The Coalition Government is poised to unveil its National Development Plan, aimed at positioning Fiji for significant economic growth over the next 25 to 30 years.
Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, emphasized that this initiative represents a shift from a middle-income economy to a wealth-driven society. The details will be presented during the National Development Plan Announcement on Tuesday by Prime Minister Sitiveni Rabuka.
Professor Prasad noted that the Government is committed to engaging with and understanding the concerns and aspirations of various community sectors. He stated, “The Government embarked on a journey of consultation, dialogue, and collaboration with our people, particularly those in the private sector and non-governmental organizations. We are very pleased that we have managed to do this effectively.”
He praised Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, for setting the Government’s agenda, highlighting the need to create a supportive environment for businesses and communities to realize their potential and innovation.
The Ministry of Finance has estimated a conservative economic growth rate of 2.8 percent for Fiji this year. However, Professor Prasad expressed confidence that the actual growth will exceed 3 percent, attributing this optimism to the financial strategies implemented in the last two budgets.
“We have established tax and fiscal policies that properly fund the government and have reduced our deficit from past highs of eight to nine percent to a more manageable level of under four percent. We have also managed to decrease our debt-to-GDP ratio from 90 percent to approximately 78 percent,” he explained.
The Deputy Prime Minister remarked on the significant role of the tourism industry in Fiji, contributing 40 percent to the country’s Gross Domestic Product. He reiterated the Government’s commitment to fostering growth in other sectors of the economy linked to tourism.