His Excellency, the President Ratu Wiliame Katonivere says Fiji’s debt is around $9.9 billion, equivalent to 75.6 percent of Gross Domestic Product (GDP) which is unsustainable for a small vulnerable country like ours.
In his address during the opening of Parliament yesterday, Ratu Wiliame said despite Government’s emphasis on fiscal and debt sustainability, new global risks and existing challenges linked to climate change present significant potential risks to the medium-term macroeconomic forecast.
He said the Government is committed to strike a balance between rebuilding fiscal buffers and promoting growth by allocating sufficient resources to key priority sectors particularly the resource-based sectors.
“This means investing in robust and resilient infrastructure and enhancing social safety nets for the disadvantaged and low-income households.”
“Accelerating key structural reforms, enhancing efficiency in public service delivery, by reducing wastage, and executing public and private sector initiatives to foster growth in the short term will be a priority.”
He said to strengthen public finance management, the Financial Management Act and related laws, regulations, instructions, are being reviewed to enhance transparency, accountability, and fiscal discipline.
