KTFA:
BACKDOC: HOLY R.V. BACKMAN!
SO WE ALREADY KNOW AS I TOLD YOU EARLIER, THAT U.A.E. IS IN A COALITION WITH GUESS WHO? RIGHT! SAUDI ARABIA!
SO THAT MEANS THEY CAN ALSO R.V. THEIR CURRENCY AS WELL!
WE JUST SAW VIETNAM JOIN THOSE RANKS, AND HOW MUCH YOU BET ME THAT THE NEW BOND SALES IN SAUDI ARABIA ARE IN PREPARATION FOR THEIR ARTICLE 4 RELEASE AS WELL! HEE HEE
I TOLD YOU I DIDN'T KNOW HOW THIS WOULD PLAY OUT BUT MAYBE WE ARE GETTING SOMEWHERE NOW! ANOTHER DEAL?
I TOLD YOU THEY WOULD HAVE TO HAVE A CURRENCY OF COMPATIBILITY WITH THEIR NEIGHBORS AND THIS WOULD DO IT FOR SURE! YIPPIE!
FRANK? ARE THEY ONE OF THE OTHER 7? MMMMM
THIS WILL SEAL THE FATE OF THE DOLLARS DEMISE AND USHER A REPLACEMENT!
WELCOME TO THE NEW RESERVE CURRENCY,THE SDR BASED ON BLACK GOLD SETTLEMENTS! DOC IMO
....
BACKDOC: HOLY R.V. BACKMAN!
SO WE ALREADY KNOW AS I TOLD YOU EARLIER, THAT U.A.E. IS IN A COALITION WITH GUESS WHO? RIGHT! SAUDI ARABIA!
SO THAT MEANS THEY CAN ALSO R.V. THEIR CURRENCY AS WELL!
WE JUST SAW VIETNAM JOIN THOSE RANKS, AND HOW MUCH YOU BET ME THAT THE NEW BOND SALES IN SAUDI ARABIA ARE IN PREPARATION FOR THEIR ARTICLE 4 RELEASE AS WELL! HEE HEE
I TOLD YOU I DIDN'T KNOW HOW THIS WOULD PLAY OUT BUT MAYBE WE ARE GETTING SOMEWHERE NOW! ANOTHER DEAL?
I TOLD YOU THEY WOULD HAVE TO HAVE A CURRENCY OF COMPATIBILITY WITH THEIR NEIGHBORS AND THIS WOULD DO IT FOR SURE! YIPPIE!
FRANK? ARE THEY ONE OF THE OTHER 7? MMMMM
THIS WILL SEAL THE FATE OF THE DOLLARS DEMISE AND USHER A REPLACEMENT!
WELCOME TO THE NEW RESERVE CURRENCY,THE SDR BASED ON BLACK GOLD SETTLEMENTS! DOC IMO
....
Thunderhawk: IMF Staff Completes 2016 Article IV Mission to the United Arab Emirates
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF's Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.
An International Monetary Fund (IMF) mission, led by Mr. Zeine Zeidane, visited the United Arab Emirates (UAE) from April 26 to May 9, 2016 for the annual Article IV discussions. The consultation will conclude with the preparation of a report that, subject to management approval, will be discussed by the IMF Executive Board by end-July 2016.
At the end of the mission, Mr. Zeidane issued the following statement:
"The UAE is facing the oil price shock from a strong position as past prudent macroeconomic policies have helped build large fiscal and external buffers, its economy is more diversified, and it has continued to benefit from its safe haven status."
The growth outlook is expected to moderate in 2016 amid low oil prices, with non-hydrocarbon growth projected at 2.4 percent due to sizeable fiscal consolidation, softer economic sentiment, and somewhat tighter monetary and financial conditions. With expected improvements in oil prices, growth is projected to pick up over the medium-term, also supported by increased investment ahead of the World Expo2020 hosted in Dubai, and more favorable external conditions.
Average inflation is expected to decline to 3.2 percent in 2016 from 4.1 percent in 2015.
"Despite the strong policy response to adjust to the low oil prices, the fiscal deficit is projected to widen in 2016 to about 7.2 percent of GDP, before improving over the medium-term. The current account surplus is projected to decline to 0.3 percent of GDP in 2016. Private sector credit growth is expected to moderate due to the slowing economy and larger fiscal financing needs.
"Against this backdrop, the macroeconomic policy mix should focus on gradual fiscal consolidation, while maintaining the peg and supporting conditions for private sector credit growth. In view of the large buffers, the pace of fiscal consolidation could be somewhat more gradual in 2016 than presently envisaged, in order to minimize the impact on the economy as it is adjusting to the decline in oil prices over the past year.
As the oil price related cyclical weakness dissipates, consolidation should accelerate over the medium-term to balance the budget and reduce the gap of the non-oil deficit to the level consistent with inter-generational equity.
As regards the composition of fiscal consolidation, public investment should be preserved while enhancing its efficiency, plans to introduce VAT and increase excise taxes timely implemented, and remaining energy subsidies gradually phased out. The recent issuance by Abu Dhabi of Eurobonds is welcome, and the financing of its fiscal deficit should continue to tap into international markets and sovereign wealth funds rather than drawing down deposits so as to minimize the impact on domestic liquidity conditions. Efforts to strengthen public financial and debt management frameworks should also be pursued.
"The banking sector remains resilient and has enough liquidity and capital buffers to withstand severe shocks. The central bank actions to ensure adequate provisioning, phase in Basel III liquidity and capital requirements, and strengthen corporate governance are steps in the right direction and should be pursued. The new central bank and banking law should be swiftly approved to develop a fully-fledged macroprudential framework, accelerate progress toward compliance with Basel core principles for effective supervision, and beef up safety nets and resolution frameworks.
Continued repair of government-related entities (GREs) balance sheets is important to contain systemic risks. Ongoing efforts to further strengthen the AML/CFT framework and address de-risking should also continue.
"The authorities' vision to further diversify the economy away from oil is commendable. Diversification requires stepping up structural reforms aimed at further developing the private sector, transitioning towards a knowledge-driven economy, and promoting export sectors. These could include: improving selected areas of business environment;
developing adequate public-private partnerships frameworks; relaxing restrictions to foreign ownership; fostering competition, promoting innovation, including through appropriate financing tools as planned by the authorities, easing access to finance for startups and small and medium enterprises (SMEs), and creating the right incentives for entrepreneurship and job creation, notably for women.
"The team met with H.E. Minister of State for Financial Affairs Obaid Humaid Al Tayer, H.E. Governor of the Central Bank Mubarak Al Mansoori, senior federal and local government officials, and representatives from the business and financial community.
"The IMF team expresses appreciation for the authorities' cooperation and candid discussions."
http://ift.tt/1T3qpWx
************
BACKDOC: AS I SEE IT THUNDER THIS NEW AMENDMENT WILL GIVE THE IMF UNLIMITED FINANCIAL POWER TO FUND ANY PROJECT THE IMF CHOOSES GLOBALLY!
THIS IS MORE THAN HUGE! DOROTHY JUST PULLED BACK THE CURTAIN!
OZ, NOW HAS UNLIMITED MONEY CREATION AND POWER TO USE AS IT CHOOSES!
IT APPEARS THE FINANCIAL POWER WILL NOW COME FROM SINGAPORE BUT THE POLITICAL CONTROL WILL STILL BE THE U.S.!
THE PRGT WILL EFFECTIVELY WORK LIKE AN INTERNAL CURRENCY SWAP TO REARRANGE FINANCIAL RESOURCES WHERE THE IMF DETERMINES ITS NEEDS! DOC IMO
Thunderhawk: Proposed Bill changes to empower MAS to give grants to IMF
Amendment to Bretton Woods Agreements will allow central bank to lend, give grants above standard contribution
SINGAPORE — Parliament yesterday introduced legislative amendments to allow the Monetary Authority of Singapore (MAS) to enter into arrangements with the International Monetary Fund (IMF) to give grants or other financial assistance on behalf of the Government of Singapore.
The Bretton Woods Agreements (Amendment) Bill was tabled for first reading by MAS board member Lawrence Wong, who is also National Development Minister. With the amendment of the Bretton Woods Agreements Act, Singapore will be able to contribute its share of IMF’s profit from gold sales — amounting to a grant of US$20 million (S$27.3 million) — to the fund’s concessional lending vehicle, the Poverty Reduction and Growth Trust (PRGT).
“The grant is subject to Parliament’s approval. Any future grant to the IMF will also require Parliament’s approval,” an MAS spokesperson said in response to TODAY’s queries.
MAS already has powers to provide loans and interest-free deposits to the IMF. The proposed amendments will empower the MAS to lend, or provide grants or other financial assistance, in excess of the standard membership contribution provided by Singapore to the IMF. This will allow the MAS to participate in the IMF’s initiative to strengthen PRGT resources.
The Bill will also empower the MAS to buy or sell Singapore’s Special Drawing Rights (SDR) in order to carry out its obligations under any Fund arrangement or Fund programme. The SDR is an international reserve asset, created by the IMF to supplement its member countries’ official reserves, and can be exchanged for freely usable currencies.
The amendments also set out safeguards for any financial assistance, including loans and grants, by the MAS to the IMF. First, any financial assistance can only be provided pursuant to a specific request from the IMF. In addition, MAS will only agree to a request for financial assistance where there is a collective and broad-based response among IMF members. Second, the Minister-in-charge of the MAS must also publish in the Gazette a statement containing key information about the agreement to extend financial assistance.
This statement shall contain a description of the nature and terms of the agreement, and the maximum amount that the MAS has agreed to grant, lend or give other financial assistance to the IMF.
As an additional safeguard, the provision of grants to the IMF will be subject to Parliament’s approval. This is because grants are treated as expenses whereas loans will be repaid at maturity and are recorded as assets on MAS’ balance sheet.
As part of a strategy aimed at making its low-income lending sustainable, the IMF in February 2012 approved a first distribution of about US$1.1 billion of reserves from windfall gold sales profits, subject to assurances by members that at least 90 per cent of the amount would be made available for the PRGT. In September 2012, the IMF approved a second distribution of about US$2.7 billion of reserves from windfall gold sales profits, subject to the same assurances as the first one.
To date, IMF members whose shares represent 95 per cent of the amount distributed, including Singapore, have pledged to transfer their shares in the two tranches to the PRGT, according to the fund.
Gold sale profits are part of the IMF’s general resources available for the benefit of the entire membership and cannot be placed directly in the PRGT. The funds are distributed to countries in proportion to their IMF quota shares on the expectation that members would direct the IMF to transfer these resources to the PRGT as subsidy contributions.
http://ift.tt/1WjZlbt
Thunderhawk: We are now at the DOOR of the castle
The 12 are at the controls on the other side
as they always have been
All financing for what you seek flows from the source
and the source is unlimited
Welcome to the Capital of the New Global Reality
Blessings to you all family. ThunderHawk
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF's Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.
An International Monetary Fund (IMF) mission, led by Mr. Zeine Zeidane, visited the United Arab Emirates (UAE) from April 26 to May 9, 2016 for the annual Article IV discussions. The consultation will conclude with the preparation of a report that, subject to management approval, will be discussed by the IMF Executive Board by end-July 2016.
At the end of the mission, Mr. Zeidane issued the following statement:
"The UAE is facing the oil price shock from a strong position as past prudent macroeconomic policies have helped build large fiscal and external buffers, its economy is more diversified, and it has continued to benefit from its safe haven status."
The growth outlook is expected to moderate in 2016 amid low oil prices, with non-hydrocarbon growth projected at 2.4 percent due to sizeable fiscal consolidation, softer economic sentiment, and somewhat tighter monetary and financial conditions. With expected improvements in oil prices, growth is projected to pick up over the medium-term, also supported by increased investment ahead of the World Expo2020 hosted in Dubai, and more favorable external conditions.
Average inflation is expected to decline to 3.2 percent in 2016 from 4.1 percent in 2015.
"Despite the strong policy response to adjust to the low oil prices, the fiscal deficit is projected to widen in 2016 to about 7.2 percent of GDP, before improving over the medium-term. The current account surplus is projected to decline to 0.3 percent of GDP in 2016. Private sector credit growth is expected to moderate due to the slowing economy and larger fiscal financing needs.
"Against this backdrop, the macroeconomic policy mix should focus on gradual fiscal consolidation, while maintaining the peg and supporting conditions for private sector credit growth. In view of the large buffers, the pace of fiscal consolidation could be somewhat more gradual in 2016 than presently envisaged, in order to minimize the impact on the economy as it is adjusting to the decline in oil prices over the past year.
As the oil price related cyclical weakness dissipates, consolidation should accelerate over the medium-term to balance the budget and reduce the gap of the non-oil deficit to the level consistent with inter-generational equity.
As regards the composition of fiscal consolidation, public investment should be preserved while enhancing its efficiency, plans to introduce VAT and increase excise taxes timely implemented, and remaining energy subsidies gradually phased out. The recent issuance by Abu Dhabi of Eurobonds is welcome, and the financing of its fiscal deficit should continue to tap into international markets and sovereign wealth funds rather than drawing down deposits so as to minimize the impact on domestic liquidity conditions. Efforts to strengthen public financial and debt management frameworks should also be pursued.
"The banking sector remains resilient and has enough liquidity and capital buffers to withstand severe shocks. The central bank actions to ensure adequate provisioning, phase in Basel III liquidity and capital requirements, and strengthen corporate governance are steps in the right direction and should be pursued. The new central bank and banking law should be swiftly approved to develop a fully-fledged macroprudential framework, accelerate progress toward compliance with Basel core principles for effective supervision, and beef up safety nets and resolution frameworks.
Continued repair of government-related entities (GREs) balance sheets is important to contain systemic risks. Ongoing efforts to further strengthen the AML/CFT framework and address de-risking should also continue.
"The authorities' vision to further diversify the economy away from oil is commendable. Diversification requires stepping up structural reforms aimed at further developing the private sector, transitioning towards a knowledge-driven economy, and promoting export sectors. These could include: improving selected areas of business environment;
developing adequate public-private partnerships frameworks; relaxing restrictions to foreign ownership; fostering competition, promoting innovation, including through appropriate financing tools as planned by the authorities, easing access to finance for startups and small and medium enterprises (SMEs), and creating the right incentives for entrepreneurship and job creation, notably for women.
"The team met with H.E. Minister of State for Financial Affairs Obaid Humaid Al Tayer, H.E. Governor of the Central Bank Mubarak Al Mansoori, senior federal and local government officials, and representatives from the business and financial community.
"The IMF team expresses appreciation for the authorities' cooperation and candid discussions."
http://ift.tt/1T3qpWx
************
BACKDOC: AS I SEE IT THUNDER THIS NEW AMENDMENT WILL GIVE THE IMF UNLIMITED FINANCIAL POWER TO FUND ANY PROJECT THE IMF CHOOSES GLOBALLY!
THIS IS MORE THAN HUGE! DOROTHY JUST PULLED BACK THE CURTAIN!
OZ, NOW HAS UNLIMITED MONEY CREATION AND POWER TO USE AS IT CHOOSES!
IT APPEARS THE FINANCIAL POWER WILL NOW COME FROM SINGAPORE BUT THE POLITICAL CONTROL WILL STILL BE THE U.S.!
THE PRGT WILL EFFECTIVELY WORK LIKE AN INTERNAL CURRENCY SWAP TO REARRANGE FINANCIAL RESOURCES WHERE THE IMF DETERMINES ITS NEEDS! DOC IMO
Thunderhawk: Proposed Bill changes to empower MAS to give grants to IMF
Amendment to Bretton Woods Agreements will allow central bank to lend, give grants above standard contribution
SINGAPORE — Parliament yesterday introduced legislative amendments to allow the Monetary Authority of Singapore (MAS) to enter into arrangements with the International Monetary Fund (IMF) to give grants or other financial assistance on behalf of the Government of Singapore.
The Bretton Woods Agreements (Amendment) Bill was tabled for first reading by MAS board member Lawrence Wong, who is also National Development Minister. With the amendment of the Bretton Woods Agreements Act, Singapore will be able to contribute its share of IMF’s profit from gold sales — amounting to a grant of US$20 million (S$27.3 million) — to the fund’s concessional lending vehicle, the Poverty Reduction and Growth Trust (PRGT).
“The grant is subject to Parliament’s approval. Any future grant to the IMF will also require Parliament’s approval,” an MAS spokesperson said in response to TODAY’s queries.
MAS already has powers to provide loans and interest-free deposits to the IMF. The proposed amendments will empower the MAS to lend, or provide grants or other financial assistance, in excess of the standard membership contribution provided by Singapore to the IMF. This will allow the MAS to participate in the IMF’s initiative to strengthen PRGT resources.
The Bill will also empower the MAS to buy or sell Singapore’s Special Drawing Rights (SDR) in order to carry out its obligations under any Fund arrangement or Fund programme. The SDR is an international reserve asset, created by the IMF to supplement its member countries’ official reserves, and can be exchanged for freely usable currencies.
The amendments also set out safeguards for any financial assistance, including loans and grants, by the MAS to the IMF. First, any financial assistance can only be provided pursuant to a specific request from the IMF. In addition, MAS will only agree to a request for financial assistance where there is a collective and broad-based response among IMF members. Second, the Minister-in-charge of the MAS must also publish in the Gazette a statement containing key information about the agreement to extend financial assistance.
This statement shall contain a description of the nature and terms of the agreement, and the maximum amount that the MAS has agreed to grant, lend or give other financial assistance to the IMF.
As an additional safeguard, the provision of grants to the IMF will be subject to Parliament’s approval. This is because grants are treated as expenses whereas loans will be repaid at maturity and are recorded as assets on MAS’ balance sheet.
As part of a strategy aimed at making its low-income lending sustainable, the IMF in February 2012 approved a first distribution of about US$1.1 billion of reserves from windfall gold sales profits, subject to assurances by members that at least 90 per cent of the amount would be made available for the PRGT. In September 2012, the IMF approved a second distribution of about US$2.7 billion of reserves from windfall gold sales profits, subject to the same assurances as the first one.
To date, IMF members whose shares represent 95 per cent of the amount distributed, including Singapore, have pledged to transfer their shares in the two tranches to the PRGT, according to the fund.
Gold sale profits are part of the IMF’s general resources available for the benefit of the entire membership and cannot be placed directly in the PRGT. The funds are distributed to countries in proportion to their IMF quota shares on the expectation that members would direct the IMF to transfer these resources to the PRGT as subsidy contributions.
http://ift.tt/1WjZlbt
Thunderhawk: We are now at the DOOR of the castle
The 12 are at the controls on the other side
as they always have been
All financing for what you seek flows from the source
and the source is unlimited
Welcome to the Capital of the New Global Reality
Blessings to you all family. ThunderHawk
Mountainman: OZ {ALWAYS} has A Plan.....and (THEY) Even told You So......and (THEY) Still Do Tell......You Could say It's In (THEIR) DNA........
.
So I say What (THEY) say........"FOLLOW the YELLOW BRICK ROAD"........ {HINT}.........In TODAY'S WORLD''.........The RESOURCES Are UNLIMITED to Those Who have Ears to Hear and Eyes to SEE......That {NOT} Everything is as REAL as "IT" APPEARS to Be.......
.
Blessings,Mountainman (8)=New Beginnings........for Those Who CHOOSE "It"
https://youtu.be/RmqRx3ypWwU
.
So I say What (THEY) say........"FOLLOW the YELLOW BRICK ROAD"........ {HINT}.........In TODAY'S WORLD''.........The RESOURCES Are UNLIMITED to Those Who have Ears to Hear and Eyes to SEE......That {NOT} Everything is as REAL as "IT" APPEARS to Be.......
.
Blessings,Mountainman (8)=New Beginnings........for Those Who CHOOSE "It"
https://youtu.be/RmqRx3ypWwU
Mountainman: The PROGRESS of IRAN'S Quest to Settle It's Debts and Inflation
Continues as They have Not {SLOWED} Down for The END result as they are Preparing for their March Into the Global Markets w/IRAQ.......This A HUGE Step w/HONG KONG......and More Now than Ever we are Seeing GLOBAL Economies Merging into OIL as It will Be Necessary in the Move towards New Values....IMO
Blessings,Mountainman (8)=New Beginnings.......for HONG KONG........
Thunderhawk: Hong Kong keen to enhance ties with Isfahan Oil Refining Co.
Visiting head of Federation of Hong Kong Industries (FHKI) Daniel M. Cheng called for enhancing cooperation with Isfahan Oil Refining Company in this central province on Monday.
The official also voiced his willingness to expand strategic cooperation with Iran, adding the nuclear agreement, clinched between Tehran and P5+1 group of world powers, has paved the way for fostering mutual cooperation.
'Nuclear deal and implementation of Joint Comprehensive Plan of Action (JCPOA) have prepared the ground for boosting economic cooperation between Iran and Hong Kong,' Cheng added.
While touring Isfahan Oil Refining Company, he added his visit is considered as a beginning of cooperation between FHKI and this Iranian company.
Last week, third Hong Kong trade delegation headed by Cheng came to Isfahan to get familiar with and investigate trade and investment opportunities.
The delegation from FHKI is active in computer market, locks, golf electronic machines, medical services, shoes, sauce and condiments, food and beverage, jewelry packaging, environmental engineering, wastewater treatment, glass and mirror, container and transportation services.
Having over 3,000 members, 30,000 factories and 4million workers, FHKI is an official administration to reinforce industrial production sector in Hong Kong.
http://ift.tt/1T3qpWz
Continues as They have Not {SLOWED} Down for The END result as they are Preparing for their March Into the Global Markets w/IRAQ.......This A HUGE Step w/HONG KONG......and More Now than Ever we are Seeing GLOBAL Economies Merging into OIL as It will Be Necessary in the Move towards New Values....IMO
Blessings,Mountainman (8)=New Beginnings.......for HONG KONG........
Thunderhawk: Hong Kong keen to enhance ties with Isfahan Oil Refining Co.
Visiting head of Federation of Hong Kong Industries (FHKI) Daniel M. Cheng called for enhancing cooperation with Isfahan Oil Refining Company in this central province on Monday.
The official also voiced his willingness to expand strategic cooperation with Iran, adding the nuclear agreement, clinched between Tehran and P5+1 group of world powers, has paved the way for fostering mutual cooperation.
'Nuclear deal and implementation of Joint Comprehensive Plan of Action (JCPOA) have prepared the ground for boosting economic cooperation between Iran and Hong Kong,' Cheng added.
While touring Isfahan Oil Refining Company, he added his visit is considered as a beginning of cooperation between FHKI and this Iranian company.
Last week, third Hong Kong trade delegation headed by Cheng came to Isfahan to get familiar with and investigate trade and investment opportunities.
The delegation from FHKI is active in computer market, locks, golf electronic machines, medical services, shoes, sauce and condiments, food and beverage, jewelry packaging, environmental engineering, wastewater treatment, glass and mirror, container and transportation services.
Having over 3,000 members, 30,000 factories and 4million workers, FHKI is an official administration to reinforce industrial production sector in Hong Kong.
http://ift.tt/1T3qpWz
via Dinar Recaps - Our Blog http://ift.tt/1WlFSak
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