Fiji looks to extend debt repayment time frame
Friday, December 03, 2010
Representatives of overseas funding agencies are in the country to work out a plan with government on extending the time frame of paying back debts left by past governments.
This was revealed to FBC News by Prime Minister Commodore Voreqe Bainimarama.
Bainimarama says representatives of two funding agencies are in the country to hold talks.
They are expected to leave the country soon and will return next week for further negotiations.
Bainimarama says government is also negotiating with the government of India on extending the time frame of the repayment of the $86 million loan for the upgrade of the sugar mills.
He says the government that will come into power in 2014 will continue with debt re-payments as the current government cannot pay it back all at once.
Report by: Apisalome Coka
December 03, 2010
Fiji Officially Broke: Bainimarama States Inability to Service Offshore Debts
True to form, the illegal and treasonous Voreqe Bainimarama confirms what we already know.
Which is that he will spend it all up now and conveniently offload his regime's tab for unfettered free-for-all hogging at the trough for taxpayers to foot the bill for, and for the next political party (yeah right) to worry about.
It is NEVER, EVER, EVER a good idea to owe other countries or multilateral institutions vast amounts of money that you never had the backup reserves to even begin to pay back because when can't service the IOU, you will will have no other choice but to be coerced into "alternatives" that are never in the best interests of your country.
The sovereignty of the nation becomes beholden to the highest bidder. And in addition to the burden on taxpayers, citizens are furthermore armlocked into deals they can not wiggle out of.