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://www.thaipr.net/finance/697774
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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://www.todayonline.com/business/proposed-bill-changes-empower-mas-give-grants-imf
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
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://www3.irna.ir/en/News/82067703/
BACKDOC: RE-ZOOOMING! ME LIKEY SINCE THIS IS AN ACTION!
ACTIONS MEAN THINGS!
GOSH FRANKIE, SEEMS TO ME THERE NEEDS TO BE A RATE FOR RE-ZOOMING! BAAAA HAAAA DOC IMO
Mountainman: Here is Another EXAMPLE….A TEMPERATURE GAUGE of WHERE we are w/ this GLOBAL PARADIGM SHIFT……..IRAN is Moving Forward and Other Countries are LESS Apprehensive in the FUTURE of International Banking w/IRAN……Again this is Very Telling…….for Even the US is Sending A Message of Readiness…..IMO
Blessings,Mountainman (8)=New Beginnings…..for IRAN Knows What’s Coming to Their BANKING STATUS w/the USA……IMO
Thunderhawk: Austrian banks resume interaction with Iran banking system
Austrian ambassador to Iran Friedrich Stift said on Monday that following a nuclear deal Iran reached with world powers last year, Austrian banks are resuming banking interaction with Iran.
He made the remarks in a meeting with officials of southwestern Ilam province to explore investment opportunities in the province.
The ambassador said that Austrian companies have been cooperating with Iran in different areas such as heavy industries, energy, food industries and automation.
Stift said he was optimistic with enhanced trade relations between Iran and Austria in the next few months.
The US and European countries are sending signals for joint venture investments in Iran, he said.
http://www3.irna.ir/en/News/82067902/
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BACKDOC: I SEE SOME MORE RE-ZOOMING!
CHRISTINE AND JACK WHAT DID YOU DO ON 4/28 IN YOUR OLD IMF FISCAL YEAR?
DIDN’T YOU SAY YOU NEEDED MONEY? MMMMM
SO AFTER 10 DAYS YOU COMPLETED THE GREECE BAILOUT BY THE 8TH! WHERE DID THAT MONEY COME FROM? HEE HEE
YOU SAID ALL WOULD BE DONE BY MID YEAR. IS THIS JUST ONE OF THE THINGS TO BE DONE GUYS?
ARE WE GOING TO SEE PUERTO RICO NEXT? MMMM
DON’T YOU HAVE SOMETHING TO SHOW US NOW? DOC IMO
Mountainman: OBVIOUSLY Major BANKING MOVEMENT has Been Underway and Pakistan is Wasting No TIME in the Inevitable Change for Countries to GET PAID thru these NEW TRADE DEALS w/IRAN…..Indeed…..
Blessings,Mountainman (8)=New Beginnings……for PAKISTAN and IRAN……New Channels…..
Thunderhawk: Pakistan urged to resume banking channel with Iran on priority basis
A top businessman of Pakistan strongly believes that Islamabad should not waste any time for opening up its banking channels with Tehran adding that signing of the Free Trade Agreement (FTA) with Iran would be in Pakistan’s favor.
United International Group (UIG) Chairman Mian Shahid in a statement said since electricity and gas imports from Iran would boost economic activities in Pakistan, therefore, it is necessary to consider importing 5,000 MW of electricity from the former.
He lauded the government for initiating serious efforts to boost trade with Iran, terming them satisfactory as the two countries can become important trading partners for which a trade deal is imperative.
He said that pipeline project was still under sanctions therefore every option should be explored.
The business leader said that Tehran-Islamabad trade exchange which was once one billion dollars has now decreased to 128 million dollars despite the agreement between the two countries to boost trade exchange to five billion dollars.
Pakistani beef, rice, fruit, vegetable, sports goods and IT services were in great demand in its neighboring nation, he added.
Pakistan should not waste any time for opening up the banking channels with Iran and improve transport infrastructure, he added.
Improved trade with Iran can also help bail out textile sector, he said.
He noted that Tehran’s inclination to take part in economic corridor project would gain momentum if FTA was signed. Signing of the FTA would benefit both countries while Iranian companies would invest in Pakistan, the official stressed.
http://www3.irna.ir/en/News/82067703/
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BACKDOC: LIKE I RECENTLY TOLD YOU THERE WILL BE MAJOR TAX CHANGES COMING WITHIN THE EMPIRE! WELL, HERE THEY COME!
TODAY WE SAW ORGANIZED PROTESTERS STATING THE RICH NEED TO PAY MORE IN TAXES.
REALIZE, GOING ASSET-BACKED WILL REQUIRE THAT WE COLLECT WHAT WE SPEND! WE CAN NO LONGER PRINT OUR WISHES! DOC IMO
Mountainman: The IMF has been Calling for New Tax Measures to Reflect the Coming Monetary Changes w/Countries having Transparency…..WHY….???…..Because EVERYONE in this New Reality {MUST} pay their FAIR SHARE as it is so Commonly Called……..I Expect a GLOBAL VERSION of the USA’S FATCA LAW …….this Appears to be A Logical Step since Wealth is Going to Be REDISTRIBUTED Amungst Poorer Countries……IMO
Blessings,Mountainman (8)=New Beginnings……..For “SAFE HAVENS”…….Being {NOT} So SAFE
Thunderhawk: New global rules on firms’ tax disclosure
New global rules forcing companies to report taxable activities country-by-country publicly have been called for by a group of 300 prominent economists.
In a letter to world leaders, the group urges the UK to ‘take a lead’ in the push for more tax transparency, BBC reported.
Poor countries are the biggest losers from tax havens, they claim.
The letter’s signatories, coordinated by charity Oxfam, include best-selling author Thomas Piketty and 2015 Nobel Prize economics winner Angus Deaton.
The letter comes ahead of the UK government’s anti-corruption summit on Thursday, which politicians from 40 countries as well as World Bank and IMF representatives are expected to attend.
The economists — who include almost 50 professors from British universities — argue the UK’s position as summit host as well as its sovereignty over what it said is a third of the world’s tax havens makes it ‘uniquely placed’ to take the lead.
No useful purpose
“We need new global agreements on issues such as public country-by-country reporting, including for tax havens,” the economists write in the letter.
“Governments must also put their own houses in order by ensuring that all the territories for which they are responsible make publicly available information about the real ‘beneficial’ owners of company and trusts,” they add.
The letter comes in the aftermath of the Panama Papers leak, which revealed how some rich people hide assets, sparking widespread condemnation that the authorities had failed to act.
One of the signatories, the economist Ha-Joon Chang of the University of Cambridge, said that he signed the letter because he shared “the view that tax havens serve no useful purpose”.
Chang said: “These tax havens basically allow companies and certain individuals to free-ride on the rest of humanity.
“These companies and people make money in one country by using workers educated with public money, using roads, ports and other infrastructure paid for by the taxpayers of that country and moving the money to another country in a shell company which doesn’t really do any business there.”
Read more at: http://www3.irna.ir/en/News/82068045/
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Mountainman Well……NEW BASEL REGS are Cramping Banks Old Ways and they don’t Like it…..However, too Many Banks are OVER LEVERAGED in LOANS they Have given Out and (NOT) Enough CAPITAL/MONEY On Hand to Cover said LOANS…….
In this New Arena….. BANKS Now have to Have A RATIO that Somewhat BALANCE their LOANS to DEPOSITS/CAPITAL on Hand….Will This HELP Relieve some of the PAIN we See On the GLOBAL BANKING Scales…???……We shall See……Something had to Change and this is A New START to Help Clean Up these Frivolous Bank Bubbles……IMO
Blessings,Mountainman (8)=New Beginnings…….for Banks to have Some SKIN in the Game………
Thunderhawk: Backdoc Alert
Japanese regulator says banks should keep role in determining lending risks
A move by banking regulators to curb the ability of banks to assess for themselves their lending risks could backfire if as a result they lose the incentive to reduce those risks in order to cut the amount of capital they must hold as a buffer against possible defaults, a senior Japanese regulator said on Monday.
The Basel Committee of banking supervisors from nearly 30 countries is adding the finishing touches to the new rules on capital requirements introduced after the financial crisis.
This includes restrictions on the models big banks use to calculate the total amount of risky lending they hold on their books in order to determine how much core equity capital they need to hold to survive another financial crisis.
Banks say this could make lending harder as it would amount to a higher “Basel IV” capital requirement compared with the demands made under the Basel III accord introduced after the 2007-2009 crisis.
Shunsuke Shirakawa, deputy commissioner for international affairs at Japan’s Financial Services Agency, said forcing lenders to use standard methods for totting up their risks could sacrifice banks’ incentives to improve risk management.
It was critical to field-test Basel’s new rules and make the necessary adjustments, said Shirakawa, who is a member of the Basel Committee.
He also took aim at Basel’s plans to impose on the world’s 30 biggest banks a higher ‘leverage ratio’ – core equity capital as a percentage of total lending, including risk-free debt.
“In finalizing the design of the leverage ratio, we should bear in mind it was introduced as a supplementary measure. It should not be a main driver of capital requirements,” Shirakawa told the City Week conference in London.
Basel was putting too much emphasis on rulemaking and should focus more on supervision, he added.
Regulators are reviewing the welter of rules introduced since the crisis, but Benoit de Juvigny, secretary general of French markets regulator the AMF, also told the conference that many of the new rules have yet to be fully implemented and too much change would be disruptive.
“It will be a mess and completely opposite to the stable regulatory environment that we need,” he said.
http://www.reuters.com/article/us-basel-banks-regulations-idUSKCN0Y01X6
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Mountainman: Yes Even the IMF says Hey Boys Good Job…..We just Need to Fine Tune A Few More things As We Move You Out w/IRAQ into the New Global Reality…..Don’t Worry We Got your Back…….IMO
Blessings,Mountainman (8)=New Beginnings……..And New INNINGS/ENDINGS as Well
Thunderhawk: IMF official to visit Tehran in near future
Thunderhawk: First Deputy Managing Director of the International Monetary Fund (IMF) David Lipton is expected to visit Iran in the near future.
Lipton, heading a five-member delegation is scheduled to meet Iranian high-ranking officials including the economic officials, Shana reported.
He will discuss previous agreements with Iran and explore ways to develop cooperation between Tehran and IMF.
The IMF is an international organization headquartered in Washington, D.C., of 189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
Formed in 1944 at the Bretton Woods Conference, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system.
http://iran-daily.com/News/151071.html
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BACKDOC: YES, MR. KERRY THERE IS A LOT OF CLARIFYING YOU NEED TO DO! HEE HEE
WHY DON’T YOU START WITH HOW YOU ALLOW MONEY TO MOVE WITH A VALUE AND WE CAN’T SEE IT YET! LOL DOC IMO
Thunderhawk: UK banks to hold Iran talks with Kerry
Some of Britain’s biggest banks will hold talks this week with John Kerry, the US Secretary of State, as they wrestle with the implications of last year’s move to lift economic sanctions against Iran.
Sky News has learnt that the British Bankers’ Association (BBA) has circulated a note to its members inviting them to send senior representatives to a meeting with Kerry, who will be in London to attend an anti-corruption summit.
The discussions will be held against an uncertain backdrop for UK banks, some of which are keen to do more business with Tehran but remain nervous about the consequences of deals which may be frowned upon by Washington.
Kerry has sought to allay concerns among foreign banks about forging new ties in Iran, saying last month that the US “is not standing in the way, and will not stand in the way, of business that is permitted in Iran since the [nuclear deal] took effect”.
“There are now opportunities for foreign banks to do business with Iran.
“Unfortunately there seems to be some confusion among some foreign banks and we want to try and clarify that.”
This week’s meeting will take place just weeks after the banking industry’s main lobbying group moved to establish a high-level panel to navigate the removal of Western sanctions against Iran.
The BBA declined to comment on the invitation to its members to the meeting with Kerry, but has previously confirmed to Sky News that its Iran working group was in the process of being set up.
British banks have come under pressure from the government to expand links with Tehran ahead of a trade visit to Iran led by Sajid Javid, the Business Secretary, which is due to take place later this month. Read more at:
http://iran-daily.com/News/151075.html
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Mountainman: Well this is as {CLEAR} as it gets w/the RUMORS of…… If Certain New Banking Entities are Going to Take Out Others…..RIGHT…???
Yes Indeed……these BANKS……AIIB/WB/ADB are Working together……WHY….??? Because MONEY (Flows) thru it’s “BANKS” Much Easier When {ALL} Are On the Same Page…..Not Fighting Like Busy BEAVERS……DAMING Up…..The New Global Growth
TEMPLATE…….IMO
Blessings,Mountainman (8)=New Beginnings……for BUSY BANKING BEAVERS
Thunderhawk: AIIB and ADB partner to finance road project in Pakistan
TIN news: Beijing-based Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB) have partnered to fund a $300m road project in Pakistan.
AIIB and ADB signed an agreement to fund the M4 highway, a 64-km motorway linking Shorkot to Khanewal in Punjab province.
ADB and AIIB intend to bolster cooperation, including co-financing at technical and strategic levels.
“The AIIB and ADB are already discussing projects for co-financing in the roads and water sectors.”
The two banks will contribute almost an equal amount for the Pakistan road project.
In a joint statement, the two banks said: “The agreement sets the stage for jointly financed projects.
“The AIIB and ADB are already discussing projects for co-financing in the roads and water sectors.”
According to a Financial Times report, in addition to the project in Pakistan, the AIIB is planning to fund a road project in Tajikistan and a road in Kazakhstan.
AIIB also expects to give funding of $1.2bn for several projects, including 12 projects with the World Bank and the ADB.
AIIB is a multilateral development bank with focus on infrastructure and other sectors such as energy in Asia http://www.tinn.ir/fa/doc/news/88239/aiib-and-adb-partner-to-finance-road-project-in-pakistan
BACKDOC: LIKE WE HAVE BEEN SHARING, TAX REFORMS WILL BE NEEDED TO BALANCE INCOME TO EXPENSES SINCE ALL COUNTRIES WILL NO LONGER BE ABLE TO RUN DEFICITS ANY LONGER IN THE NEW REALITY!
EVERY COUNTRY WILL HAVE A PREDETERMINED VALUE. THE CURRENCY WILL REFLECT THAT VALUE AND WILL BE DILUTED BY EXCESSIVE PRINTING, UNLIKE THE FIAT SCENARIO WE HAVE NOW! DOC IMO
Thunderhawk: IMF tax mission heads to Zimbabwe
A TAX policy mission from the International Monetary Fund (IMF) is set to visit Zimbabwe by July to help the country improve the efficiency of tax administration.
The visit comes at a time Zimbabwe has been struggling to contain its public sector wage bill which accounts for over 70% of the Budget, thereby crowding out financing of sectors such as social services and infrastructure.
In a staff report for the 2016 Article IV consultation and the third review of the Staff Monitored Programme, IMF said the tax policy mission was expected in the first half of 2016.
IMF said Zimbabwe’s tax collection as a share of gross domestic product was high by Sub-Saharan Africa standard, adding that “efforts should focus on improving the efficiency of tax administration, rather than increasing tax pressure”.
“Non-wage expenditures have suffered from years of compression and could lead to widening gaps in infrastructure and social development, if not addressed,” IMF said, adding that there was not much scope for a significant rise on tax collections without an adverse impact on economic activity.
“The authorities’ planned review of the design of the tax system should focus on broadening the tax base, particularly of the VAT [valued added tax], with a view to shifting the burden of taxation from income toward indirect taxes,” IMF said. Read more at:
https://www.newsday.co.zw/2016/05/10/imf-tax-mission-heads-zimbabwe/
