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Debt: Let’s Be Realistic About It

Debt: Let’s Be Realistic About It
Debt
July 17
17:54 2017

Let’s be realistic about our debt. Every de­veloping country has debts.

Fiji since independence has had more spending compared to Government’s revenue, bar a few times but that was before Sitiveni Rabuka opened the coup can of worms.

So, the debt that we see in the 2017-2018 is really nothing new.

We would need to worry if the money borrowed was for operational expenditure rather than capital works, which thankfully is where Fiji­First Government is investing in.

The other thing they have been doing is paying off debt from the time of Alliance Government.

Some of these old loans were taken at much higher interest rates.

FijiFirst Government has taken some loans to pay off the old debts accumulated by Rabuka, Laisenia Qarase and those before them.

The new loans are at a lower rate. Which means less burden in the long run for our children.

Some so-called economists who have taken to commenting on the budget need to first look beyond their political bias. One regular twit­terati who has published works with National Federation Party leader Biman Prasad has been bemoaning the debt.

Would he have done the same if he was not so closely associated with one of the Opposition Parties? Doubt so.

Let’s be realistic! In the last 10 years, Govern­ment revenue has tripled. FijiFirst Government has raised the minimum wage rate three times.

More people are on social welfare benefit. More children are going to school without paying bus fare. More opportunities are being given for our youth.

If the same policies which FijiFirst took on board regarding our economy continues, one day Fiji will be debt free.

But before we go down that path, let us make sure our infrastructure is top notch, let’s make sure our agriculture sector exports increase, let’s make sure our youth are given the boost they need.

It seems when people have nothing negative to say about the national budget, they focus their at­tention on the debt level. Be realistic!

 

Opinion

Some of these old loans were taken at much higher interest rates. FijiFirst Government has taken some loans to pay off the old debts accumulated by Rabuka, Laisenia Qarase and those before them. The new loans are at a lower rate.

Feedback: jyotip@fijisun.com.fj

 

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