New sources of growth necessary - Prof Prasad

EQUAL opportunity initiatives undertaken by Government will be pursued within its financial constraints, says Minister for Finance and Deputy Prime Minister Professor Biman Prasad.

He was one of the panellists at the Knowledge Economy Lecture organised by Fijian Competition and Consumer Commission (FCCC) and Asia-Pacific Applied Economics Association in Suva last Thursday.

Prof Prasad said new sources of growth were necessary to put our economy on a strong, inclusive and sustainable path to support the wellbeing of people.

“Ensuring that inclusivity is at the heart of development is important for social cohesion and it’s the top most priority of the coalition Government,” he said.

“We will continue to support this by providing equal opportunities for education, jobs, medical services, clean water, electricity, justice and social protection initiatives for the vulnerable and disadvantaged.

“However, this has to be pursued within the financial constraints of Government and an efficient and effective way to get the most out of taxpayer funds.”

He said there was also a need to review whether the funding provided in the socio-economic sector derived the intended outcomes and benefits at the right fiscal costs to Government.

“Multilaterals like the World Bank is assisting Government with a public expenditure assessment. We will draw down on recommendations from such technical work to ensure that we deliver the best at the lowest cost.”

Ensuring that inclusivity is at the heart of development is important for social cohesion ...

– Professor Biman Prasad