Fijian government aims to reduce debt

0 Comment(s)Print E-mail Xinhua, January 17, 2023
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SUVA, Jan. 17 (Xinhua) -- The Fijian government will aim to reduce its debt which stood at 91.1 percent of its Gross Domestic Product (GDP).

According to Fiji Broadcasting Corporation (FBC) on Tuesday, Fiji's Deputy Prime Minister and Minister for Finance Biman Prasad said that Fiji's debt level is already high, and its fiscal strategy is that putting the island nation on a trajectory of reducing debt and ensuring that there is a balance that is always maintained in terms of the expenditure and priority areas.

This is part of a broader strategy where all government ministries will be re-examining their various policies and programs, he said, adding that this strategy will mean changes to budget allocations.

Prasad said that as a government, they want to make sure that they avoid wastage, and avoid expenditure that may not be a priority at the current point in time for the people and for the country.

According to Fiji's annual debt report, the Fijian government's total outstanding debt stood at 91.1 percent of its GDP at the end of the fiscal year 2021-2022. Total domestic debt accounted for 57.6 percent (about 2.6 billion U.S. dollars) while total external debt accounted for 33.6 percent (about 1.6 billion dollars).

Over the past few years, the COVID-19 pandemic has greatly impacted Fijian economy. Enditem

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