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$10k debt burden on every individual's head

 

May 19, 2022 12:06:27 PM

$10k debt burden on every individual's head National Federation Party leader Biman Prasad revealed that every individual in Fiji has a debt burden of $10,000 on their head.

Prasad's comment comes after the Minister for Economy Aiyaz Sayed-Khaiyum had stated that Sri Lanka has a lot to learn from Fiji.

While speaking at a talanoa session in Korovuto, he said Fiji’s economy is worse than Sri Lanka's.

“We have to know where we are before we tell where we want to go. Some would say that he was trying to defend the fact that we are no more close to Sri Lanka,” he said.

“People had warned us that we’ll be heading towards Sri Lanka but there’s an indicator that shows that we are worse than Sri Lanka.

“Sri Lanka's population is 22 million while their debt level is $100 billion but if look at its per capita debt which is the total debt and divided by every individual, what is the burden?

“For Sri Lanka, if you divide the total number of debt is divided by the total population, you would around come $4545.

“Our debt level is heading towards $9 billion by the end of this year and our population is around 900,000 if you divide this then we will have a debt burden of $10, 000.

“Each individual of this country has a debt burden of $10,000 on their head, this is worse than Sri Lanka,” he said.

Prasad said the government claims that the poverty rate has been reduced in the country but experts have warned them that about half of Fiji’s population is in poverty.

He said people of this country are struggling to put food on the table or make ends meet.

By Nacanieli Tuilevuka

 

 

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