‘WELL-CONSIDERED SMART BUDGET’
Rohit Kishore of the Fiji National University says it draws on five pillars:- Strengthening Law and Order, Protecting the Natural Environment, Empowering the Young, Spurring Technology and Innovation Building Certainty in an Uncertain World
Economist Rohit Kishore has described the 2019-2020 National Budget as a “well-considered smart Budget”.
In his analysis of the Budget Mr Kishore, who teaches the Executive MBA programme at the Fiji National University, said it was a smart Budget with an aspect of financial ingenuity.
“It draws on five pillars: Strengthening Law and Order, Protecting the Natural Environment, Empowering the Young, Spurring Technology and Innovation and Building Certainty in an Uncertain World,” he said.
“The theme of the FijiFirst Government, that is, growing the economy, nation development, improving law and order, making Fiji an educated and technologically-advanced society, increasing equality, eradicating poverty and closing the gap between the poor and the rich, empowering individuals, reducing racial discrimination, increasing global inclusiveness, looking after old and physically impaired people and vividly addressing the problems ascending from climate change,” he said. Mr Kishore said given the forecast global economic downturn, this Budget aimed to reduce our deficit. “While embracing the challenges posed by forecast global economic downturn, the Budg
et reduces deficit from 3.5 per cent in 2018/19 to 2.7 per cent for 2019/20. As well as it has a built-in capacity to pay off the global bond of FJ$400 million maturing in October 2020.
“To its credit, it does so by reducing expenditure and not introducing any new taxes or increasing duties on businesses. In fact, it reduces a number of fiscal and excise duty. “The much-speculated increase in VAT by the opposition is proven wrong, VAT stays at 9 per cent. Non-taxable PAYE Income tax threshold of $30,000 remains, all social policies for the poor and needy remains unchanged.
“In addition, the Budget continues to provide support for the sugar industry, agriculture, tourism, infrastructure, health, education, youth development, technological advancement, and more. In my opinion the 2019/20 National Budget will withstand the global economic and environmental challenges and continue to provide the much-needed confidence in the country’s economy.”