The country’s debt stock is at an unsustainable level, says SODELPA MP Jese Saukuru.
He said it was “Commodore Bainimarama that illegally took over a legitimate Government that had a debt of only $2.5 billion that was now changing its tune saying that it was alright for our future generation to inherit a debt level that is already forecasted to be reaching $10 billion”.
Mr Saukuru said with a debt of $9.9 billion, our total exposure was 102.2 per cent which includes a Government debt of 85.2 per cent and contingency liabilities of 17 per cent.
“A strong fiscal outlook is an essential foundation for a growing, thriving economy. Putting our nation on a sustainable fiscal path creates a positive environment for growth, opportunity and prosperity.
“With a strong fiscal foundation, the nation will have increased access to capital, more resources for future public and private investments, improved consumer and business confidence and a stronger social protection.
“However, if we fail to act, the opposite is also true. If our long-term fiscal challenges remain unaddressed, our economic environment weakens as confidence suffers, access to capital is reduced, interest costs crowd out key investments in our future, the conditions for growth deteriorate and our nation is put at a greater risk of economic crisis.
“If our long-term fiscal imbalance is not addressed, our future economy will be diminished with fewer economic opportunities for individuals and families and less fiscal flexibility to respond to future crises.” Mr Saukuru said the rising debt threatens Fiji’s future in a number of critical ways.
