Govt must target a reduction in the debt to GDP ratio to less than 70% in 10 years and work with Opposition - Fiscal Review Committee

The Fiscal Review Committee believes the government must target a reduction in the debt to GDP ratio of lower than 70 percent in 10 years’ time.

In their report to the government, the Committee says this can only be achieved with strong government leadership, both in communicating clearly with the people on Fiji’s current difficult position; and in the next 12 months they have to develop, in consultation with the people, a national vision and medium and long term economic plans which set, among other things, fiscal targets against which government’s fiscal management can be measured.

It says legislatively the government must extend its hand to the Opposition to become part of this, even if this is rejected at first, to build consensus on big issues and give to investors and consumers longer-term certainty and predictability in policy-making, regardless of which party is in power.

The report also says the government must also bind itself to rule of law and proper accountability for its actions and ensure that the judiciary is made more efficient and an effective source of dispute resolution and legal certainty.

They also recommend that the government share more information to ensure open discussion and dialogue on economic matters and better accountability to the people on its own economic performance.