The people of Naitasiri have heard from the Prime Minister that the Government had to take overseas loans to ensure that the economy did not crumble due to the impact of COVID-19.
Speaking at the Naitasiri Provincial Council Meeting at Kalabu Village, Prime Minister Voreqe Bainimarama said those talking about Government’s debt do not clearly explain to the people why this was done.
He says more development for the country means that more money will be borrowed and people have to understand that all countries borrow money for the purpose of development.
Bainimarama says before COVID-19, the Government’s debt to GDP was 45 percent and post-COVID, it has reached 89.6 percent.
He adds Government revenue is expected to increase by 11.3 percent this fiscal year and Government debt will decrease as business activity resumes.
The Prime Minister says, from 2014 to now, the Government has used $105.5 million on the development of the province of Naitasiri.
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