73.2pc of GDP
$6,836 million government debt
GOVERNMENT debt stood at $6,836.0 million or 73.2 per cent of gross domestic product (GDP) at the end of January, 2021.
According to the Reserve Bank of Fiji of that 73.2 per cent, domestic debt accounted for $5,082m or 54.2 per cent while external debt constituted for about 19 per cent of GDP or $1,780.3m.
In its February economic review, the RBF highlighted that in the first six months of the 2020-21 fiscal year, government recorded a net deficit of $545.8m or -5.5 per cent of GDP.
The review also revealed that government's total revenue collections (excluding asset sales) fell by 36.6 per cent or $557.7m from a year ago however it was higher than budgeted revenue for the same period as a result of higher-than-expected grants and tax collections.
Meanwhile it was also highlighted that in the same period,
Government recorded an 11.5 per cent or $195.6m decrease in total spending compared with a year ago and was also lower than budgeted by 23.7 per cent.
However it said given the better-than expected performance in the first six months, the net deficit for the current 2020-21 FY was now expected to be much lower than budgeted.
Domestic economic recovery, according to the RBF, remained contingent on the resumption of international travel and the pickup in tourism activity locally, along with the level of fiscal support by the Government in the 2021-22 National Budget.
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