He told parliament a study carried out by the International Monitory Fund has indicated an increase of just 1 percent in global world economy.
Molisa predicted a slow recovery in the world economy by mid 2009 following U.S. government decision to allocate over $780 billion toward America’s economic recovery.
He said in the regional context, Australia and New Zealand has a lot to contribute to their economy.
Vanuatu’s opposition said the management of public affairs of Vanuatu will be successful only when there is determination from the prime minister and the minister of finance.
When responding to the public finance statement by Molisa, opposition leader Sato Kilman said a lot of opinion will be expressed during discussions on the national budget but the most important thing that counts is the paramount determination of the head of government and his finance minister to prudently govern the affairs of the nation.
Kilman said a coalition government is not easy to run and if one partner cannot be seen as acting responsibly then the leader should look for another responsible partner.
He said a prime minister’s directive is not successful then people will be affected and costs will be incurred.
The opposition leader made reference to a number of lawsuits during the last term of the government which has cost it dearly.
