The Coalition Government is preparing 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, highlighted this initiative as a shift from a middle-income status to a wealth-driven economy.
The details of the National Development Plan will be presented by Prime Minister Sitiveni Rabuka during an announcement on Tuesday. Professor Prasad emphasized the government’s commitment to listening to the concerns and aspirations of all sectors within the community.
He stated, “The government has embarked on a journey of consultation, dialogue, and collaboration with our people, particularly focusing on the private sector and non-governmental organizations. We are pleased with our progress in this area.”
Professor Prasad praised the efforts of Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, in establishing the governmental agenda.
He posed a critical question about the necessity of creating a favorable environment for businesses, workers, farmers, and communities to unlock their potential and innovation.
The Ministry of Finance has conservatively estimated that Fiji’s economy will grow by 2.8 percent this year. However, Professor Prasad expressed confidence in surpassing this figure, with an expectation of growth exceeding three percent. He noted that the government has worked to stabilize its financial position over the last two budgets.
“We have implemented tax and fiscal policies to ensure proper government funding, successfully reducing our budget deficit from eight to nine percent to less than four percent,” he explained. Additionally, he reported that the debt-to-GDP ratio has been reduced from 90 percent, inherited from previous administrations, to around 78 percent.
The Deputy Prime Minister also acknowledged the substantial contribution of the tourism sector, which accounts for 40 percent of Fiji’s Gross Domestic Product, and affirmed the government’s commitment to fostering growth in other sectors related to tourism.