciunean-Tatu said, the Committee held an informal meeting with States on 20 February and engaged in discussion on all aspects of its work. In addition to the numerous contacts the Committee had with civil society organizations, it also held this morning its annual meeting with non-governmental organizations, in which it heard their views on several important topics, including strategic litigation and the right to a clean and healthy environment.

    Ms. Craciunean-Tatu also said that the Committee had held informal meetings with other stakeholders, including with treaty body members, United Nations agencies and the Special Rapporteurs on climate change and in the field of cultural rights. The engagement of all concerned was deeply appreciated.

    In its next session, she said, in addition to reviewing the reports of seven States parties, the Committee would adopt lists of issues on the reports of Eswatini, Germany, Guinea-Bissau, Mauritius, Republic of Korea, Republic of Moldova and Tunisia. It would also adopt assessments on the follow-up reports of El Salvador and Luxembourg.

    This session, the Committee reaffirmed its decision to implement a simplified reporting procedure and had requested the Secretariat to prepare a structured implementation plan, Ms. Craciunean-Tatu said. However, until such a plan was operationalised, she encouraged States parties to submit reports under the regular reporting procedure, including long overdue reports.

    The Committee had not yet held dialogues with 24 States parties that had not submitted their initial reports, of which five were overdue for more than 10 years. In total, 51 States’ periodic reports were also overdue, at least 16 of which for more than 10 years. The capacity building programme established pursuant to the United Nations General Assembly Resolution 68/268 (2014) was available to offer support to States requiring technical assistance in this regard, including with respect to the establishment of national mechanisms for reporting implementation and follow-up.

    Ms. Craciunean-Tatu invited all States to ratify the Covenant and encouraged States that were parties to the Covenant but had not acceded to or ratified the Optional Protocol to do so, and to enter the declarations for its articles 10 and 11. She welcomed the accession, two weeks ago, of Albania to the Optional Protocol.

    In closing, Ms. Craciunean-Tatu thanked the Committee and all who had contributed to the busy session. The Committee looked forward to, in its next session, holding dialogues with States, pursuing other work, and engaging with a wide variety of stakeholders to achieve the effective promotion and protection of all the rights enshrined in the Covenant.

    In its seventy-eighth session, to be held from 8 September to 3 October 2025, the Committee will review the reports of Australia, Chile, Colombia, Lao People’s Democratic Republic, Netherlands, Russian Federation and Zimbabwe.

    ___________

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CESCR25.007E

    MIL OSI United Nations News –

  • MIL-OSI Economics: IMF Executive Board Completes the Third Review Under the Extended Fund Facility Arrangement with Sri Lanka

    Source: International Monetary Fund

    February 28, 2025

    • The IMF Executive Board completed the Third Review under the 48-month Extended Fund Facility with Sri Lanka, providing the country with immediate access to SDR 254 million (about US $334 million) to support its economic policies and reforms.
    • Performance under the program has been strong. All quantitative targets for end-December 2024 were met, except the indicative target on social spending. Most structural benchmarks due by end-January 2025 were either met or implemented with delay. The recent successful completion of the bond exchange is a major milestone towards restoring debt sustainability.
    • Reform efforts are bearing fruit with the recovery gaining momentum. As the economy is still vulnerable, sustaining the reform agenda is critical to put the economy on a path towards lasting recovery and debt sustainability.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the third review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw SDR 254 million (about US$334 million). This brings the total IMF financial support disbursed so far to SDR 1.02 billion (about US$1.34 billion).[1]

    The EFF arrangement for Sri Lanka was approved by the Executive Board on March 20, 2023 (see Press Release No. 23/79) in an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion. The program supports Sri Lanka’s efforts to restore and maintain macroeconomic stability and debt sustainability while protecting the poor and vulnerable, rebuild external buffers, and enhance growth-oriented structural reforms including by strengthening governance.

    Following the Executive Board discussion on Sri Lanka, Mr. Kenji Okamura, Deputy Managing Director, issued the following statement:

    “Reforms in Sri Lanka are bearing fruit and the economic recovery has been remarkable. Inflation remains low, revenue collection is improving, and reserves continue to accumulate. Economic growth averaged 4.3 percent since growth resumed in the third quarter of 2023. By end-2024, Sri Lanka’s real GDP is estimated to have recovered 40 percent of its loss incurred between 2018 and 2023. The recovery is expected to continue in 2025. As the economy is still vulnerable, it is critical to sustain the reform momentum to ensure macroeconomic stability and debt sustainability, and promote long-term inclusive growth. There is no room for policy errors.

    “Program performance has been strong with all quantitative targets met, except for the indicative target on social spending. Most structural benchmarks due by end-January 2025 were either met or implemented with delay.

    “Sustained revenue mobilization is crucial to restoring fiscal sustainability and ensuring that the government can continue to provide essential services. Boosting tax compliance and refraining from tax exemptions are key to maintaining support for economic reforms. To ease economic hardship and ensure the poor and vulnerable can participate in Sri Lanka’s recovery it is important to meet social spending targets and continue with reforms of the social safety net. Going forward, social support needs to be well-targeted towards the most disadvantaged so as to promote inclusive growth with limited fiscal space. Restoring cost-recovery electricity pricing without delay is needed to contain fiscal risks from state-owned enterprises. A smoother execution of capital spending within the fiscal envelope would foster medium-term growth.

    “The progress to advance the debt restructuring to restore Sri Lanka’s debt sustainability is noteworthy. The recent successful completion of the bond exchange is a major milestone towards restoring debt sustainability. Timely finalization of bilateral agreements with creditors in the Official Creditor Committee and with remaining creditors is a priority now.

    “Monetary policy should prioritize maintaining price stability, supported by sustained commitment to prohibit monetary financing and safeguard Central Bank independence. Continued exchange rate flexibility and gradually phasing out the balance of payments measures remain critical to rebuild external buffers and facilitate rebalancing.

    “Resolving non-performing loans, strengthening governance and oversight of state-owned banks, and improving the insolvency and resolution frameworks are important priorities to revive credit growth and support the economic recovery.

    “Prolonged structural challenges need to be addressed to unlock Sri Lanka’s long-term potential, including steadfast implementation of the governance reforms.”

                                                                    Sri Lanka: Selected Economic Indicators 2022-2030

     

    2022

    		  

    2023

    2024

    		  

    2025

    		  

    2026

    2027

    2028

    2029

    2030

    Act. 

    Proj.

    		  

    Projections
                             

    GDP and inflation (in percent)

    		                      

    Real GDP

    -7.3

    -2.3

    4.5

    3.0

    3.0

    3.1

    3.1

    3.1

    3.1

    Inflation (average) 1/

    45.2

    17.4

    1.2

    3.8

    5.4

    5.2

    5.0

    5.0

    5.0

    Inflation (end-of-period) 1/

    58.6

    3.0

    -1.5

    7.8

    5.4

    5.2

    5.0

    5.0

    5.0

    GDP Deflator growth

    47.5

    17.5

    3.5

    4.9

    5.5

    5.3

    5.2

    5.1

    5.0

    Nominal GDP growth

    36.6

    14.8

    8.2

    8.1

    8.7

    8.5

    8.5

    8.4

    8.3

     

    Savings and investment (in percent of GDP)

    		                    

    National savings

    27.6

    33.8

    34.0

    31.7

    31.9

    32.1

    31.9

    31.7

    31.7

      Government

    -6.4

    -6.0

    -3.2

    -1.8

    -0.7

    0.0

    0.1

    0.3

    0.5

      Private

    34.0

    39.8

    37.2

    33.5

    32.6

    32.1

    31.7

    31.4

    31.2

    National investment

    28.6

    30.8

    32.1

    32.2

    32.5

    32.9

    32.7

    32.6

    32.5

      Government

    5.5

    3.7

    3.6

    4.4

    4.6

    4.7

    4.6

    4.6

    4.6

      Private

    23.1

    27.1

    28.5

    27.7

    27.9

    28.2

    28.1

    28.0

    28.0

    Savings-Investment balance

    -1.0

    3.1

    1.8

    -0.4

    -0.6

    -0.8

    -0.9

    -0.9

    -0.8

      Government

    -11.9

    -9.6

    -6.8

    -6.2

    -5.3

    -4.7

    -4.5

    -4.3

    -4.1

      Private

    10.9

    12.7

    8.6

    5.8

    4.7

    3.9

    3.6

    3.4

    3.2

     

    Public finance (in percent of GDP)

    		                    

    Revenue and grants

    8.4

    11.1

    13.7

    15.1

    15.3

    15.3

    15.2

    15.3

    15.3

    Expenditure

    18.6

    19.4

    19.3

    20.4

    19.8

    19.2

    19.1

    19.0

    18.8

    Primary balance

    -3.7

    0.6

    2.2

    2.3

    2.3

    2.3

    2.3

    2.3

    2.3

    Central government balance

    -10.2

    -8.3

    -5.6

    -5.4

    -4.6

    -4.0

    -3.8

    -3.7

    -3.5

    Central government gross financing needs

    34.1

    27.6

    22.1

    22.8

    19.7

    15.7

    13.2

    11.8

    11.6

    Central government debt

    115.9

    109.5

    99.5

    105.7

    106.4

    103.5

    100.2

    97.0

    93.9

    Public debt 2/

    126.3

    115.8

    104.6

    110.7

    110.9

    107.4

    103.7

    100.1

    96.8

     

    Money and credit (percent change, end of period)

    Reserve money

    3.3

    -1.5

    10.3

    9.7

    8.7

    8.5

    8.5

    8.4

    8.3

    Broad money

    15.5

    7.3

    10.0

    9.7

    8.7

    8.5

    8.5

    8.4

    8.3

    Domestic credit

    18.8

    -1.2

    6.1

    3.3

    2.8

    3.3

    4.0

    4.3

    4.9

    Credit to private sector

    6.4

    -0.8

    7.9

    7.5

    9.5

    9.5

    9.4

    9.4

    9.4

    Credit to private sector (adjusted for inflation)

    -38.8

    -18.2

    6.6

    3.7

    4.1

    4.3

    4.3

    4.3

    4.3

    Credit to central government and public corporations

    31.1

    -1.6

    4.7

    -0.1

    -3.1

    -2.9

    -2.2

    -2.2

    -1.5

     

    Balance of Payments (in millions of U.S. dollars)

    Exports

    13,107

    11,911

    12,772

    13,446

    14,090

    14,795

    15,638

    16,397

    17,192

    Imports

    -18,291

    -16,811

    -18,841

    -21,718

    -22,668

    -23,410

    -24,105

    -25,109

    -26,026

    Current account balance

    -737

    2,582

    1,824

    -409

    -538

    -751

    -864

    -952

    -922

    Current account balance (in percent of GDP)

    -1.0

    3.1

    1.8

    -0.4

    -0.6

    -0.8

    -0.9

    -0.9

    -0.8

    Current account balance net of interest (in percent of GDP)

    0.1

    4.2

    3.8

    1.7

    1.6

    1.5

    1.5

    1.3

    1.3

    Export value growth (percent)

    4.9

    -9.1

    7.2

    5.3

    4.8

    5.0

    5.7

    4.9

    4.9

    Import value growth (percent)

    -11.4

    -8.1

    12.1

    15.3

    4.4

    3.3

    3.0

    4.2

    3.7
                             

    Gross official reserves (end of period)

    		                          

    In millions of U.S. dollars

    1,898

    4,392

    6,122

    7,056

    9,303

    13,118

    14,710

    14,875

    15,175

    In months of prospective imports of goods & services

    1.2

    2.4

    2.9

    3.2

    4.1

    5.5

    5.9

    5.8

    5.7

    In percent of ARA composite metric

    16.6

    37.5

    50.3

    58.3

    75.4

    100.1

    108.8

    108.5

    108.7

    Usable Gross official reserves (end of period) 3/

    		                    

    In millions of U.S. dollars

    462

    2,956

    4,686

    7,056

    9,303

    13,118

    14,710

    14,875

    15,175

    In months of prospective imports of goods & services

    0.3

    1.6

    2.2

    3.2

    4.1

    5.5

    5.9

    5.8

    5.7

    In percent of ARA composite metric

    4.0

    25.3

    38.5

    58.3

    75.4

    100.1

    108.8

    108.5

    108.7

    External debt (public and private)

    In billions of U.S. dollars

    57.4

    54.1

    53.9

    54.9

    57.2

    61.2

    62.9

    63.3

    65.6

    As a percent of GDP

    77.0

    64.1

    54.4

    56.1

    62.9

    65.9

    64.0

    60.4

    58.9

     

    Memorandum items:

    Nominal GDP (in billions of rupees)

    24,064

    27,630

    29,893

    32,309

    35,123

    38,113

    41,343

    44,819

    48,551

    Exchange Rate (period average)

    322.6

    327.5

    302.0

    …

    …

    …

    …

    …

    …

    Exchange Rate (end of period)

    363.1

    323.9

    293.0

    …

    …

    …

    …

    …

    …

    Sources: Data provided by the Sri Lankan authorities; and IMF staff estimates.

    		                        

    1/ Colombo CPI.

    		                      
                                                                                                                                 

    2/ Comprising central government debt, publicly guaranteed debt, and CBSL external liabilities

    (i.e., Fund credit outstanding and international currency swap arrangements). The debt statistics

    currently assume the external debt restructuring to have been completed at end 2023.

    3/ Excluding PBOC swap ($1.4bn in 2022) which becomes usable once GIR rise above 3 months

    of previous year’s import cover.

    [1] SDR figures are converted at the market rate of U.S. dollar per SDR on the day of the Board approval.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    MIL OSI Economics –

  • MIL-OSI Russia: IMF Executive Board Completes the Third Review Under the Extended Fund Facility

    Source: IMF – News in Russian

    February 28, 2025

    • The IMF Executive Board completed the Third Review under the 48-month Extended Fund Facility with Sri Lanka, providing the country with immediate access to SDR 254 million (about US $334 million) to support its economic policies and reforms.
    • Performance under the program has been strong. All quantitative targets for end-December 2024 were met, except the indicative target on social spending. Most structural benchmarks due by end-January 2025 were either met or implemented with delay. The recent successful completion of the bond exchange is a major milestone towards restoring debt sustainability.
    • Reform efforts are bearing fruit with the recovery gaining momentum. As the economy is still vulnerable, sustaining the reform agenda is critical to put the economy on a path towards lasting recovery and debt sustainability.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the third review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw SDR 254 million (about US$334 million). This brings the total IMF financial support disbursed so far to SDR 1.02 billion (about US$1.34 billion).[1]

    The EFF arrangement for Sri Lanka was approved by the Executive Board on March 20, 2023 (see Press Release No. 23/79) in an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion. The program supports Sri Lanka’s efforts to restore and maintain macroeconomic stability and debt sustainability while protecting the poor and vulnerable, rebuild external buffers, and enhance growth-oriented structural reforms including by strengthening governance.

    Following the Executive Board discussion on Sri Lanka, Mr. Kenji Okamura, Deputy Managing Director, issued the following statement:

    “Reforms in Sri Lanka are bearing fruit and the economic recovery has been remarkable. Inflation remains low, revenue collection is improving, and reserves continue to accumulate. Economic growth averaged 4.3 percent since growth resumed in the third quarter of 2023. By end-2024, Sri Lanka’s real GDP is estimated to have recovered 40 percent of its loss incurred between 2018 and 2023. The recovery is expected to continue in 2025. As the economy is still vulnerable, it is critical to sustain the reform momentum to ensure macroeconomic stability and debt sustainability, and promote long-term inclusive growth. There is no room for policy errors.

    “Program performance has been strong with all quantitative targets met, except for the indicative target on social spending. Most structural benchmarks due by end-January 2025 were either met or implemented with delay.

    “Sustained revenue mobilization is crucial to restoring fiscal sustainability and ensuring that the government can continue to provide essential services. Boosting tax compliance and refraining from tax exemptions are key to maintaining support for economic reforms. To ease economic hardship and ensure the poor and vulnerable can participate in Sri Lanka’s recovery it is important to meet social spending targets and continue with reforms of the social safety net. Going forward, social support needs to be well-targeted towards the most disadvantaged so as to promote inclusive growth with limited fiscal space. Restoring cost-recovery electricity pricing without delay is needed to contain fiscal risks from state-owned enterprises. A smoother execution of capital spending within the fiscal envelope would foster medium-term growth.

    “The progress to advance the debt restructuring to restore Sri Lanka’s debt sustainability is noteworthy. The recent successful completion of the bond exchange is a major milestone towards restoring debt sustainability. Timely finalization of bilateral agreements with creditors in the Official Creditor Committee and with remaining creditors is a priority now.

    “Monetary policy should prioritize maintaining price stability, supported by sustained commitment to prohibit monetary financing and safeguard Central Bank independence. Continued exchange rate flexibility and gradually phasing out the balance of payments measures remain critical to rebuild external buffers and facilitate rebalancing.

    “Resolving non-performing loans, strengthening governance and oversight of state-owned banks, and improving the insolvency and resolution frameworks are important priorities to revive credit growth and support the economic recovery.

    “Prolonged structural challenges need to be addressed to unlock Sri Lanka’s long-term potential, including steadfast implementation of the governance reforms.”

                                                                    Sri Lanka: Selected Economic Indicators 2022-2030

     

    2022

    		  

    2023

    2024

    		  

    2025

    		  

    2026

    2027

    2028

    2029

    2030

    Act. 

    Proj.

    		  

    Projections
                             

    GDP and inflation (in percent)

    		                      

    Real GDP

    -7.3

    -2.3

    4.5

    3.0

    3.0

    3.1

    3.1

    3.1

    3.1

    Inflation (average) 1/

    45.2

    17.4

    1.2

    3.8

    5.4

    5.2

    5.0

    5.0

    5.0

    Inflation (end-of-period) 1/

    58.6

    3.0

    -1.5

    7.8

    5.4

    5.2

    5.0

    5.0

    5.0

    GDP Deflator growth

    47.5

    17.5

    3.5

    4.9

    5.5

    5.3

    5.2

    5.1

    5.0

    Nominal GDP growth

    36.6

    14.8

    8.2

    8.1

    8.7

    8.5

    8.5

    8.4

    8.3

     

    Savings and investment (in percent of GDP)

    		                    

    National savings

    27.6

    33.8

    34.0

    31.7

    31.9

    32.1

    31.9

    31.7

    31.7

      Government

    -6.4

    -6.0

    -3.2

    -1.8

    -0.7

    0.0

    0.1

    0.3

    0.5

      Private

    34.0

    39.8

    37.2

    33.5

    32.6

    32.1

    31.7

    31.4

    31.2

    National investment

    28.6

    30.8

    32.1

    32.2

    32.5

    32.9

    32.7

    32.6

    32.5

      Government

    5.5

    3.7

    3.6

    4.4

    4.6

    4.7

    4.6

    4.6

    4.6

      Private

    23.1

    27.1

    28.5

    27.7

    27.9

    28.2

    28.1

    28.0

    28.0

    Savings-Investment balance

    -1.0

    3.1

    1.8

    -0.4

    -0.6

    -0.8

    -0.9

    -0.9

    -0.8

      Government

    -11.9

    -9.6

    -6.8

    -6.2

    -5.3

    -4.7

    -4.5

    -4.3

    -4.1

      Private

    10.9

    12.7

    8.6

    5.8

    4.7

    3.9

    3.6

    3.4

    3.2

     

    Public finance (in percent of GDP)

    		                    

    Revenue and grants

    8.4

    11.1

    13.7

    15.1

    15.3

    15.3

    15.2

    15.3

    15.3

    Expenditure

    18.6

    19.4

    19.3

    20.4

    19.8

    19.2

    19.1

    19.0

    18.8

    Primary balance

    -3.7

    0.6

    2.2

    2.3

    2.3

    2.3

    2.3

    2.3

    2.3

    Central government balance

    -10.2

    -8.3

    -5.6

    -5.4

    -4.6

    -4.0

    -3.8

    -3.7

    -3.5

    Central government gross financing needs

    34.1

    27.6

    22.1

    22.8

    19.7

    15.7

    13.2

    11.8

    11.6

    Central government debt

    115.9

    109.5

    99.5

    105.7

    106.4

    103.5

    100.2

    97.0

    93.9

    Public debt 2/

    126.3

    115.8

    104.6

    110.7

    110.9

    107.4

    103.7

    100.1

    96.8

     

    Money and credit (percent change, end of period)

    Reserve money

    3.3

    -1.5

    10.3

    9.7

    8.7

    8.5

    8.5

    8.4

    8.3

    Broad money

    15.5

    7.3

    10.0

    9.7

    8.7

    8.5

    8.5

    8.4

    8.3

    Domestic credit

    18.8

    -1.2

    6.1

    3.3

    2.8

    3.3

    4.0

    4.3

    4.9

    Credit to private sector

    6.4

    -0.8

    7.9

    7.5

    9.5

    9.5

    9.4

    9.4

    9.4

    Credit to private sector (adjusted for inflation)

    -38.8

    -18.2

    6.6

    3.7

    4.1

    4.3

    4.3

    4.3

    4.3

    Credit to central government and public corporations

    31.1

    -1.6

    4.7

    -0.1

    -3.1

    -2.9

    -2.2

    -2.2

    -1.5

     

    Balance of Payments (in millions of U.S. dollars)

    Exports

    13,107

    11,911

    12,772

    13,446

    14,090

    14,795

    15,638

    16,397

    17,192

    Imports

    -18,291

    -16,811

    -18,841

    -21,718

    -22,668

    -23,410

    -24,105

    -25,109

    -26,026

    Current account balance

    -737

    2,582

    1,824

    -409

    -538

    -751

    -864

    -952

    -922

    Current account balance (in percent of GDP)

    -1.0

    3.1

    1.8

    -0.4

    -0.6

    -0.8

    -0.9

    -0.9

    -0.8

    Current account balance net of interest (in percent of GDP)

    0.1

    4.2

    3.8

    1.7

    1.6

    1.5

    1.5

    1.3

    1.3

    Export value growth (percent)

    4.9

    -9.1

    7.2

    5.3

    4.8

    5.0

    5.7

    4.9

    4.9

    Import value growth (percent)

    -11.4

    -8.1

    12.1

    15.3

    4.4

    3.3

    3.0

    4.2

    3.7
                             

    Gross official reserves (end of period)

    		                          

    In millions of U.S. dollars

    1,898

    4,392

    6,122

    7,056

    9,303

    13,118

    14,710

    14,875

    15,175

    In months of prospective imports of goods & services

    1.2

    2.4

    2.9

    3.2

    4.1

    5.5

    5.9

    5.8

    5.7

    In percent of ARA composite metric

    16.6

    37.5

    50.3

    58.3

    75.4

    100.1

    108.8

    108.5

    108.7

    Usable Gross official reserves (end of period) 3/

    		                    

    In millions of U.S. dollars

    462

    2,956

    4,686

    7,056

    9,303

    13,118

    14,710

    14,875

    15,175

    In months of prospective imports of goods & services

    0.3

    1.6

    2.2

    3.2

    4.1

    5.5

    5.9

    5.8

    5.7

    In percent of ARA composite metric

    4.0

    25.3

    38.5

    58.3

    75.4

    100.1

    108.8

    108.5

    108.7

    External debt (public and private)

    In billions of U.S. dollars

    57.4

    54.1

    53.9

    54.9

    57.2

    61.2

    62.9

    63.3

    65.6

    As a percent of GDP

    77.0

    64.1

    54.4

    56.1

    62.9

    65.9

    64.0

    60.4

    58.9

     

    Memorandum items:

    Nominal GDP (in billions of rupees)

    24,064

    27,630

    29,893

    32,309

    35,123

    38,113

    41,343

    44,819

    48,551

    Exchange Rate (period average)

    322.6

    327.5

    302.0

    …

    …

    …

    …

    …

    …

    Exchange Rate (end of period)

    363.1

    323.9

    293.0

    …

    …

    …

    …

    …

    …

    Sources: Data provided by the Sri Lankan authorities; and IMF staff estimates.

    		                        

    1/ Colombo CPI.

    		                      
                                                                                                                                 

    2/ Comprising central government debt, publicly guaranteed debt, and CBSL external liabilities

    (i.e., Fund credit outstanding and international currency swap arrangements). The debt statistics

    currently assume the external debt restructuring to have been completed at end 2023.

    3/ Excluding PBOC swap ($1.4bn in 2022) which becomes usable once GIR rise above 3 months

    of previous year’s import cover.

    [1] SDR figures are converted at the market rate of U.S. dollar per SDR on the day of the Board approval.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    https://www.imf.org/en/News/Articles/2025/02/28/pr25053-sri-lanka-imf-completes-the-3rd-rev-under-the-eff

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Security: Suburban Chicago Tax Professional Sentenced to More Than Ten Years in Prison for Stealing Client and Investor Funds

    Source: Office of United States Attorneys

    CHICAGO — A suburban Chicago tax professional who fraudulently obtained more than $2.5 million from clients and investors under false pretenses has been sentenced to more than ten years in federal prison.

    ADAM R. OLIVA, 43, of Rolling Meadows, Ill., pleaded guilty last year in two federal fraud cases.  Oliva was sentenced in December to six years in federal prison for one of the cases, and on Wednesday he received an additional four-and-a-half-year sentence for the other case.  The prison terms must be served consecutively, for a total period of incarceration of ten and a half years.

    In one case, Oliva held himself out as a tax professional who did business under various names, including Oliva and Associates LLC and The Oliva Group LLC.  From 2015 to 2020, Oliva fraudulently induced clients to provide him with money for the purported purpose of paying their income taxes.  Oliva instead kept the money for himself.  Oliva also admitted that he filed false tax returns on behalf of some of those clients, reflecting no or lower tax liabilities in order to make it less likely that the IRS would contact the clients about their unpaid tax liabilities.

    In the other case, Oliva duped investors who had provided him with money to fund purported short-term loans to clients.  Oliva promised those investors that they would receive returns of 10-20% on their investments.  In reality, he never intended to make any short-term loans.  Instead, he pocketed the investors’ money and used it for personal expenses, including gambling, meals at restaurants, and retail purchases.

    The sentences were announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, Ramsey E. Covington, Acting Special Agent-in-Charge of IRS Criminal Investigation Chicago Field Office, and Vincent R. Zehme, Special Agent-in-Charge of the Chicago Region of the FDIC’s Office of Inspector General.  The government was represented by Assistant U.S. Attorney Rick D. Young.

    MIL Security OSI –

  • MIL-OSI Economics: IMF and Ukrainian Authorities Reach Staff Level Agreement on the Seventh Review of the Extended Fund Facility (EFF) Arrangement

    Source: International Monetary Fund

    February 28, 2025

    • International Monetary Fund (IMF) staff and the Ukrainian authorities have reached staff level agreement (SLA) on the Seventh Review of the 4-year, $15.5 billion Extended Fund Facility (EFF) Arrangement. Subject to approval by the IMF Executive Board and consistent with its balance-of-payments needs, Ukraine would be expected to draw about US$0.4 billion (SDR 0.3 billion), bringing total disbursements under the program to US$10.1 billion.
    • Program performance remains strong. All end-December quantitative performance criteria (QPCs) have been met and understandings were reached on a set of policies and reforms to sustain macroeconomic stability. The structural reform agenda continues to make progress, with seven structural benchmarks met, another benchmark implemented with delay, and strong commitments to advance other key reforms.
    • The outlook remains exceptionally uncertain as the war continues to take a heavy toll on Ukraine’s people, economy, and infrastructure. Despite the challenging environment, the program remains on track on the back of critical external support.

    Warsaw, Poland: An International Monetary Fund (IMF) team led by Mr. Gavin Gray held discussions with the Ukrainian authorities in Kyiv, Ukraine and Warsaw, Poland during February 20-28 on the Seventh Review of the country’s 4-year Extended Fund Facility (EFF) Arrangement. Upon the conclusion of the discussions, Mr. Gray issued the following statement:

    “IMF staff and the Ukrainian authorities have reached staff-level agreement on the Seventh Review of the EFF, subject to approval by the IMF Executive Board, with Board consideration expected in coming weeks.

    “Ukraine’s four-year EFF Arrangement with the IMF continues to provide a strong anchor for the authorities’ economic program in times of exceptionally high uncertainty. Program performance remains strong with all quantitative performance criteria for end-December met, and important progress on the structural agenda due for this review. Reflecting a revised profile of balance of payments needs in 2025, Ukraine has requested to rephase access under its EFF program, shifting IMF financing to future reviews while the overall size of the program remains unchanged.

    “The economy has continued to show resilience despite the challenges arising from three years of war in Ukraine. Real GDP growth is estimated at 3.5 percent for 2024, but is expected to moderate to 2-3 percent in 2025, reflecting headwinds from labor constraints, damage to energy infrastructure, and the persistence of Russia’s war in Ukraine. Inflation has continued to rise, reaching 12.9 percent y/y in January, mainly due to rising food and labor costs. The National Bank of Ukraine (NBU) raised the policy rate by a cumulative 150 bps since December in response. Gross international reserves reached US$43 billion as of January 2025, reflecting continued large external official support. Risks remain exceptionally high given uncertainty on the war and the prospects for peace and recovery.

    “The 2025 budget targets a deficit (excluding grants) of 19.6 percent of GDP and remains the anchor for fiscal policy this year. It incorporates the additional revenue derived from the increase in tobacco excise taxes and enactment of this tax policy change is a requirement for completion of the review. Financing the large fiscal deficit will require significant and timely external support, notably from the G7’s ERA initiative, to support macroeconomic stability. Responding to high budget risks will require preparedness with offsetting measures; in particular broad-based, durable, and efficient revenue measures and accelerated implementation of Ukraine’s National Revenue Strategy (NRS)

    Restoring medium-term fiscal sustainability requires determined implementation of reforms to mobilize domestic revenues, tackle tax evasion and avoidance, and improve the investment climate. Tax policy reforms need also to be coupled with improvements in tax administration with continued reforms to the state customs service (SCS) and state tax service (STS). Restoring debt sustainability hinges on this revenue-based fiscal adjustment and continued implementation of the authorities’ debt restructuring strategy (where completing the treatment of the GDP warrants remains important). The upcoming 2026-2028 budget declaration that is to be submitted to Parliament in June will be an important opportunity to provide both the context and strategic objectives of the medium-term fiscal strategy.

    “Given the risks from rising inflation, the recent increases in the policy rate by the NBU are appropriate. Further action would be warranted if inflation accelerates further or inflation expectations deteriorate. The exchange rate should increasingly act as a shock absorber. Maintaining adequate reserves is a priority, particularly in view of risks to the outlook.

    “The independence, competence, and credibility of anti-corruption and judicial institutions should continue to be enhanced. Parliamentary adoption this week of the law establishing the High Administrative Court, a benchmark under the program, is a landmark step in this direction. Swift enactment of the law would pave the way for prompt establishment of the court.

    “Effective public investment management (PIM) is critical for post-war recovery, reconstruction, and growth against a backdrop of limited fiscal space and tough demographic realities. To tackle these challenges, the government of Ukraine is implementing a comprehensive PIM framework that is in line with best international practices. A strategy-driven and transparent approach is essential to overcome absorption capacity constraints and allocate scarce resources efficiently.

    “The financial sector remains stable, but continued vigilance is warranted given elevated risks. Developing financial markets infrastructure will be critical to support prompt reconstruction and recovery by facilitating much needed private investment, including attracting foreign capital. Comprehensive consultation and collaboration with financial market participants is essential to facilitate preparation of a prioritized reform agenda, which the NBU has begun in collaboration with other relevant stakeholders.

    “The mission met with Finance Minister Marchenko, National Bank of Ukraine Governor Pyshnyy, other government ministers, public officials, and civil society. The mission thanks them and their technical staff for the excellent collaboration and constructive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    MIL OSI Economics –

  • MIL-OSI Russia: IMF and Ukrainian Authorities Reach Staff Level Agreement on the Seventh Review of the Extended Fund Facility (EFF) Arrangement

    Source: IMF – News in Russian

    February 28, 2025

    • International Monetary Fund (IMF) staff and the Ukrainian authorities have reached staff level agreement (SLA) on the Seventh Review of the 4-year, $15.5 billion Extended Fund Facility (EFF) Arrangement. Subject to approval by the IMF Executive Board and consistent with its balance-of-payments needs, Ukraine would be expected to draw about US$0.4 billion (SDR 0.3 billion), bringing total disbursements under the program to US$10.1 billion.
    • Program performance remains strong. All end-December quantitative performance criteria (QPCs) have been met and understandings were reached on a set of policies and reforms to sustain macroeconomic stability. The structural reform agenda continues to make progress, with seven structural benchmarks met, another benchmark implemented with delay, and strong commitments to advance other key reforms.
    • The outlook remains exceptionally uncertain as the war continues to take a heavy toll on Ukraine’s people, economy, and infrastructure. Despite the challenging environment, the program remains on track on the back of critical external support.

    Warsaw, Poland: An International Monetary Fund (IMF) team led by Mr. Gavin Gray held discussions with the Ukrainian authorities in Kyiv, Ukraine and Warsaw, Poland during February 20-28 on the Seventh Review of the country’s 4-year Extended Fund Facility (EFF) Arrangement. Upon the conclusion of the discussions, Mr. Gray issued the following statement:

    “IMF staff and the Ukrainian authorities have reached staff-level agreement on the Seventh Review of the EFF, subject to approval by the IMF Executive Board, with Board consideration expected in coming weeks.

    “Ukraine’s four-year EFF Arrangement with the IMF continues to provide a strong anchor for the authorities’ economic program in times of exceptionally high uncertainty. Program performance remains strong with all quantitative performance criteria for end-December met, and important progress on the structural agenda due for this review. Reflecting a revised profile of balance of payments needs in 2025, Ukraine has requested to rephase access under its EFF program, shifting IMF financing to future reviews while the overall size of the program remains unchanged.

    “The economy has continued to show resilience despite the challenges arising from three years of war in Ukraine. Real GDP growth is estimated at 3.5 percent for 2024, but is expected to moderate to 2-3 percent in 2025, reflecting headwinds from labor constraints, damage to energy infrastructure, and the persistence of Russia’s war in Ukraine. Inflation has continued to rise, reaching 12.9 percent y/y in January, mainly due to rising food and labor costs. The National Bank of Ukraine (NBU) raised the policy rate by a cumulative 150 bps since December in response. Gross international reserves reached US$43 billion as of January 2025, reflecting continued large external official support. Risks remain exceptionally high given uncertainty on the war and the prospects for peace and recovery.

    “The 2025 budget targets a deficit (excluding grants) of 19.6 percent of GDP and remains the anchor for fiscal policy this year. It incorporates the additional revenue derived from the increase in tobacco excise taxes and enactment of this tax policy change is a requirement for completion of the review. Financing the large fiscal deficit will require significant and timely external support, notably from the G7’s ERA initiative, to support macroeconomic stability. Responding to high budget risks will require preparedness with offsetting measures; in particular broad-based, durable, and efficient revenue measures and accelerated implementation of Ukraine’s National Revenue Strategy (NRS)

    Restoring medium-term fiscal sustainability requires determined implementation of reforms to mobilize domestic revenues, tackle tax evasion and avoidance, and improve the investment climate. Tax policy reforms need also to be coupled with improvements in tax administration with continued reforms to the state customs service (SCS) and state tax service (STS). Restoring debt sustainability hinges on this revenue-based fiscal adjustment and continued implementation of the authorities’ debt restructuring strategy (where completing the treatment of the GDP warrants remains important). The upcoming 2026-2028 budget declaration that is to be submitted to Parliament in June will be an important opportunity to provide both the context and strategic objectives of the medium-term fiscal strategy.

    “Given the risks from rising inflation, the recent increases in the policy rate by the NBU are appropriate. Further action would be warranted if inflation accelerates further or inflation expectations deteriorate. The exchange rate should increasingly act as a shock absorber. Maintaining adequate reserves is a priority, particularly in view of risks to the outlook.

    “The independence, competence, and credibility of anti-corruption and judicial institutions should continue to be enhanced. Parliamentary adoption this week of the law establishing the High Administrative Court, a benchmark under the program, is a landmark step in this direction. Swift enactment of the law would pave the way for prompt establishment of the court.

    “Effective public investment management (PIM) is critical for post-war recovery, reconstruction, and growth against a backdrop of limited fiscal space and tough demographic realities. To tackle these challenges, the government of Ukraine is implementing a comprehensive PIM framework that is in line with best international practices. A strategy-driven and transparent approach is essential to overcome absorption capacity constraints and allocate scarce resources efficiently.

    “The financial sector remains stable, but continued vigilance is warranted given elevated risks. Developing financial markets infrastructure will be critical to support prompt reconstruction and recovery by facilitating much needed private investment, including attracting foreign capital. Comprehensive consultation and collaboration with financial market participants is essential to facilitate preparation of a prioritized reform agenda, which the NBU has begun in collaboration with other relevant stakeholders.

    “The mission met with Finance Minister Marchenko, National Bank of Ukraine Governor Pyshnyy, other government ministers, public officials, and civil society. The mission thanks them and their technical staff for the excellent collaboration and constructive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    https://www.imf.org/en/News/Articles/2025/02/28/pr25052-ukraine-imf-and-ukrainian-authorities-reach-sla-on-the-7th-review-of-the-eff-arrangement

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Canada: Budget 2025: Snip. Taxes cut for Albertans

    [. By fulfilling a promise to cut personal income taxes, Albertans will take more money home on every paycheque.

    Starting this year, Alberta taxpayers will benefit from a new eight per cent personal tax bracket on income up to $60,000, down from the previous rate of 10 per cent. When this new tax cut takes effect, taxpayers will save up to $750 in 2025, while two-income families will see savings of up to $1,500, which will help them and their families with the cost of groceries, housing, utility bills or other priorities.

    “Over the past few years Albertans have faced an unprecedented cost of living crisis, largely due to the irresponsible actions of the federal Liberal government. That’s why Alberta’s government is taking action to cut personal income taxes for two million hard-working Albertans – fulfilling our campaign promise – so that Albertans can keep more of their hard-earned dollars to help support their families.”

    Danielle Smith, Premier of Alberta

    “By fast-tracking this new eight per cent tax bracket, Albertans can keep more of their hard-earned money this year. This is just one more way we’re helping Albertans find their way forward during turbulent economic times.”

    Nate Horner, President of Treasury Board and Minister of Finance

    “Premier Danielle Smith keeping her promise to cut Alberta’s income tax is great news, because it means huge savings for most working families. Families are fighting to afford basics right now, and if they can save more than $1,500 per year thanks to this big tax cut, that would cover a month’s rent or more than a month’s worth of groceries.”

    Kris Sims, Alberta director, Canadian Taxpayers Federation.

    Overall, this personal income tax cut is expected to save Albertans $1.2 billion in 2025, with savings rising to $1.4 billion in 2028. Most taxpayers will start to see the benefit of the tax cut on their paycheques after July 1, when payroll withholdings are adjusted.

    “Albertans know best where their hard-earned dollars are needed most. By leaving more money in their pockets, we’re helping ensure families can meet their unique needs and achieve greater prosperity for a brighter future.”

    Nathan Neudorf, Minister of Affordability and Utilities

    With low personal and corporate income taxes, low fuel tax and no sales tax, Albertans and Alberta businesses generally pay lower overall taxes than those in other provinces. In 2025-26, Albertans and Alberta businesses would pay at least $20.1 billion less in taxes than they would if Alberta had the same tax system as any other province.

    Related information

    • Alberta tax overview
    • Budget 2025

    Related news

    • Budget 2025: Meeting the challenge

    Multimedia

    • Watch the news conference
    • Tax cut to save Albertans money

    MIL OSI Canada News –

  • MIL-OSI Economics: Costa Rica: Staff Concluding Statement of the 2025 Article IV Consultation Mission

    Source: International Monetary Fund

    February 28, 2025

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

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

    San José: An International Monetary Fund (IMF) staff team, led by Mr. Ding Ding, held the 2025 Article IV consultation with the Costa Rican authorities during February 18-28. At the conclusion of the discussions, Mr. Ding issued the following statement:

    Costa Rica is one of the fastest-growing economies in the Western Hemisphere, achieving notable economic success in recent years. GDP growth has averaged above 5 percent since 2021, outpacing regional peers and contributing to lower poverty and unemployment. Over the same period, public debt fell by an impressive 8 percentage points of GDP to below 60 percent of GDP. These successes are fruits of good macroeconomic policies, wide-ranging reforms in the context of becoming a member of the OECD, two successfully completed IMF-supported programs, and a strategic focus on exports and economic diversification. Growth is projected to remain strong at about 4 percent for 2025.

    Inflation is showing encouraging signs of returning towards the inflation target, following decisive monetary policy easing by the BCCR. Having been near zero since mid-2024, headline inflation has begun to rise and is projected to reach the BCCR’s tolerance band in mid-2025 and the 3 percent target within a year. However, core inflation remains subdued and there are downside risks, primarily stemming from low inflation expectations becoming entrenched below the target. Upside risks could arise from possible commodity price increases and/or supply-side disruptions.

    The BCCR’s forward-looking data-dependent approach has proven effective and its inflation targeting regime is working well. At the current monetary policy rate, inflation is expected to be 3 percent by 2026Q1. If the convergence of inflation to the 3 percent target weakens in the coming months, there is room for the BCCR to cut the policy rate further. Credit growth has been strong. If there are signs of excess credit growth especially associated with FX loans, macroprudential measures should be tightened to mitigate potential risks to financial stability.

    It is important to further strengthen the BCCR’s autonomy, governance, and operational framework. This would be achieved by approving legislative proposals to improve BCCR governance, transparency, and accountability, and institutionalize the central bank’s de facto autonomy.

    The exchange rate should be allowed to adjust more flexibly to market conditions. The BCCR accumulated US$ 920 million in international reserves during 2024, and reserve coverage is now comfortable by multiple metrics. A further accumulation of international reserves is unwarranted and would impose unnecessary costs over time. Moreover, frequent foreign exchange intervention can weaken monetary policy transmission and hinder foreign exchange market development. Concerted efforts including legal reforms are needed to deepen FX markets and strengthen the non-financial public sector’s ability to manage currency risks, reducing its reliance on the BCCR as an intermediary for FX transactions. Alongside the planned reform to restructure existing pension funds into generational funds, regulatory limits on foreign investments by local pension funds need to be updated. Adjustments to these limits should be phased in and supported by FX market development.

    There is scope to further capitalize on the significant progress on financial sector oversight. Indicators of financial soundness remain comfortable, notwithstanding the resolution of two small non-bank financial institutions last year. These episodes highlighted the importance of a strong supervisory and resolution framework. The Legislative Assembly should, therefore, pass the proposed amendments to the bank resolution and deposit insurance law that would further strengthen supervisory and resolution powers and enhance the crisis management framework.

    Although public debt fell to below 60 percent of GDP in 2024, the task of rebuilding fiscal space is not yet complete. The debt ratio fell in part due to some drawdown of cash balances and transfers of cash balances by decentralized and autonomous entities to the Treasury Single Account (which lowered financing needs). However, the primary surplus fell in 2024 due to temporary factors and the regrettable reductions of the vehicle property tax (marchamo) and corporate tax base. An unwinding of temporary factors is expected to help the primary balance rise to around 1½ percent of GDP this year. A higher primary balance is essential to bring debt down further, reduce interest costs, and create room for additional spending. While spending should be less than the ceiling permitted by the fiscal rule, the higher primary balance should still allow for some increases in priority areas like infrastructure, child and adult care (which will help boost female labor market participation), and investments in skills training for vulnerable groups (which will help reduce dependency on social assistance).

    Tax reforms could improve the fairness and efficiency of the system while raising resources for both debt reduction and somewhat higher spending. However, revenue-increasing bills presented over the last five years that would also have increased progressivity and bolstered dynamism have not been viewed favorably by legislators. These have included proposals to reduce VAT and income tax exemptions (such as on the salario escolar and for lottery winnings) and to bring income from self-employment, salaries, and pensions under a single threshold while raising the top marginal rate. These bills warrant renewed consideration as higher revenues would allow faster increases in social and capital spending. At the same time, we are worried that various Legislative Assembly bills are reducing revenues.

    Full implementation of the public employment bill and debt management reforms would improve spending quality and reduce interest costs. Legislative proposals aimed at amending the public employment law could significantly undermine progress in containing the public-sector wage bill. Institutions that have not yet fully implemented the public employment law should do so without further delay to ensure its benefits are broadened to beyond the central government. Legal reforms to permit access to international sovereign debt markets and grant the executive branch more flexibility in issuing external debt would also be valuable. There have been welcome improvements in the quality of government finance statistics, which are expected to be used in the setting of fiscal policies.

    A comprehensive solution is needed to resolve the dispute between Caja Costarricense de Seguro Social (CCSS) and the Ministry of Finance (MoF) over social security claims. The outstanding claim is due to an unfunded expansion of beneficiaries and CCSS’s unilateral decisions to raise the government’s contribution. Addressing this issue requires urgent improvements in the CCSS’s registry systems so as to allow for an accurate tracking of outlays and beneficiaries. Moreover, the CCSS and the MoF should clarify the scope of healthcare services and pension benefits that are currently covered by the budget while identifying additional funding sources as needed to ensure that the healthcare and pension systems are actuarially sound. Strengthening CCSS governance will be essential to ensure that any future changes to the social security system include a thorough assessment of the fiscal and labor market implications of such changes. There is also scope to enhance the accountability of the CCSS, the transparency of their operations, and the simplicity of the system, in line with international best practice. These reforms will be critical to safeguard the long-run sustainability of the social security system as the population ages.

    Advancing supply-side reforms can help sustain Costa Rica’s impressive economic performance by addressing key bottlenecks to growth. To tackle skill shortages, particularly in high-tech industries, it is essential to accelerate efforts to reduce skills mismatches, align school curricula with industry needs, promote dual education (including apprenticeship programs) and bilingual education, and improve adult secondary education graduation rates. The recent reduction of the minimum contribution base for part-time workers has helped encourage formal employment but there is scope to lower the high tax wedge on labor, substituting for alternative revenue sources. Enhancing infrastructure quality and maintenance would further strengthen potential growth. In this regard, integrating climate considerations into public investment decisions is already making infrastructure more resilient against natural disasters. Given the substantial additional funding needed to upgrade infrastructure, approving and implementing the new legislation on public private partnerships is critical. Additionally, ongoing reforms to facilitate private-sector electricity provision, including diversification into non-hydroelectric renewables, will make electricity more affordable and less vulnerable to fluctuations in rainfall.

    The IMF team is grateful to the Costa Rican authorities and other counterparts for the productive discussions and hospitality during the mission.

    Costa Rica: Selected Economic and Financial Indicators

     

     

     

     

     

     

    Projections

    2022

    2023

    2024

    2025

    2026

    2027

    Output and Prices

    (Annual percentage change)

    Real GDP

    4.6

    5.1

    4.3

    3.9

    3.8

    3.6

    GDP deflator

    6.3

    -0.1

    0.0

    2.9

    3.2

    3.2

    Consumer prices (period average)

    8.3

    0.5

    -0.4

    2.0

    3.0

    3.0

    Savings and Investment

    (In percent of GDP)

    Gross domestic saving

    14.4

    13.8

    14.3

    14.1

    14.1

    14.3

    Gross domestic investment

    17.7

    15.3

    15.7

    15.7

    15.7

    15.8

    External Sector

    Current account balance

    -3.3

    -1.4

    -1.4

    -1.6

    -1.6

    -1.5

    Trade balance

    -6.7

    -3.7

    -2.7

    -3.0

    -2.8

    -3.1

    Financial account balance

    -2.5

    -0.7

    -0.7

    -1.6

    -1.5

    -1.5

    Foreign direct investment, net

    -4.4

    -4.3

    -4.0

    -5.3

    -5.5

    -5.4

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

    8,724

    13,261

    14,181

    15,056

    16,077

    16,827

    External debt

    50.7

    43.3

    38.6

    35.5

    33.3

    30.9

    Public Finances

    Central government primary balance

    2.1

    1.6

    1.1

    1.5

    1.6

    1.7

    Central government overall balance

    -2.8

    -3.2

    -3.8

    -3.0

    -2.7

    -2.3

    Central government debt

    63.0

    61.1

    59.8

    59.4

    58.4

    57.1

    Money and Credit

    Credit to the private sector (percent change)

    3.3

    1.9

    6.4

    7.5

    7.0

    7.0

    Monetary base 1/

    8.0

    7.9

    8.0

    8.0

    8.0

    8.0

    Broad money

    47.5

    47.4

    49.4

    50.1

    50.3

    50.9

    Memorandum Items

    Nominal GDP (billions of colones) 2/

    44,810

    47,059

    49,116

    52,531

    56,237

    60,132

    Output gap (as percent of potential GDP)

    -0.3

    1.0

    0.6

    0.5

    0.4

    0.2

    GDP per capita (US$)

    13,240

    16,390

    17,901

    19,013

    20,009

    21,045

    Unemployment rate

    11.7

    7.3

    6.9

    8.0

    8.5

    9.0

    Sources: Central Bank of Costa Rica, and Fund staff estimates.

    1/ Includes currency issued and required reserves.

    2/ National account data reflect the revision of the benchmark year to 2017 for the chained volume measures, published in January 2021.
    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

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

    MIL OSI Economics –

  • MIL-OSI Russia: Costa Rica: Staff Concluding Statement of the 2025 Article IV Consultation Mission

    Source: IMF – News in Russian

    February 28, 2025

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

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

    San José: An International Monetary Fund (IMF) staff team, led by Mr. Ding Ding, held the 2025 Article IV consultation with the Costa Rican authorities during February 18-28. At the conclusion of the discussions, Mr. Ding issued the following statement:

    Costa Rica is one of the fastest-growing economies in the Western Hemisphere, achieving notable economic success in recent years. GDP growth has averaged above 5 percent since 2021, outpacing regional peers and contributing to lower poverty and unemployment. Over the same period, public debt fell by an impressive 8 percentage points of GDP to below 60 percent of GDP. These successes are fruits of good macroeconomic policies, wide-ranging reforms in the context of becoming a member of the OECD, two successfully completed IMF-supported programs, and a strategic focus on exports and economic diversification. Growth is projected to remain strong at about 4 percent for 2025.

    Inflation is showing encouraging signs of returning towards the inflation target, following decisive monetary policy easing by the BCCR. Having been near zero since mid-2024, headline inflation has begun to rise and is projected to reach the BCCR’s tolerance band in mid-2025 and the 3 percent target within a year. However, core inflation remains subdued and there are downside risks, primarily stemming from low inflation expectations becoming entrenched below the target. Upside risks could arise from possible commodity price increases and/or supply-side disruptions.

    The BCCR’s forward-looking data-dependent approach has proven effective and its inflation targeting regime is working well. At the current monetary policy rate, inflation is expected to be 3 percent by 2026Q1. If the convergence of inflation to the 3 percent target weakens in the coming months, there is room for the BCCR to cut the policy rate further. Credit growth has been strong. If there are signs of excess credit growth especially associated with FX loans, macroprudential measures should be tightened to mitigate potential risks to financial stability.

    It is important to further strengthen the BCCR’s autonomy, governance, and operational framework. This would be achieved by approving legislative proposals to improve BCCR governance, transparency, and accountability, and institutionalize the central bank’s de facto autonomy.

    The exchange rate should be allowed to adjust more flexibly to market conditions. The BCCR accumulated US$ 920 million in international reserves during 2024, and reserve coverage is now comfortable by multiple metrics. A further accumulation of international reserves is unwarranted and would impose unnecessary costs over time. Moreover, frequent foreign exchange intervention can weaken monetary policy transmission and hinder foreign exchange market development. Concerted efforts including legal reforms are needed to deepen FX markets and strengthen the non-financial public sector’s ability to manage currency risks, reducing its reliance on the BCCR as an intermediary for FX transactions. Alongside the planned reform to restructure existing pension funds into generational funds, regulatory limits on foreign investments by local pension funds need to be updated. Adjustments to these limits should be phased in and supported by FX market development.

    There is scope to further capitalize on the significant progress on financial sector oversight. Indicators of financial soundness remain comfortable, notwithstanding the resolution of two small non-bank financial institutions last year. These episodes highlighted the importance of a strong supervisory and resolution framework. The Legislative Assembly should, therefore, pass the proposed amendments to the bank resolution and deposit insurance law that would further strengthen supervisory and resolution powers and enhance the crisis management framework.

    Although public debt fell to below 60 percent of GDP in 2024, the task of rebuilding fiscal space is not yet complete. The debt ratio fell in part due to some drawdown of cash balances and transfers of cash balances by decentralized and autonomous entities to the Treasury Single Account (which lowered financing needs). However, the primary surplus fell in 2024 due to temporary factors and the regrettable reductions of the vehicle property tax (marchamo) and corporate tax base. An unwinding of temporary factors is expected to help the primary balance rise to around 1½ percent of GDP this year. A higher primary balance is essential to bring debt down further, reduce interest costs, and create room for additional spending. While spending should be less than the ceiling permitted by the fiscal rule, the higher primary balance should still allow for some increases in priority areas like infrastructure, child and adult care (which will help boost female labor market participation), and investments in skills training for vulnerable groups (which will help reduce dependency on social assistance).

    Tax reforms could improve the fairness and efficiency of the system while raising resources for both debt reduction and somewhat higher spending. However, revenue-increasing bills presented over the last five years that would also have increased progressivity and bolstered dynamism have not been viewed favorably by legislators. These have included proposals to reduce VAT and income tax exemptions (such as on the salario escolar and for lottery winnings) and to bring income from self-employment, salaries, and pensions under a single threshold while raising the top marginal rate. These bills warrant renewed consideration as higher revenues would allow faster increases in social and capital spending. At the same time, we are worried that various Legislative Assembly bills are reducing revenues.

    Full implementation of the public employment bill and debt management reforms would improve spending quality and reduce interest costs. Legislative proposals aimed at amending the public employment law could significantly undermine progress in containing the public-sector wage bill. Institutions that have not yet fully implemented the public employment law should do so without further delay to ensure its benefits are broadened to beyond the central government. Legal reforms to permit access to international sovereign debt markets and grant the executive branch more flexibility in issuing external debt would also be valuable. There have been welcome improvements in the quality of government finance statistics, which are expected to be used in the setting of fiscal policies.

    A comprehensive solution is needed to resolve the dispute between Caja Costarricense de Seguro Social (CCSS) and the Ministry of Finance (MoF) over social security claims. The outstanding claim is due to an unfunded expansion of beneficiaries and CCSS’s unilateral decisions to raise the government’s contribution. Addressing this issue requires urgent improvements in the CCSS’s registry systems so as to allow for an accurate tracking of outlays and beneficiaries. Moreover, the CCSS and the MoF should clarify the scope of healthcare services and pension benefits that are currently covered by the budget while identifying additional funding sources as needed to ensure that the healthcare and pension systems are actuarially sound. Strengthening CCSS governance will be essential to ensure that any future changes to the social security system include a thorough assessment of the fiscal and labor market implications of such changes. There is also scope to enhance the accountability of the CCSS, the transparency of their operations, and the simplicity of the system, in line with international best practice. These reforms will be critical to safeguard the long-run sustainability of the social security system as the population ages.

    Advancing supply-side reforms can help sustain Costa Rica’s impressive economic performance by addressing key bottlenecks to growth. To tackle skill shortages, particularly in high-tech industries, it is essential to accelerate efforts to reduce skills mismatches, align school curricula with industry needs, promote dual education (including apprenticeship programs) and bilingual education, and improve adult secondary education graduation rates. The recent reduction of the minimum contribution base for part-time workers has helped encourage formal employment but there is scope to lower the high tax wedge on labor, substituting for alternative revenue sources. Enhancing infrastructure quality and maintenance would further strengthen potential growth. In this regard, integrating climate considerations into public investment decisions is already making infrastructure more resilient against natural disasters. Given the substantial additional funding needed to upgrade infrastructure, approving and implementing the new legislation on public private partnerships is critical. Additionally, ongoing reforms to facilitate private-sector electricity provision, including diversification into non-hydroelectric renewables, will make electricity more affordable and less vulnerable to fluctuations in rainfall.

    The IMF team is grateful to the Costa Rican authorities and other counterparts for the productive discussions and hospitality during the mission.

    Costa Rica: Selected Economic and Financial Indicators

     

     

     

     

     

     

    Projections

    2022

    2023

    2024

    2025

    2026

    2027

    Output and Prices

    (Annual percentage change)

    Real GDP

    4.6

    5.1

    4.3

    3.9

    3.8

    3.6

    GDP deflator

    6.3

    -0.1

    0.0

    2.9

    3.2

    3.2

    Consumer prices (period average)

    8.3

    0.5

    -0.4

    2.0

    3.0

    3.0

    Savings and Investment

    (In percent of GDP)

    Gross domestic saving

    14.4

    13.8

    14.3

    14.1

    14.1

    14.3

    Gross domestic investment

    17.7

    15.3

    15.7

    15.7

    15.7

    15.8

    External Sector

    Current account balance

    -3.3

    -1.4

    -1.4

    -1.6

    -1.6

    -1.5

    Trade balance

    -6.7

    -3.7

    -2.7

    -3.0

    -2.8

    -3.1

    Financial account balance

    -2.5

    -0.7

    -0.7

    -1.6

    -1.5

    -1.5

    Foreign direct investment, net

    -4.4

    -4.3

    -4.0

    -5.3

    -5.5

    -5.4

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

    8,724

    13,261

    14,181

    15,056

    16,077

    16,827

    External debt

    50.7

    43.3

    38.6

    35.5

    33.3

    30.9

    Public Finances

    Central government primary balance

    2.1

    1.6

    1.1

    1.5

    1.6

    1.7

    Central government overall balance

    -2.8

    -3.2

    -3.8

    -3.0

    -2.7

    -2.3

    Central government debt

    63.0

    61.1

    59.8

    59.4

    58.4

    57.1

    Money and Credit

    Credit to the private sector (percent change)

    3.3

    1.9

    6.4

    7.5

    7.0

    7.0

    Monetary base 1/

    8.0

    7.9

    8.0

    8.0

    8.0

    8.0

    Broad money

    47.5

    47.4

    49.4

    50.1

    50.3

    50.9

    Memorandum Items

    Nominal GDP (billions of colones) 2/

    44,810

    47,059

    49,116

    52,531

    56,237

    60,132

    Output gap (as percent of potential GDP)

    -0.3

    1.0

    0.6

    0.5

    0.4

    0.2

    GDP per capita (US$)

    13,240

    16,390

    17,901

    19,013

    20,009

    21,045

    Unemployment rate

    11.7

    7.3

    6.9

    8.0

    8.5

    9.0

    Sources: Central Bank of Costa Rica, and Fund staff estimates.

    1/ Includes currency issued and required reserves.

    2/ National account data reflect the revision of the benchmark year to 2017 for the chained volume measures, published in January 2021.
    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

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

    https://www.imf.org/en/News/Articles/2025/02/28/mcs-022825-costa-rica-staff-concluding-statement-of-the-2025-article-iv-consultation-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Security: LA Woman Sentenced to 5 Years in Prison for $2.3 Million COVID Loan Scheme and Falsely Seeking Nearly $1.3 Million in Pandemic Tax Credits

    Source: Office of United States Attorneys

    LOS ANGELES – A woman from the Mid-City area of Los Angeles was sentenced to 60 months in federal prison for fraudulently obtaining more than $2 million in COVID-19 government loans and to submitting false claims in an unsuccessful effort to secure from the IRS nearly $1.3 million in pandemic-related tax credits, the Justice Department announced today.

    Casie Hynes, 39, was sentenced late Thursday afternoon by United States District Judge Hernán D. Vera, who also ordered her to pay $2,376,168 in restitution.

    In April 2024, Hynes pleaded guilty to one count of wire fraud and one count of false claims.

    “The defendant exploited a crisis to line her own pockets, diverting vital relief funds from businesses that needed the money,” said Acting United States Attorney Joseph McNally. “The sentence imposed today sends a message to others that you will be held accountable if you steal government relief funds.”

    From June 2020 to December 2021, Hynes submitted more than 80 fraudulent applications for Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDL) from banks and the United States Small Business Administration (SBA) in the names of approximately 20 companies. Congress designed these programs to provide government relief to businesses during the COVID-19 pandemic.

    Hynes submitted the bogus applications in the names of both existing and newly created companies, including Nasty Womxn Project and She Suite Collective and others purportedly owned by Hynes or her friends and family members. On those applications, Hynes often used the personal information and signatures of other people without their authorization and even though those people were not involved with the companies. Hynes also provided false information on the applications, including as to the number of purported employees at the companies, the companies’ average monthly payroll, and who purportedly owned and controlled these sham businesses. Hynes also submitted fabricated tax documents and bank statements in support of the fraudulent PPP and EIDL applications.

    In reliance on Hynes’ fraudulent loan applications, banks and the SBA approved PPP and EIDL loans for the various companies she created and then disbursed the COVID-19 relief funds into bank accounts she controlled and used to pay for her own personal expenses.

    Hynes admitted that she intended to cause approximately $3,174,323 in losses and she received approximately $2,255,244 in fraudulent proceeds from this scheme.

    In a related scheme, Hynes used some of the same companies named in her PPP and EIDL fraud to submit bogus tax forms to the IRS, requesting refunds. Following COVID-19’s outbreak, Congress enacted laws authorizing the IRS to reduce the employment tax burdens of small businesses and reimburse those businesses for wages paid to employees who were on sick or family leave and could not work because of the pandemic. During the tax years 2020 and 2021, the IRS offered the Employee Retention Credit and paid sick and family leave credit to businesses that were significantly impacted by COVID-19.

    From May 2021 to April 2022, Hynes caused to be submitted 12 tax forms that sought refunds based on false statements on behalf of Nasty Womxn Project LLC, She Suite Ventures, and Casie Hynes Consulting. Hynes knew these companies had little to no business operations, did not have the number of employees she claimed, and did not pay the quarterly wages she claimed in the tax forms.

    Hynes fraudulently sought approximately $1,255,703 in COVID-19 tax credits and tax refunds through these false claims, none of which the IRS paid.

    IRS Criminal Investigation investigated this matter.

    Assistant United States Attorney Kristen A. Williams of the Major Frauds Section prosecuted this case.

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

    Tips and complains from all sources about potential fraud affecting COVID-19 government relief programs can be reported by visiting the webpage of the Civil Division’s Fraud Section, which can be found here. Anyone with information about allegations of attempted fraud involving COVID-19 can also report it by calling the Justice Department’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint From at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    MIL Security OSI –

  • MIL-OSI Security: Fraudster Receives Prison Sentence in Illegal Paycheck Protection Program Scheme

    Source: Office of United States Attorneys

    ATLANTA – Jerry Baptiste, the last of 20 defendants charged in a wide-ranging criminal scheme to steal Paycheck Protection Program funds during the COVID-19 pandemic, has been sentenced for his role in the scheme.

    “This defendant and his co-conspirators used an unprecedented global crisis to defraud the government and the American people,” said Acting U.S. Attorney Richard S. Moultrie, Jr. “Today’s tough, but fair, sentence sends the message that stealing from the government does not pay.” 

    “This sentencing wraps up an exhaustive investigation into a fraud scheme that stole emergency funds from businesses and individuals that desperately needed them during the Covid-19 pandemic,” said Paul Brown, Special Agent in Charge of FBI Atlanta.  “The FBI will make every effort to ensure federal funds are used as intended and punish anyone who would steal from our government.”

    “The sentencings of the 20 defendants serves as a reminder to those who committed PPP fraud that investigations into their criminal acts have not ended,” said Special Agent in Charge Demetrius Hardeman, IRS Criminal Investigation, Atlanta Field Office. “IRS Criminal Investigation special agents will continue their diligent search for those who defrauded the American people during the COVID-19 pandemic.”

    According to Acting U.S. Attorney Moultrie, the third superseding indictment, and other information presented in court: from April 2020 through May 2020, Jerry Baptiste conspired with Darrell Thomas, Denesseria Slaton, Amanda Christian, Charles Petty, Bern Benoit, and others to submit a fraudulent Paycheck Protection Program (“PPP”) loan application for Transportation Management Services Inc. (“Transportation Management”), a company that Benoit purported to own. The PPP loan application for Transportation Management falsely represented that it maintained 66 employees and an average monthly payroll of $332,167, and that it would use the PPP funds for payroll, lease payments or mortgage interest, and utilities.

    To support its payroll figures, Transportation Management submitted with its PPP loan application false IRS Form 941s, which are the Employer’s Quarterly Federal Tax Return, for each quarter of 2019. Transportation Management also included with its PPP loan application a fraudulent bank statement. Through the Transportation Management PPP loan application, Baptiste and his co-conspirators fraudulently obtained $830,417. Baptiste also participated in preparing other fraudulent PPP loans.

    Jerry Baptiste, 47, of Miami, Florida was sentenced by U.S. District Judge J. P. Boulee to six and a half years in prison, to be followed by three years of supervised release, and ordered to pay restitution in the amount of$830,417. On October 29, 2024, Baptiste pleaded guilty to money laundering pursuant to a negotiated plea agreement.

    All the defendants in Baptiste’s case have now been convicted and sentenced, with punishments ranging from probation to 15 years’ imprisonment:

    • Darrell Thomas. On June 16, 2021, Thomas pleaded guilty to charges of conspiracy to commit bank and wire fraud and money laundering. On May 9, 2022, Thomas was sentenced to 180 months’ imprisonment followed by five years of supervised release, and ordered to pay $13,206,752.10 in restitution.
    • Andre Lee Gaines. On June 17, 2021, Gaines pleaded guilty to the charge of making a false statement. On October 5, 2021, Gaines was sentenced to five years’ probation and ordered to pay $806,710 in restitution.
    • Kahlil Gibran Green. On September 1, 2020, Green pleaded guilty to the charge of conspiracy to commit bank and wire fraud. On January 14, 2021, Green was sentenced to 41 months’ imprisonment followed by five years of supervised release, and ordered to pay $830,000 in restitution.
    • Bern Benoit. On March 11, 2021, Benoit pleaded guilty to the charge of conspiracy to commit bank and wire fraud. On September 8, 2021, Benoit was sentenced to 27 months’ imprisonment followed by five years of supervised release, and ordered to pay $1,105,217 in restitution.
    • Carla Jackson. On February 15, 2024, Jackson was found guilty of money laundering by jury verdict. On May 16, 2024, Jackson was sentenced to 36 months’ imprisonment followed by two years of supervised release, and ordered to pay $335,238.22 in restitution.
    • Ricky Dixon. On August 1, 2022, Dixon pleaded guilty to the charges of aggravated identity theft and conspiracy to commit money laundering. On January 25, 2023, Dixon was sentenced to 100 months’ imprisonment followed by three years of supervised release, and ordered to pay $4,320,928.31 in restitution.
    • Meghan Thomas. On July 27, 2022, Thomas pleaded guilty to the charge of conspiracy to commit wire fraud. On May 23, 2023, Thomas was sentenced to 18 months’ imprisonment followed by three years of supervised release, and ordered to pay $2,381,760.35 in restitution.
    • Jesika Blakely. On March 15, 2022, Blakely pleaded guilty to the charge of conspiracy to commit money laundering. On February 8, 2023, Blakely was sentenced to 36 months’ imprisonment followed by three years of supervised release, and ordered to pay $5,348,498.89 in restitution.
    • Amanda Christian. On March 5, 2022, Christian pleaded guilty to the charge of conspiracy to commit wire fraud. On September 13, 2022, Christian was sentenced to 41 months’ imprisonment followed by three years of supervised release, and ordered to pay $835,542 in restitution.
    • Dwan Ashong. On June 29, 2022, Ashong pleaded guilty to the charge of conspiracy to commit money laundering. On October 31, 2022, Ashong was sentenced to 51 months’ imprisonment followed by three years of supervised release, and ordered to pay $3,604,807 in restitution.
    • John Gaines. On January 31, 2024, Gaines pleaded guilty to the charge of money laundering. On June 26, 2024, Gaines was sentenced to 63 months’ imprisonment followed by three years of supervised release, and ordered to pay $806,710 in restitution.
    • Charles Petty. On November 2, 2021, Petty pleaded guilty to the charge of conspiracy to commit bank and wire fraud. On February 25, 2022, Petty was sentenced to 46 months’ imprisonment followed by five years of supervised release, and ordered to pay $830,417 in restitution.
    • Derek Parker. On April 14, 2022, Parker pleaded guilty to the charge of conspiracy to commit wire fraud. On August 31, 2022, Parker was sentenced to 18 months’ imprisonment followed by three years of supervised release, and ordered to pay $163,620.40 in restitution.
    • David Belgrave II. On May 25, 2022, Belgrave pleaded guilty to the charge of conspiracy to commit bank and wire fraud. On August 25, 2022, Belgrave was sentenced to nine months’ imprisonment followed by three years of supervised release, with 18 months on home detention, and ordered to pay $877,000 in restitution.
    • Charles Hill IV. On September 29, 2021, Hill pleaded guilty to conspiracy to commit wire fraud. On January 12, 2022, Hill was sentenced to five years’ probation, with 27 months on home detention, and ordered to pay $1,004,805 in restitution.
    • Ryan Whittley. On May 25, 2022, Whittley pleaded guilty to the charge of conspiracy to commit wire fraud. On August 29, 2022, Whittley was sentenced to 21 months’ imprisonment followed by three years of supervised release, and ordered to pay $797,275 in restitution.
    • El Hadj Sall. On August 24, 2022, Sall pleaded guilty to the charge of conspiracy to commit wire fraud. On November 29, 2022, Sall was sentenced to 27 months’ imprisonment followed by three years of supervised release, and ordered to pay $973,585 in restitution.
    • Rick McDuffie. On April 27, 2022, McDuffie pleaded guilty to the charge of conspiracy to commit wire fraud. On August 23, 2022, McDuffie was sentenced to 24 months’ imprisonment followed by one year of supervised release, and ordered to pay $5,125 in restitution.
    • Teldrin Foster. On February 15, 2024, Foster was found guilty of conspiracy to commit wire fraud, conspiracy to commit bank and wire fraud, wire fraud, bank fraud, making a false statement to a federally insured bank, and money laundering by jury verdict. On June 25, 2024, Foster was sentenced to 121 months’ imprisonment followed by three years of supervised release, and ordered to pay $9,606,627.35 in restitution. 

    This case was investigated by the Federal Bureau of Investigation and Internal Revenue Service-Criminal Investigation.

    Assistant U.S. Attorneys Samir Kaushal and Nathan Kitchens, and former Assistant U.S. Attorneys Tal Chaiken and Norman Barnett, of the Northern District of Georgia, and Trial Attorney Siji Moore of the Criminal Division’s Fraud Section, prosecuted the case.

    The Department of Justice remains vigilant in detecting, investigating, and prosecuting wrongdoing related to the COVID-19 pandemic. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus. Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (“NCDF”) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.         

    For further information please contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6280. The Internet address for the U.S. Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.

    MIL Security OSI –

  • MIL-OSI USA: Padilla Announces LA Fire Captain, Union Leader Frank Líma as Guest for 2025 Presidential Address

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla Announces LA Fire Captain, Union Leader Frank Líma as Guest for 2025 Presidential Address

    Padilla and Líma survey the devastation of the Los Angeles fires [January 8, 2025] Additional photos of Senator Padilla and Captain Líma are available here.WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.), co-chair of the bipartisan Senate Wildfire Caucus, announced that Frank Líma, a longtime Los Angeles City fire captain and firefighter union leader, will be his guest at President Trump’s 2025 Address to a Joint Session of Congress. Líma serves as the 12th General Secretary-Treasurer of the International Association of Fire Fighters (IAFF) and is a past president of the United Firefighters of Los Angeles City, IAFF Local 112. Captain Líma was recently on the frontlines in the fight against the devastating Los Angeles fires in January.
    “Captain Frank Líma has dedicated his life to protecting Los Angeles residents as a firefighter and labor leader. As Secretary-Treasurer of the International Association of Fire Fighters, he fights tirelessly for the fair treatment and pay of the brave firefighters who risk their lives to keep our communities safe,” said Senator Padilla. “We recently witnessed Captain Líma’s leadership and dedication, as he heroically sprang into action during last month’s fires in Los Angeles, putting his life on the line to save lives, homes, and businesses. As President Trump outlines his priorities for our country, we want to make clear that Los Angeles County cannot be forgotten. The community faces a long road to recovery and we need a fully staffed and supported firefighting workforce and federal support without conditions. But thanks to heroes like Captain Líma and so many other firefighters and first responders, our communities will get through this, together.”
    “As we work to rebuild communities across Los Angeles, I am honored to join Senator Padilla as his guest to continue to put the spotlight on supporting our firefighters and our community,” said Captain Frank V. Líma. “Growing up in Los Angeles, I have lived out my lifelong dream of working as a union firefighter for our city. I have been proud to stand up for the rights of my sisters and brothers as an active Los Angeles City fire captain, current IAFF General Secretary Treasurer, and past President of the United Firefighters of Los Angeles City. Firefighters were in a fight for their lives last month against the once-in-a-generation fire that tore through our city — and we need all the federal support possible to help us recover. Los Angeles firefighters and Senator Padilla have always had the backs of our communities, and we need our country to do the same.”
    Growing up in Los Angeles, California, Líma has dedicated his life to family, firefighting, and organized labor. He worked three jobs in his life — all union jobs — as a truck driver, a building trades carpenter apprentice, and a firefighter for the Los Angeles City Fire Department (LAFD), which he joined in 1992.
    Líma began his career as a proud Los Angeles City Local 112 union fire fighter at the age of 19, working at one of the busiest stations in the nation. He rose through the ranks of the LAFD as a firefighter, apparatus operator, engine captain, and for the past 20 plus years, a truck company captain. He worked in specialized companies, including hazardous materials and Urban Search and Rescue (USAR). He was deployed to New York City on September 11 to work as a rescue worker at ground zero after the terrorist attacks, along with another deployment to Hurricane Katrina in August 2005. Now, in his third decade of service, Líma continues to be active in the field, picking up shifts at fire stations throughout Los Angeles. Líma’s work on the frontlines during floods and wildland disasters has provided much-needed disaster relief assistance to IAFF families.
    Líma was elected to the United Firefighters of Los Angeles City (UFLAC) Local 112 Executive Board as a director, vice president, lead negotiator, and eventually president in 2012. He also served as a vice president for the California Professional Firefighters (CPF). He has served for over 12 years as an elected Executive Board vice president of the Los Angeles County Federation of Labor AFL-CIO, and continues to be active on the California State Board of Fire Services, a Board that he was appointed to by both Governor Brown and Governor Newsom. He still serves as a principal member of the NFPA 1710 Technical Committee for career fire fighters. He was also elected to serve as the secretary of the California Electoral College by his peers.
    As Californians and Angelenos begin their recovery and rebuilding from the devastating fires, Líma will continue advocating for the communities he fought to protect and the firefighters who put everything on the line to save businesses, homes, and lives. As the past Union President for United Firefighters of Los Angeles City, he continues working for safer working conditions and better benefits for firefighters.
    Senator Padilla has fought relentlessly to secure and protect Southern Californians’ access to desperately needed disaster relief aid. In the immediate aftermath of the Los Angeles fires, Padilla and Senator Adam Schiff (D-Calif.) led 47 bipartisan members of the California Congressional delegation in successfully urging President Biden to grant Governor Gavin Newsom’s request for a major disaster declaration to expedite timely relief to Los Angeles County residents impacted by these disasters. Padilla also delivered remarks on the Senate floor urging his Republican colleagues and President Trump to provide essential disaster recovery aid to California without conditioning it on the passage of partisan legislation.
    Earlier this month, Padilla introduced bipartisan legislation to create a national Wildfire Intelligence Center to streamline federal response and create a whole-of-government approach to combat wildfires. He also announced a package of three bipartisan bills to bolster fire resilience and proactive mitigation efforts, including the Wildfire Emergency Act, the Fire-Safe Electrical Corridors Act, and the Disaster Mitigation and Tax Parity Act. Last month, Padilla introduced another suite of bipartisan bills to strengthen wildfire recovery and resilience, including the Wildland Firefighter Paycheck Protection Act to protect firefighter pay.

    MIL OSI USA News –

  • MIL-OSI: H&R Block Brings Taxes to the Gaming World with Immersive Roblox Experience

    Source: GlobeNewswire (MIL-OSI)

    KANSAS CITY, Mo., Feb. 28, 2025 (GLOBE NEWSWIRE) — H&R Block (NYSE: HRB), the company that pioneered the tax preparation category 70 years ago, has launched a highly immersive, tax-themed experience ​with​in​ popular Roblox games Mega Mansion Tycoon and Club Roblox – the first-ever tax company to do so – for users ages 18 and older. The timing couldn’t be better as young adult Gen Z gamers may be unaware of their current tax obligations, and that their 2025 activity could trigger a 1099 form next year.

    H&R Block offers an immersive gaming experience that is authentically additive in the following ways: 

    • Through video ads on the platform, Roblox will feature a custom H&R Block-branded universe, launching on Feb. 28 and accessible to gamers ages 18 and up around the world through March 28, 2025.
    • Users interact with 30-second H&R Block content in exchange for exclusive and limited-edition items for their avatars, making the gameplay experience easier and more enjoyable.
    • A Club Roblox integration will take the H&R Block interactivity a step further. In doing so, users can engage with Max, H&R Block’s “TaxCot,” in a branded in-game tax office within the Club Roblox and Mega Mansion Tycoon games.
    • With Max’s help, players can complete tasks allowing them to level up – illustrating how it’s better with Block, and that H&R Block makes the tax process easy and convenient, no matter the complexity of the gamer’s situation.

    WHY GAMING

    For H&R Block, the most trusted company in tax prep, the addressable audience for potential gaming taxpayers is huge: more than half of 85M+ Roblox’s daily active users are Gen Z, engaging across community-created and brand-created content and immersive experiences. According to the U.S. Department of Labor, in late 2023, the share of Gen Zers in the workforce surpassed Baby Boomers for the first time.

    “At H&R Block, our purpose is to provide help and inspire confidence for our clients – and that often means showing up authentically in and on the platforms about which they are passionate,” said Jill Cress, Chief Marketing and Experience Officer, H&R Block. “Gaming and taxes are an unlikely pairing, which is exactly why we created a tax-themed gaming experience on Roblox. We have found that Gen Z is skeptical of traditional advertising, and they expect more from companies than just promoting products. By integrating into Roblox, we are meeting this generation where they are, reminding them that tax season is here – and we are here to help.”

    TAXES + GAMING 

    In the real world, outside the gaming universe, H&R Block is ensuring all avid gamers, including Roblox users, are aware of potential tax implications of receiving in-game currency.

    “Gamers may not realize that some of their online activities where they earn money can be taxable,” said Andy Phillips, Vice President, H&R Block’s The Tax Institute. “If their online earnings are more than $600, that income will generally be reported to the IRS on Form 1099-NEC.”

    Form 1099-NEC is used to report non-employee compensation. A breakdown of its purpose follows:

    • For taxpayers: This form is typically issued to independent contractors, freelancers, and other self-employed individuals. This form will show the gross amount paid to that person during the year.
    • For tax reporting: Recipients will use this information to properly report the income on their tax return. If they are conducting a business, the recipient will generally report the income on Schedule C, along with any allowable expenses. If the activity is more of a hobby, there are special rules for how to report hobby income and expenses.

    Gamers receiving a Form 1099-NEC for the first time may need help in determining if their activity rises to the level of a trade or business or looks more like a hobby. This may be a good opportunity to work with a tax professional to ensure the income is properly reported, and any allowable expenses are deducted.

    No matter how or what hardworking Americans do to make a living, they can be confident that H&R Block’s unmatched expertise will maximize their refund1. To learn more about H&R Block’s tax preparation services, many ways to file, and year-round financial support, visit hrblock.com. For media assets, visit maximize their refund1. To learn more about H&R Block’s tax preparation services, many ways to file, and year-round financial support, visit hrblock.com. For media assets, visit hrblock.com/tax-center/newsroom or for a downloadable Tax Season 2025 media kit, visit https://www.hrblock.com/tax-center/media-kit/tax-season-2025/. And for helpful tips and information, follow us on TikTok, Instagram, and Facebook.

    About H&R Block 
    H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

    1All tax situations are different. Not everyone gets a refund. See hrblock.com/guarantees for complete details.

    The MIL Network –

  • MIL-OSI USA: As Trump Announces Tariffs Will Begin March 4th, Welch Cosponsors Bill to Shield Consumers and Businesses from Tariffs; Votes Against Trump’s USTR Nominee

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    Bill led by Sen. Shaheen would block the President’s authority to impose duties or tariff-rate quotas on imports to the U.S.
    WASHINGTON, D.C. – As President Trump reversed course and announced his proposed tariffs on Canada and Mexico will begin March 4th, U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, joined Senator Jeanne Shaheen’s (D-N.H.) Protecting Americans from Tax Hikes on Imported Goods Act, which would shield American businesses and consumers from rising prices imposed by tariffs on imported goods into the United States. The bill would keep costs down for imported goods by limiting the authority of the International Emergency Economic Powers Act (IEEPA)—which allows a President to immediately place unlimited tariffs after declaring a national emergency—while preserving IEEPA’s use for sanctions and other tools.  
    This week, Senator Welch also voted against Jamieson Greer, Trump’s pick to serve as U.S. Trade Representative (USTR), about whom he expressed reservations during the nominee’s confirmation hearing before the Senate Finance Committee. Senator Welch released the following statement:
    “We need trade policies that are rooted in a ‘Do No Harm’ approach, not ones that make things harder for Vermont businesses and consumers. I’ve heard from hardworking Vermonters who have told me that Trump’s tariffs and Trade War would only harm our businesses, farmers, and families. Trump’s tariffs on Canada, Vermont’s largest trading partner, will hammer small and rural businesses that depend on trade with our neighbor. 
    “We need to fight against these tariffs in every way that we can, and that includes having a U.S. Trade Representative who will stand up for American consumers and small businesses. Jamieson Greer made it clear that he lacks courage or capacity to stand up to President Trump and will be a rubber stamp for the President’s chaotic economic policies. It’s why I voted against him and why I will push back against any and all trade policies he puts forth that would harm Vermonters. 
    “Over the last few weeks, the President has made it clear that he’s ready to leverage the economic wellbeing of everyday Americans to pursue misguided foreign policy goals. It’s crucial that we shield Americans from the consequences of Trump’s reckless actions. That’s why I’m proud to support the Protecting Americans from Tax Hikes on Imported Goods Act, which will limit how the White House can impose these tax increases and protect Vermonters from price hikes.” 
    Learn more about the Protecting Americans from Tax Hikes on Imported Goods Act. 
    Read the full text of the bill. 

    MIL OSI USA News –

  • MIL-OSI: Alternative Ballistics Corporation Appoints Jags Gill as Chief Revenue Officer, International

    Source: GlobeNewswire (MIL-OSI)

    Las Vegas, Nevada, Feb. 28, 2025 (GLOBE NEWSWIRE) — Alternative Ballistics Corporation is proud to announce the appointment of Jags Gill as Chief Revenue Officer, International. With over 12 years of successful experience in global sales, leadership, and channel development, Jags is set to drive the company’s international growth strategy, expanding its presence and revenue across global markets.

    In his new role, Jags will leverage his extensive experience in building and leading international teams, while fostering long-term relationships with key stakeholders within law enforcement, military, and government organizations. His proven track record of navigating complex cultural, political, and economic factors in diverse global markets makes him ideally suited to lead Alternative Ballistics’ expansion and strengthen its position as a leader in innovative security solutions.

    Jags is deeply passionate about using technology to support those who serve and protect us. His commitment to placing transformative tools into the hands of law enforcement professionals and military personnel aligns perfectly with the mission of Alternative Ballistics Corporation: to enhance public safety and empower professionals with life-saving technologies. With his expertise and vision, Jags is poised to contribute significantly to the company’s growth and success on the global stage.

    Jags Gill shared his excitement about the new opportunity:

    “I am honored to join Alternative Ballistics Corporation at such an exciting time for the company. The opportunity to work with a team that is committed to providing innovative solutions to those who make a difference every day is truly inspiring. I look forward to building on the company’s strong foundation and leading its international revenue strategy, bringing our transformative technologies to more professionals and organizations around the world.”

    Steve Luna, CEO of Alternative Ballistics Corporation, commented on the appointment:

    “We are thrilled to welcome Jags Gill to Alternative Ballistics as our new Chief Revenue Officer, International. His exceptional experience in global sales and leadership, combined with his deep understanding of international markets and passion for innovative technology, will be a tremendous asset to our team. Jags shares our commitment to improving public safety, and we are confident that his expertise will help us expand our reach and drive continued growth.”

    Alternative Ballistics Corporation continues to lead the way in providing cutting-edge security solutions, with a mission to enhance the safety of professionals in law enforcement, military, and security sectors. With Jags Gill’s leadership, the company is poised for a new era of growth and innovation on the global stage.

    About Alternative Ballistics Corp.

    Alternative Ballistics Corporation (“ABC”) produces an innovative less-lethal product known as The Alternative® which features patented bullet capture technology. The product is used by law enforcement as a de-escalation tool in critical incidents when encountering a non-compliant subject in crisis, in possession of a weapon other than a firearm, who presents a threat to themselves, to officers, or to bystanders. A lightweight, easy-to-carry docking unit, The Alternative® efficiently attaches to a service weapon to convert a fired bullet into a kinetic impact round that, when deployed from a safe distance, travels downrange with non-penetrating energy, and temporarily incapacitates an individual with low risk of critical injury or death. Once deployed, the service weapon reverts to standard use. The Alternative® may also be available in the future in the commercial market as a self-defense tool for the purpose of protecting life and property. It is the only less-lethal product in either the law enforcement or commercial market that works with a service weapon or semi-automatic handgun for seamless protective cover and doesn’t require transition to a separate device, allowing the user to keep eyes and weapon on the threat at all times.

    Forward-Looking Statements

    This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. In evaluating these forward-looking statements, you should consider various factors, including: our ability to advance the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.

    Company Contact:
    www.alternativeballistics.com

    For Investor Inquiries, please contact:
    Hanover International, Inc.
    Kathy Cusumano, President
    ka@hanoverintlinc.com

    The MIL Network –

  • MIL-OSI: AB Amber Grid Operating Results for the year 2024

    Source: GlobeNewswire (MIL-OSI)

    AB Amber Grid
    Legal entity code: 303090867
    Address: Laisvės pr. 10, LT-04215 Vilnius, Lithuania
    AB Amber Grid Operating Results for the year 2024
     
    28 February 2024
     
    AB Amber Grid delivers unaudited results for the year 2024 prepared in accordance with International Financial Reporting Standards:
    • Revenue for the year 2024 EUR 74.6 million (the year 2023 EUR 81.3 million);
    • Net profit for the year 2024 EUR 8.3 million (the year 2023 EUR 13.4 million);
    • EBITDA (earnings before interest, taxes, depreciation and amortisation) for the year 2024 EUR 26.5 million (the year 2023 EUR 25.7 million);
    • Return on equity (ROE) for the year 2024 4.6% (the year 2023 7.2%).

     Adjusted financial indicators for the years 2024:
    • Adjusted net profit for the year 2024 EUR 10.1 million (the year 2023 EUR 9.2 million);
    • Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the year 2024 EUR 27.4 million (the year 2023 EUR 24.7 million);
    • Average return on equity (ROE) for the year 2024 5.5% (the year 2023 5.0%).

    The adjustment of regulated income, costs and profitability indicators is carried out due to temporary regulatory difference from the regulated profitability approved by National Energy Regulatory Council (NERC). When calculating adjusted indicators, the correction of income is assessed due to previous periods, which is already approved by the decision of NERC in determining the regulated prices of transmission services for the reporting period. Also, the indicators are adjusted by the deviation of the NERC approved (regulated) and actual profitability of the reporting period, which NERC will evaluate when determining the transmission service prices for the coming period. Non-recurring (one-off) transactions are also eliminated.

     
     

    Attached:
    1. AB Amber Grid condensed interim financial statements as of 31 December 2024.
    2. Press release.

    More information:
    Laura Šebekienė, Head of Communications of Amber Grid,
    Ph. +370 699 61 246, e-mail: l.sebekiene@ambergrid.lt

    Attachments

    The MIL Network –

  • MIL-OSI: Fluent Announces Unaudited Fourth Quarter and Full-Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Revenue of $65.4 million for Q4 2024 and $254.6 million for FY 2024
    • Q4 2024 Commerce Media Solutions revenue grew 139% to $17.2 million (26% of consolidated revenue) from $7.2 million (10% of revenue) in Q4 2023 with gross profit margin (exclusive of depreciation and amortization) of 39% in Q4 2024 compared to 21% for the consolidated business
    • Commerce Media Solutions annual revenue run rate currently exceeds $60 million, representing a 20% quarter-over-quarter increase, which demonstrates strong traction in executing a strategic pivot to a fast-growing market

    NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — Fluent, Inc. (NASDAQ: FLNT), a commerce media solutions company, today reported unaudited results for the fourth quarter and fiscal year ended December 31, 2024. These results are preliminary and subject to ongoing audit procedures.

    Donald Patrick, Fluent’s Chief Executive Officer, commented, “In the fourth quarter and full year 2024 we continued to execute on our strategic pivot into our Commerce Media Solutions business. As part of this repositioning, we discontinued the ACA business in the third quarter of 2024, and due to a change in estimate driven by a higher than anticipated attrition rate partly related to the continuing impacts of regulatory challenges in the marketplace, we recorded a write-down of accounts receivables and an equal offset of revenue of $2.5 million in Q4. The impact of this $2.5 million write-down is reflected equally in consolidated revenue, gross profit, and net loss. Most important, the core driver to our evolving business model – Commerce Media Solutions – is performing exceptionally well, with revenue increasing 139% year-over-year to $17.2 million in the fourth quarter, and 284% over full year 2023 to $41.3 million supported by the addition of top-tier media partners throughout 2024. With our visibility today, we expect to continue the trend of triple-digit year-over-year revenue growth of our Commerce Media Solutions business in 2025.”

    Mr. Patrick concluded, “We are pleased with the increasing momentum of our growth strategies this year and are confident about the trajectory of our business as we build a more predictable, profitable and valuable business over time.”

    Fourth Quarter Highlights (Unaudited)

    • Revenue of $65.4 million, a decrease of 10.1% compared to $72.8 million in Q4 2023.
      • Owned and Operated revenue decreased 23% to $38.2 million compared to $49.9 million in Q4 2023 as the Company executed its shift in focus and revenue mix to higher margin Commerce Media Solutions
      • Commerce Media Solutions revenue increased 139% to $17.2 million compared to $7.2 million in Q4 2023
    • Net loss of $3.4 million, or $0.19 per share, compared to net loss of $1.9 million, or $0.14 per share, for Q4 2023. Net loss represented 5.2% of revenue for Q4 2024.
    • Gross profit (exclusive of depreciation and amortization) of $13.9 million, a decrease of 33.3% over Q4 2023 and representing 21% of revenue. The Company’s growing Commerce Media Solutions business reported gross profit (exclusive of depreciation and amortization) of $6.7 million, representing 39% of revenue, for Q4 2024, up from 18% of revenue in Q4 2023.
    • Media margin of $16.5 million, a decrease of 31.4% over Q4 2023 and representing 25.3% of revenue. The Company’s growing Commerce Media Solutions business reported media margins of 39.3% for Q4 2024, up from 18.5% in Q4 2023.
    • Adjusted EBITDA of negative $1.7 million, a decrease of $4.2 million compared to Q4 2023 and representing 2.6% of revenue
    • Adjusted net loss of $3.3 million, or $0.18 per share, compared to adjusted net loss of $0.4 million, or $0.03 per share, for Q4 2023
    • Revenue, net loss, gross profit, media margin, adjusted EBITDA and adjusted net loss were all impacted by a $2.5 million write-down during the fourth quarter associated with the previously discontinued ACA business. This write-down caused adjusted EBITDA to be negative for the quarter. 

    Full-Year 2024 Highlights (Unaudited)

    • Revenue of $254.6 million, a decrease of 14.7% compared to $298.4 million in 2023.
      • Owned and Operated revenue decreased 29% to $168.4 million compared to $235.7 million in 2023 as the Company executed its shift in focus and revenue mix to higher margin Commerce Media Solutions
      • Commerce Media Solutions revenue increased 284% to $41.3 million compared to $10.7 million in 2023
    • Net loss of $29.3 million, or $1.80 per share, compared to net loss of $63.2 million, or $4.59 per share, for the prior year. Net loss represented 11.5% of revenue for  2024.
    • Gross profit (exclusive of depreciation and amortization) of $60.8 million, a decrease of 22.6% over 2023 and representing 24% of revenue. The Company’s growing Commerce Media Solutions business reported gross profit (exclusive of depreciation and amortization) of $14.3 million, representing 35% of revenue, for the twelve months ended December 31, 2024, up from 8% of revenue, for the twelve months ended December 31, 2023.
    • Media margin of $72.5 million, a decrease of 20.6% over prior year and representing 28.5% of revenue. The Company’s growing Commerce Media Solutions business reported media margins of 35.1% for 2024, up from 8.5% for 2023.
    • Adjusted EBITDA of negative $5.6 million, a decrease of $12.4 million compared to 2023 and representing 2.2% of revenue
    • Adjusted net loss of $18.5 million, or $1.14 per share, compared to adjusted net income of $7.2 million, or $0.52 per share, for the prior year 

    Media margin, adjusted EBITDA, and adjusted net income are non-GAAP financial measures, as defined and reconciled below. 

    Business Outlook & Goals

    • Further establish Fluent’s Commerce Media Solutions business as a leader in the performance marketing sector among both media partners and advertisers to capitalize on the growing demand for this advertising channel across numerous high volume market verticals.
    • Drive double-digit revenue growth, improvement in net loss as compared to 2024, and positive adjusted EBITDA for full-year 2025 supported by the growth of Fluent’s Commerce Media Solutions. These improvements are expected to occur in the second half of 2025 as Commerce Media Solutions continues to scale as a percentage of consolidated revenue.
    • Leverage 14-year leadership position at the forefront of customer acquisition and robust database of first-party user data to differentiate Fluent from competitors in the commerce media space.

    Update on SLR Credit Facility

    On January 30, 2025, we entered into a letter agreement with Crystal Financial LLC D/B/A SLR Credit Solutions, as administrative agent, lead arranger and bookrunner (“SLR”), pursuant to which SLR extended the deadline for delivery of the compliance certificate required under the credit agreement for the fiscal month ended December 31, 2024, and the related notice of default, to March 4, 2025, while the parties negotiate a fourth amendment to the credit agreement.

    While we expect to enter into a fourth amendment to the credit agreement, there can be no assurance that we will be able to enter into definitive agreements for such amendment prior to March 4, 2025 or that such deadline will be extended if we are unable to enter into any such agreement. We have not always met our projections in recent quarters, and we do not expect to be in compliance with the existing financial covenants during the next twelve months under our current credit agreement. In the near term, we expect we will need to raise additional capital, but there can be no assurance that additional capital will be available when needed.

    The financial statements included in our Form 10-Q for the three months ended September 30, 2024 contained a note expressing substantial doubt about our ability to continue as a going concern over the subsequent twelve months. This determination will be reevaluated at the issuance date of our Form 10-K for the fiscal year ended December 31, 2024 based on the status of the credit agreement, as potentially amended, in place at that time, our anticipated ability to satisfy covenants contained in such agreement, and other factors consistent with GAAP.

    Conference Call

    Fluent, Inc. will host a conference call on Friday, February 28, 2025, at 9:00 AM ET to discuss its 2024 fourth quarter and full-year financial results. The conference call can be accessed by phone after registering online at https://register.vevent.com/register/BI37035592191f4c689c3ed890713040ab. The call will also be webcast simultaneously on the Fluent website at https://investors.fluentco.com/. Following the completion of the earnings call, a recorded replay of the webcast will be available for those unable to participate. To listen to the telephone replay, please connect via https://edge.media-server.com/mmc/p/rudtccas. The replay will be available for one year, via the Fluent website https://investors.fluentco.com. 

    About Fluent, Inc.

    Fluent, Inc. (NASDAQ: FLNT) is a commerce media solutions provider connecting top-tier brands with highly engaged consumers. Leveraging diverse ad inventory, robust first-party data, and proprietary machine learning, Fluent unlocks additional revenue streams for partners and empowers advertisers to acquire their most valuable customers at scale. Founded in 2010, Fluent uses its deep expertise in performance marketing to drive monetization and increase engagement at key touchpoints across the customer journey. For more insights visit http://www.fluentco.com/.

    Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

    The matters contained in this press release may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Those statements include statements regarding the intent, belief or current expectations or anticipations of Fluent and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following:

    • Compliance with a significant number of governmental laws and regulations, including those regarding telemarketing, text messaging, privacy, and data; 
    • The financial impact of compliance changes to our business, including changes to our employment opportunities marketplace and programmatic advertising businesses, and whether and when our competitors will implement similar changes;
    • The outcome of litigation, regulatory investigations, or other legal proceedings in which we are involved or may become involved;
    • Failure to safeguard the personal information and other data contained in our database;
    • Unfavorable publicity and negative public perception about the digital marketing industry;
    • Failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights;
    • Unfavorable global economic conditions, including as a result of health concerns, terrorist attacks or civil unrest;
    • Dependence on our key personnel and ability to attract or retain employees;
    • Dependence on and liability related to actions of third-party service providers;
    • A decline in the supply or increase in the price of media available;
    • Ability to compete in an industry characterized by rapidly-evolving standards and internet media and advertising technology;
    • Failure to compete effectively against other online marketing and advertising companies or respond to changing user demands;
    • Competition for web traffic and dependence on third-party publishers, internet search providers and social media platforms for a significant portion of visitors to our websites;
    • Dependence on emails, text messages, and telephone calls, among other channels, to reach users for marketing purposes;
    • Credit risk from certain clients;
    • Limitations on our or our third-party publishers’ ability to collect and use data derived from user activities;
    • Ability to remain competitive with the shift to mobile applications;
    • Failure to detect click-through or other fraud on advertisements;
    • Fluctuations in fulfillment costs; 
    • Dependence on the gaming industry;
    • Failure to meet our clients’ performance metrics or changing needs; 
    • Pricing pressure by certain clients and the ability of our marketplace to respond through allocating traffic to higher paying clients;
    • Compliance with the covenants of our credit agreement in light of current business conditions, the current uncertainty of which raises substantial doubt about our ability to continue as a going concern;
    • Our likely need to raise capital to address non-compliance with covenants in our credit agreement with SLR and/or otherwise fund our operations;
    • Ability to timely enter into a fourth amendment to the credit agreement with SLR;
    • Potential limitations on the use of the revolving credit line under our credit agreement to fund operating expenses based on the amount and character of accounts receivable at any given time and our ability to meet our financial forecast;
    • Potential for failures in our internal control over financial reporting;
    • Ability to maintain listing of our securities on the Nasdaq Capital Market; and
    • Management of the growth of our operations, including international expansion and the integration of acquired business units or personnel.

    These and additional factors to be considered are set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and in our other filings with the Securities and Exchange Commission. Fluent undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations.

    FLUENT, INC.
    CONSOLIDATED BALANCE SHEETS
    (Amounts in thousands, except share and per share data)
    (unaudited)
     
      December 31, 2024     December 31, 2023  
    ASSETS:              
    Cash and cash equivalents $ 9,439     $ 15,804  
    Accounts receivable, net of allowance for credit losses of $487 and $231, respectively   46,532       56,531  
    Prepaid expenses and other current assets   8,729       6,071  
    Restricted cash   1,255       —  
    Total current assets   65,955       78,406  
    Property and equipment, net   304       591  
    Operating lease right-of-use assets   1,570       3,395  
    Intangible assets, net   21,797       26,809  
    Goodwill   —       1,261  
    Other non-current assets   3,991       1,405  
    Total assets $ 93,617     $ 111,867  
    LIABILITIES AND SHAREHOLDERS’ EQUITY:              
    Accounts payable $ 8,776     $ 10,954  
    Accrued expenses and other current liabilities   21,905       30,534  
    Deferred revenue   556       430  
    Current portion of long-term debt   31,609       5,000  
    Current portion of operating lease liability   1,836       2,296  
    Total current liabilities   64,682       49,214  
    Long-term debt, net   250       25,488  
    Convertible Notes, at fair value with related parties   3,720       —  
    Operating lease liability, net   9       1,699  
    Other non-current liabilities   1       1,062  
    Total liabilities   68,662       77,463  
    Contingencies               
    Shareholders’ equity:              
    Preferred stock — $0.0001 par value, 10,000,000 Shares authorized; Shares outstanding — 0 shares for both periods   —       —  
    Common stock — $0.0005 par value, 200,000,000 Shares authorized; Shares issued — 20,791,431 and 14,384,936, respectively; and Shares outstanding — 20,022,836 and 13,616,341, respectively   47       43  
    Treasury stock, at cost — 768,595 and 768,595 shares, respectively   (11,407 )     (11,407 )
    Additional paid-in capital   447,110       427,286  
    Accumulated deficit   (410,795 )     (381,518 )
    Total shareholders’ equity   24,955       34,404  
    Total liabilities and shareholders’ equity $ 93,617     $ 111,867  
                   

    (1) Debt classification conforms to presentation at September 30, 2024, which was based on the Company not expecting to be in compliance with certain financial covenants under its credit agreement during certain quarters in the twelve months following the issuance date of the September 30, 2024 financial statements. This classification will be reevaluated at the issuance date of the Company’s audited financial statements as of December 31, 2024 and 2023 and for fiscal years then ending.

    FLUENT, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Amounts in thousands, except share and per share data)
    (unaudited)
     
        Three Months Ended December 31,     Year Ended December 31,  
        2024     2023     2024     2023  
    Revenue   $ 65,407     $ 72,761     $ 254,623     $ 298,399  
    Costs and expenses:                                
    Cost of revenue (exclusive of depreciation and amortization)     51,503       51,924       193,821       219,884  
    Sales and marketing (1)     3,917       5,122       17,317       18,576  
    Product development (1)     3,600       4,390       17,281       18,454  
    General and administrative (1)     9,409       10,343       37,697       35,334  
    Depreciation and amortization     2,419       2,764       9,926       10,876  
    Goodwill and intangible assets impairment     —       —       2,241       55,405  
    Total costs and expenses     70,848       74,543       278,283       358,529  
    Loss from operations     (5,441 )     (1,782 )     (23,660 )     (60,130 )
    Interest expense, net     (1,038 )     (784 )     (4,749 )     (3,204 )
    Fair value adjustment of Convertible Notes, with related parties     1,140       —       (1,670 )     —  
    Loss on early extinguishment of debt     —       —       (1,009 )     —  
    Loss before income taxes     (5,339 )     (2,566 )     (31,088 )     (63,334 )
    Income tax (expense) benefit     1,909       667       1,811       116  
    Net loss   $ (3,430 )   $ (1,899 )   $ (29,277 )   $ (63,218 )
    Basic and diluted loss per share:                                
    Basic   $ (0.19 )   $ (0.14 )   $ (1.80 )   $ (4.59 )
    Diluted   $ (0.19 )   $ (0.14 )   $ (1.80 )   $ (4.59 )
    Weighted average number of shares outstanding:                                
    Basic     18,352,940       13,827,339       16,259,943       13,770,356  
    Diluted     18,352,940       13,827,339       16,259,943       13,770,356  
                                     
    (1) Amounts include share-based compensation expense as follows:                                
    Sales and marketing   $ 55     $ 124     $ 218     $ 543  
    Product development     65       141       239       626  
    General and administrative     360       526       1,506       2,640  
    Total share-based compensation expense   $ 480     $ 791     $ 1,963     $ 3,809  
                                     
    FLUENT, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Amounts in thousands)
    (unaudited)
     
      Year Ended December 31,  
      2024     2023  
    CASH FLOWS FROM OPERATING ACTIVITIES:              
    Net loss $ (29,277 )   $ (63,218 )
    Adjustments to reconcile net loss to net cash provided by operating activities:              
    Depreciation and amortization   9,926       10,876  
    Non-cash loan amortization expense   1,371       426  
    Non-cash gain on contingent consideration   (250 )     —  
    Non-cash loss on early extinguishment of debt   1,009       —  
    Share-based compensation expense   1,970       3,756  
    Fair value adjustment of Convertible Notes, with related parties   1,670       —  
    Goodwill impairment   1,261       55,405  
    Impairment of intangible assets   980       —  
    Allowance for credit losses   401       124  
    Deferred income taxes   (276 )     (145 )
    Changes in assets and liabilities, net of business acquisition:              
    Accounts receivable   9,473       6,509  
    Prepaid expenses and other current assets   (3,211 )     (2,565 )
    Other non-current assets   (51 )     325  
    Operating lease assets and liabilities, net   (325 )     (330 )
    Accounts payable   (2,178 )     4,764  
    Accrued expenses and other current liabilities   (5,878 )     (6,088 )
    Deferred revenue   313       (584 )
    Other   (1,032 )     (1,117 )
    Net cash provided by (used in) operating activities   (14,104 )     8,138  
    CASH FLOWS FROM INVESTING ACTIVITIES:              
    Business acquisition/consolidation, net of cash acquired   —       (1,250 )
    Capitalized costs included in intangible assets   (6,198 )     (5,838 )
    Acquisition of property and equipment   (13 )     (25 )
    Net cash used in investing activities   (6,211 )     (7,113 )
    CASH FLOWS FROM FINANCING ACTIVITIES:              
    Proceeds from issuance of long-term debt, net of debt financing costs   65,440       —  
    Repayments of long-term debt   (68,228 )     (10,000 )
    Debt financing costs   (1,875 )     (532 )
    Proceeds from issuance of warrants   12,627       —  
    Proceeds from exercise of warrants   2       —  
    Proceeds from Convertible Notes, with related parties   2,050       —  
    Proceeds from Direct Offering   5,189       —  
    Taxes paid related to net share settlement of vesting of restricted stock units   —       (236 )
    Net cash provided by (used in) financing activities   15,205       (10,768 )
    Net decrease in cash, cash equivalents, and restricted cash   (5,110 )     (9,743 )
    Cash, cash equivalents, and restricted cash at beginning of period   15,804       25,547  
    Cash, cash equivalents, and restricted cash at end of period $ 10,694     $ 15,804  
                   

    Definitions, Reconciliations and Uses of Non-GAAP Financial Measures

    The following non-GAAP measures are used in this release:

    Media margin is defined as that portion of gross profit (exclusive of depreciation and amortization) reflecting variable costs paid for media and related expenses and excluding non-media cost of revenue. Gross profit (exclusive of depreciation and amortization) represents revenue minus cost of revenue (exclusive of depreciation and amortization). Media margin is also presented as a percentage of revenue.

    Adjusted EBITDA is defined as net income (loss), excluding (1) income taxes, (2) interest expense, net, (3) depreciation and amortization, (4) share-based compensation expense, (5) loss on early extinguishment of debt, (6) accrued compensation expense for Put/Call Consideration, (7) goodwill impairment, (8) impairment of intangible assets, (9) loss (gain) on disposal of property and equipment, (10) fair value adjustment of Convertible Notes with related parties, (11) acquisition-related costs, (12) restructuring and other severance costs, and (13) certain litigation and other related costs.

    Adjusted net income is defined as net income (loss) excluding (1) Share-based compensation expense, (2) loss on early extinguishment of debt, (3) accrued compensation expense for Put/Call Consideration, (4) goodwill impairment, (5) impairment of intangible assets, (6) loss (gain) on disposal of property and equipment, (7) fair value adjustment of Convertible Notes with related parties (8) acquisition-related costs, (9) restructuring and other severance costs, and (10) certain litigation and other related costs. Adjusted net income is also presented on a per share (basic and diluted) basis.

    Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure.

      Three Months Ended December 31,     Year Ended December 31,  
    (In thousands, except percentages) 2024     2023     2024     2023  
    Revenue $ 65,407     $ 72,761     $ 254,623     $ 298,399  
    Less: Cost of revenue (exclusive of depreciation and amortization)   51,503       51,924       193,821       219,884  
    Gross Profit (exclusive of depreciation and amortization)   13,904       20,837       60,802       78,515  
    Gross Profit (exclusive of depreciation and amortization) % of revenue   21 %     29 %     24 %     26 %
    Non-media cost of revenue (1)   2,644       3,275       11,710       12,785  
    Media margin $ 16,548     $ 24,112     $ 72,512     $ 91,300  
    Media margin % of revenue   25.3 %     33.1 %     28.5 %     30.6 %
                                   

    (1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.

    Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure, for Commerce Media Solutions.

                                     
        Three Months Ended December 31,     Year Ended December 31,  
    (In thousands, except percentages)   2024     2023     2024     2023  
    Revenue   $ 17,235     $ 7,211     $ 41,267     $ 10,745  
    Less: Cost of revenue (exclusive of depreciation and amortization)     10,501       5,921       26,988       9,895  
    Gross profit (exclusive of depreciation and amortization)   $ 6,734     $ 1,290     $ 14,279     $ 850  
    Gross profit (exclusive of depreciation and amortization) % of revenue     39 %     18 %     35 %     8 %
    Non-media cost of revenue (1)     32       43       193       62  
    Media margin   $ 6,766     $ 1,333     $ 14,472     $ 912  
    Media margin % of revenue     39.3 %     18.5 %     35.1 %     8.5 %
                                     

    (1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.

    Below is a reconciliation of adjusted EBITDA from net income (loss), which we believe is the most directly comparable U.S. GAAP measure.

        Three Months Ended December 31,     Year Ended December 31,  
    (In thousands)   2024     2023     2024     2023  
    Net loss   $ (3,430 )   $ (1,899 )   $ (29,277 )   $ (63,218 )
    Income tax expense (benefit)     (1,909 )     (667 )     (1,811 )     (116 )
    Interest expense, net     1,038       784       4,749       3,204  
    Depreciation and amortization     2,419       2,764       9,926       10,876  
    Share-based compensation expense     480       798       1,970       3,756  
    Loss on early extinguishment of debt     —       —       1,009       —  
    Goodwill impairment     —       —       1,261       55,405  
    Impairment of intangible assets     —       —       980       —  
    Fair value adjustment of Convertible Notes, with related parties     (1,140 )     —       1,670       —  
    Acquisition-related costs (1)     833       1,044       2,083       2,745  
    Restructuring and certain severance costs     —       —       1,821       456  
    Certain litigation and other related costs     —       (329 )     —       (6,311 )
    Adjusted EBITDA   $ (1,709 )   $ 2,495     $ (5,619 )   $ 6,797  
                                     

    (1) Balance includes compensation expense related to non-competition agreements and earn-out expense incurred as a result of business combinations. The earn-out expense was ($57) and $345 for the three months ended December 31, 2024 and 2023, respectively, and $110 and $434 for the years ended December 31, 2024 and 2023, respectively.

    Below is a reconciliation of adjusted net income and the related measure of adjusted net income per share from net income (loss), which we believe is the most directly comparable U.S. GAAP measure.

        Three Months Ended December 31,     Year Ended December 31,  
    (In thousands, except share and per share data)   2024     2023     2024     2023  
    Net loss   $ (3,430 )   $ (1,899 )   $ (29,277 )   $ (63,218 )
    Share-based compensation expense     480       798       1,970       3,756  
    Loss on early extinguishment of debt     —       —       1,009       —  
    Goodwill impairment     —       —       1,261       55,405  
    Impairment of intangible assets     —       —       980       —  
    Fair value adjustment of Convertible Notes, with related parties     (1,140 )     —       1,670       —  
    Acquisition-related costs (1)     833       1,044       2,083       2,745  
    Restructuring and certain severance costs     —       —       1,821       456  
    Certain litigation and other related costs     —       (329 )     —       (6,311 )
    Adjusted net income (loss)   $ (3,257 )   $ (386 )   $ (18,483 )   $ (7,167 )
    Adjusted net income (loss) per share:                                
    Basic   $ (0.18 )   $ (0.03 )   $ (1.14 )   $ (0.52 )
    Diluted   $ (0.18 )   $ (0.03 )   $ (1.14 )   $ (0.52 )
    Adjusted weighted average number of shares outstanding:                                
    Basic     18,352,940       13,827,339       16,259,943       13,770,355  
    Diluted     18,352,940       13,827,339       16,259,943       13,770,355  
                                     

    (1) Balance includes compensation expense related to non-competition agreements and earn-out expense incurred as a result of business combinations. The earn-out expense was ($57) and $345 for the three months ended December 31, 2024 and 2023, respectively, and $110 and $434 for the years ended December 31, 2024 and 2023, respectively.

    We present media margin, adjusted EBITDA, and adjusted net income as supplemental measures of our financial and operating performance because we believe they provide useful information to investors. More specifically:

    Media margin, as defined above, is a measure of the efficiency of the Company’s operating model. We use media margin and the related measure of media margin as a percentage of revenue as primary metrics to measure the financial return on our media and related costs, specifically to measure the degree by which the revenue generated from our digital marketing services exceeds the cost to attract the consumers to whom offers are made through our services. Media margin is used extensively by our management to manage our operating performance, including evaluating operational performance against budgeted media margin and understanding the efficiency of our media and related expenditures. We also use media margin for performance evaluations and compensation decisions regarding certain personnel.

    Adjusted EBITDA, as defined above, is another primary metric by which we evaluate the operating performance of our business, on which certain operating expenditures and internal budgets are based and by which, in addition to media margin and other factors, our senior management is compensated. The first three adjustments represent the conventional definition of EBITDA, and the remaining adjustments are items recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. These adjustments include certain litigation and other related costs associated with legal matters outside the ordinary course of business. We consider items one-time in nature if they are non-recurring, infrequent or unusual and have not occurred in the past two years or are not expected to recur in the next two years, in accordance with SEC rules. There were no adjustments for one-time items in the periods presented.

    Adjusted net income, as defined above, excludes certain items that are recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. We believe adjusted net income affords investors a different view of the overall financial performance of the Company than adjusted EBITDA and the U.S. GAAP measure of net (loss) income.

    Media margin, adjusted EBITDA, adjusted net income, and adjusted net income per share are non-GAAP financial measures with certain limitations regarding their usefulness. They do not reflect our financial results in accordance with U.S. GAAP, as they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Accordingly, these metrics are not indicative of our overall results or indicators of past or future financial performance. Further, they are not financial measures of profitability and are neither intended to be used as a proxy for the profitability of our business nor to imply profitability. The way we measure media margin, adjusted EBITDA, and adjusted net income may not be comparable to similarly titled measures presented by other companies and may not be identical to corresponding measures used in our various agreements.

    Annual Revenue Run Rate

     Annual Revenue Run Rate is an operational metric that represents the annualized revenue of the Company’s media partnerships at current monetization levels, as of the end of the reporting period. The Company calculates Annual Revenue Run Rate as follows:

    • Media partners within Commerce Media Solutions with an active contract are assessed and assigned an annual media volume estimate based on the active term of the contract and the monetization rate at the end of the reporting period. The Company considers a media partner contract to be active when the contractual term commences (the “start date”) until its right to serve the partner’s commerce traffic ends. Even if the contract with the customer is executed before the start date, the contract will not count toward Annual Revenue Run Rate until the media partner’s right to receive the benefit of the services has commenced.
    • As Annual Revenue Run Rate includes only contracts that are active at the end of the reporting period, it does not reflect assumptions or estimates regarding new business. For contracts expiring within 12 months of the period-end calculation date, Annual Revenue Run Rate does reflect expectations of renewal.
    • The Company’s Commerce Media Solutions platform provides the technology to effectively monetize the partner’s media by placing relevant ads at a contracted moment of consumer engagement. Although from inception to date, improvements in the platform’s AI-powered technology have consistently driven increased rates of monetization, for the purpose of Annual Revenue Run Rate, the Company assumes a consistent monetization level to that as measured on each media partner at the end of the reporting period.

    The way the Company measures Annual Revenue Run Rate may not be comparable to similarly titled measures presented by other companies and should not be viewed as a projection of future revenue.

    Contact Information: 
    Investor Relations
    Fluent, Inc.
    InvestorRelations@fluentco.com

    The MIL Network –

  • MIL-OSI: Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended December 31, 2024 and Declaration of Distributions on Common Stock for the Months Ending April 30, May 31, and June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Feb. 28, 2025 (GLOBE NEWSWIRE) — Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) (the “Company,” “we,” “us” or “our”) announced today its financial results and related information for the quarter ended December 31, 2024.

    • On February 27, 2025, our Board of Directors declared the following distributions on our common stock:
    Month Ending Record Date Payment Date Amount Per Share
    April 30, 2025 April 16, 2025 April 30, 2025 $0.035
    May 31, 2025 May 16, 2025 May 30, 2025 $0.035
    June 30, 2025 June 16, 2025 June 30, 2025 $0.035
    • Net asset value (“NAV”) per share as of December 31, 2024 stood at $2.30, compared with a NAV per share on September 30, 2024 of $2.35.
    • Net investment income (“NII”) was approximately $6.0 million, or $0.09 per share, for the quarter ended December 31, 2024, compared with approximately $6.2 million, or $0.10 per share, for the quarter ended September 30, 2024.
    • Total investment income for the quarter ended December 31, 2024 amounted to approximately $10.2 million, compared with approximately $10.3 million for the quarter ended September 30, 2024.
      • For the quarter ended December 31, 2024 we recorded investment income from our portfolio as follows:
        • $5.4 million from our debt investments;
        • $4.1 million from our CLO equity investments; and
        • $0.8 million from other income.
    • Our total expenses for the quarter ended December 31, 2024 were approximately $4.2 million, which was approximately the same as the quarter ended September 30, 2024.
    • As of December 31, 2024, the following metrics applied (note that none of these metrics represented a total return to shareholders):
      • The weighted average yield of our debt investments was 15.8% at current cost, compared with 14.5% as of September 30, 2024;
      • The weighted average effective yield of our CLO equity investments at current (start of quarter for existing investments) cost was 8.8%, compared with 9.6% as of September 30, 2024; and
      • The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was 16.2%, compared with 15.3% as of September 30, 2024.
    • For the quarter ended December 31, 2024, we recorded a net increase in net assets resulting from operations of approximately $3.3 million, consisting of:
      • NII of approximately $6.0 million;
      • Net realized losses of approximately $44.8 million; and
      • Net unrealized appreciation of approximately $42.1 million.
    • During the fourth quarter of 2024, we made investments of approximately $25.1 million and received approximately $22.0 million from sales and repayments of investments.
    • Our weighted average credit rating was 2.3 based on total fair value and 2.4 based on total principal amount as of December 31, 2024, compared with a weighted average credit rating of 2.4 based on total fair value and 2.8 based on total principal amount as of September 30, 2024.
    • As of December 31, 2024, we had one debt investment in one portfolio company on non-accrual status, with a fair value of approximately $0.5 million. Also, as of December 31, 2024, our preferred equity investments in one of our portfolio companies were on non-accrual status, which had an aggregate fair value of approximately $4.6 million.
    • For the quarter ended December 31, 2024, we issued a total of approximately 1.8 million shares of common stock pursuant to an “at-the-market” offering. After deducting the sales agent’s commissions and offering expenses, this resulted in net proceeds of approximately $5.0 million. As of December 31, 2024, we had approximately 69.8 million shares of common stock outstanding.

    We will hold a conference call to discuss fourth quarter results today, Friday, February 28th, 2025 at 9:00 AM ET. The toll-free dial-in number is 1-800-549-8228. There will be a recording available for 30 days. If you are interested in hearing the recording, please dial 1-888-660-6264. The replay pass-code number is 06523#.

    A presentation containing further detail regarding our quarterly results of operations has been posted under the Investor Relations section of our website at www.oxfordsquarecapital.com.

     
    OXFORD SQUARE CAPITAL CORP.

    STATEMENTS OF ASSETS AND LIABILITIES
             
        December 31,
    2024    		   December 31,
    2023
        (Unaudited)    
    ASSETS                
    Non-affiliated/non-control investments (cost: $358,356,496 and $440,069,822, respectively)   $ 256,238,759     $ 261,614,335  
    Affiliated investments (cost: $16,836,822 and $16,836,822, respectively)     4,614,100       5,276,092  
    Cash and cash equivalents     34,926,468       5,740,553  
    Interest and distributions receivable     2,724,049       3,976,408  
    Other assets     1,227,598       1,060,384  
    Total assets   $ 299,730,974     $ 277,667,772  
    LIABILITIES                
    Notes payable – 6.25% Unsecured Notes, net of deferred issuance costs of $309,812 and $543,609, respectively     44,480,938       44,247,141  
    Notes payable – 5.50% Unsecured Notes, net of deferred issuance costs of $1,381,619 and $1,768,219, respectively     79,118,381       78,731,781  
    Securities purchased, not settled     12,027,463       —  
    Base Fee and Net Investment Income Incentive Fee payable to affiliate     1,215,964       1,012,389  
    Accrued interest payable     1,204,487       1,204,487  
    Accrued expenses     1,018,261       1,163,349  
    Total liabilities     139,065,494       126,359,147  
                     
    NET ASSETS                
    Common stock, $0.01 par value, 100,000,000 shares authorized; 69,758,938 and 59,300,472 shares issued and outstanding, respectively     697,590       593,005  
    Capital in excess of par value     487,943,476       458,121,381  
    Total distributable earnings/(accumulated losses)     (327,975,586 )     (307,405,761 )
    Total net assets     160,665,480       151,308,625  
    Total liabilities and net assets   $ 299,730,974     $ 277,667,772  
    Net asset value per common share   $ 2.30     $ 2.55  
                 
    OXFORD SQUARE CAPITAL CORP.

    STATEMENTS OF OPERATIONS
        Year Ended
    December 31,
    2024    		   Year Ended
    December 31,
    2023    		   Year Ended
    December 31,
    2022
          (Unaudited)                  
    INVESTMENT INCOME                        
    From non-affiliated/non-control investments:                        
    Interest income – debt investments   $ 24,929,287     $ 33,592,166     $ 25,234,315  
    Income from securitization vehicles and investments     15,403,586       16,796,699       17,093,203  
    Other income     2,350,332       1,435,316       790,594  
    Total investment income from non-affiliated/non-control investments     42,683,205       51,824,181       43,118,112  
    Total investment income     42,683,205       51,824,181       43,118,112  
    EXPENSES                        
    Interest expense     7,847,320       10,825,877       12,354,392  
    Base Fee     4,310,484       4,613,664       5,903,986  
    Professional fees     1,537,434       1,426,098       1,393,116  
    Compensation expense     746,762       825,226       915,583  
    Director’s fees     417,500       429,500       417,500  
    Insurance expense     308,552       329,892       378,804  
    Transfer agent and custodian fees     260,330       246,562       231,241  
    Excise tax     216,528       1,423,686       252,172  
    General and administrative     597,883       638,350       583,740  
    Total expenses before incentive fees     16,242,793       20,758,855       22,430,534  
    Net Investment Income Incentive Fees     —       3,705,387       —  
    Capital gains incentive fees     —       —       —  
    Total incentive fees     —       3,705,387       —  
    Total expenses     16,242,793       24,464,242       22,430,534  
    Net investment income     26,440,412       27,359,939       20,687,578  
    NET UNREALIZED APPRECIATION/(DEPRECIATION) AND REALIZED LOSSES ON INVESTMENT TRANSACTIONS                        
    Net change in unrealized appreciation/(depreciation) on investments:                        
    Non-Affiliate/non-control investments     76,337,750       6,198,413       (109,479,985 )
    Affiliated investments     (661,992 )     926,274       3,577,327  
    Total net change in unrealized appreciation/(depreciation) on investments     75,675,758       7,124,687       (105,902,658 )
    Net realized losses:                        
    Non-affiliated/non-control investments     (96,236,489 )     (17,056,245 )     (339,819 )
    Extinguishment of debt     —       (190,353 )     —  
    Total net realized losses     (96,236,489 )     (17,246,598 )     (339,819 )
    Net unrealized and realized losses     (20,560,731 )     (10,121,911 )     (106,242,477 )
    Net increase/(decrease) in net assets resulting from operations   $ 5,879,681     $ 17,238,028     $ (85,554,899 )
    Net increase in net assets resulting from net investment income per common share (Basic and Diluted):   $ 0.42     $ 0.51     $ 0.42  
    Net increase/(decrease) in net assets resulting from operations per common share (Basic and Diluted):   $ 0.09     $ 0.32     $ (1.72 )
    Weighted average shares of common stock outstanding (Basic and Diluted):     63,465,255       53,919,104       49,757,122  
     
    FINANCIAL HIGHLIGHTS
     
        Year Ended
    December 31,
    2024    		   Year Ended
    December 31,
    2023    		   Year Ended
    December 31,
    2022    		   Year Ended
    December 31,
    2021    		   Year Ended
    December 31,
    2020
        (Unaudited)                
    Per Share Data                                        
    Net asset value at beginning of year   $ 2.55     $ 2.78     $ 4.92     $ 4.55     $ 5.12  
    Net investment income(1)     0.42       0.51       0.42       0.32       0.40  
    Net realized and unrealized gains (losses)(2)     (0.33 )     (0.19 )     (2.14 )     0.47       (0.36 )
    Net change in net asset value from
    operations    		     0.09       0.32       (1.72 )     0.79       0.04  
    Distributions per share from net investment income     (0.42 )     (0.54)       (0.42)       (0.42)       (0.61 )
    Distributions based on weighted average share impact     —       (0.01 )     —       —       —  
    Tax return of capital distributions     —       —       —       —       —  
    Total distributions(3)     (0.42 )     (0.55 )     (0.42 )     (0.42 )     (0.61 )
    Effect of shares issued, net of offering expenses     0.08       —       —       —       —  
    Effect of shares issued/repurchased, gross     —       —       —       —       —  
    Net asset value at end of year   $ 2.30     $ 2.55     $ 2.78     $ 4.92     $ 4.55  
    Per share market value at beginning of year   $ 2.86     $ 3.12     $ 4.08     $ 3.05     $ 5.44  
    Per share market value at end of year   $ 2.44     $ 2.86     $ 3.12     $ 4.08     $ 3.05  
    Total return based on Market Value(4)     (1.64 )%     9.34 %     (14.11 )%     47.38 %     (31.75 )%
    Total return based on Net Asset Value(5)     6.67 %     11.15 %     (34.96 )%     17.36 %     0.82 %
    Shares outstanding at end of year     69,758,938       59,300,472       49,844,796       49,690,059       49,589,607  
    Ratios/Supplemental Data(7)                                        
    Net assets at end of year (000’s)   $ 160,665     $ 151,309     $ 138,672     $ 244,595     $ 225,427  
    Average net assets (000’s)   $ 152,362     $ 149,944     $ 192,785     $ 242,589     $ 192,137 %
    Ratio of expenses to average net assets     10.66 %     16.32 %     11.64 %     8.69 %     8.45 %
    Ratio of net investment income to average net assets     17.35 %     18.25 %     10.73 %     6.64 %     10.26 %
    Portfolio turnover rate(6)     33.66 %     3.85 %     17.09 %     11.09 %     23.72 %
                                             
    (1)      Represents per share net investment income for the period, based upon weighted average shares outstanding.
    (2)      Net realized and unrealized gains include rounding adjustments to reconcile change in net asset value per share.
    (3)      Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The ultimate tax character of the Company’s earnings cannot be determined until tax returns are prepared after the end of the fiscal year.
    (4)      Total return based on market value equals the increase or decrease of ending market value over beginning market value, plus distributions, assuming distribution reinvestment prices obtained under the Company’s distribution reinvestment plan, excluding any discounts divided by the beginning market value per share.
    (5)      Total return based on net asset value equals the increase or decrease of ending net asset value over beginning net asset value, plus distributions, divided by the beginning net asset value.
    (6)      Portfolio turnover rate is calculated using the lesser of the annual investment sales and repayments of principal or annual investment purchases over the average of the total investments at fair value.
    (7)      The following table provides supplemental performance ratios measured for the years ended December 31, 2024, 2023, 2022, 2021, and 2020:
                       
        Year Ended
    December 31,
    2024    		   Year Ended
    December 31,
    2023    		   Year Ended
    December 31,
    2022    		   Year Ended
    December 31,
    2021    		 Year Ended
    December 31,
    2020
        (Unaudited)              
    Ratio of expenses to average net assets:                                      
    Expenses before incentive
    fees    		   10.66 %     13.84 %     11.64 %     8.69 %     8.45 %
    Net Investment Income Incentive Fees   — %     2.47 %     — %     — %     — %
    Capital Gains Incentive
    Fees    		   — %     — %     — %     — %     — %
    Ratio of expenses, excluding interest expense, to average net assets   5.51 %     9.10 %     5.23 %     4.36 %     4.35 %
                                           

    About Oxford Square Capital Corp.

    Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and, to a lesser extent, debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

    Forward-Looking Statements

    This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.

    Contact:
    Bruce Rubin
    203-983-5280

    The MIL Network –

  • MIL-OSI United Kingdom: Council approves 2025/26 budget and sets out priorities to keep improving Manchester

    Source: City of Manchester

    Manchester City Council has today (Friday 28 February) set its budget for 2025/26 outlining its spending plans to deliver services, make lives better and improve the city.

    The allocation of the £894 million revenue budget highlights the Council’s priorities, as well as the demands on services that councils across the country are seeing.  In common with councils across the land, Manchester City Council remains under significant financial pressure as it grapples with the difficult legacy of 14 years of national Government cuts to our budgets. Manchester was one of the areas hardest hit by cuts in central Government funding and a Council Tax increase of 4.99% (2% of which is specifically earmarked to support adult social care) has been required to help balance the budget.  

    However, improved funding for 2025/26 under the new Government – which saw Manchester receive one of the biggest increases in the country – and indications that future funding will be more closely linked to challenges such as deprivation have left grounds for optimism. 

    The 2025/26 budget prioritises supporting those most in need with a significant spend on children and adults social services; helping residents out of poverty and support with the cost of living crisis; building new genuinely affordable homes and reducing homelessness; protecting and investing in Manchester’s libraries and leisure centres, investing in our 148 parks and green spaces; and investing in local neighborhoods and high streets. The council is allocating an extra £5 million to tackle fly tipping, clean up our streets and make sure the city is clean, green and tidy 

    Council Leader Cllr Bev Craig said:

    “Our top priority is making sure that everything we do works towards making our city, and the lives of our residents, better. We’re pleased to be able to set a budget which continues to work hard for the people of Manchester – not just delivering the essential functions which they expect but also investing in making lives better and improving the city. 

    “We won’t forget the difficult cuts forced on us by previous governments since 2010 that left us £460 million worse off, but despite this we are putting residents first. From investing in new libraries and leisure centres, helping thousands of Mancunians with the cost of living crisis, expanding our youth offer, building much needed council and social housing to investing in neighborhoods and high streets right across the city, we will always spend what we have in a way that helps Manchester.  

    “Clean, green, safe and well maintained neighbourhoods are the bedrock of a great city, and that’s why we are investing an extra £5million in these much-needed services to reduce litter and flytipping that blights too many communities and make sure our streets are clean and tidy.” 

    Cllr Rabnawaz Akbar, Executive Member for Finance, said:

    “It’s been a tough few years for local government finances and the impact of cuts since 2010 can’t be turned round overnight.  

    “But thanks to careful planning and taking some difficult decisions early, Manchester has withstood the buffeting and is able to bring forward positive plans for how we’ll use the spending power which we still have.” 

    Supporting the most vulnerable 

    • Providing assistance, support and protection to around 5,500 children (including 1,351 looked after children, 842 of them in foster care.) 
    • Supporting more than 3,500 vulnerable adults through care at home or residential placements, with thousands more benefitting from equipment and home adaptations to help them live independently.  
    • Supporting around 2,700 homeless households and helping others avoid becoming homeless 

    Providing good quality everyday services 

    • Carrying out 31 million waste collections a year and providing street cleaning and other environmental services.  
    • Maintaining and investing in almost 150 parks and other green spaces. 
    • Providing 23 libraries and 25 leisure centres. 
    • Maintaining almost 2,500 miles of roads and pavements. 

    Investing in the future of the city to make it an even better place to live 

    • Major regeneration schemes are progressing across the city – from the transformation of Wythenshawe Civic Centre in the south to the enormous opportunities being opened up in North Manchester through initiatives such as Victoria North and Holt Town.  
    • In the past year 600 new council, social and genuinely affordable homes were completed with another 1,500 on site and a further 1,450 with planning permission in the pipeline. 

    Continuing to lend a helping hand to people struggling with the cost-of-living while tackling the underlying causes of poverty.  

    • Last year alone we spent £42m on measures to tackle poverty and support Mancunians with the cost of living. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Budget delivers investment in frontline services to residents

    Source: City of Liverpool

    Liverpool City Council is set to invest an additional £15.3 million in the delivery of frontline services for residents over the coming year.

    The Council’s ‘core spending power’ – the Government’s measure of how much local authorities have to spend – has increased by 10.3 per cent in cash terms as a result of Government funding and a proposed Council Tax increase of 4.99 per cent.

    The Council is to benefit from a £20 million Government ‘recovery grant’ to help areas with greater deprivation and need.

    The budget includes an extra £1.5 million for neighbourhood services to help tackle issues such as flytipping, street cleansing and blight.

    The aim is to build on improvements which have seen a 25 per cent drop in complaints about street cleansing and weeding over the last year.

    Changes have included regular maintenance, litter picking and cleansing at 58 new locations, including central reservations, roundabouts and traffic islands; additional litter picks in areas including Kirkdale, Anfield, Picton and Dingle; and monthly cleansing of 850 communal bin stations.

    There is also £500k for the School Streets programme to improve road safety around primary schools.

    An additional £52 million is being set aside to deal with increased demand for adult and children’s social care, temporary housing and home to school transport. The Council has a legal duty to provide adult and children’s services, and they account for 63 per cent of spending.

    The Council’s financial resilience has been boosted thanks to an improvement programme which has increased the cash total of Council Tax collected in-year by 13 per cent, reduced arrears by £18 million and cut Business Rates debt by £5.3 million.

    In addition, a review of single person Council Tax discount has increased the amount of Council Tax that can be collected by £1.8 million, and changes to empty property premiums is bringing in an additional £8 million per year.

    We have also:

    • Reduced the time taken for an invoice to be paid from 51 to 38 days
    • Cut the amount of debt owed to the Council by £10.7 million in the last quarter,
    • Rolled out electronic invoicing to save on postage.

    The Benefit Maximisation Team has increased income for the most vulnerable households by £7,643,529 – up £433,583 compared to January 2024, and in this budget its staffing will be increased by 50 per cent.

    Council Leader, Cllr Liam Robinson, said: “This is the most positive budget we have been able to present for some time due to the new government giving greater certainty to councils including future multi-year settlements and a bigger share of funding towards cities like Liverpool.

    “The budget continues our investment in the issues we know local people care about such as street cleansing, waste management and improving recycling rates, which is why we are bringing these services back in-house.

    “Like all councils, we continue to face real pressures in areas such as adult and children’s social care, temporary housing and home to school transport, and will continue to work with sector partners to suggest longer term solutions to the Government.“

    Deputy Council Leader and Cabinet Member for Finance, Resources and Transformation, Councillor Ruth Bennett, said: “We are continuing to make great strides in improving our own financial management to drive up income and make the most of every pound. This is helping manage the demand pressures we face in areas such as social care.

    “This rigorous approach is increasing Council Tax collection levels, reducing outstanding Business Rates and cutting the amount of outstanding debt we are owed. “We are determined to become a financially resilient organisation which provides services that are sustainable in the long-term.”

    At the Budget Council meeting on Wednesday 5 March, councillors will be asked to approve a rise of 4.99 per cent in Council Tax, including two per cent ringfenced for adult social care. The majority of households in Liverpool – 59 per cent – live in Band A properties, and will see the charge for the council services element of their bill rise by £84.04 per year. 

    MIL OSI United Kingdom –