Academics who studied voodoo economics and trickle-down economics may have another interesting economic theory to investigate that is unique to Samoa, we call it FAST economics.
Twice recently, the Ministry of Finance has crossed the line into the arena of political discourse centered on Government cash flows.
The new Minister has painted a beautiful landscape full of visitors, the foreign reserves balance is higher than Mount Everest, and the debt level has flattened.
What the Minister and his eager officials failed to explain is that the strong economic or GDP growth that Samoa is experiencing today is fueled by development loans approved in the 2016/2017 financial year from OPEC to upgrade our fuel tank storage to meet our expanding fuel requirements on air, land and sea transport, and an additional loan from the World Bank to upgrade our Faleolo International Airport runway and apron.
That is an example of HRPP strategic and long-term planning.
On the other hand, thanks again to the FAST leadership’s short-sighted planning, Air New Zealand, Fiji Airways, Qantas and Virgin Airlines are growing fat on the FAST government’s generous decision to shut down our only Boeing 737-800 work horse that provided cheaper airfares for our people to travel to New Zealand and Australia.
Even the route to Hawaii is now used by Fiji Airways which reaped a net profit of $FJD131.8 million after tax in its last financial year.
They have a fleet of 20 planes of all sizes whilst we Samoans are begging for a seat on these foreign owned airlines at costs reaching up to the moon.
These penny-wise pound-foolish decisions by the FAST government is the reason why other countries are profiting off our people and how Samoa has become the butt of jokes in donor countries and corporate boardrooms.
Pacific Islands used to respect the economic and political leadership provided by the first Pacific Territory of the United Nations to become independent in 1962.
That is now lost.
If the Ministry of Finance is telling the truth, does that mean we can expect our Court directed back pay salaries, withheld for many months by the FAST dominated Parliament, to be released immediately?
Will Doctors overtime and on-call allowances now be paid?
Will all the debts and outstanding arrears owed to the private sector be settled?
Will the $WST4 million grant per district be paid on time?
What about the shortages of medicines and the deplorable state of the National Motootua Hospital?
How about the new norm of power blackouts in both Upolu and Savaii costing businesses and households millions of tālā in damages to expensive electrical appliances and loss of sales as shops are forced to shut their doors in the dark?
It is cruelly ironic that while the Minister of Finance sits in his office looking at healthy “daily cash position updates,” dutifully prepared by the Ministry of Finance, the Samoan people continue to suffer from unsettled bills, unpaid work, lack of services, and sky-rocketing cost of living.
If an explanation to the Samoan people is above your pay-grade, then maybe it is best to leave the “pie in the sky” talk to the politicians.
It is really quite simple: FAST economics is just not adding up.
Tuilaepa Sailele Malielegaoi
Leader of HRPP