Fiji’s Deputy Prime Minister and Minister of Finance, Professor Biman Prasad, has expressed that the nation is in a robust position to address the challenges posed by a potential global economic slowdown. As preparations for the 2025-2026 budget are underway, Prasad highlighted the government’s efforts in building upon the momentum established over the past two financial years.
He noted that the budget will be proactive in anticipating the adverse effects of various global events, including international conflicts and trade wars, which could impact Fiji’s smaller economy reliant on tourism, remittances, and foreign investment. Despite these challenges, Prasad indicated that local economic growth is exceeding expectations, projecting a growth rate of approximately 4% for 2024, an increase from earlier forecasts of 2.8%.
The Minister emphasized the effectiveness of recent fiscal strategies, pointing out that increased revenue generation and controlled deficits have led to a reduction in the debt-to-GDP ratio, enhancing Fiji’s position among other economies. He reiterated that the government’s focus remains on implementing effective expenditure policies that address both immediate needs and long-term economic resilience.
The key initiatives highlighted in earlier discussions included strategic investments in crucial sectors such as education, health, and infrastructure, aimed at promoting sustained economic growth. Additionally, community consultations have been integrated into the budgeting process to gather citizen feedback, ensuring that the government remains responsive to the needs of the population.
Prasad conveyed confidence in the upcoming budget’s ability to enhance stability and resilience amid global uncertainties, ultimately supporting the well-being of all Fijians. This optimistic outlook reflects a commitment to sustainable policies that aim to uplift citizens and foster an inclusive economy.
By addressing widespread economic challenges and fostering community engagement, the government aims to create a brighter future for Fiji, facilitating a balanced approach to development that supports all sectors of society.
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