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in Europe

 Zelenskyy Voices Fear Over Continuity Of Military Support To Ukraine

Comfort Ampomaaby Comfort Ampomaa
October 11, 2023
Reading Time: 4 mins read
Ukraine Delegation Arrives In Istanbul For Second Round Of Talks With Russian Officials

Volodymyr Zelenskyy, Ukrainian President.

The Ukrainian President, Volodymyr Zelenskyy has admitted that he fears that the aftermath of the Israel-Hamas war and U.S politics, could threaten military support for his country.

This came as he visited Brussels where NATO Defence Ministers met earlier on Wednesday, October 11, 2023.

Speaking to reporters at the Belgian parliament, Zelenskyy said, “I want to be honest with you, of course it is a dangerous situation for people in Ukraine.”

“If there are other tragedies in the world, there is only a certain amount of military support to share, and Russia hopes that support will be divided.

“There will be challenges with the American elections, and I talked to our partners and they said the support will stay, but who can tell that the support will stay, nobody knows.”

Volodymyr Zelenskyy

Prior to this, Zelenskyy met with Prime Minister of Belgium, Alexander De Croo.

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In a joint press conference with the Belgian Prime Minister after their meeting, Zelenskyy thanked Belgians, the government and personally to Alexander De Croo for the security, political, humanitarian and economic assistance provided to Ukraine.

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Volodymyr Zelenskyy, President of Ukraine, speaks at a press conference with Prime Minister of Belgium, Alexander De Croo.

Zelenskyy disclosed that during the meeting, they discussed political, economic and defense cooperation.

He also lauded Belgium’s decision to provide Ukraine with F-16 fighters, adding, “In 2025, the aircraft will be delivered from Belgium.”

Additionally, Zelenskyy emphasized that Belgium supports Ukraine’s integration into the EU and NATO, as well as the implementation of the Ukrainian Peace Formula.

The two leaders also discussed the work on freezing Russian assets and the possibility of using them now to compensate for the damage caused to Ukraine by the aggression.

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De Croo announced that Belgium was establishing a €1.7 billion Ukrainian fund. According to him, the source of the Ukrainian fund will be Russian assets frozen in Belgium.

Income tax revenues from these assets will be used to help Ukraine and its citizens.

Moreover, it was revealed that Zelenskyy and De Croo discussed the preparation of a new package of sanctions against Russia and the prevention of circumvention of the restrictions already imposed.

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“Today we talked about the introduction by Belgium of a certification procedure that would prevent diamonds coming from Russia from entering the world markets bypassing sanctions. Mr. Prime Minister, I am grateful to you for this decision and for all the support provided.”

Volodymyr Zelenskyy

Russian Diamond Ban To Be Enforced Next Year

3b44e444b261f004c8f6f5c9cb2023a0 1697025984 wysiwyg
Prime Minister of Belgium, Alexander De Croo(right) speaks at a press conference with President of Ukraine, Volodymyr Zelenskyy.

On his part, De Croo disclosed that the ban on “blood diamonds” is expected to come into force on January 1, 2024.

An estimated 90% of the world’s diamonds pass through the port city of Antwerp so Belgian support for the ban is essential.

The government has faced industry pressure not to support the embargo on diamonds from Russia, with warnings from producers that any sanctions would just divert the valuable trade from Antwerp to Dubai.

De Croo remarked, “As you know Belgium plays an important role in the diamond trade. And what you want is to cut off Russian dominance completely from our retail markets.”

“If you only do it on the wholesale markets, then it will be traded to other diamond centers in the world and we will still have it in our shops, and it would make no difference for Russia.

“This full traceability and this full banning on the retail markets is the only way to make sure that Russia is not financing the war anymore with those diamonds.”

Alexander De Croo

“We are doing [this] together with the EU and the G7 and we are very close to finalising such a full traceability system,” he added.

Efforts to prevent the diamond supply have been difficult due to Russia’s ability to circumvent sanctions.

READ ALSO: Gaza’s Sole Power Plant Out Of Service

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Tags: Alexander De CrooIsrael-Hamas warmilitary aidNATO Defence MinistersRussian diamondsVolodymyr Zelenskyy
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Unlike previous periods where earnings were significantly supported by impairment recoveries, CalBank's latest results demonstrate that its profitability is now being powered largely by the strength of its underlying banking business. Core Banking Business Drives Exceptional Earnings One of the biggest highlights of the first half performance was the remarkable growth in net interest income, which surged by 83 percent to GHS347.5 million. The increase came despite a relatively lower interest rate environment. Interest income rose from GHS399 million to GHS451.5 million as the bank continued expanding its earning assets. At the same time, funding costs fell sharply, with interest expenses dropping from GHS209 million to GHS104 million. This significant reduction in funding costs improved the bank's profitability and demonstrated stronger balance sheet management. CalBank also recorded exceptional growth from non interest income sources as it continued diversifying its revenue streams. Net fees, commissions, and trading income almost doubled, rising by 99 percent to GHS323.3 million from GHS162.7 million during the same period last year. The strong performance reflects increased customer activity across the bank's retail, commercial, and corporate banking segments. The diversified earnings profile places CalBank in a stronger position to withstand changing market conditions while maintaining sustainable profitability. Stronger Earnings Quality Boosts Investor Confidence Perhaps the most significant aspect of CalBank's results is the improved quality of its earnings. During the first half of 2025, impairment recoveries contributed approximately GHS154 million to profits. However, in the latest reporting period, impairment gains accounted for only GHS7 million. This means the overwhelming majority of profits were generated through normal banking operations rather than one off recoveries. The shift highlights the success of management's transformation strategy and provides greater confidence that future earnings will remain sustainable. Industry analysts often view recurring operating income as a stronger indicator of long term financial health than exceptional gains. Assets and Deposits Record Strong Expansion CalBank also recorded significant growth in its balance sheet during the period. Total assets expanded by 30 percent to GHS13.9 billion from GHS10.7 billion recorded at the end of June 2025. Customer deposits increased by the same margin, rising to GHS10.9 billion. The growth in deposits reflects increasing customer confidence in the bank's brand, improved service delivery, and expanding retail and commercial banking operations. Higher deposits also provide the bank with a stable funding base to support future lending and business expansion. The figures reinforce CalBank's growing position within Ghana's competitive banking industry. Bad Loans Decline Dramatically One of the most remarkable achievements during the first half of the year was the dramatic improvement in asset quality. The bank's Non Performing Loan ratio dropped sharply to 10.10 percent from an exceptionally high 51.60 percent recorded at the end of June 2025. The improvement reflects the successful execution of CalBank's balance sheet remediation programme and disciplined credit risk management practices. A healthier loan portfolio reduces future credit losses while creating additional room for prudent loan growth. The significant decline in bad loans also strengthens investor confidence and enhances the bank's overall financial stability. Capital Position Strengthens After Recapitalisation Following its successful recapitalisation in 2025, CalBank has continued strengthening its financial foundation. Its Capital Adequacy Ratio improved dramatically to 18.17 percent from a negative 7.6 percent recorded a year earlier. 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Mr. Asem stressed that the latest earnings were driven by the strength of the bank's underlying operations rather than one time recoveries, reinforcing the quality and sustainability of the results. Looking ahead, he expressed confidence that the momentum built during the first half would enable CalBank to deliver an even stronger performance during the remainder of 2026. Management says the bank remains committed to disciplined execution of its strategic priorities, strengthening customer relationships, maintaining prudent risk management, and creating sustainable long term value for shareholders. CalBank's Transformation Continues to Deliver CalBank's latest financial performance paints the picture of a bank that has successfully rebuilt its foundations and is entering a new phase of sustainable growth. With rising profits, stronger capital, expanding customer deposits, healthier assets, and significantly lower bad loans, the bank appears well positioned to compete aggressively within Ghana's banking sector. As economic conditions continue to improve, CalBank's focus on operational excellence and disciplined execution could make 2026 one of the strongest years in the institution's recent history. READ ALSO: GSE Opens Week with Explosive Trading Activity CalBank Profit Soars 25% to GHS353.6 Million in Strong First Half Performance

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