Deputy Prime Minister and Minister for Finance Prof. Biman Prasad says more is still needed to build trust in the government, as far as delivery and implementation of policy is concerned.

Prasad stressed this while speaking at the post budget consultation with the Nadi Chamber of Commerce.

Minister for Finance Prof Biman Prasad says the coalition government’s commitment to making serious reforms has enable the growth of the Fijian economy.

“So when we came into government last year, we took a very concious decision to undertake some serious reforms, and we did, some were not very popular. It allows us to put the country back towards a path of successful economic growth”, Prasad says.

While addressing Businesses in Nadi after the National Budget announcement, Prasad says their Tax reforms have enabled the government to raise over $600 million in revenue.

“We were able to reduce the debt to gdp ratio to a double digit deficit of the past of 4.8 percent. At the same time we’re able to increase the expenditure to 4.3 billion and the expenditure increase to address the deficit and the social infrastructure, education, skill development and other social sectors, and we did that”, Prasad says.

He says, the reduction of the deficit to 3.5 percent has supported their economic forecast, which he says is still positive at 2.8 percent.
However this was not the expected projection they had in the last budget, which was 3.4 percent.

“But we still feel that is a very positive growth after a big covid recovery 2022, and last year. We’re now taking off to what we call trend growth, and our debt to gdp ratio has been reduced”, he said.

Parliament will sit next week to debate on the provision put out in the newly announced National Budget 2024-2025.