The Fijian government is calling for calm among businesses, investors, and the public in light of global economic challenges, particularly regarding the situation in Venezuela. In a recent interview with FBC News, Professor Biman Prasad, Leader of the National Federation Party and Member of Parliament, expressed confidence in the resilience of Fiji’s economy and its readiness to address any potential repercussions from international conflicts.
Professor Prasad pointed out that the upcoming 2025–2026 National Budget has been designed to incorporate measures that anticipate disruptions due to conflicts in various regions, including the Middle East, Ukraine, and Venezuela. He urged the public not to panic over the ongoing global economic crisis, assuring that policies have been established to mitigate both direct and indirect impacts.
While recognizing prevailing concerns about inflation, he criticized much of the discussion surrounding it as lacking robust data support. He maintained that the policies currently in place are intended to buffer the local economy against any adverse effects, particularly through trade and tourism.
Specifically addressing the Venezuelan situation, Professor Prasad remarked that although Venezuela holds one of the largest oil reserves in the world, its current production does not significantly affect global supply. Therefore, any disruptions stemming from Venezuela’s circumstances are not anticipated to directly impact Fiji’s economy.
In conclusion, Professor Prasad emphasized the importance of strategic budgeting, ongoing monitoring, and effective communication with the public to navigate external crises while fostering economic growth and stability. This proactive stance displays the government’s dedication to sustaining a positive economic trajectory amidst global uncertainties, offering reassurance to stakeholders in Fiji’s economic landscape.