Fiji doing well
13 July, 2017, 12:00 am
Fiji is doing very well and we should not be worried about the fiscal deficits and the national debt level, says outgoing Fiji National University (FNU) economics lecturer Professor Tiru Jayaraman.
“Fiscally, public debt is low compared to many other countries; it’s not high and we should not be worried about it.
“Whenever the Government raised debt, it was for putting the money into infrastructure,” he said.
Prof Jayaraman said as long as the money was properly used there was nothing to worry about because it would generate revenue and returns on investment.
He made the comment in response to questions on his thoughts about Fiji’s 2017-2018 National Budget announced by Government on June 29.
He said he had never spent time to look at the 2017-2018 National Budget in detail and could only make a general comment on the budget.
“But for every coin there are always two sides, as long as we use the debt money, the public finances and taxes for good productive purposes which give returns back to you.”
He said as individuals we would buy a land and a house and we always thought about getting some returns and Government also did this.
“As long as the projects are big and provides returns to the public the loans will always be paid back so there’s nothing to worry about.
Professor Jayaraman has been in Fiji since 1998 teaching economics firstly at the University of the South Pacific until 2012 and after that at FNU right up to 2017.
“Prior to that I had been coming to Fiji on missions whilst I was with the Asian Development Bank, based in Manila in the Philipines.
“I was very much involved in the economic affairs of the Pacific region at that time before I began teaching in Fiji,” he said.