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by Mokastana » Fri Sep 22, 2017 7:58 pm
24th ANNUAL PARLIAMENT OF THE PEOPLE'S UNIFIED FEDERATION
TOTAL SEATS: 299 Seats (300 Seats)
(Former Seats in italics)
The People’s Party(ARP): 67 Seats (72 Seats)
Liberal Party (OLP): 32 Seats (38 Seats)
New Conservative Party(COP): 51 Seats (51 Seats)
Socialist Worker's Party(SWP): 58 Seats (55 Seats)
Protectorate Party(PRP): 27 Seats (27 Seats)
Iron Hearts Party(IHP): 19 Seats (18 Seats)
Liberator Party(LBP): 12 Seats (15 Seats)
Royalists Party(RAP): 25 Seats (24 Seats)
24th ANNUAL SENATE OF THE PEOPLE'S UNIFIED FEDERATION
TOTAL SEATS: 220 Seats (205 Seats)
(Former Seats in italics)
The People’s Party(ARP): 62 Seats (50 Seats)
Liberal Party (OLP): 21 Seats (20 Seats)
New Conservative Party(COP): 46 Seats (38 Seats)
Socialist Worker's Party(SWP): 42 Seats (40 Seats)
Protectorate Party(PRP): 20 Seats (15 Seats)
Iron Hearts Party(IHP): 19 Seats (18 Seats)
Liberator Party(LBP): 17 Seats (20 Seats)
Royalists Party(RAP): 3 Seats (4 Seats)
Zapatista Party(ZPA): 2 Seats (0 Seats)
- Six Year Term
- Run off Voting method
FINAL RESULTS: Ben Rodriguez of the People's Party wins with 413.73 Million Votes!
- Four Year Term
- Run off Voting method
FINAL RESULTS: Pedro Alverez of the People's Party wins with 27.42 Million Votes!
- Four Year Term
- Run off Voting method
FINAL RESULTS: TO BE DETERMINED
- Six Year Term
- Run off Voting method
FINAL RESULTS: Emilio Lomengo of the Conservative Party wins with 25.1 Million Votes!
- Five Year Term
- First Past the Post Voting method
FINAL RESULTS: Current Conservative Coalition now holds 75 of 150 seats in Parliament, expecting new Conservative Prime Minister
by Morrdh » Wed Oct 04, 2017 2:01 pm
by Potthan » Thu Oct 05, 2017 8:15 am
by Morrdh » Fri Oct 06, 2017 2:00 pm
by Imbrinium » Fri Oct 06, 2017 4:11 pm
by Morrdh » Sat Oct 07, 2017 9:56 am
by Bluepeace » Tue Oct 10, 2017 7:52 pm
by Yohannes » Wed Oct 11, 2017 10:48 pm
Monthly Report to Parliament — Economic Summary: Subject to the Members of Assembly
Monthly Report 2017 — Economic Summary -- An excerpt from the two hundred and thirtieth parliamentary hansard: Monday, 16 October 2017 — Volume 951; October Economic Summary — Subject to the Ministers of the Executive Council, Emperor, and Realm.
Monthly Overview — October 2017
Published under the authority of the Electoral College and Parliament — 2017
The Monthly Report 2017 — Economic Summary is a monthly summary of the nineteen countries economy. It includes the latest important economic data, e.g., gross domestic product (GDP) growth; nation state inflation; people not working; the difference between imports and exports; and the difference in total value between payments into and out of the nineteen countries. It can also include other financial data, e.g., Economic Palace’s imperial cash rate. Some relevant data from our main trading partners — e.g., Knootoss, Lamoni, and Mokastana, amongst others — and either one of the two largest economies in the international community of regions and nation states —i.e., Maxtopia or Bigtopia — can also be used as economic datum.
Economic expansion [+] 0.247% Monthly gross domestic product growth People not working [-] 0.083% Monthly movement of unemployment rate Monetary policy [+] 0.041% Monthly inflation change Nation state surplus [+] $71.3b Monthly current account surplus change Imperial cash rate [-] 0.020% Monthly short-term bill of exchange movement
Office of Chief Economist point of view
For the last quarter of 2017 the economy is forecast to expand less in comparison to first and second quarters, which showed that output was affected by less import from trading partners in The East Pacific region for the first half of 2017. This is because of worrying outlook in certain overseas regions and nation states in the face of increasing aggression and gunboat diplomacy by expanding militaristic organisations and those opposing organisations — SACTO as one example and DEUN the other.
Participants of Economic Palace Monthly Polling think that economic growth for the September fiscal quarter will rest at 0.74 per cent. Citizen sector manufacturing and services index shows stable level correlating well with growth found in our finance and banking, machinery, semiconductor, and shipbuilding sectors. Monthly surveys conducted show the willingness of businesses to employ more people in comparison to June fiscal quarter. The Chair of the Board of Governors of Economic Palace has said that whilst she is prepared to slash imperial cash rate further in the first half of 2018, quote, the nation state must prepare for a hike in imperial cash rate in the second half of 2018. I personally want to urge mum and dad first homeowners to think very carefully before choosing to buy any particular property for the next two years; and for first time business owners to think properly before expanding assets, unquote.
Recent statistics
The Quertz russling continues to appreciate against the NationStates Dollar [or Universal Standard Dollar], climbing above 0.0121 NationStates Dollar in the September fiscal quarter. Economic Palace recorded that the last time the Quertz russling reached this level against the NationStates Dollar was in April 2012. The Federal Reserve System of the Empire of Maxtopia has more or less kept its discount rate steady since 2015, hovering from 1.75 per cent to 1.95 per cent. In case any downward movement of the Maxtopian economy will result in the Fed slashing its rate, the Economic Palace will attempt to avoid substantially increasing imperial cash rate further until at least the second half of 2018.
Gross domestic product grew in 15 Yohannesian countries in this quarter according to the Bank of Yohannes Empire-Wide Growth report. The Government of the Grand Duchy of Dali again recorded the highest quarterly contraction at [negative] 1.9 per cent, followed by the Government of the Kingdom of Burmecia at [negative] 1.3 per cent; the Crescent City Council at [negative] 0.7 per cent, and the Government of the Duchy of Blomgren at [negative] 0.1 per cent.
The ratio of index of the nineteen countries’ export prices to the index of its import prices is forecast to slightly decrease from its highest recorded level of growth — in five years — last month. In this monthly forecast the ratio of import-export prices is expected to grow by 1.3 per cent in comparison to last month’s 1.7 per cent, which again was the highest recorded monthly increase in import-export prices ratio since the 2012 March fiscal quarter. Again, worrying outlook in certain overseas regions and nation states in the face of increasing aggression and gunboat diplomacy by expanding militaristic organisations and those opposing organisations — SACTO as one example and DEUN the other — has led to slightly lower semiconductor and electronic component manufacturing prices in some nation states and certain regions overseas. Merkel Rothsdad Equal Weight Commodity Index has shown a downward trend of 0.2 per cent for the first two weeks of October so far. Continental Dry Index however has shown a very slight increase to reflect acceptable operating costs of fuel, crews, and vessels, and just slightly higher demand for merchant vessels in our trading partners.
Taking into account World Assembly’s trade-weighted effective exchange rate index, this nation state is doing well in comparison to nation states overseas affected by anarchy, chaos, and conflicts; i.e., They-who-must-not-be-named striking New Edom; intercontinental ballistic missile crisis in Puerto Colijito; the fearful stranglehold of religious extremism in Qaidi; religious revolution in Zukaristan; and anarchists rampage in Volkmacht, amongst many others unnamed here for reason of space.
Expansion of the economy
Background
According to Encyclopedia Maxtopia, the gross domestic product of a nation state is a monetary measure of the market value of all final goods and services produced in a period of time; reported commonly every quarter or year. In the nineteen countries, the most important way to track the state of the economy over the years is to check its real gross domestic product; that is, the value of economic output adjusted for price changes, i.e., inflation or deflation. The purpose of Parliament Analysis Archive’s Monthly Summary of the Economy is to allow foreign and World Assembly observers to conveniently track our empire-wide gross domestic product data and changes every month.
October 2017For the month of October, growth is forecast to be 0.247 per cent, 0.018 per cent less than September. The Office of the Chief Economist reiterates once again that this is due to output finally being affected by less import from trading partners in The East Pacific region for the first half of 2017. The amount of goods and services produced in the semiconductor industry is forecast to contract by 1.525 per cent as production of integrated circuits drop alongside base electrolytic capacitors and most optoelectronic components and devices. Semiconductor total exports are forecast to contract by 3.7 per cent by the end of October. Transducers, sensors, and detectors exports are forecast to contract by 1.45 per cent whilst those of electromechanical component exports by 1.035 per cent.
Gross domestic product 2017 Monthly GDP growth at current market prices Expenditure method $39.318 billion Per capita growth 0.071 per cent
Source: World Microcredit Foundation.
On Wednesday, 4 October, Export Industry Credit Administration (EICA) delivered its latest report on tradeable and non-tradeable sectors of the nineteen countries’ gross domestic product. In the nineteen countries, tradeable sectors are those industries delivering tradeable goods and services, i.e., producing machinery instead of building houses. Tradeable goods are also those goods facing foreign competition in the nineteen countries, i.e., products that can be imported, such as dairy products or everyday electrical components and machinery, amongst others. Tradeable industries export their products abroad. Non-tradeable goods are goods that do not face foreign competition in the nineteen countries. Non-tradeable can also be defined as something unproductive, i.e., investing in residential property instead of capital machinery and facilities for export. EICA forecast that tradeable activities in the economy is set to grow by 0.225 per cent in October, with non-tradeable growing by 0.269 per cent.
MiscellanyBank of Yohannes’ Consumer Discretionary Sector and Standard and Rich Chloe Jokes Indices’ S&R 200 Index both showed strong performance, and correlates well with forecast quantity of goods and services produced in October. The Bank of Yohannes summarised that, quote, gross domestic product growth in October is set to slow down from previous month’s high, with declining output in certain market vulnerable industries, e.g., automobiles, household durable goods, and textiles and clothing, amongst others, unquote.
Empire-Wide Growth Surveys September October Business Sentiment 63.9 59.0 Export Sales Volume 40.7 40.5
Source: BOY, Empire-Wide Growth Surveys.
Bank of Yohannes Empire-Wide Growth report highlighted growth in 15 Yohanesian countries in this quarter, with the Grand Duchy of Dali again showing highest quarterly contraction at [negative] 1.9 per cent, followed by the Kingdom of Burmecia at [negative] 1.3 per cent, the City State of Crescent at [negative] 0.7 per cent, and the Duchy of Blomgren at [negative] 0.1 per cent. Empire-wide, in the growing countries growth are registered at 4.25 per cent in total; with the Kingdom of Alexandria leading by increasing economic activities at 0.8 per cent, followed by the Regency of Lindblum at 0.5 per cent.
Point of view
Participants of Economic Palace Monthly Polling think that economic growth for the September fiscal quarter will rest at 0.74 per cent. Citizen sector manufacturing and services index shows stable level correlating well with growth found in our finance and banking, machinery, semiconductor, and shipbuilding sectors. Monthly surveys conducted show the willingness of businesses to employ more people in comparison to June fiscal quarter.
Chambers of Industry and Commerce Yohannes recently published its more downbeat forecast — a general agreement made by member Chambers to average their differing forecasts. It shows a somewhat more negative view on the economy as a result of the Greater Halsten property bubble and manufacturing decline in the heartland countries of Burmecia and Dali. The Chambers forecast a lower average monthly growth rate of 0.209 per cent in October. Export is predicted to slow down from previous figure last month, starting a downward trend until 2018 March fiscal quarter.
Economic expansion 2017 March fiscal quarter 2017 June fiscal quarter 2017 September fiscal quarter 2017 December fiscal quarter 2018 March fiscal quarter Quarterly 0.508 per cent 0.671 per cent 0.74 per cent 0.662 per cent 0.635 per cent
Source: Office of the Minister of Economy, Industry, and Trade.
Unemployment rate and workforce
Background
According to Encyclopedia Maxtopia, the unemployment rate is a measure of how many people are not working in a nation state and is calculated as a percentage by dividing the number of people not working with the number of people who are working or the workforce; and reported commonly every quarter or year. In the nineteen countries, the workforce is defined as those adults — that is, twenty years and over — who are either employed under either one of the following contracts: Casual, part-time temporary, part-time permanent, and full-time permanent.
In the nineteen countries, the workforce definition also includes those who are temporarily without jobs but are registered as those looking for jobs by relevant oganisations of the Executive Council (e.g., Work and Parenting Income and Vocational Education Authority) and those who are not employed under any of the above mentioned contract but are classified under either one the following categories: ‘Enterpreneurial’, ‘Investor’, and ‘Self-employed.’ Another purpose of Parliament Analysis Archive’s Monthly Summary of the Economy is to allow foreign and World Assembly observers to conveniently track our empire-wide unemployment and workforce data and changes every month.
October 2017In October, after accounting for seasonal adjustment, unemployment rate in the continent of Yohannes is forecast at 4.1 per cent; that is, there will be 15.5 million people registered as ‘unemployed’ by the end of October, out of a total population of 379 million, higher than originally forecast in February at 3.9 per cent, and is up 0.083 per cent from last month. Economic and Demographics Statistics Yohannes data showed that this is primarily caused by increasing participation rate but equally high net migration rate from non-Occidental nation states.
BOY business sentiment studies
(for the next two quarters) September October Will have more workers (per cent) 20.7 25.8 More people will lose jobs (per cent) 17.9 25.4
Source: Bank of Yohannes.
The workforce is forecast to increase by 0.467 per cent by the end of October, with marked increase identified in part-time temporary and full-time permanent contracts. Participation rate for adults — that is, twenty years and over — is set to increase by 0.417 per cent this month to reach 66.2 per cent, the highest level recorded since 2011 December fiscal quarter.
In the second and third quarters employment-to-population ratio increased by 1.713 per cent. For imperial citizens between the ages of twenty-eight to thirty-five, employment rate went up by 6.138 per cent since March; whilst for imperial citizens between the ages of fifty-six to seventy it went up by 5.496 per cent. Employment figures in the chemical, electrical engineering, machine tools, and optics industries indicate a rise of people working in these industries by 4.782 per cent since March. Employment in the steel and shipbuilding industries — mostly concentrated in the Kingdom of Burmecia and the Kingdom of Alexandria respectively — went down by 8.35 per cent; the highest recorded since the 1990 extended downturn.
Miscellany
Business sentiment studies indicated mixed results; more employers in October believe that the economy will expand in such a way as to allow them to hire more people; whilst and at the same time in comparison to last month more businesses believe that more people will lose jobs in certain market vulnerable industries.
Moogle Jobs and Employment — the two largest job vacancy and recruitment websites in the nineteen countries — have recorded a higher number of contracting, professional, and regular vacancy ads in the first two weeks of October when compared with the first two weeks of September. It corresponds with the Skilled Workforce and Labour Corporation’s Online Employment and Jobs Search September report, published to improve the number of universal apprenticeship, cadetship, and internship programmes in the nineteen countries by connecting small and medium-sized companies with skilled workforce and labour.
Nation state surplus
BackgroundNation state surplus (or deficit) can be gauged by looking at the difference in total value between payments into and out of that nation state, usually reported quarterly or yearly. A major part of that is the current account balance of the nation state, which is the difference between its investment, savings, and the difference between its imports and exports with the outside community of regions and nation states.
Yearly comparison October 2016 October 2017 Whole time equivalent average weekly earnings
(after tax deduction) $916.67 $902.10 Employment Cost Index movement +1.7 +1.4
Source: Office of Economic Analysis and Forecast.
October 2017
The current account balance of the nineteen countries in October is predicted to be a surplus smaller than originally forecast in February, predicted to reach 71.3 billion NSD by the end of this month; that is, equal to 0.45 per cent of GDP. This drop in surplus has been attributed to lower shipbuilding export and higher dairy product, oil, and raw material prices. Recent fluctuations in variable manufacturing costs can also be attributed to the lower than expected surplus.
Miscellany
The amount of imports that the nineteen countries can afford to purchase with its exports is expected to fall from previous high in September. In this monthly forecast the ratio of import-export is expected to grow by 1.3 per cent in comparison to last month’s 1.7 per cent, which again was the highest recorded monthly increase in import-export prices ratio since the 2012 March fiscal quarter. This was caused by higher semiconductor prices and increasing electrical component exports to Mokastana and Tekeristan, and a brief increase in both civilian and military shipbuilding exports to Caracasus, the Scandinvans, and Vangaziland, amongst others.
Point of view
Imperial Bureau of Economic Research’s monthly report forecast that nation state surplus will decline further to 67.4 billion NSD by end of November; equal to 0.43 per cent of GDP. Surplus is forecast to further decline consecutively over the next five fiscal quarters; to turn back up at the start of 2018 December fiscal quarter.
Current account balance 2017 March fiscal quarter 2017 June fiscal quarter 2017 September fiscal quarter 2017 December fiscal quarter 2018 March fiscal quarter Quarterly $174.225 billion $185.234 billion $199.98 billion $170.993 billion $286.436 billion Goods (yearly) $256.944 billion $239.976 billion $253.712 billion $261.186 billion $303.909 billion Services (yearly) $218.564 billion $220.988 billion $217.453 billion $225.735 billion $217.958 billion Investment (yearly) $314.413 billion $283.507 billion $298.253 billion $239.471 billion $299.465 billion Yearly total
(post-adjustment) $789.921 billion $744.471 billion $769.418 billion $726.392 billion $821.332 billion
Source: Office of Economic Analysis and Forecast.
Money matters
Background
The Nineteen Countries Trade Weighted Index (NCTWI) is derived from the original World Assembly’s trade weighted index; that is, an index measure of the value of the Quertz russling relative to other nation states’ currencies. Just like the Nineteen Countries Consumer Price Index (NCCPI), which is used as an economic indicator to measure inflation by tracking the price of commonly bought or essential goods and services, e.g., clothing, education, food, and transport services, amongst others, the Nineteen Countries Trade Weighted Index is used as an economic indicator to measure the worth of the Quertz russling by tracking the price of currencies of those nation states the nineteen countries commonly engage in commerce and trade with; weighting each currency with the volume of trade and gross domestic product of that currency’s nation state with the nineteen countries.
The Imperial Cash Rate (ICR) is the interest rate set by Economic Palace on overnight borrowing and lending between banking institutions of the citizen sector and Economic Palace. Economic Palace has regularly used the ICR as a tool to indirectly influence the direction of the economy and to ensure price stability. It also used the ICR to ensure that yearly inflation meets the Economic Palace’s explicit inflation rate target.
The Standard and Rich Chloe Jokes Indices’ S&R 200 Index is a share index of the 200 largest companies by market capitalisation in the nineteen countries. It is the leading stock market index in the nineteen countries, and is the official method used by parliament to measure the prosperity of businesses in the continent of Yohannes. The index is managed by Standard and Rich Incorporated and Chloe Jokes and Company.
October 2017In its recent report ‘An Assessment of Financial Stability in the Nineteen Countries: September 2017’, Economic Palace referenced the exorbitant levels of debt in the old industry sectors (i.e., coal, metallurgy, and steel) of heartland countries Bromgen, Burmecia, and Dali. Economic Palace warned that the debt-ridden coal and metallurgy industries of the Grand Duchy of Dali – with unemployment already rising by 1,300 to 459,000 in July, the highest figure recorded in ten years – are especially at risk to a fall in commodity prices or an increase in lending interest rates. Total debt in the mining sector as of the year ending September was 2.136 trillion NSD, with 1.127 trillion NSD of debt held by the Burmecian and Dalian mining sectors.
Fundamental imperial
government borrowing October 2017 (NS$) October 2017
(per cent of GDP) Gross debt issue 6.367 trillion 40.1
Source: Economic Palace.
The Quertz russling continues to appreciate against the NationStates Dollar [or Universal Standard Dollar], climbing above 0.0121 NationStates Dollar in the September fiscal quarter. Economic Palace recorded that the last time the Quertz russling reached this level against the NationStates Dollar was in April 2012. The Federal Reserve System of the Empire of Maxtopia has more or less kept its discount rate steady since 2015, hovering from 1.75 per cent to 1.95 per cent. In case any downward movement of the Maxtopian economy will result in the Fed slashing its rate, the Economic Palace will attempt to avoid substantially increasing imperial cash rate further until at least the second half of 2018. Standard and Rich Chloe Jokes Indices’ S&R 200 Index was averaged at 26,793.62 points last month, and started in October at 26,343.12 points.
Interest rates for short-term borrowings resumed its slight fall alongside interest rates for long-term borrowings, with monthly movement registered at 0.020 per cent. The Chair of the Board of Governors of Economic Palace has said that whilst she is prepared to slash imperial cash rate further if required to move future average inflation closer within target range in the first half of 2018, quote, the nation state must prepare for a hike in imperial cash rate in the second half of 2018. I personally want to urge mum and dad first homeowners to think very carefully before choosing to buy any particular property for the next two years; and for first time business owners to think properly before expanding assets, unquote.
Nation state inflation
Background
Nation state inflation is the movement in prices of goods and services in a nation state’s economy in a period of time; reported commonly every quarter or year. In the nineteen countries, ‘nation state inflation’ is computed by Economic and Demographics Statistics Yohannes’ Nineteen Countries Consumer Price Index (NCCPI), which is used as an economic indicator to measure inflation by tracking the price of commonly bought or essential goods and services, e.g., clothing, education, food, and transport services, amongst others.
October 2017NCCPI showed that consumer prices went up by 0.29 per cent last month, which contributed to an increase of 0.041 per cent in inflation. Increasing overseas energy and oil prices caused by disruption to Yohannesian shipping — i.e., spike in organised piracy and expanding DEUN and SACTO conflicts and gunboat diplomacy — and increasing importation of fruits and vegetables, dairy products, and raw materials — from Grays Harbor, Imbrinium and Lamoni — were some of the major causes to higher consumer prices. Oil prices went up by 1.833 per cent in September, reflected in the cost of a litre of Standard Unleaded 95 petrol; ranging from 2.21 NSD up to 2.25 NSD last month. Prices of fruits and vegetables went up by 6.5 per cent in September, with noticeable spike in the prices of the most popular items in our supermarkets, i.e., banana, broccoli, potato, and mushroom.
Monthly movement September October Market Valuation Corporation: Commercial property valuations 4.7 per cent 4.5 per cent Yohannesian Real Estate Society: Residential property valuation 5.5 per cent 5.0 per cent Food Commodity Groups Index 0.9 per cent 0.9 per cent
Source: Economic and Demographics Statistics Yohannes.
Taking into account the latest monthly inflation change, yearly inflation has just exceeded the Economic Palace’s explicit inflation rate target for the medium term of 0.5 to 1.5 per cent. Other major movers are alcohols and popular beverages, dairy products, and machine tools; increasing by 3.133 per cent, 1.233 per cent, and 0.833 per cent respectively.
Miscellany
Studies conducted by Bank of Yohannes showed that respondents are expecting an inflation of at least 2.0 per cent by the 2018 March fiscal quarter, which will far exceed current inflation rate target of the Economic Palace. Pessimism of respondents are caused by such things as pressures in the construction and semiconductor industries; with bodies such as the Association of Imperial Professional Engineers, Association of Yohannesian Architects and Architectural Technologists, and Builders Yohannes unanimously expecting an inflation of at least 2.3 per cent by the 2018 March fiscal quarter. It reflects inability of citizen sector to meet demand and increasing costs of property prices caused by high-net migration from non-occidental nation states.
Point of view
Imperial Bureau of Economic Research’s monthly report has forecast that nation state inflation will slowly increase to reach 2 per cent by the 2018 March fiscal quarter. It further predicts that nation state inflation will then go down to reach 1.8 per cent again by the 2018 June fiscal quarter. It is yet to be decided whether Economic Palace’s explicit inflation rate target will be adjusted to reflect these information.
Nation state inflation 2017 March fiscal quarter 2017 June fiscal quarter 2017 September fiscal quarter 2017 December fiscal quarter 2018 March fiscal quarter Nineteen Countries Consumer Price Index 0.73 per cent 0.85 per cent 0.87 per cent 0.83 per cent 0.79 per cent Tradeable goods and services index 0.69 per cent 0.78 per cent 0.79 per cent 0.60 per cent 1.21 per cent Non-tradeable goods and services index 0.41 per cent 0.43 per cent 0.41 per cent 0.42 per cent 0.47 per cent
Source: Office of the Minister of Economy, Industry, and Trade.
by Delmonte » Thu Oct 12, 2017 6:56 am
The Batorys wrote:The Delmontese like money, yeah, but they also like to throw down.
[b][color=#0000FF][background=red]United in Opposition to [url=http://forum.nationstates.net/viewtopic.php?t=303025]Liberate Haven[/url][/background][/color][/b]
[color=#FF0000][b]Mallorea and Riva should [url=http://forum.nationstates.net/viewtopic.php?f=16&t=303090]resign[/url][/b][/color]
by Yohannes » Sun Oct 15, 2017 5:06 pm
Annual Report to Parliament — Judicature Modernisation Summary: Subject to the Members of Assembly
Annual Report 2017 — Judicature Modernisation Summary -- An excerpt from the two hundred and thirtieth parliamentary hansard: Tuesday, 17 October 2017 — Volume 951; 2017 Judicature Overview — Subject to the Ministers of the Executive Council, Emperor, and Realm.
Yearly Overview — October 2017
Published under the authority of the Electoral College and Parliament — 2017
The Imperial Law Commission is an independent statutory entity formed by the tabling of the Imperial Law Commission Amendment Act 1990. Under section two, the Commission is a body corporate which enjoys perpetual succession and has a common seal. It is capable of acquiring, holding, and disposing of real and personal property and may enter into contracts, sue or be sued, and otherwise do and suffer all other acts and things body corporates and companies may do or suffer. The commission has one mission: To ensure the methodical yearly review and modernisation of the law of the nineteen countries.
The Annual Report — Judicature Modernisation for the year 2017 is a summary of judicature modernisation in the nineteen countries. It includes the latest reform on judicature practice, procedure, and structure. Released in October 2017, the purpose of this report is to summarise on the latest changes in practice and procedure of courts of the Unity Law in the nineteen countries. This report examined on the latest common affairs and matters concerning the highest court of the land: The Justices of the Peace of the Seven Highest Order.
Common affairs
Instructions
As of October 2017, the Law Commission reported that when a party has disputed a claim made in a civil court of the nineteen countries, the court will be obligated to hand ‘instructions’ — or court directions, in overseas jurisdictions — to the parties involved on the way they should prepare the case. A court of Unity Law may, concerning affairs raised by the parties involved, hand instructions as necessary to ensure the just and expeditious resolution of the affairs, including but not limited to deciding on the form of documents and papers to be filed in relation to the proceedings.[Note 1]
In cases where there are no procedures stipulated by the Rules of the Justices of the Peace of the Seven Highest Orders 2010, the court must discard the case, within the boundaries of practicability, taking into account the provisions of 2010 amendment rules concerning similar cases. Another option may be used where there are no such rules to refer to; where the court may dispose of the case in the manner in which the court believes the principle of fair justice for parties involved can best be promoted.[Note 2]
Note 1: Court of Unity Law — Justices of the Peace of the Seven Highest Order Rules Amendment 2010 (JRA 2010/100), S 8(2) and (7).
Note 2: Ibid. T 1(4).
Powers concerning affairs of ancillary nature
A permanent Justice of the Peace may make use of the power bestowed upon the court to hand instructions or to necessarily consider a matter other than the resolution of an application for leave to appeal an appeal.[Note 3]
Note 3: Ibid. T 11.
Effect of non-compliance with rules
Non-compliance with the Justices of the Peace of the Seven Highest Order Rules Amendment 2010 (JRA 2010/100) does not make the application or appeal nugatory; it may, however, allow for the Justice to amend, discard, or otherwise set aside for later the application under the terms of the court. This includes instructing the party to fix the non-compliance issue.[Note 4] A non-compliant evidence or document in relation to the rules may only be accepted and filed by leave of a Justice or an Officer of the court.[Note 5]
Note 4: Ibid. S 9(2) and (6).
Note 5: Ibid. S 9(7).
Formatting
The introductory page or section of submitted and filed documents must have a clear heading showing:Note 6: Court of Unity Law — Justices of the Peace of the Seven Highest Order Rules Amendment 2010 (JRA 2010/100), S 10(2).
- The sentence: “In the name of the Justices of the Peace assembled”; and
- The full names of the appellants, next to the capitalised word: “Appellant”; and
- The full names of respondents, next to the capitalised word: “Respondent.”[Note 6]
- All documents must be legibly typed under default 12 point size.
- All pages of all documents must have a margin that must be:
- At least one-quarter of the width of the paper; and
- On the left-hand side of the page, or right-hand side of the page if the page is reversed on the paper.[Note 7]
Note 7: Ibid. S 10(3) and (4).
Submission and filing
A document may be filed by an Officer of the court by:All documents sent by way of mail will be filed or be confirmed by an Officer to have been received on six working days after the date of sending, or the date the document has been received; whichever is the earlier. All documents sent by way of email or fax will be filed or be confirmed by an Officer to have been received on the next working day after the date of sending.
- Handing the document in person.
- Sending the document to the Officer by way of email, fax, or mail.
- Sending the document through a medium by:
- Sending it to the medium in person; or
- Sending it ot the address of the medium; or
- Sending it by mail to the postal address of the medium; or
- Transferring it by way of fax to the fax number of the medium; or
- Transferring it by way of email to the email address of the medium.
All documents sent on non-working days — i.e., not within the working hours of 8 am to 6 pm — will be filed or be confirmed by an Officer to have been received one day later after the dates stipulated above.[Note 8]
Note 8: Ibid. S 12(2), (3), (4), and (5).
Leave to appeal
Authorising leave
Appeals received by the Justices of the Peace of the Highest Order can only be heard by leave of the Justices assembled.[Note 9] The Justices of the Peace of the Highest Order are only authorised to allow leave to appeal if there is enough evidence that such leave is required to ensure the just and expeditious resolution of the affairs before the eyes of the institution. This would allow the Justices assembled to decide on whether to hear or determine the forwarded appeal.[Note 10]
The above authorisation can only be realised if:The Justices assembled can give leave to hear an appeal from the Intermediary Appeal Court on an interlocutory application only if there is any substantial evidence of its importance to rightfully see the ends of justice. The Justices of the Peace assembled can give leave to an appeal from any other court beside the Intermediary Appeal Court only if there is any substantial evidence that such leave must be given in the interest of the public or the nation state.
- The forwarded appeal is an appeal of special public importance;[Note 11] or
- The court involved has failed to rightfully see the ends of justice, or will fail to rightfully see the ends of of justice if no leave is given;[Note 12] or
- The forwarded appeal is an appeal of significant economic importance for the public or the nation state.[Note 13]
Note 9: Judicature Modernisation Amendment Act 2016, S 9.
Note 10: Ibid. S 10(3).
Note 11: Ibid. S 10(5)(d). For reference see Xia v Attorney-General (Justices of the Peace, EV SA 20/08, 21 June 2008) where the question of whether Mr Zheng Xia should be granted bail from detention after being imprisoned for two years under the Imperial Immorality Act 1939 and Immigration Amendment Act 1957 was judged as a matter of special public importance. See also Goebbels v Broadcasting Decency Organisation, (Justices of the Peace, SA EV 16/08, 2 July 2008), in which leave to appeal was authorised to see to it matters of public broadcasting indecency concerning Mr Yannik Goebbels’ offensive party advertisement.
Note 12: Ibid. S 10(5)(e). For reference see Eisenstein v Erison (Justices of the Peace, EV SA 1/08, 13 March 2008), in which leave to appeal was turned down ascribable to lack of evidence that the court involved had failed in rightfully seeing the ends of justice.
Note 13: Ibid. S 10(5)(f). For reference see Rademacher Wastewater Treatment Systems Corporation v Halsten Regional City Council (Justices of the Peace, EV SA 3/08, 15 January 2008) in which leave to appeal was authorised ascribable to interests of ratepayers in seeing Halsten regional council addressing wastewater pipes problems being judged as a matter of significant economic importance.
Application time limit
To be eligible to apply for leave of the court, an appellant must put forward her or his application within twenty-eight working days after the date of disputed ruling. An application for leave by a respondent must be made within twenty-one working days after the date of the appellant’s application submission. The Justices of the Peace assembled may extend this time limit under special circumstances.[Note 14]
Note 14: Court of Unity Law — Justices of the Peace of the Seven Highest Order Rules Amendment 2010 (JRA 2010/100), S 11(2), (3), and (4).
Application by written submissions
Leave to appeal applications for the Justices of the Peace assembled can be made by way of written submissions; may include pertinent supplementary information; and may include written responses to submissions made by any other party.[Note 15] All applications must include the basis for appeal; the reasons why leave should be authorised; and the ruling expected by the applicant. All written submissions made for the application for leave to appeal must be:Respondents may then file written submissions against appeal; in a concise manner, detailing why the original ruling should be held.[Note 16] Before hearing is to commence, the Justices assembled may authorise for leave to be given to the parties involved to amend their original applications.[Note 17]
- No more than thirteen pages long; and
- Concisely explain:
- The narrative and report of facts;
- The broad questions of law;
- The rulings to be appealed;
- The reasons why leave to appeal should be authorised; and
- The rulings sought after.
Note 15: Judicature Modernisation Amendment Act 2016, S 12(2).
Note 16: Court of Unity Law — Justices of the Peace of the Seven Highest Order Rules Amendment 2010 (JRA 2010/100), S 14(2),(3), and (4).
Note 17: Ibid. S 15(2).
Application by oral submissions
Should the Justices assembled require that the hearing for an application for leave to appeal must be done orally, a notification must then be made by the Officer of the court to inform the parties involved. The Officer must also ensure that due consideration will be given, and consultations concerning the date of hearing will be made.[Note 18] Five copies of supplementary supporting bundle of authorities must be submitted by the parties involved to the Officer, no later than seven working days before the date of hearing. In a case where there is a lack of authorities supporting the argument of the respondent, then the respondent may submit a bundle of authorities no later than five working days before the date of hearing.[Note 19] Oral submissions must be no longer than:Note 18: Court of Unity Law — Justices of the Peace of the Seven Highest Order Rules Amendment 2010 (JRA 2010/100), S 21.
- 20 minutes for opening submission (applicant);
- 20 minutes for submission (respondent); and
- 10 minutes for the applicant’s reply.[Note 20]
Note 19: Ibid. S22(2) and (3).
Note 20: Ibid. S23(2).
Leave application form
A leave to civil appeal application for the Justices of the Peace assembled is legally made only when:A leave to criminal appeal application for the Justices of the Peace assembled is legally made only when the application has been received and filed by the Officer. If a criminal appeal application is made by the defendant or the convicted person, then the Officer must dispatch a copy of the application to the original Court appealed from and to the Solicitor-General or chief prosecutor. If a criminal appeal application is made by the Solicitor-General or chief prosecutor, then she or he must dispatch a copy to the defendant or convicted person, and the Officer must by the next working day dispatch a copy to the Court appealed from.[Note 22]
- The Officer of the Court has confirmed that she or he has received the application;
- When a copy has been served to every party; and
- When the original Court appealed from has received and filed the application.[Note 21]
The application notice form must follow the standards specified by Court of Unity Law — Justices of the Peace of the Seven Highest Order Rules Amendment 2010.
Note 21: Ibid. S 3(2) and (3).
Note 22: Ibid. S 4(2), (3), and (4).
Supplementary documents
A leave to civil appeal application must be supported by five copies of:A leave to criminal appeal application must be provided with five copies of:
- The original ruling;
- Any unrelated grounds supporting the original ruling; and
- All grounds behind every ruling in the proceedings, in a case where the ruling was given on appeal.[Note 23]
A leave to Intermediary Appeal Court appeal application concerning a conviction or sentence must be supported by five copies of:
- The trial transcripts;
- Summing-up by the trial judge; and
- All documents in relation to the proceedings.
Note 23: Court of Unity Law — Justices of the Peace of the Seven Highest Order Rules Amendment 2010 (JRA 2010/100), S 15. For standards of form see S 7. For standards of procedure see S 9.
- The final case of appeal;
- Ruling concerning the appeal; and
- All grounds behind every ruling in the proceedings.[Note 24]
Note 24: Ibid. S 18.
Deciding on a leave to appeal application
In deciding on the application, the Justices assembled must scrutinise all supplementary written submissions and pertinent supplementary information raised concerning the application. If an oral hearing was made as an alternative, the Justices assembled must scrutinise all the information raised at the hearing.[Note 25] Any two or more permanent Justices of the Peace can act as a Court to decide whether the application should be decided just on the basis of written submissions, or an oral hearing should also be made to support the application.[Note 26]
A judgment on leave to appeal must be made by the original Justices who were at the hearing concerning the application. Before the judgment is made, the Officer of the Court must inform the parties involved of the date of its delivery.[Note 27]
Note 25: Judicature Modernisation Amendment Act 2016, S 12(4).
Note 26: Ibid. S 24(2).
Note 27: Ibid. Court of Unity Law — Justices of the Peace of the Seven Highest Order Rules Amendment 2010 (JRA 2010/100), S 26(2).
Judgment
If the Justices assembled as the Court has announced their judgment as a permission for leave to appeal, the appeal is commenced by the giving of that leave and no notice of appeal need be filed. The grounds which may be argued in support of an appeal are limited to the grounds approved in the order by which leave has been given. Neither an application for leave to appeal nor the giving of leave operates as a stay of proceedings in which the decision was given or a stay of execution of that decision. However pending the determination of the appeal, the original Court appealed from may, on application, order a stay of proceedings or grant any interim relief.[Note 28]
If the Justices assembled as the Court has announced their judgment as a refusal for leave to appeal, the Court must give details of the grounds for refusal. The Court may announce a judgment of refusal for leave to the appellant and at the same time announce its judgment of permission for the respondent.[Note 29]
Note 28: Judicature Modernisation Amendment Act 2016, S 20(2) and (4).
Note 29: Court of Unity Law — Justices of the Peace of the Seven Highest Order Rules Amendment 2010 (JRA 2010/100), S 24.
Tabling of matters
The commission will submit the above reform on judicature practice, procedure, and structure by the date that is one week following the publication of this report. A copy of the report will be tabled before parliament by the date that is one day following the publication of this report.
by Morrdh » Mon Oct 16, 2017 9:55 am
by United World Order » Mon Oct 16, 2017 11:37 am
by Yohannes » Wed Oct 18, 2017 10:10 pm
Annual Report to Parliament — Monetary Target Consensus: Subject to the Members of Assembly
Annual Report 2017 — Monetary Target Consensus -- An excerpt from the two hundred and thirtieth parliamentary hansard: Wednesday, 18 October 2017 — Volume 951; 2017 Monetary Target Consensus — Subject to the Ministers of the Executive Council, Emperor, and Realm.
Yearly Overview — October 2017
Published under the authority of the [ Electoral College and Parliament ] — 2017
The Imperial Cash Rate (ICR) is the interest rate set by Economic Palace — the central banking system of the nineteen countries — on overnight borrowing and lending between banking institutions of the citizen sector and Economic Palace. Economic Palace has regularly used the ICR as a tool to influence the direction of the economy and to ensure price stability. It also used the ICR to ensure that yearly inflation meets Economic Palace’s explicit inflation rate target.
Money in circulationThe ICR is one important way the Executive Council can carry out and manage its monetary policy in the nineteen countries of the Yohannesian continent. The monetary policy of a nation state is the way that nation state’s central bank indirectly manages the total amount of money in circulation or in existence in that nation state, also known as its ‘monetary policy’, i.e., the [ Federal Reserve System Monetary Policy ].
Year ICR (per cent) 2000 5.10 2001 4.75 2002 4.80 2003 4.90 2004 4.75 2005 4.85 2006 5.00 2007 4.85 2008 4.70 2009 4.95 2010 6.70 2011 8.15 2012 6.70 2013 8.00 2014 2.70 2015 2.30 2016 3.00 2017 1.60
Source: World Microcredit Foundation.
Monetary policy is important, because without a good balance in money circulating in a nation state’s economy, a nation state will experience price instability in goods and services. Secondly, foreign institutions and nation states will have no confidence in that nation state’s currency, resulting in even further price instability. A good and bad monetary policy is the difference between having a struggling nation state and an economically thriving, prospering nation state. ICR currently stands at 1.6 per cent, which is just below fifteen-year low for interest rates as set by Economic Palace.
In the nineteen countries, the Chair of the Board of Governors of Economic Palace must regularly talk with both the Minister of Economy, Industry, and Trade and the Minister of the Treasury and Wealth Fund. They must agree together on what should be done for each year’s Monetary Target Consensus (MTS). The current MTS is the one directly taken from the MTS made in 2014 when the Christian Democratic Party won the election and was voted into office as the Thirty-sixth Christian Democratic Executive Council, i.e., government at the imperial level. The 2014 MTS said: “The Chairperson must make sure inflation be kept within the 1 per cent to 2.5 per cent range until the 2018 June fiscal quarter.” Ideally with current level of forecast growth inflation should be kept below 2.5 per cent but above 1.5 per cent. In theory it should be easy; realistically in practice it can sometimes be challenging (for more information see October Summary of the Economy report).
Executive Council intervention
How can a nation state’s central bank manage the total amount of money in circulation or in existence in that nation state’s economy?
Well, that nation’s central bank can establish interest rates to decide on a particular inflation target point (or inflation goal), which the central bank believes is the right rate to realising a stable business and investment environment for that central bank’s nation state. For the nineteen countries, a very limited and controlled inflation is considered the best way Economic Palace can encourage positive business and investment environment at present (it can always change in the future). An explicit target inflation rate for the medium term at 1 to 2 per cent will make sure businesses and hard-working people in the nineteen countries will be protected from extra costs of goods and services, whilst at the same time avoiding reduction of the general level of prices in the economy (i.e., deflation), which is not the things we want for now.
To some degree, moderate drops in certain products, such as food or energy, will have some positive effect on consumer spending. An uninterrupted and sustained fall in prices, however, can seriously affect growth and economic stability. It is the view of Economic Palace that we must avoid the aforementioned, especially when we look at the worrying outlook in some overseas regions and nation states in the face of increasing aggression and gunboat diplomacy by ever-expanding militaristic nation states and organisations and those opposing organisations — Allanea, DEUN, and SACTO to name just three.
Point of view
In the short term, Imperial Palace is seeking to flatten, or at least attempting to flatten as much as possible, fluctuations in demand. In the long-term Imperial Palace seek to tighten or loosen its policy further, subject to changes in the economy and international development, e.g., anarchy, chaos, and conflicts; i.e., They-who-must-not-be-named striking New Edom; intercontinental ballistic missile crisis in Puerto Colijito; the fearful stranglehold of religious extremism in Qaidi; religious revolution in Zukaristan; and anarchists rampage in Volkmacht, amongst many others unnamed here for reason of space.
Adjusting interest rates
There are both sides to the equation. Raising interest rates will result in more savings done by Yohannesian mum and dad businesses and families, and thus will lower final consumption expenditure and will lower demand in the citizen sector. In turn because of lower expenditure and lower demand, prices in general will be alleviated or pushed towards a lower level. The final result is lower inflation for the nation state. At the same time, if Imperial Palace tighten its policy further, borrowing will be more expensive for businesses and families, i.e., reduction in after tax spending and savings for those subjected to loans and mortgages. Investment projects or the extent of investment found all around the continent will also decrease, because the citizen sector will have less incentives to borrow due to increasing costs.
Finaly, the Quertz russling will appreciate against the NationStates Dollar (or Universal Standard Dollar) as more overseas body corporates and providers of funds will want to involve themselves in our economy, i.e., as interest charged to borrowers in the nineteen countries will increase, thus attracting higher return for non-Yohannesian depositors. Additionally, body corporates and commercial entities in the nineteen countries will possibly import more products from abroad, which in turn will result in more downward movement in the Tradeable goods and services index, which gives information about changes to the prices of tradeable goods and services in the nineteen countries (for more information see October Summary of the Economy report); however, Yohannesian exports will also be less competitive overseas, i.e., more costly, which can be bad, but will also reduce inflation as it will reduce output due to less demand for Yohannesian products.
Lowering interest rates, of course, will have the opposite effects to the above mentioned. In terms of spending, the value of the choice of the best alternative cost will become lower; borrowing schemes will become less costly; the Quertz russling will depreciate against the NationStates Dollar (or Universal Standard Dollar); Yohannesian exports will be more competitive overseas; and investment projects or the extent of investment found all around the continent will also increase. The end result will be higher inflation.
Monetary Target Consensus Chair of the Board MEIT and MTWF Ministers Explicit inflation rate target 12 May 2000 Dr Bernhardt Kempf Hon Edgar Friesinger and Hon Karl Nägelein Within the 0 per cent to 2 per cent range until the 2002 March fiscal quarter. 8 December 2002 Dr Bernhardt Kempf Hon Edgar Friesinger and Hon Dr Erika Blattner Within the 0 per cent to 2 per cent range until the 2003 December fiscal quarter. 5 November 2004 Dr Bernhardt Kempf Hon Edgar Friesinger and Hon Dr Erika Blattner Within the 0 per cent to 2.5 per cent range until the 2006 March fiscal quarter. 10 December 2006 Dr Bernhardt Kempf Hon Lukas Riederer and Rt Hon Loseton Petres Within the 1 per cent to 3 per cent range. 17 September 2008 Dr Bernhardt Kempf Hon Lukas Riederer and Rt Hon Loseton Petres Within the 1 per cent to 2.5 per cent range. 11 December 2010 Dr Alice Ackner Hon Jeremiah Williams and Rt Hon Loseton Petres Within the 1 per cent to 2.5 per cent range. 19 October 2012 Dr Alice Ackner Hon Phillip Blocher and Rt Hon Loseton Petres Within the 1 per cent to 2.5 per cent range. 24 December 2014 Heidemarie Vogelweide Hon Emily Kirchweger and Hon Alice Schneider Within the 1 per cent to 3 per cent range. 11 September 2017 Heidemarie Vogelweide Hon Emily Kirchweger and Hon Alice Schneider Within the 1 per cent to 2.5 per cent range.
Source: Economic Palace Monetary Target Consensuses.
Imperial Cash Rate
The Imperial Cash Rate has existed in various forms since the Foreign Mission Act 1787, which sent three hundred and fifty of the brightest academics and students of higher learning of nineteen countries abroad, to study the art of foreign industrialisation and modernise the Yohannesian economy, and save the recently unified nineteen countries in the continent of Yohannes from colonial subjugation and economic exploitation by technologically superior, imperialist occidental nation states abroad. For more than two hundred years, the ICR has been used to modify short-term interest rates in the nineteen countries, with its adjustment by Economic Palace affecting the prices that money are sold and distributed for further reselling (i.e., further lending) by banking institutions in the nineteen countries.
These first-point banking institutions which borrowed directly from Economic Palace (i.e., wholesalers) are subjected to interest at 0.45 per cent more than whatever is the interest rate set by Economic Palace at that point in time (or 45 basis points higher than the ICR), and are given interest — equal to the OCR at first and then below the OCR by 0.9 per cent or 90 basis points — for their deposits from overnight activities, i.e. any activities where other institutions borrowing from these banks must repay the borrowed funds plus interest at the start of business the next day. In the process, this will create the acceptable upper and lower bounds of overnight rates in the eyes of Yohannesian banking institutions, i,e., they will reject anything outside those values. This is called the Quertz russling overnight rate (QROR); the rate used by large banking institutions in the nineteen countries to borrow and lend from one another.
Under normal circumstances, the QROR should be to a certain extent smaller than the ICR set by Economic Palace to influence the short-term and long-term rates in the Yohannesian market. Finally, international developments can also affect the circulation of money in the nineteen countries (i.e., interest rates found in major trading partners of the nineteen countries).
Policy review
Each year, the Chair of the Board of Governors reviews monetary policy (including the ICR) of the Economic Palace four times, starting at the first day of each fiscal quarter, i.e., March, June, September, and December. Unlike in most foreign nation states, in the nineteen countries it is the Chair alone who has the veto power and is responsible for overseeing the successful implementation of policy by statute, i.e., Central Bank Amendment Act 1946. The Board of Governors was founded to equally represent the interests of the nineteen countries, with each country being represented by one Governor. With deliberation and full agreement by a supermajority of the Board, the Chair can implement changes in monetary policy without any prior announcement or warning, e.g., the Incursus international incidents in 2011 resulted in the ICR being lifted up by 15 basis points to 8.15.
ICR through the years
Table 1 lists the Imperial Cash Rate since the turn of the twenty-first century. Cash rate was at its highest in May 2011 (the highest Yohannesian international economic and trade boom since the turn of the twenty-first century, paradoxically kick-started with the invasion of Osthia), from where it fell gradually by one hundred basis points (the Conglomerate crises, Incursus infighting, League of Imperial Nations conflicts, and others), until it rose briefly to reach its second highest peak point in 2013 (the second highest Yohannesian international economic and trade boom since the turn of the twenty-first century, paradoxically kick-started with the invasion of Hippostania).
The after effects of the [ 2012 Gholgoth crisis ] and general downturn and lack of confidence in the Yohannesian market and the Quertz russling, however, finally were out in full force and brought the economy to its knees, starting from the 2013 third and fourth fiscal quarters; with Economic Palace responding by gradually reducing ICR (down as much as five hundred basis points from previous high in 2013, to reach 2.30 by the 2015 first fiscal quarter.
ICR currently stands at 1.6 per cent, which is just below fifteen-year low for interest rates as set by Economic Palace.
Why MTC?
In accordance with the Central Bank Amendment Act 1946, both the Minister of Economic, Industry, and Trade and the Minister of the Treasury and Wealth Fund must agree to the Monetary Target Consensus (MTC) proposed by the Chair of the Board of Governors (with agreement by prior deliberation as a full board) each year. According to the Chair of the Board Heidemarie Vogelweide in 2015: “Explicit inflation rate targeting is not something commonly found overseas in many foreign nation states, as many nation states, especially those of the free market and hands-off-the-economy leanings, tend to see explicit inflation targeting as something comparable to being socialist. But we believe that we have to do what is right, within the realm of realism, and in view of our strong Christian Democratic and [ Yohannesian model ] ethos, well, I don’t see anything wrong with it.”
“The MTC is actually a pretty interesting concept, as many foreign observers would judge that its primary purpose is to influence the exchange rate of the Quertz russling. Or to keep the level of nominal income along a target path, i.e., to take into account historical price changes, shocks, and real economic activities. But those two are not the main reasons why we have the MTC today. Its main context is to simply exercise our sovereignty, following on our Christian Democratic ethos and the well-established Yohannesian Model, to target inflation annually and try to see how we can indirectly influence the economy further, ethically and within reasons.”
She concluded: “For this year’s MTC, there are three focus that we have chosen in terms of how we want to indirectly influence the Yohannesian economy. One: Targeting regime and checks in places. Economic Palace — our goal is to watch like a hawk changes happening in the economy. One way we do this is by tracking prices through such thing as the Nineteen Countries Consumer Price Index, Tradeable Goods and Services Index, or the Food Commodity Groups Index.”
“This year our target is to make sure that we can keep inflation within the 1 per cent to 2.5 per cent range. Of course it is unrealistic for us to always one hundred per cent successfully accomplish this and see its implementation on the ground all the time; but at least we are trying, and that is a good thing I believe, for the welfare of our people.”
“Two: This tool will allow us to see what will happen if we change ICR due to temporary, unexpected inflation upsets (e.g., caused by foreign development or international incidents). We can’t just change the ICR willy-nilly of course: this is not a Nintendo DS Pokemon game, as my daughter Erica would say. Changing the ICR by even just one basis point can have huge ramifications on empire-wide production (i.e., output) and unemployment rate.”
“And finally: Stability for prices of goods and services. We want stable prices in our market. This will ensure less fluctuation and more certainty in ratepayers satisfaction and standard of living and local and regional council tax revenues. It won’t affect us [the Executive Council at the imperial level] much, but we believe that changes must come from the down up to the top; from the grassroots level; that is, change will not come from top down, or the trickle-down effect: ‘Trickling-down’ is not the way of the Yohannesian [ Christian Democracy ]. We don’t believe in that kind of bull****.”
Governor Entered office Country Term expires Heidemarie Vogelweide (Chair) 24 December 2014 (as Chair)
24 December 2014 (as Governor) Regency of Lindblum 17 December 2018 (as Chair)
24 December 2022 (as Governor) Dr Jonathan Young 14 March 2012 (as Vice Chair)
7 March 2012 (as Governor) Kingdom of Burmecia 14 March 2020 (as Vice Chair)
14 March 2020 (as Governor) Dr August Pettersson 18 January 2016 Kingdom of Alexandria 18 January 2024 Matthäus Fassbender 20 September 2010 Grand Duchy of Dali 20 September 2018 Dr Greta Schottenstein 13 May 2016 Grand Duchy of Donata 13 May 2024 Richard Karlsson 3 June 2013 Noble Republic of Treno 3 June 2021 Dr Miriam Müntefering 10 May 2015 Grand Duchy of Kradenmark 10 May 2023 Dr Sackarias Ekberg 25 September 2017 Duchy of Blomgren 25 September 2025 Steffen Mergenthaler 9 July 2015 Merchant Republic of Alseca-Lorin 9 July 2023 Roswitha Goldreich 3 February 2014 Merchant Republic of Landburg 3 February 2022 Dr Leopold Outman 17 August 2010 Principality of Ahlgren 17 August 2026 Wilma Goldfeld 21 April 2017 Unitary Republic of Molander 21 April 2025 Matthias Wiedemann 5 December 2015 Democratic Republic of Cederström 5 December 2023 Dr Emmelie Stenmark 16 January 2016 Royal Realm of Cleyra 16 January 2024 Samuel Green 13 March 2013 Duchy of Gizamaluke-Grotto 13 March 2021 Dr Nicholas Webster 20 June 2014 Duchy of Ice Cavern 20 June 2022 Dr Jannik Bauernfeind 2 May 2012 Principality of Mandragora 2 May 2020 Alexander Westwood-Williams 16 December 2015 City State of Crescent 16 December 2023 Zidane Trance 1 December 2013 City State of Coral 1 December 2021
Source: Economic Palace Archive.
by AHSCA » Thu Oct 19, 2017 1:25 pm
Candidate | State | Party | Background | Platform | |
Pacfica | Corona Island | National Island Party | Pacifica is a veteran of AHSCA's old Militia forces on her home state of Corona, before the reorganization into the Police and United Island Defense Forces (UNIDF). Having served during the unification war she's seen the harshness of combat and knows what it means to serve her country. Offered both positions in military and police she decided instead to retire to pursue a family by raising her daughter, Valora. |
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Ya-Xi Li | Hoshino Island | National Islander Party | An expat from an unorganized territory nearby and is currently the Vicerine of Hoshino Island with her husband, Viceroy Shinya Li, who is also current Deputy Defense Officer. Her time with her husband on Hoshino has taught her a lot about politics on the island and the needs of the state in comparison to needs of the nation. |
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Kanea Arorah | Corona Island | National Liberal Party* | Kanea is a native of Corona and a veteran of AHSCA politics. She was the majority leader prior to the election of Mikela Olaff which saw the shift in majority but remained on as Minority Leader. She's hoping to take back the majority seat again. |
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Jonah Alfhild | Stillstando Island | Unaffiliated | An immigrant from Lamoni who married a native of the island. First entered into the political realm unsuccessfully running for Governor of the island, losing to current sitting Governor, Governor Sturm. He will run again if unsuccessful. |
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Aina Indou | Animalpolis Island | AHSCA Communism Party | A ship captain with several regional trips made under her command. She's never been in politics before but feels there's some changes that could be made if she's given hold. |
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Koralo | Corona Island | National Liberal Party | A local chief of his village with many years of experience, Koralo has served since even the days before unification. Though he did once contend for Chiefdom in Corona he was passed in favor of Kino before the outbreak of war. |
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Himiko Himemiya | Aurora Island | National Islander Party | Another migrant to the AHSCA isles, this one from Kuronami, Himiko came to train some locals how to be good teachers but fell in love with the island and a special woman she calls her wife. Since then she's doubled as a school teacher and as an artists and writer specializing in painting and romance novellas. However she's face blow back from anti-educational populous and has been frustrated by the lack of action by the government to push a real solution to AHSCA's educational problems. |
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by The Scandinvans » Sat Oct 21, 2017 6:26 pm
by The Macabees » Tue Oct 24, 2017 4:44 pm
by Imbrinium » Tue Oct 24, 2017 5:34 pm
by Imbrinium » Wed Oct 25, 2017 11:33 am
by Patrick OConner » Wed Oct 25, 2017 8:18 pm
by Yohannes » Sat Oct 28, 2017 1:27 am
Five Issues of Nation State — A Brief Overview: Subject to the Members of Assembly
Issues of Nation State 2017 — A Brief Overview -- An excerpt from the two hundred and thirtieth parliamentary hansard: Friday, 20 October 2017 — Volume 951; Yearly Nation State Issues — Subject to the Ministers of the Executive Council, Emperor, and Realm.
Five Issues of Nation State — October 2017
Published under the authority of the [ Electoral College and Parliament — 2017 ]
A few times a year, Five Issues of Nation State — A Brief Overview is released as a report to summarise some of the key issues facing the nineteen countries in that year, i.e., for this year, 2017. How parliament respond determines almost everything about how the nation state evolves. There is very much micro-management. Parliament, in equal standing with the [ Three Executive ], controls the destiny of the nineteen countries by cooperating with the [ Executive Council ] of the day on making broad policy decisions, and also tweaking numbers. Some relevant data from our main trading partners — e.g., [ Knootoss ], [ Lamoni ], and [ Mokastana ], amongst others — and either one of the two largest economies in the international community of regions and nation states — i.e., [ Maxtopia ] or [ Bigtopia ] — can also be used as economic datum.
Trade in goods [+] 5.7% Annual bilateral trade growth Not owning home [+] 0.33% Yearly movement of people not owning a home Workers killed [-] 160 Yearly workplace fatalities change Research and development [-] $28.7b Annual R&D spending growth Gross debt issue [-] $150.7b Yearly fundamental imperial government borrowing movement
Bilateral trade in goods
Background
According to Encyclopedia Maxtopia, bilateral trade in goods indicates the level of transfer of goods — excluding investments, services, and transfers of assets, money, and property — from a nation state to other nation states of the international community of regions, i.e., merchandise trade. In the nineteen countries, bilateral trade in goods is one of the principal drivers of wealth for the economy. Annual changes in the trading of goods denotes changes in total exports combined with total imports, reported without taking into account adjustment for price changes, i.e., inflation or deflation.
The following issues confront the Nineteen Countries
As the Quertz russling continues to appreciate against the NationStates Dollar [or Universal Standard Dollar], climbing above 0.0121 NationStates Dollar in the September fiscal quarter, bilateral trade in goods is forecast to grow by 5.7% to reach 23.081 trillion NSD in the year ending June 2018. The ratio of index of the nineteen countries’ export prices to the index of its import prices reached its highest recorded level of growth — in five years — in September. It has since then declined and is forecast to continue to decline until late March or April 2018. The top three destinations of Yohannesian goods — and sources of imports to the nineteen countries — which accounted for 48% of total exports in the year ending October 2017 are [ Greater Dienstad ], [ The East Pacific ], and [ Western Atlantic ], with the rest of merchandise trade volume reaching other trading partners of the nineteen countries. Average value added manufacturing continues to decline since the last quarter of 2014 by 0.255%.
The [ Ministry of Economy, Industry, and Trade ]’s focus on reducing fundamental imperial government debt to 30% of GDP by 2025 also comes with a primary goal to increase ratio of high-technology exports vis-à-vis manufactured exports by at least 3% over the next three years and a secondary, more ambitious goal of increasing non-hydroelectric renewable electricity production by at least 120% over the next five years. As of the 2017 third fiscal quarter, trade in goods contribution for current account balance was 32.5% of [ yearly total ] (post-adjustment), accounting for 1.6% of GDP at 254 billion NSD.
Table 2 shows the top five traded goods (by value) of total bilateral trade in goods.
Goods Export value
(billion NS$) Of total M. trade Goods Import value
(billion NS$) Of total M. trade Electronic components 721.28 3.125% Petroleum products & crude oil 1,135.58 4.92% Parts for vehicles (civilian & military) 720.12 3.12% Medicaments packaged 701.66 3.04% Parts for vessels (civilian & military) 708.58 3.07% Motor cars (civilian) 493.01 2.136% Merchant & military vessels 643.96 2.79% Parts for aircraft (civilian & military) 487.01 2.11% Optics & photonics components (civilian & military) 583.95 2.53% Automatic data processing equipment 477.78 2.07%
Source: Office of Economic Analysis and Forecast.
There has been substantial growth of bilateral trade in goods from nation states and regions of the new world, i.e., fast-growing parts of the international community that the Executive Council have started to focus on since 2014 to cultivate new friendships and trade opportunities, e.g., [ Caracasus ], [ Novo Wagondia ], [ URA ], and [ Vangaziland ], amongst others. As part of the Executive Council’s foreign trade diversification programme since 2014, the value of merchandise exports to, and merchandised imports from many nation states of the fast-growing new world regions have continued to replace nation states from the declining old established world regions.
Current account surplus from bilateral trade in goods is forecast to decline until the 2018 March fiscal quarter. The contribution of non-manufacturing goods is also forecast to decline until 2019, due to over-reliance in a few volatile commodities (i.e., avocado, butter, cheese, milk powder, and orange), heavily subject to changes in overseas market prices and international incidents affecting market condition (the [ Qaidi religious incidents ] et al.). Imports have been higher than originally forecast in March 2016 due to continuing appreciation of the Quertz russling vis-à-vis the NationStates Dollar [or Universal Standard Dollar].
Home ownership
Background
According to Encyclopedia Maxtopia, home ownership (otherwise known as owner-occupancy) is a form of housing tenure where a person, called the owner-occupier, owner-occupant, or home owner, owns the home in which she or he lives. This home can be a house, apartment, condominium, or a housing cooperative. For the purpose of this issue, the definition of ‘home ownership’ largely relates to ‘mum and dad’ or family home owners, and not those of property developers or real estate investors; together with the tendency of most Yohannesians to equate ‘home ownership’ with owning a house (with a backyard or garden), not apartment or condominium.
The following issues confront the Nineteen CountriesThe number of people who own their own homes have shrunk to an all time low at 66% of the population — a decline of more than 10% since the highest level of home ownership registered in 1980, with construction of new houses declining from one new house built for every one hundred and fifty people in 1980 to one new house built for every two hundred and thirty people today. Ownership rate is forecast to shrink by 0.33% in total from January 2017 to January 2018. In the super electorate of the Greater Halsten metropolitan area, over 25% of ratepayers polled believed that the Regency of Lindblum is experiencing a severe overcrowding in both housing and infrastructure, i.e., hospitals, schools, and public transportation. Over 50% of ratepayers polled in South East Burmecia believed that in the Kingdom of Burmecia unaffordable housing is caused by ‘too strict’ resource and management consenting regime (i.e., supply), too much immigration (i.e., demand), and lack of proper regulation on dirty (or not) money coming from overseas (i.e., foreign property investors influence).
Year Ownership (per cent) 2010 70.1 2011 69.7 2012 69.5 2013 69.2 2014 69 2015 68.3 2016 67.9 2017 66.4
Source: World Microcredit Foundation.
Economic and Demographics Statistics Yohannes figures showed that a university-educated middle class and experienced professional in Royal Alexandria (capital city of the Kingdom of Alexandria) will need to save for fifteen years to afford the cheapest house (1.1 million NSD) in the cheapest suburb (Lindström) of the city. The average household spending on housing related matters has increased from 20% at the turn of this century to 28% in 2017, with over one third of rental properties having no proper insulation and failing to meet the latest Health and Safety regime (e.g., smoke alarms). In the year ending August 2017, empire-wide median house price was 483,000 NSD. This was an increase of 4,700 NSD from previous month and a change in price of 34,500 NSD since the previous year.
Economic Palace forecast that by the start of the 2018 second quarter total housing and commercial property stock is going to reach 20.9 trillion NSD, or 1.3 times greater than real GDP and 3.5 times greater than the market value of the Burmecia Stock Exchange, the third largest stock market in the nineteen countries. In November 2016, Economic Palace and the four major banking institutions of the nineteen countries have implemented a new public-private partnership regime and in-built mechanism to ensure financial stability, tilting the playing field towards a more conservative banking and financial capital requirements to reduce property speculation by domestic and foreign-based investors. A new ratio of loan to value of assets purchased was released to evaluate and to restrict demand from borrowing for subsequent commercial and residential properties — thus limiting excessive buying for investment purpose and not for occupation or family business purpose.
The Nation State Housing Amendment Act 2014 resulted in the release of the Central Provident Fund Housing Grant package in August 2017. CPFHG is a supplementary payment worth up to 7,100 NSD to assist struggling but hard-working families in their quests to relocate from overpriced metropolises and urban areas all around the continent to less populated, promising heartland provinces. A CPFHG household can also apply for an accommodation supplement assistance of up to 152 NSD per week. So far, primary nation state housing related schemes for Budget Reform 2017 is forecast to cost at least 21.5 billion NSD in operating funding over the next ten years, with a capital of 3.64 billion NSD.
Ratified trade agreements since the decision of the Christian Democratic Executive to remove the nineteen countries completely from [ international incidents ] and foreign military struggles and power politics in 2014 — e.g., Allanea Agreement and Equal Trade and Connecting of Economies 2017 and Connecting of Economies Arthropol Agreement 2017 — have been used to provide funding for long-term investment in various Central Provident Fund ‘FutureSaver’ schemes to help first time home buyers in the continent of Yohannes. Budget Reform 2017 saw the release of the First Homebuyer and Small and Medium Business Fund schemes, which was implemented to see the construction of 6.8 million new houses by 2025. In September 2017, Chancellor Annabelle Thorndon-Stevensonn confirmed that the Executive Council would increase ‘FutureSaver’ one-time opening government contribution to 1,350 NSD.
Table 4 shows the number of new dwellings consented per year.
New dwellings consented (year) 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Number (thousand) 1,840 1,360 1,480 1,680 1,760 1,520 1,800 2,480 2,000 1,450 1,500 1,120 1,730 2,190 Non-commercial consents value (billion NS$) 268.64 201.28 223.48 250.32 265.76 250.30 328 472.59 372.00 260.75 288.00 218.40 344.27 466.47
Source: Economic and Demographics Statistics Yohannes.
Occupational health and safety
Background
In the nineteen countries, health and safety in places where people work follows a system of standards set by Standards Yohannes, specifically YO S1509:2014 (Occupational Health and Safety Management Systems — Specification with guidance for use). Parliament is in the process of seeing the tabling of a new piece of legislation to amend the outdated Health and Safety Amendment Act 1971, with focus placed on not just occupational health and safety management systems but also the environment. Under the proposed draft of the amendment legislation, a new agency will be created to support Industrial Health and Safety Administration in its task to assess and evaluate accidents and near misses concerning industrial infrastructure and structures, e.g., chemical leaks, explosions, fires, or other contingencies affecting the safety of industrial facilities.
The following issues confront the Nineteen CountriesSince the turn of this century until 2005, the occurrence of death by accidents in the workplace has slightly increased by an average of 30 fatal workplace accidents per year, resulting in the adoption and implementation of the Standards for Occupational Health and Safety Management Systems of January 2014. Over the last three years the number of serious work injuries has decreased, from 6,031 by the end of 2014 to 4,080 in 2016 (with deaths from fatalities reduced by 160). In the year ending October 2017, the industries contributing the most to the number of fatal workplace accidents (taking into account their smaller size in comparison to other industries in the nineteen countries) are field logistics (i.e., forestry trucks and construction tractors), oil and gas (road related accidents and supporting activities for oil and gas extraction), and agriculture and fishing (i.e., lack of oversight, poor maintenance of personal safety devices, and lack of regular checks on vessels).
Top five injury claims at work
(/1,000 whole time equivalent) 2016 2017 Field logistics (forestry and construction) 335 338 Engineering and manufacturing 160 158 Agriculture and fishing 137 139 Sports and recreational activities 135 147 Electricity, gas, water, and waste treatment 130 128
Source: Industrial Health and Safety Administration.
In comparison to foreign nation states, the nineteen countries has high work-related injury and fatality rate. There are many reasons behind this negative data, such as the over-reliance of current legislation on corporate and workplace governance self-regulation and the under-resourcing of relevant enforcement agencies since the [ 2012 Gholgoth crisis ] (e.g. Structural Standards Yohannes and Industrial Health and Safety Administration). This lack of focus and funding over the years has resulted in the tendency of higher up Health and Safety organisations to focus only on ‘important’ industries (for the nineteen countries), in the process neglecting other high-risk areas of the economy in terms of resource allocation for health and safety policing (agriculture, fishing, mining).
Members of the Labour and Workforce Committee are currently accepting submissions from important bodies and distinguished private citizens in relevant citizen sector industries. The incoming amendment to the Health and Safety Amendment Act 1971 comes with a goal of reducing workplace accidents and fatalities in the nineteen countries by at least 33% over the next eight years. The amendment Bill will replace existing focus with that of risks control; that is, all risks identified through the assessment process as requiring control will be controlled through a preferred order of control methods, i.e., hierarchy, based on reasonable practicability. Elimination will still be the first control method to be considered.
More responsibility will also be given to top management of body corporates and organisations in the nineteen countries, with blame to be allocated towards top management instead of simply middle managers (as in the previous Amendment Act). Top management will be required to regularly review existing Working Health and Safety Systems (WHSS) to ensure continuing adequacy, effectiveness, and suitability of their respective body corporates and organisations’ health and safety regimes. This shifting of responsibility towards top management will ensure that necessary information is collected and documented to continually improve on their health and safety regimes every year, with focus placed on “performance assessment and yearly Health and Safety Company of the Year Award” as incentives to eliminate risks as far as is practicably possible.
Workplace injury claims
(for every 85,000 registered WTE) 2010 2012 2014 2016 16 to 25 11,920 11,760 11,901 11,280 26 to 35 8,800 8,880 8,640 8,620 36 to 45 8,160 8,010 7,790 7600 46 to 55 8,330 8,320 8,320 8,290 56 to 65 8,450 8,560 8,520 8,500 66 and older 10,480 10,330 10,070 10,030
Source: Economic and Demographics Statistics Yohannes.
Science and technological development
Background
Science and technological development in the nineteen countries of the Yohannesian continent are distinguished by a range of disciplines, good infrastructure, well-funded facilities, and efficient and capable workforce. The nineteen countries offers various forms of research locations: Universities, technical institutes, body corporates, and institutions run by or partially funded by governments at the national level and the Executive Council itself at the imperial level. There are around 4,500 partially state owned enterprises and institutions of science, research, and development in the continent of Yohannes. There are also a large number of research and development operations run by body corporates of the citizen sector.
The following issues confront the Nineteen CountriesA report of the [ World Assembly Scientific Programme ] (WASP) which criticised the nineteen countries analysed that overall productivity of the whole nation state is being held back by excessive over-investment in capital intensive knowledge-based sectors of the economy, to the detriment of non-knowledge-based sectors of the economy. Serious under-investment in non-knowledge-based industries — e.g., dairy farming and mining — have contributed to an overall decline in performance and productivity in these sectors, some by as high as 20% in comparison to overseas nation states of comparable stature with the nineteen countries. The necessity of balancing the economy has produced new challenges for key body corporates, legislators and politicians at the imperial level, and bureaucrats of the nation state.
Business R&D spending by 12-month
moving average of monthly employee figure Million NS$ 0 to 9 32,508 10 to 49 52,013 50 to 249 57,106 250 to 449 94,973 500 and over 174,950
Source: World Microcredit Foundation.
Constrained by limited means and financial resources since the 2012 Gholgoth Crisis, and beset by continuing bias towards, and over-investment in, capital intensive knowledge-based industries of the economy, a “two economy” reality has become stronger by the year, as science and technological development, design and product innovation focus (i.e., awards and grants), and organisational expertise and human capital are heavily concentrated towards certain sectors of the economy, e.g., chemical, electrical engineering, machine tools, and photonics and optics; with other ‘abandoned’ sectors of the economy continuing their slow decline every year, e.g., non-merchant small and medium shipbuilding, iron and steel, and textiles and apparel.
The latest Chambers of Industry and Commerce Yohannes R&D Survey in June 2017 saw total research and development spending down 4.5% since 2016 to 606.5 billion NSD (3.81% of GDP), with Executive Council spending down by 31.9 billion NSD offset by an upswing of 3.2 billion NSD on science and technological development spending by the citizen sector. The biggest beneficiaries of total science and technological development spending in the year ending October 2017 were nanotechnologies and materials technologies (14%), marine engineering technology and climate and environmental sustainable technologies (13.7%), energy technologies (8.6%), and micro, small, and medium sized business innovation (7%).
Increased funding and grants allocation (up by 1.7%) for such bodies as the [ Agriculture Network Information Alliance ] and the Agricultural Research, Education and Economics Company reflect the recent shift of focus by governments at national level and the Executive Council at the imperial level to increase the competitiveness of the nineteen countries’ dairy farming and horticulture industries, with a goal of reducing the over-reliance of the nineteen countries on imports of many commodities (i.e., avocado, butter, cheese, milk powder, and orange) which are easily affected by changes in overseas market prices and international incidents affecting market condition ([ New Edomite LGBT crisis ] et al.).
Fundamental imperial government debt
Background
According to Encyclopedia Maxtopia, fundamental imperial government debt is the total debt owed by [ Executive Council organisations ], legislative branch agencies, and [ Economic Palace ], excluding [ nation state body corporate and enterprises ] and quasi-autonomous non-governmental organisations. For the purpose of this issue, the definition of ‘fundamental imperial government debt’ largely relates to net debt, which includes only public debt (minus cash flows and financial assets) and which is seen as the more important indicator of how changes in public debt can affect interest rates and investment environment in the nineteen countries.
The following issues confront the Nineteen Countries
During the Budget Appropriation Declaration of the Executive Council of the Nineteen Countries (February 2017), the Office of the Minister of the Treasury and Wealth Fund announced its reliance on two borrowing indicators: One, gross sovereign-issued debt, otherwise known as Gross Debt Issue, which excludes Economic Palace Settlement Cash Financing (SCF) — as SCF are funded by banks and institutions of the citizen sector — and Bank Accepted Bills (BAB or bills of exchange, i.e., any unconditional order in writing between relevant parties to be paid on demand or at a fixed or determinable future time, a sum equal to the order of the bearer); and two, net fundamental imperial government debt, which for the purpose of realistic assessment of real ‘government indebtedness’ excludes all financial assets and advances of, and sovereign wealth funds affiliated with the [ Bank of Yohannes ] or its partner institutions.
The table below shows the level of fundamental imperial government borrowing at 1 December 2015 and 1 December 2020 as forecast by the Office of Economic Analysis and Forecast.
Fundamental imperial
government borrowing December 2015
(billion NS$) % of GDP December 2020
(billion NS$) % of GDP Gross borrowing issue 7,372.99 49.27 6,063.05 34.96 Net fundamental issue
(excluding Bank of Yohannes state-owned funds) 5,336.20 30.77 4,908.99 28.31
Source: Office of Economic Analysis and Forecast.
Not taking domestic and international assets of Bank of Yohannes state-owned funds into account, net fundamental imperial government borrowing is forecast to briefly rise in the last fiscal quarter of 2018 due to various Budget Reform 2017 contributions and obligations (e.g., [ Housing Infrastructure Fund ] and Central Provident Fund [ ‘Futuresaver’ ]) before gradually falling below 30% of GDP by the 2020 first quarter. This takes into account the Ministry of Economy, Industry, and Trade’s focus on reducing fundamental imperial government debt to 30% of GDP by 2025. After that target has been reached, beyond 2025, the Executive Council is looking to increase spending and thus net borrowing to support under-performing sectors of the economy (e.g., dairy farming and telecommunication services).
The 2017-2018 fiscal year’s Executive Council Bond Offering is estimated to provide 2.72 trillion NSD over the forecast years, with 3.31 trillion NSD of debt already recorded to be paid back, providing an estimated net repayment rate of 590 billion NSD. There is not much variation in the issuance rate to reduce liability from volatility and to balance profile of supply over the forecast years. Beyond 2025, with increased spending in mind, the Executive Council will raise the amount of bonds issued but will ensure that it is kept below 30% of GDP over the years.
Year to the fourth quarter
(billion NS$) 2017 2018 2019 2020 Face value of fundamental market issuance 680 650 660 780 Market issuance cash earnings 680 640 640 750 Market issuance to be repaid 430 1,060 810 1,010
Source: Office of Economic Analysis and Forecast.
by Morrdh » Sat Oct 28, 2017 1:59 pm
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