Snippets: Political and Economic

Political News

The Ethnic Fijian Teachers Association, whose leaders have on several previous occasions taken an anti-government stance, has been criticized by Ministry of Education Filipe Bole for encouraging the recruitment of teachers for Australian schools, and warned disciplinary action will be taken if the recruitment includes serving teachers, whose loss would adversely affect education in Fiji and Government plans for education improvements. The Minister reminded the Union that FTA members are first and foremost civil servants, and that Government has invested heavily in their training. There are no objections to the recruitment of retired teachers. The Minister saw the Union's actions as anti-government. -- Based on Fiji Live.

US Ambassador Steven McGann (photo) has advised 30 new Peace Corps volunteers not to meddle in Fiji's political affairs, citing Pres. Barrack Obama's statement that no system of government can or should be imposed upon one nation by any other. --Fiji Live. Obama went on to say the US is willing to help see the election of a government that will empower the rights of people. -- Based on Fiji Village.

FSM Offers Some Support for Fiji. The President of the Federated States of Micronesia has cautioned other Pacific Islands Forum members from being too hard on Fiji. President Emanuael Mori says Fiji must return to democratic rule, but there needs to be room to speak with the military regime. --Radio Australia.

Radio NZ International. Its last four Fiji items were, as usual, heavily weighted and from predictable sources. Listeners were left in no doubt about the "horrors" of the Bainimarama Government. With respected Fiji political scientist Dr Steve Ratuva now at Auckland University, I hope the NZ media will use him as a source of informed, impartial commentary on Fiji.

Economic News

Economy Better Than Some Predicted. Reserve Bank Governor Sada Reddy said that while Fiji’s economy is yet to emerge from the current difficulties faced in the global economy, foreign exchange reserves were F$700 million compares with F$441 million before the devaluation in mid-April. Liquidity also experienced a strong recovery to the current $200 million, compared to its critical $15 million low earlier this year. Reddy said this level of liquidity will allow for further reduction in lending rates and greater availability of credit and is expected to lead to higher investments and economic growth in due course. The governor emphasized, however, that credit must go towards high priority sectors which create employment and save or increase foreign reserves. -- Based on Fiji Live.

The Auction of Fiji's Momi resort scheduled for July 22 has been delayed for a month to allow potential bidders more time to do due diligence . Bayleys Real Estate is managing the mortgagee auction on behalf of the Fiji National Provident Fund, mortgagee in possession. The FNPF wants to recover the more than F$80 million (NZ$59.8 million) it invested in the partially-completed development, heralded as one of the largest ever undertaken in the South Pacific before work stopped in 2006. The now-bankrupt NZ firm Bridgecorp sank $NZ106 million in the development. -- Stuff.

FHL Gives Up BP Purchase. Indigenous Fijian investment group Fijian Holdings Ltd has abandoned its F$190 million intended purchase of oil giant BP (SW Pacific) Ltd due to delays in obtaining loan finance. The original deposits of approximately FJD $25,000,000 will be returned. The withdrawal of initial funding partner, Fiji National Provident Fund, had forced FHL to seek overseas loans. Type FNPF and/or FHL into "Search this Blog" to see earlier reports on this contentious purchase. --Based on Fiji Live.