Category: Tourism

MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Vanuatu

Source: IMF – News in Russian

September 3, 2024

Washington, DC: On August 28, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Vanuatu.

As Vanuatu was recovering from the natural disasters of 2023 and prolonged disturbance from the pandemic, the voluntary liquidation of Air Vanuatu in May 2024 created a major shock to the economy with substantial implications for growth and confidence. The loss of air connectivity has significant direct effects on economic activity through the decline in tourism and services, and on domestic and international labor mobility and cargo networks. Adverse developments in the Economic Citizenship Program (ECP) are also creating significant impairments to fiscal revenue and financial integrity.

Assuming a resumption of international air connectivity by 2024Q3 and domestic connections to be restored gradually by end-2024, real GDP growth is expected to slow to 0.9 percent y/y in 2024 and recover to 1½ percent y/y in 2025 (from an estimated 2.2 percent y/y in 2023). Limited fiscal revenue and high costs associated with the airline liquidation are expected to exacerbate the deficit and reduce the government’s fiscal space. Consequently, capital spending will likely decline as expenditures are reprioritized, affecting medium- and long-term growth. Although foreign reserves will remain above the RBV’s benchmark, they are forecast to decline due to lower tourism earnings and remittances.

While the loss of connectivity may produce price shocks, inflation, which peaked in 2023, will continue to decelerate as internal and external price pressures ease, supported by reduced demand from tourism and investment. Risks to the outlook remain tilted to the downside, including a worse-than-expected resolution of Air Vanuatu’s liquidation, political instability, geopolitical tensions, China’s slowdown, and severe natural disasters.

Executive Board Assessment[2]

Executive Directors agreed with the thrust of the staff appraisal. They noted the significant economic shock created by the voluntary liquidation of Air Vanuatu just as the economy was recovering from the multiple natural disasters of 2023. With real GDP growth expected to decelerate markedly in 2024, and the balance of risks tilted to the downside, Directors called for urgent measures to address the immediate risks to growth and stability, and then to rebuild buffers and tackle structural issues with accelerated policy reforms.

Directors agreed that in the near term targeted and strategic support is needed to help stabilize the economy. Starting in 2025, they called for urgent fiscal consolidation to reduce sustainability concerns, including re‑establishing and adhering to the fiscal anchor. Against the backdrop of the voluntary liquidation of Air Vanuatu, as well as declining Economic Citizenship Program (ECP) proceeds, Directors also highlighted the structural revenue weakness in Vanuatu and supported calls to strengthen public finances. They emphasized the importance of stronger revenue mobilization, expenditure rationalization, efficiency enhancements for spending, and a strong adherence to the principles of responsible public financial management.

Directors agreed that monetary policy remains appropriately accommodative, but fiscal dominance needs to be reduced. While recognizing that the exchange rate has acted as a buffer, they noted that it requires close monitoring, and welcomed the authorities’ efforts to review the currency basket.

Directors stressed the importance of addressing bank asset quality concerns and enhancing safeguards against financial vulnerabilities, including through upgrading regulatory, supervisory, and monitoring practices. They also agreed that improving governance and reducing vulnerabilities to corruption should remain a priority. In this context, Directors emphasized the crucial importance of enhancing anti‑corruption frameworks and the transparency and supervision of SOEs, including through ensuring an expedited approval of the Commercial Government Business Enterprises Act.

Directors commended the authorities’ efforts to adapt to climate impacts and build resilience against future disasters and called for these efforts to be accelerated. They agreed that investing in quality education and skills training and improving the ease of doing business are crucial to addressing labor and skills shortages in Vanuatu.

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

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

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Randa Elnagar

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2024/09/03/pr24315-vanuatu-imf-exec-board-concludes-2024-art-iv-consult

MIL OSI

MIL OSI Russia News –

September 29, 2024

MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Dominican Republic

Source: IMF – News in Russian

September 10, 2024

Washington, DC: On September 10, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with the Dominican Republic and considered and endorsed the staff appraisal without a meeting.[2]

A track record of sound policies and institutional policy frameworks has helped the Dominican Republic achieve robust and resilient economic growth and low inflation over the last two decades. Effective policies contributed to a growth moderation that appropriately supported inflation’s rapid and sustained return to its target last year and then aided the recovery, while close monitoring of the financial sector supported macro-financial stability. Planned enhancements to policy frameworks and deepening structural reforms—in particular, comprehensive fiscal and electricity reforms—have the potential to further support stability, competitiveness, and inclusive growth.

Following a strong post-pandemic recovery, economic growth slowed to 2.4 percent in 2023 due to tighter global and domestic financial conditions, weak export demand, and transient domestic factors, largely climate related. The growth slowdown, alongside lower commodity prices, drove inflation’s faster-than-expected convergence to its target range (4±1 percent). In response, the Central Bank of The Dominican Republic (BCRD) cautiously and appropriately reduced its key policy rate, allowing for greater exchange rate flexibility while increasing foreign exchange interventions to smooth daily exchange volatility. Fiscal policy was also prudently adjusted to support the economy. The current account deficit in 2023 narrowed markedly to 3.6 percent of GDP and was fully financed by foreign direct investment (FDI) flows. The financial sector weathered the period of tight monetary policy and slower growth and is adequately capitalized and profitable.

Supported by sound policies and macroeconomic fundamentals, the outlook is favorable despite elevated, mostly global, uncertainty. For 2024 and over the medium term, real GDP growth is projected around its long-term trend of 5 percent, with inflation around its 4 percent target. The current account deficit is projected to gradually narrow to less than 3 percent of GDP and continue being fully financed by FDI. Near-term risks to the outlook—including tighter global financial conditions, geopolitical tensions, and volatile commodity prices—have moderated since last year but remain elevated and tilted to the downside. Over the medium-term risks are more balanced and include upside risks if key domestic reforms are implemented successfully.

Executive Board Assessment

In concluding the 2024 Article IV Consultation with the Dominican Republic, Executive Directors endorsed staff’s appraisal, as follows:

A track record of sound policies and institutional policy frameworks has helped the Dominican Republic achieve robust and resilient economic growth and low inflation over the last two decades. Effective policies contributed to a growth moderation that appropriately supported inflation’s rapid and sustained return to its target in 2023. The authorities provided timely policy support to aid the recovery while monitoring closely the financial sector. The external position improved significantly in 2023 and was broadly in line with fundamentals and desirable policies.

The outlook is favorable despite elevated—mostly global—uncertainty. Real GDP growth is projected around its long-term trend of 5 percent in 2024 and thereafter, with inflation around its (4±1 percent) target. The current account deficit, expected to be fully financed by FDI, is projected to gradually narrow over the medium term. Downside risks dominate in the near‑term term—including tighter for longer monetary policy in the U.S., intensification of regional conflicts, or extreme local weather events—but are broadly balanced over the medium term, including upside risks if reforms are successfully implemented. Existing buffers, further contingency planning, and agile sound policy making can help face adverse shocks.

In the near term, policy priorities should remain focused on maintaining macroeconomic and financial stability, including further flexibility of the exchange rate. Monetary policy normalization can continue, given remaining economic slack and that inflation is firmly within the target range. Efforts to expedite the recapitalization of the central bank to reinforce its autonomy should remain a priority. Endeavors should continue to deepen the FX market, expand the use of hedging mechanisms and limit FXIs to large shocks that lead to destabilizing changes in hedging and financing premia to support further exchange rate flexibility, and therefore further enhance the effectiveness of the inflation targeting framework. While international reserves are broadly adequate based on traditional metrics, further reserve accumulation is necessary to increase buffers to deal with future shocks.

Fiscal policy should remain focused on rebuilding buffers and critical spending needs. The fiscal responsibility law and its planned implementation are welcomed and are important steps to better anchor medium-term policies and further secure debt sustainability. The authorities’ planned gradual fiscal consolidation, consistent with this law, is appropriate to place debt on a firmly downward path and build fiscal buffers. An integral fiscal reform that durably raises revenues—through elimination of tax exemptions and expansion of the tax base—and improves spending efficiency—especially by reducing electricity sector subsidies and untargeted transfers—is imperative. This can provide space for needed development spending (including disaster-resilient infrastructure) to promote inclusive growth.

The financial sector remains resilient and well capitalized, and efforts to bring the regulatory framework up to the latest international standards should continue. The sector weathered well the period of high interest rates and slower growth in 2023. Stress tests show that the banking sector can absorb a range of shocks. Continued close monitoring to contain any build‑up of vulnerabilities remains warranted amid higher for longer interest rates and past increases to credit growth. The modernization of the financial and prudential regulatory framework, alongside the expansion of the macroprudential toolkit, and closing regulatory/supervisory gaps (including for savings and loans cooperatives) will further increase financial sector resilience.

Ongoing efforts to improve public institutions and the business climate are essential to maintaining the strong investment and growth trajectory. The fiscal policy framework, and spending and revenue efficiency can be further enhanced by continued improvements to public financial management and further strengthening of revenue administration. Reforms to education and the labor market, alongside further improvements to social outcomes and implementation of climate adaptation and mitigation policies will be critical to support inclusive and resilient growth and continue to reduce vulnerabilities. The authorities should continue in their efforts to fully implement the Electricity Pact.

Dominican Republic: Selected Economic Indicators
Population (millions, 2023) 10.7		GDP per capita (2023, U.S. dollars) 11,372
Quota 477.4 million SDRs / 0.10% of total		Poverty (2021, share of population) 23.9
Main exports tourism, gold, tobacco		Unemployment rate (2023, percent) 5.3
Key export markets U.S., Canada, Haiti		Adult literacy rate (percent, 2022) 95.5
						Projection
	2019	2020	2021	2022	2023	2024	2025
Output	(Annual percentage change, unless otherwise stated)
Real GDP	5.1	-6.7	12.3	4.9	2.4	5.1	5.0
Nominal GDP (RD$ billion)	4,562	4,457	5,393	6,261	6,820	7,453	8,149
Nominal GDP (US$ billion)	89.0	78.9	94.5	113.9	121.8	…	…
Output gap (in percent of potential output)	-0.5	-6.3	-1.9	-0.8	-1.7	-0.8	-0.5
Prices
Consumer price inflation (end of period)	3.7	5.6	8.5	7.8	3.6	3.7	4.0
Exchange Rate
Exchange rate (RD$/US$ – period average) 1/	51.2	56.5	57.1	55.0	56.0	…	…
Exchange rate (RD$/US$ – eop) 1/	52.9	58.2	57.3	56.2	58.0	…	…
Real effective exchange rate (eop, – depreciation) 1/	-3.2	-8.1	6.5	6.3	-1.9	-2.9	0.0
Government Finances	(In percent of GDP)
Consolidated public sector debt 2/	53.3	71.1	62.2	58.8	59.3	58.4	57.4
Consolidated public sector overall balance 2/	-3.3	-9.0	-3.7	-3.6	-4.0	-4.0	-3.8
Consolidated public sector primary balance	0.5	-4.2	0.7	0.0	0.4	0.7	0.7
NFPS balance	-2.3	-7.6	-2.5	-2.7	-3.1	-3.1	-3.1
Central government balance	-3.5	-7.9	-2.9	-3.2	-3.3	-3.1	-3.1
Revenues and grants	14.4	14.2	15.6	15.3	15.7	16.3	15.2
Primary spending	15.1	18.9	15.4	15.7	15.8	15.9	14.8
Interest expenditure	2.7	3.2	3.1	2.8	3.1	3.4	3.5
Rest of NFPS	1.1	0.3	0.4	0.6	0.2	0.0	0.0
Financial Sector	(Annual percentage change; unless otherwise stated)
Broad money (M3)	11.7	21.2	13.4	6.3	14.3	11.5	10.7
Credit to the private sector	11.8	5.3	11.6	16.6	19.6	15.8	11.5
Net domestic assets of the banking system	8.6	2.5	11.5	9.7	13.1	13.5	10.1
Policy interest rate (in percent) 1/	4.5	3.0	3.5	8.5	7.0	…	…
Average bank deposit rate (1-year; in percent) 1/	6.7	3.1	2.3	9.9	8.6	…	…
Average bank lending rate (1-year; in percent) 1/	12.4	9.9	9.2	13.5	13.6	…	…
Balance of Payments	(In percent of GDP)
Current account	-1.3	-1.7	-2.8	-5.8	-3.6	-3.4	-3.4
Goods, net	-10.2	-8.6	-12.5	-15.1	-13.0	-12.9	-12.7
Services, net	5.7	1.8	3.9	4.8	6.0	6.6	6.5
Income, net	3.2	5.2	5.7	4.5	3.5	2.9	2.7
Capital account	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial account 3/	3.6	5.3	5.7	6.7	5.1	3.5	4.3
Foreign direct investment, net	3.4	3.2	3.4	3.6	3.6	3.5	3.5
Portfolio investment, net	2.4	7.1	2.2	2.9	2.0	1.5	1.3
Financial derivatives, net	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other investment, net	-2.3	-5.1	0.1	0.2	-0.5	-1.5	-0.5
Change in reserves (-increase)	-1.3	-2.5	-2.4	-1.3	-0.9	-0.2	-0.9
GIR (in millions of US dollars)	8,782	10,752	12,943	14,441	15,464	15,660	16,883
Total external debt (in percent of GDP)	41.9	56.3	48.6	40.5	43.3	43.5	42.5
of which: Consolidated public sector	27.3	40.3	35.6	33.2	33.9	32.9	32.2

Sources: National authorities; World Bank; and IMF staff calculations.
1/ Latest available.
2/ The consolidated public sector includes the budgetary central government (CG); the rest of the Non-Financial Public Sector, i.e., extra-budgetary central government institutions (decentralized and autonomous institutions), social security funds, local governments and non-financial public companies; and the quasi-fiscal central bank debt. With the dissolution of the state electricity holding company (CDEEE) in 2022, the deficit of CDEEE from 2019 was transferred to the CG.
3/ Excluding reserves.

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

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

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Meera Louis

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2024/09/10/pr24323-dominican-republic-imf-exec-board-concludes-2024-aiv-consult

MIL OSI

MIL OSI Russia News –

September 29, 2024

MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation Discussions with the Kingdom of the Netherlands—Curaçao and Sint Maarten

Source: IMF – News in Russian

September 17, 2024

Washington, DC: On September 10, 2024, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation discussions[1] with the Kingdom of the Netherlands—Curaçao and Sint Maarten and endorsed the staff appraisal without a meeting on a lapse-of-time basis[2]. These consultation discussions form part of the Article IV consultation with the Kingdom of the Netherlands.

Context. Curaçao and Sint Maarten have continued to experience a vigorous post-pandemic recovery underpinned by strong stayover tourism, which is outperforming Caribbean peers. Headline inflation has declined rapidly led by international oil price developments, notwithstanding a recent uptick, while core inflation remains elevated. In both countries, current account deficits improved markedly from pandemic years but remain high. Fiscal positions remained strong and in compliance with the fiscal rule. The landspakket, the structural reform package agreed with the Netherlands in 2020, continues to guide both countries’ reform agenda.

Curaçao outlook. Growth is expected to accelerate in 2024 before gradually converging to its potential over the medium term. Stayover tourism supported by fiscal expansion is projected to drive economic growth at a robust 4.5 percent in 2024 due to new airlifts and further expansion in hotel capacity. Growth is then expected to moderate to reach 1.5 percent over the medium term, given subpar investment and productivity growth coupled with sustained population decline and beginning saturation in tourism flows, assuming no further reforms and diversification. Headline inflation is projected to decline mildly to 3.2 percent in 2024 from 3.5 percent in 2023, but to continue falling towards its steady state of around 2 percent by 2027 reflecting international price developments. Fiscal balances would be guided by the fiscal rule and debt would continue to decline, while surpluses narrow as investments return and social spending pressures mount. The current account deficit is expected to improve in the medium term but would remain elevated.

Sint Maarten outlook. Growth is expected to moderate in the medium term as tourism recovery and the reconstruction taper off. Growth is expected to be 2.7 percent in 2024 and 3 percent in 2025, supported by a delayed recovery in cruise passengers towards pre-pandemic levels. However, the near-term outlook is threatened by the electricity load shedding (since June) and political instability. From 2026 onwards, growth is expected to gradually converge towards 1.8 percent as the stimulus from the reconstruction peters out, and tourism growth becomes constrained by the island’s carrying capacity and ailing infrastructure. Inflation is expected to remain broadly contained while remaining vulnerable to international price developments. Over the medium term, the government will continue to comply with the golden fiscal rule and capacity constraints will continue to weigh on public investment.

Monetary Union. Monetary policy is appropriately targeted towards maintaining the peg. Efforts to absorb excess liquidity should continue while closely monitoring developments in core inflation driven by tourism-related services. The financial sector is sound and risks to financial stability have substantially diminished as the CBCS advances its reform agenda. Banks are highly liquid and adequately capitalized and systemic risks are contained. Building on the CBCS’s strong progress in strengthening supervisory and regulatory capacity, and the recent resolution agreement for ENNIA, staff welcomes CBCS’s continued efforts in its reform agenda, including financial stability and crisis management.

Executive Board Assessment[3]

Curaçao

Curaçao’s economy successfully embraced the pivot towards tourism-led growth, giving rise to a strong near-term outlook. After losing key traditional industries, Curaçao quickly and successfully leveraged its tourism potential to grow, attract new hotels, and create jobs. While this is serving the economy well in the near term – growth is projected to accelerate to 4½ in 2024 – structural shifts have started to emerge, including a low-skilled, informal recovery of the labor market amidst low investment in non-tourist sectors. Growth is expected to moderate over the medium term given saturation in tourism flows, sustained population decline, and subpar investment. Notwithstanding the economy’s recent overperformance, inflation declined significantly and only reversed some of its gains recently on the back of higher international oil prices and unfavorable base effects. Inflation is expected to gradually converge towards its steady state rate of around 2 percent. Fiscal policy remains guided by the fiscal rule, albeit past surpluses are expected to unwind, allowing for the reversal of pandemic wage cuts and a return of public investments. The current account markedly improved thanks to lower oil prices but the deficit remains elevated.

Risks to the outlook are broadly balanced. Growth slowdown in major economies could negatively impact tourism receipts, while positive surprises could boost foreign demand. Domestically, a successful expansion of renewable energy and faster-than-expected development of hotel capacity and yachting marinas would boost growth, while delays in public investment and more persistent core inflation could dent tourist experience and competitiveness.

Efforts to safeguard recently created fiscal space are welcome. Overall surpluses in 2022 and 2023 helped reduce debt and granted access to favorable financing terms from the Netherlands. Safeguarding this space and avoiding procyclical impetus is warranted, including through more gradual unwinding of pandemic wage cuts in 2024, prudent liquidity management to repay a bullet loan in 2025, and general efforts to strengthen tax administration, review procurement and domestic arrears management, and streamline transfers to public entities. Ensuing room for maneuver could be used for priority investments, including for climate adaptation, guided by a medium-term fiscal framework steering towards the island’s debt anchor.

Healthcare and pension reforms are needed to lock in a sustainable expenditure path and mitigate medium-term fiscal risks. Growing health and old-age pension deficits, exacerbated by an aging population, pose risks to the sustainability of public finances. Recent initiatives to incentivize the use of generics and raise the pension age are commendable, and more needs to be done to put the system on a sustainable path. Staff sees a broad range of efficiency gains in health spending, including lowering pharmaceuticals and laboratory costs and enhancing primary care’s gatekeeping role. Reforms on the revenue side, including broadening the contributor base and increasing co-payments, are politically more difficult.

Sustaining the positive growth momentum in the medium term requires investments in capital and labor and resolving existing growth bottlenecks. First, moving up the value chain with high-end resorts and complementary recreational activities would help sustain valuable income growth from tourism but requires scaling up investments in infrastructure and deregulating the transportation sector. Second, further investments in electricity grid and energy storage, as well as a revised pricing strategy, are needed to accompany the ongoing energy transition and reap its vast benefits, including lower fuel imports, emissions, and electricity prices. The envisaged floating offshore wind park for hydrogen production would be a game changer for the island. Boosting public investment to achieve these objectives, however, requires ramping up capacity in planning and execution. Third, to further stimulate growth and offset the sustained population decline, formal labor markets and skills would need to be strengthened. And fourth, continued improvements in the business climate in line with the landspakket’s economic reform pillar could help overcome decade-low productivity growth.

Important strides in reducing ML/FT vulnerabilities are welcome and could be built upon. The draft online gaming law, implementation of risk-based supervision, and a new law to address EU grey listing and enable automatic information exchange represent important strides in enhancing Curaçao’s defenses against ML/FT and related reputational risks. Curaçao can further improve upon these important accomplishments, including by passing and implementing the aforementioned legislations in a timely manner and enhancing coordination and monitoring across relevant agencies.

Sint Maarten

Near-term growth is strongly anchored but preserving the positive momentum hinges on investments to revamp an ailing infrastructure and improve tourism’s value added. The economic recovery is well underway, underpinned by tourism recovery and the reconstruction. GDP is expected to surpass its pre-Irma level in 2025. However, without investments to upgrade an ailing infrastructure, growth will falter as the island approaches its maximum carrying capacity. Strategies should continue to focus on enhancing tourist’s experience, differentiating from other Caribbean destinations, and improving tourism’s value added.

A comprehensive strategy is required to durably resolve the electricity crisis. Mobile electricity generators have been leased and efforts to replace old engines are underway. Once the immediate crisis is resolved, efforts should be devoted towards developing a detailed masterplan for the energy transition with targets, projects, costing, timeline, and a comprehensive assessment of ancillary investments. The Trust Fund could receive a new mandate, beyond 2028, to operate as a public investment agency in charge of planning, securing the financing, and implementing plans for the energy transition.

Revenue mobilization efforts are essential to ensure fiscal sustainability. Plans to lower tax rates, to make the country more competitive with neighboring islands, should be avoided as this would reduce government’s revenues and endanger fiscal sustainability. Instead, additional revenues are required to satisfy the fiscal rule, service loans with the Netherlands, raise public wages to attract and retain talent, increase transfers to cover public health costs, and clear public arrears with the SZV. Envisaged reforms to enhance the tax administration and to digitize and interface government systems should be complemented with plans to i) tax casinos’ profits, turnover, and winnings; ii) enforce the lodging tax on short-term rentals, and income and profit tax on the proceeds from such rentals; iii) update the price of land leases; and iv) institute a tourist levy at the airport.

Without reforms, the healthcare and pensions funds are unsustainable. Health premiums and government transfers are insufficient to cover health costs, which are being cross-financed with pension savings. With unchanged policies, given population aging and rising administrative costs, both health and pensions funds will run deficits by 2027, and the SZV would deplete its liquid assets by 2027. By 2030, the government would need to transfer about 4 percent of GDP per year to sustain the system. Reforms are urgently needed to contain health costs including: i) introducing the General Health Insurance, ii) rationalizing benefits, iii) extending the use of generics, iv) optimizing referrals, v) strengthening preventing care, and vi) adopting out-of-pocket payments. Given the rapid pace of population aging, additional measures such as increasing the contribution rates and linking the retirement age to life expectancy, should also be considered.

Strengthening the implementation of AML/CFT measures is necessary to increase effectiveness of the AML/CFT regime. Laws for an effective AML/CFT framework were approved but their implementation is lagging. UBO registration is yet to begin, while the investigation and prosecution of suspicious activities is lacking. Granting the FIU full independence to investigate and prosecute cases, and increasing its budget for recruitment and operations could strengthen the AML/CFT framework.

The Monetary Union of Curaçao and Sint Maarten

The current account deficit is expected to improve in the medium term but would remain elevated, while international reserves are expected to remain broadly stable. Large CADs in both countries are expected to improve and remain well-financed, leading to a stable and broadly adequate level of international reserves over the medium term. Curaçao’s external position is assessed to be weaker than implied by fundamentals and desired policy settings due to an elevated CAD and sustained appreciation of the real effective exchange rate, while that of Sint Maarten is considered in line with fundamentals and desired policy settings.

Monetary policy is appropriately targeted towards maintaining the peg. In line with global monetary policy tightening, the CBCS increased its benchmark rate during 2022-23 and has kept it unchanged since September 2023. Efforts to absorb excess liquidity should continue while closely monitoring developments in core inflation driven by tourism-related services. Even though credit growth declined further and reached negative territory in real terms amidst monetary tightening, the transmission mechanism of monetary policy remains weak. Structural factors include the absence of interbank and government securities markets. The continued increase in mortgages, the only credit component to display growth, was accompanied by a broadly stable loan-to-value ratio on aggregate, albeit more granular data is needed to monitor potential vulnerabilities. Further acceleration in mortgage credit could warrant introducing a macro prudential limit below the currently by banks self-imposed ratio.

The financial sector is sound and risks to financial stability have substantially diminished as the CBCS advances its reform agenda. Banks are highly liquid and adequately capitalized and systemic risks are contained. Near-term risks to financial stability have substantially diminished with the agreement for a controlled wind-down of ENNIA and the start of the restructuring process, as well as the CBCS’s continued improvements in supervision, regulation, and governance. Staff welcomes CBCS’s initiatives to establish a financial stability committee, further refine stress-testing, and enhance crisis management capacities, including lender of last resort and a deposit insurance scheme.

Table 1. Curaçao: Selected Economic and Financial Indicators, 2020–25
(Percent of GDP unless otherwise indicated)

	2020	2021	2022	2023	2024	2025
	Prel.	Prel.	Prel.	Prel.	Proj.

Real Economy
Real GDP (percent change)	-18.0	4.2	7.9	4.2	4.5	3.5
CPI (12-month average, percent change)	2.2	3.8	7.4	3.5	3.2	2.4
CPI (end of period, percent change)	2.2	4.8	8.4	3.1	3.2	2.4
GDP deflator (percent change)	2.2	3.8	4.0	3.5	3.2	2.4
Unemployment rate (percent) 1/	13.1	13.5	7.2	7.0	6.9	6.6

Central Government Finances 2/
Net operating (current) balance	-15.0	-10.6	0.7	0.6	0.0	0.5
Primary balance	-13.2	-8.8	2.0	2.5	2.0	1.9
Overall balance	-14.5	-10.0	1.0	1.3	0.1	0.5
Central government debt 3/	87.1	90.3	81.6	70.8	65.4	61.1
General Government Finances 2, 4/
Overall balance	-15.7	-10.4	0.3	0.9	-0.3	-0.1

Balance of Payments
Current account	-27.2	-18.6	-26.8	-19.7	-17.9	-16.5
Goods trade balance	-37.0	-41.6	-47.9	-38.3	-40.4	-39.9
Exports of goods	10.7	12.5	18.0	16.9	16.5	16.2
Imports of goods	47.7	54.1	65.9	55.2	56.9	56.1
Service balance	9.6	21.7	20.5	18.4	22.6	23.7
Exports of services	29.3	37.2	48.6	46.6	50.3	51.3
Imports of services	19.7	15.6	28.1	28.2	27.7	27.6
External debt	197.3	194.8	180.9	177.1	169.1	164.0

Memorandum Items
Nominal GDP (millions of U.S. dollars)	2,534	2,740	3,075	3,318	3,578	3,789
Per capita GDP (U.S. dollars)	16,492	18,135	20,648	22,160	23,775	25,065
Credit to non-government sectors (percent change)	0.1	-9.7	3.2	2.5	…	…

Sources: The Curaçao authorities and IMF staff estimates and projections.
1/ Staff understands that the unemployment rate of 7.0 percent published in the 2023 Census data is not comparable to the historically published unemployment rates from the labor force survey by the Curacao Bureau of Statistics. As such, staff estimated the unemployment rate and overall labor force for the period of 2012 to 2022. Staff understands that the Curacao Bureau of Statistics intends to revise the historical series in the near future.
2/ Defined as balance sheet liabilities of the central government except equities. Includes central government liabilities to the social security funds.
3/ Budgetary central government consolidated with the social security fund (SVB).
4/ The latest available datapoint is as of 2018. Values for 2019-2023 are IMF staff estimates based on BOP flow data.

Table 2. Sint Maarten: Selected Economic Indicators 2020–25
(Percent of GDP unless otherwise indicated)

	2020	2021	2022	2023	2024	2025
	Est.	Est.	Est.	Est.	Proj.
Real Economy
Real GDP (percent change) 1/	-20.4	7.1	13.9	3.5	2.7	3.0
CPI (12-month average, percent change)	0.7	2.8	3.6	2.1	2.5	2.3
Unemployment rate (percent) 2/	16.9	10.8	9.9	8.6	8.5	8.2

Government Finances
Primary balance excl. Trust Fund operations 3/	-8.7	-5.4	-0.6	1.5	0.9	0.9
Current balance (Authorities’ definition) 4/	-9.6	-6.3	-1.5	0.5	-0.1	0.0
Overall balance excl. TF operations	-9.3	-5.9	-1.1	1.0	0.2	0.2
Central government debt 5/	56.1	55.3	49.3	49.0	46.2	44.1

Balance of Payments
Current account	-25.5	-24.6	-3.9	-7.5	-7.8	-3.0
Goods trade balance	-40.7	-49.8	-59.2	-59.3	-62.4	-60.5
Exports of goods	11.8	11.4	14.1	14.8	13.1	11.2
Imports of goods	52.4	61.2	73.2	74.1	75.5	71.7
Service balance	20.2	33.1	62.8	60.3	62.6	65.2
Exports of services	34.4	51.0	78.7	81.4	81.5	83.9
Imports of services	14.3	17.9	15.9	21.1	18.9	18.7
External debt 6/	274.3	253.7	213.6	206.3	200.8	194.0

Memorandum Items
Nominal GDP (millions of U.S. dollars)	1,141	1,268	1,479	1,563	1,645	1,733
Per capita GDP (U.S. dollars)	26,796	29,646	34,437	36,088	37,570	39,160
Credit to non-gov. sectors (percent change)	2.4	1.3	4.5	1.0	…	…


Sources:
1/ Central Bank of Curacao and Sint Maarten and IMF staff estimates.
2/ The size of the 2022 labor force reported by the 2023 Census was adjusted to ensure consistency with the reported total population.
3/ Excludes Trust Fund (TF) grants and TF-financed special projects.
4/ Revenue excl. grants minus interest income, current expenditure and depreciation of fixed assets.
5/ The stock of debt in 2018 is based on financial statements. Values in subsequent years are staff’s estimates and are higher than the values under authorities’ definition in quarterly fiscal reports.
6/ The latest available datapoint is as of 2018. Values for 2019-2022 are IMF staff estimates based on BOP flow data.

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

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

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Reah Sy

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2024/09/17/pr-24330-curacao-and-sint-maarten-imf-board-concludes-2024-article-iv-consultation-discussions

MIL OSI

MIL OSI Russia News –

September 29, 2024

MIL-OSI Russia: Treats, performances and sports games: how the festival “Summer in Moscow. Everyone out on the street!” went

MIL OSI Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

In the capital ended festival “Summer in Moscow. Everyone out on the street!”. 600 entertainment venues were organized for city residents and tourists, including at the festival sites of “Moscow Seasons”. Visitors bought 35 thousand portions of various treats and 16 thousand liters of soft drinks. During the festival, souvenir shops and shopping chalets sold about 11 thousand memorable gifts, jewelry and decorative items. This was reported by the capital’s Department of Trade and Services.

Guests especially loved craft chocolate, hand-made ice cream and pine cone jam. At each site, you could try meat and fish dishes cooked on the grill, and national culinary delicacies from vendors from all over the country.

From the world of gadgets to reality

In the summer, Muscovites attended concerts and theatrical performances by groups from all over Russia. Thousands of master classes were held at the venues of the festival “Summer in Moscow. Everyone out on the street!”, where adults and children made home decor, toys, jewelry and fashion accessories, as well as culinary masterpieces with the help of experienced chefs. Young guests attended programming, English and archeology classes, and drawing lessons with professional teachers. Plein airs were very popular.

More than 20 Moscow Seasons venues hosted fun starts, sports and board games, training sessions, as well as dance lessons, Zumba, yoga and stretching classes. In addition, Muscovites took part in transformation games that helped them return from the world of gadgets to reality, understand their goals and find ways to achieve them.

Dancing to the gramophone and games from childhood

At the creative evenings, visitors listened to poems and songs, discussed the works of classics, legendary plays and books, watched performances by contemporary artists. Lectures and creative classes with representatives of the fashion industry, writers and theater community were held at the Moscow Seasons venues.

On Nikitsky Boulevard, an open-air exhibition and art market were held for 100 days. An exhibition of paintings by young artists from the Moscow Exhibition Halls association was organized for city residents and tourists, and master classes on painting techniques and handicrafts were held.

The guests of the festival remembered the “Summer in Moscow. Everyone out on the street!” theme nights with gramophone music at the vintage market on Chistye Prudy, as well as the championship of the childhood game “Rock, Paper, Scissors”, in which residents of all Moscow districts took part.

More information about the activities of the Department of Trade and Services is available in the official telegram channel.

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

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

http://vvv.mos.ru/nevs/item/144354073/

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

MIL OSI Russia News –

September 29, 2024

MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Bhutan

Source: IMF – News in Russian

September 19, 2024

Washington, DC: On September 9, 2024, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Bhutan[1].

During the past decade Bhutan adeptly balanced economic growth and poverty reduction with environmental sustainability. Sustained growth increased incomes, lifting living conditions and eliminating extreme monetary poverty by 2022. Bhutan has a long history of leading environmental conservation and climate change action and is committed to remaining carbon neutral. While the pandemic hindered economic development, strong policies limited its health impact.

Growth remained subdued during 2023. Large-scale emigration and policies to curb imports hindered a more robust recovery. Inflation accelerated in the second half of 2023, driven by wage increases in the public sector. The current account deficit (CAD) widened to around 30 percent of GDP driven by a large investment in crypto assets mining and the slow recovery in tourism. The fiscal deficit narrowed but remained high and non-hydro debt nearly doubled from pre-pandemic levels.

Boosted by hydro-power projects and grant-financed capital investment, growth is projected to accelerate over the medium term, averaging 6.3 percent of GDP, but to remain volatile. A gradual easing of inflation towards 4 percent is expected as the impact of wage increase subside. The CAD is expected to narrow, supported by higher electricity exports due to the commissioning of new hydropower plants, a continued recovery in tourism, and crypto assets exports. Securing diverse sources of growth that provide quality employment opportunities while preserving Bhutan’s commitment to environmental sustainability remains a key medium‑term challenge.

Uncertainty remains elevated with the balance of risks tilted to the downside. Domestic risks include slippages on implementation of the goods and services tax, delays in hydropower projects, and fiscal risks from the materialization of contingent liabilities in the financial sector. External risks include volatile commodity prices—particularly of fuel—and a global slowdown that could hinder non-hydro exports. Bhutan is vulnerable to climate change, given the importance of hydroelectricity and agriculture. Crypto mining entails significant upside and downside risks given their price volatility. Overall, the large external debt and persistent CADs—while supporting growth-enhancing investments and financed by development partners—are nonetheless a source of vulnerability. On the upside, the pursuit of stronger‑than-envisaged fiscal consolidation would accelerate the pace at which fiscal and external buffers are rebuilt.

Executive Board Assessment[2]

Executive Directors agreed with the thrust of the staff appraisal. They commended Bhutan’s significant reduction in poverty and inequality during the last decade. Directors welcomed that growth is expected to accelerate over the medium term, boosted by a large hydroproject, higher capital spending, and the slowdown of emigration. Noting downside risks to the outlook, they underscored that tighter fiscal and monetary policies are needed to support the peg, reduce domestic and external imbalances, and rebuild buffers; while carefully managing potential risks stemming from crypto assets operations is also needed. Directors called for structural reforms to foster high-quality jobs in the private sector and diversify the economy, and commended the authorities’ commitment to ecological conservation and climate change action. They noted that continued support from the Fund’s capacity development is important.

Directors stressed that a gradual and sustained fiscal consolidation, based on revenue mobilization and spending restraint, is essential to rebuild buffers and preserve debt sustainability. They welcomed the authorities’ commitment to a timely implementation of the Goods and Services Tax and to undertaking additional tax and revenue administration measures to achieve the planned fiscal consolidation. Directors recommended strengthening public financial management, public investment management, and domestic debt management.

Directors underscored that monetary policy needs to be tightened in tandem with fiscal policy to ease balance-of-payment pressures and rebuild reserves. They stressed the need for a well-functioning domestic liquidity management framework to support the monetary policy operation function. Directors encouraged the authorities to phase out existing exchange restrictions once conditions allow. They noted the need to address remaining financial sector vulnerabilities, particularly given the expiration of COVID-related support measures. In this context, they welcomed the new guidelines and regulations to address credit quality and the progress in moving toward risk-based supervision. Directors recommended further enhancing the AML/CFT framework.

Directors called for structural reforms to diversify the economy and foster the creation of private sector jobs for high-skilled workers. They recommended improving the business environment, strengthening human capital accumulation, and improving active labor market policies. Directors welcomed efforts toward a new FDI policy, which relaxes some restrictions, including access to foreign currency, local employment requirements, and caps on foreign ownership. They also welcomed the improvements in data quality and called for further progress in this area.

Directors stressed the need to further strengthen public sector governance, including the Royal Monetary Authority’s (RMA) governance framework and independence as well as the transparency in the operations of state-owned enterprises. Noting the need to mitigate the potential risks stemming from crypto asset operations, they welcomed RMA’s efforts to strengthen its reserve management strategy and the forthcoming audited financial statements of crypto-mining operations.

Bhutan: Selected Economic Indicators, 2018/19-2028/29

2018/19	2019/20	2020/21		2021/22		2022/23		2023/24		2024/25		2025/26		2026/27		2027/28		2028/29
	Act.	Act.	Act.		Act.		Projections

	(In percent of GDP, unless otherwise indicated)
*National Accounts*
Nominal GDP (in millions of ngultrums) 1/	184,660	187,378	193,386		216,239		237,322		261,026		292,837		325,812		357,677		393,607		438,906
Real GDP growth (percent change) 1/	4.6	-2.5	-3.3		4.8		5.0		5.2		7.2		6.4		5.2		5.6		7.2

*Prices*
Consumer prices (EoP; percent change)	2.8	4.5	7.4		6.5		3.9		4.8		4.7		4.4		4.0		4.0		4.0
Consumer prices (avg; percent change)	2.8	3.0	8.2		5.9		4.6		4.6		4.7		4.5		4.2		4.0		4.0
GDP deflator (percent change)	2.2	4.0	6.7		6.7		4.5		4.6		4.6		4.6		4.4		4.2		4.1

General Government Accounts
Total revenue and grants	22.8	29.1	30.9		25.1		24.2		24.2		28.1		31.5		30.1		28.2		27.3
Domestic revenue	18.8	19.3	18.5		18.1		18.9		20.3		19.3		20.7		20.7		20.8		22.4
Tax revenue	14.7	12.2	10.7		12.0		13.3		13.4		14.0		14.4		14.8		14.8		15.2
Non-tax revenue	4.1	7.2	7.9		6.1		5.6		6.9		5.4		6.3		5.9		6.0		7.3
Foreign grants	5.5	8.5	7.5		6.2		6.0		3.9		8.8		10.8		9.4		7.4		4.9
Internal and other receipts	-1.6	1.3	4.9		0.9		-0.7		0.0		0.0		0.0		0.0		0.0		0.0
Total expenditure 2/	24.2	30.9	36.6		32.1		29.0		28.8		32.5		34.2		33.4		32.1		32.2
Current expenditure	15.0	19.0	22.5		15.9		14.9		17.1		17.0		17.8		18.7		18.8		19.4
Capital expenditure	8.8	11.8	14.3		16.1		14.2		11.8		15.5		16.4		14.8		13.3		12.8
Primary expenditure 2/	23.4	30.5	35.7		30.6		27.3		27.2		30.5		31.4		29.9		28.3		27.7
Primary balance	-0.6	-1.4	-4.8		-5.5		-3.1		-3.0		-2.4		0.1		0.2		-0.1		-0.4
Overall balance	-1.5	-1.8	-5.8		-7.0		-4.8		-4.6		-4.4		-2.7		-3.3		-3.9		-4.8
General government debt 3/	100	115	123		117		116		114		109		123		122		119		130
Domestic	3	1	9		11		13		14		15		12		11		13		13
External	97	114	114		106		103		100		94		111		111		106		117

*Monetary Sector*
Broad money (M2) growth (percent change)	5.6	19.3	24.4		9.4		9.8		12.6		13.2		12.3		13.0		12.2		11.5
Private credit growth (percent change)	20.5	13.3	6.5		10.8		19.3		9.1		11.2		11.1		11.5		10.0		10.2

*Balance of Payments*
Current account balance	-19.2	-14.8	-11.2		-28.1		-34.4		-17.7		-32.1		-20.5		-12.5		-17.1		-14.1
Goods balance	-15.3	-12.1	-6.4		-21.1		-25.7		-12.9		-26.9		-15.0		-6.1		-10.1		-8.8
Hydropower exports	6.0	12.1	13.5		11.0		8.7		6.3		8.2		9.5		9.1		10.4		11.9
Non-hydropower exports	17.3	13.0	13.9		15.8		14.9		15.7		15.9		15.8		17.1		18.1		18.8
Imports of goods	38.6	37.1	33.9		47.9		49.2		40.2		55.6		52.4		45.6		42.1		42.2
Services balance	-1.9	-3.5	-4.4		-6.5		-6.7		-3.7		-2.8		-3.6		-3.8		-3.6		-3.0
Primary balance	-8.4	-5.7	-5.7		-5.5		-5.0		-5.6		-4.5		-4.2		-4.6		-4.9		-4.8
Secondary balance	6.5	6.6	5.4		5.1		2.9		4.5		2.1		2.2		2.0		1.6		2.5
Capital account balance	8.0	7.1	3.8		3.6		4.1		3.1		8.2		9.8		8.6		6.6		2.9
Financial account balance	-4.5	-15.1	-9.1		-8.2		-10.7		-15.9		-24.0		-20.2		-19.2		-13.6		-13.6
Net errors and emissions	10.4	5.4	-4.8		1.2		11.8		0.0		0.0		0.0		0.0		0.0		0.0
Overall balance	3.7	12.9	-3.0		-15.1		-7.8		1.2		0.1		9.4		15.3		3.2		2.5
Gross official reserves (in USD millions)	1065	1344	1332		840		574		606		604		969		1616.3		1758.9		1878.7
(In months of imports)	12.4	17.5	17.9		7.6		4.8		5.8		3.7		5.7		10.0		10.8		10.3
(In months of goods and services imports)	10.1	14.2	15.6		6.6		3.9		4.6		3.2		4.8		8.1		8.6		8.4

*Memorandum Items*
Hydropower exports growth rate 4/	-1.2	105.6	15.8		-9.4		-13.2		-20.7		46.2		30.4		4.5		26.1		27.3
Non-hydropower exports growth rate 4/	13.7	-24.1	11.0		26.8		3.2		16.2		13.5		10.7		18.8		16.5		16.0
Hydropower good imports 4/	-15.3	-3.5	-21.2		-11.6		14.9		50.8		18.4		61.1		14.0		3.3		-19.1
Non-hydropower good imports 4/	10.3	-2.3	-4.3		63.8		12.7		-13.0		58.1		1.5		-6.1		1.4		15.2
Population in million (eop)	0.7	0.7	0.8		0.8		0.8		0.8		0.8		0.8		0.8		0.8		0.8
External financing gap in US million	…	…	…		…		0		0		0		0		0		0		0

[2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the

views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation

of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pemba Sherpa

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2024/09/19/pr-24336-bhutan-imf-concludes-2024-article-iv-consultation

MIL OSI

MIL OSI Russia News –

September 29, 2024

MIL-OSI Asia-Pac: Speech by SJ at forum titled Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond in Ho Chi Minh City, Vietnam (English only)

Source: Hong Kong Government special administrative region

Following are the opening remarks by the Secretary for Justice, Mr Paul Lam, SC, at the forum titled Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond in Ho Chi Minh City, Vietnam, today (September 24):Vice President Vo (Vice President of the Vietnam Chamber of Commerce and Industry Mr Vo Tan Thanh), distinguished guests, ladies and gentlemen, Good afternoon, xin chào buổi trưa. Firstly, a very warm welcome, a very big thank you to all of you joining our forum this afternoon co-organised by the Department of Justice of Hong Kong, the Hong Kong Economic and Trade Office in Singapore and the Vietnam Chamber of Commerce and Industry. The theme of today’s forum is “Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond”. In my opening remarks, I simply wish to try to answer two questions, two very obvious questions that I suppose you have in mind. Firstly, who we are; secondly, why are we here. For the purpose of this forum, I have a very big delegation consisting not simply of government lawyers from my Department. The Department of Justice of Hong Kong is in fact quite similar to the Ministry of Justice in Vietnam. So, a lot of people would think I will be responsible for criminal prosecutions, giving advice to the Government. But perhaps not so well known is that, it is also one of my duties to promote legal services in Hong Kong to friends outside the jurisdiction. Apart from my colleagues from the Department of Justice, I am very fortunate to have the support of about 15 legal practitioners from Hong Kong. They are very experienced legal practitioners specialised in different areas. And in fact we have all together, if I recall correctly, six supporting organisations. And you can tell from the nature of the organisations to have some idea as to who these legal practitioners are representing. We have representatives from the two legal professional bodies in Hong Kong, the Hong Kong Bar Association and the Law Society of Hong Kong. In Hong Kong, we still adopt the British system, we still have a divided legal profession. We have barristers who go to the courts to do advocacy work, and then we have solicitors handling all sorts of legal matters from non-contentious commercial matters to dispute resolution. So the representatives from two legal professional bodies, and then we have representatives from the main arbitration institutions in Hong Kong, including the Hong Kong International Arbitration Centre, HKIAC, which is the main arbitration institute in Hong Kong. We also have the South China International Arbitration Center (Hong Kong), which is also a very important institution. And then we have the AALCO, Asian African Legal Consultative Organization, with a regional arbitration centre in Hong Kong. We also have a representative from eBRAM which provides electronic services, not just for dispute resolution, but also for deal making. So from looking at the nature of these organisations, I hope you will be convinced that we have a wide spectrum of legal practitioners who are going to share their experiences and their knowledge about Hong Kong legal services to you in due course. Having told you very briefly who we are, the second question perhaps is even more relevant and important: Why are we here? What do we aim to achieve in the next couple of hours? We have two hours for the forum. We decided to share with you some of the things about Hong Kong which you may be interested in for the two hours. And I believe many of you will join our dinner after the forum, so it will be around four hours. A lot can be achieved within four hours. As I said earlier, I come across this question quite often. People wonder, in my capacity as the Secretary for Justice, I should be responsible for legal matters. It is not really my responsibility to promote trade and finance. I am not a minister of commerce. So what on earth am I doing here? To answer this very pertinent question, I think we should remind ourselves of the very close relationship between Vietnam and Hong Kong. I think we have to set the scene, we have to put things in context first. As a matter of fact. I am sure you would agree that Hong Kong and Vietnam share very close ties both as a matter of history and also at present. Now we are in the beautiful city of Ho Chi Minh City. Ho Chi Minh is the founding father of Vietnam, and I am sure you would remember that Mr Ho Chi Minh actually founded the Communist Party of Vietnam in Hong Kong in the early 1930s. I had a very quick chat with Vice President Vo just a moment ago. He reminded me that in the last century, from the 60s, 70s, all the way up to 90s, a lot of trade concerning Vietnam actually went through Hong Kong for a lot of reasons. And then fast forward, what is the position as at today? At the moment, I think there are more than 7 000 Vietnamese settling in Hong Kong, because I attended the national day celebration held by the Consul-General of Vietnam last week, so I got all the figures. There are more than 7 000 Vietnamese settling in Hong Kong. We have a lot of good Vietnam restaurants. I like the pho and banh mi. But more than that, we have roads and streets in Hong Kong named after places in Vietnam. We have the Saigon Street, Hanoi Road, so on and so forth. Last October, the Hong Kong Government has relaxed some immigration regulations, and as a result, it is much easier and convenient for Vietnamese talent to come to work in Hong Kong. In addition, the criteria for taking multiple visas, either as tourists or on business, have also been relaxed. And a little bit closer to today, about two months ago, the Chief Executive of the Hong Kong Government came to Vietnam. I think he held a forum exactly in this particular venue. On that occasion, I was told that altogether 22 co-operation agreements have been signed between business people in Ho Chi Minh City and Hong Kong, covering a wide range of areas. And you look at the figures, look at the statistics, Vietnam is Hong Kong’s second-largest trading partner within ASEAN (Association of Southeast Asian Nations) countries. I don’t remember the exact figures, but the amount is huge. And in terms of direct investment in Vietnam, the Vice President also confirmed to me that Hong Kong ranks among the top five. So plainly, if you put the matter in context, the relationship between Vietnam and Hong Kong has always been very close. And we look to the future. The Permanent Deputy Prime Minister of Vietnam actually paid a visit to Hong Kong about two weeks ago to attend the Belt and Road Summit. And he gave a very inspiring speech touching upon the relationship between Vietnam and Hong Kong. He mentioned the development plan of “Two Corridors, One Belt”, which is a very important development plan of Vietnam. He said he is hoping that we can connect the Vietnamese “Two Corridors, One Belt” plan with the Belt and Road Initiative proposed by China. So these two plans actually can have a sort of very good synergy. So this is the background that I would like to remind ourselves. But still you might think, well, I haven’t answered the very pertinent question yet, because so far I did not mention the word “law” very often. So how is legal service, how are lawyers in Hong Kong relevant to what I have said to the future relationship between the jurisdictions? I think the answer must be obvious, because most of you are very successful, very influential business people in Vietnam, and most of you will be engaged in international commercial investment transactions. And you must recognise that no matter how much you hate lawyers, in particular the fees that they are charging you, lawyers are indispensable from the moment you decided to set up a business in a foreign place to the point you have to negotiate or conclude a contract with a foreign party; when it comes to how to manage your risk when you set up a business in a particular place, including: should I be concerned about the labour law there, tax or whatsoever; and in the im
portant event that you run into dispute with your business partner or other people that clearly you will require legal service to assist you to resolve dispute. So the point that I wish to make is that, in the whole business cycle, I would use the analogy “from cradle to grave” but need to be more precise in the context from the inception of a business to the termination, to the point when you rip your profit from your joint venture, at each and every stage, legal service would be indispensable. But that still doesn’t answer the question. Assuming legal service is indispensable, obviously you have to consider who should I instruct? Legal services of which jurisdiction would be to my advantage, would serve my best interest? Now, here comes the ultimate objective of today’s event. I am hoping that after four hours, you will be convinced that Hong Kong will be your best choice. I am not suggesting that Hong Kong is the only choice because the choice is yours, but I am assisting you to make an informed choice. We will be trying our best to persuade you that among all the options, Hong Kong is the best choice. Why? Because Hong Kong is a common law gateway for Vietnamese businesses to China and beyond. This is my short answer. We do have a long answer, but I am afraid that the long answer is not going to be given by me. It is going to be provided by my eminent friends coming from Hong Kong. They will speak from their own area of practices, from their experiences to substantiate the point that I wish to make. And of course, after they share their experiences and what they wish to tell you, at dinner time, I am hoping that most of you would join the dinner, I will have the chance to speak to you again, just to do my closing submission. I will wait for your verdict at the end of your dinner. On this note, I hope you all have a very enjoyable afternoon and a very fruitful afternoon. And I hope that I will be able to convince you, because the duty of a lawyer is to convince people. I will be failing my duty if I am unsuccessful in this respect. I need your support and I am very optimistic because I have very good friends with me doing the job together with me. Thank you very much.

MIL OSI Asia Pacific News –

September 29, 2024
MIL-OSI Africa: United Nations General Assembly (UNGA) 79: African Development Bank calls on Development Finance Institution’s (DFI’s) to put peace into action to promote peace and stability in Africa

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

NEW YORK, United States of America, September 24, 2024/APO Group/ —

The African Development Bank (www.AfDB.org) has urged Development Finance Institutions (DFIs) and other development partners to scale up innovative partnerships and initiatives to build peace and security in Africa, home to eleven of the world’s most conflict-affected states.

Marie-Laure Akin-Olugbade, African Development Bank Vice-President for Regional Development, Integration and Business Delivery Complex led the charge during a session held September 21, on the sidelines of the 79^th Assembly of the United Nations titled: Investing in Prevention: Scaling up Peace – A Call to Action for DFIs.

Over the last 20 years, the level of global conflict has escalated, with one-fifth of Africa’s population residing in conflict affected areas, affecting the future of the world’s fastest-growing continent.

“Our goal today is very clear. We would like to mobilise institutions to prioritise peace building and through innovative partnerships and new financial mechanisms. This is a call for action.” Akin-Olugbade said in opening remarks.

The New Agenda for Peace, which is at center stage of the UN’s Summit of the Future, highlights how different actors, including DFIs can serve as peace agents, and emphasises the role of partnerships, especially in the context of fragile and conflict affected countries, urging increased political and financial mobilisation to prevent conflicts.

The effect of three decades of a devastating civil war in Mozambique are still evident, Amilcar Tivane, Mozambique’s Vice-Minister of Economy and Finance told participants, stressing the need for prevention.

The Mozambique government has learned innovative solutions to deal with the root causes of conflict and to address lingering security challenges in northern Mozambique such as terrorism and insurgency. What has worked is a resilience building strategy together with partnerships, Tivane said. The country is also launching a new initiative for peace for the reconstruction of affected tourism areas

« We have learned that prevention is critical, » he said. « Sometimes its difficult (for governments) to acknowledge that the social dimensions could have a significant impact.»

Issa Faye, Director General of the Islamic Development Bank ( IsDB) said his institution’s blend of ordinary and concessional financing has been key to the successful financial support for 32 fragile African countries out of the 52 they support.

The IsDB have aided thousands of refugees through programmes to address skills gap, training and education, combining economic empowerment and food security.

Faye underlined Islamic financing as a concept framing a lot of the institution’s programmes and stressed the need to find alternative financing which is dedicated, responsive and resilient.

Risk perception, another major constraint to financing peace initiatives in Africa, was the subject of Pradeep Kurukulasuriya, the Executive Secretary of the UN Capital Development Fund (UN CDF), submission. He offered a concrete example of successful de-risking of a peace initiative in Burundi.

« UN DCRF works to de-risk so that larger streams of finance can flow from the larger and more established institutions, » he said.

Since 2021, UNCDF has been working in collaboration with the UN Peacebuilding Fund and the Government of Burundi to address interconnected and transnational root-causes of instability and nature loss in the Kibara National Park and surrounding buffer zones. The joint initiative with several partners including UNESCO, uses a unique blended finance approach.

Peace finance needs new a lens

Itonde Kakoma, President of Interpeace said a new paradigm approach, which moved away from the donor focus and instead sees development partners investing in peace investment hubs and creating a pipeline of peace positive projects, is much needed.

He said the need to connect development finance and peace building while leveraging the private sector to build peace, safety and social cohesion between communities living in complex environments, was more imperative than ever.

« We have a conviction that the Sustainable Development Goals can be unlocked by peace finance, » Kakoma said.

Other participants such as Elizabeth Spehar, Assistant Secretary General, United Nations Peacebuilding Support stressed the importance of inclusion and the role of DFI’s such as the African Development Bank.

“We need the economic might of the DFI’s. We have to work on this together,” she said.

Spehar paid tribute to the African Development Bank which emphasizes peace and security as public goods in its new Ten-year strategy (2024-2033). The Bank’s joint pilot project in Central African Republic with UNHCR has the UN “working with communities on the peace part and the African Development Bank working on the employment part,” Spehar said.

The Bank has been on the forefront of systematically addressing issues of fragility in Africa and has built up over 20 years of experience in building Africa’s resilience by providing intellectual leadership and dedicated financial instruments, such as the Transition Support Facility, which mobilizes additional resources for affected countries. The Bank’s Private Sector Credit Enhancement Facility allows it to do more private investments in these riskier markets.

The audience also heard from the g7+, Asian Development Bank, Civil Society Platform for Peacebuilding and Statebuilding (CSPPS), the World Economic Forum (WEF), the Aswan Forum, UNHCR, and the African Union Peace Fund whose Director Dagmawit Moges spoke of the institution’s reforms and the importance of governance.

“We’ve gone beyond theory and talk. We at the African Development Bank are interested in strengthening partnerships. We are not going to work in silos. We are looking forward to continuing this discussion at COP 29 and at the Africa Resilience Forum next year,” Akin-Olugbade said.

MIL OSI Africa –

September 29, 2024
MIL-OSI Global: Sri Lanka’s new leftist president marks departure from political family rule

Source: The Conversation – UK – By Amalendu Misra, Professor of International Politics, Lancaster University

Sri Lanka has sworn in 55-year-old leftist politician Anura Kumara Dissanayake as its new president. There was no clear winner after the first round of votes from Saturday’s election had been counted. But Dissanayake, who is commonly known by his initials AKD, emerged victorious after a count of the second-choice votes.

His election is something of a watershed. It was the first time since Sri Lanka gained independence in 1948 that the presidential race was decided by a second round of counting after either of the top two candidates failed to win the mandatory 50% of the vote. And it was also the only time that voters have elected a candidate who does not belong to the country’s traditional ruling elite.

Sri Lanka has long been held in the tight grip of a handful of powerful political families. The Rajapaksa dynasty, for example, had dominated Sri Lankan politics for well over two decades before mass protests over a severe economic crisis unseated the country’s leader, Gotabaya Rajapaksa, in 2022.

AKD’s campaign rhetoric centred largely around corruption as the key culprit in the economic woes facing the country. Previous governments have been linked not only to corruption, but also to human rights abuses and the military’s encroachment on the civilian space. Persuaded by his logic of openness and transformation, voters saw AKD as an opportunity to change Sri Lanka’s stale political system.

Following his election, AKD declared in characteristic Marxian mode: “This victory belongs to all of us.” Assuaging the demands of the masses for change will be a priority.

Voters have chosen a new president for the first time since mass protests unseated Sri Lanka’s leader in 2022.
Color Collector / Shutterstock

AKD comes from a strong leftwing ideological background. He leads a political outfit called the Janatha Vimukti Peramuna (JVP), which is by no means a heavyweight party. It has only three members in the country’s 225-member parliament, and does not come with an attractive pedigree.

The JVP is seen in Sri Lanka as a fringe reactionary party due to its involvement in violent insurrections and targeted assassinations that left thousands dead in the 1980s. Given Sri Lanka’s fractious ethno-nationalist politics, how the JVP and its new national leader carry the masses forward on a national regeneration project would be anybody’s guess.

But AKD has shown himself to be aware of the underlying tensions in the country and, since becoming the JVP’s leader in 2008, has apologised for the party’s past violence. In his swearing-in speech, AKD declared: “We need to establish a new clean political culture … We will do the utmost to win back the people’s respect and trust in the political system.”

The road ahead

There are several critical challenges that AKD needs to face head on – the most important of which concerns the country’s failing economy. After all, it was acute economic hardship that drove the citizenry to vote for political change.

In the past, a substantial portion of whatever Sri Lanka managed to procure through its two main sources of income, tourism and remittances sent home by citizens living abroad, went towards settling its external debts. However, these earnings were hit badly by the pandemic and the country’s economic woes spiralled out of control.

The rate of inflation soared and dwindling reserves of foreign currency resulted in acute shortages of essential goods and services. Then, in May 2022, Sri Lanka defaulted on its foreign debt for the first time in its history.

This scenario quickly led to a national emergency. Faced with the most devastating economic crisis since independence, a countrywide uprising (colloquially known as the aragalaya) ousted Gotabaya Rajapaksa from office.

The removal of Rajapaksa secured an uneasy peace, and things have since tentatively improved on the economic front. Ranil Wickremesinghe took over as the interim president in 2022 and his administration managed to secure a loan worth US$3 billion (£2.2 billion) from the International Monetary Fund.

The economy now appears to be on a slow path of recovery. It is expected to grow in 2024 for the first time in three years, supported by a narrower trade deficit and growing remittances.

Sri Lanka’s interim president, Ranil Wickremesinghe, has congratulated Dissanayake on winning the election.
Ruwan Walpola / Shutterstock

AKD is aware of the enormity of the burden he carries. As he admitted while accepting the role of president: “I have said before that I am not a magician – I am an ordinary citizen. There are things I know and don’t know. My aim is to gather those with the knowledge and skills to help lift this country.”

His pro-working class and anti-political elite campaigning without doubt made AKD popular among youth, and helped him secure victory. But his ideology may well be at odds with the foreign lenders who have kept the economy afloat for past two decades.

Sri Lanka’s new president faces a precarious balancing act to satisfy both a population high on hopes of populist subsidies and the demands of external lenders to tighten the country’s belts.

Amalendu Misra is a recipient of British Academy and Nuffield Foundation Fellowships.

– ref. Sri Lanka’s new leftist president marks departure from political family rule – https://theconversation.com/sri-lankas-new-leftist-president-marks-departure-from-political-family-rule-239631

MIL OSI – Global Reports –

September 29, 2024
MIL-OSI China: Xinjiang’s Khunjerab Pass offers full-year service

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

Xinjiang’s Khunjerab Pass offers full-year service

Updated: September 24, 2024 20:37 Xinhua

A police officer of Khunjerab border inspection station is pictured on duty at the Khunjerab Pass in Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 20, 2024. Khunjerab Pass is a land port on the China-Pakistan border and an important gateway to South Asia and Europe. The pass used to offer seasonal access service that started on April 1 and ended on Nov. 30, but it has shifted to full-year service as of Sept. 20 this year. [Photo/Xinhua]

Police officers of Khunjerab border inspection station check a vehicle at the Khunjerab Pass in Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 20, 2024. [Photo/Xinhua]

A truck passes through the Khunjerab Pass in Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 20, 2024. [Photo/Xinhua]

This photo shows the Khunjerab Pass in Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 20, 2024. [Photo/Xinhua]

Customs staff check electronic products at the Khunjerab Pass in Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 20, 2024. [Photo/Xinhua]

A police officer of Khunjerab border inspection station (R, front) helps a Swiss tourist at the Khunjerab Pass in Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 20, 2024. [Photo/Xinhua]

MIL OSI China News –

September 29, 2024
MIL-OSI Australia: Next Generation Freshwater vessels to take to popular F1 Manly Ferry route

Source: New South Wales Ministerial News

Transport for NSW has begun market sounding to gather proposals for the next generation Freshwater Class vessels, and how that fleet can incorporate zero-emissions technology. Transport are working with a number of locally based businesses for further development.

The next-generation Freshwaters will pay homage to their iconic forebears and will be designed and built locally. The new vessels will need to replicate the existing Freshwater’s performance in big swells and will utilise dual-level boarding to quickly load and unload big summer crowds.

The length of the new ferries will be subject to ongoing discussions and detailed design. The Freshwaters rely solely on available slots at the Australian Navy’s Captain Cook Graving Dock for major maintenance, smaller vessels are able to utilise alternative dry-docks like the NSW Government-owned Balmain Shipyard.

The NSW Government has also set a requirement that the new ferries be zero-emission, continuing the evolution of ferries on the Manly run. From paddle steamers in the 1850s, to diesel in the 1980s and soon, zero-emission electric propulsion.

The NSW Government will be able to outline an anticipated timeline for the vessels entering service on the harbour at the conclusion of the market sounding process.

This is a marked difference to the previous Government’s approach where three overseas-made vessels were purchased for the Manly run, but couldn’t handle the swell and struggle to maintain the required capacity needed on the popular route.

The Government’s commitment to extend the service life of the Freshwater class with a $71m investment will be continued with the return of the Narrabeen, expected back on the F1 route after a period of dry-docking at Garden Island in early 2025.

Two Freshwater class vessels are currently serving the F1 Manly Ferry route, with Queenscliff’s survey remaining current until November 2027, and Freshwater due to have its survey renewed in mid-2025, allowing it to operate until July 2030.

However, it’s become clear that maintaining MV Collaroy, which was removed from active service on the F1 route last September, for passenger service has become prohibitively expensive. This is due to the Collaroy’s one-of-a-kind build, which made the Collaroy the first and only ferry capable of sailing the open ocean.

Despite looking almost identical from the outside, the Collaroy’s internal and technical design – from the wheelhouse control system to the gearbox and propellors – is significantly different to the other three Freshwater Class vessels, which are virtually identical and use interchangeable parts.

This difference in design requires a different maintenance process for the Collaroy, as well as additional bespoke parts to be fabricated and an entirely separate store of spare parts kept for one vessel.

Transport will open an EOI process next month, so the Northern Beaches community and other maritime stakeholders can put forward proposals for utilising this historic vessel for years to come.

Commuters across the Harbour set to benefit from pipeline of new vessels.

The NSW Government is planning the phased replacement of all diesel-powered craft with modern vessels powered by green energy alternatives by 2035. The new vessels will be built locally, supporting the NSW Government’s commitment to local procurement.

The nine First Fleet vessels, which entered service in the mid-1980s, are set to retire by the end of the decade. Designs for their replacements are due to commence this year, in tandem with the development of charging infrastructure and necessary modifications to shipyards to accommodate electric vessels.

Transport is also preparing a business case to commission an eighth, electric-powered Parramatta River Class vessel that could be ready for trials by early 2026. This eighth vessel would be Sydney Ferries’ first electric vessel and would provide the road map for the introduction of new electric ferries across the harbour.

Sydney’s new fleet of seven Parramatta River Class ferries are currently mid-way through construction in Tasmania and have been built to support conversion to electric propulsion when shore-side charging infrastructure can be put in place.

Quotes attributable to Transport Minister Jo Haylen:

“Sydney’s iconic double-ended Manly vessels started as steam ships, became the diesel ferries we know and love today, and will soon evolve into modern electric vessels.”

“While we’ve extended the life of our Freshwater vessels, it’s important that we continue to plan for our future fleet. Manly needs high-capacity, reliable vessels that can load and unload hundreds of commuters and tourists within minutes of a ferry pulling into Manly or the Quay.

“What we found with the overseas built Emerald IIs was that they weren’t built for the conditions, and people were left on wharves in the summer months because the single gangway couldn’t load these ferries fast enough.

“These new ferries will continue the important legacy of the Freshwaters, provide the capacity the community needs and combine it with new zero-emission propulsion to deliver a next generation ferry that’ll be fit for our harbour for years to come.”

Quotes attributable to Councillor Candy Bingham, Save the Manly Ferry Committee:

“For years, I’ve said we need a long term plan for ferries on the Manly run, and I’m so pleased the Government has listened.

“We’ve called for any Freshwater replacement to be a fully electric ‘look alike’ to the Freshwater Manly Ferries, and I hope this market sounding process delivers us exactly that.

“A ferry that is just a little bit smaller won’t have to go into the Navy’s dry dock to be certified every 5 years. This will keep ferries in service on the Manly run, instead of being tied up at Balmain or Cockatoo Island waiting for maintenance.

“The Manly Ferry has always been iconic to Sydney. This next generation zero-emissions look-alike ferry will continue that history.”

MIL OSI News –

September 29, 2024
MIL-OSI Canada: Joint readout – Canada and Egypt strengthen bilateral relations

Source: Government of Canada News

Following the meeting held today between the Honourable Mélanie Joly, Minister of Foreign Affairs of Canada, and His Excellency Dr. Badr Abdelatty, Minister of Foreign Affairs, Emigration and Egyptian Expatriates of Egypt, on the margins of the UN General Assembly meetings in New York the following joint readout was issued

September 23, 2024 – New York, New York – Global Affairs Canada

Following the meeting held today between the Honourable Mélanie Joly, Minister of Foreign Affairs of Canada, and His Excellency Dr. Badr Abdelatty, Minister of Foreign Affairs, Emigration and Egyptian Expatriates of Egypt, on the margins of the UN General Assembly meetings in New York the following joint readout was issued:

In line with the long-standing and friendly partnership between both Canada and Egypt, built over the course of 70 years of diplomatic relations, both sides reaffirmed the mutual desire to enhance cooperation between our two countries.

Ministers Joly and Abdelatty stressed the need to advance and strengthen bilateral relations, including economic and commercial interactions, as well as to promote tourism and support greater people-to-people interactions. Both ministers agreed there is much that can be achieved between the Governments of Canada and Egypt by collaborating together with a view to continuing to build together a reinvigorated platform of bilateral cooperation in all its dimensions.

To that end, both Ministers discussed the issue of mutual facilitation of travel and tourism between both countries, along with the possibility of waiving the requirement of prior-entry visas for Canadian citizens travelling to Egypt. Minister Abdelatty agreed that Egypt will take this step very soon, and it will be announced in due time. Minister Joly thanked him for this positive signal, in the spirit of Egyptian-Canadian friendship, and as a genuine demonstration of the two countries’ partnership, which is being celebrated in 2024 as they mark 70 years of diplomatic relations.

Associated links

MIL OSI Canada News –

September 29, 2024
MIL-OSI Translation: Joint Report – Canada and Egypt Strengthen Bilateral Relations

MIL OSI Translation. Canadian French to English –

Source: Government of Canada – in French 1

Following the meeting today between the Honourable Mélanie Joly, Minister of Foreign Affairs of Canada, and His Excellency Dr. Badr Abdelatty, Minister of Foreign Affairs, Emigration and Egyptian Expatriates of Egypt, on the margins of the United Nations General Assembly meetings in New York, the following joint report has been issued:

September 23, 2024 – New York, United States – Global Affairs Canada

Following the meeting today between the Honourable Mélanie Joly, Minister of Foreign Affairs of Canada, and His Excellency Dr. Badr Abdelatty, Minister of Foreign Affairs, Emigration and Egyptian Expatriates of Egypt, on the margins of the United Nations General Assembly meetings in New York, the following joint report was issued:

In keeping with the long-standing partnership of friendship between Canada and Egypt, established over 70 years of diplomatic relations, both parties reaffirmed their mutual desire to strengthen cooperation between our two countries.

Ministers Joly and Abdelatty stressed the need to advance and strengthen bilateral relations, including economic and trade exchanges, as well as the promotion of tourism and the strengthening of people-to-people interactions. Both ministers agreed that the governments of Canada and Egypt can achieve much by working together to continue building a reinvigorated platform for bilateral cooperation in all its dimensions.

To this end, the two ministers discussed the issue of mutual facilitation of travel and tourism between the two countries, as well as the possibility of exempting Canadian citizens travelling to Egypt from the requirement to obtain a prior entry visa. Minister Abdelatty agreed that Egypt will take this step very soon and that it will be announced in due course. Minister Joly thanked him for this positive signal, which is in the spirit of Egyptian-Canadian friendship, and in a true demonstration of the partnership between the two countries, which will celebrate 70 years of diplomatic relations this year.

Related links

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

MIL Translation OSI

September 29, 2024
MIL-OSI China: China to further promote ties with Maldives: Chinese FM

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

NEW YORK, Sept. 23 — Maldivian President Mohamed Muizzu on Monday met with Chinese Foreign Minister Wang Yi in New York, during which Wang expressed China’s willingness to continuously promote bilateral relations to new levels.

Conveying Chinese President Xi Jinping’s cordial greetings to Muizzu at the start of the meeting, Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, noted the fact that China and the Maldives are friendly neighbors across the Indian Ocean, recalling the successful state visit by Muizzu to China in January.

During the state visit, the heads of state announced the elevation of bilateral ties to a comprehensive strategic cooperative partnership, and the two countries will work together to build a community with a shared future, Wang said.

Thanks to the strategic guidance of the two heads of state, China and the Maldives have conducted close exchanges at all levels and promoted practical cooperation, bringing tangible benefits to the Maldivian people, Wang said.

China and the Maldives have always understood, trusted and supported each other despite the many uncertainties in the region and around the world, and the development of bilateral ties have remained steady and healthy, Wang said.

China, Wang told Muizzu, is willing to work with the Maldivian side to thoroughly implement the important consensus reached by the two heads of state and continuously promote the China-Maldives relations to new levels.

China’s development will enhance the force for peace in the world and augment the strength of developing countries, and will hence bring new opportunities for developing countries like the Maldives, Wang said.

China-Maldives relations have become an example of countries large and small treating each other equally, helping and supporting each other, and striving for mutual benefits and win-win results, Wang said, adding that it is the wish of China to carry forward its traditional friendship with the Maldives and march alongside the Maldives at the forefront of the endeavor to build a community with a shared future for mankind.

China will always support the Maldives’ effort to protect its sovereignty independence, territorial integrity and national dignity, and support the Maldives’ search for a development path that suits the country’s reality, Wang said.

Wang mentioned in particular the development of small island countries, saying that China is willing to lend a helping hand through the Chinese proposal known as the Global Development Initiative, meanwhile coping with challenges such as climate change together with small island countries.

Muizzu, for his part, asked Wang to convey his best regards to President Xi, expressing his warm congratulations on the 75th anniversary of the founding the People’s Republic of China.

Muizzu said his historic state visit to China in January was not only a total success that injected vigor into the development of Maldives-China relations, but also a personal honor for himself, as he was the first foreign head of state invited to China by President Xi this year.

The Maldives, Muizzu stressed, firmly adheres to the one-China policy and supports a series of prominent international cooperation initiatives proposed by the Chinese president.

Noting the visits by multiple Maldivian ministers to China since the start of this year and the smooth cooperation between the two countries, Muizzu said the Maldivian government and people wholeheartedly thank China for its selfless assistance in the economic and social development of the Maldives.

The Maldives looks forward to strengthening cooperation with China in the fields of finance, housing, agriculture, infrastructure and tourism, and promoting greater development of bilateral relations.

MIL OSI China News –

September 29, 2024
MIL-OSI China: China adds over 30,000 rural place names to protection lists

Source: China State Council Information Office 2

More than 30,000 old rural place names have been added to China’s protection lists since a rural geographic naming project was launched last year, a senior official of the Ministry of Civil Affairs (MCA) said Monday.
Tang Chengpei, vice minister of civil affairs, said at a press conference that the project, which collects rural place names and inputs them into maps, aimed to improve geographic naming and cultural protection in rural areas.
As of August this year, the government had standardized the naming of 430,000 locations, installed 330,000 place name signs, and placed 14.42 million building and door plaques in rural areas under the project, Tang said.
He added that as the project was promoted, more nameless rural places and places with multiple names had obtained their own standardized names.
The government has also provided guides for online map services to present correct and consistent rural place names, which has facilitated backpacking and road trips in rural areas as well as the delivery of both parcels into villages and rural goods to urban areas, Tang said.
Benefiting from the naming project, many places have created a range of geographic brands of agricultural products, and rural place naming has been integrated with the development of rural e-commerce and agricultural tourism, he added.
The MCA announced the launch of the rural place naming project as a measure to advance rural revitalization in May 2023.

MIL OSI China News –

September 29, 2024
MIL-OSI USA: Gallego Calls on Administration to Approve Major Disaster Declaration for Havasupai Tribe

Source: United States House of Representatives – Representative Ruben Gallego (AZ-07)

September 23, 2024

PHOENIX – Today, Rep. Ruben Gallego (AZ-03) sent a letter to President Biden calling on his administration to approve the Havasupai Tribe’s request for a major disaster declaration in response to the recent severe flooding on their reservation.

On August 22nd, severe flash flooding at Havasu Creek inundated Supai Village on the Havasupai reservation, requiring the rescue and evacuation of over one hundred tribal members and tourists. The flooding resulted in significant damage to bridges, homes, roads, campgrounds, and trails as well as challenges to emergency response due to limited trail access to the reservation, and the Tribe has declared a state of emergency.

“I appreciate your administration’s quick response, as FEMA staff were on the ground in a matter of days to begin assessing the damage, and the National Park Service immediately assisted with search and rescue efforts,” Rep. Gallego wrote. “Further providing the resources unlocked through a major disaster declaration will be crucial in rebuilding homes, fortifying tribal resources, and ensuring the resilience of Havasupai communities after this devastating flood.”

Full text of the letter can be found HERE.

MIL OSI USA News –

September 29, 2024
MIL-OSI China: Kashgar transforms into unique tourist destination blending history, modernity

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

Kashgar transforms into unique tourist destination blending history, modernity

Updated: September 24, 2024 10:00 Xinhua

Tourists select leather bags in the ancient city of Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 19, 2024. The ancient city of Kashgar, located in southwestern Xinjiang, served as a vital transportation hub connecting China with Central Asia and South Asia in ancient times. The confluence of diverse ethnic cultures in this region has given rise to a wealth of historical and cultural treasures. Today, Kashgar has harnessed its cultural and geographical advantages, transforming into a unique tourist destination that blends history and modernity. In the first eight months of 2024, Kashgar received over 19.5 million domestic tourists, an increase of 29.46 percent year-on-year, and generated tourism revenue of nearly 15.35 billion yuan (about 2.18 billion U.S. dollars), up 38.83 percent. [Photo/Xinhua]

A tourist poses for a photo in the ancient city of Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 19, 2024. [Photo/Xinhua]

Local residents enjoy their leisure time in the ancient city of Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 19, 2024. [Photo/Xinhua]

A tourist tries a headdress in the ancient city of Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 19, 2024. [Photo/Xinhua]

An ice cream maker gives a tourist her ice cream through magic tricks in the ancient city of Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 19, 2024. [Photo/Xinhua]

Tourists visit a local residential building with more than 300 years of history in the ancient city of Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 19, 2024. [Photo/Xinhua]

A tourist buys local snacks in the ancient city of Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 19, 2024. [Photo/Xinhua]

Tourists visit the ancient city of Kashgar in northwest China’s Xinjiang Uygur Autonomous Region, Sept. 19, 2024. [Photo/Xinhua]

Copper wares are pictured in the ancient city of Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 19, 2024. [Photo/Xinhua]

A tourist buys pomegranate juice in the ancient city of Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 19, 2024. [Photo/Xinhua]

A tourist selects wool carpets in the ancient city of Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 19, 2024. [Photo/Xinhua]

A local cook introduces his food to tourists in the ancient city of Kashgar, northwest China’s Xinjiang Uygur Autonomous Region, Sept. 19, 2024. [Photo/Xinhua]

MIL OSI China News –

September 29, 2024
MIL-OSI Asia-Pac: SCST visits Sichuan

Source: Hong Kong Government special administrative region

SCST visits Sichuan
SCST visits Sichuan
*******************

The Secretary for Culture, Sports and Tourism, Mr Kevin Yeung, is on his way to Chengdu, Sichuan, this morning (September 24), where he has been invited by the China Conservation and Research Centre for the Giant Panda to attend the ceremony seeing off the two giant pandas “An An” and “Ke Ke”. The Director of Agriculture, Fisheries and Conservation, Mr Mickey Lai, and representatives from Ocean Park Hong Kong are also joining the visit. During his stay in Sichuan, Mr Yeung will visit the heritage sites and arts and cultural facilities in Chengdu to learn about the integrated development of culture and tourism, as well as the promotion of tourism development. Mr Yeung will depart from Sichuan for Hong Kong on the evening of September 25. During his absence, the Under Secretary for Culture, Sports and Tourism, Mr Raistlin Lau, will be the Acting Secretary for Culture, Sports and Tourism.

Ends/Tuesday, September 24, 2024Issued at HKT 10:22

NNNN

MIL OSI Asia Pacific News –

September 29, 2024
MIL-OSI China: China-ASEAN expo to promote cooperation

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

The upcoming 21st China-ASEAN Expo is expected to advance the building of the China-ASEAN Free Trade Area 3.0 and promote high-quality regional development through a variety of economic and trade activities, the expo’s secretariat said at a news conference on Monday in Nanning, capital of Southwest China’s Guangxi Zhuang autonomous region.

The expo will be held in Nanning from Tuesday to Saturday, with Malaysia to be the country of honor.

Vice-Premier Ding Xuexiang will attend and address the opening ceremony of the expo and the China-ASEAN Business and Investment Summit in Nanning on Tuesday. Malaysian Prime Minister Anwar Ibrahim will deliver a video address.

“Trade and economic activities at the event are increasingly emphasizing practicality and highlighting key areas to promote cooperation in the digital economy and green economy,” said Zeng Zhong, deputy secretary-general of the China-ASEAN Expo secretariat.

It will also focus on cooperation, with the Association of Southeast Asian Nations member states holding national promotion events. For example, Indonesia is organizing promotional events focusing on environmental protection and investment. Cambodia’s national promotion events emphasize commerce, investment and tourism. Vietnam’s promotions will highlight trade and economic integration.

Zeng said the expo has been extended from four to five days, with the additional day open to the public. The exhibition layout has been optimized, with the addition of strategic emerging themes showcasing new, high-quality productive forces, along with new areas for digital technology and cultural exchanges.

More than 2,000 companies will be exhibiting in the main exhibition area. More than 800 ASEAN and regional foreign companies are participating, accounting for more than 41 percent of exhibitors.

“There are more than 400 companies from the Fortune Global 500 and China’s Top 500, as well as unicorns and specialized, innovative enterprises — representing a 15 percent increase over the previous session,” Zeng said.

Chinese exhibitors will showcase drivers of new quality production such as the digital economy, new energy vehicles and green, low-carbon technologies, including applications such as Beidou chips and high-end mechanical equipment.

More than 1,100 Chinese and foreign leaders, ASEAN ambassadors to China, heads of international organizations, entrepreneurs, experts and scholars will be present at the opening ceremony.

“Through such high-level dialogue activities as the opening ceremony, we hope a closer China-ASEAN community with a shared future will emerge,” Zeng said.

China has been ASEAN’s largest trading partner for 15 consecutive years, and ASEAN became China’s top trading partner in 2020. Last year, the value of trade between China and ASEAN members reached $911.7 billion.

MIL OSI China News –

September 29, 2024
MIL-OSI Asia-Pac: Kevin Yeung headed to Chengdu

Source: Hong Kong Information Services

Secretary for Culture, Sports & Tourism Kevin Yeung is on his way to Chengdu, Sichuan, where he has been invited by the China Conservation & Research Centre for the Giant Panda to attend a ceremony bidding farewell to An An and Ke Ke, two giant pandas bound for Hong Kong.

Director of Agriculture, Fisheries & Conservation Mickey Lai and representatives from Ocean Park Hong Kong are joining Mr Yeung on the visit.

Mr Yeung will also visit heritage sites and arts and cultural facilities in Chengdu to learn about the city’s integrated development of culture and tourism, and its promotion of tourism development.

The tourism chief will depart for Hong Kong tomorrow evening. During his absence, Under Secretary for Culture, Sports & Tourism Raistlin Lau will be Acting Secretary.

MIL OSI Asia Pacific News –

September 29, 2024
MIL-OSI Asia-Pac: Visa-free arrangement for nationals of Georgia

Source: Hong Kong Government special administrative region

Visa-free arrangement for nationals of Georgia
Visa-free arrangement for nationals of Georgia
**********************************************

The Immigration Department (ImmD) announced today (September 24) that, effective from September 30, 2024, nationals of Georgia who are holders of valid diplomatic, official and ordinary passports may visit Hong Kong visa-free for a stay of up to 30 days. Currently, Hong Kong Special Administrative Region passport holders may visit Georgia visa-free for a stay of up to 30 days. An ImmD spokesman said, “Georgia is along on the Belt and Road. Under the Belt and Road Initiative, this visa-free arrangement will provide travel convenience for visitors from Georgia and strengthen the tourism, cultural and economic ties between the Hong Kong Special Administrative Region and Georgia.”

Ends/Tuesday, September 24, 2024Issued at HKT 14:00

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MIL OSI Asia Pacific News –

September 29, 2024
MIL-OSI Banking: Development Asia: Boosting Regional Integration with Enhanced Multimodal Transport Links

Source: Asia Development Bank

Road Corridors

Roads are the primary transport infrastructure in most SAARC member states, serving as the main means of domestic connectivity and the key conduit for intra-SAARC trade, either across land borders or via seaports. In recent years, the importance of road transport has grown across all SAARC countries.

The original SMRTS included ten SAARC road corridors, linking: (i) Pakistan, India, and Bangladesh (two); (ii) Nepal and India (two); (iii) Bhutan and India (one); (iv) Nepal, India, and Bangladesh (one); (v) Bhutan, India, and Bangladesh (one); (vi) India and Bangladesh (two); and (vii) Nepal, India, and Pakistan (one). The updated SMRTS highlights recent physical and nonphysical progress in corridor development.

Physical progress includes the 6.15-km Padma Bridge, upgrades to the Sarail-Akhaura link and Elenga-Hatikamrul-Rangpur Highway, and four-laning of the Dhaka-Sylhet Highway and Sylhet-Tamabil Road in Bangladesh; the planned Haldia/Howrah-Raxual Expressway in India; Nepal’s Kathmandu-Terai Madhesh Fast Track Project; and Pakistan’s Khyber Pass Economic Corridor and six-lane motorways connecting Karachi to Peshawar. Nonphysical progress includes motor vehicle agreements facilitating cross-border transport.

Rail Corridors

Railways have the potential to become a key transport mode in the SAARC region, especially for intraregional movement of goods and passengers between Bangladesh, India, Nepal, and Pakistan. The region’s railway network is mainly broad-gauge and compatible across member states, except for the meter-gauge network east of Dhaka, Bangladesh. Once the SAARC rail corridors are fully developed and nonphysical barriers are addressed, efficient rail connectivity will link the concerned SAARC countries.

The original SMRTS included five SAARC railway corridors, connecting Bangladesh, India, Nepal, Sri Lanka, and Pakistan. Recent progress includes several railway projects in Bangladesh (e.g., the Padma Bridge Rail Link, dual-gauge line between Akhaura and Laksam), new rail links in Bhutan and Nepal, and the planned Uzbekistan-Pakistan-Afghanistan Railway.

Inland Waterway Corridors

Among SAARC countries, only Bangladesh and India have organized inland waterways, facilitating freight transit between the two nations. In earlier SMRTS stages, two inland waterway corridors of regional importance were identified based on current and potential future traffic. These corridors also offer direct waterway links for Northeast India to the ports of Kolkata and Haldia. Landlocked Bhutan and Nepal could benefit from multimodal and intermodal connections to these waterways, providing access to the sea.

A recent development is the consolidation of the Eastern Waterways Grid, linking rivers in Bangladesh and India with roads and rail to improve connectivity. The Grid builds on the Indo-Bangladesh Protocol Routes, enhancing trade and transit between the two countries. It promises significant cost savings for bulk goods transport in India and revenue generation for Bangladesh through port fees and cargo services, with potential benefits for Bhutan and Nepal.

Maritime Gateways

The previous SMRTS versions identified ten major maritime gateways based on current traffic volume, potential to handle future intraregional container traffic, and access for landlocked countries to seaports.

The updated SMRTS highlights recent progress in the maritime sector. Bangladesh is developing two new gateways: Payra, now operational, and Matarbari, under construction and expected to become the country’s first deep-sea port. Chattogram Port has undergone significant expansion, with a framework for its sustainable development as a transshipment hub for Northeast India. India’s Visakhapatnam (Vizag) Port, the largest on the Eastern Coast, has increasingly served Nepali transit traffic. Other notable developments include a planned new port at Thilafushi in Maldives, a major port concession in Karachi, Pakistan, and continued expansion of Colombo Port, Sri Lanka. Additionally, ferry services between India and Sri Lanka have been proposed.

Aviation Gateways

The original SMRTS identified 16 SAARC aviation gateways and noted the need to increase this number by 2030 by upgrading domestic airports to regional hubs and regional airports to international ones. It also acknowledged the complexity of identifying aviation hubs within the SAARC region, which goes beyond the scope of the SMRTS.

Based on recent developments discussed at a February 2024 workshop in Kathmandu, additional aviation gateways were included in the updated SMRTS. These are in Bangladesh (Chattogram, Sylhet, Cox’s Bazar, Saidpur), Bhutan (Gelephu), Maldives (Gan), Nepal (Gautam Buddha, Pokhara), Pakistan (Islamabad), and Sri Lanka (Mattala Rapsaka, Jaffna, Batticaloa).

Between 2020-2024, the aviation sector faced challenges due to the COVID-19 pandemic, which lowered passenger and freight demand. As the sector recovers, the challenge is to rebuild and reshape it, redesigning terminals to meet new requirements and implementing measures to address environmental concerns, including decarbonization.

Connectivity between South Asia and Central Asia

Recent developments in transport connectivity between South Asia and Central Asia include United Nations General Assembly Resolution 76/299 on strengthening regional connectivity, the Khyber Pass Economic Corridor, the Uzbekistan-Pakistan-Afghanistan Railway Project, the International North-South Transport Corridor (a 7,200-km multimodal route linking India, Iran, Azerbaijan, and Russia), and the Delhi Declaration from the 1st India-Central Asian Summit in January 2022.

Air connectivity between South Asia and Central Asia remains limited, despite Central Asia’s landlocked nature and challenging geography. Air transport is crucial for moving perishable and high-value goods and facilitating business travel and tourism.

MIL OSI Global Banks –

September 29, 2024
MIL-OSI USA: MENG ANNOUNCES NEW ONLINE PASSPORT RENEWAL SYSTEM
Source: United States House of Representatives – Congresswoman Grace Meng (6th District of New York)

Congresswoman announced pilot program last summer; new and permanent initiative aims to benefit travelers in Queens and across NY and the nation
WASHINGTON, D.C. – After recently announcing a pilot program to allow travelers from Queens and throughout the nation to renew their passports online, U.S. Rep. Grace Meng (D-Queens) said today that the initiative has become permanent.

Meng announced the pilot program last summer. It provided a limited number of slots for individuals to submit renewal applications, and the application window closed each day once the system reached its daily limit. The new and permanent online system, which aims to enhance how borough residents and other travelers renew their passports, is now fully functional and will be available 24/7 from cell phones, tablets, and computers.

“As a lawmaker who has fought to reduce wait times for passports, I am thrilled that the process for renewals has been modernized and made easier through this new online tool which is now up and running,” said Meng. “This new platform will take advantage of technology to provide another option for those in Queens and across the country who are seeking to renew their passports. The service will be a huge convenience for travelers seeking to plan international vacations, visit loved ones abroad or conduct business around the world. I am excited to see the online system benefit our borough and country, and positively impact travel for many years to come.”

To renew a passport online, travelers from Queens and the rest of New York and the U.S. must meet the following requirements:
1. The passport you are renewing is or was valid for 10 years, and you are age 25 or older.
2. The State Department issued the passport you are renewing between 2009 and 2015, or over 9 years but less than 15 years from the date you plan to submit your application.
3. You are not changing your name, gender, date of birth or place of birth.
4. You are not traveling for at least 8 weeks from the date you will submit your application.
5. You are applying for a regular tourist passport.
6. You live in the United States.
7. You have your passport with you, it is not damaged, and you have not reported it as lost or stolen.
8. You can pay for your passport using a credit or debit card.
9. You can upload a digital passport photo.
10. You are aware that the State Department will cancel the passport you are renewing after you submit your application.
The number of Americans with valid passports has grown exponentially over the past 30 years. In 1990 just five percent of Americans had passports. Now, that number has grown to 48 percent.

In 2023, the State Department fielded half a million passport applications a week and issued a record 24 million passports. Standard processing times for a passport ranged from 10-13 weeks and expedited requests took about 7-9 weeks. In calling for the passport backlog to be addressed, Congresswoman Meng pushed the State Department to decrease the long wait times, and that included questioning Secretary of State Antony Blinkenabout the problem during a congressional hearing in May 2023. According to the State Department, standard processing times have since been reduced to 6-8 weeks and expedited processing is down to just 2-3 weeks.

Meng’s office routinely helps residents of her district fulfill passport requests, especially for those with emergency and last-minute travel plans. Last year, her constituent services team assisted with more than 400 passport requests from constituents who were seeking help booking limited appointments at U.S. Passport Agency locations throughout New York. She has also held several events at Queens post offices to help constituents apply for or renew a passport. For emergency requests, constituents can continue to reach out by calling 718-358-MENG with any questions.

To renew a passport online, travelers can go here.
MIL OSI USA News –
September 29, 2024
MIL-OSI Asia-Pac: Visa-free entry granted for Georgia

Source: Hong Kong Information Services

The Immigration Department announced today nationals of Georgia who are holders of valid diplomatic, official and ordinary passports may visit Hong Kong visa-free for a stay of up to 30 days starting from September 30.

Noting that Georgia is along the Belt & Road, the department said the visa-free arrangement will provide travel convenience for visitors from Georgia and strengthen the tourism, cultural and economic ties between the Hong Kong Special Administrative Region and Georgia.

Currently, Hong Kong SAR passport holders may also visit Georgia visa-free for a stay of up to 30 days.

MIL OSI Asia Pacific News –

September 29, 2024
MIL-OSI China: China pledges joint efforts with ASEAN to build closer community with shared future

Source: China State Council Information Office

China is willing to work with the Association of Southeast Asian Nations (ASEAN) to deepen practical cooperation and write a new chapter in building a closer China-ASEAN community with a shared future, Chinese Vice Premier Ding Xuexiang said Tuesday.

Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks when addressing the opening ceremony of the 21st China-ASEAN Expo and the China-ASEAN Business and Investment Summit in Nanning, south China’s Guangxi Zhuang Autonomous Region.

China and ASEAN enjoy a long history of friendly relations and are good neighbors, good friends and good partners, Ding noted, adding that China and ASEAN have always been moving forward hand in hand, which has become the most successful and dynamic model of Asia-Pacific regional cooperation and a vivid example of promoting the building of a community with a shared future for mankind.

China is advancing its efforts to build a great modern socialist country in all respects and pursue national rejuvenation through a Chinese path to modernization, which will bring great opportunities to the world, Ding said.

China will continue to follow the principle of amity, sincerity, mutual benefit and inclusiveness in neighborhood diplomacy, deepen practical cooperation with ASEAN countries, and write a new chapter in building a closer China-ASEAN community of shared future, he added.

Ding called on China and ASEAN countries to elevate strategic mutual trust to new heights. Efforts should be made to implement the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative, further synergize their development strategies, and strengthen high-quality Belt and Road cooperation to better promote regional and global prosperity and stability, he said.

He also called on China and ASEAN countries to advance open cooperation to a new level. Both sides should implement the Regional Comprehensive Economic Partnership Agreement (RCEP) with high quality, work for an early conclusion of the negotiations for version 3.0 of the China-ASEAN Free Trade Area (FTA), steadily expand institutional opening-up, and build a more stable and smooth cross-border industrial and supply chain, he added.

China and ASEAN countries need to foster a new pattern of all-round connectivity, Ding said, urging the two sides to jointly build the New International Land-Sea Trade Corridor at a high level, and make solid progress in the development of important economic corridors and key projects.

China and ASEAN countries should expand new areas of cooperation in science, technology and innovation, Ding said, adding that the two sides should jointly implement China-ASEAN science and technology innovation enhancement program, accelerate the construction of platforms such as joint laboratories, and ensure that more innovative achievements benefit the people of both sides.

Ding also urged China and ASEAN countries to cultivate new highlights in mutual understanding and affinity among the people. Taking the China-ASEAN Year of People-to-People Exchanges as an opportunity, Ding said the two sides should further deepen exchanges and cooperation in culture, tourism, training, youth, and solidify the public opinion foundation of bilateral relations.

Malaysia’s Prime Minister Anwar Ibrahim delivered a video address. Deputy Prime Minister and Minister in charge of the Office of the Council of Ministers of Cambodia Vongsey Vissoth, Deputy Prime Minister of Laos Kikeo Khaykhamphithoune, and Deputy Prime Minister and Minister of Finance of Vietnam Ho Duc Phoc, as well as Secretary-General of ASEAN Kao Kim Hourn attended the opening ceremony and delivered speeches successively.

After the opening ceremony, Ding toured the exhibition hall and exchanged views with the heads of the exhibitors.

MIL OSI China News –

September 29, 2024
MIL-OSI China: China pledges joint efforts with ASEAN to build closer community with shared future: vice premier

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

China pledges joint efforts with ASEAN to build closer community with shared future: vice premier

NANNING, Sept. 24 — China is willing to work with the Association of Southeast Asian Nations (ASEAN) to deepen practical cooperation and write a new chapter in building a closer China-ASEAN community with a shared future, Chinese Vice Premier Ding Xuexiang said Tuesday.

Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks when addressing the opening ceremony of the 21st China-ASEAN Expo and the China-ASEAN Business and Investment Summit in Nanning, south China’s Guangxi Zhuang Autonomous Region.

China and ASEAN enjoy a long history of friendly relations and are good neighbors, good friends and good partners, Ding noted, adding that China and ASEAN have always been moving forward hand in hand, which has become the most successful and dynamic model of Asia-Pacific regional cooperation and a vivid example of promoting the building of a community with a shared future for mankind.

China is advancing its efforts to build a great modern socialist country in all respects and pursue national rejuvenation through a Chinese path to modernization, which will bring great opportunities to the world, Ding said.

China will continue to follow the principle of amity, sincerity, mutual benefit and inclusiveness in neighborhood diplomacy, deepen practical cooperation with ASEAN countries, and write a new chapter in building a closer China-ASEAN community of shared future, he added.

Ding called on China and ASEAN countries to elevate strategic mutual trust to new heights. Efforts should be made to implement the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative, further synergize their development strategies, and strengthen high-quality Belt and Road cooperation to better promote regional and global prosperity and stability, he said.

He also called on China and ASEAN countries to advance open cooperation to a new level. Both sides should implement the Regional Comprehensive Economic Partnership Agreement (RCEP) with high quality, work for an early conclusion of the negotiations for version 3.0 of the China-ASEAN Free Trade Area (FTA), steadily expand institutional opening-up, and build a more stable and smooth cross-border industrial and supply chain, he added.

China and ASEAN countries need to foster a new pattern of all-round connectivity, Ding said, urging the two sides to jointly build the New International Land-Sea Trade Corridor at a high level, and make solid progress in the development of important economic corridors and key projects.

China and ASEAN countries should expand new areas of cooperation in science, technology and innovation, Ding said, adding that the two sides should jointly implement China-ASEAN science and technology innovation enhancement program, accelerate the construction of platforms such as joint laboratories, and ensure that more innovative achievements benefit the people of both sides.

Ding also urged China and ASEAN countries to cultivate new highlights in mutual understanding and affinity among the people. Taking the China-ASEAN Year of People-to-People Exchanges as an opportunity, Ding said the two sides should further deepen exchanges and cooperation in culture, tourism, training, youth, and solidify the public opinion foundation of bilateral relations.

Malaysia’s Prime Minister Anwar Ibrahim delivered a video address. Deputy Prime Minister and Minister in charge of the Office of the Council of Ministers of Cambodia Vongsey Vissoth, Deputy Prime Minister of Laos Kikeo Khaykhamphithoune, and Deputy Prime Minister and Minister of Finance of Vietnam Ho Duc Phoc, as well as Secretary-General of ASEAN Kao Kim Hourn attended the opening ceremony and delivered speeches successively.

After the opening ceremony, Ding toured the exhibition hall and exchanged views with the heads of the exhibitors.

MIL OSI China News –

September 29, 2024
MIL-OSI United Kingdom: Help shape Edinburgh’s final visitor levy scheme
Source: Scotland – City of Edinburgh
Capital residents, businesses and visitors are being invited to have their say on the final plans to raise over £100 million by 2030 from tourism to support the city of Edinburgh.
Launching immediately after the Visitor Levy (Scotland) Act 2024 came into force – which grants Scottish councils the authority to introduce a levy on overnight stays within their regions – the Council started a formal 12-week consultation on its draft visitor levy scheme.

Building on extensive engagement which has taken place over many years, views are encouraged on various aspects of Edinburgh’s latest draft scheme, including:

The planned levy rate of 5% on overnight stays for a maximum of seven nights

The types of accommodation that will be liable for the levy

How the money raised should be used to improve the city

Exemptions to the levy.

Further engagement will also take place, including public drop-ins, open sessions for businesses in the visitor economy industry and accommodation providers, as well as targeted meetings with various stakeholders and industry groups.

Councillors will consider all of the feedback from this consultation before deciding in early 2025 to adopt or amend the scheme, with the proposed levy set to take effect from 24 July 2026, or around this date, subject to Council approval.

The public consultation is open now and will remain available until Sunday 15 December. To participate and make your voice heard, please visit the consultation website.

Council Leader Cammy Day said:

With the potential to raise tens of millions of pounds a year once it’s established, a visitor levy for Edinburgh presents a huge opportunity for us to invest sustainably in maintaining and developing the things that make our city such a great place to visit – and live in – all year round.

This is a once in a lifetime chance for our city to harness its global visitor appeal. Funds raised could go towards supporting vital services such as keeping the city clean and green, preserving some of our incredible heritage sites as well as supporting businesses in the visitor economy industry.

We already know from the huge amount of engagement we’ve previously carried out that the introduction of a levy has overwhelming support here in Edinburgh. All this engagement work has helped us to shape the scheme we have in front of us today and I’m grateful to the thousands of people who have been involved to date.

We’ll be continuing to engage with industry, and stakeholders, in the coming weeks and months. Please make sure you engage with us and take this chance to have your final say.”

For further information on a Visitor Levy for Edinburgh, including a report detailing the full draft scheme, please visit the Council’s dedicated webpage.
Published: September 24th 2024
MIL OSI United Kingdom –
September 29, 2024
MIL-OSI Europe: Sweden’s and Finland’s Governments held historic meeting in Stockholm

Source: Government of Sweden

Sweden’s and Finland’s Governments held historic meeting in Stockholm – Government.se

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Article from Prime Minister’s Office

Published 24 September 2024

On 16 September, Sweden’s Government received Finland’s Government for a joint meeting. They adopted a declaration on enhanced cooperation between the countries, and the countries’ ministers took part in almost 20 visits and activities around Stockholm.

The joint meeting was the second ever for Sweden and Finland, and the first for the two countries on Swedish soil. It lasted two hours and resulted in the signing of a joint declaration on enhanced cooperation between the countries.

Prime Minister Ulf Kristersson – who described Finland as Sweden’s closest partner ahead of the meeting – held a joint press conference at Rosenbad together with Finland’s Prime Minister Petteri Orpo to discuss the declaration and enhanced cooperation.

The declaration includes the efforts for a secure, green and free Nordic region, the importance of continued strong support to Ukraine, cooperation to strengthen competitiveness at national and EU levels and enhanced cooperation on law enforcement. The ambition of attracting highly qualified international workers, enhanced cooperation in the areas of research, development and innovation, joint efforts to promote children’s and young people’s health and continued cooperation in the areas of culture and international tourism are also included.

The Swedish and Finnish ministers took part in a large number of visits and activities around Stockholm in the afternoon. These included visits to a higher vocational education institution, a fire station, the Baltic Sea Science Center at Skansen, Värtaverket’s thermal power station, the ports of Stockholm, a family centre and school in Rinkeby, the Swedish Social Insurance Agency headquarters and the Royal Swedish Academy of Sciences.

Mr Kristersson, Mr Orpo, Sweden’s Minister for Energy, Business and Industry Ebba Busch and Finland’s Minister of Economic Affairs Wille Rydman also took part in a business seminar held by the Confederation of Swedish Enterprise and the Confederation of Finnish Industries at Storgatan to discuss how to jointly enhance Sweden’s, Finland’s and the EU’s competitiveness.

The day concluded with a mingle in the Sager House and a dinner and art tour at Sven-Harrys konstmuseum.

MIL OSI Europe News –

September 29, 2024
MIL-OSI Asia-Pac: Visit to the United States: Third Day (2)[The Prime Minister in action]

Source: Government of Japan – Prime Minister

Japan-Ukraine Summit Meeting (1)

Japan-Ukraine Summit Meeting (2)

Japan-Ukraine Summit Meeting (3)

Meeting with NATO Secretary General Stoltenberg (1)

Meeting with NATO Secretary General Stoltenberg (2)

Meeting with NATO Secretary General Stoltenberg (3)

Meeting with NATO Secretary General Stoltenberg (4)

Prime Minister Kishida attending the High-Level Launch Meeting of the Friends of a Fissile Material Cut-off Treaty (FMCT) (1)

Prime Minister Kishida attending the High-Level Launch Meeting of the Friends of a Fissile Material Cut-off Treaty (FMCT) (2)

Prime Minister Kishida attending the High-Level Launch Meeting of the Friends of a Fissile Material Cut-off Treaty (FMCT) (3)

Prime Minister Kishida attending the High-Level Launch Meeting of the Friends of a Fissile Material Cut-off Treaty (FMCT) (4)

Prime Minister Kishida attending the High-Level Launch Meeting of the Friends of a Fissile Material Cut-off Treaty (FMCT) (5)

Prime Minister Kishida attending the U.S.-Japan tourism event (1)

Prime Minister Kishida attending the U.S.-Japan tourism event (2)

Prime Minister Kishida attending the U.S.-Japan tourism event (3)

Prime Minister Kishida attending the U.S.-Japan tourism event (4)

Prime Minister Kishida attending the U.S.-Japan tourism event (5)

Prime Minister Kishida attending the U.S.-Japan tourism event (6)

Prime Minister Kishida attending the U.S.-Japan tourism event (7)

Prime Minister Kishida attending the U.S.-Japan tourism event (8)

Prime Minister Kishida attending the U.S.-Japan tourism event (9)

Prime Minister Kishida attending the U.S.-Japan tourism event (10)

MIL OSI Asia Pacific News –

September 29, 2024
MIL-OSI: ISDNP Enters Strategic Partnership with Vietnam’s Red River Group through MOU

Source: GlobeNewswire (MIL-OSI)

SEOUL, KOREA, Sept. 24, 2024 (GLOBE NEWSWIRE) — ISDNP (https://isdnp.co.kr/), in partnership with JournalInNews, has taken a significant step towards entering the Vietnamese market by forging an alliance with a prominent local enterprise. On the 19th, the two companies jointly announced, the signing of a Memorandum of Understanding (MOU) on the 17th with Vietnam’s Red River Group to formalize their strategic collaboration.

This agreement follows a high-level meeting on the 16th at Red River’s headquarters in Hanoi, Vietnam, between Insoo Park, the Chairman of JournalInNews, and LE CONG HOANG, Chairman of the Red River Group, during which both parties discussed the framework for a strategic partnership.

The MOU outlines key areas of cooperation, including the introduction of ISDNP’s pedestrian signal voice guidance system in Vietnam and the promotion of JournalInNews’s JsetCoin within the Vietnamese business landscape. Both companies are poised to jointly deploy ISDNP’s pedestrian signal system nationwide, leveraging Red River Group’s extensive network and resources.

Red River Group is a prominent, diversified conglomerate in Vietnam, with business interests spanning petroleum distribution, tourist vehicle rentals, smart parking solutions, automotive management centers, and emergency response infrastructure. Notably, its traffic rescue centers, which provide critical emergency assistance, are recognized as essential contributors to Vietnam’s transport and safety sectors.

Through this partnership, both parties anticipate enhancing bilateral economic, social, and cultural exchanges while delivering substantive outcomes. ISDNP has committed to supplying the requisite technical expertise and information necessary for the successful deployment of the pedestrian signal voice guidance system, while Red River Group has pledged comprehensive support to ensure the project’s smooth execution.

Additionally, JournalInNews has designated Red River Group as its strategic partner to facilitate the expansion of JsetCoin within the Vietnamese market. Both parties are exploring various collaborative avenues, including the potential establishment of a local subsidiary, aimed at fostering a synergistic partnership and ensuring the efficient exchange of essential information.

This MOU is expected to strengthen economic ties between the two countries and serve as a catalyst for sustained growth. Both parties have committed to maintaining close cooperation to ensure the successful realization of the agreement’s objectives.

Media contact

Brand: ISDNP

Contact: Media team

Email: support@isdnp.co.kr

Website: https://isdnp.co.kr/

SOURCE: ISDNP

The MIL Network –

September 29, 2024
MIL-OSI Europe: France: EIB and European Commission provide €276 million in support for Métropole Européenne de Lille’s investments in sustainable mobility
Source: European Investment Bank
- Métropole Européenne de Lille is receiving a €245 million green loan from the EIB to back its modernisation and urban transport projects.
- This financing comes together with a €31.5 million grant from the European Commission via the public sector loan facility (PSLF) set up under the European Green Deal’s Just Transition Mechanism (JTM).
- This joint blended financing support from the EIB and European Commission will unlock additional investment for public entities in the European regions most affected by the energy transition.
Métropole Européenne de Lille (Lille metropolitan authority) has taken out a €245 million green loan with the European Investment Bank (EIB) to fund its public transport network and cycle routes. It aims to provide 1.2 million local residents with more efficient, affordable and environmentally friendly transport services.

This project is also benefiting from a €31.5 million European Commission grant under a blended financing structure made possible by the public sector loan facility (PSLF), which is one of the key pillars of the Just Transition Mechanism (JTM) set up under the European Green Deal. The European Climate, Infrastructure and Environment Executive Agency (CINEA) will manage this grant and monitor the implementation of the project.

The Mel in Green Mobility project will provide funding for various segments of Métropole Européenne de Lille’s public transport infrastructure. The first part of the project covers the modernisation of the public transport fleet, including the renewal of 30 trams and 42 buses with new clean vehicles. It also features investments in platforms, depots and other related facilities. Lastly, the project supports the Métropole’s ambitious cycling plan including 220 km of additional infrastructure between 2023 and 2027 to improve safety for cyclists, the financing of a new bus rapid transit line, and the construction of a multimodal interchange hub.

It thereby aims to accelerate changes in user behaviour by developing a more efficient and sustainable mobility service, improving public transport accessibility and broadening soft mobility options. Once complete, the project will have improved tram and bus network performance, promoted intermodality (reduction in the share of private vehicles from 56% in 2023 to 40% in 2035) and diversified public transport in the area. This increased network efficiency will ultimately result in substantial time savings on the 410 000 daily journeys made by users, fewer traffic jams and better access to the Métropole Européenne de Lille.

The regions most affected by the energy transition (like Hauts-de-France) are identified in the territorial just transition plans. These plans are drawn up by each EU Member State and outline the challenges to be addressed in each just transition region, together with the development needs and targets to be reached by 2030.

Background information

About the EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its 27 Member States. It provides loans to the public and private sectors for sound investment contributing to EU policy goals. In 2023, France received more EIB financing for the energy and green transition than any other country, with an overall investment of €6.9 billion for renewable energy, clean mobility and energy efficiency. A partner of regional authorities, last year the EIB directed €2.3 billion in funding to rail and urban public transport and soft mobility, making it the number one sector in terms of EIB investment in France over the year.

About the European Commission’s Just Transition Mechanism

The public sector loan facility (PSLF) is the third pillar of the Just Transition Mechanism (JTM) – a key tool of the European Green Deal investment plan to make sure that no one and no region is left behind in the transition to a climate-neutral economy.

The public sector loan facility combines loans from the EIB (up to around €6 billion to €8 billion overall) and grants from the European Commission (up to €1.3 billion overall). The combined support is designed to mobilise additional investment for public sector entities in the European regions most affected by the climate and energy transition (like Hauts-de-France), as identified in the national territorial just transition plans, to meet their development needs as part of the transition to a climate-neutral economy. These plans are developed by each EU Member State and set out the challenges in each just transition region, along with the development needs and objectives to be met by 2030.

The blend of the EIB loan and the European Commission grant will facilitate the financing of projects that do not generate sufficient revenue streams to cover their investment costs. The implementation of the public sector loan facility is managed by the European Climate, Infrastructure and Environment Executive Agency (CINEA).

About Métropole Européenne de Lille

Métropole Européenne de Lille works every day to serve its 95 member municipalities and 1.2 million residents. It covers the key areas of transport, housing, economy, public space and roadways, urban planning, urban policy, water, wastewater, household waste, disability access, nature and living environment, sport, tourism and crematoria. Chaired by Damien Castelain since 18 April 2014, the Metropolitan Council is composed of 184 members elected by direct universal suffrage for a six-year mandate.

MIL OSI Europe News –
September 29, 2024

Category: Tourism

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