Economy Minister clarifies debt
July 5, 2016 5:59 pm
Out of the 21 economic sectors 16 are expected to grow. The only sectors that are expected to contract include agriculture, sugar, manufacturing of sugar, forestry obviously in relation to Winston.
These were the words of Minister for Economy Aiyaz Sayed-Khaiyum during his right of reply yesterday afternoon.
The Minister clarified that debt as a proportion of GDP has been declining hovering around 53% in 2006 and gradually declined to 46.3% by 2015.
“The debt to GDP for 2016-2017 is projected to be 50.4% and this figure includes the 4.7 net fiscal deficit resulting from additional expenditure of $207m specifically for TC Winston rehabilitation. If this is excluded the projected deficit would have been 2.6% and the corresponding debt ratio would have been 47.8% of GDP.”
He continued to say that people need to know that the FijiFirst government is strategic and has a cost and risk conscience when it comes to borrowing.