THREAD 🚨 Why fight for the Ministry of Finance?

The ministry of Finance is simply the heart of the cabinet as it connects all the financials related to every ministry and government agency.

Let’s start with some of its core functions 👇
- Manage the budget of every government institution
- Manage cash resources & debt obligations
- Supervise accounting procedures & standards
- Monitor compliance
- Revenue raising
- Cash and debt management

Its main role is to formulate & implement financial & economic policies
The ministry of finance also formulates the annual budget & tax law (TVA, corporate taxes, etc).

One of its main tasks is the supervision of banks & other financial institutions (banking regulation, stock exchange, insurance companies, pension funds).
It should also supervise specific economic sectors (electricity, telecommunications, water) to ensure effective competition, prevent the formation of cartels, and protect the interests of consumers.
On the other hand, the ministry has operational functions such as the exercise of internal control (promote accountability & prevent fraud), issuing debt in foreign currencies (Eurobonds) and in local currency (T-Bills), and the collection of taxes and other government revenues.
Allow me to put financials aside, the Minister of Finance has a really important political role.

Parties want to hold that position since it enables them to force key decisions as this ministry plays a key part in the life of the cabinet.
Ministers of finance interfere in a vast number of decisions taken by other cabinet members; even those without any financial implications.

As ministers of finance have such a key role, they are bound to develop a special relationship with prime ministers.
Ministers of finance connect to prime ministers everywhere and on almost every issue. Thus, if there are cabinet members who can be expected to be “above” the others, ministers of finance are those most likely leading that list.
Basically, ministers of finance have power and influence since they’re linked with the prime minister; but they also have a link with all other ministers in the cabinet; and the most importantly an influence on economic and financial bodies (such as the BDL, BCC, etc)
Keep in mind that ministers of Finance sign all the main paychecks. In other words, if not “satisfied”, payments simply won’t take place.

They’re tasked to collect taxes & customs; we all know how smuggling & tax evasion take place in 🇱🇧

The MoF can be the core of corruption.

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More from @OmarTamo19

13 Sep
Thread Alert 🚨

Today I will be covering the total cost for the General Directorate of Personal Status (المديرية العامة للأحوال الشخصية) where you get your إخراج قيد

As you’ve heard, they canceled the famous digital إخراج قيد as a result of pure incompetence and corruption. Image
Basically, the excuse to cancel the not-so-digital إخراج قيد is that their full-time employees “don't know how to use a computer”.

I really hope it’s not true & they are just pretending to not know how to use a pc to keep their old-fashioned techniques to facilitate bribery. Image
There are 3 sources to finance governmental costs: taxing the citizens, borrowing or printing money which deteriorates the currency value.

Since we’re paying their salaries to cover their professional hard work, let us dig into the Annual Budgets posted by MoF (2017->2020). Image
Read 9 tweets
8 Sep
SANCTIONS! The following information is copied from the US Department of The Treasury report related to sanctioning both Ali Hassan Khalil & Yousef Fenyanous:

"In 2015, Hizballah gave Finyanus hundreds of thousands of dollars in exchange for political favors" Image
As of mid-2019, Hizballah used its relationship with officials in the Lebanese gov, including Finyanus as Minister of Transportation and Public Works, to siphon funds from gov budgets to ensure that Hizballah-owned companies won bids for Lebanese gov contracts worth millions of $
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Read 7 tweets
2 Sep
Thread Alert 🚨

Entering September 2020, I decided to pick one major event from each month as a recap of the events that drastically changed our living conditions.

The following scenes take place from September 2019 till today. Image
19 Sept 2019: Jammal Trust Bank was forced to liquidate itself after being hit by US sanctions for allegedly helping to fund Hezbollah. The bank had 25 branches in Lebanon & representative offices in Nigeria, Ivory Coast and Britain.

Huge blow to the Lebanese banking sector. Image
On October 17th, the Lebanese government announced the famous “WhatsApp tax”. Thousands went to the streets; the government scrapped the plans hours later amid clashes between security forces and protesters.

Many started to notice. Image
Read 14 tweets
31 Aug

This system is rarely covered as it is complicated & applied differently in emerging markets.

When faced with a sudden shock to its economy, a country can opt to implement a multiple foreign-exchange rate system.
With this type of system, a country has more than one exchange rate at which its currency (lira) is exchanged.

The multiple systems consist of different rates (fixed and floating) that are used for the same currency during the same period of time.
Entering the end of 2019, we had a dual exchange rate system a fixed (1507.5/$) and another floating exchange rate in the market (sorrafin).

The fixed rate was applied to certain segments of the market to cover "essential" imports such as wheat, medicine and fuel.
Read 20 tweets
29 Aug
A new evening, a new thread. Tonight, I will be covering the relation between money printing & inflation lead by the devaluation of the Lebanese Lira. #طفوا_المطبعة

Before I start, I will define inflation & the Consumer Price Index (CPI).
Inflation is simply the increase in prices and fall in the purchasing value of money.

The Consumer Price Index (CPI) is a measure that examines the prices of a basket of goods and services, such as transportation, food, clothes and medical care.
Changes in the CPI are used to assess price changes associated with the cost of living. The CPI is one of the most frequently used statistics for identifying periods of inflation.

[It is calculated by taking price changes for each item in the basket of goods and averaging them].
Read 17 tweets
25 Aug
ثريد 🚨

في 3 مصادر لتمويل النفقات الحكومية: فرض ضرائب على المواطنين، الاقتراض أو طباعة نقود اللي بتوصّل لتدهور قيمة العملة.

يعني أنت عزيزي، الّذي تدفع الضرائب، عم تدفع للطبقة السياسية الفاسدة ثمن ملابس، أعياد و تماثيل، استئجار سيارات و اليات، قطع غيار لوسائل النقل، و غيره... Image
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قبل ما بلّش، بشّدد على أن موقع وزارة المالية "غير آمن" و في كتير bugs و المضحك المبكي أنو ما عنّا قسم ميزانية للفترة 2014 - 2015 - 2016. ImageImage
إذا السلطات اللبنانية التزمت بميزانيتها، حكينا أنو رئاسة الجمهورية صرفت 548،725،000 ليرة على قرطاسية للمكاتب

إذا كنت مفكّر أنو هالموضوع "كارثة" ، نطور لتشوف الميزانية المخصصة لـ"أعياد وتمثيل"

"أعياد و تماثيل" يعني أعياد ميلاد وحفلات واستقبالات, و نفقات الوفود والمؤتمرات بالداخل Image
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