The Coalition Government is preparing to unveil its National Development Plan, which aims to guide Fiji towards becoming a wealthy nation over the next 25 to 30 years. Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, stated that the initiative represents a shift from a middle-income economy to a wealth-driven society.
This announcement will be made by Prime Minister Sitiveni Rabuka on Tuesday. Professor Prasad emphasized the importance of listening to the concerns and aspirations of various community sectors. “The government has embarked on a journey of consultation and collaboration with our people, especially within the private sector and non-governmental organizations. We are pleased with our progress in this area,” he noted.
Moreover, he praised Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, for his efforts in shaping the government’s agenda to foster a business-friendly environment that allows individuals, workers, communities, and farmers to harness their potential and creativity.
The Ministry of Finance has cautiously projected a respectable growth of 2.8 percent for Fiji’s economy this year, although Professor Prasad expressed confidence that growth could exceed three percent. He highlighted the government’s efforts in resetting the financial framework through new tax and fiscal policies that have reduced the budget deficit from previous highs of eight to nine percent to below four percent. Additionally, the debt-to-GDP ratio has decreased from 90 percent to approximately 78 percent under the current administration.
The tourism sector plays a vital role in Fiji’s economy, accounting for 40 percent of the nation’s Gross Domestic Product. The Deputy Prime Minister affirmed the government’s commitment to enhancing other sectors associated with tourism to ensure a well-rounded economic growth strategy.