Debt repayment hits $80-90 million monthly

May 18, 2024 4:25 pm

Aerial shot of Suva City [File Photo]

Deputy Prime Minister and Minister for Finance Professor Biman Prasad says the government currently pays about $1 billion per year for debt repayment.

Prasad says when the coalition came to power, they inherited a debt level of about 90 percent of Fiji’s gross domestic product.

He adds that this is equivalent to $10 billion.

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The Finance Minister says the coalition government is now paying almost $80 million to $90 million a month in repayment.

Meanwhile, he says no government can continue to borrow without raising revenue.

Prasad states that this is why they raised certain VAT and taxes, and as a result, they were able to put money into health, education, increase social welfare, and ensure that basic infrastructure issues were addressed.

The national budget will be announced on the 28th of next month.