Ministry of Economy releases pre-election economic and fiscal update

The Ministry of Economy has released the pre-election economic and fiscal update which has to be provided within 14 days of the commencement of the campaign period of the general elections under the Financial Management Act.

While providing the update, Minister for Economy Aiyaz Sayed-Khaiyum says this is the first time there is such a requirement since independence where the incumbent government has to publish the economic and fiscal update.

The report provides important information such as the debt situation, projected growth rate, how various sectors have contributed to the economy, repayment, operational expenditure and other details.

Sayed-Khaiyum says this gives members of the public the outlook for the medium term details on government debt, contingent liabilities, major fiscal risks and details of other socio-economic indicators.

He says the Act also states that if any political party including FijiFirst makes a commitment, then they should provide the necessary details.

He says any political party that wants to be honest with the members of the public would welcome the figures that the Ministry has released. Sayed-Khaiyum says people have said a lot of things and we need better accountability.