The government is urging businesses, investors, and the public to remain calm amid global economic concerns, particularly in relation to the ongoing situation in Venezuela. In a recent interview with FBC News, Member of Parliament and National Federation Party Leader Professor Biman Prasad assured the public that Fiji’s economy is resilient and well-prepared to handle any potential fallout from global conflicts.
Professor Prasad highlighted that the 2025–2026 National Budget incorporates measures that anticipate disruptions arising from conflicts in regions such as the Middle East, Ukraine, and Venezuela. He emphasized, “I don’t think anyone should panic about the global economic crisis or the global conflicts that are going on around the world. As I said very clearly, in the last budget, we anticipated and included policies that would account for any direct or indirect impact.”
While acknowledging inflation concerns, Professor Prasad noted that much of the discourse around inflation lacks substantial backing from current data. He expressed confidence that the policies in place are structured to mitigate potential effects through trade and tourism, which could influence the local economy.
In addressing the Venezuela situation specifically, Professor Prasad explained that despite the country possessing one of the largest oil reserves globally, its current output contributes minimally to global supply. As a result, any disruptions are not expected to significantly impact Fiji’s economy directly.
He concluded that strategic budgeting, vigilant monitoring, and effective public communication are essential for ensuring that Fiji navigates external crises effectively while sustaining economic growth and stability. This approach not only reassures stakeholders but also emphasizes the government’s commitment to maintaining a solid economic trajectory amidst global uncertainties.