Thanks for the good times now back to reality and debt! MSG leaders head home and regime left to deal with money woes.Fiji’s Reserve Bank has transferred $38.9 million to the illegal government of Frank Bainimarama.
According to a statement from the Bank, the money is made up of the Bank’s entire profits of $21.5m for the financial year ended 31 December 2010 and $17.4m, which represents one fifth of the balance of the Revaluation Reserve Account.
Quote: "The RBF Board decided not to set aside any profit to General Reserves but instead transfer the full amount to Government."
This year's transfer is just slightly under the 2010 transfer for the 2009 financial year of $39.2m. The profit was $16.6m and one-fifth of the Revaluation Reserve was $22.6m.
The acting Governor and Chairman of the Reserve Bank of Fiji Board, Barry Whiteside, is quoted in the statement as saying the Bank’s financial performance in 2010 was achieved in a challenging global environment.
He says the financial outcome in 2010 was significantly better than what was originally budgeted.
He attributed this to the higher than expected level of foreign reserves, which was $1.3 billion at the end of 2010 compared with $1.1 billion a year ago.
According to Whiteside, the audited accounts and operations report of the Bank for the 2010 fiscal year were submitted to the Minister for Finance on March 31, in accordance with the Reserve Bank of Fiji Act.
The Board thanked the staff of the Bank for this achievement and extended its appreciation to the Bank’s stakeholders in assisting the Bank meet its objectives in 2010.
In the FijiVillage today, however, the Permanent Secretary for Finance, Filimone Wawabaca, said the regime has to borrow money from abroad to improve its services and lift the standard of living.
The comment was made during a panel discussion on the recent successful international bond issue of $US 250 million to the regime.
Waqabaca is quoted as saying government funds alone are not enough to run the country.
He also said the bond will help reduce the illegal government's debt.
The regime raised FJ$500 million in foreign bonds to pay off $300 million on a foreign bond raised in 2006, with the remaining FJ$200 million set aside for capital projects.
19 comments:
Ever wondered how despot regimes
headed by tin pot dictators accumulate (steal)vast sums of their citizens money in overseas bank accounts? Study this article carefully? He who pays the banker...Worth noting also still no official word on the missing $200 million regime claims was stolen from that Kings Wharf container in Singapore - Suva - where-ever?
All adds up - before you know it they have billions stashed overseas.
http://www.youtube.com/watch?v=SPuv6QE28yc
More good money going bad. can anyone tell us why the Reserve Bank is handing over everything? Government has allready swallowed up our provident funds and this super bond is surely another red herring.
Can C4.5 publish our minister of finance degree.
Fiji will be in big debt now.
Just call for an election if not fiji is broke and doom.
Where is the missiing million.
no police record /others.
i agree must be in bai/ag bank account.
get rid of them.
Finance minister is too scared as he knows that one day, he himself might be at the receiving end of a stubby bottle, causing havoc up his arse!!!!!
MSG Summit
The MSG summit, not surprisingly, ended with the usual rhetoric on issues of Melanesian solidarity, regional trade, independence for New Caledonia, support for the Fiji regime etc.
PNG Foreign Minister Dan Poyle is reported to have reminded his Melanesian colleagues not to bow to any external pressure. He also reportedly said that he sees people in Fiji are happy, tourism is thriving and investment is growing.
Which people in Fiji did Mr Poyle talk to in order to pronounce that people in Fiji are happy?
Do rising poverty levels, now nearing 50% of the population up from 35% in Qarase’s time, denote happiness to Mr Poyle?
Tourism is not thriving. Look deeper and you will find that hotel rates and airfares have been so drastically discounted to make up the numbers that no one in Fiji except may be the visitors, are really benefitting.
As for growing investment levels, Mr. Poyle must be joking. Investment in Fiji has been subdued for the last four years. The Fiji economy has seen nothing but contraction since Bainimarama’s coup.
Poyle would have done better had he explained why Sir Michael Somare decided not to attend the summit instead of sending his ill-informed Foreign Minister.
No, Mr Poyle people in Fiji are not happy because they are living under a military dictatorship. They are not happy because they are deprived of their human rights.
They are not happy because they are beaten up and tortured if they speak out against the atrocities committed on them or if they speak the truth about what is happening in this country under the guise of reforms.
They are not happy with media censorship; they are not happy with a bloated military and its huge budget at the expense of the poor. They are not happy with the devaluation of their dollar and the galloping inflation which has made it next to impossible for 80% of the people with ordinary incomes to provide for their families.
They are not happy with the naked corruption they see in the current administration.
They are not happy with Bainimarama and his AG taking a salary and perks package of around $400,000.
They despise the so called People’s Charter for Change because it is so much hogwash to fool people like Poyle. Not a word of the Charter is followed by the Bainimarama regime.
Please Mr Poyle take the next fastest plane out of Fiji, and thank Sir Michael for being wise enough not to attend the summit in Fiji.
Its funny seeing them pose infront of a building built under SDL.
Bainimarama hasn't built anything.
I think, like most dictators he'll probably build a statue of himself.
Australia is trying to discredit the Fiji governemnt, stir up violence and then have a mandate to invade fiji just as NATO is doing in Libya.
Australians painting a negative pictuer of the MSG. What else do you expect from them? The Pacific Islands Forum is almost like a toothless tiger and the MSG gets stronger.
Australia - get your spies out of Fiji tring to stir up violent protests. We don't need you.
Ni lesu tale ki na nomuni vanua.
Today is April the fool. Look at the 'Fool' standing in the middle of the 'fooled.' These are the representatives of troubled and borrower Pacific countries rightly named Melanesia 'Spearhead'(motobitu) group.
Proposed Statue.
Large vertical phalanx symbol anchored but 2 circular balls would be appropriate.
MSG members run before we KEREKERE
as we are on our last $$$$
Never, ever trust a man in a skirt !
GET THE NATO /AUSS NOW .
LOCK THESE IDIOTS IN PRISON.
WE DONT NEED THEM IN FIJI.
THEY HAVE PUT FIJI PEOPLE IN MISERY./BROKE.
Mr Poyle is from the Highlands Region in PNG. With tribal warfare on almost daily basis from where he comes from you can understand therefore why he sees Fiji as normal with happy people.
According to Fiji Times, FSC made a loss of $230million in the last 2years.
The Economy is really booming.
Poor cane-farmers. More joining the poverty class.
Poverty Class.
But not the Board and failed mechanical engineer Abdul Khan - feeding times as usual.
@msg....how do you define poverty? Is a villager not earning any money yet farming and fishing daily defined to be on poverty? I don't think so. As a matter of fact he has three happy meals daily. We just can't use international poverty benchmarks in the fiji context.
SaRauta
Luveni kala poci, you are just full of shit.
Don't they just look like the clowns that they are.
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