The government has reaffirmed its focus on restoring financial discipline, rebuilding fiscal buffers, and promoting sustained economic growth. During the recent Donors Roundtable Meeting, Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, emphasized the necessity of making strategic investments in pivotal sectors such as education, health, and infrastructure, which are essential for long-term stability and development.
Professor Prasad highlighted the government’s commitment to fiscal responsibility through prudent financial management practices aimed at strengthening public finances. He discussed the significant role of educational investments in preparing future generations and noted the importance of health reforms in enhancing public healthcare services for all citizens. Additionally, he underscored the need for major infrastructure projects—improvements to water and wastewater systems, roads, and critical bridges—as a means to boost productivity and create job opportunities.
This comprehensive strategy is driven by a vision of building a sustainable economy that promotes the wellbeing of all Fijians, enabling the country to navigate and thrive despite global economic challenges.
The current efforts align with the government’s previous initiatives, where Prasad highlighted a focus on building trust in the government’s policy delivery during a post-budget consultation. The coalition government has undertaken vital reforms that positively impacted Fiji’s economic growth, raising over $600 million in revenue through tax reforms and successfully reducing the debt-to-GDP ratio to a more manageable level.
Fiji’s domestic economy had shown a remarkable recovery, with a growth rate of 20 percent in 2022, driven primarily by a revival in the tourism sector, which is integral to the nation’s economy. Visitor arrivals in 2023 reached an impressive 929,740, surpassing pre-pandemic levels and contributing to a GDP growth rate of 7.5 percent.
With continuous investment and strategic planning, Professor Prasad voiced optimism that the government’s fiscal policies will ensure a stable and prosperous future for Fiji, setting a foundation for economic growth over the coming years and potentially transforming Fiji into a wealth-driven economy.
Overall, these efforts reflect a commitment to fostering a resilient economic environment that could lead to a brighter future for all Fijians.
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