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Trump says he’s looking at economic penalty for drugs coming from Mexico

U.S. President Trump departs on travel to the U.S. Southern border from the White House in Washington
U.S. President Donald Trump talks to reporters as he departs for travel to the U.S.-Mexico border from the White House in Washington, U.S., April 5, 2019. REUTERS/Carlos Barria

April 5, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump said on Friday he is considering an economic penalty apart from tariffs to counter the smuggling of drugs from Mexico across the southern U.S. border.

Trump threatened on Thursday to put a 25 percent tariff on cars coming from Mexico into the United States if Mexico does not continue to help Washington deal with the immigration and drug situation along the border.

He repeated that warning on Friday morning and added, “Likewise I am looking at an economic penalty for the 500 Billion Dollars in illegal DRUGS that are shipped and smuggled through Mexico and across our Southern Border.”

Trump made the comments on Twitter as he prepared to leave the White House for a two-day trip that will include a visit to the border.

It was not immediately clear what other penalties the U.S. president was considering. The White House did not immediately respond to a request for elaboration.

Trump said the tariff decision related to drugs would supplant provisions of the U.S.-Mexico-Canada Agreement, known as USMCA.

“If for any reason Mexico stops apprehending and bringing the illegals back to where they came from, the U.S. will be forced to Tariff at 25% all cars made in Mexico and shipped over the Border to us. If that doesn’t work, which it will, I will close the Border,” Trump said on Twitter on Friday. “This will supersede USMCA.”

(Reporting by Doina Chiacu; Editing by Chizu Nomiyama and Jeffrey Benkoe)

Source: OANN

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Sri Lanka may need more IMF help as blasts threaten tourism

A security personnel observes three minutes of silence as a tribute to victims, two days after a string of suicide bomb attacks on churches and luxury hotels across the island on Easter Sunday, near St Anthony Shrine in Colombo
A security personnel observes three minutes of silence as a tribute to victims, two days after a string of suicide bomb attacks on churches and luxury hotels across the island on Easter Sunday, near St Anthony Shrine in Colombo, Sri Lanka April 23, 2019. REUTERS/Dinuka Liyanawatte

April 23, 2019

By Marius Zaharia and Vidya Ranganathan

HONG KONG/SINGAPORE (Reuters) – Sri Lanka faces a likely collapse in tourism following Easter Sunday bomb attacks on churches and hotels, which would deal a severe blow to the island’s economy and financial markets, and potentially force it to seek further IMF assistance.

The International Monetary Fund extended last month a $1.5 billion loan for an extra year into 2020, a key step in keeping foreign investors involved in what so far this year has been a top-performing frontier debt market.

But with growth, and therefore state revenues, now likely to slow significantly, the budget targets agreed with the IMF may have to be reviewed, and the government is expected to resist pressure for any spending cuts before elections expected later this year.

There is even a possibility that more IMF money may be needed if foreign investment falls, adding to the hard currency gap left by plunging tourism receipts.

“If growth slows a lot more and the budget deficit assumptions need to be reassessed, then they’ll have to sit down and negotiate something more feasible,” said Alex Holmes, Asia economist at Capital Economics.

The Sri Lankan stock index dived 2.6 percent on Tuesday in its first day of trading after the attacks that killed more than 300 people, while the heavily-managed rupee held steady.

Tourism is Sri Lanka’s third-largest and fastest growing source of foreign currency, after remittances and garment exports, accounting for almost $4.4 billion or 4.9 percent of gross domestic product (GDP) in 2018.

A fall in tourism receipts is bound to weaken the rupee over time. The central bank, whose coffers are too light to defend the currency through interventions, is likely to have to raise interest rates.

This, in turn, would choke lending, hurting consumers and the investment plans of local businesses, while also making it more costly for the government to seek funding from foreign investors via bond markets.

“The central bank may be forced to hike rates again this year,” said Win Thin, global head of currency strategy at Brown Brothers Harriman (BBH).

“With foreign reserves very low right now, the central bank cannot actively support the rupee.”

After falling 16 percent against the U.S. dollar last year to record lows, the rupee had gained 4.6 percent this year as of last week.

Sri Lankan bonds have been among the best performing globally, only bettered by Argentina and Chile. But the main stock index has lost about 10 percent.

WEAK FINANCES

Sri Lanka’s external position was already precarious.

To help fund a record $5.9 billion in foreign loans this year, the country successfully sold $2.4 billion in five-year and 10-year U.S. dollar bonds last month, but that was right after the IMF extension and amid bets of looser monetary policy.

(GRAPHIC: Sri Lanka’s precarious balance of payments – https://tmsnrt.rs/2IAqHKj)

In January, Sri Lanka used its reserves to repay debt worth $1 billion. It had about $5 billion left in February, the least since April 2017, and only enough to cover two months of imports and about two-thirds of its short-term external debt, according to BBH calculations.

Colombo also needs to finance a current account deficit of about 3 percent of GDP.

Prime Minister Ranil Wickremesinghe is already facing heavy criticism domestically for higher taxes, and tight monetary and fiscal policies that have crimped growth to a 17-year low.

Having emerged from a 51-day political crisis in which President Maithripala Sirisena sacked and replaced him with pro-China former president Mahinda Rajapaksa – a decision which was later reversed – Wickremesinghe set an ambitious fiscal deficit goal of 4.4 percent of GDP, compared with 5.3 percent in 2018.

But he also boosted spending on state employees, pensioners and the armed forces and promised more funds for rural infrastructure, leading economists to doubt the targets. A presidential vote is expected later this year followed by a general election in 2020.

“Given the fact they have repayments coming up for sovereign bonds, it could lead to more pressure on foreign currency reserves. So, it’s a near term negative for the tourism sector and also market sentiment as well,” said Ruchir Desai, fund manager at Asia Frontier Capital, who co-manages the $16 million AFC Asia Frontier Fund.

“Valuations are cheap, no doubt… but until they get some kind of political unity which can result in stable policy-making, we will probably remain underweight (equities) until the elections.”

(Reporting by Marius Zaharia in HONG KONG, Vidya Ranganathan in SINGAPORE and Daniel Leussink in TOKYO; Writing by Marius Zaharia; Editing by Kim Coghill)

Source: OANN

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MLB notebook: Dodgers’ Kershaw to make rehab start

FILE PHOTO: MLB: Spring Training-Kansas City Royals at Los Angeles Dodgers
FILE PHOTO: Mar 8, 2019; Phoenix, AZ, USA; Los Angeles Dodgers starting pitcher Clayton Kershaw (22) signs autographs for fans before the game against the Kansas City Royals at Camelback Ranch. Mandatory Credit: Orlando Ramirez-USA TODAY Sports

April 2, 2019

Clayton Kershaw’s run of eight straight Opening Day starts ended due to left shoulder inflammation.

However, the Los Angeles Dodgers ace will have a different type of Opening Day assignment when he makes a rehab start at Oklahoma City on Thursday night.

Kershaw was cleared to make the start after throwing a bullpen session on Monday, and the rehab appearance just happens to be the Triple-A club’s season opener against San Antonio.

Los Angeles will see how Kershaw performs on Thursday before deciding the next move. Considering normal rest, the three-time Cy Young winner possibly could make his first major league start of the year on April 9 against the Cardinals in St. Louis.

–The New York Yankees placed slugger Giancarlo Stanton on the 10-day injured list with a Grade 1 left biceps strain.

“He’s going to be shut down for 10 days, and then hopefully at that point starts his progression, and hopefully we get him back at some point this month,” manager Aaron Boone told reporters. Boone said Stanton was hurt early in Sunday’s game on a “funky swing” and played through it, not telling the team until afterward.

New York also placed third baseman Miguel Andujar on the injured list due to a right shoulder strain. The team said tests are pending.

–The Boston Red Sox have signed shortstop Xander Bogaerts to a six-year extension covering the 2020-25 seasons, the team announced.

The Red Sox did not disclose financial terms, but multiple outlets reported Bogaerts will earn the $12 million in 2019 he was already scheduled to make and $20 million in each of the next six years. There is also a vesting option for 2026 for another $20 million.

Bogaerts, 26, is in his seventh season with the Red Sox. An All-Star in 2016 who won World Series championships with Boston in 2013 and 2018, he batted .288 with a career-high 23 homers and 103 RBIs last season.

— Cleveland Indians All-Star shortstop Francisco Lindor was scheduled to meet with Dr. Robert Anderson in Green Bay, Wis., for a second opinion on his injured ankle.

Lindor still was recovering from a moderate right calf strain that he suffered on Feb. 6 when he sustained an acute left ankle sprain in a game at the Indians’ minor league camp in Goodyear, Ariz., last Tuesday.

The team’s medical staff recommended the appointment with Anderson, manager Terry Francona said.

–The Colorado Rockies placed infielder Daniel Murphy on the 10-day injured list with an avulsion fracture in his left index finger.

Murphy, who was playing first base, was injured when his hand jammed awkwardly into the dirt while fielding a ball in the fourth inning of Friday night’s 6-1 win against the Miami Marlins.

He remained in the game and collected a hit in the ninth inning — his first with the Rockies — but an X-ray on Saturday revealed the fracture. He was scheduled to visit a hand specialist on Monday.

–The Tampa Bay Rays placed Joey Wendle on the 10-day injured list and recalled fellow infielder Christian Arroyo from Triple-A Durham.

Wendle injured his left hamstring while covering second base on a steal attempt during the sixth inning of Sunday’s game against the Houston Astros. Pinch hitter Brandon Lowe batted for Wendle in the bottom of the inning.

Wendle, 28, is hitless in seven at-bats this season. In 2018, he batted .300 with seven homers, 61 RBIs and 16 stolen bases in 139 games. Arroyo batted .264 in 53 at-bats with the Rays last season.

–Field Level Media

Source: OANN

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Woodward: FBI, CIA Reliance on ‘Garbage’ Steele Dossier ‘Needs to Be Investigated’

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Source: InfoWars

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Powell gets the heat, but all Trump Fed appointees backed rate hikes

FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington
FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File Photo

April 4, 2019

By Howard Schneider

WASHINGTON (Reuters) – U.S. President Donald Trump may feel he is “stuck” with Federal Reserve Chairman Jerome Powell, whom he has blasted for engineering four interest rate hikes since Trump appointed him, but none of Trump’s other Fed appointees has stood in the way of the tightening campaign and at least one has said even higher rates may be necessary.

The voting records and public statements of Trump’s Fed appointees, who now form a solid majority of the Fed’s Washington-based board of governors, show not only consensus around the recent increases, but no support so far for the rate cuts Trump has demanded.

A possible upcoming nominee to the Fed, economic commentator Stephen Moore, has said he agrees with Trump that rates should be cut and had earlier called for Powell’s ouster. Trump has mulled whether he could fire Powell, but in a March 8 phone call, reported by the Wall Street Journal, acknowledged he was “stuck” with the Fed chair for Powell’s full four-year term that runs to February 2022.

If Moore does take a seat alongside Trump’s appointees at the Fed, at this point he would be the outlier.

“I am comfortable with the current stance of our policy,” Trump’s newest appointee, Fed Governor Michelle Bowman, said in February in her only comments about monetary policy to date.

Bowman joined the Fed in November, when the administration was growing agitated about rising volatility in financial markets. She voted for the December rate increase that has become a particular target of Trump’s ire and point of blame for, in his view, holding back the economy.

The White House on Tuesday announced Bowman would be renominated for a full 14-year term to follow the end next January of the short, partial term she was appointed to fill.

Trump’s hand-picked vice chair, Richard Clarida, voted for the December increase and the one before it in September, which was approved shortly after he joined the Fed board.

Randal Quarles, who was the first appointment Trump made to the Fed as his presidency took shape in 2017, voted for five rates hikes from December of that year to December 2018, and his most recent comments show the wide and sometimes paradoxical gap between the president’s view of what the Fed should be doing, and those of the people he has chosen to oversee the central bank.

In what amounted to a bullish defense of where the economy is heading, Quarles last week said in fact that rates may need to move higher precisely because Trump’s tax cuts and policies may produce a “persistent” boost to productivity and growth.

“Further increases in the policy rate may be necessary at some point, a stance I believe is consistent with my optimistic view of the economy’s growth potential and momentum,” Quarles said in remarks at the Manhattan Institute last week.

For now the Fed intends to hold rates steady, a position it reached both as Trump publicly called for a halt to rate increases, but also – and what Fed officials say mattered to them – as economic and financial data globally indicated a broad slowdown from the faster-than-expected growth of 2018.

Trump blames the weaker data on what he called in a tweet on Thursday the Fed’s ‘destructive’ rate hikes. Others see a number of causes, including Trump’s trade policies, and feel growth is likely to continue though at a tepid pace.

“We had this synchronized acceleration of growth a couple of years ago. Now it is synchronized deceleration and a slowing momentum across the spectrum,” International Monetary Fund Managing Director Christine Lagarde said in Washington on Tuesday. “Nobody wins a trade war.”

RULE BY CONSENSUS

Unanimity among Fed board members is largely the norm. The Fed strives to be a consensus-driven organization, led, but not dictated to, by a chair whose job is to canvas and shape opinion among as many as 18 other policymakers split between the seven-member board based in Washington and 12 regional bank heads.

The regional bankers, five of whom each year have a formal vote on interest rates even as all 12 participate in Fed debates, are part of a now century-old system meant precisely to guard against too much power residing with the board and the chair in Washington.

There are currently two open board seats.

Even as Fed officials have begun to speak more frequently and openly in public, formal dissents against any given policy action have in general declined since the 1970s. The last one by a board member was in 2005 by then Governor Mark Olson against a rate increase.

But that doesn’t necessarily mean conformity inside the room when the Federal Open Market Committee meets every six weeks. Opposition to some of the extraordinary policies put in place to fight the 2007 to 2009 financial crisis, for example, led former Governor Kevin Warsh to resign even though he never dissented, maintaining a unified face for the Fed during a treacherous time.

Yet with the current group of appointees there is little sense of the sort of behind-the-scenes warfare that occurred, for example, when a group of governors tried to revolt against the recession-inducing steps pushed by 1980s-era Fed Chairman Paul Volcker to curb runaway inflation.

Transcripts of recent Fed meetings won’t be released for five years, but the summary minutes of sessions last fall show the central bank sifting through data, coming to grips with developing risks, and shifting their stance as a result.

By January, “all participants expressed the view that it would be appropriate for the Committee to maintain” the existing interest rate, the minutes stated.

“Several” said continued growth might warrant higher rates eventually.

There was no mention of support for a rate cut.

(Reporting by Howard Schneider; Editing by Dan Burns and Andrea Ricci)

Source: OANN

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Ex-Obama Border Patrol chief supports idea of sending migrant detainees to sanctuary cities

Mark Morgan, former Border Patrol chief under President Obama, said Monday he supports an idea floated by President Donald Trump to send immigrants from the border to sanctuary cities.

“Congress has failed to do their job. Make no mistake, they could have prevented this (border crisis) and they failed to do so and then every time this current administration tries to come up with an option, they shoot it down. Well, I haven't heard any options from them,” Morgan said on “America’s Newsroom” Monday. “I've been there. The border patrol, ICE, their facilities are overwhelmed, the faith-based organizations and other non-governmental organizations are overwhelmed. They have no choice. They’re going to have to start pushing these individuals out. Shouldn't we kind of share the burden throughout the country?”

SANDERS: PLAN TO SEND ILLEGAL IMMIGRANTS TO SANCTUARY CITIES UNDER 'THOROUGH' REVIEW

White House Press Secretary Sarah Sanders confirmed to "Fox News Sunday" that President Trump's prospective plan to send illegal immigrants to sanctuary cities is undergoing a "complete and thorough review," days after Democrats, who have fought to protect illegal immigrants from federal authorities, characterized the possible move as a dangerous stunt.

"Nobody thinks that this is the ideal solution," Sanders said Sunday. "But until we can fix the crisis at the border, we have to look at all options. This is one of them. Whether or not it moves forward -- that’s yet to be determined.”

The Democratic Chairman of the Homeland Security Committee Bennie Thompson, D-Miss., is a critic of this option and the White House's description of what is happening at the border.

“This is again his manufactured chaos that he’s (President Trump) created over the last two years on the border,” said Thompson.

He added, “Before Donald Trump took office, we had a situation that was manageable. We had spikes, but it also went down. But what we have now is a constant pushing of the system so that it doesn't work.”

OBAMA'S BORDER CHIEF WARNS CONGRESS: IMMIGRATION CRISIS 'AT A MAGNITUDE NEVER SEEN IN MODERN TIMES'

Morgan, who served in the last six months of the Obama administration and a seemingly unlikely source of support for President Trump, said in response, “I’m here and I've broken my silence for one reason:  because it’s fact.”

He added, “What the president is saying and what they're trying to do as far as the policy goes, it’s based on reality and fact and I know that because he’s listening to the experts. Not political pundits, not talking heads, he is listening to experts. Anyone who says this a manufactured crisis is absolutely misleading the American people.”

CLICK HERE TO GET THE FOX NEWS APP

Morgan then added there are “some questions of legality” as well as “some issues with logistics” with Trump's prospective plan.

“To be intellectually honest, to pull this off would be a challenge logistically,” Morgan said. “But again, if you look at the facts right now, almost a 400 percent increase from this time last year. We're looking at over 100,000 (illegal immigrants) coming in this month, 4,000 to 5,000 a day. The inn is full all along the southwest border. So where are we going to transport and place these individuals that our loopholes allow them in? Something’s got to change.”

Source: Fox News Politics

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NBA roundup: Nuggets, Raptors even series

NBA: Playoffs-San Antonio Spurs at Denver Nuggets
Apr 16, 2019; Denver, CO, USA; Denver Nuggets head coach Michael Malone reacts with guard Jamal Murray (27) in the fourth quarter against the San Antonio Spurs in game two of the first round of the 2019 NBA Playoffs at the Pepsi Center. Mandatory Credit: Isaiah J. Downing-USA TODAY Sports

April 17, 2019

Jamal Murray scored 21 of his 24 points in the fourth quarter, and the host Denver Nuggets rallied from down 19 to beat the San Antonio Spurs 114-105 in Game 2 of their Western Conference first-round playoff series on Tuesday night.

Nikola Jokic had 21 points, 13 rebounds and eight assists, Gary Harris scored 23 points, and Paul Millsap had 20 points for Denver. The Nuggets tied the series 1-1 and ended San Antonio’s seven-game playoff winning streak in Denver.

DeMar DeRozan scored 31 points and LaMarcus Aldridge had 24 points for the Spurs.

Murray, who missed his first eight shots, hit five consecutive shots in the fourth quarter, including two straight and a pair of free throws that gave Denver a 99-97 lead, its first advantage since 17-16. The Nuggets were ahead by three before Murray drained two 3-pointers to make it 110-101.

Raptors 111, Magic 82

Kawhi Leonard scored 37 points on 15-for-22 shooting from the field, and Toronto defeated visiting Orlando to even its first-round Eastern Conference playoff series at one game apiece.

Pascal Siakam added 19 points and 10 rebounds for the Raptors, who never trailed. Kyle Lowry contributed 22 points and seven assists for Toronto while Serge Ibaka chipped in with 13 points and eight rebounds off the bench.

Aaron Gordon scored 20 points for the Magic, who split the regular-season series 2-2 with the Raptors. Terrence Ross added 15 points for Orlando while Evan Fournier scored 10 points.

–Field Level Media

Source: OANN

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Avengers fans gather at the TCL Chinese Theatre in Hollywood to attend the opening screening of
Avengers fans gather at the TCL Chinese Theatre in Hollywood to attend the opening screening of “Avengers: Endgame” in Los Angeles, California, U.S., April 25, 2019. REUTERS/Mike Blake

April 26, 2019

LOS ANGELES (Reuters) – Marvel Studios superhero spectacle “Avengers: Endgame” hauled in a record $60 million at U.S. and Canadian box offices during its Thursday night debut, distributor Walt Disney Co said.

Global ticket sales for the film about Iron Man, Hulk and other popular characters reached $305 million for the first two days, Disney said.

(Reporting by Lisa Richwine; Editing by Chizu Nomiyama)

Source: OANN

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Funeral of journalist Lyra McKee in Belfast
Labour Party leader Jeremy Corbyn attends the funeral service for murdered journalist Lyra McKee at St Anne’s Cathedral in Belfast, Northern Ireland April 24, 2019. Brian Lawless/Pool via REUTERS

April 26, 2019

LONDON (Reuters) – The leader of Britain’s opposition Labour Party, Jeremy Corbyn, said on Friday he had turned down an invitation to a state dinner which will be part of U.S. President Donald Trump’s visit to Britain in June.

“Theresa May should not be rolling out the red carpet for a state visit to honor a president who rips up vital international treaties, backs climate change denial and uses racist and misogynist rhetoric,” Corbyn said in a statement.

He said maintaining the relationship with the United States did not require “the pomp and ceremony of a state visit” and he said he would welcome a meeting with Trump “to discuss all matters of interest.”

(Reporting by Andy Bruce; Writing by William Schomberg)

Source: OANN

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Libyan Minister of Economy Ali Abdulaziz Issawi speaks during an interview with Reuters in Tripoli
Libyan Minister of Economy Ali Abdulaziz Issawi speaks during an interview with Reuters in Tripoli, Libya April 25, 2019. REUTERS/Hani Amara

April 26, 2019

By Ulf Laessing

TRIPOLI (Reuters) – Libya’s U.N.-recognized government has budgeted up to 2 billion dinars ($1.43 billion) to cover costs of a three-week-old war for control of the capital, such as treatment for the wounded, to be funded without new borrowing, the economy minister said.

Ali Abdulaziz Issawi suggested the government hoped for business to continue more or less as usual despite the assault on Tripoli, in the country’s northwest, by forces tied to a parallel administration based in the eastern city of Benghazi.

Once Africa’s third largest producer of oil, Libya has been riven by factional conflict since the fall of Muammar Gaddafi in 2011, with the country now broadly split between eastern-based forces under Khalifa Haftar and the U.N.-backed government in Tripoli, in the west, under Prime Minister Fayez al-Serraj.

Still, with Haftar’s Libyan National Army forces unable so far to pierce defenses in Tripoli’s southern suburbs, normal life and business activities continue in much of the capital and western coastal towns.

Issawi, in an interview with Reuters in his Tripoli office, also said Libya’s commercial ports and wheat imports were still functioning normally, although some roads have been blocked.

He said the Serraj government estimates it will spend up to 2 billion dinars extra on medical treatment for wounded, aid for displaced people and other “emergency” war costs.

He said this was not military spending but analysts believe that the sum will also cover expenditures such as pay for allied armed groups or food for fighters.

“We could actually spend less,” he added, in comments that gave the first insight into the economic impact of the fighting.

Issawi said the Tripoli government, which controls little territory beyond the greater capital region, would not incur new debt to fund the war costs, sticking to a plan to post a 2019 budget without a deficit.

Tripoli derives revenue largely from oil and natural gas production, interest-free loans from local banks to the central bank, and a 183 percent surcharge on foreign exchange transactions conducted at official rates.

But with centralized tax collection greatly diminished, public debt has piled up – to 68 billion dinars in the west, including unpaid state obligations such as social insurance.

Some analysts expect Serraj’s government will be forced to raise new debt if the war for control of Tripoli drags on.

With much of Libya dominated by armed factions that also act as security forces, the public wage bill for both the western and eastern administrations has soared as fighters have been made public employees in efforts to buy their loyalty.

The east has sold bonds worth 35 billion dinars outside the official financial system as the Tripoli central bank does not fund the parallel government apart from some wages.

Despite its limited reach, the Tripoli government still runs an annual budget of around 46.8 billion dinars, mainly for public salaries and fuel subsidies.

“This year we cannot finance via debt…we will not borrow (by agreement with the central bank),” Issawi said.

According to International Monetary Fund data, Libya’s central government debt-to-GDP ratio is 143 percent, making it one of the most heavily indebted in the world on that measure.

Issawi declined to say what parts of the budget would be trimmed to support the extra outlay for war costs.

However, with some 70 percent of the budget allocated to public wages, fuel subsidies and other welfare benefits, a portion devoted to infrastructure is most likely to be axed.

Widespread lawlessness has meant there have been no major infrastructural projects since 2011, when a NATO-backed uprising overthrew dictator Muammar Gaddafi, leaving schools, hospitals and roads in acute need of restoration.

FOREX SURCHARGE

Issawi said the government planned to raise as much as 30 billion dinars by the end of 2019 from hard currency deals after imposing in September a 183 percent surcharge on commercial and private transactions done on the official rate of 1.4 to the U.S. dollar. That fee has effectively devalued the official rate to 3.9, much closer to the black market equivalent.

Some 17 billion dinars have been raised since then, with hard currency allocated for import credit letters now issued without delays, Issawi said. The forex fee has helped the government forecast a budget in the black for 2019.

Despite the narrowing spread between the two rates, the black market continues to thrive. Dozens of traders remained at their favorite spot behind the central bank headquarters in Tripoli when Reuters reporters visited it last week.

But traders said it could take time for the Serraj government to register the extra forex receipts as official banking channels were taking up to six months to approve import financing, keeping the black market in play for dealers.

Issawi said authorities planned to lower the forex fee from 183 percent, without saying when. The black market rate has dropped from 6 to around 4.1 since September but it has hardly moved of late as demand for black market cash remains high.

The Tripoli government has stopped subsidizing food and bread, which used to be cheaper than drinking water in Libya. Wheat imports are now being arranged by private traders and there are surplus stocks of flour at the moment, Issawi said.

(Reporting by Ulf Laessing in Tripoli with additional reporting by Karin Strohecker in London; Editing by Mark Heinrich)

Source: OANN

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Rep. Gerry Connolly, D-Va., threatened possible jail time for White House officials refusing to comply with subpoenas to testify before the House Oversight Committee.

Connolly, a member of the House panel, made his comments during an interview on CNN on Thursday. He said that “if a subpoena is issued and you’re told you must testify, we will back that up.”

He added: “And we will use any and all power in our command to make sure it’s backed up — whether that’s a contempt citation, whether that’s going to court and getting that citation enforced, whether it’s fines, whether it’s possible incarceration.”

“We will go to the max to enforce the constitutional role of the legislative branch of government.”

His comments came after three officials have refused to comply with congressional requests to testify, CNN noted.

Trump told The Washington Post that his staff should not testify on Capitol Hill, explaining that the White House cooperated fully with special counsel Robert Mueller and “there is no reason to go any further, especially in Congress where it’s very partisan.”

Source: NewsMax Politics

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“Outdated laws” need fixing to deal with the surge in illegal immigrant families crossing the U.S. border with Mexico, a top Border Patrol official said Friday.

Migrant families face no consequences if apprehended trying to cross the border illegally under present law, Border Patrol chief of Operations Brian Hastings claimed during an appearance on “Fox & Friends.”

“We need a change in the current outdated laws that we’re dealing with for this current demographic and this crisis that we have,” he said.

Hastings said as of Thursday there have been 440,000 apprehensions along the southwest border. There were 396,000 apprehensions all of last year.

SOUTHERN BORDER AT ‘BREAKING POINT’ AFTER MORE THAN 76,000 ILLEGAL IMMIGRANTS TRIED CROSSING IN FEBRUARY, OFFICIALS SAY

And those numbers continue to rise, he said.

Historically 70 to 90 percent of apprehensions at the border were quickly returned to Mexico, Hastings said.

Now, 83 percent of those apprehended have come from the Central American northern triangle which includes Guatemala, El Salvador, and Honduras, and of those 63 percent are “family units” and children who cannot be returned, he said.

“There are no consequences that we can apply to this group currently,” Hastings said. “We’re overwhelmed. If you look at agents there doing a tremendous job trying to deal with the flow.”

The law dictates children have to be released after 20 days of detention.

FLORIDA SHERIFF ON BORDER CRISIS AFTER MAJOR DRUG BUST: ‘IT MAKES ME ABSOLUTELY CRAZY’

Sen. Lindsey Graham, R-S.C., says that has forced immigration officials to release entire families because “you don’t want to separate families.”

Recently, he said he is drafting legislation that would allow children to be detained for more than 20 days.

Hastings said agents are frustrated with the situation but are doing the best they can with the resources they have.

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“Up to 40 percent of our agents are processing at any given time,” he said. “That should say that in and of itself is pulling from those border security resources.”

Source: Fox News National

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