Home » Uncategorized » Fiji’s net foreign equity was -$6019.8m. $6 billion means every man woman and child in Fiji now owes over $7500 in overseas debt. I was concerned when it reached $2000 per person under Qarase.

Fiji’s net foreign equity was -$6019.8m. $6 billion means every man woman and child in Fiji now owes over $7500 in overseas debt. I was concerned when it reached $2000 per person under Qarase.

Debt on the up

Ropate Valemei Thursday, January 30, 2014

FIJI’S international assets were valued at $2959.8million as at September 30 last year.

This included a direct investment of $99.2m, portfolio investment of $131.3m, other investment of $1002.8m and reserve assets of $1726m.

This was revealed in a recent Fiji Bureau of Statistics report on the country’s international investment position.

It also recorded the country’s liabilities at $8872.1m.

Government statistician Epeli Waqavonovono said Fiji’s net foreign debt was $105.4m as of the end of September last year.

“This was a decrease of $216.9m from the September 30, 2012 figure of $322.3m. This indicates that there are more debt liabilities than assets,” Mr Waqavonovono said.

Fiji’s net foreign equity was -$6019.8m.

“This was an increase of $511.8m from the September 30, 2012 figure of -$5508. This indicates that there are more equity liabilities than assets.”

He said the administrative and survey data had been used to compile the international investment position in accordance with the sixth edition of the International Monetary Fund’s balance of payments manual.

The Finance Ministry said domestic markets continued to be a major source of financing for government.

In the ministry’s economic and fiscal Update, it said total domestic debt increased by $9.6m to $2.7b in 2012 equivalent to 38 per cent of GDP.

And as the end of September last year, the ministry recorded about $2706.2m, 34 per cent of GDP.

It said external debt increased by $103.4m to $935.5m in 2012 equivalent to 13 per cent of GDP.

“This increase was mainly attributed to the disbursement of loan funds under the EXIM Bank of China, EXIM Bank of Malaysia and Asia Development Bank funded projects.”

13 thoughts on “Fiji’s net foreign equity was -$6019.8m. $6 billion means every man woman and child in Fiji now owes over $7500 in overseas debt. I was concerned when it reached $2000 per person under Qarase.

  1. There is nothing wrong with $ 7,500 dept for everyone. These funds have been used wisely and are now sitting in safe bank accounts in Hong Kong and Dubai held by the great leader and his RFMF chief body guard.

  2. Bainimarama – khaiyum did some solid phucking in the 7 years they have ruled the country UNLAWFULLY.
    the people will feel the pain of all the phucking these two bastards did for a long time to come.

  3. Nur Bano Ali really likes to have a big black cock up her stink arsehole. She should go to the QEB lift her skirt and brace by the main gate for all and behold to ram her big hole. she is a bitch of the the worst kind and will have her dog to eat her hole in desperation. She is the whore of fiji and deserves to beskinned alive and have hot oil poured over her filthy body before someone can toss a match to burn her to ashes. Curse this bitch to hell!!

  4. Do these debt figures include those made by statutory bodies like the new Road Authority, FEA , Waila City (HA), etc, etc ? Can someone please clarify ?

  5. the sad part of Fiji is that so called educated bunch of idiots sided with uneducated, illiterate baini for own advancement and gain.these people need to be put to name and shame…

  6. the following Indians need to be cursed to die dogs death; Dr Satendra Nandan, Nur Bano, Aslam Khan, Felix Anthony, Dr Ganesh, Dr Mahendra Reddy, Pravin Bala, Chandu Umaria,Riaz Kaiyum, Big Kaiyum Jhatu, Brij Lal, Dewan Chand Quality Print, A Jan co, Tappos Brothers, Damodar Brothers, part of Vinod Patel, part of Manubhai brothers, Pro Rajesh Chandra, Robin Nair, Vijend Prakash..please add more names..

  7. The Bainikaiyum clan has been talking up their rule and claiming Fiji is now on the right path. They say light is beaming at the end of the tunnel, but I think its not the light but the train coming towards them! They have been in the darkness of the tunnel for over 7 years now, to not know the difference between the light at the end of the tunnel and the train that is coming towards them. This is the gravy position Fiji is in as we blog. The dripping statistics we now get of the country’s foreign debt and borrowing levels is unsurprising! The escalation of the country’s debt was a certainty when Bai and cronies illegally took over. It was all part of the looting! Overseas trips, salary back-pays, new family assets and overseas personal bank accounts etc are the sort of benefits that Bai and cronies have illegally worked up for themselves. They had to enrich themselves and make sure their illegitimate hold on power is secured and well funded. It goes without saying that their electioneering is all from the loot as well!

    Now, to borrow money from exim banks and the sorts and run the country’s debts to such level without due consent of citizens is scandalous. To do that when you are not even elected or have the mandate of the people to govern is worse! It would therefore be a violation of citizen’s right to expect them to repay a loan you unilaterally entered into. Undoubtedly the state of public finances is in a mess because of all these loan contracts entered into by Bainikaiyum without any proper recourse for the citizens. These will have to be investigated thoroughly with no stones left un-turned when the picnic is over! The loans are scandalous in that they were arranged by a tyrant ruler who did not hold legitimate authority to govern his country! Fiji’s legal obligation to these debts is questionable in this regard. Any right thinking democratic government would want to review these loan contracts. It makes the election of Bai in the present stage managed elections very much in interest of the lending banks! So who said the Chinese do not engage in domestic politics? Who said they only give money and have no interest in domestic politics? Such view is plain mythical nonsense! The handouts to woo public support has been happening for some time now and is all part of the scandal. Electioneering funding is all from obvious sources! Meanwhile there is still no show of an audit report of public finances and no declaration by the Bainikaiyum clan of their local and overseas assets, as required of those standing in the illegal, stage-managed election.

    Welcome to democracy and elections Bainikaiyum style …….this is what you get when the rule of law is set aside for the law of the jungle………borrowing, electioneering and grandstanding in the animal farm!

  8. dictators believe in having their hands in the national kitty and not showing their hands for public accountability . the two go hand in hand. another thing dictators are good at doing is doing a hand job over the heads of their people.

  9. don’t bullshit guys the realty is what’s the present gov is there for you to see and the developments which former gov has not dreamed off and your comments on money matters you never complained about earlier. Mr Bainimarama Gov IS HERE TO STAY AND PLS GIVE THEM A CHANCE THEY WILL BRING THIS FIJI TO BE NEXT SINGAPORE SO LIVE IN REALTY AND ENJOY WHAT THEY ARE DOING RATHER THAN COMPLAINIG ,VISIT A OVERSEAS COUNTRY ONLY YOU WILL LEARN WHAT FIJI IS ABOUT .MY ADVICE TO YOU GUYS PLS BE HONEST AND SEE FOR YOUR SELF WHAT THE PRESENT GOV IS DOING ,Eg ROADS,WATER ,FREE EDUCATION,FREE BUS ,DOLLFOR EDLERY,EDUCATION SCHOOLARSHIP &LOAN FOR TERITEARY .What do you need .The reality is there and those who used this blog please if you really care for for this country and people pls .don’t complain and don’t put personal attack to individual as of previous posts if you have any prove than use the mechanism put in place by present gov to deal with and by posting any negative you do no good to and any citizen of Fiji .I have been silent so far and no more and reminder to the admin of this blog if you are a responsible person than in fairness please post my comments

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