Fiji’s Coalition Government will deliver its first national budget announcement today.
And Prime Minister Sitiveni Rabuka has assured the nation that the 2023-2024 national budget will be balanced and restrained, while delivering core services, investing in health, skills development and infrastructural improvement.
In his national address on Wednesday night, Mr Rabuka said the national budget had been prepared to:
- consolidate government finances,
- minimise wastages
- allocate resources to priority sectors, and
- allow people to access basic services.
“The budget will be people-centred, and adjustments will be made to ensure sustainable economic growth in the short and medium term,” Mr Rabuka said.
He said inclusiveness would be given priority to ensure fiscal sustainability, and at the same time ensure fair distribution of wealth.
“Most importantly, in recognising the significant impact of geopolitical uncertainties and climate risk, measures will be put in place to ensure resilience, adaptation and mitigation measures and sustainability.
“This will strengthen our resilience to future shocks and position our nation to be competitive to meet new challenges, as well as to continue our journey to become a united, progressive and a prosperous nation.”
The PM said extensive consultations were carried out.
He said the budget was formulated in the spirit of priorities identified in the fiscal framework endorsed by Cabinet earlier this year
Mr Rabuka said this was the coalition government’s first budget and it would not be “business as usual” and a number of hard decisions and sacrifices were needed for the common good, and pleaded for the understanding of the people.
The budget address will begin at 10am.
In the 2022-2023 financial year, total estimated revenue was $2.9billion and total estimated expenditure was $3.8billion.
