THE National Federation Party is calling on Government to urgently convene a national economic summit after warning signals by the International Momentary Fund (IMF) about future stability and growth of Fiji’s economy.
Party leader Professor Biman Prasad said the IMF had rightly interpreted that a consumption-driven economy fuelled by reckless public sector spending would not provide lasting economic stability.
“The IMF has also cautioned government about rising debt that is projected to further increase to over 50 per cent of GDP in few years. IMF has also projected continued deficit with expenditure outweighing income,” Prof Prasad said.
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