The government is taking steps to manage the national debt, focusing on its proportion related to the country’s overall production. According to provisional financial results for the fiscal year ending July 2024, released this week by the Ministry of Finance, total debt reached $10.309 billion at the end of July 2024, representing 78.3 percent of Gross Domestic Product (GDP).
The government noted a positive trend in debt management, reducing the debt percentage from 90.6 percent in FY2021-2022 to 82.0 percent in FY2022-2023, and down to 78.3 percent by the conclusion of FY2023-2024.
Shiri Gounder, the Permanent Secretary for Finance, emphasized that maintaining fiscal and debt sustainability remains a significant priority for the government. He stated that the financial consolidation plan for FY2023-2024 is supported by well-structured revenue reforms, expenditure policies, and a robust economic recovery.
Fiji’s economy continues to show resilience, driven by favorable developments in critical sectors such as tourism and resource-based industries, along with an increase in business confidence following the announcement of the FY2024-2025 National Budget.
The government also reported a net deficit of $443.6 million, which equates to -3.4 percent of GDP. This figure is significantly lower than the previously announced deficit of $639.1 million or -4.8 percent of GDP in the June 2023 budget.
For the period, total revenue reached $3.645 billion, surpassing revised forecasts by $68.3 million, attributed to higher-than-expected collections in both tax and non-tax revenues. In comparison to the previous financial year (FY2022-2023), total revenue collection increased by $896.1 million or 32.6 percent, as stated by the Ministry.