Opposition Member of Parliament, Sachida Nand, has raised concerns about the 2024/2025 budget, suggesting it lacks measures for promoting investment and growth in Fiji. During today’s parliamentary debate, Nand highlighted the absence of initiatives to encourage local investment.
“Banks report high liquidity because individuals are not borrowing to invest. Even when loans are approved, people are hesitant to proceed with investments,” Nand remarked. He also criticized the budget for failing to attract foreign investment, emphasizing its importance for economic growth.
Nand argued that economic confidence in the government rises with an economic boom, urging the Deputy Prime Minister and Minister for Finance to address this issue. He also noted a shift in the public discourse on debt, stating, “Until November 2022, the focus was on nominal debt or per capita debt. Now, the discussion has shifted to the debt-to-GDP ratio.”
He highlighted that the projected debt in the 2024/2025 budget is $10.91 billion, translating to a per capita debt of $12,000 to $12,800. “In the Minister of Finance’s terms, every citizen carries a debt of $12,000 to $12,800,” he said.
Nand also criticized the allocation of $2 million for establishing the Narcotics Bureau as insufficient for addressing the multi-billion dollar issue of narcotics. “We are investing too little to combat a pervasive problem,” he urged.
He further pointed out the budget’s lack of new infrastructure investment, stating, “The allocation is only for the maintenance of infrastructure developed by the previous government. No new roads are being constructed by this government.”
Lastly, Nand warned against the government’s reliance on direct budget support from donor agencies, noting, “This is not a permanent facility and can be withdrawn if economic conditions are not favorable. We should aim for a budget independent of such support.”