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Budget Infrastructure, Utility Development Tops Budget Focus

Infrastructure and utility development continue to be the areas most groups are looking forward to in the upcoming 2016 National Budget. Finance Companies Association, the organisation representing licensed credit institutions,
30 Oct 2015 15:08
Budget Infrastructure, Utility Development Tops Budget Focus
budget advice

Infrastructure and utility development continue to be the areas most groups are looking forward to in the upcoming 2016 National Budget.
Finance Companies Association, the organisation representing licensed credit institutions, is also looking forward to improvement in this area.
Association President, Krishna Raju, said the Government should continue to pursue core policy objectives resulting in another year of consecutive growth on the back of a fair and balance budget for all.
“It should continue into infrastructure and utility improvements,” he said.
“We would also like the government to increase their scope of incentive extended to others sectors of the SME base.
“This is an area of our interest in financing and to nurture them to mature into to the next level of business.”
Mr Raju said the association has not made any submissions as a whole for the 2016 National Budget. However, he said individual submissions were done via different groups.
But he said Government should continue with the Fijian Made and Buy Fijian campaign.
He also suggested for continuations of improvement in infrastructure and utility development.
“Investment in improving the current lending infrastructure should also be a priority. Current registration process is too cumbersome and time consuming,” he said.
“Also there are a few unregulated businesses operating in the same space which should have some level of supervisory by regulators as well.”

Industry benefits
The growth in the economy benefited the credit institutions through increased lending and Mr Raju said they had their share of the pie.
“The motor industry achieved great sales numbers thus the increased opportunity to finance,” he said.
“Tax rate adjustment allowed surplus disposal income thus the increased spending for consumption leading to greater consumer activity.”
The budget consultations organised around various locations in the country has been deemed as an excellent idea by the association.
“People freely gave their views which allowed greater participation permitting individual views for a better Fiji,” he said.

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