Fiji’s medium-term economic growth is projected to stabilize at approximately 3%—a trajectory reminiscent of pre-pandemic trends—according to Deputy Prime Minister and Minister for Finance, Professor Biman Prasad. This was conveyed to development partners during a roundtable discussion at the Novotel Hotel in Lami, where Prasad laid out the government’s commitment to fiscal consolidation.
He pointed out that the Coalition Government is focused on restoring financial discipline, rebuilding fiscal buffers, and ensuring public debt sustainability. “One of the immediate priorities is to put the public debt situation on a path of sustainability,” he explained. Prasad emphasized that partnerships in development will be crucial in achieving these goals.
He also celebrated Fiji’s economic rebound post-COVID-19, forecasting a robust GDP growth of 3.8% for 2024, which is expected to bring the country’s economy fully past its pre-pandemic levels by the year’s end. Key national priorities that emerged from the discussions include urgent investments in infrastructure, healthcare, and education. Prasad highlighted the necessity for improvements in critical infrastructure like water systems, roads, and ports.
In the healthcare sector, support from the Australian Government has been vital in enhancing health services, particularly in the development of the CWM Hospital Master Plan. He cautioned that the rising incidence of non-communicable diseases poses a severe risk to Fiji’s economic recovery.
On the education front, Prasad welcomed the Australian Government’s audit report on schools that outlines necessary infrastructure improvements. He encouraged development partners to collaborate with the government to improve educational outcomes.
The meeting brought together members from the diplomatic community, international organizations, and government officials, underscoring a collaborative approach to foster strategic development initiatives for Fiji’s future.
Overall, the emphasis on fiscal responsibility and strategic investments offers a hopeful outlook for Fiji, aiming not only for economic recovery but also for sustainable growth that benefits all citizens.
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