The government of Fiji is reinforcing its dedication to reinstating financial discipline while fostering economic growth, as stated during the recent Donors Roundtable Meeting. Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, outlined the importance of strategic investments in vital sectors—education, health, and infrastructure—as cornerstones for long-term stability and development.
In his address, Professor Prasad emphasized the government’s commitment to fiscal responsibility through effective financial management practices designed to enhance public finances. He highlighted how investments in education are crucial for empowering future generations, while reforms in the health sector are key to improving public healthcare services for all citizens. Significant infrastructure improvements, including upgrades to water and wastewater systems, roads, and bridges, are also crucial for enhancing productivity and creating job opportunities.
This strategic vision aims to establish a sustainable economy that promotes the well-being of all Fijians, particularly as the country navigates challenging global economic conditions. Prasad referenced the coalition government’s previous efforts in building trust in policy delivery during post-budget consultations, indicating that vital reforms have positively impacted Fiji’s economic landscape. Notably, these included tax reforms that raised over $600 million in revenue and effectively reduced the debt-to-GDP ratio.
Fiji’s economy has demonstrated strong recovery signals, achieving a growth rate of 20 percent in 2022, largely fueled by a resurgence in tourism. Visitor numbers in 2023 reached 929,740, a figure surpassing pre-pandemic levels, contributing to an impressive GDP growth rate of 7.5 percent.
Prasad expressed optimism that ongoing investments and strategic planning will solidify the government’s fiscal policies, paving the way for a stable and prosperous future for Fiji. These initiatives reflect a holistic commitment to cultivating a resilient economic environment, which may ultimately lead to a brighter, more prosperous future for all Fijians.
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