If
Opposition leader Simon Bridges would take some advice, I'd suggest
he comes up with something positive about what National would do if
it were in government (or perhaps explain why it didn't do it when
it was) rather than repetitively criticize everything the
Labour-led coalition is trying to do.
Today's comment was to criticise the announcement of a working group to
develop a fair pay framework. Bridges called this "more talk,
more slogans (and) the 153th working group." If this sounds like
too much consultation to Bridges, it could in part be a consequence of the lower level of consultations under National that has led to the need for
redress under the present Government.
One wonders whether tomorrow he'll be criticising the government's plan to
establish a Business Advisory Council to be chaired by former Air New
Zealand CEO Christopher Luxon. The PM hopes the Council will provide
Government with "high level free and frank advice on key
economic issues and harness expertise from the private sector to
develop government's economic.policies.' Free meaning open, not
costless for, of course, the process is costly as ACT leader David
Seymour has pointed out. Whether it would be more costly not to
consult is another question.
An
advisory council is different from a working party. It has direct,
ongoing contact with Government while working parties are more
typically one-off affairs with some ongoing contact, at the other end
of the spectrum, that later may lead to the sort of relationship
enjoyed by advisory councils.
Criticising Government is fine. That's a large part of an Opposition's job. It keeps Government on its toes. . But it also needs to actually say something new. To show why it would be the better government. Repeated criticism is unlikely to have this effect..
On
what may appear to be a completely unrelated topic -- although an
informed public is is an essential part of a democracy -- I had a quick
check through today's 1 News Now items. Of the 40-odd listed, Simon
Bridges was mentioned once, Jacinda Adern and Government four times -- the
same as Australian mentions--,six were on crime, and 14 were on sports and
sports personalities. Umm! -- ACW
Jeremy Corbyn has described the “chilling wreckage of Grenfell Tower” as a monument to a failed economic and housing system in the UK as he set out Labour plans for city-wide rent controls and a crackdown on gentrification projects. Pn17.
The Labour leader used his speech to his party’s first annual conference since stripping Theresa May of a parliamentary majority to deliver his long-held ideological vision for Britain, declaring the neoliberal economic model “forged by Margaret Thatcher many years ago” as broken.
Corbyn said his views, once seen as on the fringes of the Labour party, now represented the centre ground, which he said had shifted from where “establishment pundits” claimed it to be. “This is the real centre of gravity of British politics. We are now the political mainstream,” he said, contrasting Labour’s enthusiasm with a Tory party he claimed was “bereft of ideas and energy”.
In a deliberate break from the economic policies of Tony Blair, Corbyn promised more state intervention in housing and utilities and said he was ready to increase taxes on big business, in a 75-minute address to a sometimes rapturous audience in Brighton.
The Labour leader emerged into the hall to chants of “Oh, Jeremy Corbyn” from cheering delegates, some of whom waved red scarves above their heads. “It is quite infectious. Let’s make sure the whole country is infected with the same thing,” he said of the enthusiasm in the hall.
Corbyn reserved his most detailed proposals in the speech for housing. He promised that a Labour government would ensure tenants on estates being redeveloped would be allowed to return to them once they were rebuilt.
Advertisement
Councils would also have to win ballots of local residents before being allowed to embark on regeneration projects. Land held by developers but not used would be taxed, Corbyn added.
He promised that cities would be given the power to control rents, and his advisers indicated that he wanted to go further than a pre-election promise to limit rent rises to the inflation rate. “Rent controls exist in many cities across the world and I want our cities to have those powers too and tenants to have those protections,” Corbyn said.
Labour sources said the party would be looking at models of rent control in cities across the world as part of a review, and said the property market was “dysfunctional”.
Corbyn said: “We also need to tax undeveloped land held by developers and have the power to compulsorily purchase. As Ed Miliband said: use it or lose it. Families need homes. No social cleansing. No jacking up rents. No exorbitant ground rents. If you want to see how the poor die, come see Grenfell Tower,” he added, quoting the poet and novelist Ben Okri.
Corbyn’s clear shift to the left and promise to rein in free markets came as Theresa May prepared to make a spirited defence of capitalism in a speech on Thursday to mark 20 years since Labour, under Tony Blair and Gordon Brown, made the Bank of England independent.
The prime minister, who began her professional life at the bank in 1977, was expected to say: “A free market economy, operating under the right rules and regulations, is the greatest agent of collective human progress ever created.”
Labour sources said Corbyn’s vision was not about dismantling capitalism, but about rebalancing the economy with more state involvement.
Advertisement
The speech drew widespread criticism from business groups, who said they were opposed to more state intervention and felt Labour was not representing their interests, even though some of the policies such as rent control and utility nationalisation appear popular with the public.
The CBI’s Carolyn Fairbairn said there were “few warm words” from the Labour leader. “Repeated rhetoric on the sins of a handful of businesses does little to reassure anxious entrepreneurs and investors about the UK’s future as a great place to do business.”
Corbyn argued that the election result had forced the Tories to drop policies including the so-called dementia tax, plans to means-test the winter fuel allowance, proposals for more grammar schools and the prospect of fox-hunting being brought back in. “They seem to be cherry-picking Labour policies instead, including on Brexit,” he said.
“I say to the prime minister: you’re welcome. But go the whole hog – end austerity, abolish tuition fees, scrap the public sector pay cap.”
He argued that the Labour party was ready for government and sought to contrast it with the state of the Conservative government, mocking May’s election slogan by saying: “They are not strong and they are definitely not stable. They are hanging on by their fingertips.”
Corbyn also attacked the media in the speech, saying they were “under instruction from their tax-exile owners to destroy the Labour party”. He said one paper had devoted 14-pages to attacking Labour, and the party’s vote had gone up by 14 points. “Never have so many trees died in vain,” he said, adding provocatively: “Here is a message to the Daily Mail editor: next time make it 28 pages.”
Play Video
0:43
Boos as Corbyn mentions Daily Mail in conference speech – video
He said Diane Abbott had borne the brunt of much of the abuse – a line that prompted the audience to rise in standing ovation and sing happy birthday to the shadow home secretary. “She suffered intolerable misogynist and racist abuse,” he said. In a nod to the party rule change on abuse passed on Tuesday, he went on: “There can never ever be any excuse for any abuse of anyone, we are not having it, not accepting it, not allowing it.”
Advertisement
However, Corbyn was criticised by some commentators on social media for failing to explicitly mention antisemitism after controversy over comments made at a fringe event.
The Labour leader’s heaviest attack on the Tory government came over Brexit as he accused them of having a “hopelessly inept negotiating team” and putting “posturing for personal advantage” over the national interest.
After a week in which Boris Johnson was accused of undermining the prime minister and chancellor before and after a critical speech in Florence, Corbyn said: “Never has the national interest been so ill-served on such a vital issue. If there were no other reason for the Tories to go, their self-interested Brexit bungling would be reason enough.”
Facing pressure from his own party on Brexit over calls to remain permanently in the European Economic Area and maintain free movement, Corbyn promised Labour’s approach would guarantee “unimpeded access to the single market”. He promised an approach to Brexit “that puts our economy first, not fake immigration targets that fan the flames of fear”.
And he promised: “We will do politics differently. And the vital word there is ‘we’. Not just leaders saying things are different, but everyone having the chance to shape our democracy”. He said Labour would make “business accountable to the public, and politicians truly accountable to those we serve”.
There was a limited number of new policy proposals, including a promise to change the organ donation law and warnings of fines for big companies that failed to complete gender audits. Several policies from the party’s 2017 election manifesto were repeated, including a pledge to nationalise the water industry.
But there was a backlash from business. Adam Marshall, director general of the British Chambers of Commerce claimed there were concerns with both main political parties, “with one flirting with fantasy economics while the other engages in an unedifying playground bust-up”.
Stephen Martin, director general of the Institute of Directors, said that while business leaders weren’t expecting praise they would be disappointed to hear nothing positive about companies “large and small, that form the bedrock of our economy”.
The Conservatives claimed that the cost of enacting all of Labour’s pledges had now spiralled to £312bn. Damian Green, the first secretary of state, said: “Jeremy Corbyn’s speech summed up the problem with Labour: lots of big promises, but no explanation of how they would deliver them.”
The School of Economics at the University of the South Pacific organised a panel discussion on “Fiji’s Second International Bond Issue” on 30th March, 2011 at USP’s Marine Studies Lecture Theater in Suva.
N0306. SUGAR AND WATER. What with the meteoric rise in the price of sugar, due to it being imported from Thailand, and Lautoka and parts of the West being without water for 37 hours, it's not been good news from Fiji this week. The worst part, for those without water, seems to have been that the Water Authority did not keep them informed of what was happening once their announced original 14 hours shutdown for repairs went on and on. Engineers have been working round the clock to fix the problem. With luck, water should be back on by now. The shutdown was to allow work on the upgrade of the Kashmir Reservoir to ensure sufficient pressure to supply areas that had received intermittent supply over the past few years. Eight schools were closed and angry parents, inconvenienced by the shutdown, said the Water Authority should have ensured schools were not affected.
N0307. USP ECONOMIST ON THE $500m BOND LOAN. The Fiji Times has published another short piece on USP's last week's panel discussion the bond issue. Economist Dr Tiru Jayaraman thought Fiji wise not to have accepted the IMF terms for a loan because this would have meant the too-early closure of non-viable public enterprises, having a balanced budget, reducing debt levels and operational costs. The global global bond issue had spared Government and the IMF of all these. But the need for reforms is still there, he said, with Fiji needing self-regulation and self-control.
Fiji's total debt is 75.9% of the gross domestic product (as of 2010). Government's expenditure is about 28.5% of the GDP with capital expenses only making up 5.9%. The trade imbalance is about $726million.
The economist advised the country to draw a timeline on the implementation of the reforms, analyze the effectiveness of the first (Qarase) global bond issue, and independently analyse the Asian Development Bank and IMF loans once projects were completed. He also recommended the strengthening of external debt recording management system.
He said the repayment of the $500m second global bond issue in 2016 should be from Fiji's own foreign exchange reserves and not by another bond issue or an IMF loan. "The second bond should put an end to all bonds," he said. "Second bond should be the mother of all bonds."
N0308. INFLATION ROSE in February to 7.6%, mainly due to the increase in fuel and wheat products and the higher Value Added Tax rate.
N0309. COP JAILED FOR TWO YEARS. A Labasa police officer has been jailed for two years four months for corrupt conduct, having been found guilty of seven counts of obtaining corrupt benefits in the sum of $307 from a Labasa businessman.
He is the fourth officer to be sacked in the Northern Division over the past week. The other officers were dismissed following convictions for assault.
N0310. PM IN JAKARTA. The PM will open the new Fiji Embassy in Jakarta today. The initiative is part of Government's Look North policy which is intended to reduce it dependence on traditional sources of aid, investment and co-operation such as Australia and New Zealand.
N0311. DIRTY TRICKS. Three Suva supermarkets, taking advantage of the shortage of sugar, have been fined for forcing customers to buy groceries if they wanted to buy sugar from their shops.
N0304. MONETARY POLICY STANCE REMAINS UNCHANGED. Following the meeting of the Reserve Bank of Fiji Board held on 31 March 2011, the Acting Governor and Chairman of the Board, Mr. Barry Whiteside, announced that the current monetary policy stance remains unchanged, with the overnight policy rate maintained at 2 percent.
On international economic conditions, Mr. Whiteside said that the global recovery is expected to continue in 2011, led by favourable outturns in emerging and developing economies. However, possible threats to this outlook include inflationary pressures from higher food and oil prices, escalating debt levels in Europe and the ongoing civil unrest in the Middle East and North African regions. For our major trading partners, the devastating impact of the recent natural disasters in Australia, New Zealand and Japan have led to downward revisions to their 2011 growth rates.
Domestic economic outcomes were mixed in the review period. The Chairman highlighted that while consumption indicators registered some positive growth, the increase in VAT collections were largely attributed to the higher VAT rate, which rose from 12.5 to 15 percent in January. On investment, construction-based activity remained subdued. However, resource-related investments, particularly in the mining, fishing, forestry and mineral water industries, are expected to strengthen in the coming months. On the external sector, Mr. Whiteside stated that latest data revealed an improvement in the trade deficit by 18.4 percent, due to higher growth in exports relative to the expansion in imports.
Inflation rose further in February to 7.6 percent, mainly reflecting the impact of the increase in fuel and wheat product prices as well as the higher VAT rate. The year-end inflation projection for 2011 remains at 6.0 percent.
The Board Chairman added that the level of foreign reserves was $1,277 million on 31 March 2011, adequate to cover 3.8 months of imports of goods and non-factor services. Importantly, the Chairman noted that there are possible risks to the outlook for foreign reserves and inflation, including higher international crude oil and food prices. Furthermore, there may be a dampening in export demand and inbound tourist travel from our major trading partners Australia, New Zealand and Japan, following their reduced growth forecasts for 2011.
In light of the prevailing modest demand conditions in the economy while keeping in mind the possible risks to our monetary policy objectives, the Board decided to maintain the current monetary policy stance. In the meantime, the Reserve Bank will continue to assess the impact of any major changes in international and domestic economic developments and align monetary policy accordingly.
N0305. RESERVE BANK OF FIJI TRANSFERS $38.9 MILLION TO GOVERNMENT. The Reserve Bank transferred $38.9 million to Government today. This amount comprises the Bank’s entire profits of $21.5 million for the financial year ended 31 December 2010 and $17.4 million which represents one fifth of the balance of the Revaluation Reserve Account. The Board of the Reserve Bank decided not to set aside any profit to General Reserves but instead transfer the full amount to Government. The transfer to Government in 2010 for the 2009 financial year was $39.2 million (profit was $16.6 million and one-fifth of the Revaluation Reserve was $22.6 million).
The Acting Governor and Chairman of the Reserve Bank of Fiji Board, Mr. Barry Whiteside said that the Bank’s financial performance in 2010 was achieved in a challenging global environment as interest rates were still relatively low. The financial outcome in 2010 was significantly better than what was originally budgeted. This was due mainly to the higher than expected level of foreign reserves, which was $1.3 billion at the end of 2010 compared with $1.1 billion a year ago.
The audited accounts and operations report of the Bank for the 2010 fiscal year were submitted to the Minister for Finance on 31 March 2011, in accordance with the Reserve Bank of Fiji Act. The Board would like to thank the staff of the Bank for this achievement and also extends its appreciation to the Bank’s stakeholders and counterparts in assisting the Bank meet its objectives in 2010.
N0300. BEWARE PALM OIL. The Malaysian Trade Mission visit concerning the possible development of a palm Oil industry in Fiji should, in this writer's opinion, be viewed with extreme concern. Oil palm estates I've seen in Johor, Malaysia, and Sumatra in Indonesia showed total replacement of native forests and lost habitat for indigenous animals, and large swathes of exposed sub-soils. Government wishes to bring more land into production in a sustainable manner is, of course, highly commendable, but if SE Asia's record is anything to go by, oil palm is not the way to go without extreme caution and a mountain of safeguards. There are safer and more sustainable uses to which Fiji's presently unproductive land can be put.
A Government release on Wednesday (No:0760/MOI) said "The core land area [the Malaysian] investors are looking at this to begin their business and achieve economies of scale is 30,000 hectares of land, probably in Lomaivuna. “I don’t see any problem with that given that we have land bank with the department of land,” said a Government spokesperson. “They are not only looking at bio-fuel, they are also looking at other downstream processes, to use the product from palm oil for other things. This an opportunity for Fiji to generate income and of course with the incentives we have, we will attract more investments in Fiji.” The semi-permanent of lease of land under land bank legislation raises further concerns: What incentives? What monitoring of the use of the land during the lease period? Lomaivuna has a rich agricultural history. Is there no better and safer use of its land than oil palm? See also this critical article in the Fiji Times.
N0301. CHINESE CASH AND LAND SETTLEMENT. In what must be a record, barely one month after application. China's Quantum Fiji Limited has been granted rights to proceed with property and property development in Fiji, that includes timber logging and processing, hotel operations, and commercial farming. The investment project is estimated to be worth F$60 million with F$35 million allocated for the first phase of development which involves the purchase of land, development of infrastructure, construction, planning and promotional activities for hotel operation.
The second stage of F$25 million investment will be geared towards the development of the commercial farm.The investors are expected to collaborate with the China Agricultural University in Beijing and experts in agricultural to set up a service organization that will provide modern commercial agricultural technologies and related services to its clients. Other developments expected to be undertaken by Quantum Fiji Limited include a hotel, residential area, and biological farm area.
The new operation is expected to boost investment in the Agriculture, Tourism and Services sector and provide employment to locals.
N0302. GIVE POLICE THE TOOLS TO DO THE JOB. This comment from a reader about the absence of information on the law:
"How may the Fiji Police apply the Law if they do not know what it is? Why are there not copies of these decrees available in each and every Community Police Post and Police Station? With these decrees should be the Section of the Crimes Decree which applies to Arrest Procedures, Court Procedures and - just as important - a copy of the Fiji Police Regulations which each officer must show he fully knows and understands. No copy of the regulations is available at our local post in the West. We checked three days ago. The Domestic Violence Decree requires considerable Police discretion. The Child Welfare Decree is Mandatory for reporting in certain sections. It is binding on many professionals and even on individuals in particular places: government departments, Health Centres, Social Welfare etc. If children are abused, it is no longer good enough to "walk on by". It is MANDATORY to report that a child is being abused. All Police Officers must now and fully comprehend their role.
The Fiji Public must be diligent in knowing the law. Crimes against Humanity like rape are not reconcilable and they are to remand those charged. We happen to know of at least three persons charged with rape who are on bail. One has not reported on bail conditions since May 2009. He is working at Denarau Island when last located. No Bench Warrant has been issued and the local police have been trying to "Pass the Buck" (to the Magistrate who bailed him - no longer serving). THIS WILL NOT DO.
N0303. SAVE OUR SOULS SUGAR. The Fiji Sugar Corporation has negotiated a sweet deal in sugar sold to UK buyer Tate and Lyle, paving the way and providing a powerful incentive for growers to invest in the crop.
FSC Executive chairman Abdul Khan said Tate and Lyle had agreed to a "price is significantly better than what has been paid in the past. Negotiations with the UK buyer began over a month ago with the FSC adamant that if a better price was not achieved, Fiji would be looking at other markets such as Japan and Korea who are very interested in Fiji sugar. A surge in global demand for has resulted in an increase in the global sugar price increasing by as much as 50%. It is hoped grower confidence in the industry will be boosted with the increase and the announcement that 40% of mill maintenance work has been completed.
Incredibly, Fiji has had to import 10,000 tonnes of sugar from Thailand this year to meet local demand before the crushing season. The price paid was around $2,000 per tonne.FSC exports this year averaged less than a $1,000 per tonne.
An unscheduled posting on the Reserve Bank's monetary policy and assessment of the economy will be posted at noon tomorrow,Tuesday.
The text of each Pillar of the draft People's Charter (and its more detailed attendant State of the Nation report chapter) is published for discussion each week.To read the text and discussion on earlier Pillars, type Pillar 1, etc, in the Search facility in the left sidebar.
Since this Pillar and chapter were published, a number of events have occurred which have made some of their aims difficult, if not impossible to achieve, at least in the short term. These include the Global Recession and drying up of investment, two devastating hurricanes and a major flood, the boycott of Fiji in many international fora, the imposition of sanctions, and the withdrawn of foreign aid and major problems in the sugar industry. Some observers have also blamed the policies of the Fiji government.
The intended time-frame for the implementation of each Pillar should be considered. It was not expected all would be achieved immediately or even in the short-term. Some goals would take much longer. The Charter mentions 2020 and in another place over 40 years.
In reading and commenting on Pillar 5, I invite readers to critically and fairly consider the steps government has taken towards achieving the Charter aims; to give credit where credit is due, to criticise where needed, but most of all to write with realistic and helpful suggestions on what could and can be done, or done better.
WEEKEND READING ♦ Allen Lockington Column ♦ People's Charter Pillar 5 (Achieving Higher Economic Growth): For Discussion ♦ Is the PNG Land Grab Relevant to Fiji?
Photo: The University of the South Pacific Laucala Bay campus was built on the RNZF base for Sunderland flying boats which were then the only way to reach many islands in the region by air. The road on the left is Queen Elizabeth Drive that now dissects the upper and lower campus, and the one from top to bottom of the photo is Laucala Bay Road.
N0292. PUBLIC DISCUSSION IN FIJI . Restrictions on open debate could be improving in Fiji despite the retention of PER, the emergency regulations. On Wednesday, USP held a public forum on the large loan recently taken out by Government, Fiji’s Second International Bond Issue. Speakers included Filimone Waqabaca (Ministry of Finance), Dr Mahendra Reddy (Fiji National University), Prof. Warden Narsey (USP), Norman Wilson (ANZ) & Dr. T.K Jayaraman (USP). Notable is the inclusion of Prof Wadan Narsey, a well known government opponent. The audience would have heard more than one side of the argument.
My understanding is that the Fiji Times taped the debate so we may see something of what was said in the print media. They published a short item today with arguments for (Waqabaca) and against (Narsey). Hopefully, more will follow.
Biased Reporting in New Zealand
Radio NZ International, however, mentioned only Narsey's position: "Fiji's interim administration is being criticised for burdening future generations with debt after raising about 250 million US dollars in foreign bonds." This overtly biased reporting on Fiji is now standard fare (unfair) for RNZI. Witness Johnny Blades's report on the Melanesian Spearhead Group meeting published earlier today (N0290) that made no reference to the leaders' support for Fiji's reforms and elections in 2014, and compare with the report by Radio Australia.
Radio NZI and its reporters need to remind themselves that New Zealanders pride themselves on fair play. On-going, one-eyed, biased reporting is not fair play. One wonders why they are doing this? Is it because the State broadcaster, in today's difficult economic environment, fears funding cuts unless it kowtows to government policies?
N0293. POLICE GETTING SERIOUS ABOUT CLEANING UP THEIR ACT. Three policemen have been sacked in the Northern Division this week. A Police headquarters spokesman said: "The consequence of abuse of power by law enforcers shows how serious the new administration is about the rightful use of power vested in the officers.We want to make Fiji a safe and secure place. We want people to place their trust and faith in the Police Force. We can't have the same people in the Police Force who have threatened and abused people. We will not condone such cases."
Fiji Today, the only moderate anti-government blog, had this heading today: "Rumor says that the Police Force has set up an Internal Investigation Unit that is operating behind the scences to reduce curruption in the police force. This force needs to be cleaned up if it is to have any credibility in the eyes of the public."
N0294. CRITICAL GROUNDWORK FOR ELECTION 2014 DATE MUST START NOW.
The Citizens’ Constitutional Forum is encouraged by the confirmation of the 2014 election timeline by Government (Fiji Village 30/3/11) and wishes to highlight that even prior to the event, the State, Civil Societies and all the key stakeholders need to start addressing the critical preparatory groundwork now.
“Going by best practices experiences of recent history of transitional governments similar to our experience, it has shown that prior to the elections itself critical landmarks such as dialogue on key issues including the Constitution, Electoral Reform and ongoing public consultation and dialogue at all levels needs to start now for a sustainable transition,” states Reverend Akuila Yabaki.
He added that, “All stakeholders need to be engaged in some critical dialogue on the processes and the content of the Constitution.”
With regard to “ironclad assurances” by the Foreign Minister, Ratu Inoke Kubuabola, on the timelines towards 2014, Reverend Yabaki “finds this warmly reassuring and strongly recommends that a good first step would be the lifting of PER.” -- CCF Press Release.
N0295. FOCUS is the Government newsletter published in English, Fijian and Hindi. The latest issue has, as might be expected, a swag of articles on government's development initiatives, but it also has letters to the editor, an extensive list of government job vacancies, information on the Order of Fiji, and lots of photos.
If you are interested in having a look, it may be downloaded from the Government website by clicking here.
N247. THE PM ON RACE AND ELECTIONS. Fostering racism should be stamped out so that the country can move forward, the PM told Nakalawaca Villagers in Tailevu last week.
“Na veivakaduiduitaki vakamatatamata e vakadukadukalitaka na noda vanua (Racism corrupts our country).“E kune e loma ni politiki, ka kauta mai na veilecayaki e na noda vanua. E teteva na veimata tamata kei na lotu. E dodonu me vakawabokotaki. E vakataotaka na toso. (It is rife in politics and creates uncertainty among people. Racism is found in religious societies also. It should be stamped out. It affects growth and progress).
He said the People’s Charter was built on removing racial differences.
“This Government wants to remove racial discrimination so that we can live together peacefully. This is the charter — one country and one people. We should learn to love each other and appreciate each other’s race. This is your country and this is your land. No one can take them away from you but what this Government wants is to shape a Fiji every citizen will enjoy living in.We are working on these grounds to pave a way for the 2014 elections.”
He said citizens of this country should elect good politicians for the 2014 elections. “Select politicians who can move the country forward so that we gain prosperity. Don’t just elect anyone. We want a Fiji for everyone.”
He said the voting age should be dropped to 18 to allow youths to raise their choices and voices in the formation of their government. “Soldiers go to war at the age of 18. They fight and die for our country but they are not given the freedom to have a say in how to run their country.”
“That is why we are working hard to make changes before the elections. This Government is for you the people, but you should also change for the better. Watch what is happening around you; the prices of food you buy, the state of frozen foods in the shops and supermarkets, the cost of hardware prices and so many things. Be alert so that you can also change and move forward."
Bainimarama is the first Prime Minister to visit Nakalawaca and Namara. His next visit will be to Kadavu island to inspect the progress of Government-funded projects and meet the people.
N248. EU'S 'NEVER-ENDING LIST.' Fiji Fish Company head Graham Southwick says the recent EU audit may pave the way for fish exports to the EU but he wonders whether it’s worth meeting the EU's remaining conditions. The EU still needs to clear fisheries exporters and it’s asked them to fulfill an extensive list of conditions.
“Now they’re talking about having to upgrade not only the factories, they want to upgrade the boats and then they want to upgrade the trucks ... Where is the thing going to end really, upgrading the airport or the aircraft? ...We don’t have any finite list that we can say, ’OK if we do these 10 things that we can go to Europe’. At the moment the list seems to be never-ending.”
Southwick says Fiji exporters have asked for a final list of conditions so that they can work out how much it’ll cost to come up to EU standard.
[Sounds a bit like the battle to get Australia to accept NZ apples! All's fair in love and war "free" trade.]
This morning's posting was about the Travel Bans. Scroll down.
N0243. TWO FISH BUT NO FIVE LOAVES. With most of Fiji's population living in coast areas and with many people and communities reliant on marine resources for their livelihood, many inshore areas are overfished.
A two fish and five loaves miracle cannot be expected but USP marine scientists are beginning to make a difference. They are helping people manage and restore the productivity of some of the 300-odd customary fishing grounds (qoliqoli) set up as tabu or locally-managed areas, and many communities are beginning to witness the benefits. Elsewhere, in the 70% of the inshore area that is not managed, destructive fishing methods continue to be used. Some government intervention may be necessary.
N0244. MISUSE OF LEASE LAND. Government intends to closely monitor the use of land leased by the 17,000 leaseholders on State land. This follows concerns about land being taken out of agricultural use; some $20m outstanding in unpaid rents; and breached lease conditions that could amount to $100m.
Unscrupulous practices include obtaining bank mortgages on the pretext of land development and the subsequent sale of leases for a quick profit; the misuse of foreshore development leases by making claims to significantly higher development costs than have been undertaken, and irregularities in subleasing and lease transfers.
Government is particularly concerned about the conversion of agricultural because this could affect agricultural exports, food security and the size of the country's food import bill.
The Ministry of Lands will now thoroughly scrutinise all consents for mortgages and land transfers, devise — in consultation with other stakeholders — a strategy to better manage and protect the remaining agricultural land, and possibly impose a moratorium to help protect agricultural lands and also allow Government to consider on a case-by-case basis the need to convert agricultural land for other purposes like tourism, commercial and residential development. -- Based on Fiji Times.
N0245. TURNERS AND GROWERS. The NZ fresh produce company will open a distribution centre with cool chain facilities for both imported and exported produce in Suva next week. The facility will improve the supply chain for suppliers and customers. The Fiji fruit and vegetable market is worth about $25 million a year to NZ. One hopes the Fiji authorities will made full use of the new facility to increase Fiji's fruit and vegetable exports to NZ and have them arrive in good condition.
N0246. ANNOUNCEMENT. The PACIFIC MEDIA CENTRE/Watch elist will be ending later this month when the Association of Progressive Communications (APC) server is discontinued. Make sure you add the Pacific Media Centre RSS niusfeeds to your Google Live Bookmarks:
Full PMC niusfeed: http://www.pmc.aut.ac.nz/rss.xml
Pacific Media Watch only: http://www.pmc.aut.ac.nz/feeds/pmw_article/rss.xml
Go to the PMC website for full special reports, new publications and media research outputs: http://www.pmc.aut.ac.nz
For general Pacific news on our other website, see Pacific Scoop: http://www.pacific.scoop.co.nz
Pacific Media Centre news and Pacific Journalism Review fulltext is also available at the New Zealand-based Pacific subscription database Niustext: http://www.knowledge-basket.ws/databases/niustext.html
Watch for the new PMC Facebook Page which is soon replacing the PMW Group Page: http://www.facebook.com/group.php?gid=48624011152
We have established a new Mailman list for Pacific Media Watch at AUT University, but this will only be used for some news alerts, notices and special reports in future. All existing PMW subscribers have been added to that list: Pacific_media_watch_list@aut.ac.nz
WEEKEND READING. ♦ Allen Lockinton Column ♦ People's Charter, For Discussion: Pillar 3 and Chapt 8 State of the Nation paper ♦ The CCF's Suggested Way Forward
N230. AGRICULTURAL SCAMMERS JAILED. Following the Speight Coup and in the year of the 2001 Elections, SDL politicians in the Qarase government, senior civil servants and leading businessmen colluded to use public money for their personal gain and political advantage. Some were jailed when the Qarase Government was in power; others who should have been were not.
The court case concluding yesterday that saw Suncourt Hardware director (and former Suva mayor) Dhansukh Lal Bhika and Principal Accounts Officer for the Ministry of Agriculture Suliasi Sorovakatini sentenced to 5 years and 4½ years was the latest in this sick story that had earlier implicated the SDL Minister of Agriculture Apisai Tora and many others in what came to be know as the Agricultural scam.
Some $20 million of taxpayers' money —set aside for the Farming Assistance Scheme aimed at helping ordinary ethnic Fijians (itaukei)— were skimmed off to provide equipment and labour for the farms of the Fiji elite. The Minister, for example, had diggers and tractors prepare his land at Sabeto costing some $25,000. The Assistant Minister Marieta Rigamoto was given farming implements and chemicals worth around $15,000 for her farm in Navua. Boats and engines, hoes, caneknives and fertilisers were supplied to villagers for political gain. Some $50,000 worth of equipment went to Baulevu where Tora told the villagers this had never been done before by any government [that's for sure!], and Qarase himself went to Rotuma to distribute $300,000 worth of farming implements.
All this was approved by the Ministry of Agriculture and the Ministry of Finance and the "democratically elected government" of Laisenia Qarase.
N231. BANKERS AND CONSUMERS. Following complaints by the Consumer Council, the Reserve Bank has announced that it will now require commercial banks to publicly disclose any increases in interest rate spreads beyond the previously regulated limit of 4% for any given quarter. In addition to disclosing the actual interest rate spread, the banks will also be required to disclose the specific reasons, including management’s stance and justifications for the increase.
N232. BUYING PAPERS A WASTE OF MONEY: LIFT PART OF PER. This is what one reader wrote on posting N224:
Thanks Croz, Most thinking people would like to see the PER relating to the media lifted. So many agree with your correspondent that buying newspapers is a worthless exercise. Only the cartoons and sports section are of value. Currently there is little or no debate on national issues. I would be interested to know from someone with insider information of Government who is opposed to lifting the PER, and who may support a partial lift.
N233. MINING: PART OF THE FUTURE. On Tuesday Government received its first cheque for royalty payments and export taxes from Fiji’s second operating mine in Wainivesi, Waimaro in Tailevu. The Wainivesi mine produces copper, lead, zinc, silver and gold and is expected to deliver more than $72m in tax and royalties — and spend more than $150m locally on operation and reinvestment in Fiji, during the next four years. The mine has an expected 20-year life.
The Wainivesi area was first explored in the 1930s and the mine opened briefly but was closed in 1955 due in part to to environmental problems.Exploration area resumed in 1999 and the present mine construction began four years ago and is still expanding. The company has already invested more than F$65m in its development. -- Based on No.0633/MOI.
A mining symposium to be held next month will be the first ever for Fiji with all mining stakeholders making presentations on mining issues.
N227. THE BIG LOAN, ITS CRITICS, AND STOKING THE FIRE. Critics were never going to let Fiji's huge US$250m loan pass without comment. It provided much too good an opportunity to put the needle in.
Foremost among the more qualified critics is USP Economics professor Wadan Narsey whose primary criticism is not so much with the need for a loan (some US$150m will be used to pay off the pre-coup government's 2005 loan, made that much more expensive due to Fiji's dollar devaluation) but with its 9% interest rate and the amount being borrowed. He thinks a cheaper loan could have been obtained from the International Monetary Fund (IMF) if Fiji had agreed to certain budgetary conditions.
Wadan said, “There is very strong conditionality attached to it [the IMF loan] and I suspect that the Banimarama government did not want to abide by the conditionality rules, I presume they would have had to cut back on their budget deficit which means they would have had to cut government expenditure, recurrent expenditure and especially I suspect on the military budget.”
Wadan's one presumption and two suspicions could be correct, but even without IMF prompting government has been taking steps to reduce spending and downsize government. No one outside Government and the IMF knows what the conditions were but the IMF team that visited Fiji in February last year when a $1 billion loan was being talked about, noted with approval the improved foreign exchange position, greater bank liquidity, and they seemed to approve Fiji's monetary and fiscal policies.
In April Government was waiting for a decision from the IMF on a US$459m loan that obviously did not eventuate, but it was nearly double the loan whose size is now criticized by Prof. Narsey.
Fiji's ability to repay its loans (much of which is for capital developments although Wadan claims it is for recurrent expenditure), generate employment and improve living standards rests heavily on growing its economy, and this in large part depends on business confidence and foreign and domestic investment. The 9% interest rate criticized by Wadan (and bewailed by the anti-government blogs that claim future generations will be left to pay for today's debts) is higher than may be expected because there is some risk in investing in Fiji, and the higher the perceived risk, the higher the interest rate.
Fiji is considered risky because of the coup, the military government and the delayed elections, but it is also considered risky because people like Wadan, former politicians and others in Fiji, and the overseas anti-government bloggers have , to a greater or lesser degree, done their level best to discredit all Government policies and actions and to obstruct those they can. They are part-owners of "the Big Loan Company."
They have spread biased, misleading, alarmist and untrue reports, urged Fiji citizens not to cooperate with Government in taking the country forward, and urged the international community not to change its stance on Fiji.
They have stoked the fires that makes loans, reforms and economic recovery more difficult, and in doing so they have played their part in making the loans their children will repay just that much more costly.
Australia and New Zealand must also, of course, share the responsibility. Their policies aimed at Fiji's "return to democracy" must by now be seen to have failed, but they have had a detrimental effect on Fiji's economy and the cost of its loans.
No one would expect those opposing the Bainimarama government to change their fundamental position but reasonable people would expect other reasonable people to support some of the things it is doing, and to refrain from activities that harm the living of the people they claim they wish to support. -- Crosbie Walsh.
N228. IMF SAYS STRUCTURAL REFORMS NECESSARY. The IMF's Executive Board said structural reforms are necessary in Fiji to spur growth and help protect macroeconomic stability.
Following its latest consultations the Board said:
(1) Fiji needed well designed land reform and the removal of price controls should support investment and the diversification of economic activity;
(2) Civil service reform and adjusting tariffs for public services will help contain contingent liabilities and should increase efficiency;
(3) Retraining programmes and additional targeted social assistance to soften the social impact of redundancies and higher tariffs; and
(4) Help Fiji from development partners, including technical and expert advice, to help design and implement these important structural reforms which are critical to improving the overall business environment. [This is where Australia and New Zealand really could help.]
The IMF noted that fiscal deficit (government expenditure exceeds revenue) is estimated to have fallen to 3.6% of GDP in 2010 from 3.9% in 2009. The improvement is due to Government's freeze in hiring in the public service, lower-than-budgeted capital spending and stronger-than-projected VAT receipts but losses and mismanagement of the Fiji Sugar Corporation have to led to pressures on the budget.
The deficit was financed mostly by the Fiji National Provident Fund as commercial banks remained near their sovereign lending limits. Central government debt at the end of 2010 is estimated at close to 56% of GDP. Contingent fiscal liabilities are estimated at 17.6 percent of GDP at the end of 2010 and includeguarantees on bonds issued by the Fiji Development Bank.
N229. SUGAR: THE IMF HAS ADVISED GOVERNMENTto quickly finalise the restructuring of the Sugar Corporation and then divest the troubled Fiji Sugar Corporation within three years,to bolster the economy The FSC was delisted from the South Pacific Stock Exchange last month after a profit loss of $US175 million last financial year. The IMF statement also suggested reforms to the Fiji National Provident Fund to increase economic sustainability.
N217. GUTLESS WONDER. In an anonymous letter to the moderate anti-government blog Fiji Today, a businessman says corruption in Suva is twice as bad as it used to be. He cites having to tip an electrician a $100 to put in a new power board over the weekend and doubted the FEA saw any of the money. He said "There is no point in reporting it to the police as I am paying one of them to keep an eye on my business in his off time."
Further, he said, "Any business deal these days has a part that is organised in cash so no VAT or tax is paid or some side deal is done to advantage one party or the other. I have a block of cash sitting at home for such occasions and I consider myself one of the honest ones." Really!
Honest, no way. He's part of the corruption, and despite the urgings of the new Police Commissioner, the FICAC and others to report corruption — and despite several recent court cases showing that such matters are taken to court — his only effort to reduce corruption is to write an anonymous letter to an anti-government blog. If he's really concerned about corruption (and one doubts this when he is part it), there were other — and more effective — options. Checking on a FEA worker is hardly likely to see him detained by the military. Not even the anti-government bloggers would think that.
N218. UPGRADING THE SERVICE IN PUBLIC. Some 165 evaluators are to be trained this year to evaluate the service provided by Ministries and Departments. Public Service Permsec Parmesh Chand said all government agencies need to embrace a culture of quality in our bid to bring about improvements in efficiency and productivity as part of the reforms. This year, 33 Ministries, Departments and Agencies will participates in the Service Excellence programme, the Service Excellence initiative started in 2005. Pillar 4 of the People's Charter calls for an improved public service. -- Based on No:0572/PSC
N219. LEADERSHIP TRAINING. Permanent Secretaries are currently attending a five day Leadership Training workshop to assist leaders to develop organisations that can effectively recognize, relate and assimilate the global shifts in culture, social structures, technology and information.
Chief Guest and PSC Commissioner, Ms Fusi Vave, said today’s Public Service is very different from what it was 10 years ago. It is more sophisticated, organized and transnational in nature and there are new challenges posed by the on-going advances in technology. Pillar 3 of the Peeple's Charter calls for improvements in leadership. I make this point because a number of anti-government bloggers have asked to see the Roadmap. For those prepared to look, ongoing events such as the workshop, the upgrading of the public service, the smokeless stoves, poultry training and dalo production, reported in this posting, are all small but essential steps in the Roadmap, and all can be traced to one of another pillar of the Charter. Based on No:0561/PSC.
N220. OUTSOURCING TO REDUCE COSTS. Another example of public service reforms aimed at increasing efficiency is the intended outsourcing of selected services to the private and non-state sector. PermSec Parmesh Chand said the move "will help contain the size of the civil service and its operating costs; improve efficiencies in service delivery in terms of timing and responsiveness; enable greater employee participation and private sector led growth; and to provide efficient and value for money services to the tax payer."
A Central Coordinating and Administrative Committee on Outsourcing (CCACO) has been formed to oversee the all aspects of the policy and a thorough cost-benefit analysis will be conducted done before any project is outsourced. Outsourcing may be recommended in two types of contract: infrastructural/works and services. Committee members include the PermSec for Public Enterprise,Public Service, Works, Labour, Finance, and Trade and Industry. The Committee will report to the Prime Minister through the Permanent Secretary for Public Enterprises. -- Based on No.0600/PSC.
N221. YES SIR, YES SIR, THREE BAGS FULL. These words from the English nursery rhythm Ba, Ba, Black Sheep are usually taken to describe the behaviour of an obsequious or craven subordinate. One of my sources says this could be happening with some of the new municipal authorities that are so keen to prove to the PM they are more efficient than the old elected councils that their short-term cost cutting measures will result in much higher cost later if basic repairs and maintenance are not carried out. I'd be pleased to hear from readers who may have evidence of heedless cost-cutting.
N222. THE NEW $3m WEATHER STATION AT LABASA has state-of-the-art S-Band weather radar that is is capable of weather surveillance up to 480km which covers the area north to Rotuma and Futuna. Project management by the Australian Bureau of Meteorology will cost $180,000. The project is expected to make Fiji less vulnerable to climatic disasters and in this way safeguard lives and the economy.-- Based on No:0599/MOI.
N212. GRASSROOTS EMPOWERMENT. Learning about smokeless stoves and how to make money from poultry may not seem to be very empowering unless you are poor and live in a remote area with few amenities and still fewer opportunities to earn money. The smokeless stoves demonstrated at Nabouwalu in Bua last week by the Ministry of Social Welfare, Women and Poverty Alleviation, will help save time, money and effort and be far more environmentally friendly. In rural Fiji the main cooking fuel for nearly 70% of households in 1996 was the open fire and little is likely to have changed since. The large range wood stove was used by about 8% of households, more generally by Indo-Fijians and in locations close to urban areas.Electricity and gas if available, and even kerosene, are far too expensive for most households. The smokeless stove is far more efficient and it uses less wood. If widely adopted, it could save wooded areas and mangrove.(Based on No:0583/MSWPA).
Mary Naloga from Nakabuta Village said she had never seen anything like a smokeless stove that could two pots with so little firewood. She said she was “very excited about learning this technique of cooking and the step by step process to make a smokeless stove. Since we have the resources, we can easily make one for our families."
She thanked Government for the opportunities to learn new skills ...like poultry training and through Ministry of Health we were educated about our health and different health programmes. It has been an eye opener for us.”
Agriculture training officer Makalei Drauna said the main aim of the poultry programme was to help women generate income for their families. "There's a a huge demand for poultry in the Northern Division with prices ranging from $35 to $45 for chickens in Labasa market, " he said.
N213. CULTS ALIVE IN RA. Ra provincial administrator Joji Satakala has confirmed a Government team has been set up specifically to eradicate cult groups and sects in parts of rural Ra. He said governnment is especially concerned because cult members do not allow their children to go to school and because of the accepted practice for men to sleep with any female member of the group.
The most widely known groups are Remnant in Soa, a Kadrala church group in Naboutolu and the followers of the late Sairusi Nabogibogi at Selemi in Nakorotubu.
He said "If we can break the Kadrala cult practices at Vatukacevaceva, which has been around for more than 40 years, then there will be no problem abolishing other cults in the province. We want all students to attend school because only education can bring about development in Ra.
N214. USE THE LAND. A dalo (taro) farming scheme at Nasolo in Bua has created employment for many village youths and when harvested is expected to earn $286,000 in a year. During his visit last week the PM said this was a good example of what Government means when it urges people to work hard and use the resources available to them.
The villagers told the PM they needed a new bridge to help speed the transportation of their produce to the market, and would welcome goverment's assistance in securing overseas markets. The PM has offered, in principle, his support for the project, and said people needed to work hard before thinking of going to Government to ask for help.
N215. FIJI FISH FOR EU. Fiji’s fisheries products will now be accepted in the EU market tariff-free after the European Parliament approved a trade agreement with Fiji. Fiji was delisted from exporting fish to the European Union market following the outcome of an audit back in 2007.
N216. HARDWARE PRICES PLUMMET. Commerce Commission enquiries have resulted in an average drop of hardware prices by 35%. This follows detailed and analyzed investigations into the prices in hardware shops for the past year. Commission chairman Dr Mahendra Reddy said the final prices were determined following consultations with stakeholders and hardware companies.
The new prices will only affect items under price control but this covers items ranging from 645 at Carpenters to 2,220 at RC Manubhai.The impact on low-cost and self-help housing construction can only be positive. -- Based on 0579/MOI.
WEEKEND READING. ♦ Allen Lockington column
♦ For discussion — People's Charter Pillar 2
♦ Critical Engagement and Future Scenarios (Part 2) by Akuila Yabaki.
I would rate Akuila's comments as "essential reading".
There will be no 6pm posting today.
By Crosbie Walsh
Photo: Fiji Village. Posting N204.
Government has announced that it has been successful in raising a 5 year international loan of US$250 million (F$500m) at 9%. Some 60% the loan will be used to repay the US$150m (F$300m) borrowed in 2005 by the Qarase government which is due for repayment in September. The remaining US$100m will be used to finance priority capital investments earmarked in the 2011 Budget to generate economic activity, macroeconomic stability and a prudent fiscal position in the medium term.
The new loan is not uncontroversial. A reader says “At 9% interest (three times the going rate) and the way this is structured will always bring out the lenders of last resort. If it is a test of anything it is a test of regime desperation and market greed for the desperate.” Possibly, but there is no single “going rate”.
Rates depend on each county's circumstances and the global bond market at the time. Today's rates, for example, vary from Australia's 5-year bonds at 5.2%, to Russia's at 7.4%, Brazil's at 7.9% and Greece's at 12.9%. Given the small size of the Fiji economy and its current low growth rate, the European sovereign crisis, unrest in the Middle East and skyrocketing fuel prices, the interest rates does not seem excessively high.
Besides, Government had little choice.The Qarase loan had to be repaid by September and its rate, raised in far more favourable global circumstances, was 7%, a sizeable rate at the time.
The global loan transaction was launched in Asia on Tuesday and was almost three times oversubscribed within 12 hours. Asian investors bought 36% of the transaction with Europe and Offshore-US accounts contributing the remaining 64%. Some 43 investors from 6 countries were involved. The order book comprised of 69% asset managers, 24% hedge funds, 5% private banks and 2% bank portfolios.
Critics point to the “greed” of the investors but such a diverse group would be unlikely to invest in a sinking ship.
Just as predictably the PM saw the oversubscribed loan as an “indication of the level of confidence that investors in the international market have in Fiji’s economic development and progress, on-going reforms and future prospects.” It is, of course, a qualified confidence; the usual attempt by investors to balance returns against risk. But their calculation of the risks is certainly less than the doomsayers would have us believe. And from Fiji's perspective, whether it is a wise or unwise loan will only be known by how the money is used. Investment in capital works has the potential of repaying loan interest many times over.
Main Sources: No:0577/Finance and three Fiji Times postings on the topic, click here OneTwoThree
Comparison of place and time
Several observers have expressed concerns about the high level of debt, especially when the Fiji economy is under-performing, and anti-government people have blamed government mismanagement. Seen in perspective, however, overall government debt of 57.7% of GDP in 2010 does not compare too unfavourably with 44% in 1990, 70% in 1997 and 71% in 2000. (Accounts and Finances of the Republic of the Fiji Islands.) Government loans due for redemption under the Qarase government in 2005 totalled $125m; between 2006-2010 they averaged $100m, and from 2011-2015 average $30m, though recent borrowing will increase this total.
Emma Veve of the Asia Development Bank has noted Fiji's economic growth is poor relative to most other Pacific countries but she expected GDP to improve with increased tourist earnings, and once government reforms start to produce results. She spoke of the need for more access to land for investment, an issue being addressed with the Land Bank and investments in the country's mineral resources. Government thinks the public service reforms will have positive economic results.
The recently released Reserve Bank Economic Review for February (see right sidebar) points to mixed results. Economic growth for 2011 is expected to be 1.3% but the trade deficit has been reduced by 6.8%, with exports increasing 17.1% and imports reduced by 2.9%. A substantial increase in export earnings from minerals, and steady earnings from mineral water, fish and timber, seems likely. This year's disastrous results from the sugar industry, mainly due to faulty machinery, can get no worse, and minor gains should occur next harvesting season. Inflation increased from 5 to 5.9% mainly due to the increase in VAT (and it could increase further as a result of this month's sharp increase in world oil prices) but foreign reserves are sufficient to cover 4 months of imports.
Government, of course, has no control over the price of world oil, and limited control over its exchange rate (the loans are in US dollars). The economic situation is not improved by international reactions to the political situation and Government is one party to this picture but it is
It would need to have borrowed less if capital works had not been neglected for so long; if its “traditional friends” had been more helpful; if it had not been so bull-headed; if its dismal PR improved by even 1.3%; if more money were available from domestic sources. But it would have needed to borrow more than has been borrowed before if the Roadmap's infrastructural reforms (roads, bridges, sea and air access, agricultural and rural sector development) are to be carried out.
The loans —the Global Bond loan is one of several— are intended in part to patch up the Fiji economy but they are also bent on transforming it. The critical issue is not the size of the loans but whether five, ten and more years on we see a more robust and diversified economy, fuller use of Fiji's natural and human resources, appropriate levels of investment and more employment.
Rome, my elderly neighbour used to remind me, was not built in a day and the same is true for all long-term visions, plans and projects, no less and no more in Fiji than anywhere else.
Postscript. Another perspective on Fiji's borrowing. "China's investment in New Zealand government bonds is understood to be rising but just how much it holds remain a mystery, according to the Treasury. Asian central banks and state superannuation funds are also investing more in New Zealand as Asian investors shy away from financially troubled European states. New Zealand is competing to borrow about $300 million every week ...Treasury [is aiming] to raise $13.5b this financial year..." Click.
