RBF

Govt revenue declined by 11% to $276.4 million, expenditure rose at 31.2% to $547.1 million due to an increase in capital expenditure in the first two months of the financial year

Govt revenue declined by 11% to $276.4 million, expenditure rose at 31.2% to $547.1 million due to an increase in capital expenditure in the first two months of the financial year

By Vijay Narayan
02/12/2021
Suva City.

The Reserve Bank of Fiji says Government revenue declined by 11% to $276.4 million while total expenditure rose sharply at 31.2% to $547.1 million due to the surge in capital expenditure on an annual basis in the first two months of the 2021-2022 financial year.

The RBF economic review says the net deficit increased to $270.7 million, contributing to the elevated Government debt levels which stood at $8 billion or 80.9% of GDP in October.

However the RBF says financial conditions remain highly accommodative with ample liquidity in the banking system at $1.813 billion, keeping interest rates low.

Broad money grew by 8.3% annually in October supported by higher gross reserves and Government bond purchases.

The RBF says the decline in outstanding private sector credit slowed further as commercial banks’ new loans cumulative to October grew by 6.8% compared with the same period last year.

The value of non-performing loans fell over the month for both commercial banks and licensed credit institutions but still remains at elevated levels.

FEATURE NEWS
State trying to make out of court settlement deal with Malimali, about $2 million on the table for discussions
There are clear indications today after the application for leave for a judicial review by former FICAC Commissioner, Barbara Malimali that the State ...
3 hours ago
LATEST NEWS
Agriculture Ministry to focus on increasing kava, turmeric and dalo exports
The Ministry of Agriculture is working to boost export earnings by increasing production of key commodities such as kava, turmeric, taro, ginger, ...
1 hour ago

This is a lollipop budget - Bala
This is not a people's budget, this is a lollipop budget—a sweetener served just in time for election year. This has been shared by Oppostion ...
2 hours ago

Bia cheekily tells Seruiratu to provide alternative budget
While supporting the 2025/2026 National Budget Assistant Minister for Information, Aliki Bia responded to Leader of the Opposition Inia Seruiratu by ...
2 hours ago

Bridging the divide: building Pacific agency in the AI era
Artificial intelligence (AI) promises to be a powerful catalyst of social and economic development for Pacific Island countries. It has the potential ...
3 hours ago

Seruiratu says 40,000 Fijians left between 2022-2023, worsening skills shortage
Over 40,000 people leaving our shores between 2022 and 2023 has placed immense pressure on Fiji’s workforce. While opposing the 2025/2026 ...
3 hours ago



fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
IN DEPTH
Professor Prasad on fijivillage Straight Talk With Vijay Narayan
The show will focus on the 2025/2026 National Budget.
5 days ago

Tui Nayau and Tui Lau Installation
The ceremony for the installation of the Tui Nayau Sau ni Vanua o Lau will be held tomorrow, while the installation ceremony of the Tui Lau will be held in Tubou on Thursday.
7 days ago

CFL 40th Birthday
CFL’s 40th Anniversary celebrations to culminate with free concert at Albert Park on ...
10 days ago

TOP