The Khaiyum formula adds up to low investment

The change to democratic status doesn’t seem to have done anything for the quality of Bainimarama budgets. They still fail to disclose all the facts that citizens and investors need to know to have so they can have confidence in the information they are given. Wadan Narsey said unless the Government releases all key Budget documents, it’s all a bit of a waste of time. In particular they must release the Detailed Budget Estimate which contains information about planned spending in 2015, the revised estimates from 2014 and actual spending of 2013. Prof Narsey was particularly suspicious of the details about sales of Government assets. What assumptions are being made about what is received and how much of the planned spending will be borrowed? This is the dirty secret lying at the heart of the Khaiyum budget. His formula is simple and consistent: price control plus information control, but that adds up to a big brake on investment. Investors will not invest unless they have confidence that they’ve been given all the facts.

Fiji Times November 24, 2014 Where is it coming from?

One Response to “The Khaiyum formula adds up to low investment”

  1. kainoqu Says:

    Lets be clear – what you have in Fiji is a democracy in name, not in practice! We have pointed out the flaw of Baikhais’ election which Aus and NZ have supported. Its a direction to which all illegal underpinnings rest i.e. a self imposed constitution allowing for undemocratic practices – gagging of media, questionable law enforcement, biased judicial proceedings, animal farm style election and even meddled standing orders and parliamenatry procedures etc! This is what you get when simple quick fix remedies to democratic ills (like that which is supported by Canberra and Wellington here) are espoused. Yes its a nightmare having Aus and Kiwi investments in Fiji exposed to Baikhai’s meddling and self indulgance. Earlier on Australia’s big bank ANZ tried cushioning that effect through $500m support from international bond market. But still confidence in team Baikhai’s ability to repay is eroded given the Baikhai record with public finances. Abuse of regimental fund is again hammerd with nails of recent auditor general revelations. The public finance coffin is surely attracting attention. Now comes the wheel of mentoring from the Victorian legislature to support Fiji’s opposition parties and their gun supported adversaries on a credible plan for the nation’s debts and finances. Baikhai’s team of shadowy figures and gun trotting thugs have really made a mess of it, let alone grab of it!! And the persistant adversary and disunity about Fiji’s governance between Fiji’s political parties and people doesnt help either. Coupled with this is the Northern giants surge to fully invade the Pacific and cajole the islands with diplomatic influence and establish offshore bases. Geopolitics and international trade in the region has fast evolved and with an unpredictable dictatorships at the doorstep, the job is not easier! Fiji’s direction has been self-serving rather than nation-serving under Baikhai. Thanks to loans, trade and investment deals entered into without the engagement of citizens and this is what Aus and Kiwi investments are exposed to as well. Public accounts committee is challenged to unbundle these and weigh all the implication on the country and people! Looting of public purse and dragging of Fiji into trade and financial agreements should be throughly scrutinised. But this endeavour cannot be fulfilled if Fiji lives democracy only in name and not in practice! As seen from this, things have not really changed and meddling, hiding, looting, scheming, conniving and ploting etc still persists in droves! Fiji could do well without these. Its one thing being elected and claiming to be elected, but its a different thing to stand up to the responsibility of being elected and be accountable for what you are elected for. Team Baikhai is far away from the later even with the self-styled security of immunity from their self-imposed constitution. Where Fiji is heading to with all these annoying practices is anybody’s guess. For many it is definitely not towards open and fair government where equality freedom and justice for all is reality. Instead what we have now is more like an animal farm under renovation!!

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