Budget 2023-24

$1b for debt servicing alone says Prasad

August 8, 2023 12:55 pm

The coalition government’s $4.3 billion budget in the 2023–24 fiscal year will have $1 billion for debt service alone.

Finance Minister Professor Biman Prasad says this includes more than $500 million for interest and more than $500 million for principal repayment.

Professor Prasad says this is why they have crafted the budget carefully to ensure they cut off all the wastage and discipline their spending.

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“What this government has done contrary to what was expected by the opposition, that suddenly we will come and cut expenditures and you know, raise taxes and burden the poor. That has not happened. What we’ve done is carefully crafted a budget. And we told the people and us still want to say to the people that this is a very balanced budget. This is a budget that is going to set the foundation for sustainability for future progress.”

Prof. Prasad says there is a lot of confidence in the private sector, as they will have a lot of job opportunities for Fijians to utilize.

The coalition government is investing a lot in youth by providing grants to help them tap their potential and work to help the government’s economy.