FIJI Government Budget: An overview of Fiji’s ‘compassionate’ budget

As the public searches the internet for information regarding the Fijian budget, we will provide an update here. Continue reading the article to learn more about Fiji’s budget. Fiji is an island nation in Melanesia, a region of Oceania in the South Pacific Ocean. Its official name is the Republic of Fiji. The distance from New Zealand to it is approximately 1,100 nautical miles (2,000 km; 1,300 mi). With a total surface area of around 18,300 square kilometers (7,100 square miles), Fiji is made up of an archipelago of more than 330 islands, of which roughly 110 are inhabited permanently, and more than 500 islets.

FIJI Government Budget

Since the second millennium BCE, people have resided in Fiji—first Austronesians, then Melanesians with some Polynesian influences. Fiji was first visited by Europeans in the seventeenth century.[14] Fiji briefly existed as an independent kingdom before the British founded the Colony of Fiji in 1874. Up until 1970, when it attained independence and adopted the name Dominion of Fiji, Fiji was a Crown colony. After several coups d’état, the military administration that had assumed control proclaimed it a republic in 1987. Commodore Frank Bainimarama overthrew the government in a coup in 2006. The Fijian High Court declared the military leadership to be illegal in 2009. Ratu Epeli Nailatikau took over as president in 2009 after Iloilo.

The Fijian government has announced it’s rebuilding our future together’ Budget, which will spend $FJ4.3 billion to address the country’s high cost of living, pay off the large debt incurred by the previous FijiFirst administration, deal with the effects of the global pandemic, numerous tropical cyclones, and Russia’s conflict in Ukraine, as well as to deal with the high cost of living. Biman Prasad, the deputy prime minister and minister of finance, stated that the budget’s main goal is to help the nation emerge from its economic crisis so that its citizens can live in better conditions. Prasad claimed that the deficit was greater than he had anticipated and that debt service will consume close to 25% of the budget.

“One of our biggest problems is that our federal debt is out of proportion to the size of our economy. Our revenue expenditure needs to be carefully controlled moving forward. The budget, according to him, “stabilizes revenue, reduces debt, and puts the nation on a sustainable path.” With predicted revenues of $3.7 billion and total government spending of $4.3 billion, there will be a $639 million deficit in the 2023–2024 budget. Fiji’s debt-to-GDP ratio is almost 88.8% as of the beginning of July.