Minister for Finance, Professor Biman Prasad, has criticized Opposition Leader Inia Seruiratu for his comparison of debt per capita, calling it “not right.”
Speaking in Parliament, Prof Prasad noted that the Coalition Government inherited a total debt of approximately $9.5 billion at the end of 2022. He explained that in terms of debt per capita, calculated by dividing the total debt by the total population, the figure stands at $10,700 per person.
“By the end of this Budget in July 2025, our total debt is projected to be $10.9 billion, or $12,300 per person. This means that in terms of debt per capita, the Coalition Government in three years would have added about $1,600 debt per person,” Prof Prasad stated.
He also highlighted that the previous Government inherited a total debt of $2.9 billion in 2006, equivalent to $3,400 per person. During their term, they increased the debt level to $9.5 billion, or $10,700 per person, which is an addition of $6.6 billion, or $7,300 per person.
“By July 2025, we would have added $1,600 in additional debt per person, while they added about $7,300 additional debt per person. That is just an explanation of debt per capita,” he added.