The Fijian government has reassured businesses, investors, and the general public to remain calm amidst ongoing global economic uncertainties, particularly with reference to the situation in Venezuela. Professor Biman Prasad, the National Federation Party Leader and Member of Parliament, emphasized that Fiji’s economy is well-equipped to handle potential spillover effects from international conflicts and crises.
In an interview with FBC News, Professor Prasad pointed to the 2025-2026 National Budget, which includes provisions aimed at addressing potential disruptions related to conflicts in regions such as the Middle East, Ukraine, and Venezuela. He stated, “I don’t think anyone should panic about the global economic crisis or the global conflicts that are going on around the world. As I said very clearly, in the last budget, we anticipated and included policies that would take into account any direct or indirect impact.”
While acknowledging public concerns regarding inflation, he noted that many of the discussions surrounding it are often theoretical rather than fully supported by current data. He added that the fiscal policies implemented are designed to mitigate possible transmission effects through trade and tourism, which could impact Fiji’s local economy.
Additionally, Professor Prasad observed that inflation trends show signs of easing and that Fiji has the capacity to manage any short-term economic impacts. Addressing the situation in Venezuela, he mentioned that, despite the country having one of the largest oil reserves globally, its current contribution to the world oil supply is minimal, meaning any disruptions are unlikely to significantly affect Fiji.
Professor Prasad concluded that strategic budgeting, careful monitoring, and responsible communication are essential in helping Fiji navigate external crises while continuing to promote economic growth and stability. This proactive approach instills confidence that the nation is prepared to tackle challenges ahead.
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