Savenaca Narube, the leader of the Unity Fiji party and former Reserve Bank of Fiji governor, criticized the 2024-2025 National Budget for failing to inspire confidence and promote sustainability and stability. He described the document as average and uninspiring. Despite recognizing some good moves like increased minimum wages, Narube found the budget wanting in vital economic and budget transformations to lift the economy to a stable yet higher level.
Narube suggested a 5% growth rate was achievable. However, he felt that the steps outlined in the budget will not lead to this desired goal. While applauding investments in tourism and the manufacturing sector, he believes Fiji’s economy would benefit more from diversification into resource-based sectors.
In his critcism, Narube particularly highlighted the government’s handling of the sugarcane industry. He pointed out that the sugar exports are just a quarter of their peak level, and many landowners prefer to leave their land idle due to the low return from sugarcane farming. Despite this, the government continues to invest heavily in the industry, ignoring the substantial challenges it faces.
Narube also highlighted the need for fiscal reforms to ensure sustainability and prioritize reducing the debt to GDP ratio to 60% by 2040. He suggested constraining budget deficits to below 3% of GDP, a target currently missed by the Coalition Government.
The Unity Fiji leader underscored the wastage of taxpayers’ money through project cost overruns, emphasizing the need for more efficient management. He took issue with the high operating and capital transfers to state-owned enterprises and the absence of expenditure efficiency measures in the budget.
On social issues, Narube praised the higher priority given to housing but criticized the government for not addressing drug abuse earnestly enough. He emphasized prevention and cooperation with faith-based organizations and NGOs to tackle this growing issue. Narube also expressed disappointment about the lack of mention of corruption in the budget, noting the urgency to strengthen watchdogs’ independence like FICAC and the Auditor General.
Lastly, Narube noted the Finance Minister’s opening remarks about increasing public trust in the government but asserted that trust and confidence had been eroded due to recent political incidents. He called out the lack of action concerning the Melbourne scandal, the parliamentarians’ recent salary hikes, and undelivered campaign promises. Narube concluded by cautioning the government against taking the people for granted.