2018/19 Budget: Fiji’s $4.6billion budget
29 June, 2018, 8:00 am
THE Government has announced a $4.6 billion (bn) budget to fund its operations, policies and expenses for the new financial year 2018-2019.
It is expected that the Government will earn $4.2bn in revenue and the deficit would be $414m.
In addition to its $414.1m deficit, the Government is also expected to make payments towards its debt totalling $294.3m.
The gross deficit of $708.4m will be financed through overseas loans ($77m) and domestic loans ($630.7m).
The Government’s revenue collected by the Fiji Revenue and Customs Service is estimated to be around $3.7m.
The other revenue will come from charges and fees.
Of the total cost of running the government, about $953.3million is to pay the civil servants.
The net deficit of the budget ($414m) is 3.5 per cent of our Gross Domestic Product (GDP) or the total goods and services we produce.
Our total debt now stands at $5.16bn, of which $3.6bn is our borrowing domestically and $1.47bn.
The domestic borrowing is through the issuing and floating of government bonds such as the Fiji Infrastructure Bonds, Fiji Green Bonds, Viti Bonds and treasury bills.