Yes, foreign reserves are high at the moment as the Governor of the Reserve Bank points out.
But the high reserves are not due to improving exports (we know the sugar industry is collapsing , the tourism industry is not particularly buoyant, garment is collapsing, fish, gold and timber are improving, but overall exports revenue are falling.
What has kept reserves up is that imports have also been falling because of the lack in investmen, and the serious constraints on our people’s incomes and expenditure.
So the current “healthy” foreign reserves” is nothing to crow about.
The only good sign is a growing economy with positive growth rates.
But following – 6.6% in 2007, a tiny recovery in 2008, current projections are of another negative growth rate for 2009 (possibly – 1% or even bigger drop).
Our people can not eat “healthy foreign reserves”.
- From Warden Narsey’s media blacked-out presentation at a recent gathering.
He sounds like someone who invests in a building because it looks so good from the outside.
Totally unaware that it is full of termites !
I’m amased at how stupid these people are, yet they have been able to pull the wool over the eyes of so many in Fiji.
so now it will take the abolition of the Military and another 20 years for fiji’s economy to get back on it’s feet.
Of course the other option is for Frank to msell it to the Chinese government, just like african nations are doing with their resources at the moment.
but the common complaint there is that they employ their own people and destroy the enviroment until it’s useless to the locals.
I think it’s time somebody with testicles in the military took this bloke Frank Bainimarma out along with a few of his main supporters like Kauyum, chaudhry, driti, Ilui, and a few others.