NewzIntel.com

Category: Trade

  • MIL-OSI New Zealand: Going for growth in exports and aquaculture

    Source: New Zealand Government

    The Coalition Government is going for growth by unlocking additional exports and creating jobs in the aquaculture industry Oceans and Fisheries Minister Shane Jones and Minister for Agriculture, and Trade and Investment Todd McClay announced today.

    The two ministers have confirmed support for salmon farming which is estimated to create an additional sector wide $500m of salmon exports by 2035. 

    “The Coalition Government will be co-investing $11.72 million over five years from the Sustainable Food and Fibre Futures fund as part of a $29.3 million programme, led by New Zealand King Salmon to increase production and drive up exports, Minister McClay says. 

    The joint project will look at ways to expand salmon farming around New Zealand including in deep water while continuing to meet environmental obligations.”

    “The ‘Future Salmon Farming Programme’ will prove the viability of open ocean farming for the King Salmon species to make New Zealand a leading global supplier for this high value product.

    “It will also drive innovation, allowing fish farmers to maximise productivity and profitability and get a better return for their product.”  

    “We expect this investment to boost exports and produce more higher paying jobs in our regions,” Todd McClay said.  

    Minister Shane Jones says this is another example of the Coalition Government’s commitment to growing the aquaculture industry and supporting innovation in the sector, to the benefit of all New Zealanders.

    “We have a strong track record of supporting New Zealand aquaculture, including investing in projects to boost mussel spat availability, extending the resource consents for marine farms, and listing seven aquaculture projects in the Fast-Track Bill, which includes two new open ocean salmon farms.

    “It’s clear that open ocean aquaculture is going to be key for the industry’s growth. These farms will increase our capacity for farmed salmon by 40,000 tonnes annually in addition to the expected 10,000 tonnes from New Zealand King Salmon’s pilot open ocean farm.”

    “The Coalition Government has got big plans for the aquaculture sector, which I’ll be releasing in full soon. Open ocean salmon farming is a big part of these plans, as it directly supports our focus on delivering profitable, resilient, and sustainable marine farms around New Zealand, that work for the regions, Māori, our marine farmers, and the economy as a whole,” Mr Jones says.

    MIL OSI New Zealand News –

  • MIL-Evening Report: Leakage is a risk with carbon storage projects – NZ’s new framework must be clear on how to deal with this liability

    Source: The Conversation (Au and NZ) – By David Dempsey, Associate Professor in Natural Resources Engineering, University of Canterbury

    Shutterstock/Oksana Bali

    The government recently announced a framework to regulate carbon capture, utilisation and storage (CCUS) by New Zealand companies.

    Energy and Climate Change Minister Simon Watts outlined new rules that would allow emitters to capture their carbon dioxide (CO₂) emissions and inject them underground for permanent disposal. They would then avoid having to pay for those emissions under the Emissions Trading Scheme.

    Globally, CCUS is currently used mostly by coal or gas-fired power stations, liquefied natural gas plants and petroleum refineries. There are 41 commercial operations around the world, and they capture about 40 million tonnes of CO₂ annually.

    Our peers (Australia, the United States and the European Union) already have CCUS frameworks and storage projects. The Intergovernmental Panel on Climate Change acknowledges CCUS’s role in curbing emissions, but highlights challenges in scaling and technology readiness.

    New Zealand faces the challenge of reducing emissions from strategic industries such as steel, concrete, fossil fuels and their derivatives (methanol, ammonia). CCUS has been tabled as an interim solution, strongly supported by the fossil fuel industry. However, critics warn it could reduce incentives to phase out fossil fuels.

    The government argues its CCUS framework aligns New Zealand with international standards. This claim has merit insofar as successful climate action is likely to require international collaboration and technology transfer.

    CCUS in New Zealand could enable reinjection of CO₂ produced from the Kapuni gas field in Taranaki, with “utilisation” involving diverting some of the gas for use in the food and beverage or horticulture industries.

    However, leakage of CO₂ from long-term disposal sites is a major technical risk and New Zealand’s framework must be clear on how it would deal with this liability.

    A bubbling sping near Lake Boehmer emits noxious fumes.
    Elizabeth Conley/Houston Chronicle via Getty Images

    Lake Boehmer and how things might go wrong

    Rules for CCUS projects generally require operators to monitor, report and remedy any leakage of CO₂. But because the industry is young, it is useful to take a broader look at geological leakage in the past to reveal how future challenges play out.

    Lake Boehmer, in the the Permian Basin of West Texas, wasn’t always there. But 20 years ago an old irrigation well started leaking saltwater and hasn’t stopped since.

    The well was drilled in 1951 by an oil and gas company. No oil was discovered so the well was handed over to the landowner for irrigation. The well produced water, but also poisonous hydrogen sulphide, enough to kill a farmhand in 1953.

    In the 1990s, the well started leaking. Water from a deep aquifer had pushed its way up alongside the well through geological layers of salt. The water dissolved the salt, worsening the leak, and emerged from underground three times saltier than seawater.

    The Railroad Commission, which regulates the oil and gas industry in Texas, says they are not liable to plug the well because they only have jurisdiction over oil wells. The original operator, which is claimed to have promised to plug the well “any time it becomes polluted with mineral water”, is no longer in business. No one can find the landowner.

    After 20 years, Lake Boehmer has grown to 60 acres. Its shore is rimmed in salt crystals and the odd dead bird from hydrogen sulphide exposure. No one can agree who should fix it.

    Could something similar happen with CCUS? Exacerbating factors in the Boehmer case include deterioration of an aged well – it’s almost 50 years since leakage started – and the absence of a backstop party as the final holder of liability. Both could happen with CCUS under the wrong circumstances.

    Better ways of dealing with leakage

    The Decatur CCUS project in the US state of Illinois has been injecting CO₂ produced from corn ethanol two kilometres deep into sandstone. Over about a decade, 4.5 million tonnes of CO₂ has been injected – emissions diverted from the atmosphere.

    The US government imposes strict monitoring rules on CCUS projects. Special monitoring wells are drilled into the disposal aquifer to measure pressure changes and how far the CO₂ has travelled.

    Unfortunately, one of these wells started to leak, possibly due to corrosion. It allowed about 8,000 tonnes of CO₂ to escape into overlying geological layers.

    This is rightly concerning, but to put it into perspective, the size of the leak is 0.2% of the injected CO₂ volume and none of it has escaped to the atmosphere or shallow groundwater. The leak was detected, the US Environmental Protection Agency (EPA) intervened, issuing a notice that the leak be remediated, and the company plugged the well.

    This illustrates a functioning CCUS framework. Monitoring requirements ensured the leak was discovered and the regulator was empowered to dictate remedial action.

    However, critics have questioned the timeliness of the operator’s disclosure. The site remains on hold but may resume operations if the EPA is satisfied with the fix.

    Lessons for New Zealand

    A proposal circulated last year suggests the government will model its legislation on Australia and the EU, with CCUS operators being responsible for leaks during disposal operations and for a time after site closure.

    This is like the Decatur situation. It makes sense for operators to fix leaks because they have the technical expertise and are the direct financial beneficiaries of emissions disposal.

    It gets trickier on generational time frames. Companies can go out of business or might leave the country. In these cases, the government is liable for long-term leakage and may seek financial security from the operator to cover future costs.

    A leak arising decades after closure could be more difficult to detect and costly to fix, especially if held up by a protracted fight around liability. This is the Lake Boehmer example.

    Some CCUS seems inevitable if the world is to meet climate targets. It is therefore important to prepare for the possibility of a leak by having robust practices and clear responsibility.

    Although it may seem unfair to burden future generations with looking after CO₂ disposal sites, we argue it is preferable to a legacy that has those same climate-warming gases in the atmosphere.

    David Dempsey receives funding from MBIE for research into carbon dioxide removal.

    Andrew La Croix receives funding from MBIE for research into carbon dioxide removal.

    – ref. Leakage is a risk with carbon storage projects – NZ’s new framework must be clear on how to deal with this liability – https://theconversation.com/leakage-is-a-risk-with-carbon-storage-projects-nzs-new-framework-must-be-clear-on-how-to-deal-with-this-liability-251006

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Historic £1.6bn deal provides thousands of air defence missiles for Ukraine and boosts UK jobs and growth

    Source: United Kingdom – Executive Government & Departments

    Press release

    Historic £1.6bn deal provides thousands of air defence missiles for Ukraine and boosts UK jobs and growth

    Deal will create 200 jobs in Northern Ireland and provide 5000 air defence missiles missiles to Ukraine.

    200 new jobs will be created and hundreds more supported at one of the UK’s leading defence manufacturers, after a £1.6bn deal was announced by the Prime Minister today to supply thousands of advanced air defence missiles to Ukraine.

    The latest measures in the UK’s support for Ukraine to achieve peace through strength, the deal will also provide a major boost to the UK economy and support 700 existing jobs at Thales in Belfast, which will manufacture more than 5,000 lightweight-multirole missiles (LMM) for Ukraine’s defence. The deal will see production of LMMs at Thales’s factory treble and will also benefit companies in the Thales Supply Chain across the UK – putting more money in working people’s pockets.

    It is the largest contract ever received by Thales in Belfast and the second largest MOD has placed with Thales, building on a previous contract with Thales, signed in September 2024 for 650 missiles. The first batch of missiles were delivered before Christmas, and this new contract will continue deliveries.

    The deal comes after the Prime Minister announced the Government’s commitment to increase spending on defence to 2.5% of GDP by April 2027 and confirmed an ambition to spend 3% of GDP on defence in the next parliament, in order to keep Britain safe and secure for generations to come. This investment will be an opportunity to translate defence spending into British growth, British jobs, British skills, and British innovation.

    The deal helps deliver on the Government’s pledge in its Plan for Change to improve the lives of people in every corner of the UK by growing the economy. By spending more on defence we will deliver the national security that underpins economic growth, and unlock new jobs, skills and opportunities across the country. 

    Prime Minister Keir Starmer said:

    My support for Ukraine is unwavering. I am determined to find a way forward that brings an end to Russia’s illegal war and guarantees Ukraine a lasting peace based on sovereignty and security.

    I am also clear that national security is economic security. As well as levelling up Ukraine’s air defence, this loan will make working people here in the UK better off, boosting our economy and supporting jobs in Northern Ireland and beyond.

    By doubling down on our support, working closely with key partners, and ensuring Ukraine has a strong voice at the table, I believe we can achieve a strong, lasting deal that delivers a permanent peace in Ukraine.

    Defence Secretary John Healey MP said:

    Three years since Putin launched his full-scale invasion, we are now at a critical moment for the future of Ukraine and the security of us all in Europe. 

    We all want a secure and lasting peace. As today’s meeting has showed, the UK will continue to lead international efforts to support Ukraine in securing a ceasefire and durable peace. And we will not jeopardise the peace by forgetting about the war. This new support will help protect Ukraine against drone and missile attacks but it will also help deter further Russian aggression following any end to the fighting.

    This new deal delivers on the UK’s ironclad commitment to step up military support for Ukraine, whilst boosting jobs and growth at home.

    ​Today’s deal marks a historic step for industrial relations between the UK and Ukraine, building on the 100 Year Partnership signed recently by the Prime Minister and President Zelenskyy in Kyiv. The contract will enable Ukraine to draw on £3.5bn of export finance to acquire military equipment from UK companies, boosting both the UK’s and Ukraine’s defence industrial bases and support investment in further military capabilities.

    Ukraine has already put the highly capable LMM missile to use as part of its air defences where it has proven to be incredibly effective in protecting civilians and critical infrastructure from Russia’s bombardment. A £162m contract announced in September last year saw 650 LMM missiles supplied to Ukraine as an initial order to ramp up production – deliveries started in December 2024.

    Thales Northern Ireland will deliver the contract – worth an initial £1.16bn with the potential for around a further £500m of work to be added – in collaboration with a Ukrainian industry partner, which will manufacture launchers and command and control vehicles for the missiles in Ukraine.

    The contract has been placed by the MOD’s procurement arm Defence Equipment & Support on behalf of the Ukrainian Government, to be funded by a loan underwritten by United Kingdom Export Finance (UKEF) after a deal signed last year to allow Ukraine to draw on £3.5bn worth of support from UKEF to spend with UK industry.

    As set out in the Plan for Change, national security is the first duty of the Government – and a strong economy is built on the bedrock of strong security. Increased defence spending will support highly skilled jobs and apprenticeships across the whole of the UK. Last year, defence spending supported over 430,000 jobs across the UK, the equivalent to one in every 60, and 68% of defence spending goes outside of London and the Southeast, benefitting every nation and region of the country.

    Andy Start, DE&S CEO and UK National Armaments Director said:

    The UK’s Defence Industry has supported Ukraine from the start of the war and this important contract underlines industry’s ability to scale up production at pace to deliver the world-class defence equipment Ukraine requires.

     This contract is a critical next step in the work of Task Force HIRST in developing lasting partnerships between the UK and Ukraine’s defence industries. The substantial increase in LMM production capacity will benefit both Ukraine’s fight tonight, as well as the longer-term security of the UK.

    The deal marks the next milestone in the work of the MOD’s Taskforce HIRST and the first of a series of “mega projects” to be delivered for Ukraine, with the HIRST team working to build long-term relationships with Ukrainian industry to restore and modernise their defence industrial base, support its future defence and economic growth.

    Earlier this month, the Defence Secretary announced a new £150m military support package to support Ukrainian troops fighting Russia on the frontline, part of the UK’s unprecedented £3 billion annual pledge to Ukraine.

    The UK has committed to spending £3bn next financial year to support Ukraine, with an additional £1.5bn from interest on seized assets through the Extraordinary Revenue Accelerator – taking the total to £4.5Bn. This will ensure Ukraine can achieve peace through strength and underscoring the new 100 Year Partnership between the UK and Ukraine.

    Updates to this page

    Published 2 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: PM remarks at international leaders’ summit press conference: 2 March 2025

    Source: United Kingdom – Executive Government & Departments

    Speech

    PM remarks at international leaders’ summit press conference: 2 March 2025

    The Prime Minister’s remarks at the International Leaders summit press conference in London.

    Good afternoon. 

    The first priority of this government – of any government…

    Is the security and safety of the British people…

    To defend the national interest…

    Particularly in these volatile times.

    That’s why, last week…

    I announced the biggest sustained increase in defence spending since the Cold War.

    That’s also why I met President Trump last week…

    To strengthen our relationship with America –

    As indispensable partners in defence and security. 

    And it’s why, this weekend, I have been hosting European leaders here in London…

    To work together…

    For the security of the United Kingdom, Ukraine and Europe as a whole.

    Through my discussions over recent days…

    We have agreed that the UK, France and others…

    Will work with Ukraine on a plan to stop the fighting…

    Then we’ll discuss that plan with the United States…

    And take it forward together. 

    The purpose of today’s meeting was to unite our partners around this effort…

    To strengthen Ukraine…

    And to support a just and enduring peace… 

    For the good of all of us. 

    Our starting point must be…

    To put Ukraine in the strongest possible position now…

    So that they can negotiate from a position of strength. 

    And we are doubling down in our support.

    Yesterday evening…

    The UK signed a £2.2 billion loan…

    To provide more military aid to Ukraine –

    Backed, not by the British taxpayer…

    But by the profits from frozen Russian assets.

    And today, I am announcing a new deal…

    Which allows Ukraine to use £1.6 billion of UK Export Finance…

    To buy more than 5,000 air defence missiles…

    Which will be made in Belfast…

    Creating jobs in our brilliant defence sector.

    This will be vital for protecting critical infrastructure now…

    And strengthening Ukraine in securing the peace, when it comes.

    Because we have to learn from the mistakes of the past. 

    We cannot accept a weak deal like Minsk – 

    Which Russia can breach with ease.

    Instead, any deal must be backed by strength. 

    Every nation must contribute to that in the best way that it can. 

    Bringing different capabilities and support to the table…

    But all taking responsibility to act…

    All stepping up to their own share of the burden. 

    So we agreed some important steps today. 

    First, we will keep the military aid flowing and keep increasing the economic pressure on Russia…

    To strengthen Ukraine now. 

    Second, we agreed that any lasting peace must ensure Ukraine’s sovereignty and security. 

    And Ukraine must be at the table. 

    Third, in the event of a peace deal…

    We will keep boosting Ukraine’s own defensive capabilities…

    To deter any future invasion. 

    Fourth, we will go further to develop a “coalition of the willing” to defend a deal in Ukraine…

    And to guarantee the peace.

    Not every nation will feel able to contribute. 

    But that can’t mean we sit back. 

    Instead, those willing will intensify planning now – with real urgency.

    The UK is prepared to back this…

    With boots on the ground, and planes in the air…

    Together with others. 

    Europe must do the heavy lifting…

    But to support peace on our continent.

    And to succeed, this effort must have strong US backing.

    We’re working with the US on this point, after my meeting with President Trump last week. 

    And let me be clear – we agree with the President on the urgent need for a durable peace.

    Now we need to deliver, together. 

    Finally, we agreed that leaders will meet again very soon…

    To keep the pace behind these actions…

    And to keep working towards this shared plan.

    We are at a crossroads in history today. 

    This is not a moment for more talk – 

    It is time to act….

    Time to step up and lead…

    And to unite around a new plan…

    For a just and enduring peace.

    Thank you.

    Updates to this page

    Published 2 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Global: The Canada Carbon Rebate is still widely misunderstood — here’s why

    Source: The Conversation – Canada – By Ruolz Ariste, Adjunct Professor, School of Public Policy and Administration, Carleton University

    As Canada’s federal parties gear up for the upcoming federal election, one of the key issues on the campaign trail will be how Canada will meet its climate policy targets.

    Several strategies exist to meet these targets, including: a border charge on imports, a border rebate for exports, a domestic output-based subsidy or a consumer-based carbon rebate like the Canada Carbon Rebate (CCR).

    The CCR, introduced by Prime Minister Justin Trudeau’s administration to curb carbon emissions, is designed to offset the costs of carbon pricing by providing rebates to households.



    Read more:
    The upcoming election is a critical juncture for Canada’s carbon tax and climate policies

    However, both leading candidates for Liberal Party leadership, Mark Carney and Chrystia Freeland, have said they will drop the CCR if elected. Carney has proposed replacing it with a green incentive program, while Conservative leader Pierre Poilievre has been a vocal opponent of the CCR altogether.

    The debate surrounding the CCR is crucial, as carbon pricing is the most effective measure to reduce greenhouse gas emissions when paired with accompanying measures. Yet, despite its effectiveness, Canada’s major political parties are willing to scrap it because it’s not politically rewarding.

    CCR is widely misunderstood

    The CCR is widely misunderstood in Canada, leading to misleading narratives about its economic and environmental impacts.

    A recent report from the Parliamentary Budget Office (PBO) argues that industries facing pollution charges could become less competitive because of the CCR, potentially increasing Canada’s federal budget deficit by $4 billion by 2030, and making Canadians worse off.

    Similarly, a Fraser Institute report argues Canada’s global emission footprint is too small for the CCR to make a difference, even if environmental benefits are accounted for.

    However, these reports fail to fully assess the impacts of carbon pricing and risk distorting the debate and influencing policy in ways that could weaken Canada’s climate strategy.

    Yet an overlooked crucial fact in the debate on the CCR is that 80 per cent of Canadian families received more in rebates than they paid in pollution pricing in 2024 because major polluters bear the highest costs under the system.

    The missing perspective in assessments

    While the PBO’s report may be valid from a business standpoint, the report didn’t run a full cost-benefit analysis, which would have weighed both the economic costs and the social benefits of reducing greenhouse gas emissions.

    In climate policy, the social perspective is much more important than the business one. Without this context, reports like the PBO’s risk being misinterpreted, particularly by politicians opposed to climate action. This could have significant negative consequences for environmental policy in Canada.



    Read more:
    The carbon tax needs fixing, not axing — Canada needs a progressive carbon tax

    A major issue in economic assessments is that the benefits of greenhouse gas reduction are typically excluded because they extend beyond national borders. As a result, emissions reduction can appear to be a poor investment, when in reality, its global and long-term benefits far outweigh the initial expenses.

    The Treasury Board of Canada Secretariat’s cost-benefit guide acknowledges this issue. Under normal circumstances, global benefits should be excluded in cost-benefit analysis. However, given the nature of climate change, the guide states that the costs and benefits of greenhouse gas reductions — calculated using the social cost of greenhouse gas — are appropriate to include in cost-benefit analysis.

    A recent UN report supports this approach, estimating that while global carbon policy measures could cost more than US$1 trillion annually, the economic benefits will be far greater. Shifting to a green economy could yield US$26 trillion by 2030, compared to maintaining business as usual.

    Carbon leakage challenge

    A major challenge for Canada’s carbon pricing strategy is that many of its key trading partners don’t impose similar emissions pricing on consumers.

    For example, the United States and China don’t, even though they are the world’s two biggest polluters. While some jurisdictions, like California’s Cap-and-Trade Program and China’s national emissions trading system, have introduced emissions regulations, these programs are not as widespread as Canada’s.

    This imbalance puts Canadian producers at a competitive disadvantage. In response, some businesses may choose to move their production operations to countries with weaker environmental regulations to avoid higher carbon pricing in Canada — a phenomenon known as “carbon leakage.”

    Instead of reducing emissions, this carbon leakage simply shifts emissions elsewhere, undermining global efforts to address climate change. To counter this, there has been a growing interest in policies designed to prevent this from happening, such as border carbon adjustments.

    This issue is critical to Canada’s ability to meet its climate policy targets. Without effective measures to prevent carbon leakage, the country could face higher costs and less impact on global emissions reduction efforts.

    Can Canada still compete?

    Given the U.S. President Donald Trump administration’s withdrawal from the Paris Accord, one might wonder whether Canada should continue pursuing the CCR program.

    Ideally, Canada would not have to choose between strong climate policy and economic competitiveness. However, without a co-ordinated global approach to carbon policy, Canada faces difficult trade-offs.

    International organizations like the World Trade Organization (WTO) could step up by actively promoting carbon tariffs similar to the EU’s Carbon Border Adjustment Mechanism (CBAM).

    At the heart of this debate is the “polluter-pays principle,” which holds that those who pollute must bear the costs of their actions. This principle is central to climate justice.



    Read more:
    Carbon pricing works: the largest-ever study puts it beyond doubt

    Carbon pricing is the only abatement instrument that can implement the polluter-pays principle, but additional policies — such as border charges on imports, border rebates for exports or domestic output-based subsidies — are required to make it more efficient and politically viable.

    Currently, 75 carbon taxes and emissions trading systems are in operation worldwide, covering approximately 24 per cent of global emissions.

    Canada is considering its own CBAM, but challenges remain. Implementing such a policy could lead to heightened trade tensions with the U.S. or even provoke retaliatory actions.

    Need for international co-operation

    To make carbon pricing and border adjustments work, international organizations must help close the knowledge and information gaps. One way to do this is by providing more accurate data on embedded carbon prices to improve the calculation of carbon prices down the road.

    Further research is also needed to understand how domestic climate policies impact other nations and how to ensure CBAM’s interoperability with other climate measures. Such work will contribute to the optimization of climate policies for the benefit of all.

    In the meantime, Canada’s climate policy must strive to integrate CBAM in a way that aligns with global trade systems like the WTO. Some trade law experts have expressed concerns that CBAM may not be compatible with the WTO General Agreement on Tariffs and Trade, and this must be addressed.

    If Canada were to keep the CCR, this integration would be especially important as Canada navigates future trade relations with the U.S. under Trump’s unpredictable administration. Canada doesn’t want to fall behind in its climate action efforts.

    Canadians would like the country to lead on climate action while staying competitive. A public consultation on this matter would be a good move from any elected political leader.

    Ruolz Ariste is currently affiliated with Carleton University and Université du Québec en Outaouais.

    – ref. The Canada Carbon Rebate is still widely misunderstood — here’s why – https://theconversation.com/the-canada-carbon-rebate-is-still-widely-misunderstood-heres-why-249097

    MIL OSI – Global Reports –

  • MIL-OSI USA News: Addressing the Threat to National Security from Imports of Timber, Lumber

    Source: The White House

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862) (Trade Expansion Act), it is hereby ordered:

    Section 1.  Policy.  The wood products industry, composed of timber, lumber, and their derivative products (such as paper products, furniture, and cabinetry) is a critical manufacturing industry essential to the national security, economic strength, and industrial resilience of the United States.  This industry plays a vital role in key downstream civilian industries, including construction.

    The United States faces significant vulnerabilities in the wood supply chain from imported timber, lumber, and their derivative products being dumped onto the United States market.

    The United States has ample timber resources.  The current United States softwood lumber industry has the practical production capacity to supply 95 percent of the United States’ 2024 softwood consumption.  Yet, since 2016 the United States has been a net importer of lumber.

    Wood products are a key input used by both the civilian construction industry and the military.  Each year, the United States military spends over 10 billion dollars on construction.  The military also invests in innovative building material technology, including processes to create innovative wood products such as cross-laminated timber.  The procurement of these building materials depends on a strong domestic lumber industry and a manufacturing base capable of meeting both military-specific and wider civilian needs.

    It is the policy of the United States to ensure reliable, secure, and resilient domestic supply chains of timber, lumber, and their derivative products.  Unfair subsidies and foreign government support for foreign timber, lumber, and their derivative products necessitate action under section 232 of the Trade Expansion Act to determine whether imports of these products threaten to impair national security.

    Sec. 2.  Investigation.  (a)  The Secretary of Commerce shall initiate an investigation under section 232 of the Trade Expansion Act to determine the effects on the national security of imports of timber, lumber, and their derivative products.

    (b)  In conducting the investigation described in subsection (a) of this section, the Secretary of Commerce shall assess the factors set forth in 19 U.S.C. 1862(d), labeled “Domestic production for national defense; impact of foreign competition on economic welfare of domestic industries,” as well as other relevant factors, including:

    (i)    the current and projected demand for timber and lumber in the United States;

    (ii)   the extent to which domestic production of timber and lumber can meet domestic demand;

    (iii)  the role of foreign supply chains, particularly of major exporters, in meeting United States timber and lumber demand;

    (iv)   the impact of foreign government subsidies and predatory trade practices on United States timber, lumber, and derivative product industry competitiveness;

    (v)    the feasibility of increasing domestic timber and lumber capacity to reduce imports; and

    (vi)   the impact of current trade policies on domestic timber, lumber, and derivative product production, and whether additional measures, including tariffs or quotas, are necessary to protect national security.

    Sec. 3.  Required Actions.  (a)  The Secretary of Commerce shall consult with the Secretary of Defense and the heads of other relevant executive departments and agencies as determined by the Secretary of Commerce to evaluate the national security risks associated with imports of timber, lumber, and their derivative products.

    (b)  No later than 270 days after the date of this order, the Secretary of Commerce shall submit a report to the President that includes:

    (i)    findings on whether imports of timber, lumber, and their derivative products threaten national security;

    (ii)   recommendations on actions to mitigate such threats, including potential tariffs, export controls, or incentives to increase domestic production; and

    (iii)  policy recommendations for strengthening the United States timber and lumber supply chain through strategic investments and permitting reforms.

    Sec. 4.  Definitions.  As used in this order:

    (a)  The term “timber” refers to wood that has not been processed.

    (b)  The term “lumber” refers to wood that has been processed, including wood that has been milled and cut into boards or planks.

    Sec. 5.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

    (i)   the authority granted by law to an executive department or agency, or the head thereof; or

    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

    THE WHITE HOUSE,
        March 1, 2025.

    MIL OSI USA News –

  • MIL-OSI USA: I-90 Vantage Bridge deck replacement resumes

    Source: Washington State News 2

    VANTAGE – Work to replace the Interstate 90 Vantage Bridge deck is underway for a second construction season. Washington State Department of Transportation and contractor crews are replacing the surface of the bridge that was last upgraded in 1992.

    Starting March 3, traffic will be reduced to a single lane in each direction around-the-clock, seven days a week with reduced speeds and a 9-foot width restriction. 

    Prepare for summer travel season

    Travelers will experience long delays as traffic volumes increase during the warmer months and during events at The Gorge Amphitheatre. Historically, the longest delays occur eastbound on Fridays and westbound on Sundays. To avoid congestion and longer travel times, alternate routes are encouraged. Drivers may choose to use detour routes up north near Wenatchee, or down south near the Tri Cities to bypass the construction area. Due to limited road capacity, Vantage Highway is not a recommended detour. 

    Important dates to note:

    • Work on the bridge will pause from May 23 to July 8 to accommodate the busy travel season between Memorial Day and Independence Day. During this time, travelers on the bridge will have access to the full two lanes in both direction with an occasional single-lane closure.
    • Following the holiday work pause, travel lanes will again reduce to one lane in each direction around-the-clock starting Tuesday, July 8.
    • Ramp meters will assist drivers during high-volume traffic times. Ramp meters control how quickly vehicles enter the freeway, reducing collisions and travel time.

    Repair work on the Vantage Bridge began in spring 2024. The completion of the project is scheduled for 2028.

    MIL OSI USA News –

  • MIL-OSI Economics: Monthly Data on India’s International Trade in Services for the Month of January 2025

    Source: Reserve Bank of India

    The value of exports and imports of services during January 2025 is given in the following table.

    International Trade in Services
    (US$ million)
    Month Receipts (Exports) Payments (Imports)
    October – 2024 34,309
    (22.3)    		 17,215
    (27.9)
    November – 2024 32,014
    (13.9)    		 17,229
    (26.0)
    December – 2024 36,857
    (16.5)    		 17,781
    (13.8)
    January – 2025 34,726
    (12.0)    		 16,706
    (12.6)
    Notes: (i) Figures in parentheses are growth rates over the corresponding month of the previous year which have been revised on the basis of balance of payments statistics.

    Ajit Prasad          
    Deputy General Manager
    (Communications)   

    Press Release: 2024-2025/2284

    MIL OSI Economics –

  • MIL-OSI USA: Ernst Works to Promote Fair Trade and Remove Barriers for Iowa Agricultural Exports

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – U.S. Senator Joni Ernst (R-Iowa), a member of the Senate Agriculture Committee, is working to promote fair markets and protect American agricultural exports by bridging the gap between the Office of the United States Trade Representative (USTR) and the U.S. Department of Agriculture (USDA).
    She introduced the Prioritizing Offensive Agricultural Disputes and Enforcement Act to establish a joint task force between the USTR and the USDA focused on identifying trade barriers to agricultural exports and developing strategies for enforcing violations of trade agreements. The bill will also require the task force to report recommendations to Congress to address unfair practices or subsidies they identify.
    “In Iowa, trade directly impacts the everyday lives of our hardworking farmers and is critical to the success of our entire state,” said Senator Ernst. “Establishing a clearer channel of communication and breaking down the bureaucratic barriers between the USDA and USTR will help ensure Iowa farmers are on a level playing field when engaging with global markets.” 

    MIL OSI USA News –

  • MIL-OSI USA: Senators Hassan, Shaheen, and Congressman Pappas Hold Press Conference to Discuss Impact of Trump Job Cuts on Portsmouth Naval Shipyard, Local Economy

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    Portsmouth, NH – On Friday, February 28, U.S. Senators Jeanne Shaheen and Maggie Hassan and Congressman Chris Pappas held a press conference in Portsmouth to discuss the impact the Trump Administration is having on the Portsmouth Naval Shipyard. They were joined by the Seacoast Shipyard Association, the Metal Trades Council, and representatives from Portsmouth Naval Shipyard unions to discuss how the uncertainty surrounding the Trump administration’s executive orders and job cuts has led the Shipyard to pause hiring, and other impacts the administration’s actions may have.

    “The shipbuilding workforce at Portsmouth Naval Shipyard is critical to maintaining our Navy’s crown jewel—the attack submarines that promote our national security around the globe,” said Senator Shaheen, a senior member of the U.S. Senate Armed Services Committee. “We know the Shipyard is already short-staffed so the last thing the Trump Administration should be doing is interfering with their recruitment efforts—these actions don’t make our region stronger nor our nation safer.” 

    “Granite Staters are alarmed and outraged at the Trump Administration’s move to weaken the Portsmouth Naval Shipyard by curtailing the Shipyard’s workforce,” said Senator Hassan. “The Portsmouth Naval shipyard is both a pillar of our national security, helping the United States remain on the cutting edge, and an engine for our economy, providing jobs for Granite Staters who want to do their part to keep our Navy strong.”

    “The men and women of Portsmouth Naval Shipyard do critically important work every day to ensure our nation’s readiness, strengthen New Hampshire’s local economy, and support our military for any battle that lies ahead. These skilled workers are essential for the Portsmouth Naval Shipyard to meet its critical mission and their job security should not be in question. But the actions we have seen in recent weeks across the federal government and in the Department of Defense, including hiring freezes, layoffs, and the cancelling of contracts, are dangerous and undermine our national security,” said Congressman Pappas. “The Department of Defense must fully exempt the Portsmouth Naval Shipyard from these cuts and layoffs, and I will continue fighting to ensure they provide the clarity the Shipyard needs to meet its mission and ensure our country is strong and prepared for the future.”

    “The incredible women and men who make the vital work of Portsmouth Naval Shipyard possible are essential to keeping our state and country safe. Since I took the oath of office exactly two months ago today, I have met with shipyard employees and heard firsthand about the scope of their mission-critical work and the devastating impact that lawless actions of the Trump Administration have had on their lives,” said Congresswoman Maggie Goodlander, a member of the House Armed Services Committee who previously served for more than a decade as an intelligence officer in the U.S. Navy Reserve. “I will never stop fighting for the support and resources that our civilian and military workforce needs and deserves.”

    The Portsmouth Naval Shipyard provides maintenance for multiple types of ships, including the older Los Angeles-class submarines and newer Virginia-class submarines. It is one of just four public shipyards nationwide that maintain the US Navy’s submarine fleet. The Shipyard is also the region’s largest employer. In 2023, the latest available data, more than 7,400 civilian employees worked at the base with an economic impact exceeding $1.5 billion, according to the Seacoast Shipyard Association’s 2024 report.

    On Monday, February 24th, the Shipyard implemented a pause on hiring and recruiting in response to the Trump administration’s recent executive orders, job cuts, and the announcement of a Department of Defense (DOD) plan to reduce its workforce by laying off approximately 5,400 employees this week. The pause comes as the Shipyard has been working to hire large numbers of workers to increase capacity amid a $1.87 billion dry dock expansion.

    Defense Secretary Pete Hegseth said the department’s work on Virginia-class submarines was among many priorities deemed “too important” to be included in the overall downsizing, but a spokesperson for him declined to say whether any jobs at the Shipyard would be exempt from ongoing terminations of probationary workers. 

    MIL OSI USA News –

  • MIL-OSI Security: Mexican Cartel Leader Jesus Mendez-Vargas In U.S. Custody On Drug Importation Charge

    Source: Office of United States Attorneys

    Jesus Mendez-Vargas Was a Leader of the Ruthless La Familia Michoacana Cartel’s Narcotics Trafficking Enterprise, Responsible for Importing Vast Quantities of Methamphetamine and Cocaine into the United States

    Matthew Podolsky, the Acting United States Attorney for the Southern District of New York, and Frank A. Tarentino, the Special Agent in Charge of the New York Division of the U.S. Drug Enforcement Administration (“DEA”), announced today the unsealing of an Indictment charging JESUS MENDEZ-VARGAS, a/k/a “Chango,” with conspiring to import cocaine and methamphetamine into the U.S.  MENDEZ-VARGAS was taken into U.S. custody from Mexico and was presented on the charge contained in the Indictment today before U.S. Magistrate Judge Henry J. Ricardo. The case is assigned to U.S. District Judge John G. Koeltl. 

    Acting U.S. Attorney Matthew Podolsky said: “As alleged, Jesus Mendez-Vargas was a leader of the violent drug trafficking organization, La Familia Michoacana, based in Mexico, with primary responsibility for the organization’s drug trafficking activities from approximately 2006 to 2011.  La Familia imported vast quantities of cocaine and methamphetamine into the United States from Mexico and engaged in extensive violence in furtherance of its drug trafficking activities, including against those Mexican law enforcement officials who stood in its way.  This Office and our law enforcement partners will not stop working to see that those who lead violent drug trafficking organizations are met with the consequences of their actions. Mendez-Vargas will now face justice in an American courtroom.”

    DEA Special Agent in Charge Frank A. Tarentino said: “The indictment against Jesus Mendez-Vargas, leader of La Familia Michoacana cartel is another example of the DEA’s determination to identify, target and eliminate drug traffickers poisoning our communities with fentanyl and methamphetamine. This removal demonstrates the New York Division’s relentless pursuit and unwavering commitment to hold accountable those who endanger our communities and traffic violence and drugs across our borders.”

    According to the allegations contained in the Indictment:1

    MENDEZ-VARGAS was a leader in La Familia Michoacana (“LFM”), a powerful, violent drug trafficking organization based in the state of Michoacan, in southwestern Mexico.  LFM controlled drug manufacturing and distribution within and around the state of Michoacan, as well as the port of Lazaro Cardenas, a key drug transshipment point.  LFM imported vast quantities of cocaine and methamphetamine into the U.S. from Mexico. LFM leadership forbade the sale or use of methamphetamine in the areas under its control in Mexico, and instructed LFM members that its methamphetamine was solely for export to the U.S.  From approximately 2006 to 2011, MENDEZ-VARGAS was a leader of LFM, with primary responsibility for LFM’s drug trafficking activities.

    LFM engaged in violence, including assault, murder, and kidnapping to support its narcotics trafficking activities.  LFM also used heavy weaponry, including military-grade weapons, assault weapons, and ammunition smuggled from the U.S. to Mexico by LFM’s associates for use by LFM.  On or about July 14, 2009, approximately two days after the arrest of a high-level LFM leader, the bodies of 12 Mexican federal police officers believed to have been murdered were discovered in Michoacan.  Days later, another member of LFM contacted a local television station in Michoacan and, among other things, claimed that LFM was in a battle against the Mexican federal police and prosecutors, and that LFM kidnaps people who owed LFM money and those whose family members worked in state and federal governments.

    *               *                *

    MENDEZ-VARGAS, 51, of Mexico, is charged with conspiring to import cocaine and methamphetamine into the U.S., which carries a mandatory minimum sentence of 10 years in prison and a maximum sentence of life in prison.

    The mandatory minimum and maximum potential sentences in this case are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.

    Mr. Podolsky praised the outstanding investigative work of the DEA’s New York Field Division, as well as the assistance of the Office of International Affairs of the Justice Department’s Criminal Division and the U.S. Marshals Service.

    This prosecution is part of an OCDETF operation.  OCDETF identifies, disrupts, and dismantles criminal organizations using a prosecutor-led, intelligence-driven, multi-agency approach.  Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.  The OCDETF New York Strike Force provides for the establishment of permanent, multi-agency task force teams that work side-by-side in the same location.  This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.  The specific mission of the New York Strike Force is to target, disrupt, and dismantle drug trafficking and money laundering organizations, reduce the illegal drug supply in the United States, and bring criminals to justice.

    This prosecution is being handled by the Office’s National Security and International Narcotics Unit.  Assistant U.S. Attorneys Nicholas S. Bradley, Jane Y. Chong, Sarah L. Kushner, Alexander N. Li, Daniel G. Nessim, David J. Robles, and Kyle A. Wirshba are in charge of the prosecution.

    The charge contained in the Indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.
     

    1 As the introductory phrase signifies, the entirety of the text of the Indictment and the description of the Indictment set forth herein constitute only allegations, and every fact described should be treated as an allegation.

    MIL Security OSI –

  • MIL-OSI: Innovator ETFs® Announces Closure of ETFs

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 28, 2025 (GLOBE NEWSWIRE) — Innovator Capital Management, LLC (Innovator), pioneer and provider of the largest lineup of Defined Outcome ETFs™, today announced its intention to close four ETFs. Please reference the table below for important dates surrounding the closure of each ETF.

    Name Ticker End of ETF
    Outcome Period    		 Trading
    Halts    		 Liquidation
    Innovator U.S. Equity Accelerated ETF® – April XDAP 3/31/25 4/1/25 4/4/25
    Innovator Premium Income 9 Buffer ETF™ – April HAPR 3/31/25 4/1/25 4/4/25
    Innovator Premium Income 10 Barrier ETF™ – April APRD 3/31/25 4/1/25 4/4/25
    Innovator Premium Income 40 Barrier ETF™ – April APRQ 3/31/25 4/1/25 4/4/25

    The closing of the ETFs coincides with the end of their respective outcome periods. Shareholders may sell their ETF shares at any point during trading hours prior to the market close on its last day of trading. If investors do not sell their shares before trading is halted, the shares will be automatically redeemed on the liquidation date. After shares are redeemed, shareholders will receive cash equal to the amount of the net asset value (NAV) of their shares on the liquidation date. Payment will be made in the form of a liquidating distribution that is electronically credited to shareholders’ brokerage or other applicable financial-intermediary accounts on or around the liquidation date.

    The ETFs may pay one or more dividends or other distributions prior to, or along with, any redemption payment. As is the case with any redemption of ETF shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed the shareholder’s adjusted basis in the shares redeemed. Shareholders should consult with their tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to their specific situation.

    Innovator also intends to close the July and October series of the funds listed above during the 2025 calendar year. More information about those closures will be released in the coming months.

    The combined assets under management in the four ETFs listed above was $37 million as of February 13, 2025, representing 0.16% of Innovator’s total AUM.

    Media Contact
    Frank Taylor / Stephanie Dressler
    (646) 808-3647 / (949) 269-2535
    Frank@dlpr.com / Stephanie@dlpr.com

    The Funds have characteristics unlike many other traditional investment products and may not be suitable for all investors. For more information regarding whether an investment in the Fund is right for you, please see “Investor Suitability” in the prospectus.

    Investing involves risks. Loss of principal is possible. The Funds face numerous market trading risks, including active markets risk, authorized participation concentration risk, buffered loss risk, cap change risk, capped upside return risk, correlation risk, liquidity risk, management risk, market maker risk, market risk, non-diversification risk, operation risk, options risk, trading issues risk, upside participation risk and valuation risk. For a detail list of fund risks see the prospectus.

    The Funds’ investment objectives, risks, charges and expenses should be considered carefully before investing. The prospectus and summary prospectus contains this and other important information, and it may be obtained at innovatoretfs.com. Read it carefully before investing.

    The following marks: Accelerated ETFs®, Accelerated Plus ETF®, Accelerated Return ETFs®, Barrier ETF™, Buffer ETF™, Defined Income ETF™, Defined Outcome Bond ETF®, Defined Outcome ETFs™, Defined Protection ETF™, Define Your Future®, Enhanced ETF™, Floor ETF®, Innovator ETFs®, Leading the Defined Outcome ETF Revolution™, Managed Buffer ETFs®, Managed Outcome ETFs®, Stacker ETF™, Step-Up™, Step-Up ETFs®, Target Protection ETF™, 100% Buffer ETFs™ and all related names, logos, product and service names, designs, and slogans are the trademarks of Innovator Capital Management, LLC, its affiliates or licensors. Use of these terms is strictly prohibited without proper written authorization. All rights reserved.

    Innovator ETFs® are distributed by Foreside Fund Services, LLC.

    Copyright © 2025 Innovator Capital Management, LLC | 800.208.5212

    The MIL Network –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    28 February 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 28.02.2025

    Espoo, Finland – On 28 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,400,000 4.65
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,400,000 4.65

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 28 February 2025 was EUR 6,507,900. After the disclosed transactions, Nokia Corporation holds 135,282,828 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI Africa: Afreximbank and Kenyan government ink milestone agreements to promote industralisation

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

    MOMBASA, Kenya, February 28, 2025/APO Group/ —

    • Afreximbank to finance development and operationalisation of industrial parks and special economic zones to bolster industralisation and export manufacturing
    • Afreximbank also commits to three-year US$3 billion Kenya country programme to support trade and trade-related investments

    African Export-Import Bank (Afreximbank) (www.Afreximbank.com), Africa’s foremost trade development Bank, today in Mombasa, Kenya, ratified a series of initiatives designed to support Kenya’s industrialisation and export-led development agenda. Under the terms of the initiatives, formalised at a signing ceremony with the Kenyan authorities, Afreximbank will finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing.

    The proposed industrial parks, to be developed by Afreximbank through its affiliate company, Arise Integrated Industrial Platforms (Arise IIP), will create and sustain an environment in which export-oriented industries can thrive, by leveraging economies of scale, shared infrastructure and access to global markets.

    Two projects to be undertaken by Afreximbank, with the support of the Government of Kenya and other strategic collaborators, are the development of the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II (Naivasha II), for which, having secured leases of the relevant land, Afreximbank intends to leverage the expertise and experience of Arise IIP, a special economic zone developer with experience in the development of integrated industrial parks in Africa.

    Both the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II are included in the Fourth Medium Term Plan (2023-2027) of the Kenyan government’s Vision 2030, entitled “Bottom-Up Economic Transformation Agenda for Inclusive Growth”, reflecting the high priority which state institutions are giving to measures that strengthen, expand and accelerate Kenya’s capacity to export value-added goods within Africa and globally.

    Speaking on the signing, the President of the Republic of Kenya, H.E. Dr. William S. Ruto said; “We have a responsibility to steer the country in the right direction, harnessing the immense potential of manufacturing, industrialization, agro-processing, and value addition within Special Economic Zones. The signing of these agreements today marks a significant milestone in Kenya’s development, expanding opportunities to enhance our manufacturing sector and create a more conducive environment for investment. We convene here today to sign an investment – and not a loan – undertaken by people whose faith in this country and its possibilities motivates their decision. This is our country, let’s continue to do whatever it takes to make it an attractive destination for those who want to invest.”

    In his own comments, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said:

    “Africa has been heralded as a land of opportunity, blessed with resources that power the world. Yet, we have struggled to translate this wealth into lasting prosperity for our people. For decades, we have watched as others reap the rewards of our natural resources, leaving us tethered to a cycle of dependency—exchanging our riches for aid and loans that kept us on the fringes of the global breadbasket.

    “Those days are behind us. Today, Kenya takes a bold step to reshape this story in a profound and impactful manner. These Parks are an integral part of the Government’s plan to boost the country’s economic growth under the Vision 2030 development blueprint.

    Today’s signatures are more than ink on paper—they are a promise to the people of Kenya, a pledge that the country will rise as a beacon of industrial might and self-reliance.” 

    Mrs. Oluranti Doherty, Managing Director of Export Development at Afreximbank, and Captain William K. Ruto, Managing Director of the Kenya Ports Authority, signed the Dongo Kundu Special Economic Zone agreement. Dr. Kenneth Chelule, Chief Executive Officer of the Special Economic Zones Authority, and Mrs. Doherty signed the Naivasha Special Economic Zone agreement, with H.E. Dr. William Ruto, President of the Republic of Kenya, and Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, witnessing the signing of both agreements for the State and for the Bank, respectively.

    The Dongo Kundu Industrial Park within the Mombasa SEZ is expected, upon completion, to boost the area with a state-of-the-art industrial park that will contribute significantly to economic growth and industrialisation efforts in Mombasa County and in Kenya as a whole.

    The Naivasha II Special Economic Zone – Naivasha II project is located at Mai Mahiu and will include a free trade zone, an industrial park, a logistics zone and a public utility area with a supporting road network. The project will occupy an area of approximately 5000 acres.

    The Naivasha II project will also derive value from its strategic geographic position as it sits on the gateway to East and Central Africa through the Northern Corridor Transport System, which comprises both a standard gauge railway and a major highway. Moreover, the SEZ will be close to the Naivasha Inland Container Depot, which serves the East African hinterland countries of Burundi, the Democratic Republic of Congo, Kenya, Rwanda, South Sudan and Uganda.

    Other dignitaries in attendance included Mrs Oluranti Doherty, Managing Director, Export Development, Afreximbank; Hon. Davis Chirchir E.G.H, Roads and Transport Cabinet Secretary; Hon. Hassan Ali Joho, Cabinet Secretary for Mining, Blue Economy and Maritime Affairs; Hon. Salim Mvurya, Cabinet Secretary for Youth Affairs, Creative Economy and Sports of Kenya and Honourable Lee Kinyanjui, Cabinet Secretary, Ministry of Investment, Trade and Industry. Additionally, Captain William K. Ruto, Managing Director, Kenya Ports Authority; Dr. Kenneth Chelule, Chief Executive Officer, Special Economic Zones Authority; His Excellency Abdulswamad Shariff Nassir, Governor of Mombasa County; the Honourable Benjamin Tayari, Chairman, Kenya Ports Authority, and Mr. Fredrick Muteti, EBS, Chairperson, Special Economic Zones Authority attended the event.

    MIL OSI Africa –

  • MIL-OSI Russia: Tatyana Golikova presented the national project “Family”

    Translartion. Region: Russians Fedetion –

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

    Deputy Prime Minister Tatyana Golikova presented the national project “Family” at an extended meeting of the State Duma Committee on Family Protection, Fatherhood, Motherhood and Childhood.

    Tatyana Golikova presented the national project “Family”

    February 28, 2025

    Previous news Next news

    Deputy Prime Minister Tatyana Golikova, Minister of Labor and Social Protection Anton Kotyakov, Minister of Health Mikhail Murashko, Minister of Culture Olga Lyubimova, Deputy Minister of Science and Higher Education Olga Petrova and Deputy Minister of Education Andrei Nikolaev spoke about the prerequisites for the formation, main goals and directions of the new national project.

    As Tatyana Golikova noted, the national project “Family” is comprehensive and was formed taking into account the instructions of the President of Russia and his decree No. 309. It is aimed at achieving three national development goals:

    • preserving the population, strengthening health and improving well-being of people, supporting families;

    • realizing the potential of each person, developing his talents, raising a patriotic and socially responsible individual;

    • comfortable and safe living environment.

    “When developing the national project, we focused on the family in the broadest sense of the word. Therefore, the national project included measures aimed at both stimulating new births and supporting various types of families, including young, large families, and older generations of families,” the Deputy Prime Minister emphasized.

    She noted that the national project “Family” replaces the national projects “Demography”, “Culture” and some activities of the national project “Healthcare” and takes into account all the experience of positive decisions accumulated in recent years.

    The national project consists of five federal projects. The Ministry of Labor has been appointed as the head of three projects: FP “Family Support”, “Large Families”, “Older Generation”. FP “Maternity and Childhood Protection” is assigned to the Ministry of Health, FP “Family Values and Cultural Infrastructure” to the Ministry of Culture.

    17.9 trillion rubles have been allocated for the implementation of the national project over six years, including 7.8 trillion rubles over the next three years.

    “The President of the country has set the task of ensuring sustainable growth in the birth rate, increasing the total fertility rate to 1.6 by 2030 and to 1.8 by 2036. The target value can be achieved provided that not only the social sphere, but also all areas of our life – the economy, development of housing and rural infrastructure, improvement of cities and towns – will work towards this goal,” said Tatyana Golikova.

    According to her, preliminary results for 2024 show that, compared to 2023, the total fertility rate, according to Rosstat’s operational data, has remained almost unchanged, decreasing by 0.7% to 1.4.

    At the same time, 18 regions have seen an increase in the birth rate. It is important that among them are regions of Central Russia, the North-West from the cluster “Demographic Winter” – these are Smolensk, Oryol, Ryazan, Leningrad and Kaliningrad regions.

    “The growth dynamics of births of third and subsequent children has been maintained – by 1.1% compared to the previous year. At the same time, Russia, like many developed countries, is characterized by demographic challenges and new trends in the development of the institution of the family. Based on these challenges, we have formed seven key areas,” the Deputy Prime Minister said.

    The first direction is the implementation of the “plus one child in every family” approach. The target is large families.

    The second direction is to level out the high regional differentiation in birth rates.

    According to preliminary results for 2024, in 38 regions, excluding new regions, the birth rate is higher than the Russian average, and in two – the Chechen Republic and Tuva – it exceeds the level of simple reproduction – 2.1. In general, the differentiation between regions has not changed – the indicator differs by three times).

    In such conditions, federal umbrella measures with uniform conditions for the entire country must be supplemented in all subjects with regional support measures linked to local specifics and targeted work with individual groups of regions, supporting them from the federal level. It is important that the growth of the total fertility rate in the territory, support for large families, and the reduction of their poverty become a personal project of each governor.

    The third direction is the creation of conditions for the harmonious combination of professional development with the birth and upbringing of children.

    “To do this, we are fine-tuning both state and corporate policies. Together with the Russian Union of Industrialists and Entrepreneurs and the Federation of Independent Trade Unions of Russia, we have developed recommendations for the implementation of corporate social policy. Informally, we call them the “corporate demographic standard”. At the end of the year, it was adopted by the Russian Tripartite Commission,” noted Tatyana Golikova. “As you remember, at the final meeting of the State Council, the President supported certain additional measures, including tax incentives for employers, so that there would be an opportunity to support working women and working families. And of course, an important topic here is support for the older generation.”

    The fourth direction is increasing the birth rate in rural areas.

    The village has traditionally been the basis for population growth in the country, large families. Despite the decrease in the total fertility rate in the village by a third in the last 10 years, the fertility rate in the village as a whole is currently maintained at the level that must be achieved throughout the country by 2030. It is important to maintain it at this level and, if possible, increase it.

    “Last year, a pilot project was launched in three regions – Novgorod, Tambov and Penza regions, which is aimed at developing infrastructure. And although not much time has passed, we are already seeing the first positive results. Over the three quarters of 2024, compared to the same period in 2023, the number of women registered for pregnancy at antenatal clinics in the pilot regions increased by 15% on average, and the number of women who continued their pregnancy increased by 22% on average,” the Deputy Prime Minister said.

    “Another area is improving the well-being of families so that they can make decisions about having another child. These are, of course, new targeted support measures. And here, both within the framework of the national project and within the framework of individual state programs and general policy, we will continue measures aimed at increasing the minimum wage, increasing citizens’ labor incomes, and, of course, keeping inflation low,” Tatyana Golikova emphasized.

    The sixth direction is strengthening reproductive health and developing children’s medicine. It is planned to further increase additional investments in infrastructure and technologies in healthcare.

    The seventh direction is strengthening the values of the family institution. All events related to the national project “Culture” implemented in previous years are concentrated here. These include cultural centers, cinemas in rural areas, modernized theaters and museums, model libraries, renovated and equipped children’s art schools, and new cinemas.

    “There are no trifles in issues such as birth rate. This really should become the business of every governor, so that there are more of us, Russians,” concluded Tatyana Golikova.

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

    MIL OSI Russia News –

  • MIL-OSI Banking: WHO, WIPO and WTO hold first joint briefing for Geneva-based officials

    Source: WTO

    Headline: WHO, WIPO and WTO hold first joint briefing for Geneva-based officials

    The imperative to adopt an integrated approach to issues at the crossroads of health, IP and trade has been at the heart of the longstanding collaboration among the three Geneva-based organizations.
    Governments and policymakers are faced with the challenging task of identifying the right mix of policy options to best advance domestic policy objectives to facilitate sustainable innovation. Participants discussed how to facilitate ongoing domestic and regional policy discussions through a more coherent and comprehensive approach.
    Members with diverse levels of development and from different regions of the world shared valuable experiences about the implementation of laws and policies in support of sustainable innovation ecosystems and access to the outcomes. This was followed by a roundtable discussion and further complemented by information provided by the three organizations on trilateral and other relevant work.
    The WHO-WIPO-WTO Technical Assistance Platform was also briefly introduced at the meeting. It allows members to easily request joint technical assistance from the three organizations to access the full range of expertise at the intersection of health, trade and IP in a coordinated manner.
    The Trilateral Briefing series is a set of closed meetings for members.
    The next briefing session for Geneva-based health, IP and trade attachés is tentatively scheduled to take place in September 2025.

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  • MIL-OSI Russia: Alexander Novak held a meeting with the Minister of Energy and Natural Resources of Turkey Alparslan Bayraktar

    Translartion. Region: Russians Fedetion –

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

    Alexander Novak held a meeting with the Minister of Energy and Natural Resources of Turkey, Alparslan Bayraktar.

    February 28, 2025

    Previous news Next news

    Deputy Prime Minister of Russia Alexander Novak held a meeting with the Minister of Energy and Natural Resources of Turkey Alparslan Bayraktar.

    The main topic of the meeting was cooperation in the oil, gas, coal, electric power and nuclear industries. It was noted that interaction in the energy sector is a strategic area of cooperation between Russia and Turkey.

    The parties discussed further investment cooperation in the fuel and energy sector, issues of supplying Russian energy resources to the Turkish market and increasing the share of mutual settlements in national currencies, as well as the progress of construction of the Akkuyu NPP, four power units of which are planned to be built in the Republic of Turkey by 2028.

    The Deputy Prime Minister noted the good results of trade and economic cooperation between Russia and Turkey in 2024. In 2023, Türkiye took third place among Russia’s foreign trade partners (third in exports and fifth in imports).

    “Political interaction between our countries remains intensive. We appreciate the principled position of the Turkish leadership – to continue developing mutually beneficial bilateral partnership with Russia, despite pressure from Western countries. I am confident that through the channels of the bilateral Intergovernmental Commission on Trade and Economic Cooperation, every effort will be made to achieve new results in the trade and economic sphere,” Alexander Novak emphasized.

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

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  • MIL-OSI Russia: Financial News: How Weekend Trading Should Work

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The Bank of Russia has defined the conditions for trading on weekends in order to minimize risks for exchanges and their clients. Trading on Saturday and Sunday will not be considered as separate days, but as additional sessions on Monday. This will allow not to conduct clearing and settlements on weekends. The regulator sent the corresponding order to the organizers of trading.

    At the first stage, the exchanges must set the size of the price corridor within 3% (both up and down) of the value of the securities that formed by the end of Friday. The Bank of Russia recommends including highly liquid shares in the list of securities admitted to weekend trading. Such restrictions are aimed at avoiding increased volatility in the market.

    In the future, the Bank of Russia will monitor the trading activity of participants, the quality of pricing, and what financial instruments are traded on exchanges. All this will allow us to assess the possibility of scaling up trading on weekends and will be taken into account when deciding on the need to introduce additional restrictions.

    Preview photo: ShishkinStudio / Shutterstock / Fotodom

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

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

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  • MIL-OSI Asia-Pac: Joint Statement: Second Meeting of the India-EU Trade and Technology Council, New Delhi (February 28, 2025)

    Source: Government of India

    Posted On: 28 FEB 2025 6:25PM by PIB Delhi

    The second meeting of the India-EU Trade and Technology Council (TTC) took place in New Delhi on 28 February 2025. It was co-chaired on the Indian side by India’s External Affairs Minister Dr. S. Jaishankar; Commerce and Industry Minister Shri Piyush Goyal; and Minister for Electronics and Information Technology Shri Ashwini Vaishnaw. Executive Vice-President for Tech Sovereignty, Security and Democracy Ms. Henna Virkkunen, Commissioner for Trade and Economic Security, Interinstitutional Relations and Transparency Mr. Maros Šefčovič and Commissioner for Startups, Research and Innovation Ms Ekaterina Zaharieva co-chaired on the EU side.

    Prime Minister Narendra Modi and European Commission President Ursula von der Leyen had established the India-EU TTC in April 2022 as a key bilateral platform to address challenges at the confluence of trade, trusted technology and security. India and the European Union, as two large and vibrant democracies with open market economies, shared values and pluralistic societies, are natural partners in a multipolar world.

    The deepening of bilateral relations and the growing strategic convergence between the EU and India respond to the shifting dynamics of the global geopolitical landscape and a common interest in promoting global stability, economic security, and sustainable and inclusive growth. In that respect, both sides emphasized again the importance of the rules-based international order and the full respect for the principles of sovereignty, territorial integrity, transparency, and peaceful resolution of disputes. The TTC reflects a shared acknowledgement between the EU and India of the increasingly critical links between trade and technology, the potential of cooperation on these issues to enhance the economies of both partners, and the need to work together on the related security challenges. Both sides note the potential of their partnership to increase resilience, strengthen connectivity and drive forward the development of green and clean technologies.

    The first meeting of the India-EU TTC was held in Brussels on 16 May 2023. The TTC Ministerial Meeting provided political guidance for the way forward. Subsequently on 24 November 2023, a stock-taking meeting in virtual mode reviewed the progress made by the three TTC working groups.

    Working Group 1 on Strategic Technologies, Digital Governance, and Digital Connectivity

    India and the European Union reaffirmed the importance of deepening their digital cooperation in line with their shared values through the Working Group 1 on Strategic Technologies, Digital Governance, and Digital Connectivity. Both sides committed to leverage their respective strengths to accelerate a human-centric digital transformation and the development of advanced and trustworthy digital technologies such as AI, semiconductors, High-Performance Computing and 6G, which will benefit both economies and societies. Both sides committed to work jointly to strengthen EU-India research and innovation for this purpose to further enhance competitiveness, while increasing their economic security. Both sides committed to promoting global connectivity in a cyber-secure digital ecosystem.

    Recognizing the importance of Digital Public Infrastructure (DPI) for the development of open and inclusive digital economies and digital societies, India and the European Union agreed to collaborate on working towards interoperability of their respective DPIs that respect human rights and protect personal data, privacy, and intellectual property rights. Both sides further committed to jointly promote DPIs solutions to third countries and further emphasized the need of mutual recognition of e-signatures to enhance cross-border digital transactions and foster mutual economic growth.

    Both sides emphasized their commitment to further strengthen the resilience of semiconductor supply chains and promote collaboration in the field of semiconductors. To that end, they agreed to explore joint R&D in the field of chip design, heterogeneous integration, sustainable semiconductor technologies, technology development for advanced processes for process design kit (PDK), among others. Both sides shall promote the strengthening of the EU and Indian semiconductor ecosystems to enhance technological capabilities and ensure supply chain resilience by developing sustainable, secure and diversified semiconductor production capacities. Furthermore, they committed to developing a dedicated programme that will facilitate talent exchanges and foster semiconductor skills among students and young professionals.

    The two sides reiterated their commitment to safe, secure, trustworthy, human-centric, sustainable and responsible Artificial Intelligence (AI) and to promote this vision on the international level. In addition, with a view to ensuring continued and impactful cooperation on AI, the European AI Office and India AI Mission agreed to deepen cooperation, encouraging an ecosystem of innovation and fostering information exchange on common open research questions for developing trustworthy AI. They also agreed to enhance cooperation on large language models, and to harness the potential of AI for human development and common good, including through joint projects such as developing tools and frameworks for ethical and responsible AI. These will build on the progress made under R&D collaboration on high-performance computing applications in the areas of natural hazards, climate change, and bioinformatics.

    India and the EU welcomed the signing of a memorandum of understanding between the Bharat 6G Alliance and the EU 6G Smart Networks and Services Industry Association for aligning research and development priorities and creating secured and trusted telecommunications and resilient supply chains. Both sides will also enhance cooperation on IT and telecoms standardisation with a particular focus on promoting interoperable global standards.

    Furthermore, the two sides agreed to work towards bridging the digital skills gap, explore mutual recognition of certifications, and promote legal pathways of skilled professionals and exchange of talent.

    Both sides agreed to collaborate on the implementation of the Global Digital Compact, agreed by consensus at the UN General Assembly in September 2024, as a key instrument for delivering on their shared objectives. They noted the need to ensure that the forthcoming World Summit on Information Society +20 maintains global support for and enhances the multi-stakeholder model of Internet governance.

    Working Group 2 on Clean and Green Technologies

    India and the European Union recalled the importance of the priority workstreams identified under Working Group 2 on Clean and Green Technologies for achieving net zero emissions by 2070 and 2050 for India and the European Union, respectively. Achieving these targets will require significant investment in new clean technologies and standards. An emphasis on research and innovation (R&I) will foster technological collaboration and exchange of best practices between the EU and India. In parallel, supporting technological innovations for market uptake will enhance access to the respective markets by Indian and EU enterprises and facilitate wide adoption of innovative technologies. This opens perspectives for cooperation between Indian and EU incubators, SMEs and start-ups and building human resource capability and capacity in such technologies.

    In this regard, both sides agreed on joint research cooperation through exceptional coordinated calls on recycling of batteries for electric vehicles (EVs), marine plastic litter, and waste-to-hydrogen. The estimated total joint budget will be about EUR 60 million from the Horizon Europe programme and from matching Indian contributions. On recycling of batteries for EVs, the focus will be on battery circularity through different kinds of flexible/low cost/easy to recycle batteries. In marine plastic litter, the focus will be on developing technologies for detection, measurement and analysis of aquatic litter and for mitigation of the cumulative impact of pollution on the marine environment. On waste-to-hydrogen, the focus will be on developing technologies with greater efficiency to produce hydrogen from biogenic wastes.

    The two sides recalled the importance of the substantive exchanges between experts in the identified areas of cooperation as the basis for future action. Indian experts have participated in a training and mutual learning exercise on EV interoperability and Electromagnetic Compatibility (EMC) at the Joint Research Centre (JRC) E-Mobility Lab in Ispra, Italy in January 2024. Furthermore, a joint hybrid workshop on EV Charging Technologies (Standardisation and Testing) was organised at the Automotive Research Association of India (ARAI), Pune, India and online, to deepen the EU-Indian dialogue and the industry’s engagement in charging infrastructure standardisation processes with India. The two sides also concluded a Matchmaking Event to identify, support and organise exchanges between Indian and EU startups in technology for recycling of batteries for EVs. Experts also jointly discussed assessment and monitoring tools for marine plastic litter. Finally, an “Ideathon” fostering EU-India collaboration to co-create practical solutions involving all stakeholders for addressing marine plastic pollution effectively is in preparation.

    Both sides agreed to explore cooperation on harmonising standards for EV charging infrastructure, including cooperative, pre-normative research for harmonised testing solutions and knowledge exchange in the domain of e-mobility. They also agreed to explore how to enhance collaboration in the field of hydrogen-related safety standards, the science of standards as well as the market uptake of wastewater treatment technologies as outcomes of previous jointly conducted research projects.

    Working Group 3 on Trade, Investment and Resilient Value Chains

    India and the European Union noted productive discussions under Working Group 3 on Trade, Investment and Resilient Value Chains with a view to building a closer economic partnership between India and the European Union. In an increasingly challenging geopolitical context, both sides committed to work together for creating wealth and shared prosperity. The work under Working Group 3 complements the ongoing negotiations on a Free Trade Agreement (FTA), an Investment Protection Agreement (IPA) and a Geographical Indications Agreement which are proceeding on separate tracks.

    Both sides committed to fostering resilient and future-ready value chains by prioritizing transparency, predictability, diversification, security and sustainability. Both sides expressed satisfaction with the progress made on Agri-food, Active Pharmaceutical Ingredients (APIs) and Clean Technologies sectors and agreed on work plans in these three fields with the aim of promoting value chains that can withstand global challenges.

    In agriculture, India and the EU intend to collaborate on contingency planning for food security and welcomed common efforts on shared research and innovations needs regarding climate-resilient practices, crop diversification and infrastructure improvements as promoted for cooperation through the G20 framework. In the pharmaceutical sector, both sides aim to enhance transparency and security in Active Pharmaceutical Ingredients (APIs) supply chains by mapping vulnerabilities, promoting sustainable manufacturing, and establishing early warning systems to prevent disruptions. Clean technology cooperation centers on strengthening supply chains for solar energy, offshore wind, and clean hydrogen by exchanging information on sectoral capabilities and investment incentives and Research, Development and Innovation priorities as well as on methodologies to assess vulnerabilities, discussing approaches to minimize trade barriers and exploring possible synergies of the supply chains. Across these sectors, India and the EU are working to foster investment, exchange best practices, and mitigate risks through regular dialogues, research collaborations, and business-to-business engagements, ensuring supply chain resilience and sustainable economic growth.

    Both sides acknowledged that relevant priority market access issues are being addressed through cooperation within the TTC framework. The EU side appreciated the Indian initiatives to approve the marketing of several EU plant products while the Indian side appreciated the listing of a number of Indian aquaculture establishments and taking up the issue of equivalence for agricultural organic products. Both sides agreed to pursue their efforts on these topics, under the TTC review mechanism, and to continue their engagement on remaining issues flagged by each other.

    The two sides noted the exchanges regarding best practices in the screening of Foreign Direct Investments, which is an area of growing importance to foster economic security.

    India and the EU strengthened their commitment towards the multilateral trading system as an anchor in the current challenging geopolitical context. At the same time, they recognized the need to bring necessary reform to the WTO so that it is able to address efficiently and effectively issues of interest to Members. Both sides also recognized the importance of a functioning dispute settlement system. For this purpose, they agreed to deepen their dialogue and engagement to help the WTO deliver concrete outcomes, including at MC14.

    Both sides have held in-depth discussions on trade and decarbonization through several bilateral channels and have engaged jointly with stakeholders, especially on the implementation of the EU’s carbon border mechanism (CBAM). Both sides discussed the challenges arising out of CBAM implementation, in particular for the small and medium enterprises and agreed to continue addressing them.

    The co-chairs reaffirmed their commitment to expanding and deepening their engagement under the TTC and to working together to fulfill the goals laid out in this successful second meeting of the TTC. They agreed to meet again for the third meeting of TTC within one year from now.

     

    ***

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  • MIL-OSI Asia-Pac: Leaders’ Statement: Visit of Ms. Ursula von der Leyen, President of the European Commission and EU College of Commissioners to India (February 27-28, 2025)

    Source: Government of India (2)

    Posted On: 28 FEB 2025 6:05PM by PIB Delhi

    Prime Minister Shri Narendra Modi and President of the European Commission Ms. Ursula von der Leyen affirmed that the EU-India Strategic Partnership has delivered strong benefits for their peoples and for the larger global good. They committed to raise this partnership to a higher-level, building upon 20 years of India-EU Strategic Partnership and over 30 years of India-EC Cooperation Agreement.

    President von der Leyen was on her landmark official visit as she led the European Union College of Commissioners to India on 27-28 February 2025. This is the first visit of the College of Commissioners outside the European continent since the start of their new mandate and also the first such visit in the history of India-EU bilateral ties.

    As the two largest democracies and open market economies with diverse pluralistic societies, India and EU underscored their commitment and shared interest in shaping a resilient multipolar global order that underpins peace and stability, economic growth and sustainable development.

    The leaders agreed that shared values and principles including democracy, rule of law, and the rules-based international order in line with the purposes and principles of the UN Charter make India and the EU like-minded and trusted partners. The India-EU Strategic partnership is needed now, more than ever, to jointly address global issues, foster stability, and promote mutual prosperity.

    In this context, they stressed the importance of intensifying cooperation between India and Europe in trade and de-risking of supply chains, investment, emerging critical technologies, innovation, talent, digital and green industrial transition, space and geospatial sectors, defence and people-to-people contacts. They also highlighted the need to cooperate on tackling common global challenges, including climate change, the governance of Artificial Intelligence, development finance, and terrorism in an interdependent world.

    The two leaders welcomed the progress made by the second ministerial meeting of the India-EU Trade and Technology Council (TTC) that took place during the visit in fostering deeper collaboration and strategic co-ordination at the intersection of trade, trusted technology, and green transition.

    They also welcomed the specific outcomes emerging from deliberations conducted between the EU College of Commissioners and their Indian counterpart Ministers.

    The leaders committed to as follows:

    i. Task their respective negotiating teams to pursue negotiations for a balanced, ambitious, and mutually beneficial FTA with the aim of concluding them within the course of the year, recognizing the centrality and importance of growing India EU trade and economic relations. The leaders asked the officials to work as trusted partners to enhance market access and remove trade barriers. They also tasked them to advance negotiations on an Agreement on Investment Protection and an Agreement on Geographical Indications.

    ii. Direct the India-EU Trade and Technology Council to further deepen its engagement to shape outcome-oriented cooperation in areas of economic security and supply chain resilience, market access and barriers to trade, strengthening of semiconductor ecosystems, trustworthy and sustainable Artificial Intelligence, high-performance computing, 6G, Digital Public Infrastructure, joint research and innovation for green and clean energy technologies with a focus on trusted partnerships and industry linkages across these sectors, including the recycling of batteries for electric vehicles (EVs), marine plastic litter, and waste to green/renewable hydrogen. In this context, they welcomed the progress in the implementation of MoU on semiconductors for boosting the semiconductor supply chains, leveraging complementary strengths, facilitating talent exchanges and fostering semiconductor skills among students and young professionals; as well as the signing of MoU between Bharat 6G alliance and the EU 6G Smart Networks and Services Industry Association for creating secured and trusted telecommunications and resilient supply chains.

    iii. Further expand and deepen cooperation under India-EU partnerships in areas of connectivity, clean energy and climate, water, smart and sustainable urbanization, and disaster management as well as work to intensify cooperation in specific areas such as clean hydrogen, offshore wind, solar energy, sustainable urban mobility, aviation, and railways. In this context, they welcomed the agreement on holding an India-EU Green Hydrogen Forum and the India-EU Business Summit on Offshore Wind Energy.

    iv. Develop new specific areas of co-operation identified during the bilateral discussions between the EU Commissioners and Indian Ministers to be reflected in the future joint Strategic Agenda to drive mutual progress.

    v. Undertake concrete steps for the realization of the India-Middle East-Europe Economic Corridor (IMEC) announced during the G20 Leaders’ Summit in New Delhi, deepen their cooperation in the framework of the International Solar Alliance (ISA), the Coalition for Disaster Resilient Infrastructure (CDRI), Leadership Group for Industry Transition (LeadIT 2.0), and Global Biofuels Alliance.

    vi. Strengthen people-to-people ties especially in the areas of higher education, research, tourism, culture, sports, and between their youths, and create an enabling environment for enhancing such exchanges. Also to promote legal, safe and orderly migration in areas of skilled workforce and professionals in view of India’s growing human capital and taking into account EU member states’ demographic profile and labour market needs.

    The leaders reaffirmed their commitment to promote a free, open, peaceful and prosperous Indo-Pacific built on international law and mutual respect for sovereignty and peaceful resolution of disputes underpinned by effective regional institutions. India welcomed the EU joining the Indo-Pacific Oceans Initiative (IPOI). Both sides also committed to explore trilateral co-operation including in Africa and the Indo-Pacific.

    The two leaders expressed satisfaction at growing cooperation in the defence and security domain, including joint exercises and collaboration between Indian Navy and EU Maritime security entities. The EU side welcomed India’s interest in joining the projects under the EU’s Permanent Structured Cooperation (PESCO) as well as to engage in negotiations for a Security of Information Agreement (SoIA). The leaders also committed to explore a security and defence partnership. They reiterated their commitment to international peace and security, including maritime security by tackling traditional and non-traditional threats to safeguard trade & sea lanes of communication. They emphasised the need to deepen collaboration in counter terrorism and to strengthen international cooperation to combat terrorism, including cross-border terrorism and terrorism financing in a comprehensive and sustained manner.

    The two leaders also discussed key international and regional issues, including on the situation in the Middle-East and the war in Ukraine. They expressed support for a just and lasting peace in Ukraine based on respect for international law, principles of the UN charter and territorial integrity and sovereignty. They also reiterated their commitment to the vision of the two-State solution with Israel and Palestine living side by side in peace and security within recognized borders, consistent with international law.

    The Leaders recognized the productive and forward-looking nature of the discussions and agreed on the following concrete steps:

    (i) Expedite the conclusion of the FTA by the end of the year.

    (ii) Further focused discussions on defence industry and policy to explore opportunities from new initiatives and programmes.

    (iii) A review meeting with partners to take stock on the IMEC initiative.

    (iv) Engage on maritime domain awareness with a view to promoting shared assessment, coordination and interoperability.

    (v) Convene the next meeting of the TTC at an early date to deepen cooperation in semiconductors and other critical technologies.

    (vi) Enhance the dialogue on clean and green energy between governments and industry, with a focus on green hydrogen.

    (vii) Strengthening collaboration in the Indo-Pacific including through trilateral cooperation projects.

    (viii) Strengthen cooperation on Disaster Management through the development of appropriate arrangements including on policy and technical level engagement for preparedness, response capacities and coordination.

    Both leaders expressed confidence that this momentous visit will mark the beginning of a new chapter in the history of relations and reaffirmed their commitment to further expand and deepen the India-EU Strategic Partnership. They looked forward to the next India EU Summit being organized in India at the earliest mutually convenient time and to the adoption of a new joint Strategic Agenda on that occasion. President von der Leyen thanked Prime Minister Modi for his warm hospitality.

    *****

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  • MIL-OSI USA: ICYMI: NAVARRO: President Trump’s Aluminum Tariffs Is “Far More Than a Trade Battle”

    US Senate News:

    Source: The White House
    In today’s USA TODAY, White House Senior Counselor for Trade and Manufacturing Peter Navarro outlined why President Donald J. Trump’s tariffs on aluminum imports are about far more than just trade — they’re a fight for the survival of an essential American industry.
    President Trump is now writing a new story for the United States. With one stroke of Trump’s pen, the Biden era of idled smelters and declining capacity utilization will come to an end as a golden age of American aluminum production regains its rightful place as a pillar of national security and economic strength.
    This is far more than a trade battle. It’s a fight for the survival of an essential American industry. 
    Read the op-ed here.

    MIL OSI USA News –

  • MIL-OSI Europe: At a Glance – Egypt, Morocco, Tunisia: Economic indicators and trade with EU – 28-02-2025

    Source: European Parliament

    This infographic provides insight into the economic performance of Egypt, Morocco, and Tunisia compared with the European Union (EU) and examines the trade dynamics between them. The growth rate for Morocco and Egypt, although decreasing from 2023, remains at 2.8 percent and 2.7 percent, respectively. The GDP growth rate of Tunisia and the EU is up compared to 2023, but still below 2 percent, standing at 1.6 percent and 1.1 percent, respectively. In the past two years, Egypt has experienced a rapid increase in inflation and fluctuations in its exchange rate. The inflation rate for 2024 was 33.3%. Trade in goods and services shows a steady and sustained increase from 2007 to the present. Among the three states compared, Morocco is the primary partner in trade for goods, while Egypt leads in services.

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Suspension of shipping services in Spanish and European ports – E-000221/2025(ASW)

    Source: European Parliament

    European ports, as critical gateways for international trade and important hubs of activity, are essential for the success of EU industry and economy as a whole.

    This has notably been recognised in the Commission’s priorities through the planning of a new strategy that will highlight the role that European ports and maritime industry will play in the future EU economy.

    All sectors, including maritime transport, need to contribute to the EU climate neutrality objective. While there may be many different economic and operational factors influencing shipping companies’ routes decisions, the Commission takes the possible risks of evasive behaviour very seriously.

    A specific preventive measure against such risks had already been agreed during co-decision: it consists in disregarding, for the purposes of the EU Emissions Trading System (ETS), stops by containerships at certain neighbouring container transhipment ports that meet specific criteria. Tanger Med and East Port Said have been identified as such ports.

    Furthermore, the EU ETS Directive[1] includes a reporting and review clause that obliges the Commission to monitor and to report every two years on the implementation of the ETS extension to maritime transport, notably with the objective to detect evasive behaviours at an early stage and if appropriate, to propose measures to ensure the effective implementation of the directive.

    The first report is expected in the coming weeks and the Commission will continue monitoring the situation very closely.

    • [1] Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a system for greenhouse gas emission allowance trading within the Union and amending Council Directive 96/61/EC (OJ L 275 25.10.2003, p. 32).
    Last updated: 28 February 2025

    MIL OSI Europe News –

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

    Source: International Monetary Fund

    February 28, 2025

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

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

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

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

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

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

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

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

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

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

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

                                                                    Sri Lanka: Selected Economic Indicators 2022-2030

     

    2022

    		  

    2023

    2024

    		  

    2025

    		  

    2026

    2027

    2028

    2029

    2030

    Act. 

    Proj.

    		  

    Projections
                             

    GDP and inflation (in percent)

    		                      

    Real GDP

    -7.3

    -2.3

    4.5

    3.0

    3.0

    3.1

    3.1

    3.1

    3.1

    Inflation (average) 1/

    45.2

    17.4

    1.2

    3.8

    5.4

    5.2

    5.0

    5.0

    5.0

    Inflation (end-of-period) 1/

    58.6

    3.0

    -1.5

    7.8

    5.4

    5.2

    5.0

    5.0

    5.0

    GDP Deflator growth

    47.5

    17.5

    3.5

    4.9

    5.5

    5.3

    5.2

    5.1

    5.0

    Nominal GDP growth

    36.6

    14.8

    8.2

    8.1

    8.7

    8.5

    8.5

    8.4

    8.3

     

    Savings and investment (in percent of GDP)

    		                    

    National savings

    27.6

    33.8

    34.0

    31.7

    31.9

    32.1

    31.9

    31.7

    31.7

      Government

    -6.4

    -6.0

    -3.2

    -1.8

    -0.7

    0.0

    0.1

    0.3

    0.5

      Private

    34.0

    39.8

    37.2

    33.5

    32.6

    32.1

    31.7

    31.4

    31.2

    National investment

    28.6

    30.8

    32.1

    32.2

    32.5

    32.9

    32.7

    32.6

    32.5

      Government

    5.5

    3.7

    3.6

    4.4

    4.6

    4.7

    4.6

    4.6

    4.6

      Private

    23.1

    27.1

    28.5

    27.7

    27.9

    28.2

    28.1

    28.0

    28.0

    Savings-Investment balance

    -1.0

    3.1

    1.8

    -0.4

    -0.6

    -0.8

    -0.9

    -0.9

    -0.8

      Government

    -11.9

    -9.6

    -6.8

    -6.2

    -5.3

    -4.7

    -4.5

    -4.3

    -4.1

      Private

    10.9

    12.7

    8.6

    5.8

    4.7

    3.9

    3.6

    3.4

    3.2

     

    Public finance (in percent of GDP)

    		                    

    Revenue and grants

    8.4

    11.1

    13.7

    15.1

    15.3

    15.3

    15.2

    15.3

    15.3

    Expenditure

    18.6

    19.4

    19.3

    20.4

    19.8

    19.2

    19.1

    19.0

    18.8

    Primary balance

    -3.7

    0.6

    2.2

    2.3

    2.3

    2.3

    2.3

    2.3

    2.3

    Central government balance

    -10.2

    -8.3

    -5.6

    -5.4

    -4.6

    -4.0

    -3.8

    -3.7

    -3.5

    Central government gross financing needs

    34.1

    27.6

    22.1

    22.8

    19.7

    15.7

    13.2

    11.8

    11.6

    Central government debt

    115.9

    109.5

    99.5

    105.7

    106.4

    103.5

    100.2

    97.0

    93.9

    Public debt 2/

    126.3

    115.8

    104.6

    110.7

    110.9

    107.4

    103.7

    100.1

    96.8

     

    Money and credit (percent change, end of period)

    Reserve money

    3.3

    -1.5

    10.3

    9.7

    8.7

    8.5

    8.5

    8.4

    8.3

    Broad money

    15.5

    7.3

    10.0

    9.7

    8.7

    8.5

    8.5

    8.4

    8.3

    Domestic credit

    18.8

    -1.2

    6.1

    3.3

    2.8

    3.3

    4.0

    4.3

    4.9

    Credit to private sector

    6.4

    -0.8

    7.9

    7.5

    9.5

    9.5

    9.4

    9.4

    9.4

    Credit to private sector (adjusted for inflation)

    -38.8

    -18.2

    6.6

    3.7

    4.1

    4.3

    4.3

    4.3

    4.3

    Credit to central government and public corporations

    31.1

    -1.6

    4.7

    -0.1

    -3.1

    -2.9

    -2.2

    -2.2

    -1.5

     

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

    Exports

    13,107

    11,911

    12,772

    13,446

    14,090

    14,795

    15,638

    16,397

    17,192

    Imports

    -18,291

    -16,811

    -18,841

    -21,718

    -22,668

    -23,410

    -24,105

    -25,109

    -26,026

    Current account balance

    -737

    2,582

    1,824

    -409

    -538

    -751

    -864

    -952

    -922

    Current account balance (in percent of GDP)

    -1.0

    3.1

    1.8

    -0.4

    -0.6

    -0.8

    -0.9

    -0.9

    -0.8

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

    0.1

    4.2

    3.8

    1.7

    1.6

    1.5

    1.5

    1.3

    1.3

    Export value growth (percent)

    4.9

    -9.1

    7.2

    5.3

    4.8

    5.0

    5.7

    4.9

    4.9

    Import value growth (percent)

    -11.4

    -8.1

    12.1

    15.3

    4.4

    3.3

    3.0

    4.2

    3.7
                             

    Gross official reserves (end of period)

    		                          

    In millions of U.S. dollars

    1,898

    4,392

    6,122

    7,056

    9,303

    13,118

    14,710

    14,875

    15,175

    In months of prospective imports of goods & services

    1.2

    2.4

    2.9

    3.2

    4.1

    5.5

    5.9

    5.8

    5.7

    In percent of ARA composite metric

    16.6

    37.5

    50.3

    58.3

    75.4

    100.1

    108.8

    108.5

    108.7

    Usable Gross official reserves (end of period) 3/

    		                    

    In millions of U.S. dollars

    462

    2,956

    4,686

    7,056

    9,303

    13,118

    14,710

    14,875

    15,175

    In months of prospective imports of goods & services

    0.3

    1.6

    2.2

    3.2

    4.1

    5.5

    5.9

    5.8

    5.7

    In percent of ARA composite metric

    4.0

    25.3

    38.5

    58.3

    75.4

    100.1

    108.8

    108.5

    108.7

    External debt (public and private)

    In billions of U.S. dollars

    57.4

    54.1

    53.9

    54.9

    57.2

    61.2

    62.9

    63.3

    65.6

    As a percent of GDP

    77.0

    64.1

    54.4

    56.1

    62.9

    65.9

    64.0

    60.4

    58.9

     

    Memorandum items:

    Nominal GDP (in billions of rupees)

    24,064

    27,630

    29,893

    32,309

    35,123

    38,113

    41,343

    44,819

    48,551

    Exchange Rate (period average)

    322.6

    327.5

    302.0

    …

    …

    …

    …

    …

    …

    Exchange Rate (end of period)

    363.1

    323.9

    293.0

    …

    …

    …

    …

    …

    …

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

    		                        

    1/ Colombo CPI.

    		                      
                                                                                                                                 

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

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

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

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

    of previous year’s import cover.

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

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    MIL OSI Economics –

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

    Source: IMF – News in Russian

    February 28, 2025

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

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

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

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

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

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

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

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

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

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

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

                                                                    Sri Lanka: Selected Economic Indicators 2022-2030

     

    2022

    		  

    2023

    2024

    		  

    2025

    		  

    2026

    2027

    2028

    2029

    2030

    Act. 

    Proj.

    		  

    Projections
                             

    GDP and inflation (in percent)

    		                      

    Real GDP

    -7.3

    -2.3

    4.5

    3.0

    3.0

    3.1

    3.1

    3.1

    3.1

    Inflation (average) 1/

    45.2

    17.4

    1.2

    3.8

    5.4

    5.2

    5.0

    5.0

    5.0

    Inflation (end-of-period) 1/

    58.6

    3.0

    -1.5

    7.8

    5.4

    5.2

    5.0

    5.0

    5.0

    GDP Deflator growth

    47.5

    17.5

    3.5

    4.9

    5.5

    5.3

    5.2

    5.1

    5.0

    Nominal GDP growth

    36.6

    14.8

    8.2

    8.1

    8.7

    8.5

    8.5

    8.4

    8.3

     

    Savings and investment (in percent of GDP)

    		                    

    National savings

    27.6

    33.8

    34.0

    31.7

    31.9

    32.1

    31.9

    31.7

    31.7

      Government

    -6.4

    -6.0

    -3.2

    -1.8

    -0.7

    0.0

    0.1

    0.3

    0.5

      Private

    34.0

    39.8

    37.2

    33.5

    32.6

    32.1

    31.7

    31.4

    31.2

    National investment

    28.6

    30.8

    32.1

    32.2

    32.5

    32.9

    32.7

    32.6

    32.5

      Government

    5.5

    3.7

    3.6

    4.4

    4.6

    4.7

    4.6

    4.6

    4.6

      Private

    23.1

    27.1

    28.5

    27.7

    27.9

    28.2

    28.1

    28.0

    28.0

    Savings-Investment balance

    -1.0

    3.1

    1.8

    -0.4

    -0.6

    -0.8

    -0.9

    -0.9

    -0.8

      Government

    -11.9

    -9.6

    -6.8

    -6.2

    -5.3

    -4.7

    -4.5

    -4.3

    -4.1

      Private

    10.9

    12.7

    8.6

    5.8

    4.7

    3.9

    3.6

    3.4

    3.2

     

    Public finance (in percent of GDP)

    		                    

    Revenue and grants

    8.4

    11.1

    13.7

    15.1

    15.3

    15.3

    15.2

    15.3

    15.3

    Expenditure

    18.6

    19.4

    19.3

    20.4

    19.8

    19.2

    19.1

    19.0

    18.8

    Primary balance

    -3.7

    0.6

    2.2

    2.3

    2.3

    2.3

    2.3

    2.3

    2.3

    Central government balance

    -10.2

    -8.3

    -5.6

    -5.4

    -4.6

    -4.0

    -3.8

    -3.7

    -3.5

    Central government gross financing needs

    34.1

    27.6

    22.1

    22.8

    19.7

    15.7

    13.2

    11.8

    11.6

    Central government debt

    115.9

    109.5

    99.5

    105.7

    106.4

    103.5

    100.2

    97.0

    93.9

    Public debt 2/

    126.3

    115.8

    104.6

    110.7

    110.9

    107.4

    103.7

    100.1

    96.8

     

    Money and credit (percent change, end of period)

    Reserve money

    3.3

    -1.5

    10.3

    9.7

    8.7

    8.5

    8.5

    8.4

    8.3

    Broad money

    15.5

    7.3

    10.0

    9.7

    8.7

    8.5

    8.5

    8.4

    8.3

    Domestic credit

    18.8

    -1.2

    6.1

    3.3

    2.8

    3.3

    4.0

    4.3

    4.9

    Credit to private sector

    6.4

    -0.8

    7.9

    7.5

    9.5

    9.5

    9.4

    9.4

    9.4

    Credit to private sector (adjusted for inflation)

    -38.8

    -18.2

    6.6

    3.7

    4.1

    4.3

    4.3

    4.3

    4.3

    Credit to central government and public corporations

    31.1

    -1.6

    4.7

    -0.1

    -3.1

    -2.9

    -2.2

    -2.2

    -1.5

     

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

    Exports

    13,107

    11,911

    12,772

    13,446

    14,090

    14,795

    15,638

    16,397

    17,192

    Imports

    -18,291

    -16,811

    -18,841

    -21,718

    -22,668

    -23,410

    -24,105

    -25,109

    -26,026

    Current account balance

    -737

    2,582

    1,824

    -409

    -538

    -751

    -864

    -952

    -922

    Current account balance (in percent of GDP)

    -1.0

    3.1

    1.8

    -0.4

    -0.6

    -0.8

    -0.9

    -0.9

    -0.8

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

    0.1

    4.2

    3.8

    1.7

    1.6

    1.5

    1.5

    1.3

    1.3

    Export value growth (percent)

    4.9

    -9.1

    7.2

    5.3

    4.8

    5.0

    5.7

    4.9

    4.9

    Import value growth (percent)

    -11.4

    -8.1

    12.1

    15.3

    4.4

    3.3

    3.0

    4.2

    3.7
                             

    Gross official reserves (end of period)

    		                          

    In millions of U.S. dollars

    1,898

    4,392

    6,122

    7,056

    9,303

    13,118

    14,710

    14,875

    15,175

    In months of prospective imports of goods & services

    1.2

    2.4

    2.9

    3.2

    4.1

    5.5

    5.9

    5.8

    5.7

    In percent of ARA composite metric

    16.6

    37.5

    50.3

    58.3

    75.4

    100.1

    108.8

    108.5

    108.7

    Usable Gross official reserves (end of period) 3/

    		                    

    In millions of U.S. dollars

    462

    2,956

    4,686

    7,056

    9,303

    13,118

    14,710

    14,875

    15,175

    In months of prospective imports of goods & services

    0.3

    1.6

    2.2

    3.2

    4.1

    5.5

    5.9

    5.8

    5.7

    In percent of ARA composite metric

    4.0

    25.3

    38.5

    58.3

    75.4

    100.1

    108.8

    108.5

    108.7

    External debt (public and private)

    In billions of U.S. dollars

    57.4

    54.1

    53.9

    54.9

    57.2

    61.2

    62.9

    63.3

    65.6

    As a percent of GDP

    77.0

    64.1

    54.4

    56.1

    62.9

    65.9

    64.0

    60.4

    58.9

     

    Memorandum items:

    Nominal GDP (in billions of rupees)

    24,064

    27,630

    29,893

    32,309

    35,123

    38,113

    41,343

    44,819

    48,551

    Exchange Rate (period average)

    322.6

    327.5

    302.0

    …

    …

    …

    …

    …

    …

    Exchange Rate (end of period)

    363.1

    323.9

    293.0

    …

    …

    …

    …

    …

    …

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

    		                        

    1/ Colombo CPI.

    		                      
                                                                                                                                 

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

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

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

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

    of previous year’s import cover.

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

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

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

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Cassidy, Colleagues Introduce Bill to Protect Louisiana Rice from India, China

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Cindy Hyde-Smith (R-MS), John Boozman (R-AR), Joni Ernst (R-IA), and Tommy Tuberville (R-AL) introduced the Prioritizing Offensive Agricultural Disputes and Enforcement Act to protect the Louisiana rice industry against dumping of cheap produce into U.S. markets from India and China. 
    “Louisianans want to eat rice grown in their backyard, not from the other side of the world,” said Dr. Cassidy. “The rice industry is critical to Louisiana’s economy. We must level the playing field for our rice farmers.”  
    “As a strong advocate for our agriculture industry and the ability of American producers to compete fairly on the global stage, I will remain steadfast in fighting those nations that undermine our farmers. When countries blatantly violate their WTO commitments, they must be held accountable. Giving the USDA a bigger role in trade disputes is a crucial step to safeguard a key sector of Mississippi’s and our nation’s economy. I am proud to once again support it,” said Senator Hyde-Smith. 
    “American rice and wheat farmers continue to be targeted by India’s egregious over-subsidization, and there are countless other examples. This legislation will give us the tools needed to address unfair practices and market manipulation by our trading partners to level the playing field and maintain a competitive advantage in the global marketplace,” said Senator Boozman. 
    “In Iowa, trade directly impacts the everyday lives of our hardworking farmers and is critical to the success of our entire state. Breaking down the bureaucratic barriers between the USDA and USTR will help ensure Iowa farmers are on a level playing field when engaging with global markets,” said Senator Ernst. 
    “America’s ag industry can out-compete anyone in the world—as long as the rules are fair. But right now, our farmers, ranchers, and fishermen are suffering because of foreign countries violating their trade obligations. We must level the playing field to bolster our domestic ag industry. I’m proud to join Senator Cassidy’s efforts to eliminate barriers to our agriculture exports and will keep working to remove red tape for those in our ag industry,” said Senator Tuberville.
    The Prioritizing Offensive Agricultural Disputes and Enforcement Act establishes a joint task force on agricultural trade enforcement led by the U.S. Trade Representative (USTR). The task force will more proactively monitor upcoming Indian and Chinese industrial subsidies, rather than waiting to react after subsidies are in place. The bill will also require the task force to report recommendations to Congress to deal with unfair subsidies they identify.
    Background
    Earlier this month, Cassidy asked U.S. Trade Representative Jamieson Greer if he would commit to putting tariffs on shrimp coming from other countries that use illegal antibiotics and forced labor during Greer’s confirmation hearing. Greer replied that USTR would consider tariffs if an investigation found that unfair trade practices were not remedied.
    Last year, Cassidy worked to secure $27,152,411.00 for Louisiana fisheries, shrimpers, and fishing communities affected by natural disasters between 2017 and 2022.
    In April 2024, Cassidy advocated for Louisiana shrimpers and rice producers at a U.S. Senate Finance Committee hearing with former U.S. Trade Representative Katherine Tai. He pressed her on progress USTR is making to prevent shrimp dumping from Asia. Cassidy also highlighted a whistleblower report on the safety of shrimp imported from India.
    In 2023, Cassidy also introduced the India Shrimp Tariff Act to raise U.S. tariffs to be equivalent to subsidies received by the Indian shrimp farming industry. India is the world’s top shrimp exporter, accounting for roughly 40 percent of U.S. shrimp imports, largely due to massive state subsidies. 

    MIL OSI USA News –

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

    Source: International Monetary Fund

    February 28, 2025

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Costa Rica: Selected Economic and Financial Indicators

     

     

     

     

     

     

    Projections

    2022

    2023

    2024

    2025

    2026

    2027

    Output and Prices

    (Annual percentage change)

    Real GDP

    4.6

    5.1

    4.3

    3.9

    3.8

    3.6

    GDP deflator

    6.3

    -0.1

    0.0

    2.9

    3.2

    3.2

    Consumer prices (period average)

    8.3

    0.5

    -0.4

    2.0

    3.0

    3.0

    Savings and Investment

    (In percent of GDP)

    Gross domestic saving

    14.4

    13.8

    14.3

    14.1

    14.1

    14.3

    Gross domestic investment

    17.7

    15.3

    15.7

    15.7

    15.7

    15.8

    External Sector

    Current account balance

    -3.3

    -1.4

    -1.4

    -1.6

    -1.6

    -1.5

    Trade balance

    -6.7

    -3.7

    -2.7

    -3.0

    -2.8

    -3.1

    Financial account balance

    -2.5

    -0.7

    -0.7

    -1.6

    -1.5

    -1.5

    Foreign direct investment, net

    -4.4

    -4.3

    -4.0

    -5.3

    -5.5

    -5.4

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

    8,724

    13,261

    14,181

    15,056

    16,077

    16,827

    External debt

    50.7

    43.3

    38.6

    35.5

    33.3

    30.9

    Public Finances

    Central government primary balance

    2.1

    1.6

    1.1

    1.5

    1.6

    1.7

    Central government overall balance

    -2.8

    -3.2

    -3.8

    -3.0

    -2.7

    -2.3

    Central government debt

    63.0

    61.1

    59.8

    59.4

    58.4

    57.1

    Money and Credit

    Credit to the private sector (percent change)

    3.3

    1.9

    6.4

    7.5

    7.0

    7.0

    Monetary base 1/

    8.0

    7.9

    8.0

    8.0

    8.0

    8.0

    Broad money

    47.5

    47.4

    49.4

    50.1

    50.3

    50.9

    Memorandum Items

    Nominal GDP (billions of colones) 2/

    44,810

    47,059

    49,116

    52,531

    56,237

    60,132

    Output gap (as percent of potential GDP)

    -0.3

    1.0

    0.6

    0.5

    0.4

    0.2

    GDP per capita (US$)

    13,240

    16,390

    17,901

    19,013

    20,009

    21,045

    Unemployment rate

    11.7

    7.3

    6.9

    8.0

    8.5

    9.0

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

    1/ Includes currency issued and required reserves.

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

    PRESS OFFICER: Meera Louis

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

    MIL OSI Economics –

  • MIL-OSI United Kingdom: York and N. Yorkshire-based investigators help ensure extradition order and jail time for former Brookside actor

    Source: City of York

    A total of 23 years in prison for a former Brookside actor and his associates has been awarded this afternoon.

    Former Brookside actor Philip Foster and eight associates have today (28 February 2025) been sentenced for their part in a £13.6 million fraud that ran for over eight years.

    The sentences handed down at Sheffield Crown Court today are the result of an over 6-year investigation by National Trading Standards, whose work uncovered an extensive network of sham modelling agencies that cruelly exploited the dreams of aspiring young models and their parents.

    Foster was the ringleader of the operation. He orchestrated the fraud from Spain, using a network of associates based in England who operated a string of sham modelling agencies and photography studios in cities across the country, including London, Manchester, Leeds, Bristol, Coventry, and Nottingham.

    More than 6,000 victims were deceived by the group – mainly young people and mothers – who ended up parting with substantial amounts of money under the false promise of securing paid modelling work.

    The fraud worked by setting up a photographic studio in the area and running a social media advertising campaign. People who responded were given the false impression that a model agency was interested in them, with emails telling them they had potential. Victims were then invited to a ‘free’ test shoot at the photographic studio, which turned out to be a ruse to try to extort money out of them.

    At the test shoot, victims were given a studio experience, handed glossy brochures and told how successful other people had been. They would then be told that they passed their studio test and that modelling agencies were interested, but they needed to purchase their portfolio photographs from the studio in order to join an agency and become an agency model.

    Victims were duped by the group who, between them, gave a good impression of running successful model businesses and lied to them about their potential. Millions of pounds were taken from aspiring models, with some coerced into financing the upfront payment through credit deals arranged by the fraudsters or taking out expensive payday loans.

    Instead, victims received poor quality digital photographs that stood no real chance of landing them professional jobs. Virtually none of the victims received any paid modelling work.

    The sham agencies were often dissolved after short periods, rebranded repeatedly to avoid detection, and paid no tax. Money from the scam was laundered through UK bank accounts before being transferred to Spain or carried in cash on commercial flights by co-conspirators.

    The investigation traced substantial sums to Foster, who lived in luxury abroad and purchased high-end watches and cars with the proceeds of the fraud. The investigation heard how many victims, left financially and emotionally devastated, described feeling humiliated and betrayed. Some experienced lasting distress that affected their confidence, wellbeing and their ability to trust others.

    The sentences, which were handed down today in the absence of Philip Foster, who is currently living in Spain, are as follows:

    • Philip Foster, aged 49, Edificio Marina Mariola, Marbella, Spain, sentenced to 8.5 years for conspiracies to defraud
    • Michael Foster, aged 27, Snowdon Lane, Liverpool, sentenced to 3.5 years for conspiracy to defraud
    • Paul Evans, aged 39, no known address, sentenced to 3.5 years for offences related to money laundering
    • Jamie Peters, aged 52, Pentland Place, Warrington, sentenced to 24 months, suspended for 2 years, for conspiracy to defraud
    • Lisa Foster, aged 42, Manchester Road, Astley, sentenced to 18 months, suspended for 12 months, for conspiracy to defraud
    • Emily Newall, aged 29, Bolton Road, Kearsley, Greater Manchester, sentenced to 10 months, suspended for 12 months, for conspiracy to defraud
    • Atif Qadar, aged 44, Larkswood Drive, Crowthorne, sentenced to 12 months, suspended for 12 months, for conspiracy to defraud
    • Paul Fleury, aged 57, Manchester Road, Swinton, Manchester, sentenced to 18 months, suspended for 12 months, for conspiracy to defraud
    • Aslihan Foster aged 39, Tredington Road, Coventry, sentenced to 18 months, suspended for 12 months, for an offence related to money laundering

    Today’s sentencing follows over 6 years of investigative work by the National Trading Standards eCrime Team, hosted by North Yorkshire Council and City of York Council, including forensic analysis of financial transactions, thousands of consumer complaints, and witness testimony from victims. The team was supported by the National Trading Standards South West Regional Investigations Team, hosted by Bristol City Council.

    Judge Dixon, said: 

    “The business worked on the basis of greed taking what they could where they could. Some people were so convinced by the level of deception that they took out payday loans, which gives a clear indication as to how manipulative and
    cynical the fraud was. It was horrible, despicable, dishonest behaviour and every single one of you deserves to go to prison. 

    “The officers have carried out an exceptional job to bring these defendants to justice. It was not straightforward or easy. This investigation was conducted with particular skill.  A commendation should be made on the basis of the skill deployed.”

    Lord Bichard, Chair of the National Trading Standards, said:

    “Foster’s cruel exploits left thousands of victims in serious debt, causing lasting emotional distress and significant financial pressures.

    “Today’s sentences are an important reminder to would-be criminals that Trading Standards officers across the country are determined to clamp down on fraud, protecting victims and bringing criminals to justice.

    “I would encourage anyone who has been a victim of similar scams to report it to the Citizens Advice Consumer Service on 0808 223 1133.”

    Cllr Jenny Kent, Executive Member with responsibility for Trading Standards at City of York Council, said:

    Today’s sentencing follows years of highly effective trading standards investigative work. Mr Foster and his associates made millions by exploiting the hopes of young people, leaving a trail of broken dreams and financial hardship. I urge everyone to question any modelling contract which demands money up front, and hope that the young people and families affected can now move on to a brighter future, whichever path they choose.”

    North Yorkshire Council’s executive member Cllr Greg White, whose responsibilities include Trading Standards, said:

    “Foster and his fellow scammers cruelly exploited young hopefuls trying to break into one of the most competitive industries. In some cases, parents borrowed money or sacrificed savings, believing they were investing in their children’s futures.

    “I urge anyone searching online for modelling opportunities to remember that legitimate agencies don’t ask for money upfront, it’s often only scam agencies who push expensive photoshoots as a pre-requisite to getting work.”

    MIL OSI United Kingdom –

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

    Source: IMF – News in Russian

    February 28, 2025

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Costa Rica: Selected Economic and Financial Indicators

     

     

     

     

     

     

    Projections

    2022

    2023

    2024

    2025

    2026

    2027

    Output and Prices

    (Annual percentage change)

    Real GDP

    4.6

    5.1

    4.3

    3.9

    3.8

    3.6

    GDP deflator

    6.3

    -0.1

    0.0

    2.9

    3.2

    3.2

    Consumer prices (period average)

    8.3

    0.5

    -0.4

    2.0

    3.0

    3.0

    Savings and Investment

    (In percent of GDP)

    Gross domestic saving

    14.4

    13.8

    14.3

    14.1

    14.1

    14.3

    Gross domestic investment

    17.7

    15.3

    15.7

    15.7

    15.7

    15.8

    External Sector

    Current account balance

    -3.3

    -1.4

    -1.4

    -1.6

    -1.6

    -1.5

    Trade balance

    -6.7

    -3.7

    -2.7

    -3.0

    -2.8

    -3.1

    Financial account balance

    -2.5

    -0.7

    -0.7

    -1.6

    -1.5

    -1.5

    Foreign direct investment, net

    -4.4

    -4.3

    -4.0

    -5.3

    -5.5

    -5.4

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

    8,724

    13,261

    14,181

    15,056

    16,077

    16,827

    External debt

    50.7

    43.3

    38.6

    35.5

    33.3

    30.9

    Public Finances

    Central government primary balance

    2.1

    1.6

    1.1

    1.5

    1.6

    1.7

    Central government overall balance

    -2.8

    -3.2

    -3.8

    -3.0

    -2.7

    -2.3

    Central government debt

    63.0

    61.1

    59.8

    59.4

    58.4

    57.1

    Money and Credit

    Credit to the private sector (percent change)

    3.3

    1.9

    6.4

    7.5

    7.0

    7.0

    Monetary base 1/

    8.0

    7.9

    8.0

    8.0

    8.0

    8.0

    Broad money

    47.5

    47.4

    49.4

    50.1

    50.3

    50.9

    Memorandum Items

    Nominal GDP (billions of colones) 2/

    44,810

    47,059

    49,116

    52,531

    56,237

    60,132

    Output gap (as percent of potential GDP)

    -0.3

    1.0

    0.6

    0.5

    0.4

    0.2

    GDP per capita (US$)

    13,240

    16,390

    17,901

    19,013

    20,009

    21,045

    Unemployment rate

    11.7

    7.3

    6.9

    8.0

    8.5

    9.0

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

    1/ Includes currency issued and required reserves.

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

    PRESS OFFICER: Meera Louis

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

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

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: Report for the fourth quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 28 February 2025

    Highlights in the quarter and for the full year

    Interoil’s total operated production 2024 was 754.918 barrels of oil equivalent (boe), a decrease from 949.778 boe in the same period of 2023. Operations in 2024 were impacted by downhole equipment failure at the Vikingo well and harsh winter conditions in Argentina. These challenges resulted in revenues of USD 16.8 million, down from USD 19.2 million in the prior year.

    Interoil Colombia successfully completed a downhole intervention to the Vikingo well. Current production at present is on average 150 bopd.

    The Company decided to establish an Audit Committee on 18 October. The initial members are Ms. Isabel Valado, who possesses a recognized background and extensive experience in accounting, administration, and finance; Mr. Germán Ranftl Moreno, who brings 25 years of experience in finance and accounting; and Mr. Hugo Quevedo, Chair of the who has extensive experience in corporate matters and the oil and gas and energy sectors

    In August, Interoil revised its Q2 and H1 financial reports due to an unintentional error in the Q1 figures, prompting formal investigations by Finanstilsynet and Oslo Børs (OSE). In December, the investigations concluded, resulting in a NOK 750,000 violation charge from Oslo Børs. Additionally, the Norwegian Financial Supervisory Authority, imposed a NOK 800,000 violation charge for breaches of applicable regulations.

    Subsequent Events

    In January, at the Company’s request, bondholders approved amendments to the bond terms to settle the full January 2025 interest payment in kind by issuing and delivering additional bonds.

    In January, Interoil launched its well service campaign in the Mana Field, aiming to service five wells. The pulling rig is currently working on the second well of the planned sequence. The campaign seeks to recover up to 50 bopd and 600 kscfpd of gas.

    For more information, please see enclosed Interoil Exploration and Production ASA’s Report for the fourth quarter of 2024.

    This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

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    Please direct any further questions to ir@interoil.no (mailto:ir@interoil.no)

    About Interoil

    Interoil Exploration and Production ASA is a Norwegian based exploration and production company – listed on the Oslo Stock Exchange with focus on Latin America. The Company is operator and license holder of several production and exploration assets in Colombia and Argentina with headquarter in Oslo.

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