Praneeta Prakash 
Finance Minister, Professor Biman Prasad, has underscored the nation’s robust sovereign credit rating and its alignment with the stability provided by the government in the past ten months.
The sovereign credit rating stands at B+/Stable/B, and according to Prasad, it reflects the remarkable economic recovery and growth experienced by Fiji.
Professor Prasad says the credit rating by standards and poor signifies a strong and stable foundation, supported by government policies and measures.
“Essentially, what the Standards and Poor are saying is that the Fijian economy is on track. We’ve had a very strong recovery. If you look at our indicators, whether it’s tourism, whether it’s remittances, whether it’s consumption, whether it’s investment lending, whether it’s job growth, it’s all on an upward trajectory.”
Prasad says Fiji’s strong economic performance opens the possibility of further credit rating improvements ahead.
“If you look at the indicators, we have already, for example, gone beyond the two pre-COVID levels. For example, tourism numbers are higher than in the last nine months compared to the same period in 2019. It’s more than 100% recovery. So it’s actually better than 2019. Remittances are better than in 2019. The increase in salaries and wages in the last nine months has gone up by about 25%. Consumption spending shows very strong growth.”
The credit rating report also highlights the government’s strong commitment to rebuild fiscal buffers in light of the elevated debt levels and acknowledges Fiji’s credible and decisive fiscal consolidation efforts.
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