Nikhil Aiyush Kumar 
The government is reassuring businesses, investors and the public not to panic over global economic developments, including the situation in Venezuela.
Speaking to FBC News, Member of Parliament and National Federation Party Leader Professor Biman Prasad says Fiji’s economy is strong and prepared to manage any spillover effects from global conflicts and crises.
Professor Prasad says the 2025–2026 National Budget already includes measures to address possible disruptions linked to conflicts in the Middle East, Ukraine and Venezuela.
“I don’t think anyone should panic about the global economic crisis or the global conflicts that are going on around the world. As I said very clearly, in the last budget, the 2025–2026 budget, we anticipated and included policies in the budget that would take into account any direct or indirect impact.”
He acknowledges concerns around inflation, but says some of the commentary is more theoretical and not fully supported by current data.
Professor Prasad adds that the policies were designed to manage possible transmission effects through trade and tourism that could eventually affect the local economy.
He also notes that trends indicate inflation is easing and Fiji has room to manage any short-term impacts.
On Venezuela, Professor Prasad says that while the country holds one of the world’s largest oil reserves, its current contribution to global supply is relatively small, meaning any disruption is unlikely to have a direct or drastic impact on Fiji.
He says strategic budgeting, careful monitoring and responsible public communication are key to ensuring Fiji weathers external crises while maintaining economic growth and stability.
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