Last week on Fijilive, Chodopu$$ claimed that Fiji’s exports were on the
way up again. A quick check of the statistics from the Bureau of
Statistics shows that there were sugar shipments in the first part of the
year that normally take place later in the year.
The May Report of the RBF confirms this same fact, even though it uses
very careful words to avoid showing Chodopu$$ to be a liar – “Domestic
export earnings rose by around 21.7 percent when compared with the same
period in 2007.
This was influenced by mineral water exports as well as some off-seasonal
receipts from sugar exports.”
This is a pretty desperate lie – trying to convince us that the economy is
on track by using a few months figures and then saying they represent the
year. How about giving us some real facts.
If Chodopu$$ has so much faith in the economy he should bring all his
money on-shore. The reason why he doesn’t is obvious.
He knows there is a real risk of devaluation – and if that happens, he may
need to pack his carpet bag and run.
Here is the article in Fijilive:
Economy on the right track: Chaudhry
06 JUN 2008
Fiji’s interim Finance Minister Mahendra Chaudhry says the nation’s
economy is on the mend since the military takeover 18 months ago.
He claims it is a major turnaround from “the highly precarious state it
was in when we took over from the Qarase Government”.
“Fiji’s foreign reserves have stabilised, government’s debt levels have
declined to 47 per cent of the GDP from a high of 52 per cent under
Qarase’s party and the national budget deficit has been contained at less
than 2 per cent of the GDP from a high of 5.5 per cent. Interest rates
have declined substantially from 14-15 per cent to around 7 per cent.
“These are real achievements based on tight control of government
expenditure and firm policy directions which show that the interim
government is clearly action-oriented and not just talk.”
Chaudhry adds that Fiji’s exports are on the way up after six years of
“The first quarter of 2008 shows total domestic exports rising to $198m
from $162 million for the same period in 2007,” he said.
Fiji’s main revenue earner, Tourism, which suffered a setback after the
events of 2006 is headed for a 10 per cent growth this year, he said.
Chaudhry said the interim regime is working on boosting the sugar industry
and the agriculture sector.
Qarase however says that the country needs to return to election quickly
so the economy, under pressure since the coup, is salvaged.
Certain economists have also backed Qarase’s call.