Its budget time

Yes bloggers, here in ROFTI the illegal Interim Minister of Finance Voreqe Bainimarama will be delivering the 2009 National Budget to the People at the Tradewinds Convention Centre.

It has been advised that we should not hold our breath as there will be no election allocation so no general election in March 2009 as promised at the Pacific Forum in Tonga in 2007.

Oh and just to put things into perspective, I just thought I would highlight a few key statistics figures here for bloggers to chew on while the 2009 budget is being delivered by the mother of all pigs Baini Marama today!

Fiji’s consumer price index reached a new 20-year high of 9.8 per cent in September 2008, compared with 4.1 per cent in September 2007

The present international rating of Fiji’s “Overall Outlook”, both by Standard & Poors and Moody’s ratings, has deteriorated from “Stable” in 2006 to “Negative” in 2008.

Further, Fiji’s foreign reserves are around $F860.8 million and are equivalent to only 3.2 months of imports of goods.

While export earnings are declining as highlighted in the last article, import costs of food and other essentials are on the rise.

With recessionary conditions in New Zealand, Australia and America, remittance inflows would decrease and tourist arrivals would also show a similar trend.

 The illegal Fiji Government needs to re-look its spending and drastically cut down on non productive expenses such as the huge chunk now chewed up by the Military, overseas junkets by the illegal cabinet and senior public servants, non productive court cases and stupid programs such as the NCFBB etc.

They have no choice but to find areas to make big impact in lowering operational cost and re-directing these savings into building key and vital infrastructure such as roads and bridges, utilities supply excess and ports of calls to stimulate the export sector be it tourism or rural manufacturing to generate more (and mainly export oriented) economic activities and let the multiplier effect take its natural course.

8 Responses to “Its budget time”

  1. ex Fiji Tourist Says:

    I have just read the following blogs on FijiTimeslive.

    It seems someone has a similar opinion of bananasinpyjamas as myself.

    “””””ex Fiji tourist of Australia says…
    The jaundiced judicary in Fiji is in a far worse state that in Zimbabwe.

    Even in Zimbabwe, the judges try to be independent of the dictator.

    In Fiji, injustice byrne is a 100% signed-up member of the moronic military maladministration.

    Suva Boy of Fiji says…
    I see a lot of people commenting from abroad. I guess you guys are safe in doing so.

    jhc of United States says…
    How appropriate.

    Has anybody seen Fiji TV’s Programme Guide today:-

    9.30 am – Bananas in Pyjamas
    10.00am – 2009 Budget Live

    Need I say more.

  2. orion Says:

    Budgets are only useful for elected governments because of the check and balances that exist, and other accountability factors. In a military dictatorship, they do not care. They are not answerable to no one. They will use government money as, where and when they see it fit. We are into extra ordinary times and its amazing how people still think in terms of normal government like budgets, elections etc. May be that’s exactly how they want the masses to think while they freely spend away and push elections to the twilight years.

  3. Dauvavana Says:

    the idiot pig has announced tax free zones for the maritime zones and the northern division. What the idiot does not understand is you can throw in all the packages you like no investor is going to set up factory, etc. in those areas without a guaranteed and reliable contonious power, water and communication service and travel infrastructure like good port, roads and airports.

    these are all just gimmicks.

    and what’s with the extra five years if business has extra five years if 25% indigenous exuity ownership of the business. Wasnb’t there all these talk about removing so called (perceived) discrimination with the word “affirmative action” not in these clowns dictionary??

    These budget is just a copycat of SDL initiatives. Come up with something original.

    Oh and pro poor my arse with no new income tax incentives but the lowering of company taxes. wasn’t this what they had criticised the SDL for , as being too pro rich!!!

  4. Keep The Faith Says:

    Trust good ol Mike F to catch the points of interest from the Budget…ON YA Mike!!!
    Fiji’s military government unveils budget
    By MICHAEL FIELD – Fairfax Media | Friday, 21 November 2008

    Fiji’s military regime has unveiled a FJ$1.75 billion (NZ$1.1 billion) budget for next year, including a cut in company taxes and the creation of tax free zones in remote areas.

    Commodore Voreqe Bainimarama, who staged a coup in 2006, is the self-appointed himself prime minister, foreign minister and finance minister.

    He sacked his previous finance minister Mahendra Chaudhry earlier this year.

    Speaking at a Suva hotel rather than the now shuttered Parliament, Bainimarama said his first budget was “pro-poor”.

    With revenue of FJ $1.522 billion, the government’s deficit would be below two per cent of gross domestic product while total government debt would be at 47.5 per cent of GDP.

    Bainimarama cut company tax from 32 per cent to 29 per cent next year and 28 per cent in 2010.

    The islands of Vanua Levu, Rotuma, Kadavu, Taveuni, Lomaiviti, Kioa, Rabi and Lau have been declared “tax free regions” as has the old capital of Levuka.

    The incenctives would include 13 years tax holidays for new companies and import duty exemption on raw materials, machineries and equipment for initial set up.

  5. Peace Pipe Says:

    Urrghh the pig filled the airwaves delivering his poor budget this morning. So what was really in it that would help the poor. I think the pig does no know what he is talking about as he just reads through the pages of documents prepared for him to just read. What an awful delivery and I just wanted to LVC when I saw him on screen with his favourite suit and poor reading skills and awful look and voice. Looks like he’s got only one suit the stupid bugger.

    I agree with orion and dauvavana in that there is no use in making a budget since there is no check and balance and accountability. And there is no parliament to approve it. So it is an illegal budget according to the constitution. How many more illegal budgets are we going to painfully endure. This interim status seems to be taking the full term of an elected govt two years going entering three, OMG. What sort of investor would take up the offer especially when we have an unstable country led by a military dicktaker and unconducive environment for fostering business.

    Oh well let them say all they like and try to lure in investors and try to lift the economy and if it works well and good but from our perspective it is doomed to fail especially with the global finacial crisis gripping the world right now. Its just a window dressing to impress us and international observers that they are doing good as it is in everything else they do.

  6. Jim Delai Says:

    This is a racists site. I’m embarrased to be called a villager from Tailevu.

  7. Tim Says:

    Orion has a good point. If Frank is under any illusion that the rest of the world, including those posssible investors and others take an illegal Interim Gubbermint’s announcements seriously, he should think again.
    Except thinking again would require another brain cycle, and in Frank’s case they are in short supply.

  8. Cava Says:

    Goodbye Jim Delai, we’re also embarrassed to be associated with you!!So good riddance and try-out that azzole budhau, he may be in the market for a local poofter?

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