Fiji does not need new studies on its debt as nothing is new, says former Reserve Bank of Fiji governor Savenaca Narube.
Mr Narube said Fiji also did not need theoretical solutions, however academically interesting these may be.
“We clearly know the precarious debt position that we face,” Mr Narube said.
His comments come in light of a study by the Pacific Network Globalisation in conjunction with the Third World Network called the Fiji Debt White Paper, which shows the country faces unprecedented debt levels which breached 90 per cent of the country’s GDP.
The study highlights how monies collected by the Government would have to be channelled to pay for the significant interest on its debt, which is about $536.6million.
The research found that this has left little policy and fiscal space to deal with shocks such as natural disasters.
Mr Narube said to address this, the Government needed to clean up the wastage still lingering in the delivery of the public service.
“Also, by initiating an integrated program to diversify the economy by growing the primary industries.
“There is also a need to reform State-owned enterprises, some of which are draining public monies.”
Mr Narube said there was also a need to stop appointing cronies to boards and committees to strengthen governance and decision-making.
