Budget to boost human capital development

June 7, 2024 6:36 am

[File Photo]

The 2024–2025 scholarship budget will be based on the premise and rationale of allowing greater access to human capital development.

Finance Minister Professor Biman Prasad says this is to mitigate the loss of labour through migration and have demand-driven skill sets.

Professor Prasad says the budget will be aligned with the findings and recommendations, the review of the scholarship priority areas report and human capital development plan, and the trend analysis of historical investment data at the Tertiary Scholarship and Loans Service.

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He adds that Fijians can expect new scholarship schemes and value-adding to the existing ones in the next budget.

He adds that in the current financial year, there are 8,620 scholarships for new students.

“Out of this, 6,868 have been awarded and the application for the remaining awards will open in Semester 2 of this academic year. In addition to this, there is one scheme of study loan with 100 awards for those already in employment who want to study or upgrade and can repay the loan. 82 students have been assisted under this scheme.”

Professor Prasad says significantly more new scholarships were given this year than last three years.

He adds the new awards in 2021 were 3,556, in 2022 was 3,880 and in 2023 was 4,731 when compared to 6,950 for 2024.