Saturday, November 27, 2010


Sai's Comments:

  • When reading the illegal regime's Budget for 2011, keep their so called Economic Plan below in mind! 
  • What a joke it is!
 Their approved  ten point economic plan had the following specific targets to be achieved by 2020:

1. GDP to be increased two-fold;

2. Balance of Payments current account deficit to be eliminated;

3. Poverty to be reduced from current levels to less than 5per cent of population;

4. Visitor arrivals to increase to 6 million;

5. Financial sector to be liberalised with a view of eliminating exchange controls;

6. Fiji to grow its Communication Services sector business by 100per cent;

7. Fiji to achieve self sufficiency in rice, meat and liquid milk;

8. Fiji to convert up to 90per cent of all electricity generation from fossil to renewable sources;

9. Fiji to convert up to 80per cent of all arable land area into productive use; and

10. Fiji to reduce unemployment rate to less than 3per cent.

by Shalveen Chand
 FIJI TIMES - November 27, 2010

THE Republic of Fiji Military Forces will get to invest in new equipment with an $8million increase in its budget for 2011.

Acting Finance Minister Aiyaz Sayed-Khaiyum said Fiji soldiers were not well equipped and this had been voiced by the RFMF, especially with their peacekeeping missions.

Mr Sayed-Khaiyum said: "The increment is to cater for new hardware needed for the military."

After the 2010 budget was revised, the RFMF budget was beefed to $101million.

Most of the it was concentrated to paying soldiers for which the bill for a fortnight was $3.1million.

Some weapons and equipment used during peacekeeping duties were bought about 30 years ago.

The Logistic Supports Unit has been given $10.5million and the 3FIR budget has been maintained at $18.5million.

The RFMF Engineers have been allocated $9.6m, $300,000 less than 2010.

The navy gets $24.1m, which is $6m more than 2010.

Of the money given to the navy, $1.5m is a grant to the Fiji Shipping Corporation Limited while the Government Shipping Services, which falls under the navy, will get $3million.

Compared to last year, the RFMF has 3277 established posts two more than this year and additional 60 established staff pay for the GSS has also been added to the RFMF budget.

FIJI Govt debt hits 57.7pc of GDP

The Fiji Government’s debt level now stands at around 57.7 per cent of GDP with interest costs of 3.9 per cent of GDP.

In addition, a US$150 million global bond raised in 2006 is due for repayment in September 2011.

The Government today announced a 2.5 per cent increase in VAT and a new Capital Gains Tax to try and rein in this debt level.

The acting Minister of Finance and Attorney General Aiyaz Sayed-Khaiyum said the debt “is not an enviable position”.

“In the next few years, Government plans to bring down the debt level by gradually reducing budget deficits.”

He also announced that fund managers based in Singapore and Hong Kong have been identified as Government’s international broker to manage the re-financing of the global bond.

“Part of next year’s debt is expected to be financed through this global bond rollover.

“This strategy will free up limited resources in the domestic financial market for private sector investment and also support our foreign reserves.

“As a proactive measure, Government will establish a debt financing programme to build up funds for the repayment of the re-financed bond.

Government’s contingent liabilities covering guarantees to entities such as the Fiji Sugar Corporation, Fiji Electricity Authority and the Housing Authority stand around 33.5 per cent of GDP, further compounding Government’s debt levels.

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