President addresses Fiji’s debt concerns

March 4, 2024 4:16 pm

President Ratu Wiliame Katonivere

Fiji’s debt currently stands at around $9.9 billion, equivalent to 75.6% of gross domestic product.

President Ratu Wiliame Katonivere while speaking at the state opening of the parliament says this is unsustainable for a small, and vulnerable country like ours.

Ratu Wiliame says despite government’s emphasis on physical and debt sustainability, the new global risks and existing challenges linked to climate change present significant potential risks to the medium-term and macroeconomic forecast.

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The Fijian economy is anticipated to return to the pre-pandemic level with a broad-based growth of 3.8% and three percent for 2024 and 2025 respectively.

Ratu Wiliame says the government is committed to strike a balance between rebuilding physical buffers and promoting growth by allocating sufficient resources to key priority sectors.

“This means investing in robust, resilient infrastructure and enhancing social safety nets for the disadvantaged and low-income households. Accelerating key structural reforms, enhancing efficiency in public service delivery by reducing wastage and executing public and private sector initiatives to foster growth in the short term, will be a priority.”

Ratu Wiliame says to strengthen public finance, the Financial Management Act and related laws are being reviewed to enhance transparency, accountability and physical discipline.

He says the Government will continue to pursue Fiji’s interests under three key pillars which include sovereignty, security and prosperity.