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The Coalition Government is targeting an overall budget deficit of just over four percent of Gross Domestic Product.

This has been highlighted by Finance Minister Professor Biman Prasad at the Fiji Institute of Chartered Accountants Congress 2023, while sharing the broad direction of some of the revenue measures.

Professor Prasad says the four percent is higher than what they wanted, but at this point, with the many different pressing priorities they have, there is little choice.

He adds that the key for them is to keep the Government deficit below the rate of economic growth because if they can do that, then logically the debt-to-GDP ratio starts to fall.

The Finance Minister says they will be targeting increases in departmental spending in key areas that are critical to economic growth.

Professor Prasad says the Water Authority of Fiji will get the money it needs for capital expenditure over the next year, which will ensure that they are able to begin solving the problems of the thousands of families who still wake up without water.

The Coalition government will also be focusing in the next six months on agencies such as the Department of Environment, where they must cut delays and improve processes to get building and investment moving.

Professor Prasad says improving interaction between local government and the Department of Town and Country Planning is also vital, which is resulting in similar delays.

He adds that businesses of all sizes complain repeatedly about the time and bureaucracy involved in relatively simple periodic regulatory processes such as the National Fire Authority, Occupational Health and Safety checks, liquor licensing, and health inspections.

Therefore, he adds, the Ministry of Trade is already working on this with a project in place that also includes the Immigration Department, where they believe they can spend a little bit of money on more personnel and systems to make it more efficient.

The Government believes there is scope to increase fees charged by the department, and the economic payback for the government is very quick.

Professor Prasad says they have already taken some steps to ease the pressure on the grant of short-term work permits.

The Coalition Government will also be focusing in the next six months on the Land Sales Act and State Lands Act processes.

Professor Prasad says these are also sources of frustration and delay for investors and developers, as the State Lands Act is nearly 80 years old and the Land Sales Act is nearly 50 years old.

According to the Finance Minister, on all the policy measures, they want to make our solutions known early and consult widely.

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