Bainimarama vetoed the IMF loan

Claims have been made that Australia has vetoed loans to the regime from the World Bank and the ADB but a blogger on Coup 4.5 has reminded us that Bainimarama himself vetoed a loan from the International Monetary Fund because he did not want to be bound by proper processes of accountability so he borrowed from other places even though it meant paying higher interest.

“Australia supported Bainimarama’s IMF billion dollar loan application. The United States announced that it would veto it if Fiji didn’t begin to get serious about Trafficking in Persons, but with U.S. help, the regime took the necessary steps against trafficking.

Before the IMF loan application was concluded, Bainimarama decided to choose another loan instead, at a much higher interest rate, in order to avoid the level of scrutiny and accountability that comes with a loan from an international financial institution.

The new loan rolled over earlier debt and stacked on considerably more debt. Bainimarama has been using this additional credit to try to buy support for his election.

All Fijians will be paying for Bainimarama’s criminal profligacy for generations to come, unless we embrace Dakuwaqa’s call to repudiate all debts originating from this illegal regime. Debt repudiation will have the additional benefit of serving notice to banksters and amoral governments that their loans to dictators run the very real risk of default, and justifiably so.”

One Response to “Bainimarama vetoed the IMF loan”

  1. Keep The Faith Says:

    The ultimate question to all the brouhaha about who kicked who in the gut so that Fiji did not get ADB/IMF/World Bank loans should really be, with our tanking economy can we really afford to be signing our name in blood to more economic slavery?

    We have loans to China, India too lest we forget. Air Pacific is in hock to European banks and depends on government (tourism marketing mega bucks that ultimately pays non-Fijians without any updates to taxpayers as to the validity of their ROI).

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