A lively debate unfolded in Parliament yesterday regarding the government’s economic management after Opposition MP Faiyaz Koya criticized the Coalition Government for its failure to uphold economic stability and unity. Koya contended that poor decisions have regressed the country, claiming the government has “shaken the foundation” of a robust economy inherited in 2022.
During his end-of-week address, Koya lamented that investors’ confidence has eroded, and families are facing increasing challenges due to rising food prices and utility costs. “Three years later, that foundation has been weakened by inconsistency and poor leadership,” he said.
In response, Finance Minister Esrom Immanuel defended the government’s track record, asserting that Fiji’s economic standing is stronger than when the Coalition took office. He pointed out that the Coalition had inherited an economy marred by years of mismanagement and compounded by the pandemic’s aftermath.
Immanuel cited significant improvements under the Coalition, such as a reduction in the debt-to-GDP ratio from 90% to 80% and enhancements in public sector pay, minimum wage, and social welfare. He proudly noted that inflation has remained negative for nine consecutive months and tourism levels are at record highs. Furthermore, the government is currently managing a $6 billion investment pipeline, a substantial increase from $3 billion previously.
Highlighting the broader context, Immanuel explained that Fiji is grappling with global uncertainties affecting trade and heightening vulnerabilities to climate change, echoing concerns raised by other leaders about the impact of recent natural disasters and global economic fluctuations on the national economy.
The ongoing debate reflects a broader discourse in Fiji’s political landscape regarding the efficacy of current economic policies. Notably, recent statements by other government officials, such as Defence Minister Pio Tikoduadua, have highlighted a commitment to improving living standards and maintaining economic growth amidst challenges. This aligns with the Coalition’s goals outlined in the National Development Plan, which envisions a future transition to a wealth-driven economy over the coming decades.
As the government navigates these challenges, there remains a collective anticipation among many citizens for economic recovery and growth, driven by strategic initiatives and effective governance that could enhance resilience and prosperity for all Fijians.