Financial support – Salon Du Chocolat Cannes http://salonduchocolat-cannes.com/ Thu, 22 Sep 2022 17:11:48 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://salonduchocolat-cannes.com/wp-content/uploads/2021/07/icon-7-1.png Financial support – Salon Du Chocolat Cannes http://salonduchocolat-cannes.com/ 32 32 As Ukraine demands more financial support, IMF plans in-person mission to war-torn country https://salonduchocolat-cannes.com/as-ukraine-demands-more-financial-support-imf-plans-in-person-mission-to-war-torn-country/ Wed, 21 Sep 2022 19:51:00 +0000 https://salonduchocolat-cannes.com/as-ukraine-demands-more-financial-support-imf-plans-in-person-mission-to-war-torn-country/ Seven months after Russia launched its devastating invasion of Ukraine, Kyiv’s spectacular counter-offensive is succeeding in reclaiming territory in the Kharkiv region. Ukraine’s recent battlefield successes mark the final chapter of the war, which began when Russian troops invaded on February 24. But as Europe’s biggest conflict since World War II rages, Ukraine is pushing […]]]>

Seven months after Russia launched its devastating invasion of Ukraine, Kyiv’s spectacular counter-offensive is succeeding in reclaiming territory in the Kharkiv region.

Ukraine’s recent battlefield successes mark the final chapter of the war, which began when Russian troops invaded on February 24. But as Europe’s biggest conflict since World War II rages, Ukraine is pushing for more support from the International Monetary Fund.

On September 13, Ukrainian President Volodymyr Zelensky tweeted his discussions with IMF Managing Director Kristalina Georgieva. “Had a phone conversation with IMF Managing Director @KGeorgieva,” he wrote. “Thank you for allocating $1.4 billion in additional support. We discussed future cooperation to increase Ukraine’s financial stability.

The $1.4 billion in assistance is being provided through the IMF’s Rapid Financing Instrument, which is made available to member countries facing urgent balance of payments needs.

Opinion: The United States could help financially troubled Ukraine by removing hidden surcharges on its IMF loan

“Great call with President @ZelenskyyUa,” Georgieva tweeted. “We discussed how @IMFNews can continue to support Ukraine and agreed to explore ways to increase our financial and political engagement with Ukraine using all tools at our disposal.”

But Ukraine needs far more than $1.4 billion. In July, the Governor of the National Bank of Ukraine, Kyrylo Shevchenko, said Reuters that the country is aiming for an IMF loan of $15-20 billion by the end of 2022.

“Ukraine faces a huge wartime budget deficit,” Shevchenko wrote in a recent op-ed for the FinancialTimes. “It’s inevitable for a country that is waging a defensive war.”

Quoting Ukraine’s finance ministry, Shevchenko wrote that to cover the deficit, the government needed at least $5 billion in funding per month. The central bank could issue money to help tackle the deficit, but that would erode household savings, “aggravate crisis tendencies” in the economy, stoke inflation and undermine social stability, said Shevchenko.

Ukraine is also a candidate for EU membership, and Shevchenko noted that the group’s founding treaty prohibits national central banks from financing their governments. “Ukraine needs other sources of financial support for its economy,” he said.

Read now: The war in Ukraine will lead to a significant slowdown in the world economy, according to the IMF

So what’s next for Ukraine and the IMF?

“The IMF will soon begin technical discussions with the Ukrainian authorities, starting with an in-person mission to assess the budget, which will be followed later in the year by closer engagement and monitoring of all economic policies” , said an IMF spokesman. says MarketWatch via email. “This will help lay the groundwork for a longer-term commitment and a potential full-fledged program.”

Bloomberg reports that Gavin Gray has been appointed as the new IMF mission chief in Ukraine. Gray, who served as the fund’s mission chief in Iraq from 2018 to 2020, was due to take up his new role on Sept. 20, according to Bloomberg.

Earlier this month, a joint assessment by the Government of Ukraine, the European Commission and the World Bank valued that the current cost of recovery and reconstruction in Ukraine is $349 billion. This figure is expected to increase as the war continues, they added.

Speaking at the Yalta European Strategy Conference in Kyiv earlier this month, Ukrainian Prime Minister Denys Shmyhal criticized the IMF for slow progress on a new aid program for the country. “After seeing the leadership of the United States and Europe, we have a fairly passive attitude from the IMF,” he said, according to Bloomberg.

Read now: Six months after Russia invaded Ukraine, moral rating agency’s Courage Index analyzes corporate statements about Kremlin aggression

Reuters reported this week that Yuriy Butsa, Ukrainian government commissioner in charge of public debt management, is asking the IMF and the World Bank for tailor-made aid worth tens of billions of dollars, which he wants to see work in the coming weeks.

Last month the The World Bank announced $4.5 billion in additional funding for Ukraine under its Public Expenditure for Administrative Capacity Endurance (PEACE) project in Ukraine. The package includes a $4.5 billion grant provided by the United States

“The World Bank Group is working hard to support the maintenance of essential government services,” he said in a statement provided to MarketWatch. “We have mobilized $13 billion in emergency funding, including pledges and pledges to provide salaries for hospital workers, government workers and schools, pensions for the elderly, salaries for civil servants and social programs for vulnerable people. “Of this amount, $11 billion has been fully disbursed, according to the World Bank.

“In addition to this support, Ukraine needs urgent help to invest in immediate recovery needs – including urgent repairs to roads, bridges, housing, schools, clinics and energy infrastructure – to ensure that services can be provided and people can have warmth this winter,” he added. “The World Bank is creating a dedicated trust fund mechanism for Ukraine to channel resources to these and other urgent needs, and works with other development partners to prepare projects that can be funded and implemented quickly.

MarketWatch has reached out to Butsa, Shmyhal and Shevchenko with a request for comment on this story.

See also: As Ukraine celebrates its independence, American companies are operating in the country, according to the Kyiv-based American Chamber of Commerce

As Ukraine asks for more help from the IMF, most US businesses in the country are up and running, according to the American Chamber of Commerce in Ukraine.

Almost three-quarters of member companies surveyed by the organization are fully operational, the Kyiv-based organization said in a statement released last month.

One of the most prominent members of the chamber is McDonald’s Corp MCD,
-0.96%.
In August, the Associated Press reported that the fast-food giant was reopening some of its restaurants in Ukraine, a move hailed on social media by Ukrainians, including Ukraine’s Culture and Politics Minister Oleksandr Tkachenko. country information.

Last month, the Kyiv School of Economics reported that the total cost to the Ukrainian economy of the damage and destruction of residential and non-residential buildings and infrastructure reached $113.5 billion.

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Jaiz Bank and MoneyLine to provide 500 Nigerian entrepreneurs with technical and financial support – The Whistler Newspaper https://salonduchocolat-cannes.com/jaiz-bank-and-moneyline-to-provide-500-nigerian-entrepreneurs-with-technical-and-financial-support-the-whistler-newspaper/ Sun, 18 Sep 2022 17:24:39 +0000 https://salonduchocolat-cannes.com/jaiz-bank-and-moneyline-to-provide-500-nigerian-entrepreneurs-with-technical-and-financial-support-the-whistler-newspaper/ #mc_embed_signup{background:#fff; clear: left; font: 14px Helvetica, Arial, sans serif; width:90%;} /* Add your own Mailchimp form style overrides to your site’s style sheet or this style block. We recommend that you move this block and the preceding CSS link to the HEAD of your HTML file. */ (function($) {window.fnames = new Array(); window.ftypes = new […]]]>

Jaiz Bank Plc has promised to work with the executive producer of business and economics TV show MoneyLine, Ms. Nancy Nnaji, to equip young Nigerian entrepreneurs with the skills and finance to succeed.

The Executive Director, Business Development (North), Jaiz Bank, Dr. Sirajo Salisu said this in Abuja during the first edition of the Personal and Business Acceleration Masterclass.

The event was attended by Managing Director, Cowry Asset Management Ltd, Johnson Chukwu; Cosgrove Chief Operating Officer Elizabeth Taylor; Chairman and CEO of Brave Icons Global Ltd Fife Banks and former presidential candidate Dr Tope Fasua.

Salisu said the bank understands the importance of entrepreneurship to the Nigerian economy, adding that it will provide the required technical and financial support to graduates of the Masterclass program with a good business plan.

On a personal level, Suraju, who is also the designated managing director of Jaiz Bank Plc, said he would personally take on the mentorship of five of the Masterclass program graduates.

He said Jaiz Bank has grown from three branches with which it started operations ten years ago to about 45 branches currently, adding that before the end of this year, the number of branches will increase to 50.

He congratulated the organizers of the program for taking the initiative and assured them of the bank’s continued support in future editions.

Speaking in his welcome address, Nnaji said the aim of the Masterclass program is to empower Nigerians with business ideas and better wisdom to prosper.

Nnaji, who is the organizer of the Masterclass program, said, “This conference is an idea whose time has come. I am about to help you by acting beyond today.

“We are grateful to Jaiz Bank for being committed to helping people both technically and financially.

So my vision for this is that beyond the conversation we want to see companies that will be helped so that in a year from now when we have this program we can gauge and measure that these are the companies that we have been able to help since the last Personal and Business Acceleration Masterclass.

“Beyond TV where we talk about economics, business, finance and the rest, we want to hold people’s hands and teach them what they need to grow their business.”

She said that through the Masterclass program, experts would be able to provide entrepreneurs with the knowledge needed to make their businesses bankable.

Nnaji added: “It’s like I’m giving back after so many years. I created this because a lot of us don’t focus on the bottom of the pyramid, a lot of us focus on the adults.

“Banks are not helping MSMEs the way they should, you will see a lot of strict warranty conditions and some of these companies don’t have enough information to equip themselves with.

“They don’t have simple record keeping, you can’t just go to the bank to borrow, you need to be able to have proper record keeping, fundamental business processes in place and that’s why am I doing it too.

“We want to teach small businesses how to set this up.

“The designated MD of Jaiz Bank said that even in his personal capacity he would like to mentor five businesses and that is very commendable of Jaiz Bank MD.

“It’s outside of what they would do as a bank for the companies they would be introduced to here. They were holding their hands and helping them.

ENDS

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Kericho: an orphan student at the University of Kabianga asks for financial support to complete his studies https://salonduchocolat-cannes.com/kericho-an-orphan-student-at-the-university-of-kabianga-asks-for-financial-support-to-complete-his-studies/ Sat, 17 Sep 2022 07:45:36 +0000 https://salonduchocolat-cannes.com/kericho-an-orphan-student-at-the-university-of-kabianga-asks-for-financial-support-to-complete-his-studies/ Ezra Kipruto Kikore, a student at Kabianga University in Kericho, appeals to political leaders and supporters for financial support to complete his studies. Kericho: an orphan student at the University of Kabianga asks for financial support to complete his studiesSource: Facebook Kipkore has been in school on and off due to a lack of funding […]]]>

Ezra Kipruto Kikore, a student at Kabianga University in Kericho, appeals to political leaders and supporters for financial support to complete his studies.

Kericho: an orphan student at the University of Kabianga asks for financial support to complete his studies
Source: Facebook

Kipkore has been in school on and off due to a lack of funding for accommodation and meals, which has pushed him to the brink of despair.

A Facebook post by Gerald Bitok showed that Kipkore is a total orphan from Tenden sub-location in Cherangany, West Marakwet constituency in Elgeyo Marakwet County.

He is a sophomore pursuing a Bachelor of Arts in Education (ECDE)

“I am struggling to pay KSh 1,500 for the rent of a house in Kabianga and also struggling to find food,” Kipkore said.

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Read also

Nairobi man carrying placard in street pleads for William Ruto job; “I want to finish my master’s degree”

“My guardian Maureen Jepkosgei is no longer able to support me as she is also unemployed,” Kipkore added.

March from Kabianga to Nandi

The 20-year-old student was forced to look for other ways to survive on campus by milking cows in one of the facility’s farmers’ houses.

The little money he would get has allowed him to pay rent and buy food since he joined university, but he says that recently the owner sold the animals and he doesn’t could get anything to support himself.

“Life got tough, and I chose to get casual work after school, I was given a part-time job milking the cows, in exchange for a small pay for the rent of my house. and meals.

“But recently I lost the job,” added Ezra

Jobless and penniless, Ezra went for almost three days without food, forcing him to look for ways to get home, but he couldn’t get the prize.

Read also

Shaquille O’Neal paid for a master’s degree for 15 friends after the university refused the physical course due to quorum

He traveled a distance of three kilometers to the town of Kapsoit.

A bus driver accompanies Kipruto

There he begged a high school driver who had taken students on a trip and was on his way back to Nandi County to offer him a lift to Nandi so he could find his way home.

“While I was in Kapsoit town in Kericho, I saw a bus written Aldai Girls High School and shouted to the driver to help me reach Nandi because from Nandi to Kapcherop is cheaper .”

“So the driver heard my call and transported me to Nandihills Town where I got off. He bought me lunch before calling the reporters to come and air my story for help” , did he declare.

Nandihills Town supporters donated money for the student to return home. While in school, Ezra said he tried to apply for aid loans but got nothing.

Read also

Alice Kamande asks for help to raise KSh150,000 for the treatment of Gospel singer Dar Mjomba

To help Ezra, he can be reached at 0799339134.

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Source: TUKO.co.ke

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No new financial support for Sri Lanka, says India https://salonduchocolat-cannes.com/no-new-financial-support-for-sri-lanka-says-india/ Thu, 15 Sep 2022 11:28:38 +0000 https://salonduchocolat-cannes.com/no-new-financial-support-for-sri-lanka-says-india/ New Delhi/Colombo September 15 (Reuters): – India does not plan to provide new financial support to Sri Lanka on top of the nearly $4 billion it has given this year, two sources told Reuters, as the island’s struggling economy begins to stabilize after a preliminary loan agreement with the IMF. India has been the biggest […]]]>

New Delhi/Colombo September 15 (Reuters): – India does not plan to provide new financial support to Sri Lanka on top of the nearly $4 billion it has given this year, two sources told Reuters, as the island’s struggling economy begins to stabilize after a preliminary loan agreement with the IMF.

India has been the biggest aid provider this year to its southern neighbour, which is battling its worst economic crisis in more than seven decades and struggling to pay for its imports, although the situation is now less serious than it was only between May and July.

“We have already granted $3.8 billion in aid. Now it’s all about the IMF,” an Indian government source with direct knowledge of discussions with Sri Lanka told Reuters. “Countries cannot continue to provide aid.”

A Sri Lankan government source said India’s move came as no surprise and that New Delhi had ‘signalled’ them a few months ago that there would be little more widespread support for come.

The source, however, said India would be invited to a donors’ conference which Sri Lanka was planning to hold with Japan, China and possibly South Korea later this year.

Another Sri Lankan government source said talks between India and Sri Lanka for a $1 billion swap deal and its request for a second $500 million line of credit to buy fuel , made in May, had made little progress.

The sources declined to be named, as they were not authorized to speak to the media.

India’s finance ministry, Sri Lanka’s finance ministry and its central bank did not immediately respond to requests for comment.

Sri Lanka and the IMF reached a preliminary agreement in early September for a loan of about $2.9 billion, which is conditional on the country obtaining assurances of financing from official creditors and negotiations with private creditors.

“Our focus is more on pushing the IMF program forward and getting out of this mess on our own,” one of the Sri Lankan sources said.

Sri Lanka has struggled to use its limited foreign exchange reserves to meet fuel imports and reallocate funds from multilateral agencies to other essential imports, including fertilizers, cooking gas and medicine, it said. the other Sri Lankan source.

The country of 22 million people has been grappling with shortages of essentials, including fuel, food and medicine, for months after its foreign exchange reserves fell to record lows, stalling imports and stoking tensions. unprecedented public unrest.

(Writing by Devjyot Ghoshal; Editing by Krishna N. Das and Raju Gopalakrishnan)

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Flood-hit Pakistan needs ‘massive’ financial support for relief and rehabilitation: UN chief https://salonduchocolat-cannes.com/flood-hit-pakistan-needs-massive-financial-support-for-relief-and-rehabilitation-un-chief/ Fri, 09 Sep 2022 16:09:04 +0000 https://salonduchocolat-cannes.com/flood-hit-pakistan-needs-massive-financial-support-for-relief-and-rehabilitation-un-chief/ Shahbaz Sharif (R) and Antonio Guterres attend a press conference at the Prime Minister’s House in Islamabad on Friday. AFP United Nations Secretary-General Antonio Guterres said on Friday that Pakistan needed “massive” financial support for relief, recovery and rehabilitation following catastrophic floods that killed 1,391 people and displaced more of 33 million people and which […]]]>

Shahbaz Sharif (R) and Antonio Guterres attend a press conference at the Prime Minister’s House in Islamabad on Friday. AFP

United Nations Secretary-General Antonio Guterres said on Friday that Pakistan needed “massive” financial support for relief, recovery and rehabilitation following catastrophic floods that killed 1,391 people and displaced more of 33 million people and which would have caused 30 billion dollars of damage. damage.

António Guterres said the world owes impoverished Pakistan “massive” help to recover from devastating summer floods, as the country is less responsible than many other countries for climate change, which experts say has contributed at the flood.

Airplanes loaded with aid from the United Arab Emirates, the United States and other countries have started arriving, but Guterres said there is still a long way to go.

Nature, the UN chief in Islamabad said, has attacked Pakistan, which contributes less than 1% of global emissions, according to several experts. Nations that “are more responsible for climate change (…) should have faced this challenge”, said António Guterres, seated next to Pakistani Prime Minister Shahbaz Sharif.

Shahbaz-UNchef Shahbaz Sharif (2L) walks with Antonio Guterres (C) upon his arrival at the Prime Minister’s House in Islamabad. AFP

“We are heading towards a disaster,” added António Guterres. “We have waged war on nature and nature is coming back and fighting back in a devastating way. Today in Pakistan, tomorrow in any of your countries.”

The UN chief’s trip comes less than two weeks after Guterres appealed for $160 million in emergency funding to help those affected by monsoon rains and floods which Pakistan says caused at least $10 billion in damage.

“I call for overwhelming support from the international community as Pakistan responds to this climate catastrophe,” António Guterres tweeted after landing in Pakistan earlier on Friday.

Chief of UN-Hina Antonio Guterres walks with Pakistan’s Minister of State for Foreign Affairs Hina Rabbani Khar upon her arrival at Islamabad International Airport. Reuters

He said other countries that contribute to climate change are obligated to reduce emissions and help Pakistan. He assured Shahbaz that his voice was “fully at the service of the government of Pakistan and the people of Pakistan” and that “the entire United Nations system is at the service of Pakistan”.

“Pakistan has not contributed significantly to climate change, the level of emissions in this country is relatively low,” said António Guterres. “But Pakistan is one of the countries most affected by climate change.”

USplane-aid US forces watch as local workers unload relief supplies, sent by the US government to the people of Pakistan, at Noor Khan Air Base. PA

On Friday, the first loaded plane arrived from the United States, which Washington says is part of an upcoming $30 million aid package. More US military planes are expected to arrive in the coming days as part of a humanitarian bridge set up by Washington to deliver much-needed aid across the country.

USAID announces an additional $120 million

USAID on Friday announced an additional $20 million in humanitarian assistance for Pakistan, further bolstering US pledges. Later, Guterres addressed his words to the international community, saying that according to some estimates, Pakistan needs about $30 billion to recover from the floods.

USAID-Pakistan flood USAID Administrator Samantha Power with US Ambassador to Pakistan Donald Blome addresses a press conference in Islamabad. Reuters

“Even today emissions are rising as people die in floods and famines. This is madness. This is collective suicide,” he said. “From Pakistan, I make a global call: stop the madness; end the war with nature; invest in renewable energy now.”

So far, UN agencies and several countries have sent nearly 60 planes loaded with aid, and authorities say the UAE has been one of the most generous contributors and has sent so far 26 flights carrying aid to flood victims.

Also on Friday, USAID Administrator Samantha Power met with Pakistani Foreign Minister Bilawal Bhutto Zardari in Islamabad. She later told reporters that she traveled to flooded areas in Sindh province on Thursday and witnessed massive destruction caused by the floods.

pakistan-floods-sept6-main1-750

The floods affected all of Pakistan, including heritage sites such as Mohenjo Daro, a UNESCO World Heritage Site considered one of the best-preserved ancient urban settlements in South Asia. The civilization that dates back 4,500 years, coinciding with those of ancient Egypt and Mesopotamia.

The United Nations heritage agency announced on Thursday that it would send $350,000 to help recover cultural heritage sites damaged by the floods.

Speaking at a press conference with Bilawal, António Guterres stressed the importance of tackling climate change.

“This is happening now all around us and I urge governments to address this issue,” he said, adding that what he had done so far as UN chief was ” a drop in the ocean of the needs of the Pakistani people”.

He said a proposal for a donors’ conference for flood-hit Pakistan was under discussion.

Associated Press / NNI Press Service

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UK Prime Minister Truss announces financial support package for energy prices https://salonduchocolat-cannes.com/uk-prime-minister-truss-announces-financial-support-package-for-energy-prices/ Thu, 08 Sep 2022 11:49:48 +0000 https://salonduchocolat-cannes.com/uk-prime-minister-truss-announces-financial-support-package-for-energy-prices/ British Prime Minister Liz Truss announced a sweeping stimulus package on Thursday to help Britons cope with soaring energy bills and attract investment in the energy sector. Truss announced a “new energy price guarantee that will give people certainty on energy bills”. In his first major move into the leadership role, Truss announced that the […]]]>

British Prime Minister Liz Truss announced a sweeping stimulus package on Thursday to help Britons cope with soaring energy bills and attract investment in the energy sector.

Truss announced a “new energy price guarantee that will give people certainty on energy bills”.

In his first major move into the leadership role, Truss announced that the typical household ‘will pay no more than £2,500 ($2,880) a year for each of the next two years’, which the Prime Minister says will will give the average household “a £1,000 savings a year.

The cap will be in place from October 1.

There will be an equivalent guarantee for companies for the next six months. There will then be additional support for vulnerable sectors such as hospitality, the prime minister said.

The Prime Minister also suggested businesses look for ways to become more energy efficient and seek to produce their own energy.

The UK will be “a net exporter of energy” by 2040, according to Truss’ statement.

“A secure energy supply is vital for growth and prosperity,” she added.

“I will end the UK’s short-term approach to energy supply once and for all,” Truss concluded.

The full cost of the package will be presented by Finance Minister Kwasi Kwarteng later this month, but Truss says it will cut inflation by up to 5%.

In the run-up to the announcement, questions had been raised about how the bill would be funded, with speculation over whether the bill would land in taxpayers’ laps in the longer term.

Prior to the announcement, Britons’ energy bills were expected to hit £3,549 a year from October 1, up from £1,971 previously. That cap is expected to rise to £4,649.72 in the first quarter of 2023 and then to £5,341.08 in the second quarter, according to forecasts from consultancy Cornwall Insight.

The price cap in the UK, set by regulator Ofgem, essentially limits how much a supplier can charge for its tariffs, but this limit has increased recently due to rising wholesale prices, meaning that Britons have seen their bills skyrocket.

Truss also announced a temporary suspension of green levies to fellow lawmakers in the House of Commons.

It comes after Truss chose Jacob Rees-Mogg as the new Secretary of State for Business, Energy and Industrial Strategy. Rees-Mogg has previously been quoted as calling hydraulic fracturing an “interesting opportunity.”

Deutsche Bank estimated that Truss would implement an energy bill freeze. It has been speculated whether Truss will keep the October energy cap at £3,549, as announced by Ofgem on August 26, or whether the freeze will be set at £2,500 per household per year.

Reports also suggest a £40bn package would be put in place to support businesses with their energy costs, the bank said, bringing the total of expected support measures to £180bn.

This figure represents almost half of what was spent providing financial support during the Covid-19 pandemic and just over 8% of GDP, according to the bank.

Protests over energy bill set to continue
Truss’s announcement will be a big relief for people worried about their energy bills, according to Alice Haine, personal finance analyst at investment platform Bestinvest, but it may not be enough to allay all concerns about the coming winter.

“Energy prices are still significantly higher than a year ago, with some households already struggling to absorb rising costs, and food prices are also high. This means that household budgets will not are not completely out of the woods yet,” Haine wrote in a press release.

Businesses will also be relieved that they “don’t have to go out of business,” Haine said, but it’s unclear what will happen next year when the initial six-month price freeze ends.

The stimulus package comes as more than 180,000 people in the UK have pledged to cancel their energy bill payments on October 1 in protest at the increased energy cap.

Speaking to Sky News on Thursday ahead of the announcement, Don’t Pay movement organizer Lewis Ford said the campaign would continue if the measures implemented did not cut costs well below the price cap current.

“We are calling at 2021 levels,” he told Sky News. “A lot of people are going to be completely unable to afford it,” Ford said.

In October 2021, the price cap was £1,277 per year. It has been predicted that 12 million households in Britain (42%) would be in “fuel poverty” this winter if no financial support was in place. Energy poverty is defined as the inability to heat a household properly.

Source: CNBC

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Ukraine receives nearly $37 billion in IMF financial assistance over 30 years https://salonduchocolat-cannes.com/ukraine-receives-nearly-37-billion-in-imf-financial-assistance-over-30-years/ Sun, 04 Sep 2022 09:19:00 +0000 https://salonduchocolat-cannes.com/ukraine-receives-nearly-37-billion-in-imf-financial-assistance-over-30-years/ Approximately $37 billion in financial support under 13 cooperation programs and the implementation of numerous structural reforms in the areas of monetary and fiscal policy, banking, judicial and fiscal policy, customs, public administration, anti-corruption, land market and medicine – these are the results of Ukraine’s long-term coordinated cooperation with the Fund. This is according to […]]]>

Approximately $37 billion in financial support under 13 cooperation programs and the implementation of numerous structural reforms in the areas of monetary and fiscal policy, banking, judicial and fiscal policy, customs, public administration, anti-corruption, land market and medicine – these are the results of Ukraine’s long-term coordinated cooperation with the Fund.

This is according to Ukraine Ministry of Financereports Ukrinform.

“During the first 20 years of the partnership, Ukraine received approximately $18.26 billion in financial assistance to reduce the balance of payments deficit, support the national currency exchange rate and replenish the reserves of changes,” the report said.

When the global financial crisis shook the world in 2008, the Fund granted a then-record loan to Ukraine of $10.6 billion (SDR 7 billion), the ministry noted.

Read also: World The Bank has approved USD 14.4 billion and EUR 2.1 billion in loans for Ukraine over 30 years

After the occupation of Crimea and the start of the war in the east of the country, Ukraine received two tranches for a total amount of 4.6 billion dollars (2.97 billion SDR). Subsequently, they approved the Expanded Financing Facility, under which $8.7 billion (SDR 6.15 billion) was received. Under this program, Ukraine received the maximum number of tranches – four, and the first tranche was the largest ever, amounting to about $5 billion (SDR 3.55 billion) .

In March, the Fund’s Executive Directors voted to endow our country with funds under the $1.4 billion Rapid Financing Instrument. Financial aid was an important contribution to mitigating the economic consequences of the invasion.

Read also: The Ukrainian government offers IMF intensify work on new program – PM Shmyhal

“Cooperation with the IMF is not just about supporting the financial system and reforms. It is also a matter of trust in the state. The most influential domestic and international investors focus on the expert opinion of the IMF and their assessment of the state of the economy. The Fund’s financial assistance in March 2022 had a significant impact on leveraging funds from other partners,” reads the report.

As previously reported, over 30 years of cooperation, the World Bank has approved 70 loans for Ukraine worth more than $14.4 billion and €2.1 billion, including $11.8 billion and €1.2 billion have been received to date.

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China increases financial support for infrastructure projects – Xinhua https://salonduchocolat-cannes.com/china-increases-financial-support-for-infrastructure-projects-xinhua/ Wed, 31 Aug 2022 01:42:15 +0000 https://salonduchocolat-cannes.com/china-increases-financial-support-for-infrastructure-projects-xinhua/ Aerial photo taken on Aug 19, 2022 shows the construction site of the Longli River Bridge in Longli County, southwest China’s Guizhou Province. (Xinhua/Yang Wenbin) by Xinhua Writers Guo Xiaoyu, Hu Wenjia, Zhang Qianqian BEIJING, Aug. 31 (Xinhua) — China is channeling more financial support toward infrastructure construction as part of national efforts to catalyze […]]]>

Aerial photo taken on Aug 19, 2022 shows the construction site of the Longli River Bridge in Longli County, southwest China’s Guizhou Province. (Xinhua/Yang Wenbin)

by Xinhua Writers Guo Xiaoyu, Hu Wenjia, Zhang Qianqian

BEIJING, Aug. 31 (Xinhua) — China is channeling more financial support toward infrastructure construction as part of national efforts to catalyze domestic demand and support economic recovery.

The new decision came as a State Council executive meeting announced last week that the quota for “policy-backed and development-oriented financial instruments” would be increased by an additional 300 billion yuan (about $43.6 billion) to better fund major infrastructure projects.

Previously, a total of 300 billion yuan had already been allocated through these instruments, namely two funds managed respectively by the China Development Bank (CDB) and the Agricultural Development Bank of China (ADBC).

FACILITATING CASH STRAIN

Introducing the operation of the instruments, Zhang Hui, executive vice president of CDB, said that the aforementioned fund managed by the political bank comes from several sources, including the issuance of financial bonds.

The fund contributes up to 50 percent of an infrastructure project’s seed capital, while the rest is financed by project initiators and social capital, Zhang said.

A case in point is a new expressway construction project in the eastern province of Zhejiang, where some 6.3 billion yuan was needed for base capital.

“Our early financial pressure was greatly eased with the 1.8 billion yuan from the CDB fund,” said Li Feng, chairman of the relevant construction company. Li said construction is expected to start next month with the rest of the financing in place.

Projects eligible for funding must have significant social benefits as well as economic returns, Zhang said. He pointed out that political banking tends to prioritize those incorporated into China’s 14th Five-Year Plan (2021-2025) and prepared for construction in the third quarter.

On the ADBC ​​side, the bank said its fund has helped more than 500 infrastructure projects ranging from urban construction and transport to agriculture and energy.

It is estimated that the fund will generate a total investment exceeding 1 trillion yuan in these projects, according to the bank.

MULTI-PIECE SUPPORT

Along with policy assistance, a slew of commercial banks in China have recently launched tailored credit products to support infrastructure projects with more funding sources.

For example, the Industrial and Commercial Bank of China, one of the country’s four public lenders, announced earlier this month that it had approved loans worth around 37 billion yuan for eight projects. .

At the local level, governments are accelerating the use of special purpose bonds to stimulate investment. Data from the Ministry of Finance showed that in the first seven months of this year, 3.47 trillion yuan of such bonds were newly issued nationwide. In particular, those issued for the construction of projects have almost reached the annual quota.

Thanks to these multi-pronged efforts, China’s infrastructure investment grew 7.4 percent year-on-year in the January-July period, with the pace of growth accelerating for three consecutive months, data shows. from the National Bureau of Statistics.

“The robust growth momentum in infrastructure investment can be attributed to China’s acceleration of special purpose bond issuance in the first half of this year,” said Luo Guosan, an official with the National Development Commission. and reform.

Looking ahead, Luo said that as the implementation of policy-backed and development-oriented financial instruments accelerates in the third quarter, the investment expansion will be further enhanced.

Similarly, a recent research report by China International Capital Corporation also estimated that total infrastructure investment in 2022 could increase by 10% to 12%, boosting the nominal GDP growth rate by 1.2 to 1. .4 percentage points.

Investments in infrastructure are likely to give a stronger boost to the economy in September, and their multiplier effect will also increase, the report adds.

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North Jacksonville Cold Storage Projects Get City Financial Support | Jax Daily Record | Jacksonville Daily Record https://salonduchocolat-cannes.com/north-jacksonville-cold-storage-projects-get-city-financial-support-jax-daily-record-jacksonville-daily-record/ Wed, 24 Aug 2022 23:36:06 +0000 https://salonduchocolat-cannes.com/north-jacksonville-cold-storage-projects-get-city-financial-support-jax-daily-record-jacksonville-daily-record/ Two companies providing cold storage and distribution facilities in North Jacksonville have won $5 million in property tax relief from the city. City Council voted 17-0 Aug. 24 on two bills approving enhanced value recovery grants, property tax rebates, for unrelated facilities by third-party logistics company Arcadia Cold Jacksonville LLC and the company cold storage […]]]>

Two companies providing cold storage and distribution facilities in North Jacksonville have won $5 million in property tax relief from the city.

City Council voted 17-0 Aug. 24 on two bills approving enhanced value recovery grants, property tax rebates, for unrelated facilities by third-party logistics company Arcadia Cold Jacksonville LLC and the company cold storage company FreezPak Logistics based in New Jersey.

Arcadia plans to lease and invest $86.5 million in a refrigerated distribution facility to be built in the Imeson International Industrial Park, according to a July 6 draft redevelopment agreement and project summary from the Bureau economic development of the city.

The office’s executive director, Kirk Wendland, told the council’s finance committee Aug. 16 that the company would lease the cold storage space from building owner and Arcadia subsidiary Saxum Real Estate.

FreezPak

FreezPak’s plan was detailed in a July 20 city summary that says the company will lease a $116 million warehouse at 8730 Somers Road.

Together, the two companies plan to invest a total of $202.5 million in segregated cold storage, a growing logistics use in Jacksonville.

• Resolution 2022-0617 grants a 50% REV grant over five years to Arcadia, capped at $2 million. In exchange, the company says the facility would create 60 jobs at an average annual salary of $50,500 plus benefits by December 31, 2027.

• Resolution 2022-0618 authorizes a REV grant capped at $3 million to FreezPak parent company BGFP Jacksonville LLC. The company told city officials that its cold storage and distribution facility will have at least 80 employees by the end of 2026.

Council members Randy DeFoor and Rory Diamond were absent for the votes.

FreezPak would pay an average annual salary of $56,000 plus benefits, the city summary says.

Saxum Real Estate plans to build a warehouse in the Imeson International Industrial Park that would be used by Arcadia Cold.

Saxum / Arcadia

Saxum Real Estate applied for planning permission on August 5 to construct a 334,022 square foot food storage/distribution freezer on 32.37 acres at 250 Busch Drive E., No. 1, at a cost of $60, $77 million. Primus Builders Inc. of Woodstock, Georgia is the contractor.

The permit application indicates that approximately one-third of the facility will be shell space for a future tenant, meaning that two-thirds, or approximately 222,459 square feet, would be for an initial user.

An application and plans filed July 5 with the St. Johns River Water Management District show Saxum Real Estate plans to develop the project on North Main Street and Van Dyck Road inside the International Industrial Park Imeson.

Arcadia’s draft redevelopment agreement with the city says it will lease approximately 216,963 square feet of space.

The building will have 32 loading docks, 62 trailer storage spaces and 109 parking spaces.

To qualify for the incentives, Arcadia promised the city a capital investment of $86.5 million.

The city’s summary says the company will spend $84 million on building improvements and $2.5 million on machinery/equipment, furniture and fixtures over the next two years.

Arcadia will receive nothing from the city if the capital investment falls below $65 million.

The city expects a return of $4.41 on every dollar of public investment in the project.

Council had to approve the waiver of the base salary provision in the city’s public investment policy to qualify the Arcadia project for the incentives.

The average salary of $50,500 does not meet the policy requirement that property tax incentive salaries meet or exceed the state average salary of $55,422.

More investment FreezPak

FreezPak envisions an investment of $83 million in real estate and $33 million in machinery and equipment for the proposed facility over the next two years, the city summary states.

Economic development officials expect the town to receive $3.70 for every dollar invested in the project.

Private capital investment is expected to be at least $100 million and FreezPak would create at least 80 jobs by the end of 2026.

FreezPak reportedly pays an average annual salary of $56,000 plus benefits.

The resolution did not require a waiver of the public investment policy.

According to Wendland, the FreezPak site is where Philadelphia-based BG Capital is offering a $101.2 million development on Somers Road.

BG Capital paid $11.175 million on July 15 for 20.5 acres to develop the 272,400 square foot Jacksonville Cold Storage at 8730 Somers Road near the JaxPort Talleyrand and Dames Point marine terminals.

BGFP Jacksonville LLC has purchased the property from Somers Road Jacksonville Propco LLC, which is InLight Real Estate Partners of Ponte Vedra Beach. BGFP could refer to BG Capital and FreezPak.

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Kazakhstan and Tajikistan expand financial support to boost exports https://salonduchocolat-cannes.com/kazakhstan-and-tajikistan-expand-financial-support-to-boost-exports/ Thu, 18 Aug 2022 10:56:00 +0000 https://salonduchocolat-cannes.com/kazakhstan-and-tajikistan-expand-financial-support-to-boost-exports/ NUR-SULTAN – Kazakh President of Exports Aslan Kaligazin has signed bilateral agreements with major banks in Tajikistan to foster cooperation and increase exports of non-basic goods from Kazakhstan, the Kazakh National Society of Exports reported. exports on August 17. In 2021, trade turnover between the two countries reached $1.2 billion. Photo credit: e-cis.info The National […]]]>

NUR-SULTAN – Kazakh President of Exports Aslan Kaligazin has signed bilateral agreements with major banks in Tajikistan to foster cooperation and increase exports of non-basic goods from Kazakhstan, the Kazakh National Society of Exports reported. exports on August 17.

In 2021, trade turnover between the two countries reached $1.2 billion. Photo credit: e-cis.info

The National Export Insurance Company has agreed with Amonatbank State Savings Bank and Orienbank of Tajikistan to extend the limits of risk insurance and trade finance banking for importers who buy non-primary products from Kazakh manufacturers. Tajik entrepreneurs who import goods from Kazakhstan will also benefit from concessional financing.

Over the past six years, the insurance company has allocated more than 21 billion tenge ($44 million) to support Kazakh entrepreneurs exporting goods to Tajikistan, as part of a broader effort to support domestic exporters.

Since the beginning of this year, the company has supplied more than 1.8 billion tenge ($3.7 million) to exporters nationwide. Kazakhstan mainly exports helicopters and cars assembled in the country, foodstuffs and metals to Tajikistan.

In 2021, trade turnover between the two countries increased by 46.9% year on year and reached 1.2 billion dollars.

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