Minister for Finance, Professor Biman Prasad has criticized Opposition Leader Inia Seruiratu for his comparison of debt per capita, describing the comparison as inaccurate.
During a parliamentary session, Prof Prasad stated that the Coalition Government inherited a total debt of around $9.5 billion at the end of 2022. He explained that when this debt is divided by the total population, it equates to a debt per capita of $10,700.
“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 indicates that in terms of debt per capita, the Coalition Government in three years would have increased the debt by approximately $1,600 per person.”
The Deputy Prime Minister pointed out that the previous Government had inherited a total debt of $2.9 billion in 2006, translating 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 in per capita terms.
“… By July 2025, we would have added $1,600 in additional debt per person, whereas they had added about $7,300 additional debt per person. That is just an explanation of debt per capita,” he explained.