Fiji has the potential to become rich in the next 25 to 30 years – DPM Professor Prasad

Fiji has the potential to become a rich country in the next 25 to 30 years, but we cannot do this if we remain and if we continue with business as usual.

This was highlighted by Deputy Prime Minister and Minister for Finance Professor Biman Prasad who says there are two things going forward, if we have ambitions of becoming a rich country in the next 25 to 30 years, then business as usual will not do.

Professor Prasad says this means ensuring that we have political stability, consistency of policy, a very consultative, transparent and accountable approach in our governance and our policy-making, to provide an environment that is conducive for people to innovate, to engage in entrepreneurship and to be able to deal with the government in an open and transparent manner.

He says that this would be moving away from business as usual.

Professor Prasad says Fiji needs a growth rate of between 4 to 5 per cent in a consistent way if we are to reach the status of a rich country.

He also highlighted that for the first time, the Coalition Government has returned Fiji to a level of confidence that was not there for many years.

Professor Biman Prasad says since the last budget, he has seen this in discussions with the business community, NGOs, nongovernmental organisations and development partners.

He says when governments are funded properly, and project their expenditure, revenue, debt and deficit close to what is achieved, it gives confidence to the people, the international partners, and donors that we are setting the country forward in a sustainable, consistent and determined manner.

Professor Prasad says the government has managed to bring the debt-to-GDP ratio down to 77.8 percent in July 2025 which stands at 78 percent now.

He says the revenue measures that had been put in last year and this year, managed to create a very stable revenue situation for Government.

He adds this is the first time in Fiji’s 54-year history that a government has changed and has lasted for more than a year which is a very good signal for Fiji and the region.