January 18, 2012

More Govt bonds sales to prop up Fiji's flat-lined economy

It's all coming full circle now.

The illegal and treasonous regimes wrongly aligned fiscal policies for economic recovery year after year are coming to fruition. Sadly, while the generations to come are unjustly yoked by the burden of this regimes debts, they carry on with their habitual frenzy of spending what they don't have, while obnoxiously frittering away what little they do.

And as with all of the regimes unoriginal 'cut & paste' approaches, to help prop up their 2012 election budget they once again turn to the sale of junk bonds, domestically.

Jan 18|15:34 pm

The Fijian Government will be issuing its new bond, called the Fiji Infrastructure Bond (FIB) in the domestic capital market from February 2012.

Government plans to raise a total of $195 million in 2012 through the issuance of the FIB, with maturities ranging from 2 years to 15 years.

The objective of the bond is to fund Government’s capital infrastructure programs that are outlined in the 2012 National budget.

The bonds will be used entirely for key capital projects to be implemented this year, including the:
  • construction and maintenance of roads,
  • upgrading of ports and jetties,
  • continuation of the rural electrification projects,
  • upgrading of school buildings and classrooms,
  • upgrading and maintenance of hospitals around the country; and
  • purchase of new medical machines and equipments as well as Divisional developmental projects.
Ministry of Finance permanent secretary Mr Filimone Waqabaca said the new FIB will replace the existing Fiji Development Loan bonds. Mr Waqabaca said the change reflects Government’s commitment to its citizens and portrays its willingness to develop Fiji’s infrastructure which will promote economic growth and development, improve connectivity and minimize rural-urban migration.

This investment opportunity is open to the general public including individual retail investors, Tikinas, Provincial Councils as well as institutional investors.

The issuance program, along with copies of the FIB prospectus and application forms are available from the Ministry of Finance at Level 6, Ro Lalabalavu House and from the Domestic Markets Unit, Tower 2, Reserve Bank of Fiji Building. Electronic copies of the aforementioned are also available online at either www.finance.gov.fj or www.rbf.gov.fj


Suliasi said...

Hahahahahaha. Hic. .... I think someone had a few too many at Traps!

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