Serenierre
Established Nation
FINANCE MINISTRY PRESENTS GLOOMY BUDGET
Financial crisis to deepen, as government searches frantically for lenders
SHAHDARA: The Finance Ministry announced its budget for the government earlier today and, as expected, the full impact of the global economic depression is wrecking havoc on the delicate economy of the Empire. The Finance Ministry announced that unemployment figures had risen considerably – now stand at 25% – as the services sector continued to shrink in the second quarter of 2012, continuing a trend which began last year with the commencement of hostilities in the Great War. Over the past year, inflation had also increased considerably, despite government measures to control its rise, and the trade deficit had widened as exports saw a massive decline in non-primary sectors.
Upon presenting his budget, the Finance Minister also announced that the Government needed to engage with foreign governments and international organizations to procure a series of loans to ensure that the government would be able to pay its creditors, which is at present the main priority for the government, as foreign exchange reserves hover dangerously close to critical levels. The Finance Minister said that the nation needed an urgent injection of £1.5 billion for the government to pay creditors.
The Finance Minister however also added that despite its strong showings, the nation's primary sector has underperformed to quite an extent, given its strong potential for expansion and growth, suggesting that the state withdraw its majority stake in the country's mining sector and enact serious reforms of the country's feudal farming system, while continuing to generate profits for the country, serves to hold back innovation and growth. The Finance Minister has suggested that the Government begin a review of possible privatisation schemes for certain segments of the sector.
The budget was submitted to the Emperor, who is stated to be alarmed by the situation and has authorised the Government to consult with foreign officials to secure the vast loans the government needs to meet its expenses.
YUJIN REFUGEES IN OSMANIYE REACH 50,000
City authorities enforce tight regulation, set up refugee camps in outskirts
GOVERNMENT EAGER TO COMMENCE TALKS WITH KYIV, ENGELLEX, CANTIGNY, DANMARK
Diplomatic missions dispatched to look into possible discussions
Financial crisis to deepen, as government searches frantically for lenders
SHAHDARA: The Finance Ministry announced its budget for the government earlier today and, as expected, the full impact of the global economic depression is wrecking havoc on the delicate economy of the Empire. The Finance Ministry announced that unemployment figures had risen considerably – now stand at 25% – as the services sector continued to shrink in the second quarter of 2012, continuing a trend which began last year with the commencement of hostilities in the Great War. Over the past year, inflation had also increased considerably, despite government measures to control its rise, and the trade deficit had widened as exports saw a massive decline in non-primary sectors.
Upon presenting his budget, the Finance Minister also announced that the Government needed to engage with foreign governments and international organizations to procure a series of loans to ensure that the government would be able to pay its creditors, which is at present the main priority for the government, as foreign exchange reserves hover dangerously close to critical levels. The Finance Minister said that the nation needed an urgent injection of £1.5 billion for the government to pay creditors.
The Finance Minister however also added that despite its strong showings, the nation's primary sector has underperformed to quite an extent, given its strong potential for expansion and growth, suggesting that the state withdraw its majority stake in the country's mining sector and enact serious reforms of the country's feudal farming system, while continuing to generate profits for the country, serves to hold back innovation and growth. The Finance Minister has suggested that the Government begin a review of possible privatisation schemes for certain segments of the sector.
The budget was submitted to the Emperor, who is stated to be alarmed by the situation and has authorised the Government to consult with foreign officials to secure the vast loans the government needs to meet its expenses.
YUJIN REFUGEES IN OSMANIYE REACH 50,000
City authorities enforce tight regulation, set up refugee camps in outskirts
GOVERNMENT EAGER TO COMMENCE TALKS WITH KYIV, ENGELLEX, CANTIGNY, DANMARK
Diplomatic missions dispatched to look into possible discussions
Headlines of the Shahdara Tribune, 31st July 2012, 1433 AH