23 January, 2022, 9:19 am Central - 29°C Rain

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
Thursday 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 banksโ€™ 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.

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