IMF SPRING MEETINGS

 

Dear maria, welcome to a special edition of the Weekend Read In this special edition from the Spring Meetings, we spotlight the IMF managing director’s global policy priorities, the threats to the world economy from geopolitics and protectionism, the International Monetary and Financial Committee, economic outlooks for all the world’s regions, and more. The Weekend Read will return next Friday, when we will report on must-watch sessions covering central banks’ battle with inflation and the benefits of digital infrastructure.

Managing Director Sets Out Policy Agenda The global economy is at another highly uncertain moment, as tentative signs of stabilization earlier this year have receded and the outlook is increasingly risky, IMF Managing Director Kristalina Georgieva said in her Global Policy Agenda. At the same time, divisions within and across countries are deepening, exacerbated by rising fragmentation. Strong policy action is needed together with pragmatic approaches to find areas of common ground to respond to shared challenges. The IMF is proactively engaging with members to chart a clear course to a stronger and more sustainable path for the global economy, she added.

IMF update

 

Dear maria, We just published a new blog—please find the full text below.  In Latin America, Fiscal Policy Can Lighten the Burden of Central Banks (Credit: sfurlan/iStock by Getty Images) By Gustavo Adler and Nigel Chalk Growth in Latin America is projected to slow to 1.6 percent this year after a remarkable 4 percent in 2022. Price pressures that accompanied last year’s brisk economic activity appear to have peaked, but underlying inflation remains stubbornly high, disproportionally hurting low-income households who spend most of their earnings on food. To mitigate the risk that inflation becomes entrenched, fiscal policy can help monetary policy in reducing demand pressures. After peaking at 10 percent in mid-2022, headline inflation in the largest Latin American economies has slowed to 7 percent in March. However, this drop mostly reflects the fall of commodity prices from their peaks. Progress in bringing down core inflation, which excludes food and energy, appears to have stalled. Labor markets are tight, with employment firmly above its pre-pandemic levels. At the same time, output is at or above potential, and short-term inflation expectations exceed central banks’ target ranges. Strong domestic demand, rapid wage increases, and broad-based price pressures all point to a risk that inflation in the region could remain unacceptably high. Tempering demand to tame price pressures

NATO update

 

NATO Allies train Ukrainian soldiers on Leopard tanks in Poland Ukrainian tank operators have been going through a condensed 30-day training course on the Leopard tanks in Poland. Military instructors from Canada, Norway and Poland have been training the Ukrainians both in virtual simulators and in live-fire and manoeuvre exercises. The training took place at the Leopard training centre in Świetoszow, Poland. The Polish-led programme is aimed at helping Ukraine uphold its right to self-defence enshrined in the UN Charter against Russia’s war of aggression. Click here to download the b-roll. Footage includes shots of Ukrainian tank operators driving Leopard tanks and training on simulators. It also includes interviews with Polish and Canadian instructors. NATO fighter pilots train at the Euro-NATO Joint Jet Pilot Training Program The next generation of Allied fighter pilots is being trained at the Euro-NATO Joint Jet Pilot Training (ENJJPT) Program, a multinational training program based at Sheppard Air Force Base in the United States. Allied students go to Texas to learn the fundamentals of flight, progressing from ground school to the prop-driven T-6 Texan trainer - and finally, to the T-38 Talon, a supersonic jet trainer that prepares them for the physical and mental strain of flying a tactical aircraft. With 12-hour working days and plenty of bookwork to supplement the flying, ENJJPT ensures that only the most skilled and dedicated graduates are certified to serve as fighter pilots in their nation’s air forces. Click here to download the b-roll. Footage includes shots of students and instructors flying in T-38 Talons from Sheppard Air Force Base, as well as an interview with the Vice Commander of the 80th Flying Training Wing. Italian and American soldiers swap rations

The Prime Minister, Justin Trudeau...

 Supporting and improving Indigenous-led health care for First Nations in British Columbia

April 14, 2023
West Vancouver, British Columbia

Everyone deserves equal access to quality health care, free from racism and discrimination. That’s why the Government of Canada is working in partnership with First Nations, Inuit, and Métis to support greater Indigenous control of health services and deliver better health outcomes for Indigenous Peoples.

The Prime Minister, Justin Trudeau, was joined today by the Minister of Indigenous Services, Patty Hajdu, and the leaders of the First Nations Health Authority (FNHA) and the First Nations Health Council (FNHC), on Coast Salish Traditional Territory, to announce the signing of a renewed 10-year Canada Funding Agreement with the FNHA in British Columbia, to deliver better health care for First Nations in the province. Through the agreement, $8.2 billion in funding will support the FNHA as it continues to deliver and improve the health systems that serve and support over 200 First Nations communities in the province. This includes but is not limited to continuing to develop innovative supports for mental health and wellness needs, increasing access to quality, culturally safe care, and strengthening coordination between the FNHA and the provincial health care services to better meet the unique needs of First Nations communities.

The Government of Canada transferred control of First Nations health operations in British Columbia to the First Nations in the province 10 years ago, following the signing of a historic agreement in 2011. Since then, the FNHA has transformed how health care is delivered to First Nations in the province, ensuring that health funding is distributed wherever it is needed most, to support healthy, self-determining, and vibrant communities across the province.

Today’s announcement is in addition to the recently announced Indigenous Health Equity Fund, a federal investment of $2 billion over 10 years to address the unique challenges Indigenous Peoples across Canada face when it comes to fair and equitable access to quality and culturally safe health care services. We will continue working collaboratively with Indigenous partners and communities to address these gaps, support Indigenous health priorities, and work toward eliminating health inequalities for all.

Quotes

“Today’s announcement is an important step toward ensuring that decisions that impact the health of First Nations can be made by First Nations. We’re committed to working in partnership with Indigenous communities to deliver the best results for people’s health, build a more resilient health care system, and ensure that our country’s health care systems respect the unique needs of Indigenous Peoples so that everyone can get the medical care they need, when they need it.”

Federal Reserve Board Notification,update

Federal Reserve Board announces its approval for UBS Group AG to acquire the U.S. subsidiaries of Credit Suisse Group AG https://www.federalreserve.gov/newsevents/pressreleases/orders20230414a.htm Released by the Board of Governors of the Federal Reserve System The latest G.17 data are now available.   https://www.federalreserve.gov/releases/g17/current/default.htm Minutes of the Federal Open Market Committee, March 21-22, 2023 https://www.federalreserve.gov/newsevents/pressreleases/monetary20230412a.htm Released by the Board of Governors of the Federal Reserve System Federal Reserve Board accepting applications for its Community Advisory Council https://www.federalreserve.gov/newsevents/pressreleases/other20230410a.htm Released by the Board of Governors of the Federal Reserve System Visit us on the web at Federal Reserve Board.

18/04/2023 00:00 | Event Informal meeting of environment ministers On 18–19 April 2023, EU environment ministers will attend an informal meeting in Stockholm, chaired by Swedish Minister for Climate and the Environment Romina Pourmokhtari.

Informal ministerial meeting
18 - 19 April 2023
Informal meeting of environment ministers
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Practical information

Date18 - 19 April 2023

PlaceScandinavian XPO

COUNCIL OF THE EUROPEAN UNION latest

 

Press material Thursday 13 April 2023

● Council of the EU   13/04/2023 19:00 | Press release | Russia's war of aggression against Ukraine: Wagner Group and RIA FAN added to the EU's sanctions list   The Council today decided to add the Wagner Group and RIA FAN to the list of those subject to EU restrictive measures for actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. Today’s decision completes the ‘Wagner package’ adopted on 25 February and underscores the international dimension and gravity of the group’s activities, as well as its destabilising impact on the countries where it is active. The Wagner Group - already subject to EU sanctions under the Global Human Rights Sanctions Regime - is a Russia-based unincorporated private military entity established in 2014, which is led by Dimitriy Utkin and financed by Yevgeniy Prigozhin. The Wagner Group is actively participating in the Russian war of aggression against Ukraine and spearheaded the attacks against the Ukrainian towns of Soledar and Bakhmut. RIA FAN is part of the Patriot Media Group, a Russian media organisation whose Board of Trustees is headed by Yevgeniy Prigozhin. The news agency is involved in pro-government propaganda and disinformation on Russia’s war of aggression against Ukraine.

The Obama Foundation update

Hi there, This month, we’re recognizing and celebrating Earth Day, but sustainability is a year-round commitment as we continue to build the Obama Presidential Center on the South Side of Chicago. From design to programming, the Center will build on President and Mrs. Obama’s legacy of combating climate change to protect the one planet we’ve got.  And we need your help to bring this vision to life.  With your support, we can build a sustainable presidential center that will benefit its surrounding community for decades to come.   Here are a few exciting ways we’re incorporating environmentalism into the building and planning of the Obama Presidential Center: The Center will be home to the Eleanor Roosevelt Fruit & Vegetable garden, inspired by Mrs. Obama’s White House Kitchen Garden. There, young people and community members can get their hands dirty and learn about growing produce, the composting process, and their connection to the food they eat every day. All buildings and facilities that are part of the Obama Presidential Center will be LEED v4 Platinum, SITES Silver, and ILFI Zero Energy certified. Composting stations will be located throughout the campus and solar panels will be installed on the roof of the Garden Pavilion, helping the Center operate as a carbon neutral institution. At the Museum, visitors will learn about the Obama administration’s work to combat climate change, from the Paris Agreement to protecting more acres of public land and water than any other administration in history. We can’t wait for visitors to explore our climate-friendly Center and inspire them through the stories of changemakers to play a role in protecting our planet, too. We hope you’ll consider helping us make it happen.  Please, make a donation today to help us build a one-of-a-kind place that will protect our planet and inspire future generations. Thank you,  –The Obama Foundation     Donate to empower rising leaders bringing hope to their communities. DONATE

EUROPEAN PARLIAMENT update

Ευρωπαϊκό
Κοινοβούλιο

REPORT on the proposal for a regulation of the European Parliament and of the Council on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing - A9-0151/2023

14/04/2023


REPORT on the proposal for a regulation of the European Parliament and of the Council on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing
Committee on Economic and Monetary Affairs
Committee on Civil Liberties, Justice and Home Affairs
Damien Carême, Eero Heinäluoma

of the European Parliament and of the Council introducing a screening of third-country nationals at the external borders and amending Regulations (EC) No 767/2008, (EU) 2017/2226, (EU) 2018/1240 and (EU) 2019/817 - A9-0149/2023

14/04/2023


REPORT on the proposal for a regulation of the European Parliament and of the Council introducing a screening of third-country nationals at the external borders and amending Regulations (EC) No 767/2008, (EU) 2017/2226, (EU) 2018/1240 and (EU) 2019/817
Committee on Civil Liberties, Justice and Home Affairs
Birgit Sippel
Answer to a written question - Interest costs resulting from macro-financial assistance to Ukraine - E-004087/2022(ASW)

14/04/2023


See question(s) : E-004087/2022

Answer to a written question - Modernisation of the Energy Charter Treaty - P-003556/2022(ASW)

14/04/2023


See question(s) : P-003556/2022
Answer to a written question - Violation of the Non-Proliferation Treaty by increasing the number of European countries with US nuclear weapons - E-000222/2023(ASW)

14/04/2023


See question(s) : E-000222/2023

Answer to a written question - Designation of the Muslim Brotherhood as a terrorist organisation - E-000195/2023(ASW)

14/04/2023


See question(s) : E-000195/2023

Answer to a written question - Designation of the Wagner Group as a terrorist organisation - P-000194/2023(ASW)

14/04/2023

G7 Finance Ministers and Central Bank Governors’ Statement

 

Press material Wednesday 12 April 2023

● Eurogroup   12/04/2023 22:41 | Statements and remarks | G7 Finance Ministers and Central Bank Governors’ Statement   We, the G7 Finance Ministers and Central Bank Governors, met in Washington D.C., joined by the Heads of the International Monetary Fund, World Bank Group, Organisation for Economic Cooperation and Development, and Financial Stability Board. We were honored to be joined by the Ukrainian Finance Minister Sergii Marchenko. We discussed recent global economic and financial sector developments and reiterate our determination to maintain macroeconomic and financial stability. Global growth has proved to be more resilient than expected. Inflation remains elevated and central banks remain strongly committed to achieving price stability. At the same time, recent financial sector developments highlight the uncertainty about the global economic outlook and the need to stay vigilant. We reaffirm that the financial system is resilient, supported by relevant authorities’ prompt responses as well as the financial regulatory reforms implemented after the 2008 global financial crisis. We will continue to closely monitor financial sector developments and stand ready to take appropriate actions to maintain the stability and resilience of the global financial system. Russia’s war of aggression against Ukraine continues to cause immense human suffering and exacerbate global economic challenges including through adding to inflationary pressures, disrupting supply chains and heightening food and energy insecurity. We reaffirm our unwavering support for Ukraine and unity in our condemnation of Russia’s war of aggression. We welcome the approval by the International Monetary Fund (IMF) Executive Board of a 15.6 billion US dollar program for Ukraine. The significant budget and economic support that has been committed by G7 members and international partners, together with the IMF program, is expected to address Ukraine’s most urgent financing needs and underpin a structural reform agenda for Ukraine. We look forward to the swift implementation of these reforms supported by the IMF program, which will promote macroeconomic and financial stabilization, contribute to longer-term economic sustainability, and help to catalyze further financial support from other countries and institutions as well as the private sector. We reiterate our strong commitment to imposing sanctions and other economic measures against Russia in response to its illegal, unjustifiable and unprovoked war. We are vigorously working to prevent and respond to evasion and circumvention of our sanctions and other economic measures in various fora, collectively as well as nationally. We will also continue to monitor the effectiveness of our sanctions, take further actions as needed, and strengthen their enforcement. Amid the repercussions of the COVID-19 pandemic and Russia’s war of aggression against Ukraine, economic resilience has been brought into sharper focus. The flow of cross-border economic activities, including global supply chains, is increasingly viewed through the lens of achieving both economic efficiency and resilience. In this endeavor, we will stand firm to protect our shared values, while preserving economic efficiency by upholding the free, fair and rules-based multilateral system and international cooperation. Our efforts to enhance economic resilience should also help accelerate social and economic transformation in our economies and globally by driving progress to achieve deep emission cuts and reach net zero greenhouse gas emissions by 2050 at the latest and by harnessing the benefits of digitalization. Enhancing supply chain resilience will help us maintain macroeconomic stability and make economies more sustainable globally. For instance, diversifying the highly concentrated supply chains of important products for clean energy can contribute to safeguarding energy security, as well as support global efforts to keep a global warming limit of 1.5 degrees within reach, while creating new opportunities for value creation in the global economy. We therefore commit to strengthening collaboration among G7 members and partners through the effective use of our respective public finance tools, based on the “High-level Policy Guidance for Public Finance Tools to Build Resilient Supply Chains in the Era of Decarbonization” (Annex). An integral part of this guidance is to support low- and middle-income countries to play bigger roles in supply chains and enhance their value addition. To turn the guidance into specific actions, we will explore the development of a mutually beneficial partnership with low- and middle-income countries, in collaboration with Multilateral Development Banks and relevant international organizations. We are fully committed to stepping up our efforts to support low- and middle-income countries, which are disproportionately affected by Russia’s war of aggression and wider global challenges. In this spirit, we will closely work with G20 members, international partners and international organizations to advance the work on MDBs evolution; promote voluntary SDR channeling; secure resources for PRGT and RST; address debt vulnerabilities; strengthen the global health architecture; and tackle climate change. We look forward to further deepening our discussions on these issues at Niigata in May. Note: The G7 is an informal forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The G7 Finance Ministers and Central Bank Governors meetings are attended by the President of the Eurogroup, the European Commission and the European Central Bank on behalf of the European Union.