Opposition Member of Parliament Sachida Nand expressed concerns over the 2024/2025 budget, stating that it fails to sufficiently address investment and growth in Fiji. During a parliamentary debate, Nand highlighted the absence of new initiatives to encourage local investments.
“Banks are reporting high liquidity as people are not borrowing to invest. Even when loans are approved, people are hesitant to draw and invest,” he remarked.
Nand also criticized the budget for lacking measures to attract foreign investments. “This is concerning since foreign investments are crucial for economic growth in Fiji,” he said. “When the economy thrives, people’s trust and confidence in the Government increase. I urge the Honourable Deputy Prime Minister and the Minister for Finance to address this issue.”
Nand pointed out a shift in the Deputy Prime Minister and Minister for Finance’s rhetoric, noting a transition from discussing nominal debt to focusing on the debt to GDP ratio. “The expected debt in the 2024/2025 budget stands at $10.91 billion, translating to a per capita debt of $12,000 to $12,800,” he explained. “In the Minister’s terms, every citizen shoulders a debt of $12,000 to $12,800, depending on the actual population.”
Furthermore, Nand criticized the allocation of $2 million for establishing the Narcotics Bureau, deeming it insufficient to combat a multi-billion-dollar problem. “We are investing too little in fighting an issue that impacts many areas. I urge the Minister to reconsider and increase this allocation,” he said.
He also noted the absence of direct infrastructure investment in the budget. “The allocation is solely for maintaining existing infrastructure developed by the previous Government. My question is, what new roads are being constructed by this government? The answer is none.”
Nand concluded by cautioning the government against over-reliance on direct budget support from donor agencies. “The Government should remember that this support is not a permanent facility and can be withdrawn if the nation’s economic conditions are unfavorable. We need to focus on developing a budget that does not depend on this support,” he advised.