Deputy Prime Minister and Minister for Finance, Professor Biman Prasad says Government now needs to reinforce sound fiscal discipline to address critical operational and investment needs.
Speaking at the end of the National Economic Summit and the release of its Communiqué, Prof Prasad said this will actively bring down Government debt to fiscally manageable and responsible levels and help to engage actively with development partners to capitalise on funding and development opportunities.
Prof Prasad also highlighted the critical need for Government’s economic strategy to be focused on trusted leadership and good governance, climate change and environmental sustainability and improving the climate for investment and business to thrive.
“Good governance demands better accountability from the legislative, executive and judicial arms of Government to build economic confidence –the legislature to use its processes to build consensus and consistency of policy on important long-term issues such as health, education and key industries; the executive to be held legally and financially accountable for its actions and decisions and for the judiciary’s work to become more efficient and timely.”
He also highlighted the urgent need to reform outdated laws holding back the development of land-based economic activities such as agriculture.
Prof Prasad said this is to ensure stronger institutional capacity to respond to the needs of agriculture, including developing the participation of women in agricultural activities.
“Government recognises the importance of increasing the engagement and empowerment of Fiji’s indigenous population in commerce and business in partnership with other communities and stakeholders.”
“The Summit stressed the need for the indigenous community to leverage its land and natural resources as an asset for direct equity ownership of businesses and commercial ventures in collaboration with key stakeholders, communities and domestic and international financial institutions – and noting that this may require legislative reform,” he added.
