The Coalition Government has welcomed the recent credit rating assessment by Standard & Poor’s Global.
Finance Minister Professor Biman Prasad said the sovereign credit rating of B+/Stable/B reflects the stability provided by the Coalition Government in the last 10 months and our strong and collective effort to rebuild the nation, drive economic recovery and put our debt situation on a path of sustainability.
Prof Prasad said the assessment applauds Fiji’s impressive tourism led recovery, with the economy returning to pre-pandemic levels this year, and our healthy external position on the back of strong foreign reserves supported by record level tourism earnings and remittances inflows.
He said the report also highlights the Coalition Government’s strong commitment to rebuild fiscal buffers in light of our elevated debt levels and acknowledges our credible and decisive fiscal consolidation efforts to rein in fiscal deficits and debt levels through well-crafted revenue rising and expenditure measures as announced in the recent National Budget.
“We agree that the process of fiscal repair must be gradual, as any premature adverse fiscal tightening may negatively impact the economic recovery that is currently underway.”
The Deputy Prime Minister added that the Government is now focused on a major economic reset to support a private sector led economic rejuvenation with inclusivity, fiscal discipline and freedom at the heart of our development philosophy.