As the public searches the internet for information on Fiji’s budget, we will provide an update here. Continue reading the article to learn more about the Fiji 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 is approximately 1,100 nautical miles (2,000 km; 1,300 mi). With a total land area of around 18,300 square kilometers (7,100 sq mi), Fiji is made up of an archipelago of more than 330 islands, of which approximately 110 are permanently inhabited, and more than 500 islets.
FIJI Government Budget
Since the second millennium B.C. C., people have resided in Fiji, first Austronesians, then Melanesians with some Polynesian influences. Fiji was first visited by Europeans in the 17th century.[14] Fiji briefly existed as an independent kingdom before the British founded the Colony of Fiji in 1874. Until 1970, when it gained independence and was renamed the Dominion of Fiji, Fiji was a crown colony. After several coups, the military administration that had taken over proclaimed a republic in 1987. Commodore Frank Bainimarama overthrew the government in a coup in 2006. The Fiji High Court declared military leadership illegal in 2009. Ratu Epeli Nailatikau took over as president in 2009 after Iloilo.
The Fiji government has announced that it is rebuilding our future together. , numerous tropical cyclones and Russia’s conflict in the Ukraine, as well as coping with the high cost of living. Biman Prasad, Deputy Prime Minister and Finance Minister, stated that the main objective of the budget is to help the nation out of its economic crisis so that its citizens can live in better conditions. Prasad stated that the deficit was higher than he had anticipated and that debt service will consume about 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 spending must be carefully monitored in the future. The budget, according to him, “stabilizes income, reduces debt and puts the nation on a sustainable path.” With projected revenue of $3.7 billion and total government spending of $4.3 billion, there will be a deficit of $639 million in the 2023-2024 budget. Fiji’s debt to GDP ratio is almost 88.8% as of early July.
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Source: vtt.edu.vn