MinBane

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Archive for the category “Economy”

Opinion: Al-Bashir had the “State Reserves” at his Palace!

I’m laughing straight to the bank with this

(Ha, ha ha ha ha ha, ha, ha ha ha ha ha)” 50 Cent . ‘Straight to the Bank’ (Released: 26.06.2009)

Now were in the days of Post Al-Bashir in the Republic of Sudan. Where the public and revolution continues, even as the Transitional Council are continuing their rule. Two days ago his fate is getting sealed and detained at the Kober Maximum Prison. That the man of 30 years in power is now undergoing investigation by the same authorities that he controlled for so long. This must be a turn of events no-one expected. Certainly, the previous dictator didn’t anticipate this, because why else. Would he have such vast amounts of cash in his Presidential Palace.

Not that I am shocked that from the same authority, that made it illegal to have cash-in-your-home, the mastermind behind that policy and that state of emergency law had millions upon millions in his own estate/palace. Therefore, it is vindication, that the state get these funds returned from a President for Life. Whose got cut short by a military coup d’etat and later detained. Which is in the end, meaning he is losing all his privileges and entitlements. Now, the authorities are emptying his palace and while doing so, they found a treasure chest with massive amounts of cash.

As reported by Dabanga:

In a statement, the Senior Public Prosecutor Mutasim Mahmoud announced the seizure of $351 million, €6,7 million, and SDG 5 billion ($105 million*) at the residence of deposed President Omar Al Bashir. Mahmoud confirmed that the cash is secure within the vaults of the Bank of Sudan, and that charges will be investigated against former President Al Bashir under the foreign exchange law and money laundering” (Dabanga – ‘Sudan authorities seize Al Bashir cash stash’ 19.04.2019).

We can now see, in a Republic, which was in a fiscal jeopardy, in a state of lacking foreign currency and hyper-inflation. Where the prices of bread and others needed commodities where rising. In this manner, the findings are really showing the selfish and the abundantly clear memo of what sort of leader Al-Bashir was. As he could own the State Reserves or even the total Foreign Exchange, he could have on his own spiced up the whole economy. He could have infused the funds and helped to stop the fiscal instability of the Republic. Instead his greed and his vicious heart didn’t want to give way.

That a dictator of 30 years are capable of doing this, while the common man is struggling to buy bread. Shows what sort of leadership it was in the Republic. They really started the demonstrations in the middle of December 2018, because of tiredness of the dictatorship. Which went from weeks of protests into a sit-in demonstrations at the Army Headquarters. That turned into a revolution that ended this, but they are still working to dismantling the military dictatorship of Al-Bashir; As they are working on the transition to a civilian government.

As we see with the massive amounts cash been stored in the palace of the President. It shows his intent and his actions as a President. That he had the ability to have a personal bank in his home. He didn’t need to go to the bank or even have a bank-account. Al-Bashir had enough to travel to or to live lavish until infinity. Peace.

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Tanzania: Blocked IMF Report, because of negative projections!

President Joseph Pombe Magufuli isn’t the sort of guy, that handles critics or opposition well. He is the sort of guy that needs all praise and benefits of a doubt. Therefore, the latest move is in a long line of questionable behaviour from his party, his apparatus and his administration to stifle voices of another opinion.

The Tanzanian government under Magufuli is a paranoid and wavy state. Where everything hangs by a thread, if your in the good graces of the President or not. If your not or if you questions him. He will take your license, suspend your newspaper or even detain you for a various reasons. That is the state of affairs. So, that the President and his people have blocked an unfavourable report from the International Monetary Fund isn’t surprising, it is more of the same.

This is from the same man, that has arrested MPs for speaking ill of him. This is from the same man, that didn’t like articles written the The Citizen to later suspend that too. Therefore, when someone dares to question his ways and orders, he will strike with fury. That is the man, the governs and leads the Republic.

Here is some pieces of information, that might be the reason why the Article IV Report of the IMF was blocked from publishing. With the Press Release of the block from IMF, before a Stratfor explanation and projections of the World Bank.

IMF Press Release:

On March 18, 2019, the Executive Board of the International Monetary Fund concluded the consideration of the 2019 Article IV Consultation with the United Republic of Tanzania” (…) “The authorities have not consented to publication of the staff report or the related press release” (IMF – ‘Statement on the 2019 Article IV Consultation with the United Republic of Tanzania Staff Report’ 17.04.2019).

Stratfor explanation:

What Happened: An apparently leaked report by the International Monetary Fund contains criticism of the Tanzanian government’s interventionist economic policies and noted that they are hurting the country’s investment climate, Bloomberg reported April 18. The Tanzanian government subsequently decided to block the report’s release. Why It Matters: The report will likely serve as an alarming sign for international investors who already have been concerned that the Tanzanian government is targeting foreign multinational companies” (Stratfor – ‘Tanzania: IMF Report Criticizes Government Measures’ 19.04.2019).

World Bank Context:

Economic performance in 2018 was mixed, while inflation remains low and stable. The National Bureau of Statistics did not release any quarterly gross domestic product (GDP) data for 2018, pending completion of a rebasing exercise. However, available data suggest signs of softening of the growth momentum” (World Bank in Tanzania – Context, 01.04.2019).

We can clearly see why the President didn’t want this to get released, also that his administration would further hit their goals, when concerning their economic forecast. This is damaging the image and also the confidence in the financial system. The IMF would have told a story that the administration didn’t want to hear or listen too.

That is why it hasn’t been released, because the President who wants all positive and praise. Cannot manage an independent entity from the outside coming with a message or projection, which isn’t fitting the narrative of the CCM. At this point, that is the message I get out of it.

Magufuli and the Tanzanian Administration could have turned the projections and the forecast. They have the ability to create stability and trust in the financial system. However, they are instead stonewalling and continuing on this path. They are not creating confidence of the acts of the government from the outside. It is backfiring instead, but this is from the administration that has to verify and give a stamp of approval to release statistics.

Therefore, we know how far this administration goes. Now, they are even stopping Article IV Report from being released. That is a sign of weakness in the economy. Peace.

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Brexit: European Council (Article 50) on 10 April 2019 – Draft Conclusions (09.04.2019)

Opinion: Theresa May’s Statement undermines her own leadership…

The vision we had of Brexit is fading away – and we are running out of time to save it” – Theresa May on the 7th April 2019

On the 14th July 2016, Theresa May became Prime Minister after the Brexit Referendum. However, her Government triggered the Article 50 in March 2017 and had final date of leaving in the European Union on the 29th March 2019. On this date, the European Commission accepted that the Brexit final leaving date got to 12th April 2019. However, if that is the final is yet not sure. Even if it just mere days ahead.

What Prime Minister Theresa May have proven with her statement to the public. As she held her plea to the public and sat on the coach. She shown the world, what an utter mess she has created, what sort of weak government, which has had over 30 Ministers to resign in her time in office. In retrospect’s to have that many leaving you for various isn’t a sign of strength, but a sign of weakness. This government on average have “lost” an Minister or anyone appointed by the PM, every single month since its inception. That is a unique feature of someone promising to be strong and stable.

However, the Brexit dynamics is shown in this lax approach to governing. As the negotiations and diplomatic efforts, been more a begging and pledging to get confidence, than actually serving the Kingdom. This is shown in the Declarations and the Withdrawal Agreement, which by all means can be said to catastrophic documents of missing the mark as a sovereign and as a future trading partner. Where the Department for Exiting the European Union (DEXEU) have really fled the scene and most likely just enjoyed spoils of foreign trips away from London. Because, it doesn’t look like they were meaning serious business. All the beneficial for the EU.

So, with all that mind, as the Tories have been wondering in oblivion, as they have kept the public in the dark for so long. They didn’t release possible damage of the various outcomes and now that its getting close to a closure. The reactions, the response and the possible visible costs of the process will come. The narrow and depriving “No-Deal”, which will cost a lot, make the business jump hurdles and even hurt the Good Friday Agreement. However, in the mix and scheme of things, this seems forgotten.

As the Prime Minister has promised for long, that she will honour the will of the people. That businesses, the stakeholders and everyone involved will be taken care off. While, the Brexit will be determined and ended with an Agreement. However, she has made an agreement, that no one likes. Surely, not even Brussels like it, because they have planned for a “No-Deal” and the consequences of that for a while. While the Parliament, cannot manage to agree on anything, except for postponing it and sending the PM on begging mission across Dover.

What are seeing, a PM whose lost, begging for time. A time that she doesn’t have, a visions she never shown and a determination, that this Tories government never had. Because if it did, it would have made a grandeur effort and shown finesse since her takeover and also, since she sent the letter to European Commission notifying them of leaving. We have not seen any progression, anything significant, that been promising of a peaceful journey. Instead, it has been muffled, played the facade and been jeering the crowds at the PMQ at the House of Commons. This sort of show has to stop.

The PM should know this. That her statement and her ultimatum is a bit late. Londinium is already burning. There is no fireworks and no festival of this enterprise, only hope for redemption and salvage whatever that is left. Which is not much, because this Brexit has been played out all wrong.

The Tories are losing, the public is losing and the EU is loosing too. Everyone is paying the price because of the British confidence, but lack of hard work from career politicians. They are safeguarded anyway-

What we will see in the coming days are the self-inflicted pain, that many foresaw, but the Tories never wanted to spell out. The Tories and the PM never accepted the brutal reality of the price of leaving the Union at this point. They are more into their own pride and longing for being sovereign without thinking, what it would do to them. However, the British and the United Kingdom is a lost cause. Unless, the public are going again on the streets. Showing in the final moment, that they want to revoke article 50 and have a second referendum. Not that the PM wants that.

She is betting everything on a bankrupt enterprise and just want to ensure, that all the bridges are burned and there is no way to cross. Since, she wants to at least have delivered a Brexit. Even if it means self destruction and also hurting the economy. Peace.

Brexit: Chris Heaton-Harris MP resignation letter to Prime Minister Theresa May (03.04.2019)

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