The Coalition Government is poised to unveil its National Development Plan, which aims to position Fiji on a path towards becoming a prosperous nation over the next 25 to 30 years.
Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, mentioned that this initiative signifies a shift from a middle-income economy to a wealth-driven society. He indicated that Prime Minister Sitiveni Rabuka will present the details of the plan during an announcement scheduled for Tuesday.
Professor Prasad emphasized the importance of listening to and understanding the needs and aspirations of various sectors within the community. He stated, “The Government embarked on a journey of consultation, dialogue, and collaboration with our citizens, particularly within the private sector and non-governmental organizations. We are pleased with the progress we have made in this regard.”
He also praised Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, for his efforts in shaping the Government’s agenda. Prasad highlighted the plan’s goal of creating a favorable environment for businesses and enabling workers, communities, and farmers to reach their full potential.
The Ministry of Finance has conservatively projected a 2.8 percent growth for Fiji’s economy this year. However, Professor Prasad expressed confidence that the growth rate will exceed three percent. He noted that recent budgets have focused on resetting the nation’s financial standing.
“We have implemented tax and fiscal policies to adequately fund the government and have successfully reduced the deficit from previous highs of eight to nine percent to below four percent,” he explained. “Additionally, we have lowered the debt-to-GDP ratio from 90 percent to approximately 78 percent.”
The Deputy Prime Minister also highlighted the crucial role of the tourism industry in Fiji’s economy, noting it accounts for 40 percent of the Gross Domestic Product. He affirmed the Government’s commitment to fostering growth in other sectors that are interconnected with tourism.