Fiji’s total debt is projected to reach $10 billion by July, prompting the government to develop a fiscal strategy to cut down on wastage and boost economic growth.

Deputy Prime Minister and Finance Minister Professor Biman Prasad states that the strategy will need to balance expenditure policies to ensure sectors such as health, education, social welfare, and infrastructure are not adversely affected.

“What we are saying is the debt level is very high, we got to build a fiscal strategy so that over midterm, long term we cut down on our wastages, we grow the economy, we bring more investment, we raise our revenue so that we have a balanced approach in not only reducing the debt over a period of time but also raise more revenue through better economic growth.”

Deputy Prime Minister and Finance Minister Professor Biman Prasad.

While responding to a question from FBC News about whether he had directed the government to stop external loans, Prasad said details of the strategy would be presented during the budget announcement.