Prime Minister, Sitiveni Rabuka says this will be the first budget of the Coalition Government and it won’t be “business as usual.”
While delivering his State of the Nation address, Rabuka says the 2023-2024 National Budget has been prepared to consolidate government finances; minimise wastage; address the high debt level; allocate resources to priority sectors; and to allow people to have access to basic services.
He says in this context, he would like to assure the nation that the 2023-2024 budget will be balanced and restrained, while still delivering core services, investing in health, skills development and improve our infrastructure.
Rabuka stresses the budget will be people-centred, and adjustments will be made to ensure sustainable economic growth in the short and medium term.
He says inclusiveness will be given priority to ensure fiscal sustainability, at the same time, ensuring a fair distribution of wealth.
The Prime Minister says extensive consultations were undertaken, and the budget was formulated in the spirit of priorities identified in the fiscal framework endorsed by Cabinet earlier this year.
He stresses that some hard decisions are needed to shift away from the “business as usual” attitude.
Rabuka says this means, the fiscal strategy covering the period 2023 to 2026 is a critical one, where urgent steps need to be taken to address the high public debt situation.
He says one of the prime objectives of the fiscal strategy is to bring back fiscal discipline.
This means cutting wastage to return to fiscal sustainability.
Rabuka says while taking a balanced approach, they also must find ways to increase our revenue collection, and this may mean pain for people.
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