Deputy Prime Minister and Finance Minister Professor Biman Prasad announced that during the first quarter of the 2024-2025 fiscal year, the Government of Fiji achieved total revenue collections exceeding $1 billion, while total expenditures reached $956.3 million. This led to a net surplus of $131.2 million, which represents 0.9 percent of the country’s GDP.
This figure indicates a significant improvement from the prior year, which saw a net deficit of $21.5 million, or negative 0.2 percent of GDP. Minister Prasad emphasized the government’s ongoing commitment to prudent fiscal management while also addressing essential developmental needs.
Despite challenges stemming from the pandemic’s aftermath, the government has successfully controlled the fiscal deficit, aiming for a gradual reduction over the coming years. Prasad acknowledged the strong and sustainable growth in Fiji’s economy but also highlighted the impacts of rising global inflation on the cost of essential goods such as fuel, food, and transportation. He assured that the government is actively taking measures to mitigate the rising cost of living for Fijian households.
Moreover, he pointed out a positive trend in the economy, as the annual headline inflation rate has dropped for the fourth consecutive month to 0.8 percent in November. This decrease is notable compared to the 5.8 percent inflation rate recorded during the same time last year and is lower than the 3.6 percent reported in October 2024.
In summary, Fiji’s financial outlook is improving with rising revenues and decreasing inflation rates. The government’s commitment to fiscal prudence and addressing the needs of citizens reflects a determination to foster economic stability in challenging times. These efforts are likely to pave the way for a more resilient economy, providing hope for continued growth and a better quality of life for Fijians.
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