#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Sayed Khaiyum delivers budget and gives the nation a little bit on the side!

Friday, November 26, 2010

Sayed Khaiyum delivers budget and gives the nation a little bit on the side!


The illegal Attorney General and Acting Minister for Finance, Aiyaz Sayed-Khaiyum, has delivered the 2011 National Budget Address. 

And along with the expected reforms in sugar, consumer products and a VAT increase from 12.5 to 15 per cent, Khaiyum also ventured into the sex industry.

While he was talking about duties on imported snacks, Khaiyum - well-known for his voracious appetite for illegal decrees - said 'Sex' instead of 'Snacks.'

Go figure how you can confuse 'Snacks' and 'Sex' but the masses listening to the live broadcast were doubled over with laughter over Khaiyum's faux paus.

None of the local media have reported Khaiyum's 'sexy' lunchtime comment but Coupfourpointfive has had several texts (yes, we said Texts not Sex), about Khaiyum's gaffe.

His brother, Aiyaz's radio station, Fiji Broadcasting Corporation, have of course ignored the stuff up though they have acknowledged the dodgy absence of two key people, the illegal PM Frank Bainimarama and the Governor of the Fiji Reserve Bank, Sada Reddy.

Here's their coverage of the budget a short time ago:

The budget has a total revenue of $1745.7 billion against an expenditure of $1961.7 billion, leaving a deficit of $216 million. 

Capital expenditure has been set at $526 m with much of this also going towards the sugar industry.
On the much talked about $150 m bond debt that matures next year Sayed-Khaiyum announced that Singapore and Hong Kong-based brokers are acting on government’s behalf to refinance the bond.

"The US $150 m global bond raised in early 2006 is due for payment in September next year. Fund members based in Singapore and Hong Kong have been identified as government t international brokers to manage the refinancing of this global bond. Part of next year’s debt is expected to be financed through this global bond roll over. This strategy will release limited reserves in the domestic financial market for private sector investments and supplies."

On the sugar industry Sayed-Khaiyum reaffirmed government’s commitment saying 200,000 people or almost 20 per cent of Fiji citizens rely on the sector for their livelihood. 

He announced strict cost cutting measures and reforms for the Fiji Sugar Corporation and says government will work with development partners for technical assistance. 

The total allocation towards the sugar industry came to $123 m.

“An appropriate provision of a $110m has been allocated in the 2011 budget to support FSC - which will have an impact on the sugar industry as a whole. In addition $6m has been allocated for cane replanting, $1m for cane quality payment, $5m to South Pacific Fertilizers and $1.5m for the Committee for Better Utilization of Land, in total $123m has been allocated for the support of the sugar industry.”

On socio-economic and poverty alleviation issues – government announced a host of policies aimed at supporting the vulnerable in the community. This includes support to 10,000 new recipients of the family assistance scheme.

“In 2011we have allocated an addition of $3.6m to issue food vouchers of $30 a month to 10,000  new recipients. Within this schemes based on the means test - the elderly over 70 years of age who are currently not receiving any form of government assistance, pregnant mothers who are currently falling outside of the eligibility for receiving family assistance allowance and disadvantaged family and school children will be eligible. The Ministry of Strategic Planning will release final details of this scheme before Christmas.”
 
Government has also allocated $10 m housing assistance for first time home owners – a policy that was introduced last year but could not be implemented due to the effects of Cyclone Tomas and the Operation Kadivuka campaign. 

A 3 per cent increase on alcohol and tobacco products has been imposed. 

A notable absence was the Governor of the Reserve Bank of Fiji Sada Reddy. FBC News was informed that Mr. Reddy is on leave.

Prime Minister Commodore Voreqe Bainimarama was on his way from Nadi to Suva when the budget address was delivered. Bainimarama has just returned from a two week trip to China, meeting industry and business leaders there.-FBC 

12 comments:

intel source said...

Indeed .. i was laughing off when he said "sex"....

Reforms in civil servants means a reduction though he has not annouced it, there has been talks to bring retirement plan to 52.

What the budget has failed to answer is how they are going to generate to meet all its capital projects?


By serving its debts by a singapore or HK brokers : who are they ? " Rumour is that they are casino owners - well only time will tell !

they plan to sell rewa dairy after reforms to private stake holders - they are AG's closest buddies and accountants " nor Bano ali".

Anonymous said...

Kia Dia Garage Sale - Bure Viti?

Steal what you can why'll you can -sell all assets for what you can get - emigrate.

Unelected Pig said...

Who voted for this pig? He is there for one reason only - he used the military guns to take over and look after himself and his family. It doesn't get much worse than that. He must not be allowed to escape when the purge comes.

mark manning said...

Shame Jo, as they say in Thursday Island !
Fiji has become the laughing stock of the Pacific Islands,sorry, laughing stick that should read. lmao with everyone else, what a tosser Aiyaz Sayed Khaiyum !
shame shame shame.

Anonymous said...

Yes sell for short term gain for the duration you are there. After that future generations will fight to find money to buy back or get abused with higher prices.

What is the point of increasing foreign reserves when those incresaed reserves via devaluation can be directed towards paying those $150m debt outright.

If they drain out those funds again then take further bond but right now WHY when good accumulation of reserves has been achgieved. Afteralll it was to boost the foreign reserves is why the loan was taken as I understand?

So now due to devaluation, foreign reserves have been accumulated to make its own payment and also pass some out to meet the budget deficits.

Anonymous said...

A tropical cyclone is coming to flood out the budget........

mark manning said...

The Regime is committing the cardinal sin of borrowing from the borrower ! itself !

Anonymous said...

Let's just hope, wish and pray hard people.

Anonymous said...

Sir Khaiyum President &Prime Minister for life is making the right decision for the benefit of the people of fiji now and for future generations.

it is great that he is making the tough decisions NOW as one only has to see what is happening in Ireland, Portugal, Spain , Greece and other countries when leaders procrastinate and defer tough decisions for political gains.

Sir Khaiyum we Fiji Indians and the majority of Indegenous Fijians love you for saving Fiji from bankruptcy and self destruction.

you should sack the whole lot of useless hangers on and declare yourself President and Prime Minister for life.

Appoint Aziz as Military Commander and sit back and relax as Voreqe is history as St. Giles is waiting with open arms for the most dickhead resident to be to walk through their famous doors.

nadina said...

You have hit the nail on the head Mark. We have not only become the laughing stock of the Pacific Islands - we have become the laughing stock of the bloody whole WORLD!!
What with the deportation of Diplomats, investors, the childish comments from the the two PIGS [Arse kayummy and the Vore].
What a bunch of 'PEE BRAINS'.

Anonymous said...

@ M&M. VereBau.

Put mouse down - think carefully - draw on what u know of Viti - all comes back to one name - Nailatikau.

Anonymous said...

$1745.7 billion against an expenditure of $1961.7 billion, leaving a deficit of $216 million.

Should this be saying Millions instead of billion. Figures don't add up.