Minister for Finance, Professor Biman Prasad, has criticized Opposition Leader Inia Seruiratu for his comparison of debt per capita, stating that it was inaccurate.
Speaking in Parliament, Professor Prasad noted that the Coalition Government inherited a total debt of approximately $9.5 billion at the end of 2022. He explained that when this debt is divided by the population, it results in a debt per capita of $10,700.
Professor Prasad projected that by the end of the current budget in July 2025, the total debt would rise to $10.9 billion, equating to $12,300 per person. This implies an increase of about $1,600 in debt per capita over the three years of the Coalition Government’s term.
He further pointed out that the previous government inherited a total debt of $2.9 billion in 2006, which amounted to $3,400 per person. During their tenure, they increased the debt level to $9.5 billion, resulting in a debt per capita of $10,700. This marks an addition of $6.6 billion or $7,300 per person.
“By July 2025, we would have added $1,600 in additional debt per person, whereas they added about $7,300 in additional debt per person,” he concluded.