Egelion

[Louis]

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As the decade continues on, King Artemio and the Royal Council have worked day and night this month to balance and organize the nation's finances as new projects are on the horizon. The Royal Treasury had reported that in the past 10 years, debt to GDP has steadily risen given that the King has approved several projects just in the past three years. Recent statistics point to the military and the welfare sector as the main reasons for the almost 20% ride in debt. According to a report released by the Royal Court, the nation's spending lies in the state welfare and pension system, which costs almost 670 Billion Crowns each year. The CROWN system, which provides Egelian citizens public healthcare, unemployment benefits, a retirement pension, and a basic universal wage, is the most popular legislation passed in the nation's recent history. On the military side, with a new naval base at Meriat-del-Mar alongside Punto Norte in Nadiya, the military budget is exponentially increasing. With new supercarriers on the way with Xsampa, many have begun to discuss whether there are resources or space to engage in new projects. Royal Councilor Ibarra, who is designated to control fiscal policy at the Royal Treasury, stated that the current situation in Egelion remains "stable". Debt to GDP is sitting at around 67%, with it projected to hit 70% in the next few years. Ibarra concluded that while the ratio is projected to stall and decrease as the Treasury has been proficient in paying back debts, the ratio might hit close to 75% before it can truly begin a real descent. King Artemio stated that he wanted the ratio to return to 65% before engaging in any large projects. According to his office, King Artemio has been eyeing a large green energy transformation in Egelion to end all reliance on fossil fuels, but more studies on such a project are needed.

The Commission on Inflation and Regulation Practices at the Royal Treasury confirmed that the Egelian Crown is now one of Terra's most commonly used currencies, almost reaching levels of the old Canrillaise Fleurs. With several banks in Lodamun, Xsampa, Dundorf, Pontesi, Selucia, Kanjor, Istalia, Bianjie, Utaristan, Nadiya, Baeguk, Hutori, and Tukarali, the Royal Treasury is confident that Egelian finances abroad are well protected and well regulated to ensure that global markets are fair and stable. King Artemio and the Royal Council will engage in several fiscal debates with the Royal Court in the next to few weeks to ensure that the budget in the next few years is not overly saturated or full of "unnecessary spending". Royal Councilor Ibarra states: "The goal of the His Majesty's government is to ensure that we can balance a strong social sector and engage in several projects at home and abroad. We've been on the spending side for the past couple of years, but we've able to do it responsibly. We have a strong resolve and regulations in place to ensure that the Crown currency remains strong and stable. We understand international forces are at play, such as those in Majatra which seek to place international commerce under yeudi control, yet His Majesty remains committed to keep Terran trade and banking free from Yeudi control." The Royal Council is expected to pass new fiscal measures this week to expand confidence in the Egelian economy and open the way for larger projects in the future once current debts are repaid.

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