Friday, June 14, 2024
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Fiji on post pandemic rebound: Prasad

Deputy Prime Minister and Minister for Finance Professor Biman Prasad says Fiji has lost five years of economic growth due to the pandemic; however, in the last two years, the economy has rebounded well.

Prof Prasad said that last year, the economy grew 8.2 percent.

He said tourism earnings reached a record level of $2.4 billion, allowing people to go back to work.

He said Fiji recorded remittances also at a record level of $1.25 billion last year, propelling spending in the economy, and supporting growth and income levels of our people.

He added that there is a $5 billion foreign investment that remains in the pipeline.

“Fiji’s healthy reserves position has ensured that the liquidity in the financial system supports low interest rates, which as you know is a key ingredient in driving private sector borrowing and investment.

“As of yesterday, the financial system liquidity stood at around $1.9 billion,” Prof Prasad said.

The Deputy Prime Minister said on the fiscal side, the Government has decisively tackled Fiji’s debt problem and introduced several reforms.

Prof Prasad said the economy is now returning to its usual growth trend of around three percent – He said the economy can do better than this.

He said five percent per annum is the minimum acceptable growth rate.

He added that the Coalition Government’s main point of difference in its economic management, against that of the previous government, has been to open the books, share information, and invite the people’s participation in economic management.

Ilaitia Ravuwai
Ilaitia Ravuwai
Journalist | news@fijilive.com

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