The Coalition Government is poised to unveil its National Development Plan, aimed at steering Fiji towards becoming a prosperous nation within the next 25 to 30 years.
Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, highlighted that this initiative marks a shift from a middle-income to a wealth-driven economy. The plan will be detailed during an announcement on Tuesday by Prime Minister Sitiveni Rabuka.
Prof Prasad emphasized the government’s commitment to engaging with various sectors of the community to understand their concerns and aspirations. “The government embarked on a journey of consultation, dialogue, and collaboration with our citizens, particularly those in the private and non-governmental sectors. We are pleased with the progress we’ve made in this regard,” he stated.
He also praised Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, for setting the government’s agenda. “We aim to create an environment that nurtures businesses as well as supports our workers and farmers, allowing them to tap into their potential and innovation,” he added.
The Ministry of Finance has made a conservative projection of a 2.8 percent growth in Fiji’s economy this year. Prof Prasad expressed optimism, stating that the government is confident of surpassing a three percent growth rate. He noted that in the past two budgets, efforts have been made to reset the financial standing of the country.
“We have implemented tax and fiscal policies designed to sustainably fund government operations, successfully reducing our deficit from a previous high of eight to nine percent to below four percent,” he explained. “We have also decreased the debt-to-GDP ratio from 90 percent to approximately 78 percent.”
The Deputy Prime Minister underscored the significant contribution of tourism to Fiji’s economy, accounting for 40 percent of the country’s Gross Domestic Product. He reaffirmed the government’s commitment to diversify and enhance other sectors linked to the tourism industry.