IMF approves $1 billion augmentation in Ecuador program
The approval will allow Ecuador to immediately access around $600 million, the IMF said.
The approved augmentation for Ecuador increases access under the program to $5 billion from $4 billion, the IMF said.
"Despite challenging circumstances, Ecuadorian authorities have successfully mobilized non-oil revenues, strengthened fiscal and external buffers, and cleared domestic arrears while protecting vulnerable groups," said IMF Deputy Managing Director Nigel Clarke.
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Libya Herald
5 hours ago
- Libya Herald
Secular and religious agree on need for Libya's gradual energy subsidy reform
The secular and religious worlds have come to agreement on the need for Libya to gradually reform its fuel subsidies in the unlikely bedfellows of the International Monetary Fund (IMF) and Libya's (western region) Grand Mufti (the highest religious authority). Dar Al-Ifta, the highest religious body, released a video clip last Thursday (24 July) of the Grand Mufti of Libya, Sadeg al-Ghiriani, basing his religious recommendation on Libya's fuel subsidy reform on the IMF's study published this month entitled 'Energy Subsidy Reform in Libya'. Speaking on the problems of Libya's economy, the Mufti said ''the first step to reforming the waste of public money that Libya is currently experiencing is to lift the (energy) subsidies, almost half probably more, of which go to the money of criminals and smugglers''. Drawing on the IMF Al-Ghariani continued ''The report issued by the IMF calling for the lifting of energy subsidies is a study by international experts, the government should take advantage of it and gradually lift subsidies, as the report suggested, as there is no country in the world where gasoline and energy are sold at the price that it is sold at (LD 0.15 / US$ 0.09 per litre) in Libya''. Lack of trust in government – fear of failure to compensate for subsidy removal Dealing with some of the opposition Libyans have to the introduction of fuel subsidy reforms, the Grand Mufti said Libyans 'should not let their emotions carry them away by saying they fear if subsidies are removed the government will not live up to its promise to substitute it with a direct cash payment (equivalent to their realistic average annual consumption of fuel). ''Do Libyans agree to at least a third of their state budget being wasted away, robbed by thieves for illicit use and profligacy? This (continued squandering of public money) is not appropriate to the behaviour of any wise, Muslim or human being'', he added. ''I therefore call on the (Tripoli based Libyan) government to open this topic again based on the IMF's report and work on gradually lifting the (energy) subsidies, as suggested in the IMF report until energy prices reach their real (market) price''. The IMF study on Libya's energy subsidy reform It will be recalled that, and as reported by Libya Herald, the IMF report had stated that energy subsidies have become a significant burden on government finances in Libya. The study said the pervasive nature of subsidies has led to rampant corruption, smuggling, and a diversion of resources from essential public services. The paper identifies key barriers to reform, including opposition from vested interest groups and public apprehension regarding inflation and welfare loss. To address these challenges, a strategic reform plan is proposed, emphasizing a phased approach, a comprehensive communication plan and social protection measures to mitigate the adverse effects of subsidy removal. By taking these steps, Libya can transition towards a more sustainable framework that supports macroeconomic stability, the IMF study stated. . IMF study entitled 'Energy Subsidy Reform in Libya' concludes that reform is crucial as subsidies lead to overconsumption and premature resource depletion Fuel subsidies reached LD 60 billion, 30 percent of which is smuggled – therefore can invest just LD 5 bn in housing: CBL Governor Issa Audit Bureau 2023 Annual Report: 2023 state subsidies amounted to LD 68.5 billion Libya loses about US$ 12 billion annually in smuggled subsidies: Aldabaiba Decision to remove fuel subsidies has been taken: PM Aldabaiba ( NOC chairman Bengdara says his organisation is not a security force to combat fuel smuggling ( Aldabaiba forms ministerial committee to study mechanism for fuel subsidy reform – again ( Supreme Council for Energy adopts NOC 2023-2027 plan, including alternative energy project ( Supreme Council for Energy Affairs holds first meeting ( At Gharian cabinet meeting, Aldabaiba explains fall in black-market value of dinar and resounds alarm over fuel subsidies ( Fuel quantities, smuggling and subsidy reform – and increased oil production through PPP discussed at summit meeting ( Alternatives to fuel subsidies with cash payments delivered to Aldabaiba ( Prime minister Aldabaiba forms Ministerial committee to study reforming fuel subsidies, orders payment of family grant, increases pensions ( Libya's Economic Reform Salon proposes reforms for the country's fuel subsidies | ( Fuel subsidy reform proposal presented to Serraj government | ( Libya reduces subsidies on commercial-use kerosene | ( Subsidies are seen as an entitlement by Libyans: GNA Planning Minister | ( Government to reduce petrol subsidies | ( Cash for goods subsidy reform adopted by Tripoli authorities | ( Subsidy reform: petrol prices to be increased by 200% | ( 2014 Budget commits government to subsidy reform by Jan 2015 | ( The 2014 Budget: Subsidies up – despite deficit and oil exporting crises | ( 2014 budget expected to be LD 68.59bn – salaries and subsidies shoot up | ( Unemployment, subsidies, undiversified economy, stifled private sector – problems of Libyan economy: WB | ( Fuel subsidies removed over 30 months in three stages – Economy Minister Abufunas | ( Subsidy reform: Smugglers are the ones prospering from subsidies – Zeidan | ( Cabinet meeting forms committee on subsidies – Zeidan | ( Oil minister says fuel subsidies to go by 2016 | (
Telegraph
8 hours ago
- Telegraph
Milei's bet on China threatens an ugly fallout with his idol
When firebrand libertarian Javier Milei was campaigning to be president, he vowed that under his watch Argentina would not engage with 'decadent communists' like the Chinese, branding their leaders murderers and thieves. But 18 months is a long time in geopolitics. Milei, one of the few world leaders to attend the presidential inauguration of his political hero Donald Trump in January, has performed a remarkable political U-turn. On Monday, Milei rewrote the visa rules to make it easier for Chinese people to visit or work in Argentina. A week earlier, he unlocked a $5bn (£3.7bn) China-backed hydroelectric project in the country's south, which had been fractiously frozen since before he took office. And in April he renewed a currency swap arrangement with China, worth about 35bn yuan (£3.6bn) – a move that prompted an alarmed White House to dispatch Scott Bessent, the US treasury secretary, to Buenos Aires to deliver a dressing-down. By cosying up to China, Milei is risking his idol's ire. What has changed? Economics vs politics On the campaign trail in 2023 Milei told Argentine voters: 'I am not going to do business with any communist.' He has previously branded the country a 'bloody dictatorship'. But by last December he was having a sit-down with Xi Jinping, the Chinese president, on the sidelines of the G20 summit in Rio, and said he was up for a trip to Beijing. 'If you compare Milei during the campaign to Milei as president, he has softened his views on many, many issues. One of them is China,' says Bruno Binetti, an associate fellow at Chatham House, a think tank. 'He is adapting to the realities of governing, without this affecting his core beliefs and identity.' While Trump and Milei might be political soulmates – radically anti-woke, anti-regulation, anti-net-zero – Argentina cannot do without China's appetite for its exports, nor its investment into areas like mining and energy. 'If you want the economy to grow, if you want to show that Milei's economic model can generate growth, then you need good ties with China,' Binetti says. Milei has tried to separate this economic need from Argentina's wider political and diplomatic relationships, from his radical reform agenda – which has won him admirers worldwide, including Kemi Badenoch, the Tory leader. He has refused to join the anti-Trump Brics group of Brazil, Russia, India, China and South Africa. 'We must separate the geopolitical question from our commercial question,' Milei told the Wall Street Journal last year. Trading and economic relationships should be driven by business and he would not be 'meddling in whatever the private sector decides'. But economics and politics don't separate so easily, particularly in Trump's binary, zero-sum world. Peter Lamelas, Trump's nominee as the next ambassador to Argentina, told a US Senate committee hearing this week that his mission was 'to reduce the malignant influence of opposing powers' in Latin America – and that includes China. 'Argentina is essential, critical to opposing authoritarian regimes like Venezuela and China,' he said. Jim Risch, a Republican senator and the committee's chairman, urged Lamelas to fight China's 'expanding influence' in the region and to 'reduce China's technological and financial influence in Argentina'. Snubs and dealmaking This was not an exchange the two men might have anticipated having. When Trump returned to power, Milei – whom the American calls 'a friend' and 'my favourite president' – would have been at the very bottom of the White House's list of leaders to worry about. Not only was Milei at Trump's inauguration, but he came back a month later to publicly present Elon Musk, then setting up his department for government efficiency, with a version of his trademark bureaucracy-slaying chainsaw. The gift – which was inscribed with Milei's catchphrase 'Long live freedom, dammit!' – was handed over at a Conservative Political Action Conference, where Milei also met Trump. The two leaders discussed Argentina's 'groundbreaking economic reforms', according to a White House readout. Milei was back in the US yet again in April, heading to Trump's Mar-a-Lago resort for the 'American Patriots Gala', where he picked up an award recognising his 'unwavering dedication to freedom, market economics and conservative values'. But this time, Trump was unavailable. Supposedly a problem with the US president's helicopter prevented him from getting to Florida in time to catch Milei on this flying visit. That wasn't the only snub. The day before, Trump had unveiled his 'liberation day' tariffs – and there was no exemption for Argentina from the 10pc worldwide hit. Today, Trump's Aug 1 trade-deal-or-tariff deadline is looming and there is not yet any sign of any agreement with Milei that might ease the pain for Argentina's soy and beef exporters. By contrast, in early May several Chinese officials visited Buenos Aires to sign a deal to buy $900m of Argentine soybeans, corn and vegetable oil. The White House did reportedly help Argentina to secure a new $20bn loan programme from the International Monetary Fund in April. Mauricio Claver-Carone, Trump's special envoy for Latin America, said he hoped this might supplant the Chinese currency swap agreed at almost the same time. 'What we would like to see, eventually, is the end of the famous line of credit Argentina has with China,' he said. 'That line of credit is extortionate, and as long as they maintain that line of credit, China will always be able to extort.' Beijing shot back. 'Fair-minded people are able to tell who is extorting and coercing others and making trouble,' said Chinese foreign ministry spokesman Lin Jian. Balancing act Milei will probably try to keep the two superpowers in some kind of balance. But both will be looking to use carrots and sticks to tip favour their way. China seems to be making most of the running right now, and has ambitions to get further ahead of Trump. A Chinese official told the Argentine newspaper Clarin earlier this year: 'We're doing well, but not as well as we'd like'. If Beijing is appealing to Milei's pragmatism, Washington can count on his passion. His friendship and ideological affinity with Trump will likely stop the scales from tipping too far towards China. 'Milei sees himself clearly as a global leader figure in a Right-wing, pro-West, pro-market movement. And his alignment with Trump is a big part of that identity – it makes him feel part of something bigger,' Binetti says. 'You'd think that given Milei's symbolic role in some Trumpist circles in the US, he would get a little bit more leeway.' If Milei's rapprochement with the Chinese continues to deepen, he might end up testing just how far that leeway extends.
Telegraph
a day ago
- Telegraph
Five essential things to know before you board an Oceania Cruises' ship
Ever since its founding in 2002, Oceania has pitched itself as a premium foodie cruise line serving 'the finest cuisine at sea' – a tag line the company has trademarked. Backing up the claim, its ships have one chef for every 10 passengers and, because there's no point serving good food unless people eat it, there is no charge to dine in its speciality restaurants, unlike on other ships. The company originally chartered two small ships, Insignia and Regatta. Now it has eight vessels, including four larger new builds. The latest, Oceania Allura (1,200 passengers), launched in July 2025. Another new ship, Oceania Sonata, is due in 2027, with three sister ships to follow between 2029 and 2035. In recent years, Oceania has added 'leading destination line' and wellness to its attributes, along with excursions designed to connect passengers to places and cultures through history, food, yoga and 'go local' trips to quieter villages and places off the tourist trail in big cities. Since 2014, Oceania has been part of Norwegian Cruise Line Holdings, parent of mass-market Norwegian Cruise Line and ultra-luxury Regent Seven Seas Cruises. 1. Where does Oceania cruise? Eight ships are enough to cover pretty much all corners of the world. Chances are wherever you want to go, Oceania can take you there, even if you want to go penguin-spotting in Antarctica. Staying with long-haul, Oceania has cruises in Asia, South America and through the Panama Canal, and island-hopping voyages in the Caribbean almost exclusively round-trip from Miami. Cruises in French Polynesia from Tahiti are among its best-selling cruises. Closer to home, cruises in the Mediterranean and Greek Isles in the summer and autumn visit popular places including Barcelona, Dubrovnik, Santorini and Rhodes. However, Oceania's ships are small enough (they hold 670-1,250 passengers), to call into lesser-known ports inaccessible to large vessels. Canakkale in Turkey, the gateway to Gallipoli and Troy, is one such; Olbia in Sardinia – where food, wine and 4x4 adventures are among excursions – is another. In the Baltic, with calls into St Petersburg no longer an option, Oceania has found new places for passengers to explore, including Kotka in Finland and Liepaja in Latvia, the former offering nature walks and rafting, the latter known for its art nouveau heritage and the world's largest mechanical organ. For those who prefer not to fly, five cruises from Southampton in 2026 either circumnavigate the UK and Ireland, explore Scandinavia or combine the two. Durations range from seven nights to a month or more and often include overnights in A-list cities such as Istanbul, Buenos Aires and Rio de Janeiro. There are 180-day world voyages each January. In 2027 passengers will depart Miami for Southampton, and there's an option to sail on to New York, extending the cruise by 64 days. 2. Who does Oceania Cruises appeal to? A typical Oceania cruiser is a well-travelled, well-off American, aged 65 or over who likes smaller ships, enjoys the refined but not dressy atmosphere on board and wants to see the world in comfort without paying top dollar for an all-inclusive and more spacious ultra-luxury cruise line. Oceania pitches itself as a luxury line with fares that cover tips, Wi-Fi and soft drinks as well as dining in speciality restaurants. Alcohol and excursions cost extra, likewise flights and transfers. While the majority of Oceania passengers are from North America, the brand counts plenty of British and Australians of a similar age and social profile among its fan base. Families are welcome, but you are more likely to see older multi-generational groups, as there is no child care or entertainment for children. Wherever they're from, passengers will likely have an appreciation for good food. Those who are really keen can improve their skills in culinary centres on the four new ships and sign up for food-themed excursions, such as shopping with a chef or cookery lessons with locals. Passengers also enjoy Oceania's longer cruises. As proof, all cabins and suites on the 180-day world cruise in January 2026 are already wait-listed. 3. Oceania Cruises' fleet Regatta-class Oceania Insignia, Oceania Nautica, Oceania Regatta, Oceania Sirena (670 passengers) Built 25 or more years ago, these are the old ladies of the fleet, but plenty of Oceania cruisers prefer them for their more intimate size. They've been spruced up over the years but they are not as luxurious as their newer fleet mates, and cabins and suites are quite compact, although many have balconies. Expect two speciality restaurants – the Asian-inspired Red Ginger and Tuscan Steak on Sirena; Toscana and Polo Grill on the others – in addition to the grand dining room and buffet, and an alfresco grill by a small pool. Sails to: Mediterranean, Northern Europe, Asia, Caribbean, Mexico, South America, Panama Canal, Canada and New England, Australia and New Zealand, the South Pacific and Africa Oceania-class ships Oceania Marina and Oceania Riviera (1,250 passengers) Oceania went larger with its first new vessels, almost doubling the size of its Regatta ships, so it could add two more restaurants – the French Jacques and Asian-inspired Red Ginger – as well as the first cookery schools at sea. Three butler-served Owner's Suites span the width of the ships and are furnished in Ralph Lauren Home. A Lalique staircase dazzles in each atrium; elsewhere expect an elegant, conservative look. Allura-class ships Oceania Vista and Oceania Allura (1,200 passengers) Oceania fans had to wait 10 years after Riviera for another new ship, with Vista launching in 2023 and Allura following in 2025. They are slightly smaller but the layout is similar and the look much brighter. Notably there's a larger culinary centre and a new restaurant, Aquamar, serving healthier food but only for breakfast and lunch. French restaurant Jacques makes a comeback on Allura (it will be added to Vista in October 2025). Sails to: Mediterranean, Northern Europe, British Isles, Caribbean, Mexico, South America, Panama Canal, Asia, Canada/New England, world cruises 4. Loyalty scheme Cruisers become members of the Oceania Club after their first sailing and then work their way up through seven levels, earning everything from bottles of wine and on-board credit to free drinks packages and even free cruises. 5. Access for guests with disabilities All ships have wheelchair-accessible cabins and lifts to all decks, except a half portion of deck at the very top, and front of the ships.
