The Fijian government is steadfast in its goal to elevate the nation to a high-income status by 2050, a transformation Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, indicates cannot be achieved through traditional methods. At a recent post-budget breakfast event, he reaffirmed the importance of a proactive and structured approach as outlined in the newly launched National Development Plan (NDP).
Professor Prasad elaborated that the NDP lays out a comprehensive vision focused on short, medium, and long-term strategies for economic transformation. It emphasizes critical elements such as delivery, proper planning, and efficient implementation as vital to their success. He noted that the entire Cabinet is unified in its commitment to execute the 2025–2026 National Budget with a sense of urgency and effectiveness.
“This budget is designed not just for the present, but for future security and prosperity,” Professor Prasad declared, pointing to the collaborative efforts among cabinet members to align with this broader vision. Additionally, he highlighted the key role that the private sector will play in driving economic progress and expressed optimism regarding growing market confidence.
The NDP serves as a guide towards significant economic growth, with an aim to transition Fiji from a middle-income to a wealth-driven economy over the next 25 to 30 years. As part of this strategy, the government has outlined fiscal policies to ensure funding stability, reducing the budget deficit from 8-9% to under 4%, and lowering the debt-to-GDP ratio from 90% to around 78%.
In light of the ongoing commitments to reform, increased focus on the tourism sector—which constitutes 40% of the GDP—along with support for micro, small, and medium enterprises (MSMEs) is intended to diversify and fortify Fiji’s economic landscape.
With a proactive and community-focused agenda, the government hopes to empower citizens and optimize their potential for innovation. This step not only addresses current economic challenges but lays a hopeful foundation for a resilient and prosperous Fijian future.
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