President Calls On Coalition Government To Get Its Economic House In Order
Get your economic house in order, was the message by President Ratu Wiliame Katonivere to the Coalition Government as he opened the 2023-2024 Parliament session on Friday.
He said Fiji’s national debt was anticipated to reach $10 billion by July this year, that would approximately be 85per cent of the Gross Domestic Product (GDP).
In addition, there is $1.8 billion in contingent liabilities in the form of loan guarantees, amounting to 15 per cent of the GDP.
Ratu Wiliame said the debt level severely limits Government’s ability to borrow additional funds for critical capital expenditure on roads, ports, hospitals, water and sewerage.
It also limits direct spending on education, health and social welfare payments.
While assessing Fiji’s state of finances and redeploying funds for urgent and critical needs, he said Government was also responding to urgent demands.
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