Fiji’s economy is on a path to recovery, with medium-term growth projected to stabilize at around 3%, a trend that echoes pre-pandemic levels. This insight was shared by Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, during a recent roundtable discussion at the Novotel Hotel in Lami, where he articulated the government’s commitment to fiscal discipline during dialogues with development partners.
Prasad underscored the Coalition Government’s dedication to restoring financial stability, building fiscal reserves, and ensuring public debt remains sustainable. He stated, “One of the immediate priorities is to put the public debt situation on a path of sustainability,” emphasizing the importance of collaborative partnerships in achieving these objectives.
Celebrating the nation’s rebound from the pandemic, Prasad forecasted a GDP growth of 3.8% for 2024, which is anticipated to surpass pre-pandemic economic levels by year-end. The discussions highlighted several national priorities, including urgent investments in infrastructure, healthcare systems, and education.
He noted that critical infrastructure improvements are essential, pointing to the need for updates to water systems, roads, and ports. In the healthcare sector, the support from the Australian Government has been instrumental in enhancing services, particularly through the development of the CWM Hospital Master Plan. However, Prasad warned that the rising prevalence of non-communicable diseases poses a significant threat to the nation’s recovery.
On education, he acknowledged the Australian Government’s recent audit report which outlines necessary school infrastructure enhancements, urging development partners to work closely with the government to achieve better educational outcomes.
The roundtable meeting included representatives from the diplomatic community and international organizations, fostering a collaborative environment aimed at promoting strategic development initiatives for Fiji’s future.
This focus on sustainable growth and fiscal responsibility reflects a hopeful outlook for Fiji, aimed at not only recovering from recent challenges but also ensuring that the benefits of this growth are shared among all citizens. The government’s dedication to improving infrastructure, healthcare, and education illustrates a comprehensive approach that could significantly uplift the standard of living and resilience of the Fijian economy moving forward.
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