The Minister for Finance, Aiyaz Sayed-Khaiyum, yesterday thanked the Speaker and Parliament for allowing a closed Parliament session in August.

“I would like to thank Madam Speaker for her understanding and indulgence in allowing the closed session because that understanding helped to get better rates for our country,” he said.

“It enabled us to go to the market early and take advantage of the prevailing market conditions.”

Mr Sayed-Khaiyum stated the rationale for the closed session was purely done so that Fiji could get better pricing for the bond buy back and issue.

“There was no sinister motive nor anything to hide,” he said.

“Indeed in our submission we had said that as soon as the bond was issued, we would give all details of the bond issue to Parliament.

With the bond now issued, Mr Sayed-Khaiyum requested the Speaker that the Hansard recording for the closed Parliament session be made available to the public.

Disappointing behaviour

Mr Sayed-Khaiyum further questioned the Opposition’s actions which resulted in the matter being brought up in Parliament the next day again.

“Despite these undertakings and the fact it was done solely for the purpose of getting better credit terms for our country, unfortunately the opposition the very next day in Parliament tried to bring the matter up,” he said.

“Indeed we are told that there are blogs carrying recordings of the closed session and it has appeared on various Facebook and internet sites which the opposition and their supporters support and comment on,” he said.

Leader quoted

Mr Sayed-Khaiyum referred to the leader of the National Federation Party, Biman Prasad, who was quoted in his article in the Fiji Times on September 12, 2015 about the 2006 Bond.

“I quote ‘under the SDL Government the global bond of US$150 million (FJ$328 million) was a standby facility at 6 per cent interest’,” Mr Sayed-Khaiyum said quoting Mr Prasad.

He stressed anybody who knows finance and the bond market knows that there is no such facility as a standby facility in the bond market.

“He is wrong to say that there was a bond standby facility because I have here with me the closing certificate of the Issuer,” he said.

“It is signed by the then Minister for Finance, Jone Y Kubuabola, which certifies an issue of US$150 million bond and with a coupon rate or interest rate of 6.875 per cent, not 6 per cent as stated by the spokesman for the opposition on finance.

“He has misled the readers of Fiji Times.”

Feedback:  rachael.nath@fijisun.com.fj