Badara

[Drax]

MONSOON RAIH SAEI MANARA
(If it’s in the Monsoon, it’s got to be true)
 
FINANCE MINISTRY PRIORITIES
 
Finance Ministry, April  21, 5636:  After Finance Minister Faisal Abu Saq held a meeting on organizing receipt of tax revenue with senior Ministry personnel, The Monsoon asked him what would be his priorities going forward and he replied:
 

First, we are organizing tax collection and centralizing tax receipt in Central Bank accounts for the Treasury of Jumhuriat al-Badara, Right now tax payments are made to bank accounts all over both islands and even in some foreign nations. Some payments are even going to bogus accounts many of which are online only.  For the time being all valid national level tax payments will go to Treasury accounts in Central Bank. All. Think it is clear this a necessary step.
 
Second, our oil reserves were again nationalized by the departed government. So the Sovereign People of Jumhuriat al-Badara do again own the oil reserves. In order to provide for the domestic needs of our people and provide funding for investing in raising the standard of living, it is the feeling of a majority of the National Assembly that the system inaugurated by the Free Radical Government some 900 years ago is the best way to do this. Further it is within the parameters of our current constitution so we will be implementing it.
 
Third, payments by the government are being made from accounts in many different banks by many different officials. We will be consolidating the payment source as accounts operated by Ministries with appropriated funds. Initially we will work very closely with the Ministry of Pensions and Benefits to insure authorized payments are actually made and over time see that all Ministries are part of the system
 
Which brings us to what your question is really about; will the Central Bank be independent?  That question is because of the widely respected opinion that a nation must have an independent central bank or its currency will be unstable and its economy will languish. The independence in that idea  is about setting interest rates for government lending and buying and selling treasury bonds
 
We are a small nation coming out of a period of international isolation, economic stagnation and dysfunctional government.  Our aim is to bring fiscal order out of chaos without bringing misery to the Sovereign People.  So for the time being the Central Bank will be under control of the Finance Ministry not free to pursue its own goals.  Success could well give us the option to have  interest rates and buying and selling Treasury debt determined  by an independent board but that time is not now.
 
Another project with which we will deal as soon as possible is replacing our diminutive currency.  The BDR has about run its course so the plan is to replace it with a Dinar worth at least 20 times as much and with the Dinar subdivided into fulus.

Finance Minister Faisal Abu Saq